Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Report's Core View - The current market for lithium carbonate, industrial silicon, and polysilicon futures shows significant price fluctuations. The lithium carbonate market is driven by strong demand expectations, while the industrial silicon and polysilicon markets are influenced by policy and news. [1][9][12] 3. Summary by Related Catalogs Lithium Carbonate - **Market Trend**: The lithium carbonate futures rose strongly again today. The main 2601 contract increased by 6.18% compared to the previous trading day's closing price, reaching 99,300 yuan/ton, and the trading volume reached a record high. [1] - **Core Logic**: The current market is driven by demand expectations. The demand for lithium carbonate in power batteries and energy storage is strong. The penetration rate of new energy vehicles is expected to rise to about 60% in November - December, and the energy - storage battery installation growth rate in 2026 is expected to exceed 40%. Recently, the capital has also accelerated the upward trend. [1] - **Technical Analysis**: The overall trading volume of lithium carbonate futures increased significantly. The 5 - minute and 2 - hour cycle charts show a strong trend, with a long - short dividing line at 86,580 yuan/ton. [1] - **Strategy Suggestion**: In the context of "strong reality and strong expectation", the operation should be mainly based on buying on dips. Do not trade against the trend when the futures price retraces. [2] Industrial Silicon - **Market Trend**: The industrial silicon futures rose strongly after the lunch break. The main 2601 contract increased by 4.57% compared to the previous trading day's closing price, reaching 9,390 yuan/ton, hitting the highest level since July 30. [9] - **Core Logic**: Affected by the information from the meeting of the actual controller of the silicone monomer factory and the price increase of the silicone spot, the main 2601 contract of industrial silicon rose sharply. However, the current fundamental supply - demand of industrial silicon is weak, and the industry inventory is high. [9] - **Technical Analysis**: The overall trading volume of industrial silicon futures increased significantly. The 5 - minute and 2 - hour cycle charts show a strong trend, with a long - short dividing line at 8,945 yuan/ton. [9] - **Strategy Suggestion**: Affected by policies and news, the price of industrial silicon futures fluctuates greatly. It is recommended to wait and see. You can refer to the Band Winner indicator in the 8:30 morning live broadcast. [9] Polysilicon - **Market Trend**: The polysilicon futures followed the upward trend of industrial silicon and rose rapidly after the lunch break. The main 2601 contract increased by 4.63% compared to the previous trading day's closing price, reaching 54,625 yuan/ton. [12] - **Core Logic**: The polysilicon followed the upward trend of industrial silicon. The fundamental supply - demand of polysilicon is weak, and the main focus is on the establishment of the state - reserve platform and relevant announcements of polysilicon enterprises. The production in November is expected to be 127,000 tons, and the inventory has slightly increased recently. [12][15] - **Technical Analysis**: The overall trading volume of polysilicon futures decreased. The 5 - minute and 2 - hour cycle charts show a strong trend, with a long - short dividing line at 52,210 yuan/ton. [15] - **Strategy Suggestion**: Affected by policies and news, the price of polysilicon futures fluctuates greatly. It is recommended to wait and see. You can refer to the Band Winner indicator in the 8:30 morning live broadcast. [15]

Report Industry Investment Rating No relevant content provided. Core View of the Report On Wednesday, palm oil prices broke through and rose, driven by the positive impact of the US biodiesel policy and the sharp rise in CBOT soybean oil. Peanut prices dropped significantly due to expected supply improvement and weak demand. The prices of two types of meal remained weak, and this trend may continue. Additionally, sugar, pork, soybean meal, eggs, and jujube prices were falling, while apples were in high - level adjustment and cotton had a technical rebound [1]. Summary by Related Catalogs 1. Agricultural Products Sector Overview - Palm oil broke through and rose due to the positive US biodiesel policy and the sharp rise in CBOT soybean oil [1]. - Peanut prices dropped significantly because of expected supply improvement and weak demand [1]. - The prices of two types of meal were weak, with the increase in oil mill crushing volume and weak downstream demand [1]. 2. Variety Strategy Tracking (1) Palm Oil: Breakthrough and Uptrend - The US EPA proposed to set the 2026 biomass diesel blending target at 5.61 billion gallons, a 67% surge from 2025, which strongly supported soybean oil consumption and drove up palm oil prices. Malaysia's palm oil will enter the production - reduction season, and Indonesia will implement the B50 policy [2]. - The palm oil main contract 2601 broke through the recent sideways range and stood above the 20 - day moving average, suggesting an upward - opening space. The strategy is to go long with a light position on dips [2]. (2) Peanut: Sharp Decline - Due to busy farming and low temperatures, the supply of peanuts from Henan farmers was limited, but it is expected to increase after the farming season. The demand was generally low, with traders purchasing on - demand and oil mills not conducting large - scale acquisitions [3]. - The peanut main contract 2601 dropped significantly, breaking below the moving - average system and entering a downward trend. The strategy is to short with a light position at resistance levels [3]. (3) Sugar: Continuous Decline - Globally, Brazil's sugar production was strong, and the sugar production in the second half of October continued to grow. The harvest in the Northern Hemisphere's main producing countries started well, and India's sugar production increased year - on - year. In China, the import of sugar remained high, and the seasonal supply increased with the start of sugarcane crushing in Guangxi [7]. - The Zhengzhou sugar main contract 2601 continued to expand its downward space. The MACD formed a death cross and the green bars expanded. The strategy is to short with a light position [7]. (4) Pig: Narrow - Range Fluctuation at Low Level - The inventory of breeding sows was still higher than the normal level, and production efficiency improved, resulting in an over - capacity situation. The planned slaughter volume of large - scale pig enterprises in November remained high, and there was pressure from the release of additional supplies from secondary fattening. The demand during the traditional peak season did not meet expectations, and the cold - curing consumption was postponed due to the warm winter [8][10]. - The pig main contract 2601 fluctuated narrowly at a low level after a sharp decline, and the price continued to run below the moving - average system. The strategy is to short with a light position [10]. (5) Soybean Meal: Continuous Decline - The arrival of imported soybeans in China was sufficient, the oil mill operating rate increased to 66% this week, and the soybean crushing volume last week exceeded 2 million tons. The oil mill's soybean meal inventory was close to one million tons, and downstream feed enterprises' purchases were average [11]. - The soybean meal main contract 2601 continued to decline, testing the support of the 20 - day moving average. The strategy is to short with a light position [11]. (6) Apple: High - Level Adjustment - The cold - storage trading in the western apple - producing areas was basically stable, and the prices were flat. The demand for small apples in the Shandong producing area was active, and the prices were firm. The overall cold - storage inventory of apples was at a low level in recent years, and the supply of deliverable goods was expected to be tight [13]. - The apple main contract 2601 was in high - level adjustment, and the price was above the 10 - day moving average. The strategy is to hold long positions and pay attention to the support of the 10 - day moving average [13]. (7) Egg: Continuous Decline - The inventory of laying hens remained at a high level, resulting in sufficient supply. After Double 11, the sales of e - commerce and supermarkets declined, and the demand was weak. The elimination of old hens continued, but the growth rate of elimination slowed down, and the capacity reduction was slow [15]. - The egg main contract 2601 continued to decline, approaching the previous low. The MACD formed a death cross and the green bars expanded. The strategy is to short with a light position [15]. (8) Jujube: Limited Rebound, Low - Level Fluctuation - The main jujube - producing area in Xinjiang adhered to the principle of high - quality and high - price, but most enterprises were reluctant to make large - scale purchases. The inventory of old jujubes was slowly being digested, and the domestic sample - point inventory was much higher than that of last year. The market supply pressure was large, limiting the rebound space of jujube prices [18]. - The jujube main contract 2601 had a limited rebound and fluctuated at a low level. The short - term strategy is to short, paying attention to the resistance of the 10 - day moving average [18]. (9) Cotton: Technical Rebound - With the centralized listing of new cotton, the commercial inventory of cotton continued to grow, and the port inventory also increased with the arrival of foreign cotton. The textile industry was in the off - season, with weak domestic sales growth and limited new orders in the export market [19][21]. - The cotton main contract 2601 rebounded technically at a low level, driven by short - covering. The strategy is to close short positions and pay attention to the resistance of the medium - term moving average [21].

碳酸锂、工业硅、多晶硅日报 （一）碳酸锂 今日碳酸锂期货冲高回落，主力 2601 合约较上一交易日收盘价 下跌 1.76%，报 93520 元/吨。 今日开盘延续昨日涨势，随后高涨情绪有所回落，持仓量大幅下 滑，多头资金离场，带动盘面价格回调。昨日受一则消息影响，有头 部厂商表示，"若 2026 年需求增速超过 30%，碳酸锂市场短期内可能 出现供需失衡，价格或突破 15 万元/吨甚至冲击 20 万元/吨"，引爆 市场情绪，碳酸锂强势上涨，包括主力合约在内的多个合约涨停，持 仓量创上市以来新高。 目前核心驱动仍在碳酸锂需求预期上，碳酸锂动力电池与储能需 求旺盛，具体来看，动力电池方面，2026 年新能源车购置税减免政 策退坡导致今年年末出现动力电芯抢装现象，预计 11-12 月新能源车 渗透率将进一步增长至 60%左右；储能电池方面，市场普遍预计 2026 年装机增速超过 40%，需求增量可观。同时碳酸锂周度库存持续加速 去库，也验证了需求端强劲。 碳酸锂当前仍处在上升趋势中，需要注意的是，目前期价虽然有 一定回调，但不要逆势交易。后续需要关注明年一季度淡季需求的表 现和枧下窝锂矿复产节奏。 碳酸锂 2601 ...

Report Summary 1. Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core View On Tuesday, the agricultural by - products and soft commodities in the agricultural products sector showed a weak trend. Sugar prices dropped significantly due to increased imports and the start of the new sugarcane pressing season, and the downward trend is expected to continue. The hog futures price also broke through the support level, with supply exceeding demand. Other products such as soybean meal, eggs, and cotton are also under pressure, while apples maintain an upward trend, and palm oil fluctuates within a range [1]. 3. Summary by Variety (1) Sugar - Zhengzhou sugar main contract 2601 continued to decline sharply after breaking through the support level. High sugar imports (750,000 tons in October, a 39% year - on - year increase; 3.9 million tons from January to October, a 14% year - on - year increase) and the start of the sugarcane pressing season in Guangxi increased supply pressure. The strategy is to continue to short with a light position [2]. (2) Hog - The main hog contract 2601 broke through the support level, with high supply (high inventory of breeding sows, high planned slaughter in November, and the release pressure of second - fattening) and weak demand (delayed curing consumption due to warm winter). The strategy is to continue to short with a light position [3]. (3) Soybean Meal - The main soybean meal contract 2601 rose first and then fell. Sufficient imports of soybeans, high operating rate of oil mills (66% this week), high inventory of soybean meal, and weak downstream demand led to price pressure. The strategy is to try shorting with a light position [5]. (4) Palm Oil - The main palm oil contract 2601 continued to fluctuate within a range. Malaysian exports decreased in the first half of November (down 10% - 15.5% month - on - month), while production increased (up 4.3% month - on - month), but the B50 plan in Indonesia and the approaching production reduction season provided support. The strategy is to wait for the price to break through the range or conduct short - term trading within the range (support at 8600, resistance at 8774) [8]. (5) Apple - The main apple contract 2601 fluctuated at a high level. High - quality apples in the western region and strong demand for small apples in Shandong, along with旺盛 export demand, supported the price. The overall inventory is at a low level (7.6424 million tons as of November 12, a 10.59% year - on - year decrease). The strategy is to go long with a light position on dips (support at 9323, resistance at 9500) [9][11]. (6) Egg - The main egg contract 2601 continued to decline. High egg - laying hen inventory, weak demand after Double 11, slow capacity reduction, and increased inventory led to price pressure. The strategy is to continue to short with a light position [12]. (7) Peanut - The main peanut contract 2601 rose first and then fell, with a volatile market. Loosened price - holding psychology of traders, slow supply progress in Henan, and weak demand from oil mills. The strategy is to close long positions and conduct short - term trading (support at 7900, resistance at 8000) [17]. (8) Red Date - The main red date contract 2601 rebounded at a low level. High inventory of old dates and new date listing increased supply pressure. The strategy is to close short positions and pay attention to the resistance at the 10 - day moving average (support at 9185, resistance at 9445) [19]. (9) Cotton - The main cotton contract 2601 continued to decline. Increased commercial inventory (up 15.26% month - on - month to 3.2824 million tons as of November 14), rising port inventory, and weak demand in the textile industry led to price pressure. The strategy is to short with a light position (support at 13300, resistance at 13460) [20].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Crude oil continues to oscillate, lacking short - term drivers, with geopolitical drivers potentially becoming the short - term main line; some energy and chemical products operate independently of crude oil, and the blending logic may drive the upward movement of aromatic products; methanol has high inventory pressure but may have a mid - term long - making logic [1][3]. Summary by Category Crude Oil - **Logic**: Last week's large fluctuations were due to the continuous strengthening of European and American refined oil and the expected weakening in the EIA monthly report. Currently, short - term drivers have not changed significantly, and the supply - demand logic is not smooth. Geopolitical drivers are worthy of attention, and a short - selling opportunity may arise after the US military action against Venezuela [3]. - **Technical Analysis**: The daily - level is in a mid - term downward structure, and the hourly - level is in a short - term oscillating structure. The strategy is to wait and see on the hourly cycle [3]. Styrene - **Logic**: Recently, it has been relatively strong, with the rebound logic including short - term supply - demand improvement and the blending logic. The mid - term is still pessimistic due to supply - demand surplus and seasonal inventory accumulation [5][8]. - **Technical Analysis**: The hourly - level is in a short - term upward structure, with a short - term support at 6400. The strategy is to wait and see on the hourly level and look for short - selling opportunities after the daily - level rebound [8]. Rubber - **Logic**: The short - term contradiction is not prominent, and it is necessary to track the inventory accumulation rate. There is no fundamental driver for now [9]. - **Technical Analysis**: The daily - level is in a mid - term downward structure, and the hourly - level is in a short - term upward structure. Hold long positions on the hourly cycle with a stop - loss at 15130, but the upward space is limited [9]. Synthetic Rubber - **Logic**: The internal contradiction is not large, and it is necessary to focus on the cost - end butadiene drive, which also faces mid - term inventory swelling pressure [12]. - **Technical Analysis**: The daily - level is in a mid - term downward structure, and the hourly - level is in a short - term upward structure. The strategy is to wait and see on the hourly cycle [12]. PX - **Logic**: The polyester industry chain's self - contradiction is not large. Pay attention to the blending logic and the geopolitical upgrade risk in the Caribbean region [16]. - **Technical Analysis**: The hourly - level is in a short - term upward structure, with a short - term support at 6715. Hold long positions on the hourly level with a stop - loss at 6715 [16]. PTA - **Logic**: Similar to PX, pay attention to the blending logic and the geopolitical upgrade risk in the Caribbean region [19]. - **Technical Analysis**: The hourly - level is in a short - term upward structure, with a short - term support at 4620. Hold long positions on the hourly level with a stop - loss at 4620 [19]. PP - **Logic**: High supply pressure continues, and downstream demand is weak. Pay attention to the cost - end crude oil drive [23]. - **Technical Analysis**: The hourly - level is in a short - term downward structure, with a short - term pressure at 6520. The strategy is to wait and see on the hourly cycle [23]. Methanol - **Logic**: High inventory in ports suppresses the market, but domestic supply - demand structure has improved. Wait for long - making opportunities after the Iranian gas restriction is implemented and the price breaks through the pressure level. Also, pay attention to geopolitical drivers [25][27]. - **Technical Analysis**: The daily - level and short - term are in a downward structure. There are signs of short - term stabilization. Hold short positions on the hourly cycle with a stop - profit at 2040, and look for long - making opportunities after the price breaks through 2040 [27]. PVC - **Logic**: High supply and high inventory continue, with no upward driver due to weak real - estate demand [29]. - **Technical Analysis**: The daily - level is in a mid - term downward structure, and the hourly - level is in a short - term downward structure. Hold short positions on the hourly cycle [31]. Ethylene Glycol - **Logic**: High supply pressure and inventory accumulation. Be vigilant against short - term geopolitical risks in crude oil [32]. - **Technical Analysis**: The daily - level and hourly - level are in a downward structure. The downward momentum has weakened. The strategy is to wait and see on the hourly cycle [32]. Plastic - **Logic**: High supply, weak demand, and inventory accumulation. Be vigilant against short - term geopolitical risks in crude oil [35]. - **Technical Analysis**: The daily - level is in a mid - term downward structure, and the hourly - level is in an oscillating structure. The strategy is to wait and see on the hourly cycle [35]. Soda Ash - **Logic**: High supply and high inventory continue, with a downward fundamental drive [39]. - **Technical Analysis**: The hourly - level is in a downward structure. The downward momentum has weakened. Hold short positions on the remaining hourly cycle with a stop - profit at 1245 [39]. Caustic Soda - **Logic**: High supply pressure and weak demand, with no upward driver [40]. - **Technical Analysis**: The hourly - level is in a downward structure. The strategy is to wait and see on the hourly cycle [40].

豆粕、生猪下挫 一、农产品板块综述 周一农产品板块大部分品种下跌，豆粕大幅走低，受到美豆下挫 的带动，国内进口大豆充足，豆粕库存在百万吨高位，多头回吐令期 价高位下跌，后市续调整空间。生猪下挫，供应端生猪存栏高位，需 求端腌腊季需求推迟，供大于需格局压制猪价走低。 二、品种策略跟踪 （一）豆粕：大幅下跌 焦点关注：豆粕主力 2601 合约大幅下挫，受美豆下跌的带动： 1. 美国农业部公布的 11 月大豆供需报告将 2025/26 年度美国大 豆单产和产量预估值分别从上个月的53.5蒲式耳/英亩和43.01亿蒲 式耳下调至 53 蒲式耳/英亩和 42.53 亿蒲式耳，数据调整不及市场预 期，引发抛售，美豆下挫带动连粕走低。国内进口大豆到港充足，油 厂豆粕库存在百万吨的高水平，下游饲料企业采购一般，豆粕价格承 压下跌。 2.豆粕主力 2601 合约大幅下跌，期价跌破 10 日均线，呈现高位 回调态势，策略上多单平仓，关注中期均线支撑。 （二）生猪：跳空下行 焦点关注：生猪主力 2601 合约跳空下行，走势偏弱： 1. 供应端能繁母猪存栏量仍高出正常保有量叠加生产效率提升， 产能过剩局面未变。11 月规模猪企计划出 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Crude oil continues to oscillate, lacking clear short - term drivers, with geopolitical factors potentially becoming the short - term main line. The aromatics sector should focus on the sustainability of the blending oil logic. Methanol lacks upward drivers in the short term but has mid - term long - making logic [1]. Summary by Related Catalogs Crude Oil - **Logic**: The sharp fluctuations last week were due to the strengthening of refined oil in Europe and the US and the weakening expectations in the EIA monthly report. Currently, the three drivers show little change. The tight supply pattern of gasoline and diesel may gradually improve. Geopolitical factors in the Caribbean are worthy of attention, and a military action by the US against Venezuela could provide a short - term high - selling opportunity [2][3]. - **Technical Analysis**: Medium - term downward structure on the daily line and short - term oscillatory structure on the hourly line. Maintain an oscillatory view, and wait and see on the hourly cycle [3]. Styrene - **Logic**: It has been relatively strong recently. The rebound is driven by short - term supply - demand improvement and the blending oil logic. In the medium term, it faces the risk of over - supply and seasonal inventory accumulation. Geopolitical factors also need attention [5][8]. - **Technical Analysis**: Short - term upward structure on the hourly line. Set a stop - profit for short positions on the hourly level and wait for a rebound on the daily level to re - enter short positions [8]. Rubber - **Logic**: The short - term contradiction is not prominent. Observe the inventory accumulation rate during the peak season. There is currently no fundamental driver [9]. - **Technical Analysis**: Medium - term downward structure on the daily line and short - term upward structure on the hourly line. There is a short - term support at 15130. Try long positions on the hourly cycle with a stop - loss at 15130, but the upside space is limited [9]. Synthetic Rubber - **Logic**: The internal contradiction is not significant. Focus on the cost - side driver of butadiene, which may face inventory - swelling pressure in the medium term [12]. - **Technical Analysis**: Medium - term and short - term downward structures on the daily and hourly lines respectively. Wait and see on the hourly cycle with a short - term pressure at 10500 [12]. PX - **Logic**: The polyester industry's internal contradiction is not large. After the hype of production cuts fades, focus on the blending oil logic and geopolitical risks in the Caribbean [16]. - **Technical Analysis**: Short - term upward structure on the hourly line. Hold long positions on the hourly level with a stop - loss at 6715 [16]. PTA - **Logic**: Similar to PX, focus on the blending oil logic and geopolitical risks in the Caribbean after the weakening of production - cut expectations [19]. - **Technical Analysis**: Short - term upward structure on the hourly line. Hold long positions on the hourly level with a stop - loss at 4620 [19]. PP - **Logic**: High supply pressure continues, and downstream demand is weak. Pay attention to the cost - side driver of crude oil [23]. - **Technical Analysis**: Short - term downward structure on the hourly line. Set a stop - profit for short positions on the hourly level and wait and see, with a short - term pressure at 6530 [23]. Methanol - **Logic**: High inventory in ports suppresses the price, but the domestic supply - demand structure is improving. Wait for the opportunity to go long when Iranian gas restrictions are implemented and the price breaks through 2125. Geopolitical factors may also provide a long - entry opportunity [25][27]. - **Technical Analysis**: Medium - and short - term downward structures on the daily line. Hold short positions on the hourly level with a stop - profit at 2125, or take the initiative to stop - profit. Look for long - entry opportunities after the price breaks through 2125 [27]. PVC - **Logic**: High supply and high inventory continue, with weak domestic demand. There is no upward driver [29]. - **Technical Analysis**: Medium - and short - term downward structures on the daily and hourly lines respectively. Hold short positions on the hourly level with a short - term pressure at 4625 [31]. Ethylene Glycol - **Logic**: High supply and inventory accumulation. Be wary of short - term geopolitical risks in crude oil [32]. - **Technical Analysis**: Medium - and short - term downward structures on the daily and hourly lines respectively. Set a stop - profit for short positions on the hourly level and wait and see, with a short - term pressure at 3950 [32]. Plastic - **Logic**: High supply, weak demand, and inventory accumulation. Be wary of short - term geopolitical risks in crude oil [34]. - **Technical Analysis**: Medium - term downward structure on the daily line and short - term upward structure on the hourly line. Wait and see on the hourly cycle with a short - term support at 6800 [34]. Soda Ash - **Logic**: High supply and high inventory continue, with a downward fundamental driver [36]. - **Technical Analysis**: Short - term downward structure on the hourly line. Hold remaining short positions on the hourly level with a stop - profit at 1245 [39]. Caustic Soda - **Logic**: High supply pressure and weak demand. There is no upward driver in supply - demand [40]. - **Technical Analysis**: Short - term downward structure on the hourly line. Wait and see on the hourly cycle with a short - term pressure at 2400 [40].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The rapeseed oil market is expected to continue its upward trend due to inventory depletion and overseas bio - fuel policies [1][2]. - The apple market may maintain its strength because of low inventory and tight deliverable supplies [1][3]. - The egg market is likely to keep falling as a result of high hen inventory and weakening demand [1][5]. - The hog market will continue to fluctuate at a low level, with a slight short - term rebound but limited space [7]. - The soybean meal market will run at a high level with short - term strength, suitable for short - term trading [9]. - The corn market is expected to keep rising, supported by policy and downstream restocking [11]. - The jujube market will continue to decline due to new jujube listings and high inventory [13]. - The cotton market is likely to fall as supply increases [15]. - The sugar market is expected to rise, driven by external market trends and domestic supply shortages [17]. 3. Summary by Variety Rapeseed Oil - The rapeseed oil主力 2601 contract has been rising strongly, supported by overseas bio - fuel policies and inventory depletion. As of the end of the 45th week in 2025, domestic imported rapeseed oil inventory was 51.6 million tons, a 10% week - on - week decrease. The strategy is to hold light long positions [2]. Apple - The apple主力 2601 contract reached a new high this year, supported by low inventory. As of November 12, the national apple cold - storage inventory was 764.24 million tons, a year - on - year decrease of 10.59%. The strategy is to hold light long positions with support at 9200 and resistance at 9500 [3]. Egg - The egg主力 2601 contract has been falling sharply, pressured by sufficient supply and weakening demand. The strategy is to hold light short positions with support at 3250 and resistance at 3303 [5]. Hog - The hog主力 2601 contract first declined and then rebounded, continuing to fluctuate at a low level. The strategy is to close short positions, with support at 11690 and resistance at 11970 [7]. Soybean Meal - The soybean meal主力 2601 contract has been rising in a volatile manner, running at a high level. The strategy is short - term trading, with support at 3050 and resistance at 3089 [9]. Corn - The corn主力 2601 contract has been rising strongly, supported by policy and downstream restocking. The strategy is to hold light long positions, with support at 2170 and resistance at 2200 [11]. Jujube - The jujube主力 2601 contract has been falling sharply, pressured by new jujube listings and high inventory. As of the week of November 6, the inventory of 36 sample physical warehouses was 9541 tons, a 2.06% week - on - week increase. The strategy is to hold light short positions, with support at 9150 and resistance at 9360 [13]. Cotton - The cotton主力 2601 contract has been falling in a volatile manner, pressured by increased supply. The strategy is to try light short positions, with support at 13435 and resistance at 13545 [15]. Sugar - The sugar主力 2601 contract has been rising strongly, driven by external market trends and domestic supply shortages. The strategy is to hold light long positions, with support at 5473 and resistance at 5519 [17].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The agricultural products sector shows mixed trends, with eggs falling sharply, oils and fats fluctuating strongly, and corn maintaining an upward trend [1]. Summary by Variety Eggs - The near - month main contracts 2512 and 2601 of eggs dropped significantly due to sufficient supply and weakening demand. The high inventory of laying hens and the slow elimination of old hens led to continuous supply pressure. After Double 11, the sales volume of e - commerce and supermarkets is expected to decline. The 2601 contract broke through the support level, and the technical indicators turned weak. A light - position short - selling strategy is recommended, with support at 3298 and resistance at 3350 [2]. Soybean Oil - The main 2601 contract of soybean oil continued to rise due to the decline in inventory. The increase in the price of CBOT soybean oil in the external market and the decline in the domestic oil mill operating rate led to a significant reduction in supply and inventory. As of the 45th weekend, the domestic soybean oil inventory was 1.37 million tons, a week - on - week decrease of 6.26%. The technical indicators showed strength. A light - position long - buying strategy is recommended, with support at 8234 and resistance at 8300 [3]. Hogs - The main 2601 contract of hogs fluctuated at a low level. The supply side had high inventory of sows, and the planned slaughter volume of large - scale pig enterprises in November was still high. The demand side had a slow start of curing and weak recovery of the catering industry. The technical indicators were weak. A light - position short - selling strategy is recommended, with support at 11580 and resistance at 12000 [5]. Soybean Meal - The main 2601 contract of soybean meal first declined and then rose, fluctuating at a high level. The improvement of Sino - US economic and trade relations may lead to the re - export of US soybeans to the Chinese market, but the import tariff is still high. The domestic supply of imported soybeans is sufficient, and downstream feed enterprises mainly purchase on a just - in - time basis. A short - term trading strategy is recommended, with support at 3044 and resistance at 3089 [7]. Corn - The main 2601 contract of corn fluctuated narrowly at a high level, maintaining an upward trend. The grain sales progress in the Northeast was better than expected, and the increase in new grain was reduced. The continuous purchase of the central grain reserve supported the price. Downstream feed and deep - processing enterprises had a demand for replenishment. The technical indicators showed strength. A light - position long - buying strategy is recommended, with support at 2166 and resistance at 2200 [10]. Red Dates - The main 2601 contract of red dates continued to fall. The new jujubes in the Xinjiang main production area were about to be listed, and the inventory increased. As of November 6, the physical inventory of 36 sample points was 9541 tons, a week - on - week increase of 2.06%, much higher than the same period last year. The technical indicators showed a downward trend. A light - position short - selling strategy is recommended, with support at 9335 and resistance at 9550 [13]. Cotton - The main 2601 contract of cotton fluctuated and declined, showing a weak trend. The supply increased as the picking and sales of Xinjiang cotton were basically completed, and the commercial inventory increased significantly. Some textile enterprises in the inland reduced their operating rates due to cost pressure. A short - term trading strategy is recommended, with support at 13435 and resistance at 13580 [14]. Apples - The main 2601 contract of apples fluctuated narrowly at a high level. The inventory level was lower than the same period last year, and the proportion of high - quality fruits was low. The technical indicators showed strength. A light - position long - buying strategy is recommended, with support at 9148 and resistance at 9250 [17]. White Sugar - The main 2601 contract of white sugar fluctuated narrowly and showed a strong trend. The peak of domestic white sugar imports has passed, and the cost of sugar production and strict syrup control policies supported the price. The start - up of sugar cane crushing in Guangxi was postponed, and the supply shortage supported the price. The technical indicators showed strength. A light - position long - buying strategy is recommended, with support at 5467 and resistance at 5490 [19].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The current fundamentals of polysilicon, lithium carbonate, and industrial silicon lack strong driving forces, and their market trends are expected to be mainly characterized by wide - range oscillations. The polysilicon market is in a situation of weak supply and demand; the lithium carbonate market has a supply - demand contradiction with strong demand and limited supply growth; the industrial silicon market presents a pattern of weak supply and demand as well [1][8][11]. 3. Summary by Related Catalogs Polysilicon - **Market Performance**: The polysilicon futures opened and fluctuated downward, then rebounded after hitting the bottom in the afternoon. The main 2601 contract rose 2.95% compared to the previous trading day's closing price, reaching 53,460 yuan/ton [1]. - **Fundamentals**: The fundamentals of polysilicon have changed little, with both supply and demand being weak. In November, the domestic polysilicon production is expected to be close to 120,000 tons, a significant decrease from October. The downstream silicon wafer and battery cell industries are facing difficulties, and the demand in the photovoltaic industry chain remains sluggish [1]. - **Technical Analysis**: The overall position of polysilicon futures is basically the same as yesterday. The main 2601 contract increased positions and declined in the morning, and the price rebounded significantly in the afternoon as short - sellers left the market. There were trading opportunities during the day. The 5 - minute cycle is showing a short - term strong trend, while the 2 - hour cycle is still weakly green but approaching the long - short dividing line. In the long - term, it is in a wide - range oscillation pattern [2][3]. Lithium Carbonate - **Market Performance**: The lithium carbonate futures oscillated within a range. The main 2601 contract rose 0.05% compared to the previous trading day's closing price, reaching 86,580 yuan/ton [5]. - **Fundamentals**: As of November 6, the sample inventory of lithium carbonate dropped to 124,000 tons, with continuous destocking for 12 weeks and an increasing destocking amplitude. In October, the demand for lithium carbonate increased significantly, while the supply growth was limited, resulting in a low inventory - to - sales ratio, which supported the price. Policy factors also indicate strong demand expectations [5][8]. - **Technical Analysis**: The overall position of lithium carbonate futures increased slightly. The main 2601 contract increased positions and rose, with bulls in control. There was a trading opportunity during the day. The 5 - minute cycle shows a short - term strong trend, but the position decreased significantly at the end of the session. The 2 - hour cycle is still strongly red, with the long - short dividing line at 79,140 yuan/ton [8]. Industrial Silicon - **Market Performance**: The industrial silicon futures oscillated. The main 2601 contract rose 0.16% compared to the previous trading day's closing price, reaching 9,195 yuan/ton [11]. - **Fundamentals**: The fundamentals of industrial silicon have tightened. The cost in southern production areas has increased due to the electricity price hike, leading to production cuts. The downstream demand is also weak, resulting in a pattern of weak supply and demand, and it is difficult to have a trending market [11]. - **Technical Analysis**: The overall position of industrial silicon futures decreased significantly. The main 2601 contract decreased positions and declined, with bulls in control. The 5 - minute cycle has turned to a short - term strong trend, but the position has been declining in recent days. The 2 - hour cycle is still strongly red, with the long - short dividing line at 9,020 yuan/ton [14].