Group 1: Report General Information - Report Title: Agricultural Products R & D Report - Apple Daily [1] - Date: October 29, 2024 [1] - Researcher: Liu Qiannan [1] Group 2: Market Information Spot Prices - Fuji Apple Price Index: 107.18, down 0.43 from the previous workday [2] - 6 Kinds of Fruit Average Wholesale Price: 7.20, up 0.14 from the previous workday [2] Futures Prices - AP01: 9198, down 40 from yesterday's close [2] - AP05: 9684, down 10 from yesterday's close [2] - AP10: 8510, unchanged from yesterday's close [2] Price Differences - AP01 - AP05: -486, down 30 from the previous trading day [2] - AP05 - AP10: 1174, down 10 from the previous trading day [2] - AP10 - AP01: -688, up 40 from the previous trading day [2] Group 3: Market News - As of September 25, 2025, the apple cold - storage inventory in the main producing areas of China was 14.79 tons, a decrease of 6.02 tons from last week [5] - In August 2025, the export volume of fresh apples was about 68,400 tons, a month - on - month increase of 27.6% and a year - on - year decrease of 17.6%. From January to August 2025, the cumulative export volume was about 532,700 tons, a year - on - year decrease of 7.7%. In August 2025, the import volume of fresh apples was 11,800 tons, a month - on - month decrease of 33.3% and a year - on - year decrease of 15.3%. From January to August 2025, the cumulative import volume was 98,400 tons, a year - on - year increase of 22% [5] - In the Shandong production area, the transaction price was stable, and the purchasing enthusiasm of merchants was good. In the northwest production area, it was in the middle and late stages of acquisition, and most of the high - quality goods had been ordered and were being stored in cold storage. The market arrival volume was average, the shipment was stable, and the mainstream price was mainly stable [6] - 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 [7] - In Luochuan, Shaanxi, the mainstream transaction price of apples was stable. For semi - commercial apples above 70, the mainstream transaction price was 3.5 - 4.0 yuan per catty. In Qixia, Shandong, the apple price was stable. The price of new - season paper - bag Fuji apples above 80 first - and second - grade was 3.5 - 4.0 yuan per catty [7] Group 4: Trading Logic - The high - quality fruit rate of new - season apples is poor this year due to weather reasons, with smaller fruit diameters, increased proportions of water cracks and mildew. The low high - quality fruit rate leads to a low apple warehouse - receipt production rate and high warehouse - receipt costs. Also, the poor - quality apples are difficult to preserve, and there are concerns that cold - storage apples may not last until long - term delivery. The expected low storage volume is due to the high cost and difficulty of purchasing high - quality goods by merchants. The apple market has been strong recently, but considering the large increase and high current prices, the upward space may be limited [8] Group 5: Trading Strategies - Unilateral: It is recommended that previous long positions take profits and wait and see [9][10] - Arbitrage: It is recommended to wait and see [18] - Options: It is recommended to wait and see [18] Group 6: Related Attached Figures - Figures include prices of Qixia first - and second - grade paper - bag 80 apples, Luochuan semi - commercial paper - bag 70 apples, AP contract main - force basis, price differences between different AP contracts, apple arrival volume in some markets, 6 kinds of fruit prices, national cold - storage apple inventory, and national cold - storage apple delivery volume [12][14][19][21][25]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The supply of laying hens remains at a high level, with the demand side generally weak. Without significant improvement in the short - term, egg prices are expected to remain weak. However, the recent increase in the number of culled chickens and downstream replenishment has led to a slight rebound in spot prices. It is recommended to adopt a wait - and - see approach in the short term [7]. 3. Summary by Directory 3.1 Futures Market - **Futures Prices**: JD01 closed at 3368, up 64 from the previous day; JD05 closed at 3477, up 33; JD09 closed at 3863, up 26 [2]. - **Cross - month Spreads**: The 01 - 05 spread was - 109, up 31; the 05 - 09 spread was - 386, up 7; the 09 - 01 spread was 495, down 38 [2]. - **Price Ratios**: The 01 egg/corn ratio was 1.59, up 0.04; the 01 egg/bean meal ratio was 1.13, up 0.02, etc. [2] 3.2 Spot Market - **Egg Prices**: The average price in the main production areas was 2.86 yuan/jin, down 0.05 yuan/jin from the previous day; the average price in the main sales areas was 3.14 yuan/jin, unchanged [2][4]. - **Culled Chicken Prices**: The average price of culled chickens in the main production areas was 4 yuan/jin, down 0.02 yuan/jin from the previous day [2][6]. 3.3 Profit Calculation - **Profit per Chicken**: The profit was 0.27 yuan/feather, down 2.20 yuan from the previous day [2]. - **Feed Prices**: The average price of corn was 2243, up 2; the average price of bean meal was 3032, unchanged; the price of laying hen compound feed was 2.48, unchanged [2] 3.4 Fundamental Information - **Egg Price Trends**: The national mainstream egg prices were mixed, with prices in some areas stable and others falling. Egg prices continued to fluctuate and consolidate, with average sales [4]. - **Laying Hen Inventory**: In September, the national inventory of laying hens was 1.368 billion, an increase of 30 million from the previous month and a 6% year - on - year increase. It is estimated that the inventory from October 2025 to January 2026 will be approximately 1.36 billion, 1.36 billion, 1.356 billion, and 1.347 billion respectively [5]. - **Chick Hatchlings**: In September, the monthly hatchling volume of sample enterprises was 39.2 million, a 1.5% month - on - month decrease and a 14% year - on - year decrease [5]. - **Culled Chicken Volume**: From October 24th to the end of the week, the culling volume of laying hens in the main production areas was 20.02 million, a 1.4% decrease from the previous week. The average culling age was 499 days, unchanged from the previous week [5]. - **Egg Sales Volume**: As of the week of October 25th, the egg sales volume in representative sales areas was 7498 tons, a 1.6% increase from the previous week [5]. - **Profit and Inventory**: As of October 23rd, the weekly average profit per jin of eggs was - 0.22 yuan/jin, down 0.09 yuan/jin from the previous week. As of October 24th, the expected profit of laying hen farming was - 0.51 yuan/feather, down 2.79 yuan/jin from the previous week. As of October 17th, the average weekly inventory in the production link was 1.04 days, a decrease of 0.01 days from the previous week, and the average weekly inventory in the circulation link was 1.1 days, unchanged from the previous week [5][6] 3.5 Trading Strategy - **Single - side Trading**: It is recommended to wait and see in the short term [8]. - **Arbitrage**: It is recommended to wait and see [8]. - **Options**: It is recommended to wait and see [8] 3.6 Related Charts The report provides 15 charts, including those on egg prices in the main production and sales areas, chick prices, culled chicken prices, feed costs, laying hen inventory, spreads, basis, and profit trends [11][15][19]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Views of the Report - The mid - term upward trend of copper continues, but there is a risk of short - term retracement; alumina prices may rebound slightly but are suppressed by over - supply and imports; aluminum prices are expected to be volatile and bullish; ADC12 aluminum alloy ingot prices will remain strong and volatile; zinc prices may be long on dips; lead prices may decline; nickel prices are weak and volatile; stainless steel prices are recommended to be short on rebounds; tin prices are affected by macro - sentiment and demand expectations; industrial silicon prices can be traded with a high - throw and low - suck strategy; polysilicon prices suggest reducing short - term long positions and buying on dips; lithium carbonate prices can be bought on pullbacks [1][9][17][22][27][34][38][43][51][56][64][69] Group 3: Summary by Related Catalogs Copper - **Market Review**: The Shanghai copper 2512 contract closed at 88,710 yuan/ton, up 1.16%, with an increase of 22,023 lots in the Shanghai copper index. Shanghai spot copper was at a discount of 60 yuan/ton, down 5 yuan/ton from the previous day [1] - **Important Information**: The "small non - farm" ADP released weekly employment data; Trump may influence the Fed; CMOC will invest 1.08 billion US dollars to expand its KFM copper mine; Anglo American's Q3 copper production increased; First Quantum's Q3 copper production and guidance production changed [1] - **Logic Analysis**: Sino - US relations have eased, and the macro - sentiment has improved. The supply of copper mines is more disrupted, and the processing fee is expected to decline. The supply is relatively tight, and consumption is weak [1][3] - **Trading Strategy**: Go long on dips for the mid - term; hold inter - market positive spreads; wait and see for options [4][5][6] Alumina - **Market Review**: The alumina 2601 contract rose 40 yuan to 2,879 yuan/ton, with a decrease of 11,116 lots in positions. Spot prices in most regions were stable, with some declines in Guangxi and Guizhou [7] - **Related Information**: Tangshan launched a heavy - pollution emergency response; a Yunnan electrolytic aluminum enterprise purchased alumina; Australian alumina prices changed; domestic alumina production capacity increased [8] - **Logic Analysis**: Alumina supply and demand are still in significant surplus, but there are expectations of production cuts, which drive prices to rebound slightly, but are restricted by production cuts not being implemented and imports [9][11] - **Trading Strategy**: There is an expectation of further production cuts in November, with short - term narrow - range fluctuations; wait and see for arbitrage and options [12][13] Electrolytic Aluminum - **Market Review**: The Shanghai aluminum 2512 contract rose 75 yuan to 21,295 yuan/ton, with an increase of 13,871 lots in positions. Spot prices in different regions changed slightly [15] - **Related Information**: Sino - US leaders will meet; the "14th Five - Year Plan" suggestions were released; aluminum inventories decreased; Century Aluminum's Icelandic smelter had a production reduction [15][16] - **Trading Logic**: The global trade situation has eased, and there are expectations of interest rate cuts. Overseas production cuts intensify supply - demand concerns, and domestic consumption has resilience, so aluminum prices are expected to be volatile and bullish [17] - **Trading Strategy**: Aluminum prices are volatile and bullish [18] Cast Aluminum Alloy - **Market Review**: The cast aluminum alloy 2512 contract rose 65 yuan to 20,690 yuan/ton, with an increase of 1,342 lots in positions. Spot prices in different regions were stable [20] - **Related Information**: Sino - US leaders will meet; the "14th Five - Year Plan" suggestions were released; cast aluminum alloy warehouse receipts and social inventories changed [20][21] - **Trading Logic**: The macro - expectation is improving. The supply of scrap aluminum is tight, and the industry supply is shrinking. Demand is resilient, so prices will remain strong and volatile [22] - **Trading Strategy**: Aluminum alloy prices are strong and volatile; wait and see for arbitrage and options [23] Zinc - **Market Review**: The Shanghai zinc 2512 rose 0.27% to 22,430 yuan/ton, with an increase of 1,255 lots in positions. The spot market was cautious in purchasing [25] - **Related Information**: An Inner Mongolia lead - zinc mine resumed production and may stop production in winter; domestic zinc ingot inventories changed [26] - **Logic Analysis**: Domestic smelters' winter storage has expanded, and processing fees have decreased, squeezing smelter profits. Consumption may weaken. Overseas inventories are low, and LME zinc prices are strong [27] - **Trading Strategy**: Go long on dips; consider advance layout for arbitrage; sell out - of - the - money call options [28] Lead - **Market Review**: The Shanghai lead 2512 fell 0.4% to 17,355 yuan/ton, with a decrease of 566 lots in positions. Spot prices decreased, and downstream procurement willingness declined [31] - **Related Information**: Some lead - battery enterprises plan to reduce or stop production; a lead smelter in North China stopped for maintenance; a lead - zinc mine in Inner Mongolia resumed production; lead inventories decreased [32][33] - **Logic Analysis**: Some lead - battery enterprises reduce production to avoid inventory risks, while the supply of recycled lead may increase, so lead prices may decline [34] - **Trading Strategy**: Hold profitable short positions; wait and see for arbitrage; continue to hold sold out - of - the - money call options [35][36] Nickel - **Market Review**: The main Shanghai nickel contract NI2512 rose 410 to 121,540 yuan/ton, with a decrease of 2,144 lots in the index positions. Spot premiums changed [37] - **Important Information**: Indonesia and Brazil strengthened cooperation; a nickel company's performance and production quota plans; Indonesia promoted the downstream development of nickel resources; the Indonesian nickel price index was stable [38] - **Logic Analysis**: Precious metals' correction led to a decline in non - ferrous metals. LME nickel inventories are increasing, and the upside of nickel prices is limited, showing a weak and volatile trend [38] - **Trading Strategy**: Nickel prices are weak and volatile; wait and see for arbitrage; sell a wide - straddle combination of the 2512 contract [38][39] Stainless Steel - **Market Review**: The stainless steel main contract SS2512 rose 40 to 12,805 yuan/ton, with an increase of 2,342 lots in positions. Spot prices were in a certain range [42] - **Important Information**: Some steel mills plan to reduce production; Taiwan's stainless steel industry is under cost pressure [43] - **Logic Analysis**: Terminal demand in October is not optimistic, and the supply of 200 - series stainless steel is reduced. The cost support is not strong, and prices face resistance [43] - **Trading Strategy**: Short on rebounds; wait and see for arbitrage [44][45] Tin - **Market Review**: The main Shanghai tin 2512 contract closed at 286,720 yuan/ton, up 1,850 yuan/ton or 0.65%. Spot prices rose, but the market acceptance was low [47] - **Related Information**: The "14th Five - Year Plan" suggestions were released; the APEC meeting will be held; the US plans to cooperate with South Korea; ADP released US employment data [50] - **Logic Analysis**: The market focuses on the Fed's interest - rate decision. The supply of tin mines is tight, and production in September decreased. Demand is slowly recovering [51] - **Trading Strategy**: Affected by macro - sentiment and demand expectations; wait and see for options [52][53] Industrial Silicon - **Important Information**: Five departments issued a plan to regulate the market order [55] - **Logic Analysis**: The operating rate of northwest silicon plants is high, and southwest plants will stop furnaces. Demand from organic silicon and aluminum alloys is stable, and polysilicon production is expected to decrease. There may be inventory reduction, and prices are recommended to be traded with a high - throw and low - suck strategy [56][58] - **Strategy Suggestion**: High - throw and low - suck, buy on dips; no arbitrage opportunity; sell out - of - the - money put options [59][60][61] Polysilicon - **Important Information**: Five departments issued a plan to regulate the market order [63] - **Logic Analysis**: Southwest polysilicon production capacity reduces the operating load, and production in November is expected to decrease. Demand is expected to be poor, but there is still resilience. There will be inventory accumulation, but at a reduced rate. The price is under short - term pressure [64] - **Strategy Suggestion**: Reduce short - term long positions and buy on dips; conduct reverse arbitrage on far - month contracts; hold bought call options [65][66][67] Lithium Carbonate - **Market Review**: The lithium carbonate 2601 contract rose 660 to 82,900 yuan/ton, with an increase of 13,378 lots in positions and an increase of 190 in Guangzhou Futures Exchange warehouse receipts. Spot prices increased [69] - **Important Information**: Some companies obtained lithium - related mining rights or signed cooperation agreements [70] - **Logic Analysis**: Demand is driven by power and energy storage, and supply is tight. Inventory and warehouse receipts are decreasing. The market is bullish, and prices are rising [69][70] - **Trading Strategy**: Buy on pullbacks; wait and see for arbitrage; sell out - of - the - money put options [71][72][73]

Report Summary 1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core Viewpoints - The egg market is expected to maintain a situation of stable supply and weak demand. Egg prices are likely to remain weak, with red eggs showing general sales and powder eggs at risk of further decline. The price of old hens may be stable to slightly weak, with limited decline, and the weekly average price may be around 4.25 yuan per catty [5]. - The supply of laying hens remains high. In September, the national inventory of laying hens was 1.368 billion, an increase of 30 million from the previous month and a 6% year - on - year increase. The monthly hatching volume of egg - chick seedlings in sample enterprises in September was 39.2 million, a 1.5% month - on - month decrease and a 14% year - on - year decrease [10]. - Feed prices declined this week, reducing the cost of egg - chicken farming. Although the average egg price increased slightly this week, the overall supply exceeded demand, and the profit of egg - chicken farming increased. As of October 23, the weekly average profit per catty of eggs was - 0.22 yuan per catty, a decrease of 0.09 yuan per catty from the previous week; on October 24, the expected profit of egg - chicken farming was - 0.51 yuan per chicken, a decrease of 2.79 yuan per catty from the previous week [13]. - This week's egg demand was relatively stable, with a decrease in sales in the sales areas. The inventory in the production and circulation links decreased. Vegetable and pork prices showed a slight increase [16]. - In the short term, it is recommended to wait and see. For unilateral trading, close the previous short - position orders at a profit; for arbitrage and options, it is recommended to wait and see [17]. 3. Summary by Directory First Part: Logical Analysis and Trading Strategies - **Spot Analysis** - This week, the average price of eggs in the main production areas was 2.82 yuan per catty, a decrease of 0.05 yuan per catty from last Friday, and the average price in the main sales areas was 3.07 yuan per catty, an increase of 0.02 yuan per catty from last Friday. The egg price was weak, and the red - powder price difference narrowed. The price of old hens was expected to be stable to slightly weak next week, with a weekly average price of around 4.25 yuan per catty [5]. - **Supply Analysis** - From October 18 - 24, the national main - production - area egg - chicken culling volume was 20.02 million, a 1.4% decrease from the previous week. The average culling age of culled chickens was 499 days, the same as the previous week. In September, the national inventory of laying hens was 1.368 billion, an increase of 30 million from the previous month and a 6% year - on - year increase. The monthly hatching volume of egg - chick seedlings in sample enterprises in September was 39.2 million, a 1.5% month - on - month decrease and a 14% year - on - year decrease [10]. - **Cost Analysis** - As of October 24, the comprehensive feed cost was about 2469 yuan per ton, equivalent to about 2.71 yuan per catty of eggs. This week, feed prices declined, reducing the cost of egg - chicken farming. The average egg price increased slightly, and the profit of egg - chicken farming increased. As of October 23, the weekly average profit per catty of eggs was - 0.22 yuan per catty, a decrease of 0.09 yuan per catty from the previous week; on October 24, the expected profit of egg - chicken farming was - 0.51 yuan per chicken, a decrease of 2.79 yuan per catty from the previous week [13]. - **Demand Analysis** - This week, egg demand was relatively stable, with a decrease in sales in the sales areas. As of October 25, the sales volume of eggs in the national representative sales areas was 7498 tons, a 1.6% increase from the previous week. The inventory in the production and circulation links decreased. As of October 17, the average weekly inventory in the production link was 1.04 days, a decrease of 0.01 days from the previous week, and the average weekly inventory in the circulation link was 1.1 days, the same as the previous week. Vegetable and pork prices showed a slight increase [16]. - **Trading Strategy** - The supply of laying hens remains high, and the demand is generally weak. In the short term, egg prices are likely to be weak. It is recommended to wait and see. For unilateral trading, close the previous short - position orders at a profit; for arbitrage and options, it is recommended to wait and see [17]. Second Part: Weekly Data Tracking - **Inventory (Zhuochuang)** - Relevant data on the inventory of laying hens, brooding chicken replenishment, culling of chickens, etc. are presented in graphical form, but no specific numerical summaries are provided in the text [21][22][23]. - **Cold - Storage Eggs** - No specific content provided. - **Egg - Chicken Farming Situation** - Data on the culling age of chickens and the average price of egg - chick seedlings in the main production areas are presented in graphical form, but no specific numerical summaries are provided in the text [26]. - **Price Difference and Basis** - Data on the basis of January, May, and September contracts and the price differences between 1 - 5, 5 - 9, and 9 - 1 contracts are presented in graphical form, but no specific numerical summaries are provided in the text [29][30][33].

1. Market Analysis and Strategy Recommendations Market Analysis - The potential halving of Sino-US fentanyl tariffs boosted market sentiment, and the EC futures market continued to rise. On October 29, EC2512 closed at 1,871 points, up 4.62% from the previous day. The SCFI European line reported $1,246/TEU on October 24, up 8.8% month-on-month, and the latest SCFIS European line reported 1,312.71 points, up 15.11% month-on-month [5][6]. - Spot freight rates have risen significantly. The final settlement price of the EC2510 contract was 1,161.63 points. The Wall Street Journal reported that the US and China will discuss a trade framework to reduce US tariffs on Chinese goods, and the US may halve the fentanyl - related tariffs on China [6]. Logic Analysis - In terms of spot freight rates, the price difference among major shipping companies has widened again. Some shipping companies have lower SPOT prices due to cargo - collection pressure, but the spot price center is expected to gradually rise. For example, MSK's Shanghai - Rotterdam WK46 weekly quote decreased by $150 compared to last week, and it also released a PSS quote of $300/FEU for the Far East - Northern Europe route [7]. - Different shipping companies have different price quotes for November. It is expected that spot freight rates will gradually rise from November to December, and shipping companies may continue to raise prices. However, the implementation of price increases needs to be monitored [7]. - On the demand side, shipments are expected to improve from November to December, and the impact of possible tariff improvements on the shipment rhythm should be noted. On the supply side, the weekly average capacity of the Shanghai - Northern Europe 5 - port route will be 241,100/260,400/289,200 TEU in October, November, and December respectively, with a slight increase in December [7]. - Regarding Sino - US ship sanctions, there is an expectation of a reduction in port fees. The progress of the Palestine - Israel cease - fire agreement is tortuous and has recently escalated. The sentiment regarding fentanyl tariffs has eased, and the progress of subsequent negotiations should be followed [7]. Trading Strategy - Unilateral trading: For the EC2512 contract, long positions can be reduced and profits can be taken at high prices. The remaining positions can be rolled with a low - buying strategy. Attention should be paid to the Palestine - Israel negotiations, Sino - US tariff negotiations, and port congestion [8][10]. - Arbitrage: Hold a wait - and - see attitude [11]. 2. Industry News - The Wall Street Journal reported that if China takes action to cut the export of fentanyl chemicals, the US will halve the 20% fentanyl - related tariffs on Chinese goods (from 20% to 10%). The expected agreement may be adjusted depending on the meeting between the two sides [11]. - The Wall Street Journal reported that the US and China will lower the port fees imposed on each other [12]. - On October 28th, Hamas denied any connection with the attack on Israeli troops in Rafah, southern Gaza, and emphasized its commitment to the current cease - fire agreement. It also stated that the Israeli military's attacks violated the cease - fire agreement and called on mediators to pressure Israel to stop the violations [12]. - Market news reported that Israeli Prime Minister Netanyahu ordered the military to immediately launch an attack on Gaza [13]. 3. Market Data Futures Market - For different contracts such as EC2512, EC2602, etc., the report provides closing prices, price changes, price change percentages, trading volumes, trading volume change percentages, open interest, and open - interest change percentages [5]. - The report also presents the month - spread structure, including the price differences and their changes between different contracts [5]. Container Freight Rates - It provides the prices, month - on - month and year - on - year changes of various container freight rates, such as SCFIS European line, SCFIS US West line, SCFI comprehensive index, and container freight rates for different routes like Shanghai - West Africa, Shanghai - South Africa, etc. [5]. Fuel Costs - The prices, month - on - month and year - on - year changes of WTI and Brent crude oil near - month contracts are reported [5].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The price of peanuts in Henan continued to decline, while that in the Northeast remained stable. The price of imported peanuts was stable. It is expected that the peanut spot will be relatively weak in the short term [4]. - The price of peanut oil was stable, and the peanut meal was also stable recently. The theoretical profit of oil - mill crushing was acceptable [8]. - The 01 and 05 peanut futures are in a low - level oscillation, and the far - month peanuts may be stronger. The new - season peanut output is expected to be higher than last year, and the 01 peanut will still oscillate weakly [8]. 3. Summary by Directory First Part: Data - **Futures Disk** - PK604 closed at 7932, up 16 (0.20%), with a trading volume of 229 (down 24.17%) and an open interest of 1,809 (down 1.26%) [2]. - PK510 closed at 8152, up 16 (0.20%), with a trading volume of 19 (up 58.33%) and an open interest of 431 (up 1.41%) [2]. - PK601 closed at 7822, up 16 (0.20%), with a trading volume of 68,448 (up 29.61%) and an open interest of 175,747 (down 1.98%) [2]. - **Spot and Basis** - Spot prices in Henan Nanyang, Shandong Jining, and Shandong Linyi were 7200, 8400, and 8400 respectively. The price of Rizhao peanut meal was 3250, and that of Rizhao soybean meal was 2970. The price of peanut oil was 14580, and that of Rizhao first - grade soybean oil was 8270 [2]. - The price of Henan Nanyang peanuts dropped by 1400, and the price of Rizhao soybean meal dropped by 20, and the price of Rizhao first - grade soybean oil dropped by 100 [2]. - The basis of Henan Nanyang peanuts was - 622, and that of Shandong Jining and Linyi was 578. The difference between soybean meal and peanut meal was - 1, and the difference between peanut oil and soybean oil was 6310 [2]. - **Import Price** - The price of Sudan peanuts was 8500, and the price of Senegalese peanuts remained unchanged [2]. - **Spread** - The spread of PK01 - PK04 was - 110 (unchanged), PK04 - PK10 was - 220 (unchanged), and PK10 - PK01 was 330 (unchanged) [2]. Second Part: Market Analysis - In the Northeast, the price of 308 common peanuts in Fuyu, Jilin was 4.1 yuan/jin, and that in Changtu, Liaoning was 4.1 yuan/jin, both remaining stable. In the Henan production area, the price of Baisha common peanuts was 3.35 - 3.5 yuan/jin, down 0.1 yuan/jin. The price of peanuts in Junan, Shandong was 4.0 yuan/jin, remaining stable. The price of imported Brazilian new peanuts was 9200 yuan/ton, and that of Indian specification peanuts 50/60 was 8000 yuan/ton, both remaining stable [4]. - Some peanut oil mills started to purchase, with the mainstream transaction price at 7800 - 7900 yuan/ton, and the theoretical break - even price of oil mills was 7920 yuan/ton. The price of soybean oil and peanut oil remained stable, with domestic first - grade ordinary peanut oil at 14500 yuan/ton and small - pressed fragrant peanut oil at 16500 yuan/ton [4]. - The spot price of Rizhao soybean meal was relatively strong at 2970 yuan/ton. The unit - protein spread between peanut meal and soybean meal was relatively high, and peanut meal was relatively weak in the short term, with the 48 - protein peanut meal quoted at 3200 yuan/ton [6]. Third Part: Trading Strategies - **Unilateral** - Peanuts 01 and 05 are in a low - level oscillation. It is advisable to wait and see [9]. - **Monthly Spread** - Wait and see [10]. - **Options** - Hold the sold pk601 - P - 7600 [11]. Fourth Part: Relevant Attachments - The report includes six figures, namely the spot price of Shandong peanuts, the profit of peanut oil mills, the price of peanut oil, the basis between peanut spot and continuous contracts, the spread between peanut 10 - 1 contracts, and the spread between peanut 1 - 4 contracts [13][20][23]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The US corn market is in a narrow - range oscillation. Although the US - China relationship has eased recently and the price has rebounded, the high production level remains unchanged. The Chinese market has high import profits for foreign corn, and the domestic corn spot still has room to decline in the short term. Corn starch prices are mainly affected by corn prices and downstream stocking, and the short - term spot is expected to decline, with the 01 - contract on the futures market bottom - oscillating [4][6][7]. - The trading strategy suggests that the US corn has support at 400 cents per bushel. For 05 and 01 corn, it is advisable to wait and see. For the spread between 01 corn and starch, one can try to short the spread when it is high. In the options market, a short - term strategy of accumulating puts and calls with rolling operations is recommended [8][9][11]. 3. Summary by Directory 3.1 Data - **Futures Market**: Among corn futures contracts, C2601 closed at 2116, down 7 (- 0.33%); C2605 closed at 2221, down 9 (- 0.41%); C2509 closed at 2253, down 8 (- 0.36%). Among corn starch futures contracts, CS2601 closed at 2427, up 3 (0.12%); CS2605 closed at 2540, down 1 (- 0.04%); CS2509 closed at 2590, down 3 (- 0.12%) [2]. - **Spot and Basis**: Corn spot prices in different regions showed different trends. For example, the price in Qinggang was 1970, unchanged; in Guangdong Port, it was 2250, down 20. Starch spot prices were stable. The basis for corn and starch also varied by region [2]. - **Spreads**: In the corn market, the spread of C01 - C05 was - 105, up 2; in the starch market, the spread of CS01 - CS05 was - 113, up 4. The cross - variety spreads also had corresponding changes [2]. 3.2 Market Judgment - **Corn**: The US corn market is in a narrow - range oscillation. The Chinese market has high import profits for foreign corn. The spot price in the Northeast is falling, while in North China, it has started to stabilize and rebound. The domestic breeding demand is stable, but the corn spot still has room to decline in the short term [4][6]. - **Starch**: The number of trucks arriving at Shandong deep - processing plants has decreased, and the corn spot in Shandong has stabilized. The starch inventory has decreased this week. Due to the significant decline in corn prices, enterprises are making good profits. However, the corn in North China may still decline at the end of October, and the starch spot is expected to follow suit [7]. 3.3 Corn Options The recommended option strategy is a short - term strategy of accumulating puts and calls with rolling operations [11]. 3.4 Related Attachments The attachments include graphs showing the spot prices of corn in different regions, the basis of corn 01 contract, the spreads of corn 1 - 5, the spreads of corn starch 1 - 5, the basis of corn starch 01 contract, and the spreads of corn starch 01 contract [13][15][20].

Group 1: Report Title and General Information - Report title: "Meal Daily Report - October 29, 2025" [1] - Report summary: Supply bullish factors are fully reflected, and the overall upward movement of the market is restricted [1] Group 2: Market Quotes Futures and Spot Basis - **Soybean meal**: The closing prices of contracts 01, 05, and 09 are 2969, 2803, and 2923 respectively, with changes of -6, +8, and +11. Spot basis varies by region, such as 50 in Tianjin, -20 in Dongguan, etc. [3] - **Rapeseed meal**: The closing prices of contracts 01, 05, and 09 are 2373, 2330, and 2426 respectively, with changes of -23, -8, and -7. Spot basis also varies by region, like 37 in Nantong, 127 in Guangdong, etc. [3] Monthly Spreads - **Soybean meal**: The 15 - spread is 166 (down 14 from yesterday), the 59 - spread is -120 (down 3), and the 91 - spread is -46 (up 17). [3] - **Rapeseed meal**: The 15 - spread is 43 (down 15 from yesterday), the 59 - spread is -96 (down 1), and the 91 - spread is 53 (up 16). [3] Cross - Variety Futures Spreads - The 01 spread between soybean meal and rapeseed meal is 596 (up from 579 yesterday), and the 09 spread is 497 (up from 479 yesterday). The 01 oil - meal ratio is 2.739 (down from 2.750 yesterday). [3] Spot Spreads - The spread between soybean meal and rapeseed meal is 473 (up 1 from yesterday), the spread between rapeseed meal and sunflower meal is 270 (down 10), and the spread between soybean meal and sunflower meal is 673 (up 21). [3] Group 3: Fundamental Analysis International Market - **US soybeans**: Although the recent trend is strong, the overall fundamental changes are limited. The market generally expects a slight downward adjustment in the new - crop yield per unit, which supports the price to some extent. The current price reflects the positive impact of US soybean exports, but the upward space is limited without other positive factors. [4] - **South America**: In Brazil, the new - crop sowing has started and is progressing rapidly. Institutions generally expect a bumper harvest. With limited demand growth, the export volume is expected to increase significantly. The old - crop has good export and crushing performance, but the subsequent crushing drive may be limited. In Argentina, the old - crop soybean production is relatively large, and the recent crushing and export have increased significantly, with the pressure improving. [4] Domestic Market - **Soybean meal**: The overall supply and demand are relatively loose. The oil mill operating rate has increased, the supply is sufficient, and the提货 volume has also increased, while the inventory remains high. As of October 24, the actual soybean crushing volume of oil mills is 2.3674 million tons, the operating rate is 65.13%, the soybean inventory is 7.5129 million tons (down 174,100 tons from last week, a decrease of 2.26%, and up 1.9282 million tons year - on - year, an increase of 34.53%), and the soybean meal inventory is 1.0546 million tons (up 78,400 tons from last week, an increase of 8.03%, and up 1,800 tons year - on - year, an increase of 0.17%). [5] - **Rapeseed meal**: The domestic demand has gradually weakened recently. The oil mill operating rate has decreased, the rapeseed supply is relatively low, and the granular rapeseed meal inventory remains high, with overall supply pressure. As of the week of October 24, the rapeseed inventory of major coastal oil mills is 600,000 tons (unchanged from last week), and the rapeseed meal inventory is 710,000 tons (down 70,000 tons from last week). [5] Group 4: Macro - analysis - Recent market is more affected by macro factors. The Sino - US negotiations have released positive signals, leading to a significant increase in the US soybean market. The meeting involves issues such as 301 shipping fees and possible tariff issues for agricultural products. However, the impact on the domestic long - term supply reduction is limited, and the subsequent import volume is still highly uncertain. After the short - term market reaction, the macro impact is expected to be relatively limited, and the market will focus more on fundamental changes. [6] Group 5: Logic Analysis - The market shows a volatile trend. After the previous bullish factors are fully reflected, the upward momentum has decreased. The US soybean market has fully reflected the previous bullish factors and is now in a volatile state. The overall supply in the international soybean market is still relatively loose. The smooth progress of Brazil's new - crop sowing is expected to result in a relatively high yield, with limited price support and obvious overall pressure. The domestic soybean meal supply and demand are relatively loose, and there is still inventory pressure. The rapeseed meal inventory is relatively low, but the demand is also average, and the subsequent import volume is relatively low, with limited price fluctuations. The decline in the monthly spreads of soybean meal and rapeseed meal today is mainly due to macro factors, and the subsequent decline space is expected to be limited, but there may still be pressure for rapeseed meal monthly spreads due to average demand. [7] Group 6: Trading Strategies - **Single - side trading**: It is recommended to short the 05 contract [8] - **Arbitrage**: Hold a wait - and - see attitude [8] - **Options**: Sell a wide - straddle strategy [8] Group 7: Soybean Pressing Profits - Pressing profits vary by origin, shipping date, and contract. For example, for Brazilian soybeans with a December shipping date, the CNF is 243, the CBOT is 999.25, and the contract is F. The exchange rate is 7.0228, the soybean meal price is 2969, the soybean oil price is 8132. The disk pressing profit is -190.08, the spot pressing profit is -211.58, compared with yesterday's -212.23 and -233.73, with a change of 22.15. [9]

Group 1: Report Information - Report Title: [Research Institute] Agricultural Products R & D Report - Pig Daily Report [1] - Report Date: October 29, 2025 [1][3] - Researcher: Chen Jiezheng [2] Group 2: Investment Ratings - No investment ratings provided in the report Group 3: Core Views - The overall pig price in the country is in a volatile state today. The scale - enterprise's pig -出栏 volume continues to decline, and the overall supply pressure has improved compared with before. The ordinary farmers' enthusiasm for selling pigs has not changed much, and the recent pig - selling volume has decreased. The second - fattening inventory is increasing rapidly, and the entry enthusiasm is high. The supply of large - weight pigs is still sufficient. The subsequent pig spot price is expected to be weak, and the pig price is still under pressure [3][4]. - The pig futures price is in a volatile state. The supply pressure has improved recently, and the futures' reaction to the spot price increase is limited. The far - month futures price begins to decline, and the market is worried about subsequent production capacity release. The futures price is expected to have limited upward space and will mainly operate in a volatile manner [4]. Group 4: Data Summaries Spot Price - Today's average pig spot price is 12.47 yuan/kg, up 0.11 yuan/kg from yesterday. Prices in different regions show different changes, such as Hubei up 0.20 yuan/kg, Hunan up 0.29 yuan/kg, and Guangdong up 0.35 yuan/kg [3]. Futures Price - Futures contracts such as LH01, LH03, etc. show different price changes. For example, LH01 is up 25 yuan, and LH03 is down 50 yuan [3]. Piglet and Sow Prices - The piglet price this week is 174 yuan, up 9 yuan from last week; the sow price is 1545 yuan, unchanged from last week [3]. Breeding Profits - The self - breeding and self - raising spot breeding profit is - 185.68 yuan/head, up 59.01 yuan from yesterday; the profit of purchasing piglets for breeding is - 289.07 yuan/head, up 86.22 yuan from yesterday [3]. Slaughter Volume - The slaughter volume today is 162,661 heads, down 1,215 heads from yesterday [3]. Price Spreads - The price spreads between different futures contracts and different pig sizes show different changes, such as LH7 - 9 down 20 yuan, and the large - pig to standard - pig price spread up 0.07 yuan [3]. Group 5: Trading Strategies - Unilateral trading: Wait and see [5] - Arbitrage: Wait and see [5] - Options: Sell the wide - straddle strategy [5]

1. Report Information - Report Title: Stock Index Futures Data Daily Report [1] - Report Date: October 29, 2025 [2] 2. IM Futures 2.1 Daily Quotes - The closing price of CSI 1000 was 7,569.12, up 1.20%. The total trading volume of the four IM contracts was 187,636 lots, a decrease of 23,657 lots from the previous day; the total open interest was 348,768 lots, a decrease of 5,250 lots from the previous day [4][5]. - The main contract of IM rose 1.42% to close at 7,446.4 points. The main contract was at a discount of 122.72 points, an increase of 20.9 points from the previous day; the annualized basis rate was -11.57% [4][5]. 2.2 Main Seats Analysis - 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 38,281 lots, a decrease of 6,917 lots from the previous day. In terms of long positions, CITIC Futures (on behalf of clients) held 26,244 lots, a decrease of 1,382 lots; in terms of short positions, CITIC Futures (on behalf of clients) held 36,616 lots, a decrease of 1,639 lots [18]. 3. IF Futures 3.1 Daily Quotes - The closing price of CSI 300 was 4,747.84, up 1.19%. The total trading volume of the four IF contracts was 100,933 lots, a decrease of 11,905 lots from the previous day; the total open interest was 258,558 lots, an increase of 439 lots from the previous day [23][25]. - The main contract of IF was at a discount of 15.24 points, an increase of 7.13 points from the previous day; the annualized basis rate was -2.26% [25]. 3.2 Main Seats Analysis - 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 8,593 lots, a decrease of 1,079 lots from the previous day. In terms of long positions, CITIC Futures (on behalf of clients) held 6,959 lots, an increase of 107 lots; in terms of short positions, CITIC Futures (on behalf of clients) held 9,299 lots, a decrease of 510 lots [36]. 4. IC Futures 4.1 Daily Quotes - The closing price of CSI 500 was 7,480.97, up 1.91%. The total trading volume of the four IC contracts was 134,767 lots, an increase of 8,363 lots from the previous day; the total open interest was 252,815 lots, an increase of 9,663 lots from the previous day [41][42]. - The main contract of IC rose 2.12% to close at 7,390 points. The main contract was at a discount of 90.97 points, an increase of 19.06 points from the previous day; the annualized basis rate was -8.64% [41][42]. 4.2 Main Seats Analysis - 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 30,054 lots, an increase of 426 lots from the previous day. In terms of long positions, Guotai Junan (on behalf of clients) held 21,066 lots, an increase of 1,034 lots; in terms of short positions, CITIC Futures (on behalf of clients) held 23,669 lots, an increase of 1,098 lots [56]. 5. IH Futures 5.1 Daily Quotes - The closing price of SSE 50 was 3,063.02, up 0.41%. The total trading volume of the four IH contracts was 45,105 lots, a decrease of 6,016 lots from the previous day; the total open interest was 94,975 lots, a decrease of 762 lots from the previous day [62]. - The main contract of IH rose 0.39% to close at 3,064.8 points. The main contract was at a premium of 1.78 points, an increase of 0.6 points from the previous day; the annualized basis rate was 0.41% [62][63]. 5.2 Main Seats Analysis - In IH2511, the top five seats in terms of trading volume were led by Guotai Junan (on behalf of clients), with a trading volume of 8,637 lots, a decrease of 1,557 lots from the previous day. In terms of long positions, Guotai Junan (on behalf of clients) held 8,450 lots, a decrease of 241 lots; in terms of short positions, Guotai Junan (on behalf of clients) held 8,943 lots, a decrease of 186 lots [75].