1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Urea's rebound is limited and is expected to fluctuate widely. The 01 contract is expected to trade in the range of 1,600 - 1,700 yuan/ton. This is mainly due to the recovery of urea maintenance devices leading to increased daily output, the spread of agricultural fertilizer demand, some support from compound fertilizer production for urea demand, appropriate low - price stocking for off - season storage, the re - accumulation of port inventory, a significant increase in registered warehouse receipts, and the high daily output and high inventory situation [4]. 3. Summary by Relevant Catalogs Market Changes - **Price**: On November 14th, the closing price of the urea 2601 contract was 1,652 yuan/ton, a decrease of 15 yuan/ton or 0.9% from the previous week. The average daily price in the Henan urea spot market was 1,594 yuan/ton, unchanged from the previous week [4][5]. - **Basis**: The main urea basis first strengthened and then weakened. On November 14th, the main basis in the Henan market was - 58 yuan/ton, with a weekly basis operating range of (-63) - (-33) yuan/ton [4][8]. - **Spread**: The 1 - 5 spread of urea fluctuated narrowly. On November 14th, the 1 - 5 spread was - 75 yuan/ton, with a weekly operating range of (-77) - (-72) yuan/ton [4][8]. Fundamental Changes Supply - The operating load rate of Chinese urea plants was 83.93%, an increase of 0.38 percentage points from the previous week. The operating load rate of gas - based enterprises was 72.89%, unchanged from the previous week. The average daily urea output was 19.67 tons. Some maintenance devices in Shanxi and Henan are planned to resume production next week, and supply is expected to increase [4][11]. Cost - The anthracite market continued its upward trend. As of November 13th, the含税 price of washed small anthracite blocks (S0.4 - 0.5) in Jincheng, Shanxi was 900 - 960 yuan/ton, with the price center rising 15 yuan/ton from the previous week's closing price [4][15]. Profit - The gross profit margin of coal - based urea was - 7.91%, and that of gas - based urea was - 14.25%. Due to the strong operation of coal prices at the cost end, the production profit of urea decreased slightly [15]. Demand - **Agricultural Demand**: The average pre - collection period of major urea producers was 4.1 days, and the weekly production - sales rate of urea enterprises was 96.4%. Autumn harvest and sowing are underway, agricultural demand is moderately increasing, and off - season storage is stocking at appropriate low prices, resulting in a marginal improvement in urea production and sales. Currently, winter wheat in the north is in the concentrated sowing period, and late rice in the south is in the large - scale harvesting stage [4][19][23]. - **Industrial Demand**: - The capacity utilization rate of compound fertilizer enterprises was 31.04%, unchanged from the previous week. The compound fertilizer inventory was 70.11 tons, a decrease of 0.33 tons from the previous week. Recently, the compound fertilizer production rate has increased, and the inventory reduction speed of finished products has slowed down [4][23]. - The operating load rate of melamine enterprises was 57.06%, an increase of 4.83 percentage points from the previous week, with a weekly output of 2,872 tons. It is expected that the operating load rate of domestic melamine enterprises will fluctuate above 60% next week [26]. - The national building materials and home furnishing prosperity index and the sales volume of large - scale building materials and home furnishing stores have increased, and the demand support for the panel market has been strengthened [27]. Inventory - Urea enterprise inventory was 128.3 tons, a decrease of 5.9 tons from the previous week. Urea port inventory was 26.1 tons, an increase of 5.6 tons from the previous week. The number of registered urea warehouse receipts was 7,183, equivalent to 14,366 tons, an increase of 2,598 from the previous week [4][30]. Key Points of Attention - The operating conditions of compound fertilizer enterprises, the production reduction and maintenance of urea devices, export policies, and coal price fluctuations [4]

Report Industry Investment Rating No relevant content provided. Core View of the Report The report presents a weekly analysis of the apple and red date markets, indicating that the apple market is showing strong upward momentum while the red date market is experiencing weak and fluctuating trends [3][5][37]. Summary by Relevant Catalogs Apple: Strong Upward Trend Weekly View - New - season late Fuji apple storage is nearly finished, with remaining work in Shandong Qixia and Shanxi Yuncheng. Outbound work has started, mainly for foreign trade and some merchants restocking. The sales area is in the off - season, and the increase in citrus volume squeezes the apple sales space [9]. Market Review - The apple main contract showed a strong upward trend this week, and the apple basis was - 519 yuan, a decrease of 367 yuan compared to last week [13]. Apple Wholesale Market Price Trend - As of November 7, 2025, the wholesale price of all apple varieties was 9.49 yuan/kg, up 0.03 yuan/kg from last week; the wholesale price of Fuji apples was 9.04 yuan/kg, down 0.11 yuan/kg from last week. The spot price of Fuji apples has been fluctuating downward recently [16]. Main Apple - producing Areas - In Shandong, the transaction price of late Fuji varies by grade. In Shaanxi, the ex - warehouse price of fruit farmers' general goods also has different ranges in different regions [21]. Cold - storage Situation - As of November 12, 2025, the apple cold - storage inventory in the main producing areas was 764.24 million tons, an increase of 65.81 million tons from last week, 10.59% lower than the same period last year [23]. Sales Area Market Summary - In the South China market, the daily average number of arriving vehicles in the Guangdong Chalong market changed little. The prices of different varieties and packaging of apples vary, and the overall sales of new - season late Fuji are slow [26]. Apple Storage Profit Analysis - During the 2025 - 2026 production season's acquisition stage, the profit statistics of storage merchants for 80 first - and second - grade apples in Qixia are suspended [30]. Substitute Price Analysis - As of the 46th week of 2025, the average wholesale price of six fruits monitored by the Ministry of Agriculture and Rural Affairs was 7.01 yuan/kg, down 0.09 yuan/kg from the 45th week. Most of the six types of fruits saw price drops this week [33]. Red Dates: Weak and Fluctuating Weekly View - In the Xinjiang main producing area, the acquisition in some areas is ending or nearly finished, and the procurement enthusiasm of merchants in Xinjiang has weakened due to the decline in both futures and spot prices. The prices in the Hebei sales area have dropped slightly [40]. Market Review - The procurement enthusiasm of merchants in Xinjiang is low. The acquisition progress in some areas has accelerated, and some farmers' price - holding sentiment has loosened. The acquisition of raw materials in the producing area is based on quality, and enterprises' acquisition enthusiasm is average [43]. Spot Price Trend - In the Hebei Cuierzhuang market, the arrival volume is about 40 vehicles, and the average prices of special - grade and first - grade dates have decreased. In the Henan market, the prices are weakly running. In the Guangdong Ruyifang market, the arrival volume is stable, and the prices have dropped slightly [47]. Inventory Data - According to Mysteel's survey, the physical inventory of 36 sample points this week was 9840 tons, an increase of 299 tons from last week, a 3.31% month - on - month increase and a 141.47% year - on - year increase [49]. Sales Area Market Profit Analysis - The average acquisition price of gray dates in the Xinjiang main producing area is 5.33 yuan/kg (2024 production season). The first - grade finished product price in the Hebei sales area is 8.80 - 9.00 yuan/kg, and the gross profit is 1.72 yuan/kg, a decrease of 0.25 yuan/kg from last week [51].

Report Industry Investment Ratings - Index futures: Long - term optimistic, buy on dips [1][5] - Treasury bonds: Range - bound [1][5] - Coking coal: Range trading [1] - Rebar: Range trading [1] - Glass: Sell call options [1][8] - Copper: Exit long positions at high levels or range short - term trading [1][11] - Aluminum: Buy on dips [1] - Nickel: Wait and see or short on rallies [1][16] - Tin: Range trading [1][18] - Gold: Range trading [1][20] - Silver: Range trading [1][18] - PVC: Range - bound with a weak bias, focus on the 4700 level for 01 contract [21][22] - Caustic soda: Range - bound with a weak bias, focus on the 2400 level for 01 contract [23][24] - Benzene ethylene: Range - bound with a weak bias, focus on the 6500 level [24][26] - Rubber: Range - bound, focus on the 15000 level as support [26] - Urea: Range - bound, 01 contract range 1600 - 1700 [28][29] - Methanol: Range - bound, 01 contract range 2030 - 2250 [29] - Polyolefins: PE to range - bound and focus on 6800 support, PP to range - bound weakly and focus on 6500 support [31] - Soda ash: Short - selling for 01 contract [31][33] - Cotton and cotton yarn: Range - bound [34] - PTA: Low - level range - bound, range 4400 - 4700 [34][35] - Apples: Range - bound with a strong bias [35] - Red dates: Range - bound with a weak bias [36][37] - Live pigs: Rebound under pressure [38][39] - Eggs: Limited upside [40][41] - Corn: Bottom - building in range [42][43] - Soybean meal: Range - bound [44][45] - Oils and fats: Bottom - building and rebounding, buy cautiously for 01 contracts of soybean, palm, and rapeseed oils [45][51] Core Views - The market is affected by multiple factors such as macro - policies, supply - demand relationships, and international events. Different futures varieties show different trends and investment opportunities due to their own fundamentals and external influences [5][7][10] - For most varieties, the short - term market is in a state of range - bound or with a certain bias, and investors need to pay attention to key price levels, supply - demand changes, and policy signals [21][23][26] - Some varieties are expected to have long - term positive trends, but short - term fluctuations and uncertainties still exist, and investment strategies should be adjusted according to market conditions [5][11][40] Summary by Industry Macro - finance - Index futures may range - bound in the short - term due to market hot - spot rotation and unclear main lines, but are long - term optimistic. The end of the US government shutdown, changes in China's social financing and loan data, and market regulatory policies are influencing factors [5] - Treasury bonds are expected to range - bound. The third - quarter monetary policy report shows a stable and moderately loose tone, and the follow - up interest - rate cut space is affected by the relationship between various interest rates [5] Black building materials - Coking coal and rebar are recommended for range trading. The coking coal market has weak demand and falling prices, while rebar has low valuation and limited downward space despite production and demand declines [1][7] - Glass is advised to sell call options. With production cuts, weak demand, high inventory, and no strong short - to - medium - term positive expectations, the market is bearish [8] Non - ferrous metals - Copper is in high - level range - bound. Although there are long - term positive factors such as supply tightening and increasing demand, short - term price increases suppress downstream demand, and inventory accumulation may lead to price adjustments [10][11] - Aluminum is recommended to strengthen observation. The supply and demand of aluminum and its upstream materials are complex, and the market is trading the expectation of overseas supply reduction, but there are risks of over - trading [10][12] - Nickel is suggested to wait and see or short on rallies. The new RKAB policy in Indonesia brings supply uncertainty, and the long - term supply is expected to be in surplus [16] - Tin is for range trading. The supply of tin ore is expected to improve, while downstream consumption is weak, and the price is supported by inventory levels [18] - Gold and silver are for range trading. Affected by the US government shutdown, employment data, and interest - rate cut expectations, the prices are in a short - term adjustment state but have medium - term support [18][20] Energy and chemicals - PVC, caustic soda, and benzene ethylene are expected to range - bound with a weak bias. They are affected by factors such as high supply, weak demand, cost fluctuations, and macro - policies [21][23][26] - Rubber is range - bound. Cold weather in Yunnan and the rainy season in southern Thailand support raw material prices, but terminal demand is weak, and inventory is seasonally increasing [26] - Urea and methanol are range - bound. Urea production increases, and demand and inventory changes affect the price; methanol shows a pattern of increasing supply and decreasing demand, with inventory accumulation [28][29] - Polyolefins are expected to be range - bound with a weak bias. Supply pressure increases, demand improvement is limited, and cost support weakens [31] - Soda ash is recommended for short - selling for the 01 contract. Supply exceeds demand, and although cost increases, supply pressure remains high [31][33] Cotton textile industry chain - Cotton and cotton yarn are expected to range - bound. Global cotton supply and demand are adjusted, and the price is affected by factors such as the progress of seed - cotton acquisition and Sino - US trade negotiations [34] - PTA is in low - level range - bound. Oil prices, supply - demand relationships, and weak fundamentals lead to inventory accumulation and price suppression [34][35] - Apples are range - bound with a strong bias. With the end of ground trading and the start of出库, the decrease in production and quality supports the price [35] - Red dates are range - bound with a weak bias. The purchase enthusiasm of merchants is low, and the price shows a slight decline [36][37] Agricultural and livestock - Live pigs: The short - term price is in narrow - range consolidation, and the medium - to - long - term supply before the first half of next year remains high, with prices under pressure. Different contracts have different investment strategies [38][39][40] - Eggs: The short - term supply is abundant, and the price increase is limited. The 12 - contract can be shorted on rallies, and the 01 - contract is range - bound [40][41] - Corn: The short - term price rebounds under pressure, and the medium - to - long - term has cost support but limited upside space. The 01 - contract can be hedged on rallies, and 3 - 5 positive spreads can be concerned [42][43] - Soybean meal: It is in range - bound. The US soybean market is affected by reports and Brazilian planting progress, and domestic prices are affected by supply and demand and policy expectations [44][45] - Oils and fats: They are expected to bottom - build and rebound. Different oils have different supply and demand situations, and short - term long - buying and certain spread - trading strategies are recommended [45][51]

Report Industry Investment Ratings - **Macro Finance**: Index futures are long - term bullish with a strategy of buying on dips; Treasury bonds are expected to trade in a range [1][5] - **Black Building Materials**: Coking coal and rebar are for range trading; Glass is recommended for selling call options [1][7][8] - **Non - ferrous Metals**: Copper is for taking profits on long positions at high levels or range short - term trading; Aluminum is suggested to buy on dips; Nickel is for waiting and watching or shorting on rallies; Tin, gold, and silver are for range trading [1][10][11][18] - **Energy and Chemicals**: PVC, caustic soda, styrene, rubber, urea, methanol, and polyolefins are expected to trade in a range; Soda ash 01 contract is for a short - selling strategy [1][21][23][24][30][32] - **Cotton Textile Industry Chain**: Cotton and cotton yarn are expected to trade in a range; PTA is in low - level oscillation; Apples are expected to be slightly bullish; Jujubes are expected to be slightly bearish [1][33][34][35] - **Agricultural and Livestock**: Pigs are facing resistance in rebound; Eggs have limited upside; Corn is in a bottom - building phase; Soybean meal is in range oscillation; Oils are in a bottom - building and rebounding phase [1][37][39][41][43][45] Core Views - The overall market shows a complex situation with different trends in various sectors. Some sectors are affected by policy, supply - demand, and international factors. For example, the macro - financial sector is influenced by domestic policies and global risk preferences; the non - ferrous metals sector is affected by international trade and supply - demand fundamentals; the agricultural and livestock sector is related to production capacity, consumption seasons, and policies [5][10][37] Summary by Directory Macro Finance - **Index Futures**: A - share market is in oscillation. Global risk preference and domestic policies fail to boost market sentiment. The market lacks a clear main line, so index futures may oscillate. Long - term bullish with a strategy of buying on dips [5] - **Treasury Bonds**: The third - quarter monetary policy report maintains a moderately loose tone. The possibility of using total - volume monetary policy tools this year is limited. The bond market is in a range - trading phase, waiting for policy signals from the December Central Economic Work Conference [5] Black Building Materials - **Double - Coking**: The coal market has tight supply - demand and rising prices. Supply is restricted by mine shutdowns, and demand is improving. It is expected to trade in a range [7] - **Rebar**: The futures price is in narrow - range oscillation. The market is affected by macro - policies and supply - demand fundamentals. The price has limited downside due to low valuation [7] - **Glass**: Production cuts are implemented. Supply is reduced, but demand is weak. The inventory is relatively high, and there is delivery pressure. It is recommended to sell call options [8] Non - ferrous Metals - **Copper**: The price hits a record high and then falls. It is affected by trade, supply, and interest - rate policies. The supply is tightening, but the demand is suppressed by high prices. It is expected to trade in a high - level range [10][11] - **Aluminum**: The bauxite supply is expected to improve. The production capacity and inventory are changing. The market is over - trading some expectations. It is recommended to strengthen observation [10][11] - **Nickel**: The new RKAB policy brings uncertainty. The supply is expected to be loose in the long - term. It is recommended to wait and watch or short on rallies [16] - **Tin**: The production is changing, and the supply is expected to improve. The downstream consumption is weak. It is recommended for range trading [18] - **Silver and Gold**: Affected by the US government shutdown, employment, and interest - rate policies, they are in oscillation. They are supported by interest - rate cut expectations and risk - aversion demand. It is recommended for range trading [18][20] Energy and Chemicals - **PVC**: The cost is under pressure, supply is high, and demand is weak. The export growth sustainability is questionable. It is expected to be slightly bearish in oscillation [22] - **Caustic Soda**: Affected by alumina production and inventory, the valuation is under pressure. It is expected to be slightly bearish in oscillation [24] - **Styrene**: The cost and supply - demand fundamentals are weak. It is expected to be slightly bearish in oscillation [25][26] - **Rubber**: The market lacks a clear driving force. The inventory and production capacity utilization are changing. It is expected to trade in a range [26] - **Urea**: The supply is increasing, and the demand is spreading. The price is expected to oscillate, and the rebound sustainability needs attention [27][28] - **Methanol**: The supply is recovering, and the demand is weak. The inventory is increasing. It is expected to trade in a range [28] - **Polyolefins**: The supply pressure is increasing, and the demand improvement is limited. It is expected to be bearish in oscillation [30] - **Soda Ash**: The supply is in surplus, and the demand is weak. The 01 contract is for a short - selling strategy [32] Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: The global cotton supply - demand situation is changing. The seed - cotton price is high, and trade negotiations are progressing. It is expected to trade in a range [33] - **PTA**: The oil price is affecting, and the supply - demand is in a state of inventory accumulation. It is in low - level oscillation [34] - **Apples**: The ground trading is ending, and the出库 is starting. The production and quality are declining. It is expected to be slightly bullish [34] - **Jujubes**: The acquisition price is changing, and the market sentiment is weak. It is expected to be slightly bearish [36] Agricultural and Livestock - **Pigs**: The short - term price is in narrow - range oscillation. The long - term supply is high, and the price is under pressure. It is recommended to hold short positions and pay attention to arbitrage [37][38][39] - **Eggs**: The supply is sufficient, and the demand is stable. The price increase is limited. It is recommended to short on rallies for the 12 - contract and trade in a range for the 01 - contract [39][40] - **Corn**: The short - term supply is sufficient, and the demand is weak. The long - term cost has support. It is in a bottom - building phase [41][42] - **Soybean Meal**: Affected by US policies and Brazilian planting, it is in range oscillation. It is recommended to pay attention to the 3000 - yuan support level [43][44] - **Oils**: Different oils have different supply - demand situations. They are expected to bottom - build and rebound in the short - term and trade in a wide range in the long - term [45][49]

Report Industry Investment Ratings - Index futures: Medium to long - term bullish, buy on dips [1][5][6] - Treasury bonds: Range - bound [1][5][6] - Coking coal: Range trading [1] - Rebar: Range trading [1] - Glass: Sell call options [1][9][10] - Copper: Exit long positions at high levels or range - bound short - term trading [1][11] - Aluminum: Suggest to buy on dips [1] - Nickel: Suggest to wait and see or short on rallies [1][17] - Tin: Range trading [1][18][19] - Gold: Range trading [1][19][20] - Silver: Range trading [1][19] - PVC: Range - bound with a weak bias, focus on 4700 resistance for 01 contract [22][23] - Caustic soda: Range - bound with a weak bias, focus on 2400 resistance for 01 contract [24][25] - Soda ash: Bearish strategy for 01 contract [1][32][34] - Styrene: Range - bound with a weak bias, focus on 6500 resistance [25][26] - Rubber: Range - bound, focus on 15000 support [27][28] - Urea: Range - bound [29][30] - Methanol: Range - bound [31] - Polyolefins: PE to range - bound, focus on 6800 support; PP to trade weakly, focus on 6500 support [32][33] - Cotton and cotton yarn: Range - bound [37] - PTA: Low - level range - bound [37][38] - Apples: Range - bound with a strong bias [38] - Red dates: Range - bound with a downward trend [38] - Live pigs: Rebound under pressure [1][40][41] - Eggs: Limited upside [42][43] - Corn: Bottom - building in a range [44][46] - Soybean meal: Range - bound [47] - Oils and fats: Bottom - building and rebounding [48][53] Core Views - The global risk appetite and domestic favorable policies fail to boost the domestic market sentiment, and the index futures may trade in a range; the bond market lacks a clear core logic, and treasury bonds may also trade in a range [6] - The coal market shows a pattern of tight supply and rising prices, and the prices of coking coal and rebar may be range - bound; the supply of glass is high and demand is weak, and it is recommended to sell call options [8][9][10] - Copper prices are affected by macro and fundamental factors and are expected to trade at high levels in a range; aluminum prices are affected by supply, demand and inventory, and it is recommended to strengthen observation [11][12] - Nickel supply is expected to be abundant in the medium - long term, and it is recommended to wait and see or short on rallies; tin supply is expected to improve, and it is recommended to trade in a range [17][18][19] - Gold and silver prices are affected by the US economic situation and Fed policies, and are expected to trade in a range [19][20] - PVC, caustic soda, styrene, etc. are affected by factors such as cost, supply, demand and macro policies, and are expected to trade weakly in a range; rubber is expected to trade in a range [23][25][28] - Urea and methanol are affected by supply, demand and cost, and are expected to trade in a range; polyolefins are affected by cost, supply and demand, and are expected to trade weakly [29][31][33] - Cotton and cotton yarn are expected to trade in a range; PTA is expected to trade at a low level in a range; apples are expected to trade strongly in a range; red dates are expected to trade downward in a range [37][38] - Live pig prices are affected by supply and demand in different periods, and it is recommended to hold short positions and pay attention to arbitrage; egg prices are affected by supply and demand, and it is recommended to short on rallies for the 12 - contract [40][42][43] - Corn prices are affected by new grain listing and demand, and it is recommended to hedge on rallies and pay attention to arbitrage; soybean meal prices are affected by US soybean supply and demand, and are expected to trade in a range [44][46][47] - Oils and fats prices are affected by palm oil, soybean oil and rapeseed oil supply and demand, and are expected to bottom - build and rebound, and it is recommended to trade in a range and pay attention to arbitrage [48][53][54] Summary by Categories Macro Finance - Index futures: Affected by factors such as the decline in US private - sector employment and domestic market sentiment, it is expected to trade in a range [6] - Treasury bonds: Due to the unclear core logic of the bond market and the need to focus on the entry of allocation funds and the actions of the central bank, it is expected to trade in a range [6] Black Building Materials - Coking coal: The coal market has tight supply and rising prices, and it is expected to trade in a range [8] - Rebar: With narrow - range price fluctuations and weakening supply - demand margins, it is expected to trade in a range [8] - Glass: High supply, weak demand, and low - season downstream replenishment, it is recommended to sell call options [9][10] Non - ferrous Metals - Copper: Affected by macro and fundamental factors, it is expected to trade at high levels in a range [11] - Aluminum: Affected by supply, demand and inventory, it is recommended to strengthen observation [12] - Nickel: Medium - long - term supply is expected to be abundant, it is recommended to wait and see or short on rallies [17] - Tin: Supply is expected to improve, it is recommended to trade in a range [18][19] - Gold and Silver: Affected by the US economic situation and Fed policies, they are expected to trade in a range [19][20] Energy and Chemicals - PVC: Affected by factors such as cost, supply, demand and macro policies, it is expected to trade weakly in a range [23] - Caustic soda: Affected by alumina production and demand, it is expected to trade weakly in a range [25] - Soda ash: Supply is in excess, it is recommended to adopt a bearish strategy for the 01 contract [35][36] - Styrene: Affected by cost and supply - demand, it is expected to trade weakly in a range [26] - Rubber: Affected by supply and demand and inventory, it is expected to trade in a range [28] - Urea: Affected by supply, demand and cost, it is expected to trade in a range [29][30] - Methanol: Affected by supply, demand and cost, it is expected to trade in a range [31] - Polyolefins: Affected by cost, supply and demand, PE is expected to trade in a range, and PP is expected to trade weakly [32][33] Cotton Textile Industry Chain - Cotton and cotton yarn: Affected by global supply - demand and trade negotiations, it is expected to trade in a range [37] - PTA: Affected by oil prices and supply - demand, it is expected to trade at a low level in a range [37][38] - Apples: Affected by production and sales, it is expected to trade strongly in a range [38] - Red dates: Affected by supply and demand, it is expected to trade downward in a range [38] Agricultural and Livestock - Live pigs: Affected by supply and demand in different periods, it is recommended to hold short positions and pay attention to arbitrage [40][41] - Eggs: Affected by supply and demand, it is recommended to short on rallies for the 12 - contract [42][43] - Corn: Affected by new grain listing and demand, it is recommended to hedge on rallies and pay attention to arbitrage [44][46] - Soybean meal: Affected by US soybean supply and demand, it is expected to trade in a range [47] - Oils and fats: Affected by palm oil, soybean oil and rapeseed oil supply and demand, it is expected to bottom - build and rebound, and it is recommended to trade in a range and pay attention to arbitrage [48][53][54]

Report Industry Investment Ratings - **Macro Finance**: Index futures are rated as bullish in the medium to long term, suggesting buying on dips; Treasury bonds are expected to trade sideways [1][5]. - **Black Building Materials**: Coking coal and rebar are recommended for range - trading; glass is advised to sell call options [1][7][9]. - **Non - ferrous Metals**: Copper is recommended to close long positions at high levels or engage in short - term range trading; aluminum is suggested to buy on dips; nickel is advised to wait and see or short on rallies; tin, gold, and silver are recommended for range - trading [1][11][17][19]. - **Energy and Chemicals**: PVC, caustic soda, styrene, rubber, urea, methanol, and polyolefins are expected to trade sideways; soda ash's 01 contract is recommended with a short - selling strategy [1][22][24][26][28][30][32][33][35]. - **Cotton and Textile Industry Chain**: Cotton and cotton yarn are expected to trade sideways; PTA is expected to trade at a low level; apples are expected to trade weakly; jujubes are expected to decline [1][38][39]. - **Agriculture and Animal Husbandry**: Pigs are expected to face resistance in rebounds; eggs are restricted in upward movement; corn is expected to bottom out; soybean meal is expected to trade within a range; oils are expected to bottom out and rebound [1][41][43][46][48][49]. Core Views - The global risk appetite is strengthening, and domestic favorable policies are introduced, which may boost the domestic market sentiment, and the index futures may run with a bullish bias. The bond market lacks a clear core logic, and the follow - up trend depends on the entry of allocation funds and the central bank's actions [5]. - The coal market shows a pattern of tight supply and demand and rising prices. The steel market has low static valuations, but the supply - demand relationship has weakened marginally. The glass market has a high inventory and weak demand, and there is a risk of further weakening [7][8][10]. - The copper market has a tight supply of concentrates, but the short - term supply - demand situation has limited support for copper prices. The aluminum market has a complex supply - demand situation, and there is a risk of over - trading. The nickel market has an oversupply situation in the medium to long term [11][12][17]. - The PVC, caustic soda, and styrene markets have weak fundamentals, and the prices are expected to trade weakly. The rubber market lacks a clear driving force and is expected to trade within a range [22][23][26][27][29]. - The PTA market has a situation of inventory accumulation and low - level trading. The apple and jujube markets have weak demand and are expected to trade weakly [38][39][39]. - The pig market has a large supply in the first half of next year, and the price is under pressure. The egg market has sufficient supply, and the price increase is restricted. The corn market is expected to bottom out, and the soybean meal market is expected to trade within a range. The oil market is expected to bottom out and rebound [41][43][46][48][49]. Summary by Directory Macro Finance - **Index Futures**: They are expected to be bullish in the medium to long term. The end of the US government shutdown and domestic favorable policies may boost the market sentiment, and it is recommended to buy on dips [5]. - **Treasury Bonds**: They are expected to trade sideways. The bond market lacks a clear core logic, and the follow - up trend depends on the entry of allocation funds and the central bank's actions [5]. Black Building Materials - **Coking Coal**: The coal market has tight supply and demand, and the price is rising. It is recommended for range - trading [7][8]. - **Rebar**: The steel market has low static valuations, but the supply - demand relationship has weakened marginally. It is recommended to buy on short - term declines [8]. - **Glass**: The supply has decreased, but the demand is weak, and the inventory is high. It is recommended to sell call options [9][10]. Non - ferrous Metals - **Copper**: The supply of concentrates is tight, but the short - term supply - demand situation has limited support for copper prices. It is recommended to close long positions at high levels or engage in short - term range trading [11]. - **Aluminum**: The supply - demand situation is complex, and there is a risk of over - trading. It is recommended to strengthen observation [12]. - **Nickel**: There is an oversupply situation in the medium to long term. It is recommended to wait and see or short on rallies [17]. - **Tin**: The supply is expected to improve, and the downstream demand is weak. It is recommended for range - trading [18][19]. - **Gold and Silver**: Affected by the US economic situation and interest - rate expectations, they are expected to trade within a range [19][20][21]. Energy and Chemicals - **PVC**: The fundamentals are weak, with high supply, weak demand, and high inventory. It is expected to trade weakly [22][23]. - **Caustic Soda**: Affected by the alumina market, the price is expected to trade weakly [24][26]. - **Styrene**: The cost - profit situation is complex, and the price is expected to trade weakly [26][27]. - **Rubber**: It lacks a clear driving force and is expected to trade within a range [28][29]. - **Urea**: The supply has increased, and the demand is mixed. It is expected to trade within a range [30][31]. - **Methanol**: The supply is tight in some areas, and the downstream demand is weak. It is expected to trade within a range [32][33]. - **Polyolefins**: The supply pressure is increasing, and the demand improvement is limited. The PE is expected to trade within a range, and the PP is expected to trade weakly [33][34]. - **Soda Ash**: The supply is in excess, and the 01 contract is recommended with a short - selling strategy [35][36][37]. Cotton and Textile Industry Chain - **Cotton and Cotton Yarn**: Affected by global supply - demand and trade negotiations, they are expected to trade sideways [38]. - **PTA**: The supply - demand situation leads to inventory accumulation, and the price is expected to trade at a low level [38][39]. - **Apples**: The ground trading is coming to an end, and the demand in the sales area is weak. It is expected to trade weakly [39]. - **Jujubes**: The purchase enthusiasm is low, and the price is expected to decline [39]. Agriculture and Animal Husbandry - **Pigs**: The supply is large in the first half of next year, and the price is under pressure. It is recommended to hold short positions and pay attention to arbitrage opportunities [41][42]. - **Eggs**: The supply is sufficient, and the price increase is restricted. It is recommended to short on rallies for the 12 - contract and trade within a range for the 01 - contract [43][44][45]. - **Corn**: The new grain supply is increasing, and the demand is weak in the short term. It is expected to bottom out, and attention should be paid to the 3 - 5 positive arbitrage [46][48]. - **Soybean Meal**: The US soybean market is expected to fluctuate widely, and the domestic market is recommended to trade within a range and pay attention to the basis pricing [48][49]. - **Oils**: The three major oils are expected to bottom out and rebound. It is recommended to buy on dips and pay attention to the rapeseed oil 1 - 5 reverse arbitrage [49][50][55].

1. Report Industry Investment Ratings - No specific industry - wide investment ratings are provided in the report. 2. Core Views of the Report - The report analyzes the market conditions of various non - ferrous metals, including copper, aluminum, zinc, lead, nickel, tin, industrial silicon, and lithium carbonate. It takes into account factors such as macro - economic data, supply - demand relationships, and price trends to provide investment suggestions for each metal [2][3]. 3. Summary by Metal Copper - **Price Trend**: This week, copper prices fell from high levels but remained at historical highs, with weakening upward momentum. In the short term, copper prices are expected to remain in a high - level oscillation under the influence of macro and fundamental factors, with the main contract of Shanghai copper likely to operate in the range of 84,000 - 88,000 yuan/ton [2]. - **Macro Factors**: Hawkish remarks from the Federal Reserve have cooled the expectation of a December interest rate cut. The US government shutdown has delayed the release of key employment data, leading to cautious market sentiment. The strengthening of the US dollar has also suppressed copper prices [2]. - **Fundamental Factors**: Overseas mine restarts are slow, and the tight supply of copper concentrates has not significantly improved. Domestic electrolytic copper production decreased month - on - month. High copper prices have curbed consumption, and downstream procurement is mainly for rigid demand [2]. - **Investment Suggestion**: It is recommended to wait and see or conduct short - term trading within the range [2]. Aluminum - **Price Trend**: Aluminum prices are oscillating upward at a high level, while alumina prices are oscillating at a low level. The prices of aluminum alloys are also oscillating upward at a high level [2]. - **Supply - Demand Factors**: The supply of domestic bauxite is expected to improve, while the price of bauxite in Guinea has decreased. The operating capacity of alumina has increased, and the inventory has also risen. The operating capacity of electrolytic aluminum has decreased slightly. The demand for aluminum downstream has weakened, and the inventory of aluminum ingots has increased slightly [2]. - **Investment Suggestion**: For alumina, it is recommended to take profit on long positions and sold out - of - the - money put options. For Shanghai aluminum and cast aluminum alloys, it is recommended to strengthen observation [2]. Zinc - **Price Trend**: Last week, zinc prices continued to rise. In general, the supply - side support is relatively strong due to the continuous decline in processing fees, but the high inventory and weak demand limit the upward space of Shanghai zinc. The main contract is expected to operate in the range of 22,000 - 23,000 yuan/ton [2]. - **Supply - Demand Factors**: The processing fees of domestic and imported zinc ores have continued to decline, and the smelting profit has decreased. The market expects a reduction in refined zinc production. Terminal consumption is weak overall, and downstream enterprises maintain rigid - demand procurement [2]. - **Investment Suggestion**: It is recommended to conduct range trading [2]. Lead - **Price Trend**: Last week, the main contract of Shanghai lead closed at 17,420 yuan/ton, showing a trend of rising and then falling. In the short term, lead prices may continue to rise after consolidation [2]. - **Supply - Demand Factors**: The LME and COMEX lead inventories have decreased, while the Shanghai Futures Exchange lead inventory has increased. The demand for lead smelting remains strong, but the high price of primary lead has reduced the stocking willingness of downstream enterprises and increased the demand for recycled lead [2]. - **Investment Suggestion**: It is recommended to go long at low prices within the range of 17,300 - 17,800 yuan/ton [2]. Nickel - **Price Trend**: Last week, Shanghai nickel oscillated and declined. Nickel remains in a surplus situation, and the price is expected to oscillate downward within the range of 117,000 - 120,000 yuan/ton [3]. - **Supply - Demand Factors**: The RKAB approval of Indonesian nickel mines continues, and miners' sentiment to hold up prices persists. The supply of refined nickel is in surplus, and the inventory is increasing. The price of nickel iron is under pressure to oscillate, and the price of stainless steel is weak [3]. - **Investment Suggestion**: It is recommended to hold short positions moderately at high prices [3]. Tin - **Price Trend**: Overseas supply is tight, and prices continue to oscillate. It is expected that tin prices will be supported, and it is recommended to conduct range trading within the range of 270,000 - 295,000 yuan/ton for the Shanghai tin 12 - contract [3]. - **Supply - Demand Factors**: In October, domestic refined tin production decreased year - on - year. The import of tin concentrates decreased in September. The consumption of the semiconductor industry is expected to recover, but the consumption of consumer electronics and photovoltaics is weak [3]. - **Investment Suggestion**: It is recommended to conduct range trading and continuously monitor the resumption of supply and the recovery of downstream demand [3]. Industrial Silicon - **Price Trend**: Industrial silicon prices are oscillating and adjusting, and the overall idea is to conduct range trading or wait and see. The price of polysilicon is oscillating widely at a high level [3]. - **Supply - Demand Factors**: The weekly output of industrial silicon has decreased, and the inventory has increased. The weekly output of polysilicon has decreased, and the market expects the establishment of a state - reserve platform. The production reduction of industrial silicon is stronger than that of polysilicon in reality, but the expectation of polysilicon production reduction still exists [3]. - **Investment Suggestion**: The overall idea is to conduct band trading, going long on polysilicon (PS) and short on industrial silicon (SI) [3]. Lithium Carbonate - **Price Trend**: The price of lithium carbonate is oscillating widely overall, showing a trend of rising and then falling. It is expected that the price will continue to oscillate strongly, and it is recommended to build long positions at low prices [3]. - **Supply - Demand Factors**: The supply and demand in the domestic market are in a tight balance. The downstream demand is strong, and the terminal demand for energy storage continues to be good. The production of lithium carbonate in October increased month - on - month, and the import of lithium concentrates increased in September [3]. - **Investment Suggestion**: It is recommended to build long positions at low prices and continuously monitor the progress of mining permits in Yichun and the resumption of production of the Ningde Jianxiawo lithium mine [3]. 4. Macro - economic Data - **China**: China's October RatingDog manufacturing PMI was 50.6, remaining above the boom - bust line for three consecutive months, indicating continuous improvement in manufacturing prosperity, but the growth rate has slowed down. In October, China's exports denominated in US dollars decreased by 1.1% year - on - year, while imports increased by 1.0% year - on - year [13][14]. - **US**: The US October ISM manufacturing index was 48.7, lower than the expected 49.5 and the previous value of 49.1, indicating that the US manufacturing industry continued to contract. The US Supreme Court held a public hearing on Trump's "reciprocal tariffs" [16][18]. - **Eurozone**: The Eurozone's October manufacturing PMI final value was 50, indicating that the manufacturing industry was in a state of stagnation [17].

Report Industry Investment Rating - Not mentioned in the provided content Core View of the Report - The continued shutdown of the US government, negative private - sector employment, and the US Supreme Court's query on the legality of Trump's full - scale tariffs have led to the continued oscillation of precious metal prices. There is a divergence in the market regarding whether the Fed will cut interest rates in December, and the expected end - point of this round of interest rate cuts has been lowered. Trump's influence on the Fed's independence is evident, and the US employment situation is slowing down. Although Powell believes that changing economic risks provide sufficient reasons for the Fed to cut interest rates, Fed officials have expressed hawkish views, so a further interest rate cut in the December monetary policy meeting is not certain. With the US economic data trending weaker and market concerns about the US fiscal situation and the Fed's independence, precious metal prices are expected to be supported in the medium - term, while remaining in an adjustment state in the short - term [11]. Summary by Directory 01. Market Review - Due to the continued shutdown of the US government, negative private - sector employment, and the US Supreme Court's query on the legality of Trump's full - scale tariffs, the price of US gold continued to oscillate. As of last Friday, US gold closed at $4008 per ounce, a weekly decline of 0.1%. Attention should be paid to the upper resistance level of $4100 and the lower support level of $3950 [6]. - The price of US silver also oscillated under the same factors. As of last Friday, it had a weekly decline of 0.1%, closing at $48.23 per ounce. Attention should be paid to the lower support level of $47 and the upper resistance level of $49.5 [9]. 02. Weekly View - The factors mentioned above cause precious metal prices to continue oscillating. Market has different views on the December interest - rate cut, and the expected end - point of this round of cuts is lowered. Trump affects the Fed's independence, and US employment slows down. Powell sees reasons for rate cuts, but Fed officials' hawkish views make a December rate cut uncertain. With weak US economic data and market concerns, precious metal prices are expected to be supported in the medium - term and adjust in the short - term [11]. - Gold: This week, COMEX inventory decreased by 13,641.72 kg to 1,173,518.12 kg, while SHFE inventory increased by 1800 kg to 89,616 kg. - Silver: This week, COMEX inventory decreased by 72,246.03 kg to 14,933,286.22 kg, and SHFE inventory decreased by 42,492 kg to 623,052 kg. - This week, the net long position of gold CFTC speculative funds was 259,261 contracts, an increase of 3,182 contracts from last week; the net long position of silver CFTC speculative funds was 49,507 contracts, an increase of 729 contracts from last week. - Strategy suggestion: Trade cautiously and within a range. Refer to the operating range of 890 - 945 for the SHFE gold December contract and 10800 - 11700 for the SHFE silver December contract [13]. 03. Overseas Macroeconomic Indicators - The report presents multiple charts related to overseas macroeconomic indicators, including the US dollar index, euro - US dollar exchange rate, pound - US dollar exchange rate, real interest rate (10 - year TIPS yield), yield spread (10Y - 2Y), gold - silver ratio, Fed balance sheet size and its weekly change, and WTI crude oil futures price trend, but no specific data analysis is provided in the text [15][17][20][21][23][24]. 04. Important Economic Data of the Week - US October ISM Manufacturing PMI was 48.7, lower than the expected 49.5 and the previous value of 49.1. - US October ADP employment change was 42,000, higher than the expected 25,000 and the previous value of - 29,000 [27]. 05. Important Macroeconomic Events and Policies of the Week - Private data shows that US employment decreased in October due to government and retail sectors, and the number of announced layoffs increased because of corporate cost - cutting and AI adoption. In October, 9100 jobs were lost, with 22,200 lost in the government sector. - Cleveland Fed President Loretta Mester said that high inflation is not conducive to the Fed's further interest - rate cuts, and she is worried that current monetary policy may not be well - prepared to deal with inflation. - The US October ISM Non - Manufacturing PMI rose to 52.4, the highest since February, driven by strong new orders. However, weak employment indicates a sluggish labor market under the uncertain economic background of tariffs. The ADP National Employment Report shows that employment rebounded by 42,000 in October after a loss of 29,000 in September [28]. 06. Inventory - Gold: COMEX inventory is 1,173,518.12 kg, a decrease of 13,641.72 kg from last week; SHFE inventory is 89,616 kg, an increase of 1800 kg from last week. - Silver: COMEX inventory is 14,933,286.22 kg, a decrease of 72,246.03 kg from last week; SHFE inventory is 623,052 kg, a decrease of 42,492 kg from last week [13][33]. 07. Fund Holdings - As of September 23, the net long position of gold CFTC speculative funds was 259,261 contracts, an increase of 3,182 contracts from last week; the net long position of silver CFTC speculative funds was 49,507 contracts, an increase of 729 contracts from last week [13][37]. 08. Key Points to Watch This Week - On Thursday (November 13) at 21:30, the US October CPI annual rate unadjusted will be released [39].

Report Information - Report Title: Carbonate Lithium Weekly Report [2] - Report Date: November 10, 2025 [3] - Researcher: Wang Guodong [1] Investment Rating - No investment rating information is provided in the report. Core Viewpoints - The supply side is affected by the shutdown of Ningde Jianxiawo Mine for 3 months and the mine - right transfer re - review notices in Yichun and Qinghai. Although the domestic carbonate lithium production in October increased by 10% month - on - month and the imported lithium concentrate in September was 711,000 tons, a 14.7% month - on - month increase, the import of carbonate lithium in September decreased by 10.3% month - on - month. The cost of some manufacturers using imported lithium ore is upside - down, while self - owned ore and salt - lake enterprises have some profit support [5][6]. - The demand side is strong. In October, the overall production schedule increased month - on - month. In September, the production of large battery cell factories increased by 8% month - on - month. The production, export, and sales of power and other batteries all showed significant growth. The new energy vehicle market is expected to continue to grow rapidly due to policies. The inventory of carbonate lithium is in a destocking state this week [6]. - The domestic supply and demand of carbonate lithium remain in a tight balance. It is expected that the subsequent import of lithium salts from South America will supplement the supply. With the strong demand in the energy storage terminal, the production of ore - extracted lithium continues to increase, and the cost center shifts upward. The proportion of long - term contracts and customer - supplied products for battery factories increases, and inventory is transferred downstream. The price of carbonate lithium is expected to be supported. It is recommended to build positions at low prices and pay attention to the progress of Yichun mine certificates and the resumption of production of Ningde Jianxiawo Lithium Mine [6]. Summary by Directory 1. Weekly Views Supply - Last week, the weekly output of carbonate lithium increased by 145 tons to 23,465 tons, and the production in October increased by 10% month - on - month to 105,040 tons. Ningde Jianxiawo Mine is shut down for 3 months, and enterprises in Yichun and Qinghai received mine - right transfer re - review notices. In the third quarter, Australian mines controlled costs, and the space for further cost reduction is extremely limited, with most mainstream Australian mines reducing capital expenditure for fiscal year 2025 [5]. - In September 2025, China imported 711,000 tons of lithium concentrate, a 14.7% month - on - month increase. The top three importing countries were Australia, Nigeria, and Zimbabwe. The import of lithium concentrate from Australia increased by 64.1% month - on - month, that from Zimbabwe decreased by 7.8% month - on - month, that from Nigeria increased by 14.4% month - on - month, and that from South Africa increased by 109,000 tons. The import of carbonate lithium in September was 19,597 tons, a 10.3% month - on - month decrease, with 11,000 tons from Chile, accounting for 55% [5]. - The CIF price of imported lithium spodumene concentrate increased week - on - week, causing cost upside - down for some carbonate lithium manufacturers using purchased lithium ore. Self - owned ore and salt - lake enterprises have some profit support, while lithium hydroxide manufacturers face greater cost pressure [5]. Demand - In October, the overall production schedule increased month - on - month, and in September, the production schedule of large battery cell factories increased by 8% month - on - month. In September, the total production of power and other batteries in China was 151.2 GWh, an 8.3% month - on - month increase and a 35.4% year - on - year increase. The total export was 26.7 GWh, an 18.2% month - on - month increase and a 28.3% year - on - year increase. The sales volume was 146.5 GWh, a 9.0% month - on - month increase and a 42.2% year - on - year increase. Policies are expected to support the growth of the new energy vehicle market [6]. Inventory - This week, the inventory of carbonate lithium showed a destocking state, with factory inventory decreasing by 1,075 tons, market inventory decreasing by 1,273 tons, and futures inventory decreasing by 289 tons [6]. Strategy Recommendations - Considering the supply side, with the ongoing shutdown of Ningde Jianxiawo Mine, the domestic production of carbonate lithium in October increased by 10% month - on - month, and the import of lithium concentrate in September increased by 14.7% month - on - month, while the import of carbonate lithium decreased by about 10% month - on - month but increased by 20% year - on - year. The downstream demand is strong, and the domestic supply and demand remain in a tight balance. It is expected that the subsequent import of lithium salts from South America will supplement the supply [6]. - From the demand side, the terminal demand for energy storage continues to be good. In September, the production schedule of large battery cell factories increased by 8% month - on - month, and the production schedule of cathode materials in October is expected to increase by 4% month - on - month. With profit restoration, the production of ore - extracted lithium continues to increase, and the cost center shifts upward. The proportion of long - term contracts and customer - supplied products for battery factories increases, and inventory is transferred downstream. The price of carbonate lithium is expected to be supported. It is recommended to build positions at low prices and pay attention to the progress of Yichun mine certificates and the resumption of production of Ningde Jianxiawo Lithium Mine [6]. 2. Key Data Tracking - The report presents multiple data charts, including the spot tax - included average price of carbonate lithium, weekly and monthly production of carbonate lithium, weekly and factory monthly inventory of carbonate lithium, average price of industrial - grade carbonate lithium, average price of imported lithium concentrate, production of power and other batteries, production of different types of batteries and cathode materials, average production cost of carbonate lithium, import volume of carbonate lithium and lithium spodumene, etc. However, specific numerical analysis is not provided in the text, only the time series and data ranges of these data are shown [8][10][11][15][17][20][21][23][26][27][30][34][36][38][40].

1. Report Industry Investment Rating No relevant content provided. 2. Report's Core Views - The pig market has high supply pressure in the short - term, with prices having limited upward movement. In the long - term, prices in the first half of next year are under pressure, while those in the second half are relatively strong due to expected capacity reduction [4][48]. - The egg market shows a marginal improvement in the short - term supply - demand situation, but the ample supply restricts price increases. In the long - term, the supply pressure will gradually ease as the inventory growth rate slows down [5][69]. - The corn market is in a phase of shock bottom - building during the new crop listing period. Short - term prices are expected to be weak, while in the long - term, there is strong cost support [6][88]. 3. Summary by Relevant Catalogs 3.1 Pig 3.1.1 Weekly Market Review - As of November 7, the national spot price was 11.82 yuan/kg, down 0.67 yuan/kg from last week; the Henan pig price was 12.04 yuan/kg, down 0.51 yuan/kg. The futures price of Live Pig 2501 closed at 11,865 yuan/ton, up 50 yuan/ton from last week. The basis of the 01 contract was 175 yuan/ton, down 560 yuan/ton from last week [4][11][48]. 3.1.2 Fundamental Data Review - Supply - related data: The average weekly slaughter weight was 128.3 kg, up 0.61 kg from last week. The proportion of small and large pigs in the weekly slaughter increased. The fat - standard price difference was 0.68 yuan, down 0.06 yuan from last week. The frozen product inventory rate was 20.03%, up 0.04% from last week [4][12][48]. - Demand - related data: The average daily weekly slaughter rate was 33.47%, down 1.36% from last week. The average daily weekly slaughter volume was 138,532 heads, down 5,604 heads from last week. The fresh - sales rate was 86.27%, up 0.23% from last week [4][12][48]. - Cost - related data: The national average price of 7 - kg weaned piglets was 202.62 yuan/head, up 19.76 yuan/head from last week. The self - breeding and self - raising profit was - 34.91 yuan/head, down 10.21 yuan/head from last week. The profit from purchasing piglets was - 116.92 yuan/head, up 12.58 yuan/head from last week [4][12][48]. 3.1.3 Key Data Tracking - The inventory of breeding sows decreased slowly. In September 2025, the official sow inventory was 40.35 million heads, down 0.07% month - on - month and 0.66% year - on - year. My Agri's sample in October showed an increase, while Yongyi's sample showed a decrease [20][48]. - The production performance improved. In October, the ratio of binary to ternary breeding sows was 95%:5%. The farrowing rate of inseminated sows was 79.7%, and the average number of healthy piglets per litter was 11.32 [20]. 3.1.4 Weekly Summary and Strategy Suggestions - In the short - term, pig prices will fluctuate within a narrow range. Pay attention to the rhythm of secondary fattening and group enterprise slaughter. In the long - term, prices in the first half of next year are under pressure, while those in the second half are relatively strong. Hold existing short positions in contracts 01, 03, and 05, and continue to pay attention to the long 05 and short 03 arbitrage. Be cautious about bottom - fishing in contracts 07 and 09 [4][48]. 3.2 Egg 3.2.1 Weekly Market Review - As of November 7, the average price in the main egg - producing areas was 3.03 yuan/jin, up 0.09 yuan/jin from last Friday; the average price in the main egg - selling areas was 3.05 yuan/jin, up 0.03 yuan/jin. The futures price of Egg 2512 closed at 3,219 yuan/500 kg, up 73 yuan/500 kg from last Friday. The basis of the main contract was - 419 yuan/500 kg, weakening by 3 yuan/500 kg from last Friday [5][54][69]. 3.2.2 Fundamental Data Review - Supply - related data: The national weekly utilization rate of egg - laying hen hatching eggs was 57%. The average price of egg - laying hen chicks in the main producing areas was 2.80 yuan/chick. The average price of culled hens in the main producing areas was 4.03 yuan/jin, down 0.08 yuan/jin from last week [5][55][69]. - Demand - related data: The egg shipment volume was 6,300.06 tons, up 252.77 tons week - on - week. The sales volume in the sample sales areas was 7,300 tons, down 358 tons week - on - week [5][55][69]. - Profit - related data: The expected profit of egg - laying hen farming was - 24.44 yuan/hen, up 1.66 yuan/hen from last week. The profit per jin of eggs was - 0.25 yuan/jin, down 0.05 yuan/jin from last week [5][55][69]. 3.2.3 Key Data Tracking - The inventory of laying hens decreased slightly in October 2025, with 1.359 billion hens in production, down 0.09 billion month - on - month and up 0.72 billion year - on - year [5][69]. 3.2.4 Weekly Summary and Strategy Suggestions - In the short - term, the supply - demand situation has a marginal improvement, and egg prices will fluctuate within a narrow range. In the long - term, the supply pressure will gradually ease. Short the main 12 - contract lightly when the price is high, and expect the 01 - contract to oscillate within the range of 3,250 - 3,450 [5][69]. 3.3 Corn 3.3.1 Weekly Market Review - As of November 7, the平仓 price of corn at Jinzhou Port in Liaoning was 2,160 yuan/ton, up 30 yuan/ton from last Friday. The futures price of Corn 2601 closed at 2,149 yuan/ton, up 19 yuan/ton from last Friday. The basis of the main contract was 11 yuan/ton, strengthening by 11 yuan/ton from last Friday [6][73][88]. 3.3.2 Fundamental Data Review - Supply - related data: The inventory of old - crop corn among traders in production and sales areas was low. The new - crop supply in the Northeast was increasing. In September, corn imports were 60,000 tons, up 50% month - on - month and down 80.6% year - on - year [6][75][88]. - Demand - related data: The feed demand increased due to the growth of pig and poultry inventories, but the high price difference between corn and wheat led to wheat replacing corn in feed use. The deep - processing industry's profit turned positive, but the capacity utilization rate was still low [6][75][88]. 3.3.3 Key Data Tracking - The national grain - selling progress was 22% as of November 7, 3% faster than the same period last year. The progress in North China was 20%, 1% faster than the same period last year, and that in Northeast China was 18%, 3% faster than the same period last year [6][76][88]. 3.3.4 Weekly Summary and Strategy Suggestions - In the short - term, corn prices will be under pressure due to the concentrated listing of new crops. In the long - term, there is strong cost support. The main 01 - contract will oscillate within the range of 2,050 - 2,170 [6][88].