1. Report Industry Investment Rating - No information provided regarding the industry investment rating 2. Core View of the Report - After a significant decline, the prices of edible oils have stabilized and are experiencing a technical rebound. However, in the short term, palm oil lacks a clear driving force, and its expected increase is limited. Domestic soybean oil supply is sufficient, and it is expected to remain range - bound. Rapeseed oil is in a continuous process of marginal inventory reduction, which supports its price [6][7][9] 3. Summary by Relevant Sections 3.1 Data Analysis - **Spot Prices and Basis**: Soybean oil spot prices in Zhangjiagang, Guangdong, and Tianjin are 8586, 8626, and 8496 respectively, with basis values of 310, 270, and 180. Palm oil spot prices in Guangdong, Zhangjiagang, and Tianjin are 8702, 8772, and 8862 respectively, with basis values of - 50, 20, and 110. Rapeseed oil spot prices in Zhangjiagang and Guangxi are 10335 and 10475 respectively, with basis values of 360 and 500 [3] - **Monthly Spread Closing Prices**: The 1 - 5 monthly spread for soybean oil is 222 (down 2), for palm oil is - 102 (down 12), and for rapeseed oil is 491 (up 41) [3] - **Cross - Variety Spreads**: The 01 - contract Y - P spread is - 436 (down 107), the OI - Y spread is 1659 (up 20), the OI - P spread is 1223 (up 127), and the oil - meal ratio is 2.71 (down 0.001) [3] - **Import Profits**: The 24 - degree palm oil from Malaysia and Indonesia has a disk profit of - 105, and the FOB price of Rotterdam's rapeseed oil has a disk profit of - 913 [3] - **Weekly Commercial Inventory of Edible Oils (2025 Week 45)**: Soybean oil inventory is 115.7 million tons, palm oil is 59.7 million tons, and rapeseed oil is 45.5 million tons [3] 3.2 Fundamental Analysis - **International Market**: In October 2024, India's palm oil imports were 602381 tons (down from 833017 tons in September). The 2024/25 palm oil imports were 7.58 million tons (down from 9.01 million tons last year), and its proportion in India's vegetable oil imports dropped below 50% for the first time. Soybean oil imports in October were 454619 tons (down from 549240 tons in September), and the 2024/25 imports were 5.47 million tons (up from 3.44 million tons last year). Sunflower oil imports in October were 260548 tons (down from 275386 tons in September), and the 2024/25 imports were 2.94 million tons (down from 3.5 million tons last year). India's vegetable oil imports in October were 1.33 million tons (down from 1.66 million tons in September), and the 2024/25 imports are expected to be 16.36 million tons (up from 16.23 million tons last year) [5] - **Domestic Market**: As of November 7, 2025 (Week 45), the national key - area palm oil commercial inventory was 59.73 million tons, a 0.76% increase from last week. The import profit inversion has narrowed, and the basis is stable. The soybean oil inventory was 115.72 million tons, a 4.82% decrease from last week. The inventory inflection point may have arrived, and the basis is stable. The coastal rapeseed oil inventory was 45.5 million tons, a decrease of 5.9 million tons, and it is in a continuous process of marginal inventory reduction. The basis is firm [6][7] 3.3 Trading Strategies - **Unilateral**: Consider short - term long positions on dips for palm oil or continue to wait and see. For soybean oil, wait for a pull - back to stabilize before lightly testing long positions. For rapeseed oil, consider going long on dips for the OI03 or 05 contracts [6][7][9] - **Arbitrage**: Wait and see [10] - **Options**: Wait and see [11]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The US corn market is in a narrow - range oscillation. Although the recent Sino - US relations have eased and the price has rebounded, the production remains high. The import profit of foreign corn is falling, and the Brazilian import price in December is 2156 yuan. [4] - The spot price of domestic corn is relatively strong in the short - term. The northern port closing price has risen, the supply in North China has decreased, and the downstream feed enterprises have low inventory. However, the market is concerned about the seasonal selling pressure of Northeast corn and downstream inventory - building. [4][6] - The starch price is mainly affected by corn price and downstream stocking. The inventory of corn starch has decreased this week. The 01 starch follows the corn to oscillate strongly, but the corn in North China may fall in December, and the rebound space of the 01 starch is limited. [7] - For trading strategies, the US corn may continue to adjust the yield per unit downward, but it is expected to increase production, remaining in a narrow - range oscillation. The 01 corn rebound space is limited, and it is advisable to wait and see for 05 and 01 corn. One can try to shrink the spread between 01 corn and starch when it is high. [8][9] - For option strategies, a short - term cumulative put strategy with rolling operations is recommended. [11] 3. Summary by Directory 3.1 Data - **Futures Disk**: For corn futures, C2601 closed at 2186, up 9 (0.41%), with a trading volume of 540,710 (up 18.39%) and an open interest of 957,369 (down 0.61%); C2605 closed at 2257, up 6 (0.27%), with a trading volume of 58,889 (up 38.10%) and an open interest of 275,208 (up 4.37%); C2509 closed at 2282, up 3 (0.13%), with a trading volume of 3,043 (up 27.59%) and an open interest of 15,950 (down 0.57%). For corn starch futures, CS2601 closed at 2507, up 17 (0.68%), with a trading volume of 109,742 (up 33.81%) and an open interest of 236,760 (up 0.70%); CS2605 closed at 2583, up 6 (0.23%), with a trading volume of 570 (up 41.58%) and an open interest of 5,988 (down 0.93%); CS2509 closed at 2628, up 3 (0.11%), with a trading volume of 47 (up 34.29%) and an open interest of 533 (up 2.50%) [2]. - **Spot and Basis**: Corn spot prices in different regions showed different trends. The prices in Qinggang, Songyuan Jiji, etc. were reported, with some prices rising. The basis of corn and starch in different regions was also provided. For example, the basis of corn in Qinggang was - 322, and the basis of starch in Longfeng was 67 [2]. - **Spreads**: Corn inter - period spreads (e.g., C01 - C05 was - 71, up 3), starch inter - period spreads (e.g., CS01 - CS05 was - 76, up 11), and cross - variety spreads (e.g., CS09 - C09 was 346, unchanged) were presented [2]. 3.2 Market Judgment - **Corn**: The US corn market is oscillating narrowly. The import profit of foreign corn is falling. The spot price of domestic corn is relatively strong in the short - term, with the northern port closing price rising, the supply in North China decreasing, and the downstream feed enterprises having low inventory. However, the market is concerned about the seasonal selling pressure of Northeast corn and downstream inventory - building [4][6]. - **Starch**: The number of vehicles arriving at Shandong deep - processing plants has decreased, and the corn spot price in Shandong is stable. The corn starch inventory has decreased this week. The starch price is mainly affected by corn price and downstream stocking. The 01 starch follows the corn to oscillate strongly, but the corn in North China may fall in December, and the rebound space of the 01 starch is limited [7]. 3.3 Corn Options The option strategy is a short - term cumulative put strategy with rolling operations. Information on option contracts such as C2605 - P - 2160.DCE and C2601 - P - 2080.DCE, including the underlying asset price, closing price, and change in implied volatility, was provided [11]. 3.4 Related Attachments Graphs such as the spot price of corn in different regions, the basis of corn 01 contract, the 1 - 5 spread of corn, the 1 - 5 spread of corn starch, the basis of corn starch 01 contract, and the spread of corn starch 01 contract were presented, showing the price trends of different periods [13][15][19].

Group 1: Report Overview - The report is a peanut daily report dated November 13, 2025, focusing on peanut market research [1] Group 2: Market Data Futures Market - PK604 closed at 7974, up 40 (0.50%), with a trading volume of 19,813 (-7.23%) and an open interest of 21,954 (-2.22%) [2] - PK510 closed at 8190, up 8 (0.10%), with a trading volume of 41 (-12.77%) and an open interest of 591 (3.68%) [2] - PK601 closed at 7966, up 52 (0.65%), with a trading volume of 95,156 (3.16%) and an open interest of 166,487 (0.52%) [2] Spot Market - Henan Nanyang peanuts were priced at 7200 yuan/ton, Shandong Jining and Linyi at 7800 yuan/ton, all unchanged [2] - Sudanese peanuts were priced at 8600 yuan/ton, Senegalese at 7600 yuan/ton, both unchanged [2] - Rize peanut meal was at 3250 yuan/ton, Rize soybean meal at 3030 yuan/ton (up 10 yuan/ton), peanut oil at 14580 yuan/ton, and Rize first - grade soybean oil at 8440 yuan/ton (up 10 yuan/ton) [2] Spread - PK01 - PK04 spread was - 8 (up 12), PK04 - PK10 spread was - 216 (up 32), PK10 - PK01 spread was 224 (down 44) [2] Group 3: Market Analysis - Henan peanut prices were stable, while Northeast peanut prices were strong. Jilin Fuyu 308 peanuts were at 4.45 yuan/jin (up 0.05 yuan/jin), Liaoning Changtu at 4.5 yuan/jin (up 0.1 yuan/jin). Henan Baisha peanuts were at 3.5 - 3.8 yuan/jin, unchanged [4] - Imported peanut prices were stable. Sudanese refined peanuts were at 8600 yuan/ton, Senegalese at 7600 yuan/ton, Brazilian new peanuts at 9200 yuan/ton, and Indian 50/60 peanuts at 8000 yuan/ton, all unchanged [4] - Peanut oil prices were stable. Domestic first - grade ordinary peanut oil was at 14500 yuan/ton, and small - pressed fragrant peanut oil was at 16500 yuan/ton, both unchanged [4][6] - Rize soybean meal prices were strong, up 10 yuan/ton to 3010 yuan/ton. Peanut meal was also strong due to a low unit protein spread with soybean meal, with 48 - protein peanut meal at 3210 yuan/ton [6] Group 4: Trading Strategy Unilateral - Peanuts 01 and 05 contracts were in a low - level oscillation. It was suggested to try short - term long positions on the 05 contract at low prices [9] Spread - It was recommended to wait and see on the spread trading [10] Options - Hold sold pk601 - P - 7600 options [11]

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report The report presents a comprehensive analysis of various futures markets, including financial derivatives, agricultural products, black metals, and non - ferrous metals. It indicates that most markets will maintain a volatile trend in the short term, influenced by factors such as supply - demand relationships, policy changes, and macro - economic conditions. For example, the stock index futures market will remain volatile due to sector rotation and capital flow; the agricultural product market shows different trends in different varieties, with some facing supply pressure and others having potential price increases; the black metal and non - ferrous metal markets are affected by factors like raw material costs, production capacity, and international policies [19][20][25]. 3. Summaries by Relevant Catalogs Financial Derivatives Stock Index Futures - Core View: The market is volatile due to sector rotation. Large - cap indexes are stronger than small - cap indexes, and the technology sector shows signs of stabilizing. The short - term market will remain volatile [19][20]. - Trading Strategy: High - low trading in a high - level range; IM/IC long 2512 + short ETF cash - and - carry arbitrage; bullish spread options at low prices [20]. Treasury Bond Futures - Core View: The bond market continues to fluctuate with an obvious stock - bond seesaw effect. The yield downward space is limited, and the 30Y Treasury yield may have a top range of 2.20 - 2.25% [22]. - Trading Strategy: Wait and see for single - side trading; hold short positions on the 30Y - 7Y term spread and try to go long on the T - contract inter - delivery spread [23]. Agricultural Products Protein Meal - Core View: The supply pressure is improving, and the domestic near - month price has support, but the far - month has pressure. Rapeseed meal is expected to fluctuate [25][26]. - Trading Strategy: Wait and see for single - side and arbitrage trading; sell wide - straddle options [26]. Sugar - Core View: International sugar production in major regions may be lower than expected, and the international price has a bottom - grinding trend. The domestic market is expected to fluctuate in the short term and may face downward pressure in the long term [30][31]. - Trading Strategy: Trade in the range for the domestic market; wait and see for arbitrage and options [32]. Oilseeds and Oils - Core View: The increase in oil prices is limited, and they will maintain a volatile trend. The palm oil inventory in Malaysia and China shows different trends, and the supply and demand of soybean oil and rapeseed oil also vary [33][34][35]. - Trading Strategy: Wait and see or trade in a high - low range; wait and see for arbitrage and options [35]. Corn/Corn Starch - Core View: The U.S. corn may fluctuate narrowly, and the domestic corn spot price is strong. The 01 contract is expected to fluctuate strongly, but the upward space is limited [37][38]. - Trading Strategy: Go long on the 12 - contract corn on dips; wait and see for the 01 contract; wait for dips for the 05 and 07 contracts [38]. Live Hogs - Core View: The supply pressure increases, and the overall inventory is high. The short - term price may still face pressure [39][40]. - Trading Strategy: Short a small amount; wait and see for arbitrage; sell wide - straddle options [40]. Peanuts - Core View: The peanut spot price is strong, and the short - term market is expected to fluctuate strongly. The new - season peanut quality is lower, and the oil mill's procurement is limited [42][43]. - Trading Strategy: The 01 contract fluctuates at the bottom, and the 05 contract can try to go long lightly; wait and see for arbitrage; sell pk601 - P - 7600 options [43]. Eggs - Core View: The demand improves slightly, and the egg price rebounds slightly. The current inventory of laying hens is high, and the short - term price increase space is limited [44][45][47]. - Trading Strategy: Wait and see in the short term and consider going long at low prices for far - month contracts; wait and see for arbitrage and options [47]. Apples - Core View: The new - season apple production decreases, and the cold - storage inventory is expected to be low. The market may fluctuate greatly when the new inventory data is released [48][49]. - Trading Strategy: Wait and see; wait and see for arbitrage and options [50]. Cotton - Cotton Yarn - Core View: The new cotton supply increases, and the demand enters the off - season. Considering the macro - economic situation, the short - term cotton price is expected to fluctuate slightly stronger [52]. - Trading Strategy: The U.S. cotton is expected to fluctuate, and the Zhengzhou cotton is expected to fluctuate slightly stronger; wait and see for arbitrage and options [53]. Black Metals Steel - Core View: The raw material cost is under pressure, and the steel price fluctuates in a range. The construction steel production decreases more, and the inventory is still decreasing. The hot - rolled coil performs better than the rebar [57]. - Trading Strategy: Maintain a range - bound trend; go long on the coil - rebar spread at low prices; wait and see for options [58]. Coking Coal and Coke - Core View: The market sentiment cools down, and the price fluctuates and adjusts. The short - term driving force is not obvious, and there may be an opportunity to go long after a pullback in the medium term [59][60]. - Trading Strategy: Wait and see in the short term; go long after a pullback in the medium term; hold a reverse spread for coking coal 1/5; wait and see for options [61]. Iron Ore - Core View: Adopt a bearish approach. The supply is at a high level, and the domestic demand is weak, so the ore price is expected to fluctuate bearishly [62][63]. - Trading Strategy: Go short; wait and see for arbitrage and options [63]. Ferroalloys - Core View: The cost provides some support, and the previous short positions can be reduced. The supply and demand of silicon iron and manganese silicon are weakening on the margin [64][65]. - Trading Strategy: Reduce previous short positions at low prices; wait and see for arbitrage; sell out - of - the - money straddle option combinations [65]. Non - Ferrous Metals Precious Metals - Core View: The short - term strong - side volatile pattern continues. The U.S. government is about to restart, and the market is worried about fiscal stimulus and the change of the Fed's dovish camp, increasing the attractiveness of precious metals [66][68][69]. - Trading Strategy: Hold long positions based on the 5 - day moving average; wait and see for arbitrage; hold collar call option strategies [69]. Copper - Core View: The short - term trend is volatile. The macro - economic situation is favorable, but the supply and demand situation is complex. The copper price is expected to fluctuate in a high - level range [70][71][72]. - Trading Strategy: Wait and see; the long - term trend is bullish, and a low - long strategy can be adopted; the ratio may rebound; wait and see for options [72]. Alumina - Core View: Pay attention to production cuts. The supply and demand are significantly surplus, and the price may rebound after substantial production cuts [73][74][76]. - Trading Strategy: The price fluctuates weakly at the bottom; wait and see for arbitrage and options [76]. Electrolytic Aluminum - Core View: The price is strong due to the resonance of macro - economic and micro - economic factors. The overseas supply - demand is tight, and the domestic demand has resilience [77][78][79]. - Trading Strategy: Maintain a strong trend; wait and see for arbitrage and options [79]. Cast Aluminum Alloy - Core View: The price fluctuates at a high level with the aluminum price. The cost provides support, but the demand is affected by the high price [80]. - Trading Strategy: The price moves strongly with the aluminum price; wait and see for arbitrage and options [80]. Zinc - Core View: Pay attention to the export volume. The supply may be eased, and the price fluctuates in a range. The upward space is limited [82][83]. - Trading Strategy: Trade in a range; hold the SHFE long - LME short arbitrage; wait and see for options [84]. Lead - Core View: Pay attention to the change of domestic social inventory. The supply is recovering, and the demand is weakening, so the price is under pressure [86][87]. - Trading Strategy: Try to short lightly at high prices; wait and see for arbitrage; sell out - of - the - money call options [87]. Nickel - Core View: The cost is loosening, and the price fluctuates weakly. The supply is abundant, and the market is pessimistic about the quota adjustment [88][89]. - Trading Strategy: Short on rebounds; wait and see for arbitrage; sell out - of - the - money call options [89]. Stainless Steel - Core View: The supply and demand are both weak, and the raw materials are under pressure. No specific trading strategy is provided in the given text [90].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The papermaking market has a pattern of oversupply and weak rebound. The pulp market has stable imports, a slight increase in domestic pulp production, and high inventory, with weak downstream demand. The double - offset paper market has sufficient supply and weak demand, and its valuation is weakly stable. The copper - plate paper market has a low gross profit margin and a slight increase in inventory. The domestic pulp market has a slight increase in production and a narrow decline in inventory, while the demand side of pulp in various paper products remains weak [4]. 3. Summary by Directory 3.1 Comprehensive Analysis and Trading Strategies 3.1.1 Comprehensive Analysis - Pulp: Imports are stable, domestic pulp production increases slightly, inventory is at a relatively high level after a narrow decline (down 2.6% to 2.008 million tons), and downstream demand in areas such as tissue paper and cultural paper is weak, showing an oversupply pattern [4]. - Double - offset paper: The weekly capacity utilization rate slightly decreases (53.4%, - 0.4%), but the production increases slightly (208,000 tons, + 1.0%) due to new sample production lines at the beginning of the month. Demand is weak with sporadic publishing tenders and dull social orders [4]. 3.1.2 Logic Analysis - Pulp: There is a supply - demand mismatch and high inventory. The supply side has no contraction pressure, and the demand side is weak, so the oversupply pattern continues, and it is more affected by inventory reduction rhythm and downstream demand changes [4]. - Double - offset paper: The supply increases slightly, and the demand is weak. The previous profit pressure restricts the upward space of valuation, and it is expected to be weakly stable until demand or supply changes [4]. 3.1.3 Strategies - Unilateral: Wait and see for SP2601; if port inventory falls below 2 million tons and the basis strengthens, increase long positions. Short OP2601 based on the actual spot transaction price [4]. - Arbitrage: Pay attention to the SP11 - 1 reverse arbitrage opportunity [4]. - Options: Wait and see for SP options; sell OP2601 - C - 4400 for OP options [4]. 3.2 Core Logic Analysis - Double - offset paper supply: Production increases slightly to 208,000 tons (+ 1.0%), capacity utilization rate decreases to 53.4% (- 0.4%). The profit is under pressure, with an average cost of 4,902 yuan/ton (up 6.4 yuan/ton) and an average weekly profit of - 259.1 yuan/ton [8]. - Double - offset paper inventory: Production enterprise inventory is 1.355 million tons (up 0.9% month - on - month), and the on - site inventory rebounds slightly and is at a multi - year high [12]. - Copper - plate paper supply: Production decreases slightly to 85,000 tons (- 1.2%), capacity utilization rate decreases to 63.1% (- 0.5%), and the gross profit margin is still low [15]. - Copper - plate paper inventory: Production enterprise inventory is 376,000 tons (up 0.8% month - on - month), and the on - site inventory rebounds slightly [20]. - Domestic pulp supply: The production of broad - leaf pulp increases to 250,000 tons, and the production of chemimechanical pulp remains unchanged at 235,000 tons. The production profit of broad - leaf pulp rebounds slightly [24]. - Wood pulp supply: The port inventory decreases to 2.008 million tons (down 2.6% month - on - month), and the chemimechanical pulp production profit remains stable, but the market is in a stalemate [27]. - Pulp demand - tissue paper: Demand is weak and there is no new increase. The average price of tissue paper remains stable at 5,883 yuan/ton, with a light trading atmosphere and slow inventory reduction [31]. - Pulp demand - white cardboard: Production decreases to 357,000 tons (- 1.11%), capacity utilization rate decreases to 78.98% (- 0.89 percentage points), and the factory inventory decreases to 1.07 million tons (- 0.93%) [34]. 3.3 Weekly Data Tracking - Double - offset paper price: The average enterprise price of 70g double - offset paper is stable at 4,642.9 yuan/ton [41]. - Copper - plate paper price: The average enterprise price of 157g copper - plate paper is stable at 4,975 yuan/ton [41]. - Pulp prices: The average spot tax - included price of imported softwood pulp is 5,424 yuan/ton (+ 0.3%); the average price of hardwood pulp is 4,250 yuan/ton (unchanged); the average price of kraft pulp is 5,079 yuan/ton (+ 1.6%); the average price of chemimechanical pulp is 3,700 yuan/ton (unchanged) [47][48].

Group 1: Report Summary - The report focuses on the log market, covering supply, demand, inventory, price, and cost aspects, and provides trading strategies [3][4][5] Group 2: Investment Rating - Not mentioned in the report Group 3: Core Views - The current log valuation is in a relatively weak range, short - term neutral. Spot prices are stable with some decline in radiata pine. The high New Zealand FOB price may be adjusted, providing limited import cost support. Short - term high inventory and weak demand suppress valuation, but price may stabilize due to factors like traders' price - holding intention, reduced arrivals next week, and restored US log imports. In the long - term, if demand remains weak and North American log supply increases, valuation may stay weakly stable. Further downward price space is limited [4] Group 4: Comprehensive Analysis and Trading Strategies Comprehensive Analysis - Supply: New Zealand log arrivals were 571,000 cubic meters this week, up 16% week - on - week, but expected to decrease next week. US log imports resumed on November 10, supplementing species like Douglas - fir. The New Zealand FOB price in November rose to $115 - 119, but high - price transactions were weak [3] - Demand: The average daily outbound volume of 13 ports was 62,800 cubic meters, down 2.48% week - on - week. Demand weakened but was above the annual average. Construction site fund availability was 59.82%, up 0.12 percentage points week - on - week, with better improvement in housing projects [3] - Inventory: Total inventory was 2.88 million cubic meters, up 1.41% week - on - week. Radiata pine accounted for 82% and continued to accumulate. Inventory was concentrated in Shandong and Jiangsu ports, with significant regional differentiation [3] Trading Strategies - Unilateral: It is recommended to wait and see, mainly using range - bound operations [5] - Arbitrage: Pay attention to the 1 - 3 reverse spread [5] - Options: Wait and see [5] Group 5: Core Logic Analysis - The current log valuation is short - term neutral. Spot prices are stable with some decline in radiata pine. The high New Zealand FOB price may be adjusted, providing limited cost support. Short - term high inventory and weak demand suppress valuation, but price may stabilize due to traders' price - holding intention, reduced arrivals next week, and restored US log imports. In the long - term, if demand remains weak and North American log supply increases, valuation may stay weakly stable. The current price has reflected some negative factors, and further downward space is limited. Attention should be paid to demand recovery rhythm and FOB price changes [4] Group 6: Weekly Data Tracking Log Supply - New Zealand log arrivals in 13 Chinese ports from November 3 - 9 were about 571,000 cubic meters, up 16% week - on - week, a recent high. Next - week arrivals are expected to decrease. New Zealand ports shipped 400,000 cubic meters on 10 ships this week, with 360,000 cubic meters on 9 ships to China. The recovery of US log imports on November 10 will increase North American log supply in the long - term. Currently, North American log inventory is 100,000 cubic meters, down 9.09% week - on - week [12] Log Inventory - As of October 31, total domestic coniferous log inventory was 2.88 million cubic meters, up 1.41% week - on - week. Radiata pine inventory was 2.36 million cubic meters, accounting for 82%, showing an obvious accumulation trend. North American log inventory was 100,000 cubic meters, down 9.09% week - on - week. Shandong and Jiangsu ports had concentrated inventory [12][15] Log Demand - As of October 31, the average daily outbound volume of 13 ports was 62,800 cubic meters, down 2.48% week - on - week, indicating weakening demand. Shandong's average daily outbound volume decreased by 9.89%, while Jiangsu's increased by 4.29%. As of November 4, construction site fund availability was 59.82%, up 0.12 percentage points week - on - week, but the improvement has not fully affected log procurement [21] Log Price - In Shandong, the price of 3.9 - meter medium - grade A radiata pine in Rizhao Port was 750 yuan/cubic meter, down 1.32% week - on - week and 7.41% year - on - year. In Jiangsu, the price of 4 - meter medium - grade A radiata pine in Taicang Port was 770 yuan/cubic meter, unchanged week - on - week and down 4.94% year - on - year. In Shandong, the price of 11.8 - meter spruce in Rizhao Port was 1,180 yuan/cubic meter, unchanged week - on - week and up 9.26% year - on - year [27] Downstream Timber Price - The mainstream transaction price of radiata pine timber was 1,270 yuan/cubic meter in Shandong and Jiangsu markets. The mainstream transaction price of spruce/white pine timber was 1,830 yuan/cubic meter in Shandong and 1,680 yuan/cubic meter in Jiangsu [32] Import Log Cost - New Zealand's November FOB price was quoted at $115 - 119, up $1 - 2 from October. Most traders thought it was high, and a price cut was possible within the month [38]

Report Industry Investment Rating No relevant content provided. Core View of the Report - The recent increase in the number of culled chickens has alleviated the previous supply pressure, but the number of laying hens in production is still at a high level. The short - term de - capacity speed is expected to be relatively gentle. Considering that the spot average price is still around 2.8 - 2.9 yuan/jin, and the December main contract has given a certain premium, the upside space is expected to be relatively limited. The recent decline in spot prices indicates that egg prices are likely to be weak in the short term, but the downside space is also relatively limited [8]. Summary by Directory 1. Futures Market - Futures prices: JD01 closed at 3322, down 51 from the previous day; JD05 closed at 3543, down 34; JD09 closed at 3870, down 11 [2]. - Cross - month spreads: The 01 - 05 spread was - 221, down 17; the 05 - 09 spread was - 327, down 23; the 09 - 01 spread was 548, up 40 [2]. - Price ratios: The 01 egg/corn ratio was 1.53, down 0.02; the 01 egg/bean meal ratio was 1.09, down 0.02. Similar changes were seen in other ratios [2]. 2. Spot Market - Egg prices: The average price in the producing areas was 2.97 yuan/jin, down 0.02 yuan/jin from the previous day, and the average price in the selling areas was 3.21 yuan/jin, unchanged [2]. - Culled chicken prices: The average price of culled chickens was 4.00 yuan/jin, down 0.02 yuan/jin [2]. 3. Profit Calculation - Today's profit per chicken was 3.35 yuan, down 1.01 yuan from yesterday. The average price of culled chickens was 4.00 yuan/jin, down 0.02 yuan; the average price of chicken chicks was 3.21 yuan, up 0.04 yuan; the price of egg - laying chicken vaccines was 3 yuan, unchanged [2]. - Feed prices: The average price of corn was 2255 yuan, up 3 yuan; the average price of bean meal was 3080 yuan, unchanged; the price of egg - laying chicken compound feed was 2.50 yuan, unchanged [2]. 4. Fundamental Information - Price trends: The average price in the main producing areas was 2.97 yuan/jin, down 0.02 yuan/jin, and the average price in the main selling areas was 3.21 yuan/jin, unchanged. The national mainstream prices were stable or falling [4]. - Laying hen inventory: In October, the national inventory of laying hens in production was 1.359 billion, a decrease of 0.01 billion from the previous month, and an increase of 5.5% year - on - year. It is estimated that the inventory in November, December, January, and February 2025 will be approximately 1.359 billion, 1.355 billion, 1.346 billion, and 1.333 billion respectively [5]. - Culled chicken situation: From November 6th, the weekly culling volume of laying hens in the main producing areas was 19.81 million, a decrease of 3% from the previous week. The average culling age was 493 days, a decrease of 1 day from the previous week [5]. - Egg sales volume: As of November 6th, the egg sales volume in the representative selling areas was 7300 tons, a decrease of 4% from the previous week [6]. - Profit situation: As of November 6th, the weekly average profit per jin of eggs was - 0.25 yuan/jin, a decrease of 0.05 yuan/jin from the previous week. On October 31st, the expected profit of egg - laying chicken farming was - 4.82 yuan/chicken, a decrease of 1.42 yuan/jin from the previous week [6]. - Inventory situation: As of November 6th, the average weekly inventory in the production link was 1.02 days, a decrease of 0.02 days from the previous week, and the average weekly inventory in the circulation link was 1.06 days, a decrease of 0.04 days from the previous week [6]. 5. Trading Logic - The recent increase in culled chickens has alleviated supply pressure, but the high number of laying hens in production means slow short - term de - capacity. The upside space for egg prices is limited due to the premium in the December main contract, and prices are likely to be weak in the short term with limited downside [8]. 6. Trading Strategies - Unilateral: It is recommended to wait and see in the short term, and consider building long positions at low levels for the far - month contracts [9]. - Arbitrage: It is recommended to wait and see [10]. - Options: It is recommended to wait and see [10].

Group 1: Report Overview - Report Title: Methanol Daily Report, November 12, 2025 [1] - Researcher: Zhang Mengchao [5] - Contact: zhangmengchao_qh@chinastock.com.cn [5] Group 2: Market Review - Futures Market: The futures market rebounded with fluctuations, closing at 2108 (+14/+0.67%) [2] - Spot Market: Various regions had different spot prices, with production areas like Inner Mongolia南线 at 1960 yuan/ton, and consumption areas like Lunan at 2120 yuan/ton [2] Group 3: Important Information - Port Inventory: As of November 12, 2025, the total methanol port inventory in China was 154.36 million tons, an increase of 5.65 million tons from the previous period. East China saw an inventory increase of 6.49 million tons, while South China had a decrease of 0.84 million tons [3] Group 4: Logic Analysis - Supply: Coal - to - methanol profit was around 320 yuan/ton, with high and stable domestic production capacity utilization and continuous ample domestic supply [4] - Import: The US dollar price dropped rapidly, the import forwardation widened. Iranian production was fully normal, non - Iranian production capacity utilization increased slightly, and the foreign market's production capacity utilization returned to a high level [4] - Demand: The MTO device production capacity utilization increased, with some MTO devices operating stably and some at partial loads [4] - Inventory: Import arrivals decreased slightly, the port inventory accumulation cycle ended, and the basis was strong; inland enterprise inventory fluctuated slightly [4] - Overall Situation: With increased international production capacity utilization, resumed imports, and ample port spot liquidity, methanol continued its downward trend, especially considering the high - inventory background [4] Group 5: Trading Strategies - Unilateral: Hold short positions [5] - Arbitrage: Stay on the sidelines [6] - Options: Sell call options [6]

Report Overview - Report Title: Urea Daily Report (November 12, 2025) [2] - Report Type: Energy and Chemical Research Report [2] - Industry: Urea in the Energy and Chemical Sector [2] 1. Report Industry Investment Rating - No industry investment rating was provided in the report. 2. Report's Core View - The market sentiment for urea has cooled down after the impact of the new export quota news faded. The supply is currently abundant with increasing daily production, while the demand is weakening. The domestic urea market is expected to see a decline in prices in the short - term, although the fourth batch of export quotas may have a short - term positive impact on market sentiment [5]. 3. Summary by Relevant Catalogs Market Review - **Futures Market**: Urea futures rose and then fell, closing at 1655 (+7/+0.42%) [3]. - **Spot Market**: The ex - factory prices were weakly stable with general trading. The ex - factory prices in different regions were as follows: Henan 1560 - 1570 yuan/ton, Shandong small - sized 1560 - 1600 yuan/ton, Hebei small - sized 1590 - 1600 yuan/ton, Shanxi medium and small - sized 1500 - 1560 yuan/ton, Anhui small - sized 1540 - 1550 yuan/ton, and Inner Mongolia 1420 - 1490 yuan/ton [3]. Important Information - On November 12, the daily urea production in the industry was 19.81 tons, an increase of 0.14 tons from the previous working day and 1.59 tons from the same period last year. The current operating rate was 84.68%, 4.06% higher than 80.62% in the same period last year [4]. Logic Analysis - **Supply Side**: The maintenance devices are gradually returning, and the daily average production has increased to around 19.9 tons. The urea production enterprise inventory has increased slightly by 20,000 tons to around 1.58 million tons, remaining at a high level [5]. - **Demand Side**: The fourth batch of export quotas is expected to be around 600,000 tons. The international price's impact on the domestic market has increased again. However, the compound fertilizer production in central and northern China has basically ended, the grass - roots stocking is coming to an end, the operating rate of compound fertilizer plants has declined, and the demand for raw materials is low [5]. - **Regional Market**: In Shandong, the mainstream ex - factory prices are expected to decline; in Henan, the ex - factory prices are expected to follow the downward trend; in the delivery area and its surrounding areas, the ex - factory prices are expected to remain stable for now [5]. Trading Strategy - **Single - sided**: Go short [6]. - **Arbitrage**: Wait and see [8]

研究所 贵金属研发报告 贵金属衍生品日报 2025 年 11 月 12 日 研究所副所长：车红云 期货从业证号：F03088215 投资咨询号：Z0017510 研究员：王露晨 CFA 期货从业证号：F03110758 投资咨询号：Z0021675 联系方式： 上海：021-65789219 北京：010-68569781 邮箱： wangluchen_qh@chinastock.co m.cn 贵金属衍生品日报 【市场回顾】 1.贵金属市场: 今天白天，贵金属高位窄幅波动，伦敦金当前交投于 4129 美 元；伦敦银表现更强，站上 51 关口，当前交投于 51.8 美元附近。受外盘驱动，沪 金最终收涨 0.16%，报 945.76 元/克; 沪银主力合约重回 12000 关口，最终收涨 2.02%，报 12073 元/千克。 2.美元指数: 美元指数窄幅波动，当前交投于 99.53 美元。 3.美债收益率:10 年美债收益率横向盘整，当前交投于 4.09%附近。 4.人民币汇率:人民币兑美元窄幅波动，当前交投于 7.118 附近。 【重要资讯】 1.美国政府动态：美参议院投票通过临时拨款法案，众议院据悉将于北 ...