1. Report Industry Investment Rating - No information provided about the industry investment rating in the given content 2. Core View of the Report - Given the current scarcity of high - quality new apples and the principle of better quality commanding higher prices, it is expected that the short - term apple futures price will continue to fluctuate with a slightly upward trend [2] 3. Summary According to Related Catalogs 3.1 Futures Market - The closing price of the apple futures main contract is 9198 yuan/ton, and the main contract position is 136,249 hands, with a decrease of 22,876 hands compared to the previous period. The net long position of the top 20 futures holders is - 2663 hands, with a value of 8643 hands [2] 3.2 Spot Market - The spot price of apples in Gansu Jingning (paper - bagged above 75) is 5 yuan/jin, unchanged; in Shandong Yiyuan (paper - bagged above 75) is 2.35 yuan/jin, unchanged; in Shaanxi Luochuan (paper - bagged above 70 semi - commercial) is 4.1 yuan/jin, unchanged; in Shandong Yantai Qixia (paper - bagged above 80 first - grade) is 3.7 yuan/jin, an increase of 0.2 yuan/jin [2] 3.3 Upstream Situation - The annual apple production in China is 5128.51 million tons, with an increase of 168.34 million tons. The weekly wholesale price of apples is 9.52 yuan/kg, a decrease of 0.1 yuan/kg. The average weekly wholesale price of Fuji apples is 9.26 yuan/kg, a decrease of 0.12 yuan/kg [2] 3.4 Industry Situation - The total weekly cold - storage inventory of apples in China is 0 million tons. The weekly storage capacity ratio of apples in Shandong is 0, a decrease of 0.01; in Shaanxi is 0. The monthly export volume of apples is 70,000 tons, unchanged. The monthly export value of apples is 6917.9 million US dollars, an increase of 248684.5 million US dollars. The monthly import value of fresh and dried fruits and nuts is 1837980 million US dollars [2] 3.5 Downstream Situation - The weekly average wholesale price of tangerines is 7.3 yuan/kg, a decrease of 0.3 yuan/kg; of bananas is 5.08 yuan/kg, an increase of 0.26 yuan/kg; of watermelons is 5.46 yuan/kg, an increase of 0.01 yuan/kg. The weekly average daily arrival volume of trucks in the early morning at the Guangdong Jiangmen Wholesale Market is 15.8 vehicles, an increase of 0.2 vehicles; at the Guangdong Xiaqiao Wholesale Market is 18.4 vehicles; at the Guangdong Chalong Wholesale Market is 24.6 vehicles, a decrease of 0.2 vehicles [2] 3.6 Option Market - The implied volatility of at - the - money call options for apples is 24.29%, an increase of 1.82%; of at - the - money put options is 24.3%, an increase of 1.83% [2] 3.7 Industry News - In Shandong, the supply of late - season Fuji apples continues to increase, trading is fair, good - quality apples are scarce and prices are firm, while prices of ordinary apples are chaotic. In Shaanxi, trading of good - quality apples is mostly finished, with remaining ordinary or poor - quality apples and chaotic prices. In Gansu, apple trading is in the later stage, good - quality apple prices are stable at a high level, and ordinary apples are priced according to quality. The new - season late - maturing Fuji apples are increasing in supply, with a delay in the picking and storage progress compared to last year [2] 3.8 Viewpoint Summary - Merchants are actively purchasing high - quality apples but more cautious about ordinary ones. In Shandong, the supply of new apples is still limited, and small - batch orders are increasing. The trading atmosphere in the sales market is still weak, with slow sales and pressure on the demand side [2]

Report Overview - Report Date: October 29, 2025 [1] - Report Type: Natural Rubber Industry Daily Report 1. Investment Rating - No investment rating is provided in the report. 2. Core Viewpoints - The global natural rubber producing areas are in the tapping season. In Yunnan, due to large temperature differences between day and night, the dry rubber content drops rapidly, and raw material prices are rising. In Hainan, continuous rainfall restricts tapping operations, and raw material production is slow. Some processing plants are eager to purchase raw materials at higher prices [2]. - The total inventory at Qingdao Port is decreasing, with both bonded and general trade warehouses showing inventory reduction. The reduction in the general trade warehouse has narrowed. Overseas standard rubber arrivals continue to decline, and the bonded warehouse in Qingdao shows a slight inventory reduction. The increase in the arrival and storage of mixed rubber is in line with expectations, but tire factories' purchases are mostly on a wait - and - see basis [2]. - Last week, the production schedules of domestic tire enterprises mostly returned to normal levels, driving a slight increase in overall capacity utilization. Semi - steel tire enterprises are expected to maintain high production enthusiasm, and all - steel tire enterprises' production schedules are expected to remain stable. The ru2601 contract is expected to fluctuate between 15300 - 15700 in the short term, and the nr2512 contract is expected to fluctuate between 12500 - 12800 [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the main Shanghai rubber contract is 15625 yuan/ton, up 265 yuan; the closing price of the main 20 - number rubber contract is 12720 yuan/ton, up 190 yuan. The 1 - 5 spread of Shanghai rubber is - 80 yuan/ton, down 15 yuan; the 12 - 1 spread of 20 - number rubber is - 10 yuan/ton, down 15 yuan [2]. - The spread between Shanghai rubber and 20 - number rubber is 2905 yuan/ton, up 75 yuan. The position of the main Shanghai rubber contract is 146189 lots, up 2108 lots; the position of the main 20 - number rubber contract is 40039 lots, down 6433 lots [2]. - The net position of the top 20 in Shanghai rubber is - 23073 lots, up 3872 lots; the net position of the top 20 in 20 - number rubber is - 8299 lots, up 2453 lots. The exchange warehouse receipts of Shanghai rubber are 122890 tons, up 320 tons; the exchange warehouse receipts of 20 - number rubber are 44253 tons, down 201 tons [2]. 3.2 Spot Market - The price of state - owned whole latex in the Shanghai market is 14750 yuan/ton, unchanged; the price of Vietnamese 3L in the Shanghai market is 15200 yuan/ton, down 50 yuan [2]. - The price of Thai standard STR20 is 1880 US dollars/ton, unchanged; the price of Malaysian standard SMR20 is 1880 US dollars/ton, unchanged. The price of Thai RMB mixed rubber is 14980 yuan/ton, down 20 yuan; the price of Malaysian RMB mixed rubber is 14950 yuan/ton, unchanged [2]. - The price of Qilu Petrochemical's butadiene styrene 1502 is 11400 yuan/ton, unchanged; the price of Qilu Petrochemical's cis - butadiene BR9000 is 11000 yuan/ton, down 200 yuan [2]. - The basis of Shanghai rubber is - 610 yuan/ton, up 20 yuan; the non - standard product basis of the main Shanghai rubber contract is - 380 yuan/ton, unchanged. The price of 20 - number rubber in the Qingdao market is 13219 yuan/ton, down 9 yuan; the basis of the main 20 - number rubber contract is 689 yuan/ton, up 1 yuan [2]. 3.3 Upstream Situation - The market reference price of Thai raw rubber (smoked sheet) is 60.06 Thai baht/kg, unchanged; the market reference price of Thai raw rubber (sheet) is 56.15 Thai baht/kg, up 1.26 Thai baht [2]. - The market reference price of Thai raw rubber (glue) is 55 Thai baht/kg, up 0.5 Thai baht; the market reference price of Thai raw rubber (cup lump) is 53.35 Thai baht/kg, up 0.2 Thai baht [2]. - The theoretical production profit of RSS3 is 182.4 US dollars/ton, down 38.6 US dollars; the theoretical production profit of STR20 is 51 US dollars/ton, down 0.6 US dollars [2]. - The monthly import volume of technically classified natural rubber is 12.26 million tons, up 0.95 million tons; the monthly import volume of mixed rubber is 31.75 million tons, up 4.91 million tons [2]. 3.4 Downstream Situation - The weekly opening rate of all - steel tires is 65.58%, up 1.06 percentage points; the weekly opening rate of semi - steel tires is 73.67%, up 0.95 percentage points [2]. - The inventory days of all - steel tires in Shandong are 40.34 days, up 0.39 days; the inventory days of semi - steel tires in Shandong are 45.26 days, up 0.09 days [2]. - The monthly output of all - steel tires is 13.14 million pieces, up 0.11 million pieces; the monthly output of semi - steel tires is 60.25 million pieces, up 2.19 million pieces [2]. 3.5 Option Market - The 20 - day historical volatility of the underlying is 19.48%, down 0.11 percentage points; the 40 - day historical volatility of the underlying is 17.48%, down 0.61 percentage points [2]. - The implied volatility of at - the - money call options is 21.85%, up 0.41 percentage points; the implied volatility of at - the - money put options is 21.84%, up 0.39 percentage points [2]. 3.6 Industry News - In the first week of November 2025, rainfall in the main natural rubber producing areas in Southeast Asia increased compared with the previous period. In the northern hemisphere, heavy rainfall in Vietnam and southern Thailand affected tapping; in the southern hemisphere, rainfall in southern Indonesia and eastern Malaysia had a slightly reduced impact on tapping [2]. - In September 2025, the El Niño index (ONI) was - 0.38, a month - on - month decrease of 0.19, indicating a weakening of the El Niño phenomenon [2]. - As of October 26, 2025, the total inventory of natural rubber in Qingdao was 432,200 tons, a decrease of 5,300 tons from the previous period, a decrease of 1.20%. The bonded area inventory was 68,700 tons, a decrease of 1.29%; the general trade inventory was 363,500 tons, a decrease of 1.18% [2]. - As of October 23, the capacity utilization rate of Chinese semi - steel tire sample enterprises was 72.84%, a month - on - month increase of 1.77 percentage points and a year - on - year decrease of 6.84 percentage points; the capacity utilization rate of Chinese all - steel tire sample enterprises was 65.87%, a month - on - month increase of 1.91 percentage points and a year - on - year increase of 6.95 percentage points [2]. 3.7 Suggestions for Attention - Pay attention to the opening rate data of Longzhong tire sample enterprises on Thursday [2].

Report Overview - The report is a daily report on the jujube industry dated October 29, 2025 [1] Industry Investment Rating - Not provided Core Viewpoints - The supply - side pressure in the jujube market will gradually emerge, and the probability of jujube prices continuing to decline increases. Attention should be paid to the mainstream purchase price and quality of new jujubes [2] Summary by Directory Futures Market - The closing price of the jujube futures main contract is 10,495 yuan/ton, with a ring - growth of 80 yuan/ton. The main contract's open interest is 184,472 lots, a decrease of 1,088 lots. The net long position of the top 20 futures holders is - 7,079 lots, an increase of 2,397 lots. The number of warehouse receipts is 0, and the total valid warehouse receipt forecast is 0 [2] Spot Market - The prices of jujube in different regions are as follows: the price of Kashgar jujube bulk goods is 7.5 yuan/kg; the wholesale price of Hebei first - grade gray jujube is 4.8 yuan/jin; the price of Alar jujube bulk goods is 7.15 yuan/kg; the wholesale price of Henan first - grade gray jujube is 4.75 yuan/jin; the price of Aksu jujube bulk goods is 6.75 yuan/kg; the price of Henan special - grade jujube is 10.5 yuan/kg; the price of Hebei special - grade jujube is 10.48 yuan/kg, a decrease of 0.07 yuan/kg; the price of Guangdong special - grade jujube is 11.6 yuan/kg; the price of Guangdong first - grade jujube is 10.6 yuan/kg [2] Upstream Market - The annual jujube output is 6.069 million tons, an increase of 3.187 million tons, and the planting area is 1.993 million hectares, a decrease of 41,000 hectares [2] Industry Situation - The national jujube inventory is 9,103 tons, an increase of 94 tons compared to last week, a month - on - month decrease of 1.04%, and a year - on - year increase of 109.22%. The monthly jujube export volume is 2,283,671 kg, a decrease of 81,222 kg. The cumulative monthly jujube export volume is 23,548,402 kg, an increase of 2,283,671 kg [2] Downstream Situation - The cumulative sales volume of Hao Xiang Ni's jujubes is 36,480.43 tons, and the cumulative year - on - year production growth rate is 1.47%. The cumulative sales volume of Hao Xiang Ni's jujubes decreased by 2,981.06 tons, and the cumulative year - on - year sales growth rate decreased by 34.59% [2] Industry News - The mainstream prices of jujube bulk goods in different regions are: 6.50 - 7.00 yuan/kg in Aksu, 6.80 - 7.50 yuan/kg in Alar, some guaranteed prices in Kashgar are 7.50 yuan/kg, 8.50 - 10.00 yuan/kg in Ruoqiang, 8.00 - 8.50 yuan/kg in Hotan, and 7.50 - 8.50 yuan/kg in Qiemo. The procurement in Hotan and Qiemo is almost finished, and the raw material procurement in the production area is based on quality, following the principle of high - quality products at high prices [2] Viewpoint Summary - As of October 23, 2025, the physical inventory of 36 sample points of jujubes this week is 9,103 tons, an increase of 94 tons compared to last week, a month - on - month decrease of 1.04%, and a year - on - year increase of 109.22%. The new - season jujubes have not been concentratedly picked, but inland jujube merchants have gone to the production areas to purchase goods. Some merchants are actively ordering new - season raw materials, while some are purchasing old jujubes [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The Shanghai copper main contract fluctuates strongly, with increasing positions, spot discount, and weakening basis. Fundamentally, the tight supply of copper concentrate has not improved, TC fees hover in the negative range, and the impact of overseas mine disturbances persists, keeping ore prices firm. [2] - On the supply side, due to many maintenance operations and the tight supply of copper ore and blister copper, smelting capacity may be restricted. Additionally, the price of sulfuric acid, a by - product of smelting, shows signs of decline, affecting smelting profits and potentially leading to a decline in the operating rate. Domestic refined copper supply is gradually shrinking. [2] - On the demand side, copper prices remain high due to cost support and overseas macro - sentiment. Downstream buyers are hesitant due to high prices, adopting a cautious wait - and - see procurement strategy. The spot market trading sentiment is weak, and high copper prices suppress downstream demand. [2] - Overall, the fundamentals of Shanghai copper may be in a situation of weak supply and demand, with industrial inventory accumulation. In the options market, the call - put ratio of at - the - money options is 1.32, down 0.0498 from the previous period, indicating a bullish sentiment in the options market with a slight decline in implied volatility. Technically, on the 60 - minute MACD, both lines are above the 0 - axis, and the red bars are expanding. The operation suggestion is to trade with a light position in a volatile market, controlling the rhythm and trading risks. [2] 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the Shanghai copper futures main contract is 88,710 yuan/ton, up 1,730 yuan; the LME 3 - month copper price is 11,097 dollars/ton, up 58.5 dollars. The spread between the main contract and the next - month contract is 10 yuan/ton, down 20 yuan. The position of the main contract of Shanghai copper is 290,209 lots, up 8,903 lots. [2] - The net position of the top 20 futures holders of Shanghai copper is - 29,079 lots, up 1,010 lots. The LME copper inventory is 134,575 tons, down 1,400 tons; the Shanghai Futures Exchange inventory of cathode copper is 104,792 tons, down 5,448 tons; the LME copper cancelled warrants are 11,175 tons, up 1,200 tons; the Shanghai Futures Exchange warehouse receipts of cathode copper are 35,745 tons, down 2,856 tons. [2] 3.2 Spot Market - The SMM 1 copper spot price is 87,765 yuan/ton, down 140 yuan; the Yangtze River Non - ferrous Market 1 copper spot price is 87,770 yuan/ton, down 405 yuan. The CIF (bill of lading) price of Shanghai electrolytic copper is 52 dollars/ton, unchanged; the average premium of Yangshan copper is 34.5 dollars/ton, unchanged. [2] - The basis of the CU main contract is - 945 yuan/ton, down 1,870 yuan; the LME copper spread (0 - 3) is - 19.54 dollars/ton, up 4.3 dollars. [2] 3.3 Upstream Situation - The import volume of copper ore and concentrates is 258.69 million tons, down 17.2 million tons. The TC fee of domestic copper smelters is - 42.7 dollars/kiloton, down 1.73 dollars. The price of copper concentrate in Jiangxi is 78,020 yuan/metal ton, down 420 yuan; the price of copper concentrate in Yunnan is 78,720 yuan/metal ton, down 420 yuan. [2] - The processing fee of blister copper in the South is 900 yuan/ton, down 100 yuan; the processing fee of blister copper in the North is 700 yuan/ton, unchanged. [2] 3.4 Industry Situation - The monthly output of refined copper is 1.266 billion tons, down 350 million tons; the import volume of unwrought copper and copper products is 490,000 tons, up 60,000 tons. The social inventory of copper is 418.2 million tons, up 4.3 million tons. The price of 1 bright copper wire in Shanghai is 60,440 yuan/ton, down 100 yuan; the price of 2 copper (94 - 96%) in Shanghai is 74,000 yuan/ton, down 50 yuan. [2] - The ex - factory price of 98% sulfuric acid of Jiangxi Copper is 730 yuan/ton, up 80 yuan. [2] 3.5 Downstream and Application - The monthly output of copper products is 223.2 billion tons, up 1 billion tons. The cumulative completed investment in power grid infrastructure is 437.8 billion yuan, up 58.224 billion yuan; the cumulative completed investment in real estate development is 6,770.571 billion yuan, up 739.652 billion yuan. The monthly output of integrated circuits is 4,371,236,100 pieces, up 120,949,000 pieces. [2] 3.6 Option Situation - The 20 - day historical volatility of Shanghai copper is 24.24%, up 0.46%; the 40 - day historical volatility of Shanghai copper is 18.28%, up 0.39%. The implied volatility of the at - the - money option in the current month is 19.98%, down 0.0397; the call - put ratio of at - the - money options is 1.32, down 0.0498. [2] 3.7 Industry News - The full text of the "15th Five - Year Plan" proposal is released, aiming to maintain economic growth within a reasonable range, improve total factor productivity, and significantly increase the household consumption rate. It also promotes the development of strategic emerging industries and technological breakthroughs in key areas, implements the "Artificial Intelligence +" action, boosts consumption, and improves the capital market system. [2] - The central bank governor said that the moderately loose monetary policy will be implemented in detail, existing policies will be carried out, and new policies will be studied and reserved. [2] - The U.S. Senate failed to pass the procedural vote on the "2025 Fiscal Year Continuing Appropriations and Extension Act" for the 13th time, and the government shutdown will continue. [2] - The ADP will launch weekly employment data. The first report shows that the average number of private - sector jobs in the U.S. increased by 14,250 in the four weeks ending October 11. [2]

Report Industry Investment Rating - Not provided Core Viewpoints - The cost of polysilicon production will increase as the dry season approaches in Southwest China in November, and some enterprises have started to reduce raw material input and production [2]. - The demand side is relatively weak, with the demand for polysilicon from downstream photovoltaic industry chains declining, component tender prices falling, and concentrated projects being postponed [2]. - Although N-type silicon materials maintain a certain premium ability, the price of ordinary materials is approaching the cost line, and the overall gross profit margin of the industry is narrowing [2]. - The high inventory in the European market suppresses import demand, while the US tariff policy has loosened, driving the growth of energy storage system exports, but it is difficult to completely offset the negative impact of the European market [2]. - The demand in emerging markets such as the Middle East and Latin America is surging, buffering the decline in the demand side to some extent [2]. - The rumored policy of strengthening photovoltaic capacity regulation has boosted market confidence, but the specific details and implementation time are still unclear [2]. - There are rumors of downstream photovoltaic capacity integration, which stimulates the increase of polysilicon prices, but the subsequent weakening of the demand side will still have a counter - effect. It is recommended to buy on dips [2]. Summary by Directory Market Data - **Futures Market**: The closing price of the main polysilicon contract is 54,990 yuan/ton, with a week - on - week increase of 635 yuan/ton; the open interest of the main contract is 118,430 lots, with a week - on - week increase of 3,498 lots; the basis between December and January contracts is 50 yuan/ton, with a week - on - week decrease of 30 yuan/ton; the price difference between polysilicon and industrial silicon is 45,820 yuan/ton, with a week - on - week increase of 420 yuan/ton [2]. - **Spot Market**: The spot price of polysilicon is 52,980 yuan/ton, unchanged from the previous period; the average price of N - type silicon wafers (210R) is 1.36 yuan/piece, unchanged; the weekly average price of photovoltaic - grade polysilicon is 6.51 US dollars/kg, with a week - on - week decrease of 0.02 US dollars/kg; the basis of polysilicon is - 1,375 yuan/ton, with a week - on - week increase of 145 yuan/ton [2]. Upstream Situation - The closing price of the main industrial silicon contract is 9,170 yuan/ton, with a week - on - week increase of 215 yuan/ton; the spot price of industrial silicon is 9,350 yuan/ton, unchanged; the monthly export volume of industrial silicon is 70,232.72 tons, with a month - on - month decrease of 6,409.29 tons; the monthly import volume is 1,939.85 tons, with a month - on - month increase of 602.27 tons; the monthly output is 402,800 tons, with a month - on - month increase of 36,000 tons; the total social inventory is 552,000 tons, with a day - on - day increase of 10,000 tons [2]. Industry Situation - The monthly output of polysilicon is 130,000 tons, with a month - on - month increase of 5,000 tons; the monthly import volume is 1,292 tons, with a month - on - month increase of 286 tons; the weekly spot price of imported polysilicon materials in China is 6.9 US dollars/kg, with a week - on - week increase of 0.01 US dollars/kg; the monthly average import price is 2,350 US dollars/ton, with a month - on - month decrease of 270 US dollars/ton [2]. Downstream Situation - The monthly output of solar cells is 70,873,000 kilowatts, with a month - on - month increase of 1,016,000 kilowatts; the average price of mainstream photovoltaic modules is 0.74 yuan/watt, unchanged; the comprehensive price index of the photovoltaic industry (SPI) for polysilicon is 32.82, unchanged; the average price of solar cells is 0.82 yuan/W, with a day - on - day increase of 0.01 yuan/W; the monthly export volume of photovoltaic modules is 129,531,200 units, with a month - on - month decrease of 19,491,300 units; the monthly import volume is 14,733,700 units, with a month - on - month decrease of 6,706,500 units; the monthly average import price is 0.3 US dollars/unit, with a month - on - month increase of 0.06 US dollars/unit [2]. Industry News - On October 28, GCL mentioned in a CCTV interview that 17 enterprises have basically signed, and the establishment of the consortium is expected to be completed within the year [2].

Report's Investment Rating for the Industry - No investment rating for the industry is provided in the report. Core Viewpoints of the Report - On the raw material side, the Indonesian government's PNBP policy restricts issuance, increasing the cost of nickel resource supply; the growth of Indonesian ferronickel production has slowed down, and domestic production has gradually declined. Recently, the ferronickel price has rebounded from a low level, strengthening the support of raw material costs [2]. - On the supply side, steel mills' production profits have shrunk, but with the arrival of the traditional consumption peak season and the gradual increase in infrastructure and real - estate demand, stainless - steel mills' production schedules have still increased [2]. - On the demand side, infrastructure construction in October is expected to speed up, combined with the favorable domestic fiscal investment policies. Anti - involution measures are expected to improve the supply - demand pattern. Market procurement demand has resilience, and domestic inventories continue to decline [2]. - Technically, with the reduction of positions and price adjustments, both long and short sides are trading cautiously. Attention should be paid to the resistance at 12,900. It is recommended to wait and see for now [2]. Summary by Relevant Catalogs Futures Market - The closing price of the stainless - steel futures main contract is 12,805 yuan/ton, up 55 yuan; the spread between the November - December contracts is - 5 yuan/ton, down 10 yuan [2]. - The net long position of the top 20 futures holders is - 13,437 lots, an increase of 1,329 lots; the position of the main contract is 98,223 lots, a decrease of 2,030 lots [2]. - The warehouse receipt quantity is 73,777 tons, a decrease of 119 tons [2]. Spot Market - The price of 304/2B rolled cut - edge stainless steel in Wuxi is 13,500 yuan/ton, down 50 yuan; the market price of scrap 304 stainless steel in Wuxi is 9,150 yuan/ton, down 100 yuan [2]. - The basis of the SS main contract is 320 yuan/ton, down 85 yuan [2]. Upstream Situation - The monthly electrolytic nickel output is 29,430 tons, an increase of 1,120 tons; the total monthly ferronickel output is 21,700 metal tons, a decrease of 300 metal tons [2]. - The monthly import volume of refined nickel and alloys is 28,570.87 tons, an increase of 4,144.03 tons; the monthly import volume of ferronickel is 1.0853 million tons, an increase of 211,200 tons [2]. - The spot price of SMM1 nickel is 121,900 yuan/ton, down 250 yuan; the average price of ferronickel (7 - 10%) nationwide is 930 yuan/nickel point, unchanged [2]. - The monthly Chinese ferrochrome output is 757,800 tons, a decrease of 26,900 tons [2]. Industry Situation - The monthly output of 300 - series stainless steel is 1.7627 million tons, an increase of 24,800 tons; the weekly total inventory of 300 - series stainless steel is 576,700 tons, a decrease of 6,900 tons [2]. - The monthly stainless - steel export volume is 458,500 tons, a decrease of 29,500 tons [2]. Downstream Situation - The cumulative monthly new housing construction area is 453.99 million square meters, an increase of 55.9799 million square meters [2]. - The monthly output of large and medium - sized tractors is 26,200 units, an increase of 4,000 units; the monthly output of excavators is 31,600 units, an increase of 4,000 units; the monthly output of small tractors is 10,000 units, an increase of 1,000 units [2]. Industry News - The full text of the "15th Five - Year Plan" proposal is released, clarifying the main goals of economic and social development during the "15th Five - Year Plan" period, including maintaining economic growth within a reasonable range, steadily increasing total factor productivity, significantly increasing the household consumption rate, greatly improving the level of scientific and technological self - reliance, making new breakthroughs in comprehensive deep - seated reforms, and synchronizing household income growth with economic growth and labor compensation growth with labor productivity growth. It also proposes to accelerate the development of strategic emerging industry clusters such as new energy, new materials, aerospace, and low - altitude economy, promote new economic growth points in quantum technology, biological manufacturing, hydrogen energy and nuclear fusion energy, brain - computer interfaces, embodied intelligence, and 6G, and take extraordinary measures to achieve decisive breakthroughs in key core technologies in key areas such as integrated circuits, industrial mother machines, high - end instruments, basic software, advanced materials, and biological manufacturing [2].

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report 2. Core Viewpoints - The short - term production and capacity utilization of domestic butadiene rubber may decline due to increased maintenance of domestic butadiene rubber units, but considering the weak raw material side, it is expected that production enterprise inventories will decrease and trading enterprise inventories will increase [2] - The overall capacity utilization rate of domestic tire enterprises has increased slightly, with semi - steel tire enterprises maintaining stable production and full - steel tire enterprises keeping production stable. The BR2512 contract is expected to fluctuate in the range of 10,500 - 11,000 yuan/ton in the short term [2] 3. Summary by Directory 3.1 Futures Market - The closing price of the main contract of synthetic rubber is 10,795 yuan/ton, a decrease of 10 yuan/ton; the position volume of the main contract is 52,216, an increase of 3,565; the 12 - 1 spread of synthetic rubber is 25 yuan/ton, an increase of 5 yuan/ton; the total number of warehouse receipts for butadiene rubber is 3,010 tons, unchanged [2] 3.2 Spot Market - The mainstream price of BR9000 from Qilu Petrochemical, Daqing Petrochemical in Shandong and Shanghai is 10,950 yuan/ton, down 50 yuan/ton; the mainstream price of BR9000 from Maoming Petrochemical in Guangdong is 11,150 yuan/ton, down 100 yuan/ton; the basis of synthetic rubber is 195 yuan/ton, down 140 yuan/ton [2] 3.3 Upstream Situation - The current - week production capacity of butadiene is 155,300 tons/week, a decrease of 100 tons/week; the capacity utilization rate is 65.62%, a decrease of 0.17 percentage points; the port inventory is 24,600 tons, a decrease of 6,200 tons; the production capacity utilization rate of butadiene rubber is 73.45%, a decrease of 1.37 percentage points [2] 3.4 Downstream Situation - The production of full - steel tires in the current month is 1.314 million pieces, an increase of 110,000 pieces; the production of semi - steel tires is 6.025 million pieces, an increase of 219,000 pieces; the inventory days of full - steel tires in Shandong is 40.34 days, an increase of 0.39 days; the inventory days of semi - steel tires in Shandong is 45.26 days, an increase of 0.09 days [2] 3.5 Industry News - As of October 23, the capacity utilization rate of Chinese semi - steel tire sample enterprises was 72.84%, a month - on - month increase of 1.77 percentage points and a year - on - year decrease of 6.84 percentage points; the capacity utilization rate of full - steel tire sample enterprises was 65.87%, a month - on - month increase of 1.91 percentage points and a year - on - year increase of 6.95 percentage points [2] - In September 2025, China's heavy - truck market sold about 105,000 vehicles, a month - on - month increase of 15% and a year - on - year increase of about 82%. From January to September, the cumulative sales exceeded 800,000 vehicles, reaching 821,000 vehicles, a year - on - year increase of about 20% [2] - As of October 22, the domestic butadiene rubber inventory was 33,200 tons, an increase of 400 tons from the previous period, a month - on - month increase of 1.25% [2]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The supply of industrial silicon sees concurrent reduction in the southwest and increase in the northwest; the demand from polysilicon is highly uncertain, while the demand from silicone and aluminum alloy is relatively stable; cost provides support for prices, while high inventory restricts the upward price movement. The industrial silicon price showed an upward trend today, with the overall price remaining high. Currently, the cost is maintained at 8,800 - 9,000 yuan/ton. It is expected that industrial silicon will rely on cost support, and it is recommended to buy on dips [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract was 9,170 yuan/ton, up 215 yuan; the main contract's open interest was 211,670 lots, up 10,152 lots; the net position of the top 20 was -55,846 lots, down 7,555 lots; the warehouse receipts of the GFE were 48,044 lots, down 141 lots; the closing price of the December contract for industrial silicon was -375 yuan/ton, unchanged; the spread between the November and December contracts for industrial silicon was -375, unchanged [2] 3.2 Spot Market - The average price of oxygen - passed 553 silicon was 9,350 yuan/ton, unchanged; the average price of 421 silicon was 9,650 yuan/ton, unchanged; the basis of the Si main contract was 180 yuan/ton, down 215 yuan; the spot price of DMC was 11,275 yuan/ton, unchanged [2] 3.3 Upstream Situation - The average price of silica was 410 yuan/ton, unchanged; the average price of petroleum coke was 2,110 yuan/ton, up 80 yuan; the average price of clean coal was 1,850 yuan/ton, unchanged; the average price of wood chips was 490 yuan/ton, unchanged; the ex - factory price of graphite electrodes (400mm) was 12,250 yuan/ton, unchanged [2] 3.4 Industry Situation - The monthly output of industrial silicon was 402,800 tons, up 36,000 tons; the weekly social inventory of industrial silicon was 552,000 tons, up 10,000 tons; the monthly import volume of industrial silicon was 70,232.72 tons, up 1,939.85 tons; the monthly export volume of industrial silicon was down 6,409.29 tons [2] 3.5 Downstream Situation - The weekly output of silicone DMC was 44,900 tons, up 700 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot market was 21,100 yuan/ton, unchanged; the overseas market price of photovoltaic - grade polysilicon was 15.85 US dollars/kg, unchanged; the weekly average spot price of photovoltaic - grade polysilicon was 6.51 US dollars/kg, down 0.02 US dollars/kg; the monthly export volume of unforged aluminum alloy was 23,495.34 tons, down 5,568.37 tons; the weekly operating rate of silicone DMC was 70.05%, up 0.69 percentage points; the monthly output of aluminum alloy was 1,776,000 tons, up 141,000 tons; the monthly export volume of aluminum alloy was down 5,568.37 tons [2] 3.6 Industry News - On October 28th, GCL mentioned in a CCTV interview that 17 enterprises have basically signed, and the establishment of the consortium is expected to be completed within this year. In terms of industrial silicon, from the fundamental perspective, on the supply side, Sichuan and Yunnan are transitioning from the wet season to the dry season in October, leading to an increase in manufacturers' production costs. Some enterprises with exhausted raw materials have chosen to stop production. As November approaches, the scale of production cuts during the dry season is expected to further expand. In Xinjiang, with stable and low - cost power supply, some manufacturers are actively investing in production, increasing the number of open furnaces and continuously releasing production capacity. On the demand side, the downstream of industrial silicon is mainly concentrated in the silicone, polysilicon, and aluminum alloy fields [2] 3.7 Viewpoint Summary - In the silicone segment, the inventory is lower than the historical average. The production profit of silicone has slightly rebounded but is still in the loss range, providing a certain rigid - demand procurement support for industrial silicon. Currently, most silicone manufacturers still have some pre - sold orders, and there are many maintenance manufacturers, with some planning to enter maintenance, which maintains the demand for industrial silicon to a certain extent. In the polysilicon segment, the inventory is as high as 278,300 tons, higher than the historical average. The price of silicon wafers is flat, and the price of solar cells is falling. The downstream transmission is not smooth, and leading enterprises have maintenance expectations, so there is a risk of weakening demand support for industrial silicon in the future. In the aluminum alloy segment, the operating rate of aluminum alloy enterprises remains stable, and the demand for industrial silicon remains high. The demand performance is relatively stable, but in terms of marginal effect, the pulling effect on the price of industrial silicon is limited [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The zinc market has complex supply - demand dynamics. The import of zinc ore has increased due to long - term agreement ores arriving at ports and refineries' raw material reserves for winter, but domestic zinc ore processing fees have decreased, sulfuric acid prices have fallen, squeezing smelter profits and limiting refined zinc production growth. Overseas zinc supply is tight, the export window has opened, and it is expected to turn to net exports. The demand side has a weak traditional peak - season effect, with the real estate sector being a drag and policy support in the automotive and home - appliance sectors bringing some highlights. Domestically, social inventories have slightly increased, downstream procurement demand is weak, while LME inventories have continuously decreased and the spot premium has reached a historical high. Technically, the short - selling atmosphere has weakened, and it is recommended to go long on dips [3] Group 3: Summary by Relevant Catalogs 1. Futures Market - The closing price of the main Shanghai zinc futures contract is 22,430 yuan/ton, up 120 yuan; the 11 - 12 - month contract spread is - 50 yuan/ton, down 15 yuan. The LME three - month zinc quote is 3,056.5 dollars/ton, down 2 dollars. The total Shanghai zinc open interest is 210,352 lots, up 1,255 lots. The net position of the top 20 in Shanghai zinc is 8,341 lots, down 268 lots. Shanghai zinc warehouse receipts are 67,424 tons, down 847 tons. The SHFE inventory is 109,168 tons, down 459 tons, and the LME inventory is 35,250 tons, down 1,800 tons [3] 2.现货市场 - The SMM 0 zinc spot price is 22,290 yuan/ton, up 20 yuan; the Yangtze River Non - ferrous Market 1 zinc spot price is 22,410 yuan/ton, up 30 yuan. The basis of the main ZN contract is - 140 yuan/ton, down 100 yuan. The LME zinc cash - 3 spread is 171.09 dollars/ton, down 41.8 dollars. The arrival price of 50% zinc concentrate in Kunming is 17,400 yuan/ton, up 90 yuan, and the price of 85% - 86% crushed zinc in Shanghai is 15,850 yuan/ton, unchanged. The WBMS monthly zinc supply - demand balance is - 27,800 tons, down 5,700 tons, and the ILZSG monthly zinc supply - demand balance is 47,900 tons, up 17,700 tons [3] 3. Upstream Situation - The ILZSG global zinc mine production is 1.0976 million tons, up 21,400 tons. Domestic refined zinc production is 651,000 tons, up 34,000 tons. Zinc ore imports are 505,400 tons, up 38,100 tons [3] 4. Industry Situation - Refined zinc imports are 22,677.51 tons, down 2,979.32 tons, and refined zinc exports are 2,477.83 tons, up 2,166.92 tons. The social zinc inventory is 163,100 tons, up 7,700 tons [3] 5. Downstream Situation - The monthly output of galvanized sheets is 2.32 million tons, up 10,000 tons, and the sales volume is 2.28 million tons, down 90,000 tons. The monthly new housing construction area is 453.99 million square meters, up 55.9799 million square meters, and the monthly housing completion area is 311.2888 million square meters, up 34.3534 million square meters. The monthly automobile production is 3.227 million vehicles, up 474,600 vehicles, and the monthly air - conditioner production is 18.0948 million units, up 1.276 million units [3] 6. Option Market - The implied volatility of at - the - money zinc call options is 13.54%, down 0.46 percentage points, and that of at - the - money zinc put options is 13.54%, down 0.46 percentage points. The 20 - day historical volatility of at - the - money zinc options is 9.29%, up 0.93 percentage points, and the 60 - day historical volatility is 9.67%, down 0.15 percentage points [3] 7. Industry News - The "15th Five - Year Plan" suggestions aim for economic growth in a reasonable range, improved total factor productivity, increased resident consumption rate, enhanced scientific and technological self - reliance, and breakthroughs in key core technologies in key fields. The central bank will implement a moderately loose monetary policy. The ADP will launch weekly employment data, and the first report shows an average increase of 14,250 private - sector jobs in the four weeks to October 11 [3]

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Viewpoints - The nickel market's oversupply situation is difficult to change, and the nickel price is expected to fluctuate and adjust, with attention paid to the range of 120,000 - 124,000 yuan/ton. Technically, with the increase in positions and the decline in price, it maintains a range - bound operation. It is recommended to wait and see temporarily or conduct range - bound operations [3][4]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract of Shanghai nickel is 121,540 yuan/ton, with a ring - to - ring increase of 980 yuan/ton; the spread between the November - December contracts of Shanghai nickel is - 290 yuan/ton, with a decrease of 30 yuan/ton. - The price of LME 3 - month nickel is 1,5245 US dollars/ton, with a decrease of 90 US dollars/ton; the position of the main contract of Shanghai nickel is 109,686 lots, with a decrease of 5,360 lots. - The net long position of the top 20 futures holders of Shanghai nickel is - 35,609 lots, with an increase of 2,531 lots. The LME nickel inventory is 251,436 tons, with an increase of 198 tons. - The inventory of nickel in the Shanghai Futures Exchange is 36,075 tons (weekly), with an increase of 1,656 tons; the LME nickel cancelled warrants total 6,564 tons, with an increase of 156 tons. The warehouse receipt quantity of Shanghai nickel is 31,433 tons, with an increase of 48 tons [3]. Spot Market - The SMM 1 nickel spot price is 121,900 yuan/ton, with a decrease of 250 yuan/ton; the average spot price of 1 nickel plate in the Yangtze River Non - ferrous Metals market is 122,100 yuan/ton, with a decrease of 150 yuan/ton. - The CIF (bill of lading) price of Shanghai electrolytic nickel is 85 US dollars/ton, remaining unchanged; the bonded warehouse (warehouse receipt) price of Shanghai electrolytic nickel is 85 US dollars/ton, remaining unchanged. - The average price of battery - grade nickel sulfate is 28,800 yuan/ton, remaining unchanged. The basis of the NI main contract is 360 yuan/ton, with a decrease of 1,230 yuan/ton. The LME nickel (spot/three - month) premium is - 207.07 US dollars/ton, with a decrease of 1.89 US dollars/ton [3]. Upstream Situation - The monthly import volume of nickel ore is 6.1145 million tons, with a decrease of 232,200 tons; the total port inventory of nickel ore is 14.9791 million tons (weekly), with a decrease of 309,300 tons. - The average monthly import unit price of nickel ore is 56.72 US dollars/ton, with a decrease of 4.61 US dollars/ton; the tax - included price of Indonesian laterite nickel ore with 1.8% Ni is 41.71 US dollars/wet ton, remaining unchanged [3]. Industry Situation - The monthly output of electrolytic nickel is 29,430 tons, with an increase of 1,120 tons; the total monthly output of ferronickel is 21,700 metal tons, with a decrease of 300 metal tons. - The monthly import volume of refined nickel and alloys is 28,570.87 tons, with an increase of 4,144.03 tons; the monthly import volume of ferronickel is 1.0853 million tons, with an increase of 211,200 tons [3]. Downstream Situation - The monthly output of 300 - series stainless steel is 1.7627 million tons, with an increase of 24,800 tons; the total weekly inventory of 300 - series stainless steel is 576,700 tons, with a decrease of 6,900 tons [3]. Industry News - The full text of the "15th Five - Year Plan" proposal was released, aiming to achieve decisive breakthroughs in key core technologies in key fields through extraordinary measures, fully implement the "Artificial Intelligence +" initiative, and vigorously boost consumption. The Indonesian government's PNBP policy restricts the release, increasing the supply cost of nickel resources. - Central Bank Governor Pan Gongsheng stated that in the next step, a moderately loose monetary policy will be implemented, and new policy measures will be studied and reserved. - The "small non - farm" data release agency ADP will launch weekly employment data from this week. The first report shows that the average number of private - sector jobs in the US increased by 14,250 in the four weeks ending October 11 [3]. Viewpoint Summary - In terms of supply, the PNBP policy of the Indonesian government restricts the release, increasing the supply cost of nickel resources, and the premium of domestic ores remains stable. The supply of nickel ore from the Philippines is at a high level, but the grade has decreased, and the domestic nickel ore inventory is at a low level compared with the same period last year. - In the smelting sector, new electrolytic nickel projects are being put into production slowly. Due to the low nickel price and cost pressure, some smelters are losing money and reducing production, so the output of refined nickel is expected to remain stable at a high level. - On the demand side, stainless steel mills show the characteristic of a lackluster peak season. Although steel mills increase production, the increase is small. The production and sales of new energy vehicles continue to rise, but the demand for ternary batteries is limited. The domestic nickel inventory continues to increase, the market mainly purchases on demand, and the spot premium is slightly reduced; the LME inventory overseas also shows an increase [3].