一、 监事会会议召开情况 1、深圳市禾望电气股份有限公司（以下简称"公司"）2025 年第五次临时 监事会会议（以下简称"本次会议"）的召开符合《中华人民共和国公司法》（以 下简称"《公司法》"）《上海证券交易所股票上市规则》等相关法律、行政法 规、规范性文件及《深圳市禾望电气股份有限公司章程》的有关规定； 2、公司于 2025 年 10 月 23 日以电子邮件、电话等方式向监事发出监事会会 议通知； 3、本次会议于 2025 年 10 月 27 日以通讯方式召开； 证券代码：603063 证券简称：禾望电气 公告编号：2025-086 深圳市禾望电气股份有限公司 2025 年第五次临时监事会会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 4、本次会议应参会监事 3 名，实际参会监事 3 名； 5、本次监事会会议由监事会主席陈云刚先生主持。 二、 监事会会议审议情况 （一）审议通过《关于注销 2023 年股票期权激励计划部分股票期权的议案》 经监事会审查，认为：鉴于2023年股票期权激励计划首次授予激励对象中7 ...

证券代码：603063 证券简称：禾望电气 公告编号：2025-085 深圳市禾望电气股份有限公司 3、本次会议于 2025 年 10 月 27 日以通讯方式召开； 4、本次会议应参会董事 5 名，实际参会董事 5 名； 5、本次会议由董事长韩玉先生主持，部分高级管理人员列席会议。 二、 董事会会议审议情况 2025 年第五次临时董事会会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、 董事会会议召开情况 1、深圳市禾望电气股份有限公司（以下简称"公司"）2025 年第五次临时 董事会会议（以下简称"本次会议"）的召开符合《中华人民共和国公司法》《上 海证券交易所股票上市规则》等相关法律、行政法规、规范性文件及《深圳市禾 望电气股份有限公司章程》的有关规定； 2、公司于 2025 年 10 月 23 日以电子邮件、电话等方式向董事发出董事会会 议通知； （一）审议通过《关于注销2023年股票期权激励计划部分股票期权的议案》 本议案已经公司第四届薪酬与考核委员会第四次会议审议通过，并同意提交 公司董事会审议。 根 ...

Financial Performance - The company's operating revenue for the third quarter was ¥893,970,433.02, a decrease of 3.87% compared to the same period last year[4] - The total profit for the quarter was ¥100,607,000.81, down 10.92% year-on-year[4] - The net profit attributable to shareholders was ¥91,659,390.12, reflecting a decline of 6.98% compared to the previous year[4] - The net profit after deducting non-recurring gains and losses was ¥79,907,530.36, a decrease of 19.85% year-on-year[4] - Basic and diluted earnings per share were both ¥0.20, down 9.09% from the same period last year[5] - Total operating revenue for the first three quarters of 2025 reached ¥2,778,269,420.94, a 20.2% increase from ¥2,311,541,742.13 in the same period of 2024[19] - Operating profit for the first three quarters of 2025 was ¥372,037,691.54, compared to ¥298,652,438.08 in 2024, reflecting a growth of 24.6%[20] - Net profit attributable to shareholders of the parent company for the first three quarters of 2025 was ¥334,343,597.54, up 32.0% from ¥253,317,192.62 in 2024[21] - Basic earnings per share for the first three quarters of 2025 increased to ¥0.74, compared to ¥0.57 in the same period of 2024[21] Cash Flow - Cash flow from operating activities increased significantly by 243.13% to ¥192,392,549.10 during the quarter[4] - Cash inflows from operating activities totaled ¥3,098,925,738.71 for the first three quarters of 2025, compared to ¥2,831,440,808.58 in 2024, showing a growth of 9.4%[22] - The net cash flow from operating activities was $19,636,595.22, a significant improvement from a negative cash flow of $39,984,610.39 in the previous period[23] - The company reported a cash flow from operating activities outflow of $3,079,289,143.49, compared to $2,871,425,418.97 previously[23] - The cash flow from operating activities generated a net cash flow of $19,636,595.22, contrasting with a negative cash flow in the prior period[23] Assets and Liabilities - The total assets at the end of the quarter reached ¥9,087,937,789.22, an increase of 14.30% compared to the end of the previous year[5] - The total current assets as of September 30, 2025, amounted to CNY 6,601,716,863.47, an increase from CNY 5,503,560,003.85 in the previous year, representing a growth of approximately 20%[15] - Total assets reached CNY 9,087,937,789.22, up from CNY 7,950,716,228.10, which is an increase of about 14.3%[16] - Total liabilities increased to ¥4,031,938,907.35 from ¥3,548,650,770.36, indicating a rise in financial obligations[17] - Total current liabilities increased to CNY 2,690,791,675.33 from CNY 2,344,436,673.11, representing a rise of approximately 14.7%[16] - Long-term borrowings rose to CNY 876,701,650.28 from CNY 725,445,660.47, indicating an increase of about 20.8%[16] - The total non-current liabilities increased to CNY 1,341,147,232.02 from CNY 1,204,214,097.25, reflecting a growth of approximately 11.4%[16] Shareholder Equity - The equity attributable to shareholders increased by 15.05% to ¥4,948,800,316.65 compared to the end of the previous year[5] - The company's total equity reached ¥5,055,998,881.87, up from ¥4,402,065,457.74, reflecting a strong capital position[17] Research and Development - Research and development expenses for the first three quarters of 2025 were ¥272,785,165.98, up from ¥235,121,271.38 in 2024, indicating a focus on innovation[20] Non-Recurring Items - The company reported a net gain from non-recurring items totaling ¥11,751,859.76 for the current period[8] Cash and Cash Equivalents - Cash and cash equivalents reached CNY 2,019,380,999.55, up from CNY 1,459,889,179.35, indicating a year-over-year increase of about 38%[14] - The total cash and cash equivalents at the end of the period reached $1,439,864,363.20, up from $659,924,014.47 at the end of the previous period[23] Other Information - The company reported no significant changes in shareholder participation in margin trading and securities lending activities[13] - There were no applicable reminders regarding the company's operational status during the reporting period[14] - The company did not apply new accounting standards starting from 2025[24]

关于注销 2023 年股票期权激励计划部分股票期权的公告 证券代码：603063 证券简称：禾望电气 公告编号：2025-087 深圳市禾望电气股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 深圳市禾望电气股份有限公司（以下简称"公司"）于 2025 年 10 月 27 日 召开 2025 年第五次临时董事会会议和 2025 年第五次临时监事会会议，审议通过 了《关于注销 2023 年股票期权激励计划部分股票期权的议案》，现将有关事项 公告如下： 一、2023 年股票期权激励计划已履行的相关审批程序 1、2023 年 3 月 31 日，公司召开 2023 年第四次临时董事会会议，会议审议 通过了《关于公司<2023 年股票期权激励计划（草案）>及其摘要的议案》和《关 于制定公司<2023 年股票期权激励计划实施考核管理办法>的议案》。公司 2023 年第四次临时监事会会议审议通过了前述议案及《关于公司<2023 年股票期权激 励计划首次授予激励对象名单>核查意见的议案》。公司独立董事就本次激励计 划是否有利于公司 ...

取得不断 n Law Offices 中国广东省深圳市福田区金田路 4028 号荣超经贸中心 28、29 层 邮政编码: 518035 28&29 Floor, Landmark, No.4028 Jintian Road, Futian District, Shenzhen 518035, P.R.C. http://www.junzejun.com Tel: 0755-33988188 北京市君泽君(深圳) 律师事务所 关于深圳市禾望电气股份有限公司 2023年股票期权激励计划相关事项的 核查的文件以及本所认为必须查阅的其他文件。同时,本所已得到公司的如下保证: 公司已向本所提供为出具本法律意见书所必须的、真实的、有效的原始书面材料、 副本材料或口头证言,有关材料上的签名或盖章是真实有效的,有关副本或者复印 件与正本材料或原件一致,均不存在虚假内容或重大遗漏。 3、本所仅就与本次注销相关的法律问题发表意见. 且仅根据中国现行有效的 法律法规发表法律意见,并不依据任何境外法律发表法律意见。本所不对公司本次 激励计划所涉及的标的股票价值、考核标准等相关问题的合理性以及会计、财务等 非法律专业事项发表意见。在本 ...

1. Report Industry Investment Rating No information is provided in the content about the report industry investment rating. 2. Core Views of the Report - **Short - term**: The polyolefin market rebounds driven by crude oil and coking coal, with its trend mainly influenced by macro - sentiment and cost fluctuations. Given many macro - level disturbances and limited supply - demand drivers, it is recommended to wait and see for unilateral trading recently [7]. - **Long - term**: Despite continuous pressure on the PP supply side due to intensive production, new PP device production is relatively limited in Q1 2026, mainly focusing on digesting existing capacity. With an overall optimistic macro - expectation, PP is expected to show a bottom - up trend in the long run [8]. 3. Summary by Relevant Catalogs 3.1 Core Contradictions and Strategy Recommendations 3.1.1 Core Contradictions - **Cost side**: Crude oil rebounds due to geopolitical issues such as the tense relationship between the US and Venezuela and the upgraded sanctions on Russian oil companies. Coking coal shows a strong upward trend because of supply - side factors like production cuts in some regions and reduced Mongolian coal customs clearance [1]. - **Supply - demand side**: In supply, unexpected PP device shutdowns increase recently, temporarily alleviating supply pressure, but the large - scale PP production capacity makes it hard to fundamentally relieve the pressure. In demand, traditional PP downstream shows little change, but downstream speculative replenishment willingness increases after continuous price drops, and post - National Day spot transactions are favorable. However, the overall pattern of strong supply and weak demand persists [2]. 3.1.2 Trading - type Strategy Suggestions - **Near - term strategy review**: A unilateral strategy of buying at low prices was proposed on September 19 and closed after the National Day due to the decline in propane prices during the holiday [12]. 3.1.3 Industrial Customer Operation Suggestions - **Price range prediction**: The predicted monthly price range of polypropylene is 6500 - 7000 yuan, with a current 20 - day rolling volatility of 10.43% and a 3 - year historical percentile of 17.7% [13]. - **Hedging strategy**: For inventory management with high finished - product inventory, it is recommended to short PP futures and sell call options. For procurement management with low inventory, it is recommended to buy PP futures [13]. 3.2 This Week's Important Information and Next Week's Concerns 3.2.1 This Week's Important Information - **Positive information**: Crude oil rises rapidly due to geopolitical issues; PP production lines of Inner Mongolia Baofeng and Zhongjing Petrochemical stop [19]. - **Negative information**: The 400,000 - ton device of Guangxi Petrochemical will start next week; Daxie Petrochemical's old production lines will stop [16]. 3.2.2 Next Week's Concerns - Policy suggestions after the Fourth Plenary Session and the results of Sino - US trade policy negotiations [20]. 3.3 Disk Interpretation 3.3.1 Price - volume and Capital Interpretation - **Unilateral trend and capital movement**: Since Wednesday, the PP disk rebounds driven by crude oil. This week, the position volume slightly declines, the top five short positions increase significantly, and the net short position of the top five profitable seats slightly increases [22]. - **Basis structure**: The PP disk rises rapidly following crude oil, while the spot price lags, causing the basis to weaken. As of Friday, the North China basis is - 122 yuan/ton, the East China basis is - 62 yuan/ton, and the South China basis is - 72 yuan/ton [25]. - **Spread structure**: The spread structure changes little, and the PP 1 - 5 spread shows a contango structure due to an optimistic macro - expectation [29]. 3.4 Valuation and Profit Analysis - PDH devices maintain positive profits, with expected reduced unexpected shutdowns and increased operating rates. The profit of externally purchased propylene recovers, and the situation of suspending PP device sales of propylene is expected to decrease, increasing supply - side pressure and weakening cost support [32]. 3.5 Supply - Demand and Inventory Deduction 3.5.1 Supply - Demand Balance Sheet Deduction - The follow - up supply - demand pressure is not significant. Maintaining supply - demand balance requires high device maintenance in Q4 on the supply side, a high demand growth rate on the demand side (current apparent demand year - on - year growth rate is 11%), and limited PP import volume increase on the import - export side [41]. 3.5.2 Supply Side and Deduction - The current PP operating rate is 75.94% (- 2.28%). Many devices stop unexpectedly this week, resulting in a short - term supply reduction [47]. 3.5.3 Import - Export Side and Deduction - **Import**: Due to weak overseas prices, some low - cost PP sources may enter China, but the increase is expected to be limited. - **Export**: Weak overseas demand and the off - season limit PP exports, but some enterprises increase sales by reducing prices, leading to a surge in export orders this week [52]. 3.5.4 Demand Side and Deduction - The current average downstream operating rate is 52.376% (+ 0.52%). Although traditional PP downstream changes little, downstream speculative replenishment willingness increases after price drops, and post - National Day spot transactions are favorable. However, the pattern of strong supply and weak demand persists [59].

1. Report Industry Investment Rating - Not provided 2. Core Viewpoints of the Report - The global sugar supply surplus persists, and the expected increase in production in India and Thailand in October is suppressing sugar prices. Typhoons in late September and early October affected Guangxi, causing significant sugarcane lodging, and the losses are yet to be estimated [4]. 3. Summary by Relevant Catalogs 3.1 Sugar Price Forecast and Risk Management Strategies - **Price Forecast**: The monthly price range for sugar is predicted to be between 5200 - 5700, with a current 20 - day rolling volatility of 8.25% and a 3 - year historical percentile of 2.2% [3]. - **Risk Management Strategies**: - **Inventory Management**: For companies with high finished - product inventory worried about price drops, they can short Zhengzhou sugar futures (SR2601) at 5500 - 5550 with a 50% hedging ratio, and sell call options (SR601C5600) at 25 - 30 with a 50% ratio [3]. - **Procurement Management**: For those with low procurement inventory, they can buy Zhengzhou sugar futures (SR2601) at 5400 - 5420 with a 25% hedging ratio, and sell put options (SR601P5300) at 20 - 25 with a 50% ratio [3]. 3.2 Core Contradictions - The global sugar supply surplus continues. The expected production increase in India and Thailand in October is keeping sugar prices low. Typhoons in late September and early October damaged sugarcane in Guangxi, and the losses are still unknown [4]. 3.3利多解读 (Positive Interpretations) - **Yunnan's Sugar Production**: In the 25/26 sugar - making season, about 51 - 52 sugar mills in Yunnan are expected to start operations. In late October, 2 mills are expected to start, and in early November, 2 - 3 mills are expected to start, 1 - 2 more than last year. Typhoons have affected some areas, potentially impacting sugarcane yield and sugar content [5]. - **Brazil's Shipping and Exports**: As of October 15, the number of ships waiting to load sugar at Brazilian ports increased to 90 from 83 the previous week. The quantity of sugar waiting to be shipped increased by 11.91 million tons (3.3%) to 3.7272 million tons. In the first two weeks of October, Brazil exported 1.8014 million tons of sugar and molasses, a 9.45% increase from the same period last year [5]. 3.4利空解读 (Negative Interpretations) - **Inner Mongolia's Sugar Production**: In the 25/26 sugar - making season, all 12 planned sugar mills in Inner Mongolia have started operations. Affected by rainfall in September, the start - up time was delayed by about 10 days, and beet sugar content decreased. The estimated sugar output is 650,000 - 680,000 tons, similar to the previous season [6]. - **Xinjiang's Sugar Production**: In the 25/26 sugar - making season, 13 sugar mills in Xinjiang have started operations, and the last one is expected to start after October 20. With good weather, the output is expected to remain at a high level [8]. - **Brazil's Sugar Production**: In the second half of September, the sugarcane crushing volume in the central - southern region of Brazil was 40.858 million tons, a 5.1% increase year - on - year. The sugar production was 3.137 million tons, a 10.76% increase. From the start of the 2025/26 season to the second half of September, the cumulative sugar production was 33.524 million tons, an 0.84% increase [9]. - **Brazil's Sugarcane Planting Forecast**: Brazil's 2025 sugarcane planting area is expected to be 9.355219 million hectares, a 1.5% increase from last month's forecast and the same as in 2024. The sugarcane output is estimated to be 695.532937 million tons, the same as last month's forecast but a 1.6% decrease from 2024 [10]. 3.5 Sugar Price Data - **Basis**: On October 23, 2025, the basis between Nanning and various futures contracts showed daily and weekly declines. For example, the basis of Nanning - SR01 was 293, with a daily decline of 31 and a weekly decline of 89 [11]. - **Futures Prices and Spreads**: On October 24, 2025, most sugar futures contracts showed slight declines. For example, SR01 closed at 5446, a 0.2% daily decline but a 0.63% weekly increase [12]. - **Spot Prices and Regional Spreads**: On October 24, 2025, the spot price of Nanning was 5750, unchanged daily but a 40 - point weekly decline. The price difference between Nanning and other regions also changed [13]. - **Sugar Import Prices**: On October 24, 2025, the quota - free and in - quota import prices from Brazil and Thailand both decreased. For example, the in - quota import price from Brazil was 4166, a 29 - point daily decline and a 168 - point weekly decline [14].

Group 1: Report Information - Report Name: Nanhua Coal and Coke Industry Risk Management Daily Report [1] - Date: October 24, 2025 [1] - Research Team: Nanhua Research Institute, Black Research Team [2] - Analyst: Zhang Xuan [2] - Investment Consulting Business Qualification: CSRC License [2011] No. 1290 [2] Group 2: Price Forecast and Risk Management Strategy Price Forecast - **Coking Coal**: The monthly price range is predicted to be between 1,100 and 1,350. The current 20 - day rolling volatility is 37.43%, and its historical percentile is 71.00% [3]. - **Coke**: The monthly price range is predicted to be between 1,550 and 1,850. The current 20 - day rolling volatility is 30.04%, and its historical percentile is 63.17% [3]. Risk Management Strategy - **Inventory Hedging**: For coke, when steel mills' profit margins shrink and coke enterprises face difficulties in price hikes, coke enterprises worried about future price drops can short - sell the J2601 contract. The recommended hedging ratios are 25% at the price range of (1,780, 1,830) and 50% at (1,830 - 1,880) [3]. - **Procurement Management**: For coking coal, due to factors like macro - sentiment fluctuations, seasonal low mine开工率, and potential supply disruptions, coking plants worried about future price increases can buy the JM2605 contract. The recommended hedging ratios are 25% at the price range of (1,150, 1,180) and 50% at (1,120, 1,150) [3]. Group 3: Black Warehouse Receipt and Market Analysis Black Warehouse Receipt Data - **Steel Products**: On October 24, 2025, the inventory of rebar was 150,419 tons (up 1,437 tons day - on - day and down 148,632 tons week - on - week), and the inventory of hot - rolled coils was 137,065 tons (down 4,799 tons day - on - day and down 11,346 tons week - on - week) [4]. - **Raw Materials**: The inventory of iron ore was 700 lots (unchanged day - on - day and down 700 lots week - on - week), coking coal was 100 lots (unchanged day - on - day and down 100 lots week - on - week), coke was 2,070 lots (unchanged day - on - day and down 40 lots week - on - week), ferrosilicon was 11,163 contracts (down 21 contracts day - on - day and down 1,042 contracts week - on - week), and ferromanganese was 44,876 contracts (down 960 contracts day - on - day and down 3,064 contracts week - on - week) [4]. Market Analysis - **Positive Factors**: In Q4, domestic mine开工率 is restricted by policies, coking coal supply elasticity is limited; the winter - storage scale in 2025 may be better than last year, supporting coal and coke prices; recent downstream restocking and reduced mine开工率 have improved coking coal inventory, and short - term coke prices may be strong due to supply tightness and cost support [4][6]. - **Negative Factors**: In the short term, steel inventory pressure is high, and if steel contradictions cannot be resolved, it may trigger a negative feedback risk in the black - metal market [7]. Group 4: Price Data Coal and Coke Futures Price - **Coking Coal**: On October 24, 2025, the warehouse - receipt cost of Tangshan Mongolian No. 5 coking coal was 1,238 yuan/ton (unchanged day - on - day and up 38 yuan/ton week - on - week), and the basis of the main contract was - 11.0 yuan/ton (up 10.0 yuan/ton day - on - day and down 31.5 yuan/ton week - on - week) [8]. - **Coke**: The warehouse - receipt cost of Rizhao Port wet - quenched coke was 1,637 yuan/ton (unchanged day - on - day and up 43 yuan/ton week - on - week), and the basis of the main contract was - 120.3 yuan/ton (up 10.5 yuan/ton day - on - day and down 38.5 yuan/ton week - on - week) [8]. Coal and Coke Spot Price - **Coking Coal**: The ex - factory price of Anze low - sulfur main coking coal was 1,600 yuan/ton (unchanged day - on - day and up 50 yuan/ton week - on - week), and the self - pick - up price of Mongolian No. 5 raw coal at the 288 Port was 1,127 yuan/ton (unchanged day - on - day and up 76 yuan/ton week - on - week) [9]. - **Coke**: The ex - factory price of Jinzhong quasi - first - grade wet - quenched coke was 1,330 yuan/ton (unchanged day - on - day and week - on - week), and the ex - factory price of Lvliang quasi - first - grade dry - quenched coke was 1,530 yuan/ton (unchanged day - on - day and week - on - week) [10]. Profit Data - **Coking Profit**: The immediate coking profit was - 44 yuan/ton (down 6 yuan/ton day - on - day and down 42 yuan/ton week - on - week) [10]. - **Import Profit**: The import profit of Mongolian coal under long - term contracts was 405 yuan/ton (up 32 yuan/ton day - on - day and up 87 yuan/ton week - on - week), and the import profit of Australian medium - volatile coal was 164 yuan/ton (up 122 yuan/ton day - on - day and up 112 yuan/ton week - on - week) [10].

Market Performance - On October 24, the wind power equipment sector rose by 1.97%, with Daikin Heavy Industries leading the gains [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Stock Performance - Daikin Heavy Industries (002487) closed at 53.50, up 7.02% with a trading volume of 355,500 shares and a transaction value of 1.844 billion [1] - Jinlei Co., Ltd. (300443) closed at 32.46, up 6.08% with a trading volume of 407,300 shares [1] - Feiwo Technology (301232) closed at 43.46, up 5.92% with a trading volume of 106,900 shares [1] - Other notable performers include Taisheng Wind Power (300129) up 5.58% and Rihua Co., Ltd. (603218) up 4.51% [1] Fund Flow Analysis - The wind power equipment sector experienced a net outflow of 78.9747 million from institutional investors, while retail investors saw a net inflow of 100 million [2] - The top stocks by net inflow from retail investors include Jinlong Technology (002202) with 49.4662 million and Taisheng Wind Power (300129) with 69.6989 million [3] - Conversely, Daikin Heavy Industries (002487) saw a net outflow of 37.0152 million from retail investors [3]

Report Information - Report Title: Nanhua Futures Corn & Starch Industry Daily Report - Date: October 24, 2025 - Analyst: Dai Hongxu (Investment Consulting License No.: Z0021819) - Research Assistant: Kang Quangui (Qualification Certificate No.: F03148699) - Investment Consulting Business Qualification: CSRC Permit [2011] No. 1290 [1] Core Viewpoints - Northeast autumn grain harvest is over 80%, with varying selling progress in different provinces; North China and Huanghuai autumn grain harvest is nearly 80% [2] - After the spot price rebounded, farmers' selling sentiment was positive, market supply remained high, and the purchase price showed a weakening trend after rising [2] - The corn futures market rose yesterday, partly due to the sharp rise in soybeans; the spot market was weak, and the number of trucks arriving in Shandong increased significantly [2] - The starch market strengthened, with stable to rising prices in the Northeast and tight supply of small packages in North China [2] - On Thursday, CBOT corn futures continued to rise by nearly 1% [2] Market Data Corn & Starch Spot Prices and Main Contract Basis | Location | Corn Price | Change | Location | Corn Starch Price | Change | | --- | --- | --- | --- | --- | --- | | Jinzhou Port | 2180 | 0 | Shandong | 2760 | 0 | | Shekou Port | 2310 | 0 | Jilin | 2550 | 0 | | Harbin | 2000 | 0 | Heilongjiang | 2460 | 0 | | Jinzhou Port Main Contract Basis | 40 | -7 | Shandong Main Contract Basis | 310 | -24 | [2] Corn & Starch Futures Prices | Contract | 2025-10-22 | 2025-10-23 | Change | Change Rate | | --- | --- | --- | --- | --- | | Corn 11 | 2114 | 2117 | 3 | 0.14% | | Corn 01 | 2133 | 2140 | 7 | 0.33% | | Corn 03 | 2163 | 2167 | 4 | 0.18% | | Corn 05 | 2239 | 2244 | 5 | 0.22% | | Corn 07 | 2263 | 2264 | 1 | 0.04% | | Corn 09 | 2274 | 2274 | 0 | 0.00% | | Corn Starch 11 | 2410 | 2429 | 19 | 0.79% | | Corn Starch 01 | 2426 | 2450 | 24 | 0.99% | | Corn Starch 03 | 2442 | 2465 | 23 | 0.94% | | Corn Starch 05 | 2549 | 2558 | 9 | 0.35% | | Corn Starch 07 | 2563 | 2575 | 12 | 0.47% | | Corn Starch 09 | 2612 | 2618 | 6 | 0.23% | | Wheat Average Price | 2475 | 2483 | 8 | 0.32% | [3][6] US Corn Prices and Import Profits | Item | Price | Daily Change | Increase Rate | Import Profit | | --- | --- | --- | --- | --- | | CBOT Corn Main Contract | 427.75 | 4 | 0.94% | - | | COBT Soybean Main Contract | 1061.25 | 11.5 | 1.1% | - | | CBOT Wheat Main Contract | 513 | 9.25 | 1.84% | - | | US Gulf Duty-paid Price | 2120.45 | 11.14 | 0.53% | 189.55 | | US West Duty-paid Price | 1967.33 | 11.05 | 0.56% | 342.67 | [30] Factors Affecting the Market Bullish Factors - The number of state reserve grain purchase points increased, with an obvious price-supporting purpose, supporting price stability [5] - Weather disturbances in North China changed market expectations, weakening the downward momentum of forward prices and making it difficult to suppress prices during purchases [5] Bearish Factors - Weather disturbances dissipated, market focus returned to supply pressure, supply remained high, and short-term price pressure increased [2] - The pig industry is in the process of capacity regulation, which may affect the long-term feed demand for corn [5]