Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The A - share market had a mixed performance this week. Most major indices rose slightly, with the Sci - tech Innovation 50 Index rising over 3%. The four stock index futures showed differentiation, with small - and medium - cap stocks outperforming large - cap blue - chip stocks. The market was influenced by Sino - US talks, rising at first and then falling back due to the lack of new short - term news [6][14]. - The bond market strengthened this week. The central bank's restart of treasury bond trading is expected to inject stable liquidity into the market. The economic fundamentals' recovery and the implementation of loose fiscal policies require a low - interest - rate environment. Short - term interest rates are expected to decline, which may also drive long - term interest rates down [6]. - The commodity market is expected to remain volatile. Powell's hawkish stance pushed up the US dollar index, which had a negative impact on commodity prices. However, gold as a safe - haven asset offset some of the decline [6]. - In the foreign exchange market, the US dollar index continued to rebound, the euro may be supported in the medium term due to the narrowing of the US - EU interest rate spread, and the Japanese yen is likely to be under pressure in the short term [6][12]. 3. Summary by Directory 3.1 This Week's Summary and Next Week's Allocation Suggestions - **Stock Market**: The CSI 300 Index fell 0.43%, while the CSI 300 Stock Index Futures rose 0.10%. The overall A - share market rose slightly, with the Sci - tech Innovation 50 Index rising over 3% and other indices rising less than 1%. Small - and medium - cap stocks were stronger. The market was affected by Sino - US talks, rising from Monday to Wednesday and falling back from Thursday to Friday. The trading volume increased compared with last week. The allocation suggestion is to buy on dips [6][14]. - **Bond Market**: The 10 - year treasury bond yield fell 0.18% this week, with a weekly change of - 0.33BP. The 10 - year treasury bond futures rose 0.62%. The central bank's operations are expected to inject liquidity, and the market sentiment was boosted. The allocation suggestion is to trade within a range [6]. - **Commodity Market**: The Wind Commodity Index fell 1.96%, and the China Securities Commodity Futures Price Index fell 0.05%. The market is expected to remain volatile. The allocation suggestion is to mainly stay on the sidelines [6]. - **Foreign Exchange Market**: The euro against the US dollar fell 0.50%, and the euro against the US dollar 2512 contract fell 0.53%. The US dollar index continued to rebound, the euro may be supported in the medium term, and the yen is likely to be under pressure. The allocation suggestion is to be cautious and stay on the sidelines [6][12]. 3.2 Important News and Events - **Global Trade and Politics**: Sino - US reached a consensus on the trade framework, and the market's risk - aversion sentiment declined. The US Senate failed to pass a bill to end the government shutdown, and the tariff on Brazil was "symbolically" vetoed [12][17]. - **Monetary Policy**: The Federal Reserve cut interest rates by 25 basis points as expected, but there were significant differences within the Fed on future interest - rate paths. The European Central Bank and the Bank of Japan kept their interest rates unchanged [12][17]. - **Domestic Policy**: The central bank's governor said that the moderately loose monetary policy would be implemented in detail, and new policy measures would be studied and reserved [14]. 3.3 This Week's Domestic and International Economic Data - **China**: In September, the annual growth rate of industrial enterprise profits above designated size was 21.6%. In October, the official manufacturing PMI was 49, and the non - manufacturing PMI was 50.1 [13][18]. - **US**: In August, the monthly rate of the FHFA house price index was 0.4%, and the annual growth rate of the S&P/CS20 - city non - seasonally adjusted house price index was 1.6%. The Fed cut the upper limit of the interest rate to 4% [18]. - **EU**: The initial annual GDP growth rate in the third quarter was 1.3%, and the unemployment rate in September was 6.3%. The European Central Bank kept the deposit mechanism interest rate at 2% [12][18]. 3.4 Next Week's Important Economic Indicators and Economic Events - Next week, important economic data such as the manufacturing PMI of France, Germany, the eurozone, and the UK, the PPI monthly rate of the eurozone, the ADP employment data in the US, and the Chinese export and import data in October will be released [82].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the futures prices of the Container Shipping Index (European Line) declined slightly. The main contract EC2512 fell 1.2%, and the far - month contracts fell between 1% - 3%. The latest SCFIS European Line settlement freight rate index rose 15.1% week - on - week, which may support freight rates in the short term [8][39]. - The improvement of the trade war situation, the substantial inflection point of geopolitical conflicts, and the price increase announcements of leading shipping companies in November led to a rapid rebound in futures prices. The arrival of the fourth - quarter shipping peak season also had an impact [9][39]. - The current freight rate market is highly influenced by news, and futures prices are expected to fluctuate more. Investors are advised to be cautious, pay attention to operation rhythm and risk control, and track geopolitical, shipping capacity, and cargo volume data in a timely manner [9][39]. 3. Summary by Directory 3.1. Market Review - Futures contracts: The main contract EC2512 closed at 1804.00, down 1.2% or 22.00. Other far - month contracts such as EC2602, EC2604, etc., also showed varying degrees of decline [12]. - Spot index: The SCFIS index closed at 1312.71, up 172.33 points or 15.1% week - on - week [12]. - The main contract price of the Container Shipping Index (European Line) futures declined slightly this week, while the trading volume and open interest of the EC2512 contract increased, indicating a warming market [15][18]. 3.2. News Review and Analysis - The Fed cut interest rates by 25 basis points to 3.75% - 4.00%, and announced to end balance - sheet reduction from December 1. There are significant differences within the Fed on the subsequent policy path [22]. - The Sino - US economic and trade consultations in Kuala Lumpur achieved positive results. The US will cancel the 10% "fentanyl tariff" on Chinese goods, and relevant export control and investigation measures will be suspended for one year. China will adjust or suspend relevant counter - measures accordingly [22]. - The State Administration of Foreign Exchange launched 9 policy measures to facilitate cross - border trade business [22]. - The European Central Bank kept the benchmark interest rate unchanged at 2% for the third consecutive time, believing that inflation has reached the target level [22]. 3.3. Weekly Market Data - The basis and spread of the Container Shipping Index (European Line) futures contracts widened this week [25]. - The export container freight rate index declined this week [28]. - Container shipping capacity continued to grow. The BDI and BPI declined due to geopolitical factors [32]. - The charter price of Panamax ships continued to rise, and the spread between the offshore and on - shore RMB against the US dollar widened [34]. 3.4. Market Outlook and Strategy - The market expects that the GDP of core euro - zone countries such as Germany may achieve a mild positive quarter - on - quarter growth in the fourth quarter, and the economic recovery trend in November is expected to continue [8][39]. - If the German new government's proposed fiscal expansion policy has more specific details, it will enhance investors' confidence in the medium - term growth of the euro - zone [8][39].

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints of the Report - This week, industrial silicon rose 2.02% and polysilicon rose 7.85%. The industrial silicon futures market showed an upward trend due to increased production cuts in the dry season, while the rise in polysilicon was driven by market sentiment from an interview report about GCL's photovoltaic consortium. [4] - For industrial silicon, in the supply side, Sichuan and Yunnan are transitioning from the wet season to the dry season in October, increasing production costs and leading to some enterprises suspending production. In Xinjiang, production is increasing. In the demand side, the demand from organic silicon and aluminum alloy is relatively stable, but the demand from polysilicon is uncertain. Cost provides support for prices, while high inventory restricts upward price movement. [4] - For polysilicon, the supply will remain high in the short - term, but production costs will increase as the dry season approaches in the southwest. The demand is weak due to over - capacity in the battery cell segment and slow growth in domestic new photovoltaic installations. [4] - It is recommended that the main contract of industrial silicon oscillates in the range of 8800 - 9400 with a stop - loss range of 8600 - 9500, and the main contract of polysilicon oscillates in the range of 53000 - 57000 with a stop - loss range of 51000 - 58000. [4] Summary by Relevant Catalogs 1. Week - to - Week Summary - **Market Review**: Industrial silicon rose 2.02% and polysilicon rose 7.85% this week. The increase in industrial silicon was due to dry - season production cuts, and the increase in polysilicon was driven by market sentiment. [4] - **Market Outlook**: For industrial silicon, supply will decrease in the dry season, demand from polysilicon is uncertain, and cost supports prices while high inventory restricts price increases. For polysilicon, supply will remain high in the short - term, costs will rise, and demand is weak. [4] - **Operation Suggestions**: The main contract of industrial silicon should oscillate in the 8800 - 9400 range with a stop - loss of 8600 - 9500, and the main contract of polysilicon should oscillate in the 53000 - 57000 range with a stop - loss of 51000 - 58000. [4] 2. Spot and Futures Market - **Industrial Silicon**: The spot price increased, and the basis decreased. As of October 30, 2025, the spot price was 9450 yuan/ton, up 100 yuan/ton from last week, and the basis was 295 yuan/ton. The production and capacity utilization rate decreased. As of October 30, 2025, the national industrial silicon production was about 8.05 tons, and the capacity utilization rate was 55.44%. [11][13][20] - **Polysilicon**: Both the spot and futures prices increased, and the basis weakened. As of October 30, 2025, the spot price was 52.3 yuan/kg, up 20 yuan/kg from last week, and the basis was - 2650 yuan/gram. [15][17] 3. Industry Situation - **Industrial Silicon Raw Materials and Costs**: This week, the raw materials of industrial silicon remained flat. As the dry season approaches, electricity prices in the southwest increased, raising costs, while electricity prices in the northwest remained stable at 0.35 yuan/kWh. [22][24] - **Industrial Silicon Warehouse Receipts**: As of October 30, 2025, the number of industrial silicon warehouse receipts was 47410 lots, a decrease of 1328 lots from the previous period. [29] - **Organic Silicon**: This week, the production and operating rate of organic silicon decreased. As of October 30, 2025, the weekly production was 4.43 tons, a decrease of 3.7%, and the operating rate was 68.56%, a decrease of 2.13%. The cost, spot price, and profit remained stable, and future production is expected to remain flat. [31][36][38] - **Aluminum Alloy**: The spot price of aluminum alloy increased, and the inventory decreased. As of October 30, 2025, the price was 21100 yuan/ton, up 100 yuan/ton from last week, and the inventory was 7.35 tons, a decrease of 0.18 tons from last week. The demand for industrial silicon is expected to stabilize. [44][50] - **Silicon Wafers and Battery Cells**: The price of silicon wafers increased, and the price of battery cells remained flat. As of October 30, 2025, the price of silicon wafers was 1.53 yuan/piece, up 0.05 yuan/piece from last week, and the price of battery cells was 0.30 yuan/watt, unchanged from last week. The demand for polysilicon is expected to be positive. [52][54] - **Polysilicon Cost, Profit, and Inventory**: This week, affected by electricity prices, the cost of polysilicon increased, the profit decreased, and the inventory increased. As of October 30, 2025, the profit was 9130 yuan/ton, the average cost was 43630 yuan/ton, and the inventory was 28.26 tons. [59][64]

Report Industry Investment Rating - No relevant information provided Core Viewpoints of the Report - This week, the soda ash futures declined by 0.49%, and the glass futures dropped by 0.92%. The soda ash futures showed a volatile trend. Affected by the market's interest - rate cut expectation, the price first rose and then weakened due to the expectation of increased production. The glass market had a similar trend to the soda ash market, but due to the sluggish real - estate sentiment, the decline of glass was more significant than that of soda ash. It is expected that next week, the soda ash price will mainly show a volatile and weakening trend, and the glass price will also face challenges due to supply and demand factors [6]. - For soda ash, the current operation of soda ash plants is relatively stable with no large - scale maintenance plans, and the overall production remains at a relatively high level. New production capacities such as those of Yuangxing Energy Phase II and Yingcheng Xindu Chemical are expected to be put into operation in December, which will further exacerbate the future oversupply situation. The demand from the float glass industry is mainly for daily production needs, and the short - term demand pull from photovoltaic glass is limited. For glass, the supply has shown an upward trend due to the restart of some cold - repaired production lines, but the "coal - to - gas" policy in the Shahe area and the policy of restricting new production capacity may relieve the marginal supply pressure. The demand from the real - estate industry is weak, and although the automobile industry provides some support, it cannot offset the negative impact of the real - estate demand decline [6]. - For trading strategies, it is recommended to trade the SA2601 contract in the range of 1200 - 1260, with stop - loss set at 1180 - 1300. For the FG2601 contract, it is recommended to operate in the range of 1080 - 1130, with stop - loss set at 1060 - 1150 [6]. Summary by Directory 1. Week - on - Week Summary - **Market Review**: Soda ash futures fell 0.49% and glass futures fell 0.92% this week. Soda ash first rose under the interest - rate cut expectation and then weakened due to production increase expectation. Glass followed a similar trend but declined more due to real - estate sentiment [6]. - **Market Outlook**: Soda ash supply is expected to increase with new capacities coming online in December, and demand is relatively stable with limited short - term pull from photovoltaic glass. Glass supply may face short - term contraction due to policies, and demand from real - estate is weak while the automobile industry provides some support [6]. - **Strategy Recommendation**: Trade SA2601 in the 1200 - 1260 range with stop - loss at 1180 - 1300, and operate FG2601 in the 1080 - 1130 range with stop - loss at 1060 - 1150 [6] 2. Futures and Spot Markets - **Futures Prices**: Both soda ash and glass futures prices declined this week [8]. - **Spot Prices**: Soda ash spot prices remained flat, and the basis was stable. As of October 30, 2025, the mainstream price of heavy - soda ash in the Shahe market was 1185 yuan/ton, and the basis was - 50 yuan/ton. Glass spot prices weakened, and the basis also weakened but is expected to stabilize in the future. As of October 30, 2025, the price of 5.0mm large - plate glass in the Shahe market was 1048 yuan/ton, and the basis was - 43 yuan/ton [14][19][22]. - **Price Spread**: The soda ash - glass price spread strengthened this week and is expected to continue strengthening next week. As of October 30, 2025, the glass - soda ash price spread was 144 yuan/ton [24][26] 3. Industry Chain Analysis - **Production and Operation**: The domestic soda ash operating rate and production increased this week. As of October 30, 2025, the national soda ash operating rate was 86.78% (up 3.3% week - on - week), and the weekly production was 75.76 tons (up 2.3% week - on - week). The number of cold - repaired glass production lines remained unchanged, and the overall production was stable. The production capacity utilization rate and daily melting volume of photovoltaic glass decreased [28][42][49]. - **Profit and Cost**: Soda ash enterprise profits declined, with negative profits affecting future production. Glass enterprise profits also decreased due to weakening spot prices and increased costs. As of October 30, 2025, the theoretical profit of soda ash by the dual - tonnage joint - soda process was - 180 yuan/ton, and the theoretical profit of soda ash by the ammonia - soda process was - 126 yuan/ton. The weekly average profit of float glass using different fuels all decreased [35][40]. - **Inventory and Demand**: Soda ash enterprise inventories decreased slightly due to weak downstream demand and the decline in photovoltaic glass production. Glass enterprise inventories also decreased, but the inventory reduction is expected to slow down next week. The downstream deep - processing orders for glass increased slightly, but the demand remained low. As of October 15, 2025, the average order days of national deep - processing sample enterprises were 10.4 days [53][57][61]

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - This week, the Shanghai lead futures showed a volatile trend, with the main contract 2512 of Shanghai lead futures being active and falling 1.34%. Due to the expected increase in secondary lead production and unchanged demand, the Shanghai lead price oscillated downward [4]. - In terms of supply, primary lead production is expected to increase slightly, while secondary lead supply may grow next week but with limited growth due to environmental - related transportation controls and tight waste battery supplies. On the demand side, the weekly operating rate of lead - acid battery enterprises has rebounded, and the traditional consumption peak season provides some support for lead demand. However, the expansion of the Shanghai - London ratio of lead ingots and tariff - affected exports of lead - acid batteries will suppress demand growth. Inventory is decreasing, but with the expected increase in imported lead arrivals and potential growth in secondary lead production, inventory may change next week, and a slowdown in inventory depletion will resist price increases. Overall, Shanghai lead is expected to oscillate next week with limited upside, and it is recommended to short on rallies [4]. - For operation, it is suggested that the main contract 2512 of Shanghai lead oscillates in the range of 17,200 - 17,500, with a stop - loss range of 17,100 - 17,600. Attention should be paid to operation rhythm and risk control [4]. Summary According to the Directory 1. Week - on - Week Summary - **Market Review**: The Shanghai lead futures showed a volatile trend this week, and the main contract 2512 fell 1.34%. Due to the expected increase in secondary lead production and unchanged demand, the price oscillated downward [4]. - **Market Outlook**: Supply may grow slightly with limitations. Demand has some support but is also suppressed. Inventory may change, and price upside is limited. It is recommended to short on rallies [4]. - **Operation Suggestion**: The main contract 2512 of Shanghai lead oscillates in the range of 17,200 - 17,500, with a stop - loss range of 17,100 - 17,600 [4]. 2. Futures and Spot Market - **Price and Ratio**: Domestic futures prices of Shanghai lead decreased compared with last week, while foreign futures prices increased, and the ratio decreased. As of October 30, 2025, the LME 3 - month lead futures closing price was $2,022 per ton, the lead futures closing price (active contract) was 17,350 yuan per ton, and the Shanghai - London ratio of lead was 8.584 [6][10]. - **Premium and Discount**: Domestic futures premium and discount strengthened, and foreign premium and discount also strengthened. As of October 30, 2025, the Chinese futures premium and discount was - 160 yuan per ton, and the LME lead premium and discount (0 - 3) was - $33.99 per ton [12][14]. - **Inventory and Warehouse Receipts**: Foreign lead inventory decreased, domestic inventory increased, warehouse receipt quantity decreased, and overall lead inventory decreased. As of October 23, 2025, the total lead inventory was 27,900 tons (up 1,800 tons), the total LME lead inventory was 224,175 tons (down 11,200 tons), and the warehouse receipt quantity of Shanghai lead was 21,645 tons (down 2,089 tons) [31][35]. 3. Industry Situation - **Supply - Side**: - **Primary Lead**: As of October 23, 2025, the average operating rate of primary lead in major production areas was 82.65% (up 1.01% from last week), and the weekly output was 39,600 tons (up 500 tons from last week) [18][20]. - **Secondary Lead**: As of October 23, 2025, the average capacity utilization rate of secondary lead was 51.88% (up 3.8% month - on - month), and the output in major domestic production areas was 22,500 tons (up 2,900 tons month - on - month) [25][29]. - **Imports and Exports**: In September 2025, refined lead exports decreased by 43.62% month - on - month and increased by 408.31% year - on - year. Refined lead imports decreased by 17.17% month - on - month and 94.69% year - on - year. Lead alloy imports were 12,784 tons. Lead concentrate imports increased by 11.72% month - on - month and decreased by 7.21% year - on - year. Lead ingot imports were 12,000 tons (up 1,200 tons month - on - month, an increase of 11.11%, and down 22,600 tons year - on - year, a decrease of 65.33%) [37][39]. - **Demand - Side**: - **Processing Fees**: As of October 23, 2025, the national average processing fee of lead concentrate was 380 yuan per ton, and the average processing fee of imported lead concentrate (Pb60) was - $90 per thousand tons [41][43]. - **Automobile Market**: In September 2025, overall automobile sales were 3.226 million (up 12.9% month - on - month and 14.9% year - on - year). New energy vehicle sales were 1.604 million (up 24.6% year - on - year). The growth of new energy vehicles may lead to a decline in lead demand [45][48]. - **Recycling and Product Prices**: As of October 30, 2025, the average price of waste lead batteries (48V/20AH) in Zhejiang was 394 yuan per group, and the price of lead - antimony alloy (for batteries, containing 2 - 4% antimony) in Shanghai was 19,410 yuan per ton [50][53].

Group 1: Report Summary - The price of Zhengzhou Sugar 2601 contract rose slightly this week, with a weekly increase of about 0.68% [5][17] - In the first half of October 2025, the sugar cane crushing and sugar production progress in the central - southern region of Brazil slowed down significantly. As of October 16, the cumulative sugar production in the 25/26 sugar season increased by 0.89% year - on - year [5] - In the domestic market, the forecasted arrival of out - of - quota raw sugar in October is expected to decrease month - on - month. Due to news about syrups and premixes, there is support at the lower level, but the loose supply - demand situation still pressures the sugar market. In the short term, sugar prices will mainly operate at a low level [5] - It is recommended to wait and see for the Zhengzhou Sugar 2601 contract in the short term [5] - Future factors to watch include domestic production and sales, and new - season production forecasts [6] Group 2: Futures and Spot Market International Market - The international raw sugar spot price this week was 14.1 cents per pound, down 0.62 cents per pound from last week [15] Domestic Futures Market - The price of Zhengzhou Sugar 2601 contract rose slightly this week, with a weekly increase of about 0.68% [5][17] - The net position of the top 20 in the Zhengzhou sugar futures this week was - 57,848 lots, and the Zhengzhou sugar warehouse receipts were 7,530 [23] - The price difference between the 1 - 5 contracts of Zhengzhou sugar futures this week was + 70 yuan/ton, and the basis of spot - Zhengzhou sugar was + 257 yuan/ton [28] Domestic Spot Market - As of October 31, the sugar price in Liuzhou, Guangxi was 5,760 yuan/ton, in Nanning, Guangxi was 5,740 yuan/ton, and in Kunming, Yunnan was 5,710 yuan/ton [34] - This week, the estimated profit of Brazilian sugar within the quota was 1,790 yuan/ton, up 176 yuan/ton from last week; the estimated profit outside the quota was 509 yuan/ton, up 270 yuan/ton from last week. The estimated profit of Thai sugar within the quota was 1,512 yuan/ton, up 206 yuan/ton from last week; the estimated profit outside the quota was 432 yuan/ton, up 267 yuan/ton from last week [40] Group 3: Industry Chain Supply Side - As of the end of September 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 [44][56] - As of August 2025, the domestic sugar industrial inventory was 1.1623 million tons, a month - on - month decrease of 450,000 tons or 27.91%, and a year - on - year increase of 60,100 tons or 5.45% [47] - In September 2025, China's sugar imports were 550,000 tons, a year - on - year increase of 27.78% and a month - on - month decrease of 280,000 tons. From January to September 2025, the cumulative sugar imports were 3.16 million tons, a year - on - year increase of 7.89% [51] Demand Side - As of the end of September 2025, sugar mills in the 2024/25 sugar - making season had all stopped crushing [56] - In September 2025, China's monthly production of refined sugar was 539,100 tons, a year - on - year increase of 35.4%. The monthly production of soft drinks was 15.9167 million tons, a year - on - year decrease of 1.9% [60] Group 4: Option and Stock - Futures Correlation Market Option Market - This week's implied volatility of at - the - money options in the sugar option market is presented in the relevant chart [62] Stock Market - The price - earnings ratio of Nanning Sugar Industry is presented in the relevant chart [67]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - This week, the price of the main Zhengzhou Cotton 2601 contract rose slightly, with a weekly increase of about 0.41%. In the domestic market, the cotton picking and purchasing progress in Xinjiang has accelerated. However, due to the drought and high - temperature in some southern Xinjiang areas, the yield per unit of seed cotton is lower than expected, and the purchasing price continues to rise. 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 future demand. Cotton textile enterprises mostly adopt a wait - and - see attitude and replenish inventory based on rigid demand. Overall, the cost of new cotton supports the cotton price, but the supply exerts pressure on the upside. It is expected that the cotton price will fluctuate, and attention should be paid to the economic and trade consultations [5]. - Operationally, it is recommended to take a short - term wait - and - see attitude towards the Zhengzhou Cotton 2601 contract. Future trading should focus on changes in foreign cotton prices, demand, and inventory [6]. 3. Summary According to Relevant Catalogs 3.1. Week - to - week Summary - **Market Review**: The price of the main Zhengzhou Cotton 2601 contract rose slightly this week, with a weekly increase of about 0.41% [5]. - **Market Outlook**: In the domestic market, the supply side shows that the cotton picking and purchasing in Xinjiang are accelerating. The yield per unit of seed cotton in southern Xinjiang is lower than expected, and the purchasing price is rising. The demand side indicates that downstream demand has not fully recovered, orders are insufficient, and market confidence in future demand is lacking. Cotton textile enterprises replenish inventory based on rigid demand. New cotton cost supports the price, but supply pressure restricts the upside. It is expected that the cotton price will fluctuate, and attention should be paid to economic and trade consultations [5]. - **Strategy Recommendation**: Take a short - term wait - and - see attitude towards the Zhengzhou Cotton 2601 contract. Future trading should focus on changes in foreign cotton prices, demand, and inventory [6]. 3.2. Futures and Spot Market - **Futures Market**: - The price of the December US cotton contract rose this week, with a weekly increase of about 0.90% [12]. - The price of the Zhengzhou Cotton 2601 contract rose slightly this week, with a weekly increase of about 0.41%, and the price of the cotton yarn futures 2601 contract increased by about 0.33% [23]. - As of this week, the net position of the top 20 in Zhengzhou Cotton futures was - 121,428 lots, and that in cotton yarn futures was - 120 lots [28]. - As of this week, the number of Zhengzhou Commodity Exchange cotton futures warehouse receipts was 2,414, and that of cotton yarn futures was 0 [34]. - This week, the price difference between the Zhengzhou Cotton 1 - 5 contracts was - 10 yuan/ton, and the price difference between cotton 3128B and cotton yarn C32S spot prices was 5,615 yuan/ton [37]. - This week, the basis between the cotton 3128B price index and the Zhengzhou Cotton 2601 contract was + 1,265 yuan/ton, and the basis between the cotton yarn C32S spot price and the cotton yarn futures 2601 contract was 600 yuan/ton [46]. - **Spot Market**: - As of October 31, 2025, the spot price index of cotton 3128B was 14,860 yuan/ton [41]. - As of October 31, 2025, the spot price index of Chinese cotton yarn C32S was 20,475 yuan/ton, CY index: OEC10s (rotor - spun yarn) was 14,700 yuan/ton; CY index: OEC10s (combed yarn) was 23,660 yuan/ton [52]. - As of October 30, the import cotton price with sliding - scale duty was reported at 14,202 yuan/ton, an increase of 222 yuan/ton from last week; the import cotton quota price was reported at 13,368 yuan/ton, an increase of 364 yuan/ton from last week. The import cotton yarn price index (FCY Index): port pick - up price: C21S was 20,061 yuan/ton; import cotton yarn price index (FCY Index): port pick - up price: C32S was 21,117 yuan/ton; import cotton yarn price index (FCY Index): port pick - up price: JC32S was 22,930 yuan/ton [56]. - As of October 30, the estimated profit of import cotton with sliding - scale duty was 641 yuan/ton, a decrease of 163 yuan/ton from last week; the estimated profit of import cotton with quota was 1,475 yuan/ton, a decrease of 305 yuan/ton from last week [59]. 3.3. Industry Situation - **Supply Side**: - At the end of September, the national commercial cotton inventory was 1.0217 million tons, a decrease of 798,500 tons or 32.34% from the previous month, and a decrease of 43.87%. As of the end of September, the in - stock industrial cotton inventory of textile enterprises was 846,000 tons, an increase of 61,000 tons year - on - year and a decrease of 46,000 tons month - on - month [64]. - In September 2025, China's total cotton imports were about 100,000 tons, an increase of 30,000 tons month - on - month and a decrease of 20,000 tons or 16.6% year - on - year. From January to September 2025, China's cumulative cotton imports were 690,000 tons, a decrease of 1.57 million tons or 69.50% year - on - year. In September 2025, China imported 130,000 tons of cotton yarn, the same as the previous month and an increase of 20,000 tons year - on - year [71]. - **Demand Side**: - As of October 15, 2025, the yarn inventory days were reported at 25.24 days, a month - on - month increase of 1.57%; the inventory days of grey cloth were reported at 31.43 days, a month - on - month increase of 1.00% [74]. - In September 2025, China's textile and clothing export volume was 24.4197 billion US dollars, a year - on - year decrease of 1.50% and a month - on - month decrease of 7.99%. Among them, textile exports were 11.966 billion US dollars, a year - on - year increase of 6.41% and a month - on - month decrease of 3.44%; clothing exports were 12.453 billion US dollars, a year - on - year decrease of 7.97% and a month - on - month decrease of 11.96% [79]. - As of September 30, 2025, the cumulative retail sales of clothing, shoes, hats, needles, and textiles were reported at 1.06127 trillion yuan, a month - on - month increase of 12.90%; the cumulative year - on - year growth rate was reported at 3.1%, a month - on - month increase of 6.90% [83]. 3.4. Options and Stock - related Markets - **Options Market**: The implied volatility of at - the - money cotton options this week is shown in the figure of the implied volatility of the underlying of the main cotton contract [84]. - **Stock Market**: The figure shows the price - to - earnings ratio trend of Xinjiang Nongkai Development Co., Ltd. [87]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - This week, the price of the Apple Futures 2601 contract rose, with a weekly increase of 4.38%. The new - season late - maturing Fuji ground trading has shifted to the eastern production areas, and the warehousing work is in progress. In the Shandong production area, the apple harvest time varies, the number of merchants has increased, and high - quality goods are relatively difficult to purchase. The trading of late - maturing Fuji in the western region is gradually entering the later stage. In the sales area, the trading atmosphere in the wholesale market is still dull, and the demand side continues to be under pressure. Considering the high risk of new fruit warehousing this year and the obvious price difference for high - quality fruits, it is expected that the short - term apple futures price will remain high. Attention should be paid to the cold - storage warehousing situation [4]. - The recommended trading strategy is to mainly buy long positions on dips for the Apple 2601 contract in the short term [4]. 3. Summary by Directory 3.1 Week - to - Week Highlights - **Market Review**: The price of the Apple Futures 2601 contract rose this week, with a weekly increase of 4.38% [4][8]. - **Market Outlook**: New - season late - maturing Fuji ground trading has shifted to the eastern production areas, and warehousing work is in progress. In Shandong, apple harvest times vary, and high - quality goods are hard to buy. Western trading is in the later stage, with slow warehousing in Shaanxi and almost finished in Gansu. The wholesale market in the sales area is dull, and demand is under pressure. Short - term futures prices are expected to stay high due to high warehousing risks and price differences for high - quality fruits. Monitor cold - storage warehousing [4]. - **Strategy Recommendation**: Buy long positions on dips for the Apple 2601 contract in the short term [4]. - **Future Trading Tips**: Monitor late - maturing Fuji prices and consumption [4]. 3.2 Futures and Spot Markets - **Futures Market**: The price of the Apple Futures 2601 contract rose 4.38% this week. As of this week, the net position of the top 20 in apple futures was 8,391 lots, and the number of apple futures warehouse receipts was 0 [8][14]. - **Spot Market**: As of October 31, 2025, the mainstream price of 80 first - and second - grade apple farmer - sourced goods in Qixia, Shandong was 3.7 yuan per catty; the price of 75 and above Fuji apples in Yiyuan, Shandong was 2.35 yuan per catty [17]. 3.3 Industry Situation and Options - **Supply Side**: For the 2025/26 production season, new fruits have not been warehoused, and relevant data release is suspended [24]. - **Demand Side**: - As of October 30, the average daily early - morning arrival of trucks in major apple wholesale markets in Guangdong increased. The profit of 80 first - and second - grade apple storage merchants was suspended (replaced by 0) pending the new fruit harvest [28]. - As of October 24, 2025, the average wholesale price of all apple varieties was 9.53 yuan per kilogram, a week - on - week increase of 0.01 yuan per kilogram; the wholesale price of Fuji apples was 9.26 yuan per kilogram, a week - on - week decrease of 0.12 yuan per kilogram [33]. - As of October 24, 2025, the weekly average wholesale price of 5 fruits (Fuji, banana, grape, pear, and watermelon) was 7.04 yuan per kilogram, a week - on - week decrease of 0.01 yuan per kilogram [37]. - In September 2025, China's fresh apple exports were about 70,800 tons, with an export value of 69,178,601 US dollars and an average export price of 977.40 US dollars per ton. The export volume increased by 3.51% month - on - month compared with August and decreased by 6.36% year - on - year compared with September 2024. From January to September 2025, China's total fresh apple exports were 600,000 tons, a cumulative year - on - year decrease of 7.50% [41]. - **Options Market**: Information about the implied volatility of at - the - money apple options this week is presented in a chart, but specific data is not given [42]. 3.4 Futures - Stock Correlation - A chart shows the price - to - earnings ratio of Honghui Fruit & Vegetable Co., Ltd., but specific data is not provided [44].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The precious metals market continued to fluctuate widely this week due to the ongoing major macro - events. The gold price was affected by factors such as the easing of tariff tensions, the US government shutdown, and the strong US dollar. The Fed cut interest rates by 25 basis points as expected, but there were internal differences on future policies. Looking ahead, the precious metals market may continue to fluctuate widely. It is recommended to use an interval - band trading strategy. For the Shanghai Gold 2512 contract, the recommended interval is 880 - 950 yuan/gram; for the Shanghai Silver 2512 contract, it is 11000 - 11600 yuan/kilogram [7]. 3. Summary by Directory 3.1 Weekly Highlights - **Market Review**: The precious metals market fluctuated widely. The London gold price was affected by Sino - US trade talks, Fed interest rate cuts, and other factors. The Fed cut interest rates by 25 basis points, and there were differences within the Fed on future policies [7]. - **Market Outlook**: The precious metals market may continue to fluctuate widely. The tariff policy, US government shutdown, and central bank gold - buying expectations support the gold price, but the strong US dollar suppresses it. It is recommended to use an interval - band trading strategy [7]. 3.2 Futures and Spot Markets - **Price Movement**: As of October 31, 2025, COMEX silver rose 0.55% to $48.69 per ounce, and the Shanghai Silver 2512 contract rose 0.96%. COMEX gold fell 2.50% to $4022 per ounce, and the Shanghai Gold 2512 contract fell 1.72% [10]. - **ETF Holdings**: This week, the net positions of foreign - exchange gold and silver ETFs showed a net outflow [11]. - **COMEX Positions**: Due to the US government shutdown, COMEX position data was suspended. As of September 23, 2025, COMEX gold and silver positions increased [20]. - **Basis**: The basis of Shanghai gold and silver weakened this week [21]. - **Inventory**: The inventories of New York COMEX and SHFE silver decreased significantly. COMEX gold inventory decreased by 1.84%, and SHFE gold inventory increased by 2.85%. COMEX silver inventory decreased by 3.1%, and SHFE silver inventory decreased by 27.7% [30]. 3.3 Industrial Supply and Demand - **Silver Industry**: As of September 2025, China's silver imports increased by 19.17% month - on - month, while silver ore imports decreased by 13.19% month - on - month. Due to the growth of silver demand in semiconductors, the growth rate of integrated circuit production continued to rise [36][41]. - **Silver Supply and Demand**: The silver market was in a tight - balance pattern. As of the end of 2024, the industrial demand for silver increased by 4% year - on - year, and the total demand decreased by 3% year - on - year. The supply - demand gap was narrowing [47][51]. - **Gold Industry**: As of October 30, 2025, the gold recycling price and gold jewelry prices continued to fall [56]. - **Gold Supply and Demand**: In Q3 2025, the investment demand for gold ETFs increased significantly. Central banks net - bought about 220 tons of gold in Q3, with a cumulative purchase of 634 tons in the first nine months of the year [58]. 3.4 Macroeconomic and Options - **Macroeconomic Data**: This week, the US dollar index fluctuated higher, and the 10 - year US Treasury yield also rose. The 10Y - 2Y US Treasury yield spread narrowed, the CBOE gold volatility continued to decline, and the SP500/COMEX gold price ratio rebounded. The 10 - year inflation - balanced interest rate was basically flat compared with last week. In October 2025, the People's Bank of China continued to increase its gold reserves [63][67][70][74].

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core View of the Report - The price of the main contract of Zhengzhou jujube futures fell this week, with a weekly decline of about 5.63%. [10][13] - Xinjiang merchants are highly motivated to purchase jujubes, actively finalizing orchard and tree contracts, and shipping the harvested jujubes to the inland. The number of spot-futures companies selling at the point price has increased, and some merchants are actively purchasing old-season jujubes, leading to a growth trend in the sample inventory. [10] - As of October 31, 2025, the physical inventory of 36 sample points for jujubes this week was 9,348 tons, an increase of 245 tons from last week, a month-on-month increase of 2.69%, and a year-on-year increase of 120.78%. [10][43] - In the sales area market, the price in the Hebei market has slightly decreased, and merchants are selectively purchasing with small transactions. The price acceptance is currently average. It is expected that the production area will enter the concentrated harvesting stage in early November. Attention should be paid to the changes in the purchasing enthusiasm and volume of merchants. [10] - It is recommended to take a short-term bearish view on the Zhengzhou jujube 2601 contract. [10] 3. Summary by Directory 3.1 Week - ly Key Points Summary - Future trading reminders include monitoring spot prices and consumer demand. [10] - The price of the main contract of Zhengzhou jujube futures fell this week, with a weekly decline of about 5.63%. [10] - The physical inventory of 36 sample points for jujubes as of October 31, 2025, was 9,348 tons, an increase of 245 tons from last week, a month-on-month increase of 2.69%, and a year-on-year increase of 120.78%. [10] - It is expected that the production area will enter the concentrated harvesting stage in early November, and attention should be paid to the changes in the purchasing enthusiasm and volume of merchants. [10] - It is recommended to take a short-term bearish view on the Zhengzhou jujube 2601 contract. [10] 3.2 Futures and Spot Market - The price of the Zhengzhou jujube 2601 contract fell this week, with a weekly decline of about 5.63%. [13] - As of this week, the net position of the top 20 in jujube futures was -4,425 lots. [17] - As of this week, the number of Zhengzhou jujube warehouse receipts was 0. [21] - As of this week, the price difference between the Zhengzhou Commodity Exchange jujube futures 2601 contract and the 2605 contract was 30 yuan/ton. [24] - As of this week, the basis between the Hebei grey jujube spot price and the main contract of jujube futures was 255 yuan/ton. [28] - As of October 31, 2025, the purchase price of general jujubes in Aksu was 6.75 yuan/kg, in Alar was 7.15 yuan/kg, and in Kashgar was 7.5 yuan/kg. [31] - As of October 31, 2025, the wholesale price of first - grade grey jujubes in Cangzhou, Hebei, and Henan was 4.75 yuan/jin. [35] - As of October 31, 2025, the spot price of special - grade grey jujubes in Cangzhou, Hebei, was 10.40 yuan/kg, and the wholesale price in Henan was 10.5 yuan/kg. [39] 3.3 Industry Chain Situation - Supply side: As of October 31, 2025, the physical inventory of 36 sample points for jujubes was 9,348 tons, an increase of 245 tons from last week, a month-on-month increase of 2.69%, and a year-on-year increase of 120.78%. The jujube production in the 2024/25 season increased to 6.069 million tons [43][46]. - Demand side: In September 2025, China's jujube export volume was 2,283,671 kg, with an export value of 36,347,933 yuan, an average export price of 15,916.449 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 23,548,402 kg, a cumulative year - on - year increase of 5.12%. The BOCE Xinjiang jujube good brand trading was冷清 this week, with only a small amount of orders being filled [48][53]. 3.4 Option Market and Futures - Stock Correlation - Option market: Information on the implied volatility of at - the - money jujube options this week was presented [54]. - Stock market: The price - to - earnings ratio of Hao Xiang Ni was shown [56].