Report Industry Investment Rating - Not provided in the document Core Viewpoints - The supply - demand pattern of pure benzene is weak, the supply - demand side of styrene lacks upward drivers, and with the increase in US crude oil inventories, the prices of pure benzene and styrene are expected to show a weak and volatile trend [6][8] - For trading strategies of both pure benzene and styrene, it is recommended to take a wait - and - see approach for arbitrage and sell out - of - the - money call options [6][8] Summary by Directory Chapter 1: Comprehensive Analysis and Trading Strategies Comprehensive Analysis - Pure Benzene - Upstream: OPEC decided to increase production in December but suspend it in Q1 next year. There are many uncertainties in the situations of Russia, Ukraine, and Venezuela, and oil prices are volatile in the short term. Sinopec lowered the listed price of pure benzene, large integrated plants increased external sales, and market transactions were light. The arbitrage window between Shandong and East China has closed, and the expected imports in November are high, resulting in a weak market atmosphere [6][10] - Supply: Dalian Fujia's 350,000 - ton pure benzene plant restarted, Luoyang Petrochemical's 140,000 - ton plant had a short - stop, and Zhenhai Refining & Chemical's 240,000 - ton plant is expected to restart in mid - to - late November, with relatively ample supply of petroleum benzene. For hydrogenated benzene, some plants were under maintenance while others restarted. The operating rate decreased week - on - week but is expected to increase in the middle of the month [6][13] - Demand: The downstream operating rate of pure benzene decreased, profits continued to be in the red, and the inventory of major downstream products was high. The main ports of pure benzene may continue to see a slight increase in inventory [6][14][16] Comprehensive Analysis - Styrene - Supply - demand: Both supply and demand of styrene decreased, the inventory at the main ports decreased month - on - month, the basis fluctuated slightly, the price difference between East China and Shandong weakened, and the inter - regional arbitrage window remained closed. Some plants restarted or increased production, while others planned maintenance. New plants are expected to increase supply [8][30] - Downstream: The operating rate of EPS decreased, while those of ABS and PS increased slightly. The inventory of EPS and PS decreased, and the inventory of ABS increased month - on - month [33][35] Chapter 3: Weekly Data Tracking 3.1 Pure Benzene - Price: Includes domestic and foreign prices, price differences between varieties and regions, and profit data of the industrial chain [39][42][44] - Operating rate: Covers the operating rates of pure benzene, hydrogenated benzene, and downstream products [61][63] - Inventory: The inventory at the pure benzene ports is presented [62] 3.2 Styrene - Price: Includes domestic and foreign prices, price differences between regions and foreign markets, and profit data of the industrial chain [69][72][74] - Operating rate: Covers the operating rates of styrene and its downstream products [76] - Inventory: The inventory at the styrene ports in East and South China is presented [81]

Report Industry Investment Rating No relevant content provided. Report's Core View The report provides a daily morning observation of various futures markets, including financial derivatives, agricultural products, black metals, and non - ferrous metals. It analyzes the market conditions, important news, trading logic, and offers corresponding trading strategies for each sector. Summary by Related Catalogs Financial Derivatives Stock Index Futures - Market situation: The stock market showed high - low switching and index fluctuations. The main stock index futures contracts fell, with different changes in trading volume and positions. The market is expected to remain volatile until a consensus is formed [17][19][20]. - Trading strategy: For unilateral trading, high - low trading in a high - level range; for arbitrage, IM\IC long 2512 + short ETF cash - and - carry arbitrage; for options, bull spread at low prices [21]. Treasury Futures - Market situation: Treasury futures closed mostly flat. The spot bond yields fluctuated slightly, and the market lacked clear incremental positive drivers, limiting the upward space of futures bonds [22][23]. - Trading strategy: For unilateral trading, wait and see; for arbitrage, hold short 30Y - 7Y term spread positions and consider long T - contract inter - delivery spread at an appropriate time [23]. Agricultural Products Protein Meal - Market situation: The domestic supply pressure has improved, and the inventory has decreased slightly. The CBOT soybean index rose slightly, while the CBOT index fell [25]. - Trading strategy: For unilateral trading, wait and see; for arbitrage, wait and see; for options, sell a wide - straddle strategy [26]. Sugar - Market situation: International sugar prices fluctuated, and domestic sugar prices were slightly stronger. Global sugar production in major producing areas is increasing, while domestic sugar production is expected to increase, but import policies and high costs support the price [27][28][29]. - Trading strategy: For unilateral trading, conduct range trading; for arbitrage, short foreign sugar and long Zhengzhou sugar; for options, wait and see [30]. Oilseeds and Oils - Market situation: In October, Malaysian palm oil inventories increased as expected, and the oil market is in a bottom - grinding phase. Different oils have different supply and demand situations [31][32]. - Trading strategy: For unilateral trading, wait and see; for arbitrage, wait and see; for options, wait and see [33]. Corn/Corn Starch - Market situation: The spot price rebounded, and the futures market was strongly volatile. The US corn market is expected to be in a narrow - range shock, while the domestic corn spot price is short - term strong [34][35]. - Trading strategy: For unilateral trading, short - long on dips for the December US corn; wait and see for the January domestic corn, and consider short - selling at high prices with a stop - loss; wait for dips for the May and July contracts; for arbitrage, wait and see; for options, wait and see [36]. Live Hogs - Market situation: The pressure of hog slaughter increased, and the price declined slightly. The overall supply pressure remains due to high inventory [37][38]. - Trading strategy: For unilateral trading, lightly short; for arbitrage, wait and see; for options, sell a wide - straddle strategy [38]. Peanuts - Market situation: Peanut spot prices are strong, and the short - term market is strongly volatile. The price of imported peanuts is stable, and the oil mill has not made large - scale purchases [39][40]. - Trading strategy: For unilateral trading, the January contract is expected to be in a bottom - range shock, and lightly short - long the May contract with a stop - loss; for arbitrage, wait and see; for options, sell the pk601 - P - 7600 option [40]. Eggs - Market situation: Egg demand has improved, and the price has slightly rebounded. The inventory of laying hens is still high, and the short - term price increase space is limited [42][43][44]. - Trading strategy: For unilateral trading, close previous short positions and wait and see; for arbitrage, wait and see; for options, wait and see [44]. Apples - Market situation: New apples are being stored, and the price is mainly stable. The apple production has decreased this year, and the cold - storage inventory is expected to be low [45][46][47]. - Trading strategy: For unilateral trading, consider going long on dips; for arbitrage, wait and see; for options, wait and see [47]. Cotton - Cotton Yarn - Market situation: Cotton picking is nearing completion, and the price is mainly volatile. The new cotton supply is increasing, but the production increase may be lower than expected, and the demand is in the off - season [49][50][51]. - Trading strategy: For unilateral trading, the US cotton is expected to be volatile, and Zhengzhou cotton is slightly stronger in the short - term; for arbitrage, wait and see; for options, wait and see [51]. Black Metals Steel - Market situation: Raw material costs are under pressure, and steel prices are in a range - bound shock. The supply and demand structure suppresses steel prices, but cost support exists [54]. - Trading strategy: For unilateral trading, maintain range - bound trading; for arbitrage, hold long roll - screw spread positions; for options, wait and see [55]. Coking Coal and Coke - Market situation: Market sentiment has cooled, and the market is in an adjustment phase. After a sharp decline, the market is expected to oscillate and sort out in the near term [59]. - Trading strategy: For unilateral trading, wait and see in the short - term and consider going long on dips in the medium - term; for arbitrage, short the 1/5 coking - coal spread; for options, wait and see [60]. Iron Ore - Market situation: Adopt a bearish mindset. The supply is high in the fourth quarter, while the domestic demand is weak [63]. - Trading strategy: For unilateral trading, mainly short; for arbitrage, wait and see; for options, wait and see [63]. Ferroalloys - Market situation: Costs provide some support, and previous short positions can be reduced. The supply and demand of silicon - iron and manganese - silicon have weakened marginally, but costs are supportive [65]. - Trading strategy: For unilateral trading, reduce previous short positions on dips; for arbitrage, wait and see; for options, sell an out - of - the - money straddle option combination [67]. Non - Ferrous Metals Precious Metals - Market situation: Market liquidity expectations boost precious metals, which are strongly volatile. The US government's situation and economic data affect market sentiment [69][70]. - Trading strategy: For unilateral trading, hold long positions based on the 5 - day moving average; for arbitrage, wait and see; for options, use a collar - call option strategy [70][71]. Copper - Market situation: Short - term volatility. The supply and demand situation and macro - economic data affect the copper market [72]. - Trading strategy: For unilateral trading, wait and see, and consider long - term long positions; for arbitrage, the ratio may rebound; for options, wait and see [74]. Alumina - Market situation: The supply and demand are still significantly surplus. Spot prices have rebounded, but the pressure of basis - driven selling exists [78]. - Trading strategy: For unilateral trading, short - term narrow - range rebound, but beware of basis - driven selling pressure; for arbitrage, wait and see; for options, wait and see [80][81]. Electrolytic Aluminum - Market situation: Overseas supply concerns persist, and aluminum prices are strongly volatile. Macro - economic factors and supply - demand fundamentals affect the market [82][83]. - Trading strategy: For unilateral trading, maintain a bullish view after dips; for arbitrage, wait and see; for options, wait and see [85]. Cast Aluminum Alloy - Market situation: Overseas interest - rate cut expectations increase, and the alloy price is strongly volatile with aluminum prices. Cost support and demand - side factors co - exist [86]. - Trading strategy: For unilateral trading, the alloy price is strongly volatile with aluminum prices; for arbitrage, wait and see; for options, wait and see [86]. Zinc - Market situation: Pay attention to the export volume. The supply may improve due to potential smelter production cuts and export opportunities, but the upward space is limited [89]. - Trading strategy: For unilateral trading, wait and see; for arbitrage, hold long SHFE and short LME arbitrage positions; for options, wait and see [89]. Lead - Market situation: Range - bound trading. The supply may improve, while the demand may weaken [91]. - Trading strategy: For unilateral trading, short - term range - bound trading, and the price may decline with inventory accumulation; for arbitrage, wait and see; for options, sell an out - of - the - money call option [91]. Nickel - Market situation: The cost is loosening, and nickel prices are weakly volatile. The supply is relatively abundant, and the price is under pressure [93]. - Trading strategy: For unilateral trading, short on rebounds; for arbitrage, wait and see; for options, sell an out - of - the - money call option [94][95]. Stainless Steel - Market situation: Both supply and demand are weak, and raw materials are under pressure. The market is in a low - season, and prices are expected to continue to decline [96]. - Trading strategy: For unilateral trading, short on rebounds; for arbitrage, wait and see [96]. Industrial Silicon - Market situation: No detailed market situation description provided. - Trading strategy: Close long positions and realize profits in time [97].

1. Report Industry Investment Rating - No information provided in the report 2. Core View of the Report - Short - term, the 12 and 02 contracts of the container shipping index (European line) are expected to show divergent trends. The 02 contract is mainly driven by the logic of position transfer and basis correction, while the 12 contract follows the spot delivery logic. The 12 - 2 reverse spread logic may continue in the short term. The market is expected to maintain a weak and volatile trend, and it is recommended to wait and see for both unilateral and arbitrage trading [8][12][13] 3. Summary by Relevant Catalogs 3.1 Container Shipping - Container Shipping Index (European Line) 3.1.1 Futures Market - On November 11, 2025, among different futures contracts, EC2602 had a significant increase of 5.33% to 1,690.5 points, with a trading volume increase of 351.24% and an open interest increase of 18.85%. EC2512 closed at 1,746.1 points, down 1.81% from the previous day [5] - The month - spread structure showed various changes. For example, the EC12 - EC02 spread was 56 points, down 117.7 points [5] 3.1.2 Container Freight Rates - The SCFIS European line index was 1504.80 points, with a week - on - week increase of 24.50% and a year - on - year decrease of 40.43%. The SCFIS US West line index was 1329.71 points, with a week - on - week increase of 4.94% and a year - on - year decrease of 52.84% [5] - Different container shipping routes had different price changes. For example, the SCFI: Shanghai - West Africa price was 3728 USD/TEU, with a week - on - week increase of 8.44% and a year - on - year decrease of 19.13% [5] 3.1.3 Fuel Costs - The WTI crude oil near - month price was 59.94 dollars per barrel, with a week - on - week increase of 0.45% and a year - on - year decrease of 11.92%. The Brent crude oil near - month price was 63.7 dollars per barrel, with a week - on - week increase of 0.38% and a year - on - year decrease of 11.2% [5] 3.2 Market Analysis and Strategy Recommendation 3.2.1 Market Analysis - On November 11, the EC futures market was affected by position transfer and the uncertainty of the 02 contract's delivery settlement date. The EC2602 contract rose significantly due to position transfer and potential changes in the delivery settlement date. However, the final decision lies with the exchange [7] - In the short term, the 12 and 02 contracts are expected to show different trends. The 12 contract's valuation is under pressure as the shipping capacity is abundant in the second half of November, and the shipping companies' motivation to increase prices is weakening [8] - In terms of spot freight rates, although the long - term cargo of shipping companies has improved, the motivation to increase prices in the second half of November is weakening, and the expected price increase may not be fully realized. The freight rates in December may be restricted [9] - The shipping capacity from Shanghai to the Nordic 5 - port area in November and December is relatively stable, with only minor changes in this period. The shipping companies' cargo - handling performance after the Sino - US tariff reduction and the impact of the Spring Festival holiday on the EC2602 contract's valuation need to be monitored [9][10][11] 3.2.2 Strategy Recommendation - Unilateral trading: It is recommended to wait and see as the market is expected to maintain a weak and volatile trend in the short term [12] - Arbitrage trading: It is recommended to wait and see [13] 3.3 Industry News - The CMA CGM Jules Verne on the OCEAN Alliance MED2 route is expected to reach the Suez Canal waters on November 14, which may indicate that the OCEAN Alliance is expanding its Red Sea test scope [14] - The first - stage cease - fire agreement in Gaza has been in effect for one month, but the implementation has been full of difficulties, and the second - stage cease - fire agreement is still uncertain [14] 3.4 Related Attachments - There are multiple figures showing the SCFIS European line index, SCFIS US West line index, SCFI comprehensive index, and container freight rates of different routes over different time periods [17][18][20]

Group 1: Market Information - The closing price of the SF main contract was 5562, down 130 from the previous day and up 52 from the previous week, with a trading volume of 180020 (down 5301) and an open interest of 101052 (up 5956). The closing price of the SM main contract was 5764, down 56 from the previous day and up 10 from the previous week, with a trading volume of 208571 (down 5195) and an open interest of 356141 (up 1378) [2]. - For silicon - iron spot, prices in some regions such as Inner Mongolia, Ningxia, and Qinghai increased by 30 yuan/ton on November 11th. For silicon - manganese spot, prices in some regions like Ningxia and Guangxi increased by 10 - 20 yuan/ton [2]. - Regarding the basis/spread, for silicon - iron, the basis of Inner Mongolia - main contract increased by 160. For silicon - manganese, the basis of Inner Mongolia - main contract increased by 56. The SF - SM spread was - 202, down 74 from the previous day and up 42 from the previous week [2]. - For raw materials, Tianjin port manganese ore spot prices increased by 0.1 - 0.2 yuan/ton degree, and the prices of semi - carbonates, Gabon blocks, etc. changed accordingly. The prices of blue charcoal small materials in some regions such as Shaanxi and Ningxia increased [2]. Group 2: Market Analysis and Trading Strategies Core View - The supply - demand situation of ferroalloys is weakening at the margin, but the cost side provides support. The previous short positions can be reduced at low prices [5]. Trading Strategies - Unilateral: Reduce previous short positions at low prices as the supply - demand is weakening marginally while the cost side is supportive [5][6]. - Arbitrage: Wait and see [6]. - Options: Sell out - of - the - money straddle option combinations [6]. Important Information - On November 11th, the transaction prices of semi - carbonates, Gabon blocks, and Australian blocks at Tianjin Port were 34.2 - 34.5, 40.2, and 39 - 39.2 yuan/ton degree respectively [7]. - The National Development and Reform Commission organized a video conference on energy supply guarantee during the heating season from 2025 - 2026, emphasizing stable energy production and supply, coal production organization, and safety production [7]. Group 3: Cost and Profit - For silicon - iron, the production costs in Inner Mongolia, Ningxia, Shaanxi, Qinghai, and Gansu were 5556, 5659, 5663, 5717, and 5765 yuan/ton respectively, all showing losses [16]. - For silicon - manganese, the production costs in Inner Mongolia, Ningxia, Guangxi, and Guizhou were 5805, 5834, 6339, and 6159 yuan/ton respectively, also with losses [19].

Group 1: Market Information - Spot prices: Shanghai Zhongtian rebar is 3160 yuan (unchanged), Beijing Jingye rebar is 3190 yuan (+10), Shanghai Angang hot-rolled coil is 3280 yuan (+10), and Tianjin Hegang hot-rolled coil is 3190 yuan (unchanged) [4] Group 2: Market Outlook - The black metal sector showed a weak and volatile trend today, with coking coal leading the decline. Finished steel products performed better than raw materials. The overall spot trading volume of steel was generally weak, with poor speculative sentiment and average low-price rigid demand [5] - Last week's data from Steel Union showed that blast furnaces in North China continued to cut production, leading to an overall decline in steel output. However, electric arc furnaces have recently shifted to increased production, and it is expected that the supply of rebar will continue to grow. Last week, rebar inventory continued to decline, while hot-rolled coil inventory increased overall. The apparent demand for all steel products declined, and the supply-demand structure suppressed steel prices [5] - Recently, the rapid reduction in hot metal production has squeezed raw materials, causing the center of steel prices to move downward. In the fourth quarter, the release of funds has slowed down, downstream payment collection is slow, and the number of projects has declined year-on-year. The impact of macro factors is gradually fading, and there is still pressure on the upside [5] - Today, the National Development and Reform Commission emphasized energy supply guarantee during the heating season, which is a routine operation. The meeting also emphasized the need to focus on safety production. Coupled with the decline in the pithead price of thermal coal, it led to a sharp decline today. However, the 2025 central safety production assessment and inspection has officially started, and it is difficult for the supply of coking coal to increase significantly, so there is support for steel costs [5] - In the short term, steel prices will generally maintain a range-bound fluctuation, and more factors are needed to break the situation. Continue to pay attention to coal mine safety inspections, overseas tariffs, and domestic macro and industrial policies [5] Group 3: Trading Strategies - Unilateral: Maintain a range-bound trend [6] - Arbitrage: It is recommended to hold the long position in the hot-rolled coil - rebar spread [7] - Options: It is recommended to wait and see [8] Group 4: Important News - Recently, the National Development and Reform Commission organized a video conference on energy supply guarantee for the 2025 - 2026 heating season. The meeting required that all regions and relevant enterprises should fully recognize the importance of doing a good job in energy supply guarantee this heating season, including stabilizing energy production and supply, ensuring the performance of medium - and long - term energy contracts, making every effort to ensure energy supply during peak periods, focusing on ensuring energy for people's heating, improving the ability to respond to disasters such as low - temperature rain, snow, and freezing, and doing a good job in safety production [9][10] - Recently, the 2025 central safety production assessment and inspection has officially started. 22 central safety production assessment and inspection teams led by responsible comrades of relevant members of the State Council Safety Committee have successively entered 31 provinces, autonomous regions, municipalities directly under the Central Government, and the Xinjiang Production and Construction Corps to conduct assessment and inspection on safety production work in 2025, which will be completed by the end of November. As of November 10, 10 central safety production assessment and inspection teams have entered Shanxi, Heilongjiang, Liaoning, Jiangsu, Jiangxi, Hainan, Chongqing, Yunnan, Gansu, and Xinjiang [10]

1. Report Industry Investment Rating - No information provided in the report 2. Core View of the Report - Apple fundamentals are strong, with recent spot prices rising. It is advisable to consider going long on dips. For arbitrage and options, it is recommended to wait and see [7][10] 3. Summary by Relevant Sections 3.1 Market Information - **Spot Prices**: The Fuji apple price index is 106.38, up 0.02 from the previous trading day. The average wholesale price of 6 fruits is 6.94, down 0.22 from the previous trading day. Various apple varieties' prices in different regions are stable [2] - **Futures Prices**: AP01 is at 9229, up 70 from the previous close; AP05 is at 9289, up 29; AP10 is at 8386, up 29 [2] - **Basis**: The basis data shows different values and changes, such as AP01 - AP05 is -60, up 41 from the previous trading day [2] 3.2 Market News and Views - **Apple Market News** - In September 2025, the import volume of fresh apples was 0.97 million tons, a month - on - month decrease of 17.85% and a year - on - year decrease of 1.10%. The cumulative import volume from January to September 2025 was 10.81 million tons, a year - on - year increase of 19.49%. The export volume in September 2025 was about 7.08 million tons, a month - on - month increase of 3.50% and a year - on - year decrease of 6.32% [5] - The apple market in the producing areas is generally stable. In Shandong, the acquisition is still ongoing, and cold storage warehousing is approaching the end. In the northwest, the off - storage transactions are basically over, and the cold storage transactions of farmers' apples have begun. The current in - storage transaction price is higher than the off - storage acquisition price. There are many cold storage procurement merchants in Gansu recently [5] - In the 2024 - 2025 production season, the profit of storage merchants for 80 first - and second - grade apples in Qixia is 0.4 yuan per catty, down 0.1 yuan per catty from last week [6] - The mainstream transaction price of apples in Luochuan, Shaanxi is stable, with the 70 and above semi - commercial apples having a mainstream transaction price of 3.5 - 4.0 yuan per catty. Cold storage transactions have started [6] - **Trading Logic**: This year, apple production has decreased, the high - quality fruit rate is poor, and storage is more difficult. Market expectations are that the cold storage warehousing data will likely be low. As of November 6, 2025, the national cold storage inventory ratio is about 51.68%, a year - on - year decrease of 10.62 percentage points; the inventory is 6.8274 million tons, 17.04% lower than the same period last year. It is expected that the effective inventory will likely be low [7] - **Trading Strategy** - **Single - side**: Consider going long on dips due to the strong apple fundamentals and recent rising spot prices [10] - **Arbitrage**: It is recommended to wait and see [10] - **Options**: It is recommended to wait and see [10] 3.3 Relevant Attachments - There are multiple charts including the prices of different apple varieties, AP contract basis, spreads between different AP contracts, apple arrival volumes in wholesale markets, and 6 - fruit prices, as well as national cold storage apple inventory and outbound volume [12][13][14]

Report Summary 1. Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core View Although the recent increase in the number of culled chickens has alleviated the previous supply pressure, the number of laying hens in production remains at a high level. It is expected that the pace of capacity reduction will be relatively gradual in the short term. Considering that the current spot average price is still around 2.8 - 2.9 yuan per catty, while the December main contract has given a certain premium, the upside potential is expected to be relatively limited [8]. 3. Summary by Directory 3.1 Futures Market - **Futures Prices**: JD01 closed at 3373, down 10 from the previous day; JD05 closed at 3577, up 72; JD09 closed at 3881, up 25 [2]. - **Spread**: The 01 - 05 spread was -204, down 82; the 05 - 09 spread was -304, up 47; the 09 - 01 spread was 508, up 35 [2]. - **Ratio**: The 01 egg/corn ratio was 1.55, down 0.01; the 05 egg/corn ratio was 1.59, up 0.03; the 09 egg/corn ratio was 1.70, up 0.01. The 01 egg/soybean meal ratio was 1.10, unchanged; the 05 egg/soybean meal ratio was 1.26, up 0.02; the 09 egg/soybean meal ratio was 1.31, unchanged [2]. 3.2 Spot Market - **Egg Prices**: The average price in the main producing areas was 2.99 yuan per catty, down 0.01 yuan from the previous day; the average price in the main selling areas was 3.21 yuan per catty, down 0.02 yuan from the previous day. The national mainstream prices showed a mix of increases and stability [2][4]. - **Culled Chicken Prices**: The average price of culled chickens in the main producing areas was 4 yuan per catty, up 0.01 yuan from the previous day [2][7]. 3.3 Profit Calculation - **Cost**: The average cost of corn was 2252 yuan, up 8 yuan; the average cost of soybean meal was 3080 yuan, unchanged; the average cost of laying - hen compound feed was 2.50 yuan, up 0.01 yuan [2]. - **Income**: The average price of culled chickens was 4.02 yuan, up 0.02 yuan; the average price of chicks was 3.21 yuan, up 0.04 yuan; the price of laying - hen vaccines was 3 yuan, unchanged [2]. - **Profit**: The profit per laying hen was 4.34 yuan, down 0.60 yuan from the previous day [2]. 3.4 Fundamental Information - **Supply**: In October, the number of laying hens in production nationwide was 1.359 billion, a decrease of 0.01 billion from the previous month, and a year - on - year increase of 5.5%. The monthly output of chicks in October was 39.2 million, with little change month - on - month and a year - on - year decrease of 13%. The number of culled chickens in the week of November 6 was 19.81 million, a decrease of 3% from the previous week. The average age of culled chickens was 493 days, a decrease of 1 day from the previous week [5]. - **Demand**: As of November 6, the weekly sales volume of eggs in representative selling areas nationwide was 7300 tons, a decrease of 4% from the previous week [6]. - **Inventory**: As of November 6, the average weekly inventory in the production link was 1.02 days, a decrease of 0.02 days from the previous week; the average weekly inventory in the circulation link was 1.06 days, a decrease of 0.04 days from the previous week [6]. 3.5 Trading Strategy - **Single - sided**: It is recommended to wait and see in the short term [9]. - **Arbitrage**: It is recommended to wait and see [10]. - **Options**: It is recommended to wait and see [10].

1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report - In November, with the large - scale listing of new cotton, there may be some selling hedging pressure. Although this year's cotton production is a bumper harvest, the expected increase may be less than previously thought. The demand side has entered a relatively off - season after the peak season. Considering the optimistic results of recent Sino - US trade negotiations, it is expected that cotton will be slightly stronger in the short - term and fluctuate mainly [6]. - It is predicted that the future trend of US cotton will mostly be volatile, while Zhengzhou cotton is expected to show a slightly stronger volatile trend [7]. 3. Summary by Directory 3.1 Market Information - **Futures Market**: For cotton futures, the closing prices of CF01, CF05, and CF09 contracts decreased by 20, and the CY01 contract decreased by 10, while the CY05 and CY09 contracts remained unchanged. The trading volumes of most contracts decreased, and the open interest of some contracts increased. For example, the trading volume of the CF01 contract decreased by 60,717, and the open interest increased by 3,733 [2]. - **Spot Market**: The price of CCIndex3128B was 14,842 yuan/ton, down 17 yuan/ton; the price of Cot A was 75.20 cents/pound. The prices of some products such as polyester staple fiber and viscose staple fiber changed. For example, the price of polyester staple fiber increased by 70 yuan/ton, and the price of viscose staple fiber decreased by 100 yuan/ton [2]. - **Spread**: In the cotton and cotton yarn markets, there are various spreads. For example, the CY01 - CF01 spread was 6,295, up 10; the 1% tariff - based internal and external cotton spread was 1,572, up 118 [2]. 3.2 Market News and Views - **Cotton Market News**: In Changji City, the cotton planting area is 520,000 mu, with an expected seed cotton yield of 247,000 tons and a total output value of 1.8 billion yuan. As of now, more than 140,000 tons of seed cotton have been purchased. The Xinjiang cotton road transportation price index remained flat on November 11, and the China Cotton Price Index decreased slightly [4][5]. - **Trading Logic**: Considering the supply and demand situation and the optimistic results of Sino - US trade negotiations, it is expected that cotton will fluctuate slightly stronger in the short - term [6]. - **Trading Strategy**: For single - side trading, it is expected that US cotton will fluctuate, and Zhengzhou cotton will fluctuate slightly stronger. For arbitrage and options, it is recommended to wait and see [7][8]. - **Cotton Yarn Industry News**: The production of cotton fabric factories continues, and spring and summer orders are gradually received. The spot sales of cotton fabric are slow, and the market competition is fierce. The trading volume of pure cotton yarn is average, and the prices are gradually unified. The inventory of some spinning mills is low, while some are starting to accumulate inventory [9]. 3.3 Options - **Option Data**: On November 10, 2025, for options such as CF601C13400.CZC, the closing price was 240, down 5.5%. The implied volatilities of different options varied, with CF601 - C - 13400 at 7.7%, CF601 - P - 13000 at 10.9%, and CF601 - P - 12400 at 15.2%. The 30 - day HV of cotton decreased slightly [11]. - **Option Strategy**: It is recommended to wait and see [13]. 3.4 Related Attachments The report provides multiple charts, including the internal and external cotton price spread under 1% tariff, the basis of different months of cotton, the spread between cotton yarn and cotton futures, and the spread between different months of cotton futures, which visually show the price trends and relationships in the cotton and cotton yarn markets [15][18][22]

Report Overview - Report Title: Sugar Daily Report [2][3] - Report Date: November 11, 2025 [2] - Researcher: Liu Qiannan [5] Industry Investment Rating - Not provided in the report Core Viewpoints - Internationally, the sugar production in major global producing areas is increasing. With Brazil's sugar production at a historically high level, a downward shift in the support from ethanol to sugar due to Brazil's oil price cut, and potentially higher-than-expected sugar exports from India, the fundamental situation of raw sugar is weak, and the long - term trend is downward [11]. - Domestically, in the short term, the expected increase in sugar production and the significant drop in international sugar prices, along with the start of the domestic sugar - crushing season, lead to increasing supply and sales pressure. However, due to tightened imports of syrup and premixed powder and relatively high previous point - pricing costs, the domestic sugar production cost is high, providing some support to the futures price. Therefore, the Zhengzhou sugar price is expected to fluctuate within a range in the short term. In the long run, the price will still be affected by the international market and is expected to be weak, but the downward space is relatively limited due to policy support [12]. Summary by Section Part 1: Data Analysis - **Futures Market**: SR09 closed at 5,403 with a 0.09% increase; SR01 closed at 5,475 with a 0.33% increase; SR05 closed at 5,405 with a 0.15% increase. The trading volume and open interest of each contract also changed accordingly [6]. - **Spot Market**: The spot prices of sugar in different regions such as Liuzhou, Kunming, and Wuhan were reported. The price in Liuzhou increased by 30 yuan/ton, while others remained unchanged. The basis and monthly spreads were also calculated [6]. - **Import Profit**: The import profit from Brazil and Thailand was analyzed. The quota - free and in - quota import prices and their spreads with domestic prices were presented [6]. Part 2: Market Judgment - **Important Information**: An analyst survey predicted that the sugarcane crushing volume in the central - southern region of Brazil in the second half of October would be 29.42 million tons, a year - on - year increase of 8.1%, and the sugar production would be 1.92 million tons, a year - on - year increase of 7.8%. Brazil's sugar and molasses exports in the first week of November were 685,700 tons, with an average daily export volume 23% lower than that in November last year. China adjusted its sugar supply - demand data for the 2024/25 season, reducing sugar imports by 380,000 tons to 4.62 million tons. The predicted sugar production for the 2025/26 season was 11.7 million tons, an increase of 500,000 tons from the previous month's prediction, and consumption was predicted to be 15.7 million tons, a decrease of 200,000 tons [8][9]. - **Logical Analysis**: Globally, the sugar production in major producing areas is increasing. In Brazil, the 2025/26 sugarcane and sugar production in the central - southern region and the whole country were reported, with sugar production slightly higher than previous estimates. India's 2025/26 sugar production was estimated, and the government allowed 150,000 tons of sugar exports. Domestically, short - term supply pressure is increasing, but high production costs provide support, and long - term prices are affected by the international market [11][12]. - **Trading Strategies**: For unilateral trading, the international sugar price is in an oscillating adjustment, and the domestic sugar price is expected to fluctuate. It is recommended to operate within a range, selling high and buying low. For arbitrage, short foreign sugar and long Zhengzhou sugar. For options, it is recommended to wait and see [13][14][15]. Part 3: Related Attachments - The report includes multiple charts showing data such as monthly inventories, sales - to - production ratios, spot prices, price spreads, and basis in Guangxi and Yunnan [17][18][22]

Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core Viewpoint The report indicates that the methanol market is facing a downward trend. With high domestic supply, increased international device operation rates, and high inventory levels, despite some minor disturbances in imports, methanol is expected to continue its decline [4]. 3. Summary by Relevant Catalogs Market Review - **Futures Market**: The futures price of methanol oscillated downward, closing at 2082 (-16/-0.76%) [2]. - **Spot Market**: Different regions have different spot prices. For example, in production areas, Inner Mongolia's southern line is priced at 1950 yuan/ton, and the northern line is at 1990 yuan/ton. In consumption areas, the market price in southern Shandong is 2120 yuan/ton [2]. Important Information - The weekly signing volume (excluding long - term contracts) of methanol sample production enterprises in the northwest region from November 10 - 11, 2025, was 88,800 tons (8.88 million tons), an increase of 64,900 tons (6.49 million tons) compared to the previous statistical date, a month - on - month increase of 271.55% [3]. Logical Analysis - **Supply Side**: The profit of coal - to - methanol is around 320 yuan/ton, and the domestic supply remains abundant with a high and stable methanol operating rate [4]. - **Import Side**: The US dollar price is dropping rapidly, the import parity is expanding. The operation rate of foreign devices has returned to a high level, and there is a large amount of non - Iranian supply [4]. - **Demand Side**: The operating rate of MTO devices has rebounded, with some MTO devices operating stably and others at less - than - full capacity [4]. - **Inventory**: The port inventory accumulation cycle has ended, the basis is strong, and the inventory of inland enterprises fluctuates slightly. However, due to increased imports and stable downstream demand, the port inventory is expected to continue to accumulate [4]. Trading Strategy - **Unilateral**: Hold short positions [5]. - **Arbitrage**: Stay on the sidelines [6]. - **Options**: Sell call options [6].