山东基差 (+80) 500 400 300 200 100 0 -100 -200 -300 -400 -500 2020 2022 - 2024 2019 2021 =2023 700 600 500 400 300 200 100 124 11/1 -200 -300 周度变化 -108 -68 -108 -22 -14 0 138 30898 -29089 -3120 4.9 30 30 70 30 -232 -199 2025 -2019 -2024 -2021 -2022 2020 =2023 -2025 2019 -2024 -2025 -2021 -2022 =2023 ·2020 BU12-03 BU12-01 200 300 250 150 200 150 100 100 50 50 0 0 -50 N3 67 1/10 0/6 /13 0/27 /6 8/1 7 8 -100 -50 -150 -100 -200 2019 2019 -2021 2022 ·2024 2021 -2024 2020 -2023 2025 2020 2022 2023 ·2025 BU主力合约 BU远期结构 ...

Report Summary 1. Industry Investment Rating No industry investment rating information is provided in the content. 2. Core View No core view information is provided in the content. 3. Summary by Relevant Catalogs BR (Butadiene Rubber) - **Futures Market**: On October 27, the BR12 main - contract price was 10,995, down 125 from the previous day and 45 from the previous week. The open interest was 49,618, a decrease of 17,076 from the previous day and 23,190 from the previous week. The trading volume was 131,980, an increase of 31,320 from the previous day and 8,289 from the previous week. The warehouse receipt quantity was 8,920, unchanged from the previous day and up 300 from the previous week. The long - short ratio was 27.81, down 10 from the previous day and 14 from the previous week [4]. - **Basis/Spread/Inter - variety**: The butadiene rubber basis was 75, up 75 from the previous day and down 5 from the previous week. The styrene - butadiene rubber basis was 455, up 25 from the previous day and 45 from the previous week. The 12 - 01 spread was 25, unchanged from the previous day and up 5 from the previous week. The 01 - 02 spread was - 10, down 15 from the previous day and 25 from the previous week. The RU - BR spread was 4,385, up 170 from the previous day and 275 from the previous week. The NR - BR spread was 1,545, up 160 from the previous day and 220 from the previous week [4]. - **Spot Market**: The Shandong market price was 11,050, down 50 from the previous day and 50 from the previous week. The Transfar market price was 10,950, unchanged from the previous day and the previous week. The Qilu ex - factory price was 11,200, unchanged from the previous day and the previous week. The CFR Northeast Asia price was 1,475, unchanged from the previous day and the previous week. The CFR Southeast Asia price was 1,700, unchanged from the previous day and the previous week [4]. - **Profit**: The spot processing profit was 512, up 169 from the previous day and 384 from the previous week. The import profit was - 1,326, down 48 from the previous day and 51 from the previous week. The export profit was 1,845, up 42 from the previous day and 44 from the previous week [4]. BD (Butadiene) - **Spot Market**: The Shandong market price was 8,175, down 215 from the previous day and 425 from the previous week. The Jiangsu market price was 8,100, down 250 from the previous day and 425 from the previous week. The Yangzi ex - factory price was 8,400, unchanged from the previous day and down 200 from the previous week. The CFR China price was 960, unchanged from the previous day and down 40 from the previous week [4]. - **Profit**: The carbon - four extraction profit data is incomplete. The butylene oxidative dehydrogenation profit was - 504, down 250 from the previous day and 425 from the previous week. The import profit was 224, down 249 from the previous day and 104 from the previous week. The export profit data is incomplete. The styrene - butadiene production profit was 988, unchanged from the previous day and up 125 from the previous week. The ABS production profit data is incomplete. The SBS production profit was 315, up 30 from the previous day and down 160 from the previous week [4].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No relevant information provided 3. Summary by Related Catalog SP Main Contract Closing Price - On October 27, 2025, the SP main contract closing price was 5258.00, with a 0.34351% increase from the previous day [3]. - The closing prices from October 21 - 27, 2025, showed fluctuations, with increases on some days and a decrease on October 24 [3]. Import Profit Calculation - With a 13% VAT calculation, the import profit for Canadian Golden Lion was -145.57, for Canadian Lion was -593.29, and for Chilean Silver Star was -41.01 [4]. Pulp Price and Index - From October 21 - 27, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged, as did the average prices in Shandong [4]. - The cultural paper, packaging paper, and living paper indices also remained unchanged during this period [4]. Profit Margin Estimation - From October 22 - 27, 2025, the estimated profit margins of offset paper, copperplate paper, white cardboard, and living paper changed, with increases in offset paper, copperplate paper, and white cardboard, and a decrease in living paper [4]. Price Spreads - From October 21 - 27, 2025, the price spreads between softwood and hardwood, softwood and natural, softwood and chemimechanical, and softwood and waste paper showed certain changes [4].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Relevant Catalogs Price - For silicon iron on October 28, 2025, the latest prices of Ningxia 72 and Inner Mongolia 72 are 5170 and 5220 respectively, with a daily change of -30 and a weekly change of 40. The latest prices of the main contract and 01 contract are 5564, with a daily change of 22 and a weekly change of 128 [2]. - For silicon manganese on the same day, the factory - ex prices of Inner Mongolia 6517, Ningxia 6517, Guangxi 6517, Guizhou 6517, and Yunnan 6517 are 5680, 5580, 5650, 5600, and 5600 respectively. The latest price of the main contract is 5802, with a daily change of 30 and a weekly change of 64 [2]. Supply - The report presents historical production data of 136 silicon - iron enterprises in China from 2021 - 2025, including monthly and weekly production and capacity utilization in different regions such as Inner Mongolia, Ningxia, and Shaanxi [5]. - It also shows the historical production data of silicon manganese in China from 2021 - 2025, including weekly production and enterprise operating rates [7]. Demand - The report shows historical data of demand - related indicators for silicon iron and silicon manganese in China from 2021 - 2025, such as the demand volume of silicon manganese (Steel Union caliber), and the procurement volume and price of silicon iron and silicon manganese by Hebei Iron and Steel Group [5][7][8]. Inventory - For silicon iron, it shows the historical inventory data of 60 sample enterprises in China and different regions (Ningxia, Inner Mongolia, Shaanxi) from 2021 - 2025, as well as the historical data of CZCE silicon - iron warehouse receipts, effective forecasts, and the sum of the two [6]. - For silicon manganese, it presents the historical data of CZCE silicon - manganese warehouse receipts, effective forecasts, the sum of the two, and the inventory of 63 sample enterprises in China from 2021 - 2025 [8]. Cost and Profit - The report shows the historical data of electricity prices in different regions (Inner Mongolia, Qinghai, Ningxia, Shaanxi) for ferroalloys from 2021 - 2025, as well as the historical data of prices, operating rates, production gross profits of related raw materials such as semi - carbonated manganese ore, manganese ore, and blue carbon [6]. - It also presents the historical cost and profit data of silicon iron and silicon manganese in different regions (Ningxia, Inner Mongolia, Guangxi) from 2021 - 2025, including production costs, profits converted to the main contract, and spot profits [6][8].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No information provided. 3. Summary Based on Relevant Data Price Information - The latest price of Shanxi quasi - first wet quenching coke is 1537.01, with a daily change of 54.61, a weekly change of 54.61, a monthly change of 109.23, and a year - on - year change of - 20.89% [2]. - The latest price of Hebei quasi - first dry quenching coke is 1735.00, with no daily or weekly change, a monthly change of 55.00, and a year - on - year change of - 6.72% [2]. - The latest price of Shandong quasi - first dry quenching coke is 1660.00, with no daily or weekly change, a monthly change of 55.00, and a year - on - year change of - 21.70% [2]. - The latest price of Jiangsu quasi - first dry quenching coke is 1700.00, with no daily or weekly change, a monthly change of 55.00, and a year - on - year change of - 21.30% [2]. - The latest price of Inner Mongolia second - grade coke is 1230.00, with a daily change of 50.00, a weekly change of 50.00, a monthly change of 150.00, and a year - on - year change of - 27.65% [2]. Production and Inventory Data - The blast furnace operating rate is 89.94, with a weekly change of - 0.39, a monthly change of - 0.92, and a year - on - year change of 2.22% [2]. - The average daily iron water output is 239.90, with a weekly change of - 1.05, a monthly change of - 2.46, and a year - on - year change of 1.79% [2]. - The coking plant inventory is 37.49, with a weekly change of - 0.10, a monthly change of - 2.05, and a year - on - year change of - 6.02% [2]. - The port inventory is 200.09, with a weekly change of 4.94, a monthly change of 4.03, and a year - on - year change of 7.47% [2]. - The steel mill inventory is 633.16, with a weekly change of - 6.28, a monthly change of - 28.15, and a year - on - year change of 11.46% [2]. - The steel mill inventory days are 11.07, with a weekly change of - 0.12, a monthly change of - 0.59, and a year - on - year change of 2.03% [2]. - The coking capacity utilization rate is 73.99, with a weekly change of - 0.96, a monthly change of - 1.36, and a year - on - year change of 0.20% [2]. - The average daily coke output is 51.21, with a weekly change of - 0.07, a monthly change of - 0.81, and a year - on - year change of 0.37% [2]. Futures Market Data - The price of futures contract 05 is 1893, with a daily change of - 2.00, a weekly change of 55.50, a monthly change of 39.50, and a year - on - year change of - 7.82% [2]. - The price of futures contract 09 is 1974.5, with a daily change of 1.00, a weekly change of 57.00, a monthly change of 72.50, and a year - on - year change of - 6.31% [2]. - The price of futures contract 01 is 1764.5, with a daily change of - 1.00, a weekly change of 73.00, a monthly change of 39.00, and a year - on - year change of - 10.70% [2]. - The 05 basis is - 62.89, with a daily change of 60.72, a weekly change of 3.22, a monthly change of 61.82, and a year - on - year change of - 217.13 [2]. - The 09 basis is - 144.39, with a daily change of 57.72, a weekly change of 1.72, a monthly change of 28.82, and a year - on - year change of - 244.63 [2]. - The 01 basis is 65.61, with a daily change of 59.72, a weekly change of - 14.28, a monthly change of 62.32, and a year - on - year change of - 166.13 [2]. - The 5 - 9 spread is - 128.50, with a daily change of 1.00, a weekly change of 17.50, a monthly change of - 0.50, and a year - on - year change of - 51.00 [2]. - The 9 - 1 spread is - 81.50, with a daily change of - 3.00, a weekly change of - 1.50, a monthly change of - 33.00, and a year - on - year change of - 27.50 [2]. - The 1 - 5 spread is 210.00, with a daily change of 2.00, a weekly change of - 16.00, a monthly change of 33.50, and a year - on - year change of 78.50 [2].

原油成品油早报 研究中心能化团队 2025/10/28 | 日期 | WTI | BRENT | DUBAI | diff FOB dated bre | BRENT 1- | WTI-BREN | DUBAI-B | NYMEX RB | RBOB-BR | NYMEX | HO-BRT | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 2月差 | T | RT（EFS | OB | T | HO | | | | | | | nt | | | | | | | | | 2025/10/21 | 57.24 | 61.32 | 63.34 | - | 0.29 | -4.08 | -0.05 | 182.53 | 15.34 | 220.58 | 31.32 | | 2025/10/22 | 58.50 | 62.59 | 63.86 | - | 0.36 | -4.09 | 0.00 | 186.50 | 15.74 | 224.96 | 31.89 | | 2025/10/23 | ...

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View of the Report No explicit core view presented in the given content. 3) Summary by Related Catalogs Price and Profit - The report provides the spot prices of various steel products in different regions from October 21 to October 27, 2025, including Beijing, Shanghai, and other cities' threaded steel and hot - rolled and cold - rolled coils in Tianjin, Shanghai, etc [1]. - For threaded steel, the price changes from October 21 to October 27 were 50 yuan in Beijing, 40 yuan in Shanghai, 0 yuan in Chengdu, 0 yuan in Xi'an, 50 yuan in Guangzhou, and 10 yuan in Wuhan [1]. - For hot - rolled coils, the price changes were 40 yuan in Tianjin, 50 yuan in Shanghai, and 20 yuan in Lecong. For cold - rolled coils, the price changes were 80 yuan in Tianjin, 60 yuan in Shanghai, and 10 yuan in Lecong [1]. Basis and Spread No relevant information provided. Production and Inventory No relevant information provided.

Group 1: Report Industry Investment Ratings - No industry investment ratings are provided in the report. Group 2: Core Views of the Report - For copper, maintain a buy - on - pullback strategy considering the continuous tightness in the mining end and the growth of infrastructure and power demand in Southeast Asia and the Middle East. Pay attention to the support around $10,300 for LME copper and consider selling put options below $10,300 or gradually building virtual inventories [1]. - For aluminum, the short - term fundamentals are acceptable, and long - term holdings on dips are recommended while keeping an eye on terminal demand [1]. - For zinc, due to the poor domestic fundamentals but potential export opportunities, it is advisable to stay on the sidelines for unilateral trading. Consider taking profits on long - short spreads between domestic and overseas markets and look for reverse spread opportunities in the far - month contracts. Also, pay attention to the positive spread opportunity between December and February contracts [2]. - For nickel, with weak short - term fundamentals and increased macro uncertainties, it is recommended to wait and see [3]. - For stainless steel, the fundamentals remain weak, and there is some price - supporting motivation from the Indonesian policy side with increased short - term macro uncertainties [3]. - For lead, it is expected that the lead prices at home and abroad will maintain a narrow - range oscillation in the coming week, and it is recommended to observe the resumption of recycled lead production and the increase in warehouse receipts before making cautious operations [6]. - For tin, in the short term, it is recommended to follow the macro sentiment and stay on the sidelines. If there is a systemic macro risk, the tin price may have a large downside. In the long - term, it is advisable to hold on dips near the cost line [10]. - For industrial silicon, in the short term, the price is expected to oscillate weakly. In the long - term, the price is expected to oscillate at the bottom of the cycle based on the seasonal marginal cost [13][16]. Group 3: Summary by Metals Copper - Market sentiment is dominated by tariff negotiation progress and the release of the 15th Five - Year Plan. There are still uncertainties in scrap copper supply in the fourth quarter and next year, which may affect copper consumption and supply. Overseas, there is no sign of inventory delivery despite the opening of exports. The operation of copper and aluminum cables has diverged, and attention should be paid to whether the operation stabilizes [1]. Aluminum - The operating capacity remains flat. The production schedule of photovoltaic modules has stabilized, and the proportion of molten aluminum has increased significantly in September. There is seasonal inventory accumulation during holidays and significant destocking after holidays. Some European electrolytic aluminum plants have reduced production due to equipment failures [1]. Zinc - The zinc price has oscillated upward. The domestic and imported TC are showing a downward trend. The domestic zinc ore is expected to be tight from the fourth quarter to the first quarter of next year, while overseas ore production increased more than expected in the second quarter. The domestic smelting has slightly recovered in October. The demand is seasonally weak at home and faces some production resistance abroad. The domestic social inventory is oscillating, and the overseas LME inventory is decreasing [2]. Nickel - The supply of pure nickel remains at a high level, the demand is weak, and the inventory is continuously increasing both at home and abroad. There are continuous disturbances in the Indonesian mining end, and the policy side still has the motivation to support prices [3]. Stainless Steel - The steel mill production schedule in October has increased slightly compared to the previous month. The demand is mainly driven by rigid needs. The prices of ferronickel and ferrochrome remain stable, and the inventory remains at a high level [3]. Lead - The tight spot market has driven the lead price up. The supply of recycled lead is recovering slowly, and the refined ore is in short supply. The demand for batteries has increased, and the expected weakening of demand has been reversed. The LME registered warehouse receipts have decreased by 100,000 tons. The market is expected to turn from peak season to off - season in October, but the spot tightness has continued [6]. Tin - The tin price has oscillated. The mining processing fee is at a low level, and the supply has marginally recovered after the Yunnan Tin's maintenance. There are still differences in the output in overseas Wa State, and Indonesia's tin exports are affected in the short term. The demand is mainly supported by rigidity, and the overseas LME inventory is oscillating at a low level [10]. Industrial Silicon - The production of leading enterprises in Xinjiang is stable, and the production in Sichuan and Yunnan will decrease significantly in the dry season. Considering the maintenance of polysilicon leading enterprises, the supply - demand balance in Q4 is slightly loose with a monthly inventory accumulation of 40,000 - 50,000 tons [13][16]. Lithium Carbonate - The quotes of SMM battery - grade and industrial - grade lithium carbonate have increased. The basis of the main and near - month contracts has changed, and the number of warehouse receipts has decreased [16].

Report Industry Investment Rating - Not provided in the document Core View - The report presents the basis data of various futures varieties on October 27, 2025, including macro, black, energy - chemical, non - ferrous, and agricultural products, along with the corresponding spot prices, price changes, basis values, basis - corresponding contracts, and basis deviation degrees [2][3][4][5] Summary by Category Macro - On October 27, 2025, for IF, the spot price was 4716 with a change of 55, the basis was 32, the corresponding contract was 2512, and the basis deviation degree was 0.76; for IH, the spot price was 3070 with a change of 24, the basis was 3, the corresponding contract was 2512, and the basis deviation degree was 0.30; for IC, the spot price was 7379 with a change of 120, the basis was 125, the corresponding contract was 2512, and the basis deviation degree was 0.90 [2] Black - In Shanghai on October 27, 2025, the spot price of rebar was 3210 with a change of 10, the basis was 110, the corresponding contract was 2601, and the basis deviation degree was 0.34; in Beijing, the spot price was 3210 with a change of - 20, the basis was 110, the corresponding contract was 2601, and the basis deviation degree was - 0.26. For hot - rolled coil in Shanghai, the spot price was 3330 with no change, the basis was 21, the corresponding contract was 2601, and the basis deviation degree was 0.27. For ore in Shandong, the spot price was 840 with a change of 15, the basis was 54, the corresponding contract was provided by a third - party, and the basis deviation degree was 0.46. For coke in Tianjin Port, the spot price was 1656 with no change, the basis was - 124, the corresponding contract was 2601, and the basis deviation degree was - 0.72. For coking coal with port warehouse receipts, the spot price was 1623 with a change of 6, the basis was 359, the corresponding contract was 2601, and the basis deviation degree was 0.74. For steam coal in Qinhuangdao Port, the spot price was 768 with a change of - 1, the basis was - 33, the corresponding contract was 2511, and the basis deviation degree was - 0.17. For glass at the low price in Shahe, the spot price was 1095 with a change of - 9, the basis was 0, the corresponding contract was 2601, and the basis deviation degree was 0.05; in Hubei at the low price, the spot price was 1040 with a change of - 30, the basis was - 55, the corresponding contract was 2601, and the basis deviation degree was - 0.14. For ferrosilicon in Yinchuan, the spot price was 5570 with a change of - 30, the basis was - 114, the corresponding contract was 2601, and the basis deviation degree was - 0.80. For silicomanganese in Inner Mongolia, the spot price was 6050 with no change, the basis was 178, the corresponding contract was 2601, and the basis deviation degree was 0.62 [3] Energy - Chemical - On October 27, 2025, for methanol at the port, the spot price was 2232 with no change, the basis was - 55, the corresponding contract was provided by a third - party, and the basis deviation degree was - 0.88; in Henan, the spot price was 2315 with a change of - 35, the basis was 47, the corresponding contract was 2601, and the basis deviation degree was 0.14; in southern Shandong, the spot price was 2475 with a change of - 10, the basis was 207, the corresponding contract was 2601, and the basis deviation degree was 0.52; in Hebei, the spot price was 2625 with a change of - 160, the basis was 357, the corresponding contract was 2601, and the basis deviation degree was 0.82. For PTA in East China, the spot price was 4534 with a change of 98, the basis was - 82, the corresponding contract was provided by a third - party, and the basis deviation degree was - 0.83. For PP in East China, the spot price was 6585 with a change of 10, the basis was - 114, the corresponding contract was provided by a third - party, and the basis deviation degree was - 0.88. For LLDPE in North China, the spot price was 6930 with a change of 20, the basis was - 94, the corresponding contract was provided by a third - party, and the basis deviation degree was - 0.56. For high - end PVC, the spot price was 4625 with no change, the basis was - 90, the corresponding contract was provided by a third - party, and the basis deviation degree was 0.63; for low - end PVC, the spot price was 4565 with a change of 10, the basis was - 150, the corresponding contract was provided by a third - party, and the basis deviation degree was 0.78. For asphalt in East China, the spot price was 3500 with no change, the basis was 205, the corresponding contract was 2601, and the basis deviation degree was 0.24; in Shandong, the spot price was 3340 with a change of - 10, the basis was 125, the corresponding contract was 2601, and the basis deviation degree was 0.07; in South China, the spot price was 3520 with a change of 20, the basis was 205, the corresponding contract was 2601, and the basis deviation degree was 0.51. For ethylene glycol in the domestic market, the spot price was 4191 with a change of 19, the basis was 82, the corresponding contract was provided by a third - party, and the basis deviation degree was 0.78. For soda ash, the spot price was 1170 with a change of 20, the basis was - 76, the corresponding contract was 2601, and the basis deviation degree was - 0.54. For pulp in Shandong, the spot price was 4990 with no change, the basis was - 268, the corresponding contract was 2601, and the basis deviation degree was - 0.94. For staple fiber in East China, the spot price was 6150 with a change of - 30, the basis was - 92, the corresponding contract was 2512, and the basis deviation degree was - 0.89. For urea, the spot price was 1520 with a change of 30, the basis was - 120, the corresponding contract was 2601, and the basis deviation degree was - 0.90. For natural rubber in Shanghai, the spot price was 15000 with a change of 40, the basis was - 380, the corresponding contract was 2601, and the basis deviation degree was 0.62; for whole - latex natural rubber, the spot price was 14680 with a change of 45, the basis was - 700, the corresponding contract was 2601, and the basis deviation degree was 0.55. For 20 - grade rubber in Qingdao, the spot price was 1860 with a change of 5, the basis was 682, the corresponding contract was 2512, and the basis deviation degree was 0.95. For styrene, the spot price was 6505 with a change of - 10, the basis was - 26, the corresponding contract was 2512, and the basis deviation degree was - 0.98 [3] Non - Ferrous - On October 27, 2025, for copper, the spot price was 88210 with a change of 1735, the basis was - 35, the corresponding contract was provided by a third - party, and the basis deviation degree was - 0.52; for international copper, the spot price was 78225 with a change of 1450, the basis was - 635, the corresponding contract was 2511, and the basis deviation degree was 0.04. For aluminum, the spot price was 21160 with a change of 50, the basis was - 40, the corresponding contract was provided by a third - party, and the basis deviation degree was - 0.36. For zinc, the spot price was 22210 with a change of 20, the basis was - 50, the corresponding contract was provided by a third - party, and the basis deviation degree was - 0.73. For lead, the spot price was 17250 with a change of - 50, the basis was - 215, the corresponding contract was provided by a third - party, and the basis deviation degree was - 0.43. For nickel, the spot price was 122250 with a change of 200, the basis was 400, the corresponding contract was provided by a third - party, and the basis deviation degree was 0.76. For tin, the spot price was 283500 with a change of 1600, the basis was - 3220, the corresponding contract was provided by a third - party, and the basis deviation degree was - 0.90 [4] Agricultural Products - On October 27, 2025, for 43% soybean meal in Jiangsu, the spot price was 2900 with a change of - 10, the basis was - 32, the corresponding contract was 2601, and the basis deviation degree was - 0.10. For first - grade soybean oil in Jiangsu, the spot price was 8470 with a change of 30, the basis was 236, the corresponding contract was 2601, and the basis deviation degree was - 0.14. For 36% rapeseed meal at the average price in Guangdong, the spot price was 2470 with a change of 10, the basis was 135, the corresponding contract was 2601, and the basis deviation degree was 0.90. For rapeseed oil at the market average price, the spot price was 10273 with a change of - 10, the basis was 525, the corresponding contract was 2601, and the basis deviation degree was 0.99. For 24° palm oil in Guangzhou, the spot price was 9000 with a change of - 50, the basis was - 100, the corresponding contract was 2601, and the basis deviation degree was - 0.93. For cotton nationwide, the spot price was 14565 with a change of 10, the basis was 1000, the corresponding contract was 2601, and the basis deviation degree was 0.52. For white sugar in Guangxi, the spot price was 5750 with no change, the basis was 305, the corresponding contract was 2601, and the basis deviation degree was 0.07; in Yunnan, the spot price was 5825 with a change of - 5, the basis was 380, the corresponding contract was 2601, and the basis deviation degree was 0.50. For fresh eggs in Shijiazhuang, Hebei, the spot price was 2960 with no change, the basis was - 174, the corresponding contract was 2512, and the basis deviation degree was - 0.52; in Dalian, Liaoning, the spot price was 2890 with no change, the basis was - 244, the corresponding contract was 2512, and the basis deviation degree was - 0.59; in Dezhou, Shandong, the spot price was 2750 with no change, the basis was - 384, the corresponding contract was 2512, and the basis deviation degree was - 0.70; in Shangqiu, Henan, the spot price was 2800 with no change, the basis was - 334, the corresponding contract was 2512, and the basis deviation degree was - 0.72. For soybeans in Bei'an, the spot price was 4060 with no change, the basis was - 17, the corresponding contract was 2601, and the basis deviation degree was - 0.68; in Jiamusi, the spot price was 4140 with no change, the basis was 63, the corresponding contract was 2601, and the basis deviation degree was - 0.33. For corn in Changchun, the spot price was 2240 with no change, the basis was 128, the corresponding contract was 2601, and the basis deviation degree was 0.58; in Weifang, the spot price was 2350 with no change, the basis was 238, the corresponding contract was 2601, and the basis deviation degree was 0.53. For starch in Changchun, the spot price was 2580 with no change, the basis was 125, the corresponding contract was 2601, and the basis deviation degree was 0.32; in Weifang, the spot price was 2605 with no change, the basis was 190, the corresponding contract was 2601, and the basis deviation degree was 0.73. For live pigs in Kaifeng, Henan, the spot price was 12050 with a change of 200, the basis was - 280, the corresponding contract was 2601, and the basis deviation degree was - 0.91. For red dates in Hebei, the spot price was 9600 with no change, the basis was - 790, the corresponding contract was 2601, and the basis deviation degree was - 0.21. For apples in Shandong, the spot price was 7400 with a change of 1000, the basis was - 1536, the corresponding contract was 2601, and the basis deviation degree was - 0.72 [5]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - SCFIS (European Line) significantly exceeded expectations, potentially driving the market up today [1]. - As of now, cargo volume shows no obvious signs of improvement, but shipping companies have implemented many suspension operations. The market currently expects the freight rate in January to potentially reach between 2000 - 2200 US dollars (1400 - 1540 points) [1]. - Overall, with subsequent positive drivers, adopt a "buy on dips" strategy for contracts EC2512 and EC2602, and a "sell on rallies" strategy for EC2604 [1]. 3. Summaries by Related Catalogs Futures Contract Information | Contract | Yesterday's Closing Price | Change (%) | Yesterday's Volume | Yesterday's Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | | EC2510 | 1130.9 | -0.61 | 1377 | 3428 | -864 | | EC2512 | 1775.0 | -3.06 | 27748 | 27995 | -2254 | | EC2602 | 1571.6 | -1.84 | 6174 | 13138 | 1629 | | EC2604 | 1178.8 | -0.07 | 2045 | 14146 | -78 | | EC2606 | 1387.1 | -0.77 | 109 | 1371 | -6 | [1] Month - to - Month Spread Information | Month Spread | Previous Day | Two Days Ago | Day - on - Day Change | Week - on - Week Change | | --- | --- | --- | --- | --- | | EC2510 - 2512 | -644.1 | -693.2 | 49.1 | -9.8 | | EC2512 - 2602 | 203.4 | 230.0 | -26.6 | 2.1 | [1] Index Information | Index | Update Frequency | Announcement Date | Unit | Current Period | Previous Period | Two Periods Ago | Current Period Change | Previous Period Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | TTN | Weekly | 2025/10/27 | Points | 1312.71 | 1140.38 | 1031.80 | 15.11% | 10.52% | | SCFI (European Line) | Weekly | 2025/10/24 | US dollars/TEU | 1246 | 1145 | 1068 | 8.82% | 7.21% | | CCFI (European Line) | Weekly | 2025/10/24 | Points | 1293.12 | 1267.91 | 1287.15 | 1.99% | -1.49% | | NCFI | Weekly | 2025/10/24 | Points | 822.3 | 803.21 | 698.67 | 2.38% | 14.96% | [1] Recent European Line Quotation Information - Currently, downstream is booking space for early November (Week 45). - Week 44 offline quotes: PA 1400, GEMINI 1600, OA 1800 US dollars. - November price increase announcements: Shipping companies announced price increases mostly between 2500 - 2700 US dollars, with an average equivalent to about 1800 points on the disk. MSK opened at 2350 US dollars, in line with expectations. Online, HMM reduced to 1900 US dollars, OOCL reduced to 2300 - 2400 US dollars (one route reduced to 2100 US dollars), and HPL reduced to 2335 US dollars [2]. Related News - On October 28, the Israeli military stated that it will not stop attacking Hamas until all hostages are returned. - On October 28, the Israeli government spokesman said that Israel will maintain full security control over the Gaza Strip. - On October 27, Israel announced the lifting of the emergency state in southern Israel for the first time in more than two years [3].