锌：关注宏观指引 锌价或宽幅震荡 研究员：陈寒松 期货从业证号： F03129697 投资咨询证号： Z0020351 目录 第一章 综合分析与交易策略 第二章 市场数据 第三章 基本面数据 GALAXY FUTURES 1 227/82/4 228/210/172 181/181/181 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 交易逻辑与策略 ◼ 产业供需： 2 GALAXY FUTURES 227/82/4 228/210/172 181/181/181 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 ➢ 矿端，近期内外比价持续低位，周内进口锌精矿亏损维持在2000元/金属吨左右；冶炼厂持续积极采购国产锌矿，国内锌精矿偏紧未改，多地加工费继续走低。 SMM Zn50国产周度TC均价下调50元/金属吨至2600元/金属吨 ...

Report Industry Investment Rating - For polysilicon, the short - term strategy is to wait and see, and consider short - selling on rallies if the spot price weakens. For industrial silicon, it is expected to fluctuate within a range, and short - selling on rallies is recommended [4][7]. Core Viewpoints - This week, the polysilicon market is in a tight - balance state, but there is pressure on prices due to inventory accumulation and weak downstream demand. The industrial silicon market may return to a supply - surplus pattern if the rumored organic silicon production cut is implemented; otherwise, it remains in a tight - balance state. The current valuation of industrial silicon is relatively high, and the market is weak [4][6]. Summary by Directory Chapter 1: Comprehensive Analysis and Trading Strategy Polysilicon - In November, the silicon wafer production schedule decreased by 1GW to 59GW compared to October, corresponding to a polysilicon demand of about 118,000 tons. The polysilicon production in November is 115,000 - 120,000 tons, showing a tight - balance situation. There are pressures in the silicon wafer and battery markets, and the polysilicon spot price also faces downward pressure. The upcoming Chengdu PV Conference may lead to a large number of orders, and the spot transaction price may guide the futures price. The market rumor about the establishment of a platform company also affects the market. It is advisable to wait and see this week. If the polysilicon spot price weakens, short - selling on rallies can be considered [4]. - Strategy: Short - term wait - and - see, waiting for large - scale spot transactions and the establishment of the platform company; no arbitrage strategy; take profit on selling put options [5]. Industrial Silicon - This week, the weekly production of DMC increased by 1.67% to 48,700 tons, the weekly polysilicon production decreased by 2.54% to 28,400 tons, the operating rate of primary aluminum alloy increased by 0.4 percentage points to 59.8%, and the operating rate of recycled aluminum alloy increased by 1.5 percentage points to 60.6%. The weekly industrial silicon production was 90,400 tons, a decrease of 0.57% compared to last week, and the total number of open furnaces remained unchanged at 264. The social inventory of industrial silicon decreased by 0.6 million tons to 54.6 million tons, the inventory of sample enterprises in Xinjiang, Yunnan, and Sichuan increased by 0.06 million tons to 17.54 million tons, and the downstream raw material inventory decreased by 0.13 million tons to 23.53 million tons [6][27][28]. - If the rumored 30% production cut in the organic silicon industry is implemented, the demand for industrial silicon will decrease by 3 million tons, and the market will return to a supply - surplus pattern. Otherwise, it remains in a tight - balance state. The current valuation of industrial silicon is relatively high, and the market is weak. Short - selling on rallies is recommended, with the price range reference of (8500, 9500) [6]. - Strategy: Fluctuate within a range, short - selling on rallies; no option and arbitrage strategies [7][8]. Chapter 2: Industrial Silicon Fundamental Data Tracking Market Conditions - This week, the industrial silicon futures fluctuated weakly, with the main contract closing at 9020 yuan/ton on Friday. The spot price of industrial silicon remained stable [12]. Downstream Demand - The weekly production of DMC increased, the polysilicon production decreased, and the operating rate of aluminum alloy increased. The weekly DMC production was 48,700 tons, a 1.67% increase; the weekly polysilicon production was 28,400 tons, a 2.54% decrease; the operating rate of primary aluminum alloy was 59.8%, a 0.4 - percentage - point increase; and the operating rate of recycled aluminum alloy was 60.6%, a 1.5 - percentage - point increase [15]. Production - This week, the industrial silicon production decreased. The weekly production was 90,400 tons, a 0.57% decrease. The total number of open furnaces was 264, remaining unchanged. The number of open furnaces in Sichuan decreased by 1, in Inner Mongolia increased by 1, in Gansu increased by 2, in Fujian decreased by 1, and in the Northeast decreased by 1. The operating rate of silicon plants in the Northwest has reached a high level, with limited room for further production increase. Silicon plants in Yunnan and Sichuan may have a small amount of furnace shutdown space, and it is expected that the industrial silicon production will continue to decrease next week [27]. Inventory - The factory inventory slightly increased, the social inventory decreased, and the downstream raw material inventory slightly decreased. The social inventory of industrial silicon was 54.6 million tons, a decrease of 0.6 million tons; the inventory of sample enterprises in Xinjiang, Yunnan, and Sichuan was 17.54 million tons, an increase of 0.06 million tons; and the downstream raw material inventory was 23.53 million tons, a decrease of 0.13 million tons [28]. Product Prices - The spot price of industrial silicon remained stable this week. The prices of DMC and terminal products in the organic silicon industry increased. The operating rate of organic silicon intermediates slightly increased. The operating rate of primary aluminum alloy slightly increased, and the operating rate of recycled aluminum alloy strengthened. The electricity price in the Southwest region increased, and the price of petroleum coke also increased [33][38][44][48][51]. Chapter 3: Polysilicon Fundamental Data Tracking Price - This week, the price of N - type re - feedstock in polysilicon strengthened. The prices of some types of silicon wafers and batteries weakened. The prices of some components increased slightly [56][59][62]. Component Data - Recently, component enterprises have gradually increased component quotes. Some component enterprises have reduced production this month, but terminal demand provides some support, and the reduction in component production is small. It is expected that the component production in November will be 46GW. The inventory of photovoltaic components in Europe has increased to 35.4GW, and the inventory of domestic photovoltaic manufacturers is 30.6GW, at a moderately low level [74]. Battery Data - The export demand for batteries is good. The inventory of specialized battery manufacturers is 5.81GW, at a moderately low level. In November, the component production schedule has decreased, and the battery production schedule has also been adjusted down to 54GW [75]. Silicon Wafer Data - This week, the operating rate of silicon wafer enterprises decreased, and the weekly production of silicon wafers decreased to 13.12GW. Currently, the silicon wafer sector produces according to demand, and the silicon wafer inventory is 18.42GW. The silicon wafer production schedule in November is 59GW, a decrease of 1GW compared to October [81]. Polysilicon Data - This week, the polysilicon production slightly decreased, and the factory inventory slightly increased to 267,000 tons. In November, Tongwei Co., Ltd. plans to gradually shut down production in Yunnan, Sichuan, and Inner Mongolia, with a total shutdown scale of 370,000 tons/year. The polysilicon production will decrease by 20,000 - 25,000 tons compared to October, and may further decrease by 10,000 tons in December compared to November. Newly - opened capacities of Asian Silicon Industry, Orient Hope, and Daquan Energy are ramping up this month, and the newly - opened capacity of Xinte Energy's Zhunbei Base will increase production by 3000 - 5000 tons. GCL Technology has a certain production - cut plan, with a reduction of about 4000 tons. The polysilicon production in November will decrease by about 20,000 tons compared to October [89].

研究所 农产品研发报告 粕类日报 2025 年 11 月 19 日 【粕类日报】利多体现明显 美豆逐步回落 研究员：陈界正 期货从业证号： F3045719 投资咨询证号： Z0015458 联系方式： chenjiezheng_qh@chinastock.c om.cn | 粕类价格日报 | | | | | | 2025/11/19 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期 货 | | | | | | 现货基差 | | | 品 种 | 合 约 | 收盘价 | 涨 跌 | 地 区 | 今 日 | 昨 日 | 涨 跌 | | 豆粕 | 0 1 | 3022 | -19 | 天津 | 3 0 | 2 0 | 1 0 | | 0 5 | | 2824 | - 8 | 东莞 | -40 | -40 | 0 | | 0 9 | | 2937 | -10 | 张家港 | -50 | -50 | 0 | | | | | | 日照 | -20 | -30 | 1 0 | | 0 1 | | 2419 | -12 | 南通 | 2 1 | 1 9 | 2 ...

研究所 农产品研发报告 生猪日报 2025 年 11 月 19 日 【生猪日报】供应略有增加 价格震荡运行 研究员：陈界正 期货从业证号： F3045719 投资咨询证号： Z0015458 联系方式： chenjiezheng_qh@chinastock.c om.cn | | | | | 生猪价格日报 | | 2025/11/19 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 现货价格 | | | | | | | 今 日 | 昨 日 | 变 化 | | 今 日 | 昨 日 | 变 化 | | 河南（0） | 11.76 | 11.62 | 0.14 | 山西（-100） | 11.30 | 11.17 | 0.13 | | 湖北（0） | 11.33 | 11.23 | 0.10 | 辽 宁 | 11.44 | 11.37 | 0.07 | | 安徽（200） | 11.81 | 11.74 | 0.07 | 吉林（-300） | 11.47 | 11.40 | 0.07 | | 湖南（100） | 11.44 | 11.33 ...

铅周报：国内社会库存逐步累库 关注宏观因素影响 研究员：陈寒松 期货从业证号： F03129697 投资咨询证号： Z0020351 目录 第一章 行情与逻辑 第二章 原料端 第三章 冶炼端 第四章 需求端 87/87/87 文 字 色 基 础 色 1.1 交易逻辑与策略 2 GALAXY FUTURES 227/82/4 228/210/172 181/181/181 辅 助 色 137/137/137 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 ◼ 产业供需： ➢ 供应端，本周国产铅精矿加工费至300元/金属吨，SMM进口铅精矿周度加工费至-135美元/干吨。进口矿市场部分招投标报价陆续报出，部分冶炼厂锁定了2026年的长单协 议，但相关加工费已跌至-160~-200美元/干吨，冶炼厂普遍谨慎观望。国内矿贸易市场上，河南、内蒙古等地冶炼厂持续按需采购；江西、湖南、云南等地南方地区冶炼厂 因铅精矿供应短缺出现生产开工下滑的情况并未缓和，云南地区某冶炼厂提及尽管低银铅精矿加工费并未下调。 ➢ 冶炼端，本周SMM三省原生铅冶炼厂的平均开工率为6 ...

投资咨询号：Z0021675 联系方式： 上海：021-65789219 研究所 贵金属研发报告 贵金属衍生品日报 2025 年 11 月 19 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 北京：010-68569781 邮箱： wangluchen_qh@chinastock.co m.cn 贵金属衍生品日报 【市场回顾】 1.贵金属市场: 今天白天，贵金属小幅走高，伦敦金下午一度冲击 4100 关 口，但当前回落至 4080 美元附近；伦敦银站回 51 美元，当前交投于 51.2。受外 盘驱动，沪金最终收涨 1.09%，报 937 元/克; 沪银主力合约最终收涨 2.19%，报 12148 元/千克。 2.美元指数: 美元指数窄幅波动，当前交投于 99.66 美元。 3.美债收益率:10 年美债收益率横向盘整，当前交投于 4.117%附近。 4.人民币汇率:人民币兑美元小幅走弱，当前交投于 7.11 附近。 【重要资讯】 1.美联储动向：①特朗普暗示美联储主席人选已定，抱怨解雇鲍威尔遭人阻 拦。②巴尔金 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core Viewpoints of the Report - The market is in a state of continuous game regarding the implementation range of the announced price increases in December. The EC futures market maintains a volatile trend. The SCFIS European Line Index is expected to remain at a low level in the second half of November, and attention should be paid to the December quotes this week [6]. - In terms of spot freight rates, the long - term cargo of shipping companies has improved, and the shipping companies have announced GRI increases for December. However, the market has significant differences in the future freight rate implementation range. The demand is expected to gradually improve from November to December, and the shipping capacity in December has decreased by 4.6% compared with the previous period. The recent market trading logic has returned to the spot market [7]. - The trading strategy suggests a wait - and - see approach for both single - side and arbitrage trading [8][9]. 3. Summary by Relevant Catalogs Market Analysis and Strategy Recommendation - **Market Performance**: On November 19, the closing price of EC2512 was 1763.3 points, a decrease of 0.35% from the previous day. On November 14, the SCFI European Line was reported at $1417 per TEU, a week - on - week increase of 7.11%. The latest SCFIS European Line reported after the market on Monday was 1357.67 points, a week - on - week decrease of 9.8%, mainly due to the significant decline in the index driven by the drop in MSK freight rates [6]. - **Logical Analysis**: Shipping companies' long - term cargo has improved, and they have announced GRI increases for December. The market has different views on the implementation of the price increases. For example, MSK's Shanghai - Rotterdam quote for Week 49 increased by $500 per FEU compared with the previous week. From the fundamental perspective, the demand from November to December is expected to improve, and the shipping capacity in December has decreased by 4.6% compared with the previous period. The probability of resuming navigation in the near - term is low, and the market trading logic has returned to the spot market [7]. - **Trading Strategy**: For single - side trading, it is recommended to wait and see as the market is volatile. For arbitrage trading, also adopt a wait - and - see approach [8][9]. Industry News - In October, the container imports from Asia's top ten economies to the United States decreased by 8.4% year - on - year, totaling 1.79 million TEUs. Although it only decreased slightly by 0.1% compared with September, the cumulative imports in the first ten months of this year increased by 0.7% to 17 million TEUs [11]. Relevant Attachments - The report includes multiple figures such as the SCFIS European Line Index and SCFIS US West Line Index, EC12 and EC02 contract basis, etc., which visually show the trends of relevant indexes and contract basis [13][21].

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - On November 19, ferroalloy futures prices declined overall. The silicon ferro - alloy (SF) and manganese silicon (SM) markets both face a situation of weak supply and demand, but the cost side provides some support, leading to an expected bottom - range oscillation [5]. - The trading strategies include: expecting a bottom - range oscillation for single - sided trading; waiting and seeing for arbitrage; and selling out - of - the - money straddle option combinations [6]. 3. Summary by Relevant Catalog 3.1 Market Information 3.1.1 Futures - SF main contract: closed at 5504, down 18 for the day and 48 for the week, with a trading volume of 232,237 (down 101,565 from the previous day) and an open interest of 148,169 (up 17,457 from the previous day) [2]. - SM main contract: closed at 5642, down 38 for the day and 120 for the week, with a trading volume of 212,250 (down 183,485 from the previous day) and an open interest of 436,259 (up 31,861 from the previous day) [2]. 3.1.2 Spot - Silicon ferro - alloy: 72%FeSi prices in Inner Mongolia, Ningxia, Qinghai, Jiangsu, and Tianjin remained stable or had slight weekly declines, with no daily change in most regions [2]. - Manganese silicon: The prices of 6517 manganese silicon in Inner Mongolia remained stable, while those in Ningxia, Guangxi, Jiangsu, and Tianjin decreased by 20 - 30 yuan/ton for the day and 30 - 80 yuan/ton for the week [2]. 3.1.3 Basis/Spread - Silicon ferro - alloy: The basis of Inner Mongolia, Ningxia, and Qinghai relative to the main contract increased by 18 for the day and 48 for the week; the spread between Jiangsu and Inner Mongolia was 270, with no daily change but a weekly decline of 80; the SF - SM spread was - 138, up 20 for the day and 72 for the week [2]. - Manganese silicon: The basis of Inner Mongolia, Ningxia, and Guangxi relative to the main contract increased; the spread between Guangxi and Inner Mongolia decreased by 30 for the day and 30 for the week [2]. 3.1.4 Raw Materials - Manganese ore (Tianjin): The prices of Australian lumps, South African semi - carbonates, and Gabonese lumps were stable for the day, with slight weekly increases in some cases; the prices of blue charcoal small materials in Shaanxi, Ningxia, and Inner Mongolia remained unchanged [2]. 3.2 Market Judgment 3.2.1 Silicon Ferro - alloy - On November 19, spot prices were generally stable. Supply: More manufacturers in Qinghai are under maintenance, and the weekly start - up rate and production are expected to decline slightly. Demand: After a short - term rebound, future hot metal production will continue to decline. Cost: The electricity prices of ferroalloys in various regions are generally stable with a slight upward trend. Overall, the fundamentals show weak supply and demand, with cost support. Affected by the decline of the overall black metal market such as coking coal, it has adjusted accordingly, but its valuation is not high, so short - selling is not advisable [5]. 3.2.2 Manganese Silicon - On November 19, manganese ore spot prices were generally stable, and manganese silicon spot prices were stable with a slight downward trend, with some regional prices decreasing by 20 - 30 yuan/ton. Supply: As prices decline, manganese silicon production has also decreased slightly. Demand: Future hot metal production will decline overall. Cost: Manganese ore port inventories are at a low level for the same period, spot prices are firm, and overseas mine quotes are also rising steadily, leading to an increase in the cost side. Against the background of weak supply and demand and cost support, it is expected to oscillate at the bottom [5]. 3.3 Important Information - On November 19, the price of semi - carbonate Mn36.7% at Tianjin Port was 34.5 yuan/ton - degree, the price of Gabonese lumps Mn48% was 41 yuan/ton - degree, and the price of Australian lumps Mn42%Fe 3.6% was 40 yuan/ton - degree [7]. - On November 18, data from the National Bureau of Statistics showed that in October 2025, China's excavator production was 30,880 units, a year - on - year increase of 13%; from January to October 2025, the cumulative production was 308,062 units, a year - on - year increase of 16.4% [7]. 3.4 Related Attachments - The report includes multiple charts showing the trends of ferroalloy main contracts, spreads, basis, spot prices, electricity prices, production costs, and production profits [8][9][11][13][15][16][18][19][21] - The data sources for these charts are Galaxy Futures and Mysteel [12][14][17][22][24][26]

Group 1: Report Overview - Report Title: Galaxy Futures' Oil Daily Report [2] - Report Date: November 19, 2025 [2] - Report Type: Agricultural Product R & D Report [1] Group 2: Investment Rating - No investment rating for the industry is provided in the report. Group 3: Core View - After a sharp decline, the oil market has stabilized and is experiencing a technical rebound. However, palm oil lacks a clear short - term driver, with limited expected upside. Soybean oil is expected to remain volatile, and rapeseed oil is seeing continuous marginal de - stocking, which supports its price [5][6][8] Group 4: Data Analysis Spot Prices and Basis - **Soybean Oil**: The 2601 closing price is 8356, up 36. Spot prices in Zhangjiagang, Guangdong, and Tianjin are 8626, 8656, and 8516 respectively. The basis in Zhangjiagang, Guangdong, and Tianjin are 300, 270, and 160 respectively, with Tianjin's basis down 10 [3] - **Palm Oil**: The 2601 closing price is 8852, up 144. Spot prices in Guangdong, Zhangjiagang, and Tianjin are 8802, 8872, and 8962 respectively. The basis in Guangdong, Zhangjiagang, and Tianjin are - 50, 20, and 110 respectively [3] - **Rapeseed Oil**: The 2601 closing price is 9813, down 61. Spot prices in Zhangjiagang, Guangxi, and Guangdong are 10163, 10413 respectively. The basis in Zhangjiagang and Guangdong are 350 and 600 respectively [3] Month - to - Month Spreads - **Soybean Oil**: The 1 - 5 month - to - month spread is 200, down 28 - **Palm Oil**: The 1 - 5 month - to - month spread is - 90, up 24 - **Rapeseed Oil**: The 1 - 5 month - to - month spread is 363, down 64 [3] Cross - Variety Spreads - The 01 contract Y - P spread is - 496, down 108; the OI - Y spread is 1457; the OI - P spread is 961, down 205; the oil - meal ratio is 2.77, up 0.03 [3] Import Profits - The 24 - degree palm oil from Malaysia and Indonesia has a disk profit of - 191, with a CNF price of 1060 for the 12 - month shipment. The FOB price of Rotterdam's crude rapeseed oil for the 1 - month shipment is 1095, and the disk profit is - 949 [3] Weekly Commercial Inventories - **Soybean Oil**: 114.9 million tons this week, compared with 115.7 million tons last year and 106.6 million tons the year before last - **Palm Oil**: 65.3 million tons this week, compared with 50.8 million tons last week and 41.9 million tons the year before last - **Rapeseed Oil**: 43.0 million tons this week, compared with 45.5 million tons last week and 41.9 million tons the year before last [3] Group 5: Fundamental Analysis International Market - As of November 16, 2025, the EU's 2025/26 palm oil imports are 108 million tons (compared to 132 million tons last year), soybean imports are 440 million tons (compared to 525 million tons last year), soybean meal imports are 674 million tons (compared to 737 million tons last year), and rapeseed imports are 140 million tons (compared to 244 million tons last year) [5] Domestic Market - **Palm Oil**: Driven by the EPA's proposed 2026 RVO target of 5.61 billion gallons, the domestic palm oil futures price closed up more than 1%. As of November 14, 2025, the national palm oil commercial inventory is 65.32 million tons, up 9.36% week - on - week. The import profit inversion has narrowed, and the basis is stable. It is recommended to go long on dips or use a high - sell - low - buy range strategy [5] - **Soybean Oil**: The futures price closed slightly up. Last week, the actual soybean crushing volume was 2.0776 million tons, with an operating rate of 57.15%. As of November 14, 2025, the national soybean oil commercial inventory is 114.85 million tons, down 0.75% week - on - week. The inventory is at a relatively high level historically, but the inflection point has been reached. It is expected to remain range - bound, and it is recommended to wait and see and then go long on dips [6][8] - **Rapeseed Oil**: The futures price closed slightly down. Last week, the coastal rapeseed crushing volume was 0 tons, and the inventory was depleted. As of November 14, 2025, the coastal rapeseed oil inventory is 43 million tons, down 2.5 million tons, still at a high historical level but continuously de - stocking. The European rapeseed oil FOB price is stable at around $1100, and the import profit inversion has widened. The basis is firm. It is recommended to go long on dips for the OI03 or 05 contracts [8] Group 6: Trading Strategies Unilateral Trading - Consider going long on dips or continue to wait and see for palm oil; consider going long on dips for the OI03 or 05 contracts of rapeseed oil [10] Arbitrage - Wait and see Options - Wait and see [12]

Group 1: Market Information - Shanghai Zhongtian rebar price is 3190 yuan (-10), Beijing Jingye rebar price is 3220 yuan (-), Shanghai Angang hot-rolled coil price is 3280 yuan (-), and Tianjin Hegang hot-rolled coil price is 3220 yuan (+10) [4] Group 2: Market Analysis - The black metal sector fluctuated and declined today, with coking coal and coke leading the decline, and iron ore remaining strong. Steel spot trading was generally weak, mainly driven by low-price rigid demand [5] - According to Buguwang data, building materials and hot-rolled coils continued to reduce production this week, and molten iron flowed into other sectors. The reduction in rebar production was greater than that of plates. Steel inventories decreased rapidly, but manufacturing demand was fair, and the apparent demand for hot-rolled coils improved, while the apparent demand for rebar continued to decline [5] - It is expected that molten iron production will continue to decline, squeezing raw materials and causing the steel price center to shift downward. In the fourth quarter, capital release has slowed down, downstream payment collection has been difficult, and the number of projects has decreased year-on-year, so there is still pressure on the upside. However, the recent reduction in steel production has alleviated some pressure, and the main fluctuations come from raw materials [5] - Currently, steel valuations are low, and the market will continue to fluctuate. Breaking the deadlock requires more factors. However, hot-rolled coils have generally performed better than rebar, and the spread between hot-rolled coils and rebar is expected to remain in an expansion cycle [5] Group 3: Trading Strategies - Unilateral: Maintain a weak range-bound trend [6] - Arbitrage: It is recommended to hold the long position on the spread between hot-rolled coils and rebar [7] - Options: It is recommended to wait and see [8] Group 4: Important Information - According to Aoweiyunwang's total data, the retail sales volume of air conditioners in October decreased by 23.8% year-on-year. From the monthly monitoring data, the sales volume online and offline decreased by 22.2% and 42.3% respectively in October, and the decline offline continued to expand. In terms of production, Aoweiyunwang's latest production schedule data shows that the domestic sales production schedule for air conditioners in December is 4.822 million units, a year-on-year decrease of 22.6%, and the export production schedule is 9.074 million units, a year-on-year decrease of 8.2%. The balance between domestic and export sales in the peak export season in December has been broken [9] - On November 18, the latest data from the National Bureau of Statistics showed that in October 2025, China's excavator production was 30,880 units, a year-on-year increase of 13%. From January to October 2025, China's excavator production was 308,062 units, a year-on-year increase of 16.4% [10]