1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On October 29, the JM2601 contract of coking coal closed at 1302.0, up 3.50%. The spot price of Tangshan Meng 5 coking coal was reported at 1460, equivalent to 1240 on the futures market. With the "15th Five - Year Plan" aiming to break obstacles in the national unified market, on the fundamental side, the mine - end开工率 decreased due to safety supervision, and the inventory was neutral. The开工率 of coal washing plants declined, while the mid - and downstream sectors replenished stocks, with the inventory expected to rise seasonally. Technically, the daily K - line was above the 20 - day and 60 - day moving averages. It should be treated as a shock - strengthening trend. [2] - On October 29, the J2601 contract of coke closed at 1763.0, down 0.25%. In the afternoon, coking plants proposed a third - round price increase for coke, driving up the futures price. The "15th Five - Year Plan" focuses on promoting people - centered new urbanization. Fundamentally, on the demand side, the molten iron output continued its seasonal decline to 239.90 (-1.05 tons), and the total coke inventory was higher than the same period. In terms of profit, the average profit per ton of coke for 30 independent coking plants was -41 yuan/ton. Technically, the daily K - line was above the 20 - day and 60 - day moving averages. It should be treated as a cost - driven shock - strengthening trend. [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - JM主力合约收盘价为1302.00元/吨，环比上涨60.00元；J主力合约收盘价为1801.00元/吨，环比上涨53.50元 [2] - JM期货合约持仓量为986010.00手，环比增加74792.00手；J期货合约持仓量为50565.00手，环比增加1262.00手 [2] - 焦煤前20名合约净持仓为 - 53839.00手，环比增加9484.00手；焦炭前20名合约净持仓为 - 5040.00手，环比减少608.00手 [2] - JM5 - 1月合约价差为76.50元/吨，环比上涨11.00元；J5 - 1月合约价差为143.00元/吨，环比上涨13.50元 [2] - 焦煤仓单为0.00张，无变化；焦炭仓单为2070.00张，无变化 [2] 3.2 Spot Market - 干其毛都蒙5原煤价格为1131.00元/吨，环比下降4.00元；唐山一级冶金焦价格为1775.00元/吨，环比上涨55.00元 [2] - 俄罗斯主焦煤远期现货（CFR）价格为157.50美元/湿吨，无变化；日照港准一级冶金焦价格为1570.00元/吨，环比上涨50.00元 [2] - 京唐港澳大利亚进口主焦煤价格为1700.00元/吨，无变化；天津港一级冶金焦价格为1670.00元/吨，环比上涨50.00元 [2] - 京唐港山西产主焦煤价格为1760.00元/吨，无变化；天津港准一级冶金焦价格为1570.00元/吨，环比上涨50.00元 [2] - 山西晋中灵石中硫主焦价格为1520.00元/吨，无变化；内蒙古乌海产焦煤出厂价为1280.00元/吨，无变化 [2] - JM主力合约基差为218.00元/吨，环比下降60.00元；J主力合约基差为 - 26.00元/吨，环比上涨1.50元 [2] 3.3 Upstream Situation - 314家独立洗煤厂精煤产量为26.50万吨，环比下降0.20万吨；精煤库存为284.40万吨，环比下降5.20万吨 [2] - 314家独立洗煤厂产能利用率为0.37%，环比无变化；原煤产量为41150.50万吨，环比增加2100.80万吨 [2] - 煤及褐煤进口量为4600.00万吨，环比增加326.00万吨；523家炼焦煤矿山原煤日均产量为191.00万吨，环比下降5.10万吨 [2] - 16个港口进口焦煤库存为507.18万吨，环比增加19.02万吨；18个港口焦炭库存为260.79万吨，环比增加8.14万吨 [2] - 独立焦企全样本炼焦煤总库存为1029.70万吨，环比增加32.33万吨；独立焦企全样本焦炭库存为58.64万吨，环比增加1.35万吨 [2] - 全国247家钢厂炼焦煤库存为782.96万吨，环比下降5.36万吨；全国247家样本钢厂焦炭库存为633.16万吨，环比下降6.28万吨 [2] - 独立焦企全样本炼焦煤可用天数为12.77天，环比下降0.13天；247家样本钢厂焦炭可用天数为11.07天，环比下降0.12天 [2] - 炼焦煤进口量为1092.36万吨，环比增加76.14万吨；炼焦煤产量为3696.86万吨，环比下降392.52万吨 [2] 3.4 Industry Situation - 焦炭及半焦炭出口量为54.00万吨，环比下降1.00万吨；独立焦企产能利用率为73.47%，环比下降0.77% [2] - 独立焦化厂吨焦盈利为 - 41.00元/吨，环比下降28.00元；焦炭产量为4255.60万吨，环比下降4.10万吨 [2] 3.5 Downstream Situation - 全国247家钢厂高炉开工率为84.73%，环比上涨0.48%；247家钢厂高炉炼铁产能利用率为89.92%，环比下降0.39% [2] - 粗钢产量为7349.01万吨，环比下降387.84万吨 [2] 3.6 Industry News - “十五五规划建议”提出推进以人为本的新型城镇化 优化城市规模结构 促进大中小城市和小城镇协调发展 [2] - “十五五规划建议”提出破除全国统一大市场建设卡点堵点 整治“内卷式”竞争 保持投资合理增长 提高民生类政府投资比重 建立健全各类市场 [2] - 蒙古国政局内部斗争对煤炭进口暂无影响 本周三大口岸通关车数重回高位 [2] - 2025年10月焦煤长协煤钢联动浮动值较9月上涨43元/吨 涨幅3.1% [2]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - Supply - side: For primary lead, despite some smelters planning to boost annual production and sales, there are many maintenance activities from October to November, so production is expected to rise slightly. For recycled lead, smelters affected by the 770 - document are gradually resuming production, but due to low raw material inventory and transportation control in northern regions, the increase in recycled lead output is limited, and the spot lead ingot will remain tight in the short - term. Lead prices are recommended to short at high levels [2]. - Demand - side: After the National Day and Mid - Autumn Festival holidays, the weekly operating rate of lead - acid battery enterprises has significantly rebounded. The traditional consumption season has arrived, and the "trade - in" activities in the automotive and electric bicycle markets support lead demand. Some leading battery companies have good orders and are expanding energy storage business, which will further increase lead demand. However, since September, the Shanghai - London ratio of lead ingots has gradually expanded, and the export of Chinese lead - acid batteries is affected by tariffs, which will suppress demand growth to some extent [2]. - Inventory: Inventory has been continuously decreasing. But with the expected arrival of imported lead and the possible increase in recycled lead production, inventory may change next week. If the inventory depletion rate slows down, it will resist price increases [2]. - Overall: If the Fed's interest rate cut tomorrow is less than expected, the market may have a negative feedback. Lead prices are recommended to short at high levels [2]. 3. Summary by Directory Futures Market - The closing price of the main Shanghai lead futures contract is 17,355 yuan/ton, with no change; the LME 3 - month lead quote is 2,025 dollars/ton, up 1.5 dollars/ton. The spread between the December - January contracts of Shanghai lead is - 25 yuan/ton, down 15 yuan/ton. The trading volume of Shanghai lead is 122,463 lots, down 566 lots. The net position of the top 20 in Shanghai lead is - 974 lots, down 2,084 lots. The Shanghai lead warehouse receipt is 22,997 tons, down 100 tons. The Shanghai Futures Exchange inventory is 36,333 tons, down 5,368 tons; the LME lead inventory is 229,675 tons, down 2,700 tons [2]. Spot Market - The spot price of 1 lead from Shanghai Non - ferrous Metals Network is 17,200 yuan/ton, down 25 yuan/ton; the spot price of 1 lead in the Yangtze River Non - ferrous Metals Market is 17,290 yuan/ton, down 50 yuan/ton. The basis of the lead main contract is - 155 yuan/ton, down 25 yuan/ton; the LME lead premium (0 - 3) is - 35.54 dollars/ton, down 1.74 dollars/ton [2]. Upstream Situation - The average operating rate of primary lead is 82.65%, up 1.01 percentage points; the weekly output of primary lead is 3.96 tons, up 0.05 tons. The price of 50% - 60% lead concentrate in Jiyuan is 16,671 yuan, up 275 yuan. The price of domestic recycled lead (≥98.5%) is 17,100 yuan/ton, down 40 yuan/ton. The number of recycled lead production enterprises is 68, with no change. The capacity utilization rate of recycled lead is 35.56%, down 2.32 percentage points; the monthly output of recycled lead is 22.42 tons, down 6.75 tons. The processing fee of 60% lead concentrate at major ports is - 90 dollars/kiloton, with no change. The global lead mine output is 383.3 kilotons, up 3.4 kilotons. The monthly lead ore import volume is 15.06 tons, up 1.58 tons [2]. Industry Situation - The monthly import volume of refined lead is 1,507.92 tons, down 312.63 tons; the monthly export volume of refined lead is 1,486.13 tons, down 1,266.09 tons. The average domestic processing fee of lead concentrate to the factory is 380 yuan/ton, with no change. The average price of waste batteries in the market is 9,967.86 yuan/ton, down 23.21 yuan/ton [2]. Downstream Situation - The monthly export volume of batteries is 45,696 units, down 3,984 units. The average price of lead - antimony alloy (for batteries, containing 2% antimony) is 19,450 yuan/ton, with no change. The Shenwan industry index of batteries is 2,032.49 points, up 9.89 points. The monthly automobile production is 322.7 tons, up 47.46 tons; the monthly new - energy vehicle production is 158 tons, up 24.7 tons [2]. Industry News - A lead - zinc mine project in Inner Mongolia has resumed production recently after suspension for rectification. It is expected that the total output of lead - zinc metal in November will reach 1,000 - 1,500 metal tons. However, affected by winter cold, it may enter the regular suspension period in mid - December, and the specific production plan is not clear [2]. - Macroscopically, ADP released the weekly estimated data of the US national employment report. In the four weeks ending October 11, the average number of newly - added jobs was 14,250 [2].

Group 1: Report Summary - The report is a daily report on the pig industry dated October 29, 2025 [1] Group 2: Investment Rating - No investment rating is provided in the report Group 3: Core Viewpoints - At the end of the month, the supply pressure eases briefly, demand rebounds, and the entry of second - round fattening supports short - term price fluctuations. However, price rebounds restrict the sustainability of second - round fattening and terminal demand acceptance, and second - round fattening will delay supply. The expected supply pressure in the fourth quarter will still be realized, limiting the medium - term upside space. Technically, the pig 2601 contract declined slightly, down 0.49%, showing a fluctuating trend [2] Group 4: Data Summary Futures Market - The closing price of the main futures contract for live pigs is 12,185 yuan/ton, up 25 yuan; the main contract's open interest is 119,788 lots, up 2,540 lots; the number of warehouse receipts is 206 lots, unchanged; the net long positions of the top 20 futures holders is - 30,235 lots, up 671 lots [2] Spot Market - The pig prices in Henan Zhumadian, Jilin Siping, and Guangdong Yunfu are 12,600 yuan/ton (unchanged), 12,700 yuan/ton (up 100 yuan), and 12,900 yuan/ton (up 600 yuan) respectively; the main basis of live pigs is 415 yuan/ton, down 25 yuan [2] Upstream Situation - The monthly pig inventory is 42,4470,000 heads, up 7160,000 heads; the inventory of breeding sows is 4,0380,000 heads, down 40,000 heads; the CPI's year - on - year change is - 0.3%, up 0.1 percentage points; the spot price of soybean meal in Zhangjiagang is 2,970 yuan/ton, unchanged; the spot price of corn is 2,242.75 yuan/ton, up 1.87 yuan; the DCE pig feed cost index is 878.85, down 2.58; the monthly output of feed is 31,287,000 tons, up 2,015,000 tons; the price of binary breeding sows is 1,530 yuan/head, unchanged; the breeding profit of purchased piglets is - 289.07 yuan/head, up 86.22 yuan; the breeding profit of self - bred and self - raised pigs is - 185.68 yuan/head, up 59.02 yuan; the monthly import volume of pork is 80,000 tons, unchanged; the average price of white - striped chickens in the main production areas is 14.1 yuan/kg, down 0.2 yuan [2] Downstream Situation - The monthly slaughter volume of designated pig slaughtering enterprises is 33,500,000 heads, up 1,840,000 heads; the monthly retail sales of social consumer goods in the catering industry is 450.86 billion yuan, up 12.9 billion yuan [2] Industry News - On October 29, the daily slaughter volume of key provincial sample slaughtering enterprises was 146,210 heads, a month - on - month decrease of 0.82%. At the supply end, the listing rhythm of large - scale farms slowed down at the end of the month, and the average weight of listed pigs decreased slightly, reducing the supply pressure. In terms of second - round fattening, there was concentrated entry for replenishment, supporting the stabilization of the spot market price, but the sustainability of entry needs to be observed. At the demand end, with the continuous drop in temperature, terminal demand increased, and some slaughtering enterprises actively stored goods, resulting in continuous marginal improvement in demand [2]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The low egg price and the farmers' price - holding sentiment, along with favorable storage and transportation conditions due to temperature drop, have accelerated the sales in low - price areas, supporting the rebound of the spot price. The near - month futures contracts have also strengthened under the boost of the rising spot price. However, the high in - production laying hen inventory and the lack of over - culling of old hens are the main concerns in the market, which may limit the upside space. Although the futures price has risen recently, investors should be cautious about chasing the rally due to the high - capacity pressure [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The futures closing price of the active egg contract is 3,165 yuan per 500 kilograms, up 66 yuan; the net long position of the top 20 futures holders is - 14,280 lots, up 2,589 lots; the egg futures spread between January and May contracts is - 109 yuan per 500 kilograms, up 31 yuan; the futures open interest of the active contract is 217,139 lots, down 9,677 lots; the registered warehouse receipts are 38 lots, unchanged [2] 3.2现货市场 - The spot price of eggs is 2.92 yuan per catty, down 0.05 yuan; the basis (spot - futures) is - 244 yuan per 500 kilograms, down 120 yuan [2] 3.3 Upstream Situation - The national laying hen inventory index is 115.26 (with 2015 = 100), up 0.86; the national culled laying hen index is 124.63 (with 2015 = 100), up 31.02; the average price of layer chicks in the main production areas is 2.65 yuan per chick, up 0.05 yuan; the national new - born chick index is 76.65 (with 2015 = 100), up 3.3; the average price of layer compound feed is 2.76 yuan per kilogram, up 0.01 yuan; the layer farming profit is - 0.45 yuan per chicken, up 0.01 yuan; the average price of culled chickens in the main production areas is 8.58 yuan per kilogram, down 0.06 yuan; the national average age of culled chickens is 507 days, down 3 days [2] 3.4 Industry Situation - The average wholesale price of pork is 18.03 yuan per kilogram; the average wholesale price of 28 key - monitored vegetables is 5.67 yuan per kilogram, up 0.01 yuan; the average wholesale price of dressed chickens is 17.41 yuan per kilogram, down 0.29 yuan; the weekly inventory in the circulation link is 1.1 days, unchanged; the weekly inventory in the production link is 1.04 days, down 0.01 days; the monthly export volume of fresh eggs is 13,215.79 tons, up 94.76 tons [2] 3.5 Downstream Situation - The weekly consumption of eggs in the sales areas is 7,498 tons, up 118 tons [2] 3.6 Industry News - The average egg price in Shandong's main production area is 5.60 yuan per kilogram, down 0.19 yuan from yesterday; in Hebei, it is 5.69 yuan per kilogram, down 0.09 yuan from yesterday; in Guangdong and Beijing, it remains unchanged at 6.73 yuan per kilogram and 6.30 yuan per kilogram respectively. The low egg price and the farmers' price - holding sentiment, along with favorable storage and transportation conditions due to temperature drop, have accelerated the sales in low - price areas [2]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The methanol port inventory fluctuates slightly in the short - term, with an expected increase in the next week due to the anticipated rise in short - term visible unloading volume and no obvious improvement in demand. - Affected by cost pressure and falling downstream prices, the short - term olefin enterprise operation rate may continue to decline. - The MA2601 contract is expected to fluctuate in the range of 2230 - 2300 [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main methanol contract is 2257 yuan/ton, up 16 yuan/ton; the 1 - 5 spread is - 64 yuan/ton, down 2 yuan/ton. - The position of the main contract is 1197415 lots, down 23877 lots; the net long position of the top 20 futures holders is - 220178 lots, up 17268 lots. - The number of warehouse receipts is 12122, down 1750 [2]. Spot Market - The price in Jiangsu Taicang is 2200 yuan/ton, down 15 yuan/ton; the price in Inner Mongolia is 2010 yuan/ton, down 2.5 yuan/ton. - The price difference between East China and Northwest is 190 yuan/ton, down 12.5 yuan/ton; the basis of the main Zhengzhou methanol contract is - 41 yuan/ton, up 12 yuan/ton. - The CFR price of methanol at the main Chinese port is 257 dollars/ton, down 3 dollars/ton; the CFR price in Southeast Asia is 324 dollars/ton, unchanged. - The FOB price in Rotterdam is 267 euros/ton, down 1 euro/ton; the price difference between the main Chinese port and Southeast Asia is - 67 dollars/ton, down 3 dollars/ton [2]. Upstream Situation The price of NYMEX natural gas is 3.25 dollars/million British thermal units, down 0.15 dollars/million British thermal units [2]. Industry Situation - The inventory in East China ports is 102.7 tons, up 3 tons; the inventory in South China ports is 48.52 tons, down 0.92 tons. - The import profit of methanol is - 4.75 yuan/ton, up 10.36 yuan/ton; the monthly import volume is 142.69 tons, down 33.29 tons. - The inventory of inland enterprises is 360400 tons, up 500 tons; the operation rate of methanol enterprises is 85.65%, down 1.77% [2]. Downstream Situation - The operation rate of formaldehyde is 38.87%, down 2.01%; the operation rate of dimethyl ether is 5.33%, down 0.59%. - The operation rate of acetic acid is 74.4%, up 1.88%; the operation rate of MTBE is 67.79%, up 4.67%. - The operation rate of olefins is 90.43%, down 1.96%; the on - disk profit of methanol - to - olefins is - 886 yuan/ton, down 20 yuan/ton [2]. Option Market - The 20 - day historical volatility of methanol is 18.39%, up 0.31%; the 40 - day historical volatility is 15.34%, up 0.03%. - The implied volatility of at - the - money call options for methanol is 18.45%, up 1.01%; the implied volatility of at - the - money put options is 18.45%, up 1.17% [2]. Industry News - As of October 29, the inventory of Chinese methanol sample production enterprises is 37.61 tons, up 1.57 tons, a 4.36% increase; the pending orders of sample enterprises are 21.56 tons, down 0.01 tons, a 0.04% decrease. - As of October 29, the total inventory of Chinese methanol ports is 150.65 tons, down 0.57 tons. Among them, the inventory in East China has decreased by 2.97 tons, and the inventory in South China has increased by 2.40 tons. - The domestic methanol production has decreased due to more capacity losses from maintenance and production cuts than capacity output from recovery. The enterprise shipment rhythm is okay, and the unloading speed is average, with a large volume of unloading at non - dominant terminals [2].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - On October 29, the SM2601 contract was reported at 5,852, up 1.00%. The spot price of Inner Mongolia silicon - manganese was reported at 5,600, up 20 yuan/ton. The Fed is expected to cut interest rates again at the October 28 - 29 meeting. Fundamentally, inventory is rising rapidly, production is slightly falling from a high level, and inventory has risen for 4 consecutive weeks. The port inventory of imported manganese ore has increased by 63,000 tons, and the demand for hot metal is oscillating at a high level. The spot profit in Inner Mongolia is - 115 yuan/ton, and in Ningxia is - 230 yuan/ton. The mainstream steel procurement price in October is 5,820 yuan/ton, down 180 yuan/ton month - on - month. Technically, the daily K - line is below the 20 and 60 - day moving averages. It should be treated as an oscillating operation [2]. - On October 29, the SF2601 contract was reported at 5,594, up 0.68%. The spot price of Ningxia ferrosilicon was reported at 5,260. The 14th Five - Year Plan proposes to remove obstacles to the construction of a unified national market. In terms of supply and demand, manufacturers' production is mostly normal, delivering previous orders, with a neutral inventory level. The semi - coke price is stable, providing short - term cost support. The spot profit in Inner Mongolia is - 460 yuan/ton, and in Ningxia is - 410 yuan/ton. Technically, the daily K - line is between the 20 and 60 - day moving averages. It should be treated as an oscillating operation [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - SM主力合约收盘价: 5,852.00 yuan/ton, up 62.00 yuan; SF主力合约收盘价: 5,594.00 yuan/ton, up 30.00 yuan [2]. - SM期货合约持仓量: 519,582.00 hands, down 9,222.00 hands; SF期货合约持仓量: 331,706.00 hands, down 8,921.00 hands [2]. - 锰硅前20名净持仓: - 67,334.00 hands, down 8,729.00 hands; 硅铁前20名净持仓: - 32,728.00 hands, down 3,589.00 hands [2]. - SM5 - 1月合约价差: 38.00 yuan/ton, unchanged; SF5 - 1月合约价差: 88.00 yuan/ton, up 10.00 yuan [2]. - SM仓单: 0.00, down 38,603.00; SF仓单: 0.00, down 8,675.00 [2]. 3.2 Spot Market - Inner Mongolia manganese - silicon FeMn68Si18: 5,580.00 yuan/ton, unchanged; Inner Mongolia ferrosilicon FeSi75 - B: 5,300.00 yuan/ton, unchanged [2]. - Guizhou manganese - silicon FeMn68Si18: 5,600.00 yuan/ton, unchanged; Qinghai ferrosilicon FeSi75 - B: 5,160.00 yuan/ton, unchanged [2]. - Yunnan manganese - silicon FeMn68Si18: 5,600.00 yuan/ton, unchanged; Ningxia ferrosilicon FeSi75 - B: 5,260.00 yuan/ton, unchanged [2]. - Manganese - silicon index average: 5,641.00 yuan/ton, up 1.00 yuan; SF主力合约基差: - 334.00 yuan/ton, down 30.00 yuan [2]. - SM主力合约基差: - 272.00 yuan/ton, down 62.00 yuan [2]. 3.3 Upstream Situation - South African ore: Mn38 block, Tianjin Port: 24.00 yuan/ton - degree, unchanged; Silica (98%, Northwest): 210.00 yuan/ton, unchanged [2]. - Inner Mongolia Wuhai secondary metallurgical coke: 1,200.00 yuan/ton, unchanged; Semi - coke (medium material, Shenmu): 810.00 yuan/ton, unchanged [2]. - Manganese ore port inventory: 4.364 million tons, down 93,000 tons [2]. 3.4 Industry Situation - Manganese - silicon enterprise operating rate: 43.04%, down 0.24%; Ferrosilicon enterprise operating rate: 35.56%, up 0.08% [2]. - Manganese - silicon supply: 207,410.00 tons, down 1,400.00 tons; Ferrosilicon supply: 114,100.00 tons, up 1,300.00 tons [2]. - Manganese - silicon manufacturer inventory: 293,000.00 tons, up 30,500.00 tons; Ferrosilicon manufacturer inventory: 66,560.00 tons, down 2,520.00 tons [2]. - Manganese - silicon national steel mill inventory (in days): 15.93, up 0.95; Ferrosilicon national steel mill inventory (in days): 15.52, up 0.85 [2]. - Five major steel types' manganese - silicon demand: 122,683.00 tons, up 1,570.00 tons; Five major steel types' ferrosilicon demand: 19,935.90 tons, up 363.38 tons [2]. 3.5 Downstream Situation - 247 steel mills' blast furnace operating rate: 84.73%, up 0.48%; 247 steel mills' blast furnace capacity utilization rate: 89.92%, down 0.39% [2]. - Crude steel production: 7.34901 million tons, down 387,840 tons [2]. 3.6 Industry News - The 14th Five - Year Plan proposes to promote the modernization of governance in megacities, accelerate the integration of urban agglomerations and the synchronization of metropolitan areas, optimize the urban scale structure, and promote the coordinated development of large, medium, small cities and small towns [2]. - It also proposes to remove obstacles to the construction of a unified national market, comprehensively rectify "involution - style" competition, maintain reasonable investment growth, increase the proportion of government investment in people's livelihood, and establish a unified urban - rural construction land market, a well - functioning capital market, a smooth - flowing labor market, and an efficient technology transformation market [2]. - Mongolia's internal political struggle has no impact on coal imports from Mongolia. The number of customs - cleared vehicles at the three major ports has returned to a high level this week [2]. - According to the China Iron and Steel Association, the floating value of coking coal long - term contract linkage between steel and coal in October 2025 increased by 43 yuan/ton compared with September 2025, a 3.1% increase [2].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - For soda ash, the supply exceeds demand, which suppresses the price. Although the price rose today following the glass price, the subsequent decline is expected to slow down. It is recommended to go long on the soda ash main contract at low levels in the short - term [2]. - For glass, the supply has potential reduction factors, and the demand from the real - estate industry is weak. The price continued to rise today with strong bullish sentiment, but the upward space is limited by real - estate demand. It is recommended to go short on the glass main contract at high levels in the short - term [2]. 3. Summary by Directory 3.1 Futures Market - Soda ash main contract closing price is 1259 yuan/ton, up 20; glass main contract closing price is 1127 yuan/ton, up 14. The spread between soda ash and glass is 132 yuan/ton, up 6. Soda ash main contract open interest is 1355081 lots, down 31991; glass main contract open interest is 1673338 lots, down 22459 [2]. - Soda ash top 20 net position is - 231477, up 28966; glass top 20 net position is - 231468, up 14685. Soda ash exchange warehouse receipts are 8745 tons, unchanged; glass exchange warehouse receipts are 415 tons, down 8 [2]. - Soda ash basis is - 48 yuan/ton, up 24; glass basis is - 79, down 10. The spread between January and May glass contracts is - 152, down 2; the spread between January and May soda ash contracts is - 88, up 4 [2]. 3.2 Spot Market - North China heavy soda ash is 1191 yuan/ton, up 17; Central China heavy soda ash is 1300 yuan/ton, unchanged. East China light soda ash is 1250 yuan/ton, unchanged; Central China light soda ash is 1145 yuan/ton, unchanged [2]. - Shahe glass sheets are 1044 yuan/ton, unchanged; Central China glass sheets are 1120 yuan/ton, unchanged [2]. 3.3 Industry Situation - Soda ash plant operating rate is 84.94%, up 0.01; float glass enterprise operating rate is 76.35%, unchanged. Glass in - production capacity is 16.12 million tons/year, unchanged; glass in - production production lines are 226, unchanged [2]. - Soda ash enterprise inventory is 169.24 million tons, down 0.97; glass enterprise inventory is 6661.3 million weight cases, up 233.7 [2]. 3.4 Downstream Situation - Real - estate new construction area cumulative value is 45399 million square meters, up 5597.99; real - estate completion area cumulative value is 31129 million square meters, up 3435.46 [2]. 3.5 Industry News - Henan Zhongyuan Chemical's soda ash plant load is gradually increasing, and the light soda ash ex - factory price is 1090 yuan/ton on acceptance [2]. - Hubei Shuanghuan's soda ash plant is in production with increasing output, and the light soda ash price is 1160 yuan/ton [2]. - Henan Haohua Junhua's soda ash plant is stable with stable prices [2]. - Zhongyan Anhui Hongsifang's soda ash plant load decreased due to equipment problems for one day [2]. - Inner Mongolia Boyuan Yingen Chemical's 5 - million - ton/year soda ash plant is operating at a reduced capacity, and the ex - factory price of qualified light soda ash is 900 [2]. - Tangshan Sanyou's 2.3 - million - ton/year soda ash plant is operating at a reduced capacity with a load of about 70% [2]. - Shandong Haitian Biological Chemical's 1.5 - million - ton/year soda ash plant has resumed production [2]. - Shandong Haihua's 3 - million - ton/year soda ash plant is operating at a reduced load [2]. - Anhui Huainan Alkali Plant's boiler is ignited [2]. - The soda ash market in Sichuan and Chongqing is stable, and supply is expected to increase with plant复产, with strong market wait - and - see sentiment [2].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - With the weather clearing up, agricultural demand has increased moderately, but due to excessive rain previously, autumn sowing has been postponed, and agricultural replenishment is scattered. Industrial demand is lukewarm. Some previously shut - down plants in Shandong, Jiangsu, and Anhui have resumed production, increasing overall capacity utilization, but small and medium - sized enterprises in Henan and Hebei are still operating at a low level and actively digesting inventory. In the short term, the capacity utilization rate of compound fertilizer plants may increase slightly. Some previously suppressed demand has been released recently, and some reserve demand has followed up, helping urea factories increase new orders and shipments. This week, urea enterprise inventories have decreased. With many industry meetings recently, market sentiment is cautious. With downstream reserve demand following up, urea enterprise inventories are expected to fluctuate little. The UR2601 contract is expected to fluctuate in the range of 1620 - 1660 in the short term [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Zhengzhou urea main contract is 1644 yuan/ton, up 9 yuan/ton; the 1 - 5 spread is - 73 yuan/ton, up 1948 yuan/ton. The main contract's open interest is 270349 lots, down 2652 lots; the net position of the top 20 is - 34609 lots. The exchange warehouse receipts are 0, down 2970 [2] 3.2 Spot Market - In the domestic spot market, the price in Hebei is 1630 yuan/ton, unchanged; in Henan is 1590 yuan/ton, unchanged; in Jiangsu is 1600 yuan/ton, down 10 yuan/ton; in Shandong is 1610 yuan/ton, unchanged; in Anhui is 1590 yuan/ton, unchanged. The basis of the Zhengzhou urea main contract is - 25 yuan/ton, up 5 yuan/ton. FOB Baltic is 348.5 dollars/ton, unchanged; FOB China main port is 375 dollars/ton, unchanged [2] 3.3 Industry Situation - Port inventory is 210,000 tons, down 236,000 tons; enterprise inventory is 1.6302 million tons, up 14,800 tons. The urea enterprise operating rate is 78.03%, down 2.61 percentage points; the daily urea output is 182,600 tons, down 6000 tons. Urea exports are 1.37 million tons, up 570,000 tons; the monthly output is 5,738,670 tons, down 190,010 tons [2] 3.4 Downstream Situation - The compound fertilizer operating rate is 27.71%, up 3.53 percentage points; the melamine operating rate is 48.3%, down 6.88 percentage points. The weekly profit of compound fertilizer is 153 yuan/ton, down 14 yuan/ton; the weekly profit of melamine with externally - purchased urea is 220 yuan/ton, down 8 yuan/ton. The monthly output of compound fertilizer is 4.6618 million tons, down 651,500 tons; the weekly output of melamine is 24,100 tons, down 3300 tons [2] 3.5 Industry News - As of October 29, the total inventory of Chinese urea enterprises is 1.5543 million tons, down 75,900 tons from last week, a 4.66% decrease. This period sees a shift from an increase to a decrease in enterprise inventory. As of October 23, the port sample inventory is 210,000 tons, down 236,000 tons, a 52.91% decrease. Port goods are leaving faster. Some domestic urea plants have newly shut down, and production has slightly decreased. This week, no enterprise plans to shut down, and 4 - 5 shut - down plants may resume production. As of October 23, the output of Chinese urea producers is 1.2779 million tons, down 42,600 tons from the previous period, a 3.23% decrease; the capacity utilization rate is 78.03%, down 2.61 percentage points, continuing to decline [2]

Report Investment Rating - No investment rating information is provided in the report. Core View - L2601 oscillated weakly and closed at 6,985 yuan/ton. Last week, some petrochemical plants had parking and restart operations, leading to a narrow decline in PE production and capacity utilization. The downstream开工率 of PE increased slightly, and the inventory of production enterprises and social inventory decreased. The cost of the oil - making process decreased slightly but the loss deepened, while the cost of the coal - making process increased significantly and the profit shrank greatly. This week, some plants are planned to stop and restart, and production and capacity utilization are expected to increase. The downstream shed film is in the peak season, and the packaging film开工率 still has room to grow. The LLDPE supply - demand improvement is not obvious, and L2601 is expected to weaken with oil prices in the short term, with technical attention on the support of the 10 - day moving average near 6,939 [2]. Summary by Directory Futures Market - The closing price of the main futures contract for polyethylene was 6,985 yuan/ton, down 39 yuan; the 1 - month contract was 6,985 yuan/ton, down 39 yuan; the 5 - month contract was 7,062 yuan/ton, down 28 yuan; the 9 - month contract was 7,101 yuan/ton, down 18 yuan. The trading volume was 220,120 lots, down 21,326 lots; the open interest was 519,487 lots, down 4,375 lots. The 1 - 5 spread was - 77, down 11. The long position of the top 20 futures holders was 387,932 lots, down 1,640 lots; the short position was 463,503 lots, down 102 lots; the net long position was - 75,571 lots, down 1,538 lots [2]. Spot Market - The average price of LLDPE (7042) in North China was 7,042.17 yuan/ton, up 4.35 yuan; in East China, it was 7,175.71 yuan/ton, up 13.1 yuan. The basis was 57.17, up 43.34 [2]. Upstream Situation - The FOB mid - price of naphtha in Singapore was 62.6 US dollars per barrel, down 0.22 US dollars; the CFR mid - price of naphtha in Japan was 577.63 US dollars per ton, down 3.5 US dollars. The CFR mid - price of ethylene in Southeast Asia was 756 US dollars per ton, down 15 US dollars; in Northeast Asia, it was 766 US dollars per ton, unchanged [2]. Industry Situation - The national petrochemical PE开工率 was 81.46%, down 0.3 percentage points [2]. Downstream Situation - The weekly开工率 of PE packaging film was 52.59%, up 0.4 percentage points; the weekly开工率 of PE pipes was 32.33%, up 0.33 percentage points; the weekly开工率 of PE agricultural film was 47.11%, up 4.22 percentage points [2]. Option Market - The 20 - day historical volatility of polyethylene was 9.48%, up 0.01 percentage points; the 40 - day historical volatility was 7.99%, down 0.14 percentage points. The implied volatility of at - the - money put options and call options for polyethylene was 10.2%, up 0.62 percentage points [2]. Industry News - From October 17th to 23rd, China's total polyethylene production was 648,100 tons, a decrease of 0.37% from the previous week; the capacity utilization rate of polyethylene production enterprises was 81.46%, a decrease of 0.3 percentage points from the previous period. The average开工率 of Chinese polyethylene downstream products increased by 0.8% compared with the previous period. As of October 22nd, the inventory of Chinese polyethylene production enterprises was 514,600 tons, a decrease of 2.81% from the previous week. As of October 24th, the social inventory of polyethylene was 527,400 tons, a decrease of 3.30% from the previous week. From October 18th to 24th, the cost of oil - based LLDPE decreased by 0.42% to 7,137 yuan/ton, and the oil - based profit decreased by 44.43 yuan/ton to - 125.14 yuan/ton; the cost of coal - based LLDPE increased by 4.02% to 6,769 yuan/ton, and the coal - based profit decreased by 301.85 yuan/ton to 192.29 yuan/ton [2].

Report Industry Investment Rating - Not provided Core View of the Report - On Tuesday, the futures prices of the container shipping index (European line) fell collectively. The spot index rose, which may support the short - term upward movement of freight rates. The mainstream shipping companies issued price increase letters for November, and Maersk's successful price - holding in mid - to - late October increased market confidence in the November price increase. The easing signals of the trade war, the substantial easing of the geopolitical conflict, and the arrival of the shipping peak season in the fourth quarter contributed to the rapid recovery of futures prices. The current freight market is greatly affected by news, and futures prices are expected to fluctuate more sharply. Investors are advised to be cautious, pay attention to the operation rhythm and risk control, and track geopolitical, capacity, and cargo volume data in a timely manner [2] Summary According to Relevant Catalogs Futures Disk - EC main contract closing price was 1788.300, down 11.9; EC second - main contract closing price was 1548.7, down 38.8. EC2512 - EC2604 spread was 239.60, up 36.2; EC2512 - EC2602 spread was 625.60, up 29.4. EC contract basis was - 475.59, down 13.3. The main contract's open interest was 28,900, up 905 [2] Spot Price - SCFIS (European line) (weekly) was 1312.71, up 172.33; SCFIS (US West line) (weekly) was 863.46, down 14.34. SCFI (composite index) (weekly) was 1403.46, up 93.14; container ship capacity was 1,227.97 (in ten thousand TEUs), up 0.15. CCFI (composite index) (weekly) was 992.74, up 19.63; CCFI (European line) (weekly) was 1,293.12, up 25.21. The Baltic Dry Index (daily) was 1991.00, down 15.00; the Panamax Freight Index (daily) was 1,924.00, down 3.00. The average charter price of Panamax ships was 16,692.00, unchanged; the average charter price of Capesize ships was 25,382.00, down 3,377.00 [2] Industry News - Diplomatic Minister Wang Yi had a phone call with US Secretary of State Rubio, expressing the hope that both sides would work together for high - level exchanges. Spokesperson Guo Jiakun responded to multiple hot issues, saying that the two sides were in close communication about the leaders' meeting. The State Administration of Foreign Exchange will introduce 9 policy measures focusing on trade facilitation, and will also release policies on multinational company's currency - integrated fund pool and domestic enterprises' overseas listing fund management. The 2025 Financial Street Forum Annual Conference opened, and central bank governor Pan Gongsheng, Financial Regulatory Administration head Li Yunze, and CSRC chair Wu Qing made important statements [2] Key Points to Follow - At 22:00 on October 29th, the monthly rate of the US September pending home sales index [2]