1. Report Industry Investment Rating - No information provided in the report 2. Core View of the Report - In the short - term, the oil and fat market is expected to fluctuate at the bottom, and it is recommended to wait and observe. But in the medium - term, the idea of buying on dips is maintained. For arbitrage and options, it is recommended to wait and see [9][10][11] 3. Summary by Relevant Catalogs 3.1 Data Analysis - **Spot Prices and Basis**: The closing price of soybean oil on the 2601 contract was 8138, up 30; palm oil was 8590, down 26; and rapeseed oil was 9407, down 36. The basis of each variety remained stable in different regions [2] - **Monthly Spread Closing Prices**: The 1 - 5 monthly spread of soybean oil was 188, up 18; palm oil was - 106, down 26; and rapeseed oil was 345, down 18 [2] - **Cross - Variety Spreads**: The 01 - contract Y - P spread was - 452, up 56; OI - Y was 1269, down 66; OI - P was 817, down 10; and the oil - meal ratio was 2.65, down 0.04 [2] - **Import Profits**: The disk profit of 24 - degree palm oil from Malaysia and Indonesia was - 326, and the FOB price of Rotterdam's crude rapeseed oil was 1075, with a disk profit of - 1204 [2] - **Weekly Commercial Inventories**: As of the 44th week of 2025, the soybean oil inventory was 121.6 million tons, down from last week; palm oil was 59.3 million tons, also down; and rapeseed oil was 51.4 million tons, down as well [2] 3.2 Fundamental Analysis - **International Market**: From October 1 - 31, 2025, the palm oil production in Malaysia increased in all regions, with the overall increase in Malaysia being 12.31% [4] - **Domestic Market - Palm Oil**: As of October 31, 2025, the national palm oil commercial inventory decreased slightly, and the import profit inversion widened. It is expected to fluctuate slightly weaker in the short - term [4] - **Domestic Market - Soybean Oil**: As of October 31, 2025, the soybean oil inventory was at a relatively high level in the same period of history, but the inventory inflection point may have arrived. It is expected to maintain a volatile trend in the short - term [5] - **Domestic Market - Rapeseed Oil**: As of October 31, 2025, the rapeseed oil inventory was at a high level in the same period of history but continued to decline marginally. The import profit inversion widened, and the basis was stable and strong. The de - stocking trend along the coast is expected to continue [7] 3.3 Trading Strategy - **Unilateral**: In the short - term, wait and observe. In the medium - term, maintain the idea of buying on dips [9] - **Arbitrage**: Wait and see [10] - **Options**: Wait and see [11] 3.4 Relevant Attachments - The report provides multiple charts, including the spot basis of various oils, monthly spreads, and cross - variety spreads from 2016 - 2025 [13][15]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The international soybean market is relatively loose in supply and demand, but the US market shows strong performance due to increased exports. Brazilian soybean prices may face pressure in the medium - term. Domestic soybean meal is strong due to tariff adjustments, and rapeseed meal is also strong influenced by soybean meal and Sino - Canadian trade relations. The price difference between soybean meal and rapeseed meal continues to shrink. [4][3] - For trading strategies, it is recommended to short the 05 contract on rallies for single - side trading, stay on the sidelines for arbitrage, and use the strategy of selling wide straddles for options. [8][9] 3. Summary by Relevant Catalogs 3.1 Market Review - The US soybean market continues to be strong, and the Brazilian price is falling with sufficient supply. The domestic soybean meal and rapeseed meal are both strong. The price difference between soybean meal and rapeseed meal narrows, and the monthly spreads of both are strong. [3] 3.2 Fundamental Analysis - In the international market, the US soybean has limited upside potential without a significant yield reduction. Brazil's soybean supply is abundant, and its price may face pressure. Argentina's soybean export and processing are increasing, but the export growth space may be limited. [4] - In the domestic market, the supply and demand of soybean meal are relatively loose, with increasing inventory. The demand for rapeseed meal is weakening, and the supply is uncertain. [5] 3.3 Macroeconomic Impact - Sino - US negotiations have sent positive signals, and the US soybean market has risen. However, the impact on the market is expected to be limited in the future, and the market will focus more on fundamentals. [6] 3.4 Logic Analysis - The US soybean has limited upside space without a large - scale yield decline. Brazilian soybean prices are under pressure. Domestic soybean meal is strong with price support, and rapeseed meal is also strong but has limited upside space. The monthly spreads of both are strong but have limited further upside potential. [7] 3.5 Trading Strategies - Single - side: Short the 05 contract on rallies. - Arbitrage: Stay on the sidelines. - Options: Sell wide straddles. [8][9]

1. Report Industry Investment Rating - No information provided regarding the industry investment rating. 2. 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 remains high. It is expected that the pace of capacity reduction in the short term will be relatively gradual. Considering that the current spot average price is still around 2.8 - 2.9 yuan per catty, and the main contract in December has already given a certain premium, the expected upside space is relatively limited [8]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Futures Prices and Spreads**: JD01 closed at 3385, up 48 from the previous close; JD05 closed at 3509, up 17; JD09 closed at 3867, up 8. The 01 - 05 spread was -124, up 31; the 05 - 09 spread was -358, up 9; the 09 - 01 spread was 482, down 40 [2]. - **Ratio of Egg to Feed**: The 01 egg/corn ratio was 1.59, up 0.02; the 01 egg/bean meal ratio was 1.10, down 0.01. The 05 egg/corn ratio was 1.57, up 0.01; the 05 egg/bean meal ratio was 1.24, unchanged. The 09 egg/corn ratio was 1.71, unchanged; the 09 egg/bean meal ratio was 1.32, up 0.00 [2]. 3.2 Spot Market - **Egg Prices**: The average price in the main production areas was 2.87 yuan per catty, up 0.01 yuan per catty from the previous trading day. The average price in the main sales areas was 3.06 yuan per catty, unchanged from the previous trading day. Most of the national mainstream prices remained stable, with prices in various regions such as Beijing, Northeast China, and Shandong remaining stable, and only some local prices showing minor fluctuations [2][4]. - **Culled Chicken Prices**: The average price of culled chickens in the main production areas was 3.99 yuan per catty, down 0.01 yuan per catty from the previous trading day. The prices of culled chickens in different regions showed some fluctuations, with prices in Handan and Shijiazhuang rising, and prices in Jinan and Dezhou falling [2]. 3.3 Fundamental Information - **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, lower than the previous expectation. Based on previous replenishment data, the estimated inventory of laying hens in production from November 2025 to February 2026 is approximately 1.359 billion, 1.355 billion, 1.346 billion, and 1.333 billion respectively [5]. - **Chick Hatchling Volume**: In October, the monthly hatchling volume of egg - laying chicks in sample enterprises monitored by Zhuochuang Information (accounting for about 50% of the country) was 39.2 million, with little change month - on - month and a 13% decrease year - on - year [5]. - **Culled Chicken Slaughter Volume and Age**: In the week of October 31, the national slaughter volume of culled laying hens in the main production areas was 20.53 million, an increase of 11% from the previous week. The average culling age of culled chickens was 494 days, a decrease of 5 days from the previous week [5]. - **Egg Sales Volume**: As of the week of October 31, the egg sales volume in the national representative sales areas was 7658 tons, an increase of 2.1% compared to the previous week [5]. - **Profit Situation**: As of October 31, the weekly average profit per catty of eggs was - 0.2 yuan per catty, an increase of 0.02 yuan per catty from the previous week. On October 31, the expected profit of egg - laying hen farming was - 4.82 yuan per bird, an increase of 1.42 yuan per catty from the previous week [6]. - **Inventory Situation**: As of the week of October 31, the weekly average inventory in the production link was 1.04 days, unchanged from the previous week, and the weekly average inventory in the circulation link was 1.1 days, also unchanged from the previous week [6]. 3.4 Trading Strategy - **Single - Side Trading**: It is recommended to wait and see in the short term [9]. - **Arbitrage Trading**: It is recommended to wait and see [10]. - **Options Trading**: It is recommended to wait and see [10].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The overall supply pressure in the live pig market remains high, with continuous high monthly live pig slaughter volume and high live pig inventory and slaughter weight. The subsequent spot price of live pigs is expected to be weak, and there is still pressure on pig prices [3][4]. - The futures price of live pigs shows a rebound trend, but the subsequent supply pressure is still obvious. The spot price is mainly downward, and the recent rebound space of futures may be limited. The futures market is expected to fluctuate mainly [4]. 3. Summary by Relevant Catalogs 3.1 Spot Price - Today, the spot prices of live pigs across the country have generally declined. The average price has dropped from 11.89 yuan/kg yesterday to 11.56 yuan/kg, a decrease of 0.33 yuan/kg [3]. 3.2 Futures Price - The futures prices of most live pig contracts have risen. For example, LH01 has increased from 11,685 yuan to 11,945 yuan, an increase of 260 yuan; LH03 has increased from 11,360 yuan to 11,490 yuan, an increase of 130 yuan [3]. 3.3 Sow/Piglet Price - The price of piglets has increased from 175 yuan last week to 198 yuan this week, an increase of 23 yuan; the price of sows has increased from 1,545 yuan last week to 1,546 yuan this week, an increase of 1 yuan [3]. 3.4 Spot Breeding Profit - The spot breeding profit of self - breeding and self - raising has increased from - 185.68 yuan to - 89.33 yuan, an increase of 96.35 yuan; the spot breeding profit of purchasing piglets has increased from - 289.07 yuan to - 179.72 yuan, an increase of 109.35 yuan [3]. 3.5 Slaughter End - The slaughter volume has increased from 158,004 heads yesterday to 159,258 heads today, an increase of 1,254 heads [3]. 3.6 Contract Spread - The spread of LH7 - 9 has decreased from - 790 yuan to - 795 yuan, a decrease of 5 yuan; the spread of LH9 - 1 has decreased from 1,570 yuan to 1,495 yuan, a decrease of 75 yuan [3]. 3.7 Size Pig Spread - The spread between standard pigs and medium - sized pigs has decreased from 0.4 yuan to 0.37 yuan, a decrease of 0.03 yuan; the spread between large pigs and standard pigs has increased from 0.61 yuan to 0.64 yuan, an increase of 0.03 yuan [3]. 3.8 Trading Strategy - Unilateral: Wait and see - Arbitrage: Wait and see - Options: Sell the wide - straddle strategy [5]

1. Report Information - Report Title: Stock Index Futures Data Daily Report [1] - Report Date: November 5, 2025 [2] 2. IM Futures 2.1 Daily Quotes - The underlying index, CSI 1000, closed at 7,464.86, up 0.39%. The total trading volume of the four IM contracts was 238,684 lots, an increase of 5,106 lots from the previous day, and the total open interest was 366,783 lots, an increase of 3,310 lots [4][5]. - The main contract, IM2512, rose 0.77% to close at 7,310.8 points. It was at a discount of 154.06 points to the spot, a decrease of 2.73 points from the previous day, with an annualized basis rate of -17.09% [4][5]. 2.2 Main Seats - In IM2511, the top five seats in terms of trading volume were led by CITIC Futures (on behalf of clients), with a trading volume of 55,286 lots, an increase of 4,013 lots. In terms of long positions, CITIC Futures (on behalf of clients) held 29,347 lots, an increase of 2,565 lots; in terms of short positions, it held 38,462 lots, an increase of 2,913 lots [17]. 3. IF Futures 3.1 Daily Quotes - The underlying index, CSI 300, closed at 4,627.26, up 0.19%. The total trading volume of the four IF contracts was 116,616 lots, a decrease of 1,583 lots from the previous day, and the total open interest was 270,040 lots, an increase of 1,580 lots [22][23]. - The main contract, IF2512, rose 0.41% to close at 4,596.6 points. It was at a discount of 30.66 points to the spot, a decrease of 0.96 points from the previous day, with an annualized basis rate of -5.41% [22][23]. 3.2 Main Seats - In IF2511, the top five seats in terms of trading volume were led by CITIC Futures (on behalf of clients), with a trading volume of 11,219 lots, an increase of 137 lots. In terms of long positions, CITIC Futures (on behalf of clients) held 6,939 lots, an increase of 78 lots; in terms of short positions, it held 10,786 lots, an increase of 137 lots [36]. 4. IC Futures 4.1 Daily Quotes - The underlying index, CSI 500, closed at 7,229.34, up 0.26%. The total trading volume of the four IC contracts was 147,163 lots, an increase of 3,196 lots from the previous day, and the total open interest was 256,435 lots, an increase of 4,279 lots [41][42]. - The main contract, IC2512, rose 0.55% to close at 7,108 points. It was at a discount of 121.34 points to the spot, a decrease of 5.11 points from the previous day, with an annualized basis rate of -13.85% [41][42]. 4.2 Main Seats - In IC2511, the top five seats in terms of trading volume were led by CITIC Futures (on behalf of clients), with a trading volume of 33,280 lots, a decrease of 379 lots. In terms of long positions, CITIC Futures (on behalf of clients) held 21,462 lots, an increase of 1,259 lots; in terms of short positions, it held 22,125 lots, an increase of 741 lots [56]. 5. IH Futures 5.1 Daily Quotes - The underlying index, SSE 50, closed at 3,007.97, down 0.17%. The total trading volume of the four IH contracts was 53,120 lots, an increase of 2,586 lots from the previous day, and the total open interest was 96,978 lots, an increase of 2,204 lots [62]. - The main contract, IH2512, fell 0.01% to close at 3,002.6 points. It was at a discount of 5.37 points to the spot, a decrease of 0.6 points from the previous day, with an annualized basis rate of -1.45% [62][63]. 5.2 Main Seats - In IH2512, the top five seats in terms of trading volume were led by CITIC Futures (on behalf of clients), with a trading volume of 11,333 lots, an increase of 1,357 lots. In terms of long positions, Guotai Junan (on behalf of clients) held 7,809 lots, a decrease of 362 lots; in terms of short positions, Guotai Junan (on behalf of clients) held 8,777 lots, an increase of 52 lots [77].

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The US corn market is experiencing narrow - range fluctuations. Although the US - China relationship has eased and the price has rebounded, the high production level remains a factor. The import profit of foreign corn has declined, and the domestic corn spot has short - term downward space. The starch price is mainly affected by corn price and downstream stocking, and the corn starch spot is expected to decline later [4][6][7]. 3. Summary by Relevant Catalogs 3.1 Data 3.1.1 Futures Disk - For corn futures, C2601 closed at 2134, down 1 (- 0.05%), with a trading volume of 391,795 (- 3.51%) and an open interest of 935,749 (0.94%); C2605 closed at 2235, up 3 (0.13%), with a trading volume of 23,599 (- 30.92%) and an open interest of 235,990 (- 0.30%); C2509 closed at 2257, up 3 (0.13%), with a trading volume of 1,577 (- 37.40%) and an open interest of 12,563 (0.44%). - For corn starch futures, CS2601 closed at 2451, up 7 (0.29%), with a trading volume of 72,439 (- 26.65%) and an open interest of 215,252 (0.84%); CS2605 closed at 2555, up 7 (0.27%), with a trading volume of 1,577 (- 54.60%) and an open interest of 6,108 (- 0.18%); CS2509 closed at 2594, unchanged (0.00%), with a trading volume of 26 (- 60.61%) and an open interest of 450 (0.45%) [2]. 3.1.2 Spot and Basis - Corn spot prices in different regions: Qinggang was 1965 yuan, Songyuan Jiji was 2010 yuan, Zhucheng Xingmao was 2290 yuan, Shouguang was 2216 yuan, Jinzhou Port was 2160 yuan, Nantong Port was 2250 yuan, and Guangdong Port was 2250 yuan, all unchanged. The basis ranged from - 292 to 33 yuan. - Starch spot prices in different regions: Longfeng was 2650 yuan, COFCO was 2650 yuan, Cargill was 2800 yuan, Yufeng was 2890 yuan, Jinyu was 2800 yuan, Zhucheng Xingmao was 2900 yuan, and Hengren Industry and Trade was 2800 yuan, all unchanged. The basis ranged from 95 to 345 yuan [2]. 3.1.3 Spreads - Corn inter - delivery spreads: C01 - C05 was - 101 (- 4), C05 - C09 was - 22 (0), C09 - C01 was 123 (4). - Starch inter - delivery spreads: CS01 - CS05 was - 104 (0), CS05 - CS09 was - 39 (7), CS09 - CS01 was 143 (- 7). - Cross - variety spreads: CS09 - C09 was 337 (- 3), CS01 - C01 was 317 (8), CS05 - C05 was 320 (4) [2]. 3.2 Market Outlook 3.2.1 Corn - The US corn market is in narrow - range fluctuations. The import profit of foreign corn has declined, with the December Brazilian import price at 2160 yuan. The northern port FOB price is stable, and the Northeast corn production area spot is stable. The supply in North China has increased, and the corn spot has started to stabilize. The spread between Northeast and North China corn has widened. The wheat price in North China is stable, and the wheat - corn spread is large. The domestic breeding demand is stable, but the corn spot still has short - term downward space [4][6]. 3.2.2 Starch - The number of trucks arriving at Shandong deep - processing plants has increased, and the Shandong corn spot is stable. The starch inventory has increased this week, with the manufacturer's inventory at 113.8 million tons, an increase of 1.0 million tons from last week, a monthly increase of 0.89% and a year - on - year increase of 33.26%. The starch price depends on the corn price and downstream stocking. The by - product price is still strong. The North China corn is short - term strong, while the Northeast corn is falling. The corn - starch spot spread is low, and the corn starch spot is expected to decline later [7]. 3.3 Trading Strategies - Unilateral: The US corn has support at 400 cents per bushel. Wait and see for C05 and C01 corn. - Arbitrage: Try to narrow the spread between C01 corn and starch when it is high [9]. 3.4 Corn Options - Option strategy: Short - term strategy of accumulating puts and calls, with rolling operations [11]. 3.5 Relevant Attachments - The report provides multiple charts, including those showing corn spot prices in different regions, corn 01 contract basis, corn 1 - 5 spreads, corn starch 1 - 5 spreads, corn starch 01 contract basis, and corn starch 01 contract spreads [13][15][20].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints - Peanut spot prices are expected to be relatively stable in the short term, with supply increasing and downstream demand remaining weak. Peanut futures will continue to fluctuate at the bottom, and the output of the new season peanuts is expected to be higher than last year with lower planting costs [3][7] Group 3: Summary by Related Catalogs First Part: Data - **Futures Disk**: PK604 closed at 7870, down 22 or 0.28%, with a trading volume of 6,282 (up 80.36%) and an open interest of 11,975 (up 61.58%); PK510 closed at 8126, down 16 or 0.20%, with a trading volume of 25 (up 8.70%) and an open interest of 508 (down 0.20%); PK601 closed at 7802, down 10 or 0.13%, with a trading volume of 48,284 (up 8.61%) and an open interest of 164,014 (down 0.86%) [1] - **Spot and Basis**: Henan Nanyang spot price was 7200, Shandong Jining and Linyi were 7800; Rizhao peanut meal was 3250, Rizhao soybean meal was 3010, peanut oil was 14580, and Rizhao first - grade soybean oil was 8340. Import prices: Sudanese peanuts were 8600, and Senegalese peanuts were 7600 [1] - **Spread**: PK01 - PK04 spread was - 68 (up 12), PK04 - PK10 spread was - 256 (down 6), PK10 - PK01 spread was 324 (down 6) [1] Second Part: Market Analysis - Peanut prices in Henan and Northeast China were stable. Northeast Jilin Fuyu 308 common peanuts were 4.3 yuan/jin, Liaoning Changtu was 4.3 yuan/jin; Henan Baisha common peanuts were 3.6 - 3.75 yuan/jin, Shandong Junan was 3.9 yuan/jin. Imported peanut prices were also stable. Some peanut oil mills started to purchase, with the mainstream transaction price at 7650 - 7800 yuan/ton and the theoretical break - even price at 7920 yuan/ton. Peanut oil and soybean oil prices were stable, and Rizhao soybean meal spot price dropped by 20 yuan/ton to 2990 yuan/ton [3][5] Third Part: Trading Strategies - **Unilateral**: Try to go long lightly on 01 and 05 peanuts in the short term as they are oscillating at low levels [8] - **Monthly Spread**: Wait and see [9] - **Options**: Hold the sold pk601 - P - 7600 [10] Fourth Part: Related Attachments - There are six figures including Shandong peanut spot price, peanut oil mill profit, peanut oil price, peanut spot and continuous contract basis, peanut 10 - 1 contract spread, and peanut 1 - 4 contract spread, all with data sources from Galaxy Futures and iFinD Information [12][18][21]

期 货 眼 ·日 迹 每日早盘观察 银河期货研究所 2025 年 11 月 5 日 0 / 46 研究所 期货眼·日迹 | 股指期货：美股大跌影响情绪 A 股再试支撑 3 | | --- | | 国债期货：央行小幅购债，外围风偏回落 4 | | 豆粕：供应压力仍存 | 价格阶段性调整 6 | | --- | --- | | 白糖：外盘再次大跌 | 郑糖价格弱势 6 | | 油脂板块：震荡磨底阶段 7 | | | 玉米/玉米淀粉：现货反弹，盘面高位震荡 8 | | | 生猪：供应压力较大 | 价格阶段性回落 9 | | 花生：花生现货继续反弹，花生短期底部震荡 10 | | | 鸡蛋：淘鸡有所增加 | 蛋价有所企稳 10 | | 苹果：入库数据即将公布 | 市场交易入库预期 11 | | 棉花-棉纱：收购进入高峰 | 棉价震荡略偏强 12 | | 钢材：铁水产量收缩，钢价区间震荡 14 | | --- | | 双焦：震荡整理 等待回调后做多的机会 14 | | 铁矿：偏空思路对待 15 | | 铁合金：库存持续攀升，继续逢高做空 16 | | 贵金属：美元延续涨势，贵金属市场承压 17 | | --- | | ...

Group 1: Report Overview - The report is a daily research report on cotton and cotton yarn in the agricultural products industry, dated November 4, 2024 [1] Group 2: Market Information Futures Market - CF01 contract closed at 13,535, down 65; CF05 at 13,555, down 60; CF09 at 13,725, down 55; CY01 at 19,795, down 125; CY05 at 19,845, down 75; CY09 at 20,085, unchanged [2] - Trading volume and open interest of each contract had different changes, e.g., CF01 trading volume decreased by 3,913 and open interest decreased by 6,089 [2] Spot Market - CCIndex3128B was 14,841 yuan/ton, down 19; Cot A was 76.85 cents/pound; FC Index:M: arrival price was 75.69, up 0.09; etc [2] Price Spreads - Cotton and cotton yarn had various spreads, such as cotton 1 - 5 month spread at -20, down 5; 5 - 9 month spread at -170, down 5; etc [2] Group 3: Market News and Views Cotton Market News - On November 4, 2025, the Xinjiang cotton road transport price index was 0.1803 yuan/ton·km, unchanged from the previous day, with expected short - term upward fluctuations [4] - This year's cotton yield per mu in Shaya County was generally 380 - 450 kg/mu, a decrease of 30 - 70 kg/mu compared to last year, possibly due to improper fertilization and low September temperatures [4] - As of October 28, the drought index in the main US cotton - producing areas decreased significantly, and the quality indicators of US cotton declined [4] Trading Logic - In November, with new cotton on the market, there may be selling and hedging pressure. Supply is expected to increase but the increase may be less than previously thought. Demand enters the off - season. Zhengzhou cotton is expected to fluctuate with limited upside and downside. Sino - US trade policies may have a large impact [5] Trading Strategies - Unilateral: US cotton is expected to fluctuate, and Zhengzhou cotton is expected to be slightly stronger. Close previous long positions [6] - Arbitrage: Hold off [7] - Options: Hold off [8] Cotton Yarn Industry News - Although market confidence improved last week, downstream demand did not improve significantly. Cotton has large hedging pressure. Most cotton yarn prices were stable, with only a few varieties selling well. Follow downstream demand and Zhengzhou cotton trends [9] - The all - cotton grey fabric market is weak, and fabric mills purchase raw materials as needed. Downstream customers place mainly rigid orders and are cautious [9] Group 4: Options Option Data - On November 3, 2025, for example, CF601C13400.CZC closed at 260, down 10%; CF601P13000.CZC closed at 25, down 34.2% [11] Volatility - The 120 - day HV of cotton decreased slightly. Implied volatilities of different options varied, e.g., 7.5% for CF601 - C - 13400 [11] Option Strategies - Hold off on options [13] Group 5: Related Attachments - The report includes charts of 1% tariff cotton price spreads, cotton basis for different months, cotton yarn - cotton spreads, and cotton inter - monthly spreads [15][18][22][23]

Group 1: Report Overview - Report Title: Apple Daily, Agricultural Products R & D Report [1] - Date: November 4, 2024 [1] - Researcher: Liu Qiannan [1] Group 2: Market Information Spot Prices - Fuji Apple Price Index: 107.18, down 0.43 from the previous trading day [2] - 6 Kinds of Fruit Average Wholesale Price: 7.09, down 0.01 from the previous trading day [2] Futures Prices - AP01: 8861, down 243 from yesterday [2] - AP05: 9112, down 362 from yesterday [2] - AP10: 8218, down 156 from yesterday [2] Group 3: Market News Inventory - As of September 25, 2025, the cold - storage apple inventory in the main producing areas of China was 147,900 tons, a decrease of 60,200 tons from the previous week [4] Import and Export - In September 2025, the import volume of fresh apples was 9,700 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 108,100 tons, a year - on - year increase of 19.49% [4] - In September 2025, the export volume of fresh apples was about 70,800 tons, a month - on - month increase of 3.50% and a year - on - year decrease of 6.32% [4] Market Conditions - Last Friday, the mainstream apple market in the producing areas was stable. In Shandong, the high - end price of the price range increased slightly due to the gradual trading of striped apples. Currently, the supply of goods in Shandong is still relatively sufficient. Fruit farmers mostly sell at the standard of general goods, and the standard goods are relatively scarce. During the weekend, some merchants postponed their purchases due to the low cost - effectiveness of the goods, and the price of general goods in Shandong decreased slightly. The market arrivals were stable, and the mainstream price remained stable [4] Profit - In the 2024 - 2025 production season, the profit of storage merchants for 80 first - and second - grade apples in Qixia was 0.4 yuan per catty, a decrease of 0.1 yuan per catty from last week [5] Spot Price Details - In Luochuan, Shaanxi, the mainstream transaction price of apples was stable. The mainstream transaction price of semi - commercial apples above 70 was 3.5 - 4.0 yuan per catty, the high price was 4.0 - 4.5 yuan per catty, and the low price was 3.0 - 3.5 yuan per catty, priced according to quality. The mainstream price of juice apples was 0.2 yuan per catty. There was very little remaining stock outside the warehouse, and the low - price goods were mainly sent directly to the market. Local storage continued, and currently, it was mainly external goods being stored [6] - In Qixia, Shandong, the price of high - quality apples was stable, and the price of general goods decreased slightly. The price of first - and second - grade bagged Fuji apples above 80 was 3.5 - 4.0 yuan per catty for slice - red, and the transaction price range for striped apples was 4.0 - 5.0 yuan per catty. The mainstream price of first - and second - grade apples was 4.0 - 4.5 yuan per catty, and the high - standard price was 4.5 - 5.0 yuan per catty, priced according to quality. The price of first - and second - grade semi - apples above 80 was 3.2 - 3.5 yuan per catty, the price of general goods above 80 was 2.8 - 3.0 yuan per catty, and the price of third - grade fruits was 1.3 - 1.8 yuan per catty, priced according to quality. The purchasing enthusiasm of merchants for general goods decreased in recent days, and the price of general goods decreased slightly [6] Group 4: Trading Logic - The new - season apples have a low excellent - fruit rate. Due to weather conditions, the apple quality is poor, with smaller fruit diameters, an increased proportion of water cracks and mildew, a low apple warehouse - receipt production rate, and high warehouse - receipt costs [7] - The poor apple quality with epidemic rot disease makes the apples deteriorate soon after storage, increasing the storage difficulty. The market is worried that the cold - storage apples have a short shelf - life and cannot be stored until the far - month delivery [7] - This year, the cost of merchants purchasing high - quality apples is high, and the purchasing difficulty is large. From the current storage situation, the storage volume this year is likely to be low. There are rumors that the storage volume this year may be less than last year, and last year's cold - storage apple inventory was at a relatively low level in the same period over the years. With a low storage volume, the high - quality effective inventory may be even lower. Therefore, it is expected that the apple spot price will likely remain at a high level. However, the market has been volatile recently, and it is recommended to stay on the sidelines and wait for the storage data [7] Group 5: Trading Strategy - Unilateral: Stay on the sidelines [15] - Arbitrage: It is recommended to wait and see [15] - Options: It is recommended to wait and see [15] Group 6: Related Attachments - The report includes figures such as the price of 80 first - and second - grade bagged apples in Qixia, the price of 70 semi - commercial bagged apples in Luochuan, AP contract main - contract basis, price differences between different AP contracts, apple arrivals in wholesale markets, 6 - kind fruit prices, national cold - storage apple inventory, and national cold - storage apple out - storage volume [10][12][18][22]