Group 1: Report General Information - Report Title: Galaxy Futures Oil Daily Report, November 10, 2025 [2] - Report Type: Agricultural Product R & D Report [1] Group 2: Investment Rating - Not provided in the report Group 3: Core Viewpoints - After a significant decline, the oil market has stabilized and is experiencing a technical rebound. However, palm oil lacks obvious short - term drivers, with limited expected upward space [5][10]. - Soybean oil is expected to maintain a volatile trend due to sufficient short - term supply and a lack of obvious drivers [6]. - Rapeseed oil's fundamentals have not changed much, but the continuous marginal reduction of inventory supports its price [8]. Group 4: Data Analysis Spot Price and Basis - **Soybean Oil**: The 2601 closing price was 8228, up 44. Spot prices in Zhangjiagang, Guangdong, and Tianjin were 8488, 8528, and 8398 respectively. The basis in Zhangjiagang, Guangdong, and Tianjin was 300, 260, and 170 respectively, with no change [3]. - **Palm Oil**: The 2601 closing price was 8690, up 30. Spot prices in Guangdong, Zhangjiagang, and Tianjin were 8590, 8710, and 8790 respectively. The basis in Guangdong, Zhangjiagang, and Tianjin was - 100, 20, and 100 respectively, with no change [3]. - **Rapeseed Oil**: The 2601 closing price was 9587, up 54. Spot prices in Zhangjiagang, Guangxi, and Guangdong were 9937, 10087 respectively. The basis in Zhangjiagang and Guangdong was 350 and 500 respectively, with no change [3]. Monthly Spread - **Soybean Oil**: The 1 - 5 monthly spread was 230, up 6 [3]. - **Palm Oil**: The 1 - 5 monthly spread was - 102, down 32 [3]. - **Rapeseed Oil**: The 1 - 5 monthly spread was 413, up 8 [3]. Cross - Variety Spread - The Y - P 01 spread was - 462, up 14; the OI - Y 01 spread was 1359, up 10; the OI - P 01 spread was 897, up 24; the oil - meal ratio was 2.69, up 0.01 [3]. Import Profit - The CNF price of 24 - degree palm oil from Malaysia and Indonesia was 1040 (shipment in December), with a disk profit of - 187. The FOB price of crude rapeseed oil from Rotterdam (shipment in December) was 1085, with a disk profit of - 1169 [3]. Weekly Commercial Inventory (Week 44, 2025, in 10,000 tons) - **Soybean Oil**: This week's inventory was 121.6, last week's was 125.0, and the same period last year was 110.1 [3]. - **Palm Oil**: This week's inventory was 59.3, last week's was 60.7, and the same period last year was 53.9 [3]. - **Rapeseed Oil**: This week's inventory was 51.4, last week's was 53.5, and the same period last year was 41.8 [3]. Group 5: Fundamental Analysis International Market - Malaysia's palm oil production in October 2025 was 2,043,886 tons, a month - on - month increase of 11.02%. The inventory was 2,464,452 tons, a month - on - month increase of 4.44% [5]. Domestic Market - **Palm Oil**: As of November 7, 2025, the national key - area commercial inventory was 59.73 tons, a week - on - week increase of 0.45 tons (0.76%). It is at a neutral level in the same period of history. The origin's quotation is stable, the import profit inversion has narrowed to about - 200, and the basis is stable [5]. - **Soybean Oil**: As of November 7, 2025, the national key - area commercial inventory was 115.72 tons, a week - on - week decrease of 5.86 tons (4.82%). It is at a relatively high level in the same period of history, and the inventory inflection point may have arrived. The basis is stable. With the decrease in soybean arrivals and the decline in soybean crushing, the inventory may slightly decrease, but overall supply is still sufficient [6]. - **Rapeseed Oil**: As of October 31, 2025, the coastal rapeseed oil inventory was 51.4 tons, a week - on - week decrease of 2.1 tons. It is at a high level in the same period of history, and the inventory is continuously decreasing. The European rapeseed oil FOB quotation is stable at around 1100 US dollars, and the import profit inversion has expanded to about - 1100. The domestic basis is stable and strong, and the coastal de - stocking trend is expected to continue [8]. Group 6: Trading Strategies - **Single - Side Strategy**: For palm oil, consider buying on dips or continue to wait and see due to limited upward space and lack of obvious drivers [10]. - **Arbitrage Strategy**: Wait and see [11]. - **Option Strategy**: Wait and see [12]

Group 1: Report Title and Date - The report is titled "Pig Daily Report" and dated November 10, 2025, focusing on the pig industry [1] Group 2: Investment Rating - No investment rating is provided in the report Group 3: Core View - The supply pressure in the pig market persists, with overall high pig inventory and large - weight pig supply. The spot price of pigs is expected to remain weak in the long - term, and the rebound space of both spot and futures prices is limited. The market will mainly show an oscillatory trend [3][5] Group 4: Spot Price Summary - Today, pig prices across the country are mainly oscillating. The average spot price has increased from 11.56 yuan/kg yesterday to 11.68 yuan/kg today. Scale enterprises' pig sales volume has limited changes, and the monthly pig sales plan remains high. Ordinary farmers' selling enthusiasm has decreased, and the second - fattening activity has also declined [3] Group 5: Futures Price Summary - Pig futures prices are rebounding, driven by spot prices. For example, LH01 increased from 11865 to 11955, and LH03 increased from 11465 to 11555. However, due to high inventory, the medium - term downward pressure on spot prices remains, and the rebound space of both spot and futures prices is limited [3][5] Group 6: Piglet and Sow Price Summary - This week, the piglet price remains at 198 yuan, and the sow price remains at 1546 yuan, showing no change from last week [3] Group 7: Breeding Profit Summary - The self - breeding and self - raising profit has increased slightly from - 89.33 yuan/head yesterday to - 89.21 yuan/head today, and the profit from purchasing piglets has increased from - 179.72 yuan/head to - 175.54 yuan/head [3] Group 8: Slaughter End Summary - The slaughter volume has decreased from 163190 heads yesterday to 162445 heads today, a decrease of 745 heads. The price difference between different - sized pigs has limited changes [3] Group 9: Trading Strategy - For single - side trading, it is recommended to wait and see; for arbitrage, also wait and see; for options, a strategy of selling wide straddles is recommended [6]

研究所 贵金属研发报告 贵金属衍生品日报 2025 年 11 月 10 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 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】 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，贵金属强势上行，伦敦金上涨逾 75 美元，当前交 投于 4074 美元；伦敦银则站回 49 关口，当前交投于 49.65 美元附近。受外盘驱 动，沪金最终收涨 2%，报 935.98 元/克; 沪银主力合约最终收涨 2.85%，报 11719 元/千克。 2.美元指数: 美元指数小幅下行，当前交投于 99.55 附近。 3.美债收益率:10 年美债收益率高开低走，当前交投于 4.136%附近。 1.美国政府动态：10 日讯，美国参议院正式通过新的持续拨款法案，该法案 将为政府 ...

Group 1: Market Review - On November 10, port market quotes were firm. The 5500 - kcal coal was quoted at 840 - 850 yuan/ton, the 5000 - kcal at 740 - 750 yuan/ton, and the 4500 - kcal at 640 - 650 yuan/ton. Coal prices in different regions varied [2]. Group 2: Important Information - In October 2025, China imported 4173.7 million tons of coal, a decrease of 451.1 million tons (9.75%) compared to the same period last year and a decrease of 426.60 million tons (9.27%) compared to September. From January to October 2025, China imported 38762.30 million tons of coal, a year - on - year decrease of 11% [3]. Group 3: Logic Analysis - Supply: Restrictions on production still had an impact. The coal mine operating rates in major coal - producing areas of Shanxi, Shaanxi, and Inner Mongolia were generally stable. As of November 10, the coal mine operating rate in Ordos was 71%, and in Yulin it was 46%. The daily coal output of Ordos and Yulin was over 390 million tons, and the domestic supply tightened [4]. - Import: China's procurement demand was strong, and coal prices generally rose. Indonesia's precipitation affected coal production and transportation, leading to a tight market supply [4]. - Demand: Most power plants maintained a load of around 70%. Power plant inventory days were at a medium - to - high level. Some power plants mainly fulfilled long - term contracts, achieving a balance between intake and consumption, while a few made small - scale market purchases [4]. - Inventory: Railway transportation returned to normal. The daily transportation volume of the Datong - Qinhuangdao line was 1.3 billion tons, and the number of approved trains by the Hohhot Railway Bureau was around 30. Port inventory was generally stable. As of November 10, the inventory of Bohai Rim ports was 2237 million tons, at a neutral level in history. Coastal power plants had low daily consumption but their inventory was continuously decreasing, while inland power plants had neutral inventory [4]. - Outlook: In mid - November, coal production in major producing areas was low. The coal operating rates in Ordos and Yulin were stable, with a daily output of around 380 million tons, and the supply tightened. Power plant inventory continued to decline, import profit margins opened up, and coastal power plants increased their procurement. Port intake and output were at low levels, and port inventory fluctuated within a range. As the high - temperature weather subsided nationwide, power plant daily consumption remained low, and coal consumption was average. However, coastal power plant inventory was lower than the same period, with continuous rigid - demand procurement. Port FOB prices continued to rise. With strengthened safety supervision at the mine mouth, the coal mine operating rate was low, production was average, and the demand for chemical coal was fair, so the mine - mouth price rose firmly. It was expected that coal prices would rise in the short term [4].

Group 1: Market Information - Fuji apple price index is 106.38, up 0.02 from the previous trading day; 6 - fruit average wholesale price is 6.94, down 0.22 [3] - AP01 futures price is 9150, up 119; AP05 is 9260, up 111; AP10 is 8360, up 70 [3] - AP01 - AP05 spread is - 101, up 8; AP05 - AP10 is 900, up 41; AP10 - AP01 is - 799, down 49 [3] Group 2: Market News - In September 2025, fresh apple imports were 0.97 million tons, down 17.85% month - on - month and 1.10% year - on - year; exports were about 7.08 million tons, up 3.50% month - on - month and down 6.32% year - on - year [6] - From January to September 2025, cumulative fresh apple imports were 10.81 million tons, up 19.49% year - on - year [6] - Shandong apple acquisition is nearing completion; Northwest cold storage is starting to release goods, with higher prices for farmers' goods in cold storage [6] - In the 2024 - 2025 production season, the profit of storage merchants for Qixia 80 first - and second - grade apples is 0.4 yuan/jin, down 0.1 yuan/jin from last week [7] - In Luochuan, Shaanxi, the mainstream price of 70 semi - commercial apples is 3.5 - 4.0 yuan/jin; in Qixia, Shandong, the price of good - quality apples is stable [8] Group 3: Trading Logic - This year's apple production is down, good - fruit rate is poor, and cold - storage inventory is likely to be lower than last year [9] - As of November 6, 2025, the national cold - storage inventory ratio is about 51.68%, 10.62 percentage points lower than last year; inventory is 682.74 million tons, 17.04% lower [9][10] - The apple fundamentals are strong, but the current price is high, with large market divergence and high short - term risks, so it is recommended to wait and see [9] Group 4: Trading Strategy - For single - sided trading, wait and see due to high price and large market divergence [20] - For arbitrage and options, also wait and see [20]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The sentiment in the domestic urea market has cooled, with supply being ample and demand showing a downward trend. Although the issuance of the fourth batch of export quotas will boost market sentiment in the short - term, the urea fundamentals remain loose in the medium to long - term. Attention should be paid to the downstream acceptance of price increases [5]. 3. Summary by Relevant Catalogs Market Review - **Futures Market**: Urea futures fluctuated weakly, closing at 1660 (-8/-0.48%) [3]. - **Spot Market**: Factory prices rose, but trading was average. Factory prices in different regions were as follows: Henan 1580 - 1590 yuan/ton, Shandong small - sized particles 1590 - 1600 yuan/ton, Hebei small - sized particles 1590 - 1600 yuan/ton, Shanxi medium and small - sized particles 1500 - 1550 yuan/ton, Anhui small - sized particles 1560 - 1570 yuan/ton, and Inner Mongolia 1420 - 1490 yuan/ton [3]. Important Information On November 10, the daily urea production was 19.51 tons, 0.28 tons less than the previous working day and 1.08 tons more than the same period last year. The operating rate was 83.41%, 1.89% higher than 81.52% in the same period last year [4]. Logical Analysis - **Supply**: Maintenance devices have gradually resumed operation, and the average daily output has increased to around 19.6 tons [5]. - **Demand**: The issuance of the fourth batch of quotas has made the impact of international prices on the domestic market more prominent. The compound fertilizer production in Central and North China has basically ended, and the demand is weakening. The inventory of urea production enterprises has slightly increased to around 158 tons [5]. - **Price Trend**: In the short - term, domestic demand is limited, and the spot market sentiment is still sluggish. Although the issuance of the new quota will boost the market sentiment, the overall domestic demand will enter a "vacuum period" again after the autumn fertilizer season. In the medium to long - term, the urea fundamentals are still loose [5]. Trading Strategy - **Single - side**: Short positions are recommended [6]. - **Arbitrage**: Hold a wait - and - see attitude [6].

Group 1: Report Core View - 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. It is expected that the speed of capacity reduction will be relatively slow in the short term. Considering that the current spot average price is still around 2.8 - 2.9 yuan per jin, while the December main contract has given a certain premium, the expected upside space is relatively limited [8]. Group 2: Trading Strategies - Unilateral: 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]. Group 3: Futures Market - JD01 closed at 3383, down 8 from the previous close; JD05 closed at 3505, up 17; JD09 closed at 3856, up 6 [2]. - The 01 - 05 spread was -122, down 25; the 05 - 09 spread was -351, up 11; the 09 - 01 spread was 473, up 14 [2]. - The 01 egg/corn ratio was 1.56, down 0.01; the 01 egg/soybean meal ratio was 1.10, unchanged; the 05 egg/corn ratio was 1.56, unchanged; the 05 egg/soybean meal ratio was 1.24, unchanged; the 09 egg/corn ratio was 1.70, down 0.01; the 09 egg/soybean meal ratio was 1.31, unchanged [2]. Group 4: Spot Market - The average price in the main producing areas was 3 yuan per jin, down 0.01 yuan per jin from the previous trading day; the average price in the main selling areas was 3.23 yuan per jin, up 0.07 yuan per jin [2][4]. - The price of culled chickens in the main producing areas was 4 yuan per jin, up 0.01 yuan per jin from the previous trading day [2][7]. Group 5: Fundamental Information - In October, the national inventory of laying hens in production was 1.359 billion, a decrease of 0.01 billion from the previous month, a year - on - year increase of 5.5%, and lower than expected. The monthly output of laying hen chicks in sample enterprises monitored by Zhuochuang Information in October was about 39.2 million, with little change month - on - month and a year - on - year decrease of 13% [5]. - From November 2025 to February 2026, the estimated inventory of laying hens in production is 1.359 billion, 1.355 billion, 1.346 billion, and 1.333 billion respectively [5]. - From November 6th, the weekly slaughter volume of culled 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]. - As of November 6th, the weekly sales volume of eggs in representative selling areas was 7300 tons, a decrease of 4% from the previous week [6]. - As of November 6th, the weekly average profit per jin of eggs was -0.25 yuan per jin, a decrease of 0.05 yuan per jin from the previous week. On October 31st, the expected profit of laying hen farming was -4.82 yuan per bird, a decrease of 1.42 yuan per jin from the previous week [6]. - As of November 6th, the weekly average inventory in the production link was 1.02 days, a decrease of 0.02 days from the previous week; the weekly average inventory in the circulation link was 1.06 days, a decrease of 0.04 days from the previous week [6].

研究所 能源化工研发报告 甲醇日报 2025 年 11 月 10 日 甲醇日报 【市场回顾】 1、期货市场：期货盘面震荡，最终报收 2101（-18/-0.85%）。 2、现货市场：生产地，内蒙南线报价 1950 元/吨，北线报价 1980 元/吨。关中地区 报价 1920 元/吨，榆林地区报价 1940 元/吨，山西地区报价 1970 元/吨，河南地区报价 2040 元/吨。消费地，鲁南地区市场报价 2100 元/吨，鲁北报价 2180 元/吨，河北地区 报价 2040 元/吨。 西南地区，川渝地区市场报价 2030 元/吨，云贵报价 2070 元/吨。港 口，太仓市场报价 2050 元/吨，宁波报价 2050 元/吨，广州报价 2040 元/吨。 【重要资讯】 本周期(20251101-20251107）国际甲醇（除中国）产量为 1050609 吨，较上周增加 19750 吨，装置产能利用率为 72.02%，提升 1.35%。周期内装置变动有，伊朗目前给予全线开 车运行；马油 1、3 号装置延续停车。 【逻辑分析】 供应端，煤制甲醇利润在 320 元/吨附近，甲醇开工率高位稳定，国内供应持续宽 松。进口端 ...

Group 1: Report Summary - The report is a daily research report on cotton and cotton yarn in the agricultural products industry, dated November 10, 2024 [1] Group 2: Market Information Futures Market - CF01 contract closed at 13,580 with no change, trading volume increased by 45,473 to 204,378, and open interest decreased by 6,107 to 570,172 [2] - CF05 contract closed at 13,580, down 10, trading volume increased by 35,272 to 69,837, and open interest decreased by 1,544 to 256,824 [2] - CF09 contract closed at 13,755, up 10, trading volume increased by 469 to 832, and open interest increased by 143 to 4,253 [2] - CY01 contract closed at 19,865, up 15, trading volume increased by 3,722 to 14,472, and open interest decreased by 75 to 24,967 [2] - CY05 contract closed at 19,860, up 40, trading volume increased by 2 to 4, and open interest remained at 28 [2] - CY09 contract closed at 20,075 with no change, trading volume and open interest remained at 0 and 4 respectively [2] Spot Market - CCIndex3128B was priced at 14,844 yuan/ton, up 24; CY IndexC32S was 20,520 yuan/ton with no change [2] - Cot A was 75.85 cents/pound, FCY IndexC33S was 21,202 yuan/ton, down 15 [2] - (FC Index):M: arrival price was 74.79, down 0.63; Indian S - 6 was 55,800 yuan/ton with no change [2] - Polyester staple fiber was 7,450 yuan/ton, up 70; pure polyester yarn T32S was 10,950 yuan/ton with no change [2] - Viscose staple fiber was 12,950 yuan/ton with no change; viscose yarn R30S was 17,250 yuan/ton with no change [2] Spread - Cotton inter - month spreads: 1 - 5 month spread was 0, up 10; 5 - 9 month spread was - 175, down 20; 9 - 1 month spread was 175, up 10 [2] - Cotton yarn inter - month spreads: 1 - 5 month spread was 5, down 25; 5 - 9 month spread was - 215, up 40; 9 - 1 month spread was 210, down 15 [2] - Cross - variety spreads: CY01 - CF01 was 6,285, up 15; CY05 - CF05 was 6,280, up 50; CY09 - CF09 was 6,320, down 10 [2] - Domestic - foreign spreads: 1% tariff domestic - foreign cotton spread was 1,574, up 105; sliding - scale domestic - foreign cotton spread was 707, up 61; domestic - foreign yarn spread was - 682, up 15 [2] Group 3: Market News and Views Cotton Market - On November 10, 2025, the Xinjiang cotton road transport price index was 0.1827 yuan/ton·km, remaining flat. Transport demand decreased slightly, and capacity resources also decreased [4] - On November 9, 2024, the Xinjiang machine - picked cotton purchase index was 6.25 yuan/kg, remaining flat; the hand - picked cotton purchase index was 6.94 yuan/kg, down 0.01 yuan/kg. The machine - picked cotton purchase price in Kashgar has been falling, and the overall purchase may end in about 10 days [4] - As of the week ending November 7, 2025, the cumulative inspection volume of US upland cotton + Pima cotton was 963,100 tons, accounting for 30.7% of the estimated US cotton production for the 2025/26 season, 22% slower year - on - year. Upland cotton inspection volume was 948,500 tons, with a progress of 33.73%, down 23% year - on - year; Pima cotton inspection volume was 14,600 tons, with a progress of 22%, down 51% year - on - year [4] Trading Logic - In November, with the large - scale listing of new cotton, there may be selling hedging pressure. Although this year's cotton production is a bumper harvest, the expected increase may be less than previously thought. The market has entered the off - season after the peak season. Considering the optimistic results of recent Sino - US trade negotiations, cotton is expected to be slightly stronger in the short term [5] Trading Strategy - Unilateral: US cotton is expected to fluctuate, and Zhengzhou cotton is expected to be slightly stronger [6] - Arbitrage: Wait and see [7] - Options: Wait and see [7] Cotton Yarn Industry - Last Friday night, Zhengzhou cotton continued to fluctuate. Over the weekend, the pure cotton yarn market had little change in trading, with mainly rigid demand. Spinners were reluctant to lower prices due to macro - level benefits and relatively low inventory, and some yarn prices even increased slightly. The supply pressure of new cotton is still high, and the situation of Zhengzhou cotton and terminal demand needs to be monitored [7] - Recently, the grey fabric market has improved. The price of all - cotton grey fabric has increased slightly, but it may decline if cotton prices fall again. Dyeing factories are not busy, with an order backlog of 7 - 10 days [8] Group 4: Options Option Contracts - On November 10, 2025, for the option contract CF601C13400.CZC, the underlying contract price was 13,580, the closing price was 240, down 5.5%, IV was 7.7%, Delta was 0.7228, Gamma was 0.0010, Vega was 12.9673, Theta was - 2.2310, theoretical leverage was 56.5833, and actual leverage was 40.8984 [10] - For the option contract CF601P13000.CZC, the closing price was 20, up 1900%, IV was 10.9%, Delta was - 0.0930, Gamma was 0.0004, Vega was 6.9517, Theta was - 1.6288, theoretical leverage was 679.0000, and actual leverage was 63.1470 [10] - For the option contract CF601P12400.CZC, the closing price was 6, up 500%, IV was 15.2%, Delta was - 0.0247, Gamma was 0.0001, Vega was 2.4170, Theta was - 0.7719, theoretical leverage was 2263.3333, and actual leverage was 55.9043 [10] Volatility - On November 10, 2025, the 30 - day HV of cotton was 7.0401, slightly lower than the previous day. The implied volatilities of CF601 - C - 13400, CF601 - P - 13000, and CF601 - P - 12400 were 7.7%, 10.9%, and 15.2% respectively [10] Option Strategy - The PCR of the main contract of Zhengzhou cotton was 0.7040, and the volume PCR was 0.5921. Both call and put trading volumes increased. The option strategy is to wait and see [11][12]

研究所 农产品研发报告 玉米淀粉日报 2025 年 11 月 10 日 玉米淀粉日报 第一部分 数据 收盘价 涨跌 涨跌幅 成交量 增减幅 持仓量 增减幅 2164 15 0.69% 549,821 20.06% 966,186 -1.11% 2250 9 0.40% 44,195 39.66% 245,033 3.74% 2274 11 0.48% 3,078 66.38% 13,425 2.29% 2479 17 0.69% 119,334 57.02% 226,343 0.12% 2572 12 0.47% 711 199.02% 6,126 1.32% 2618 12 0.46% 148 1245.45% 518 9.05% 青冈 松原嘉吉 诸城兴贸 寿光 锦州港 南通港 广东港口 1960 2030 2290 2226 2160 2270 2270 0 20 -10 28 10 10 20 -314 -244 16 -48 - 4 -4 -4 龙凤 中粮 嘉吉 玉峰 金玉米 诸城兴贸 恒仁工贸 2650 2650 2800 2890 2800 2900 2800 玉米&玉米淀粉数据日报 基差 淀粉 ...