Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the raw material side of the natural rubber market was firm, and rubber prices rebounded slightly. The import rubber market's offer prices rose, while factories were cautious about restocking. The futures market showed a volatile and strengthening pattern, and the spot offer prices of domestic natural rubber adjusted within a narrow range. The trading volume of real orders was light [6]. - Globally, natural rubber producing areas are in the tapping season. Yunnan's raw material prices are stable, and the region is expected to enter the non - tapping season by the end of this month. Hainan's weather is favorable for tapping, and local factories are still offering higher prices for raw materials. The total inventory in Qingdao ports is still increasing, but the rate has slowed down. The bonded warehouse has a slight reduction in inventory, while the general trade warehouse continues to accumulate inventory. In the short term, the natural rubber inventory in Qingdao may still be in an accumulation state [6]. - In terms of demand, most semi - steel tire enterprises' production capacity utilization rates fluctuated slightly, while some full - steel tire enterprises had maintenance plans, which dragged down the overall capacity utilization rate. It is expected to decline further next week [6]. - The ru2601 contract is expected to fluctuate between 15000 - 15570 in the short term, and the nr2601 contract is expected to fluctuate between 12000 - 12600 [6]. 3. Summary by Directory 3.1 Week - on - Week Summary - **Market Review**: The raw material side of the natural rubber market was firm, and rubber prices rebounded slightly. The import rubber market's offer prices rose, and the futures market was volatile and strengthening. The spot offer prices of domestic natural rubber adjusted within a narrow range, and real - order trading was light [6]. - **Market Outlook**: Yunnan is expected to enter the non - tapping season by the end of the month, while Hainan's tapping is progressing well. Qingdao's inventory is still accumulating, but the rate has slowed. The demand side shows that the capacity utilization rate of full - steel tire enterprises may decline further [6]. - **Strategy Suggestion**: The ru2601 contract is expected to fluctuate between 15000 - 15570, and the nr2601 contract is expected to fluctuate between 12000 - 12600 [6]. 3.2 Futures and Spot Markets - **Futures Market** - The main contract price of Shanghai rubber futures rose by 1.47% week - on - week, and the main contract price of 20 - grade rubber rose by 1.91% week - on - week [9]. - As of November 14, the 1 - 5 spread of Shanghai rubber was - 85, and the 1 - 2 spread of 20 - grade rubber was - 30 [19]. - As of November 14, the Shanghai rubber warehouse receipts were 108470 tons, a decrease of 10500 tons from last week; the 20 - grade rubber warehouse receipts were 49695 tons, an increase of 1109 tons from last week [25]. - **Spot Market** - As of November 13, the price of state - owned full - latex was 14800 yuan/ton, an increase of 300 yuan/ton from last week [27]. - As of November 13, the basis of 20 - grade rubber was 798 yuan/ton, a decrease of 102 yuan/ton from last week; the non - standard basis was - 610 yuan/ton, a decrease of 145 yuan/ton from last week [34]. 3.3 Industry Situation - **Upstream** - As of November 13, the field latex in Thailand's natural rubber raw material market was 56.3 (+0) Thai baht/kg; the cup lump was 52.1 (+0.2) Thai baht/kg. As of November 14, the theoretical processing profit of standard rubber was - 5.4 US dollars/ton, an increase of 18 US dollars/ton from last week [37]. - As of November 13, the latex price in Yunnan was 14000 yuan/ton, an increase of 200 yuan/ton from last week; the fresh latex price in Hainan was 14300 yuan/ton, the same as last week [40]. - **Import Volume** - In September 2025, China's natural rubber import volume was 59.59 tons, a month - on - month increase of 14.41% and a year - on - year increase of 20.92%. From January to September 2025, the cumulative import volume was 471.72 tons, a cumulative year - on - year increase of 19.65% [43]. - **Inventory in Qingdao** - As of November 9, 2025, the total inventory of natural rubber in Qingdao's bonded and general trade was 44.95 tons, a month - on - month increase of 0.18 tons, an increase of 0.40%. The bonded area inventory was 6.78 tons, a decrease of 0.74%; the general trade inventory was 38.17 tons, an increase of 0.60% [47]. - **Downstream** - **Tire Production Capacity Utilization Rate**: As of November 13, the capacity utilization rate of China's semi - steel tire sample enterprises was 72.99%, a month - on - month increase of 0.10 percentage points and a year - on - year decrease of 6.74 percentage points; the capacity utilization rate of full - steel tire sample enterprises was 64.29%, a month - on - month decrease of 1.08 percentage points and a year - on - year increase of 6.04 percentage points [50]. - **Tire Exports**: In September 2025, China's tire export volume was 68.78 tons, a month - on - month decrease of 10.57 and a year - on - year increase of 4.05%. From January to September 2025, the cumulative tire export volume was 639.08 tons, a cumulative year - on - year increase of 4.88% [54]. - **Domestic Heavy - Truck Sales**: In October 2025, China's heavy - truck market sold about 93,000 vehicles (wholesale, including exports and new energy), a month - on - month decrease of about 12% and a year - on - year increase of about 40%. From January to October 2025, the cumulative sales volume exceeded 900,000 vehicles, reaching 916,000 vehicles, a year - on - year increase of about 22% [57]. 3.4 Option Market Analysis No information provided.

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - The coking coal futures price is expected to oscillate in the range of 1130 - 1350, and the coke futures price in the range of 1630 - 1850. The macro - face has shifted from strong expectation and weak reality to weak expectation and weak reality. The demand for coking coal is affected by the decline in crude steel production and poor real - estate investment data. The profit of coke has limited room for significant improvement [8]. Summary by Directory 1. Week - to - Week Summary 1.1 Market Review - The daily average output of raw coal from 523 coking coal mines is 192.0 tons, a week - on - week increase of 5.6 tons [7]. - The daily output of clean coal from 314 independent coal washing plants is 27.4 tons, a week - on - week decrease of 0.1 tons [7]. - The total inventory of coking coal (independent coking plants + 6 major ports + steel mills) is 2012.83 tons, a week - on - week increase of 0.61 tons and a year - on - year increase of 3.47% [7]. - The warehouse receipt price of Tangshan Mongolian No. 5 clean coal is 1550, with a discounted futures price of 1330 [7]. - The average profit per ton of coke from 30 independent coking plants nationwide is - 34 yuan/ton [7]. - The profitability rate of steel mills is 38.96%, a week - on - week decrease of 0.87 percentage points and a year - on - year decrease of 18.62 percentage points [7]. - The daily average output of hot metal is 236.88 tons, a week - on - week increase of 2.66 tons and a year - on - year increase of 0.94 tons [7]. 1.2 Market Outlook - Macroscopically, the "anti - involution" policy has led to the first month - on - month increase in PPI since last November, and the year - on - year decline has reached the smallest in over a year. The NDRC and NEA have issued guidelines for new energy consumption and regulation, and the NDRC has organized a video conference on energy supply guarantee for the heating season [8]. - Overseas, Trump warned of an "economic disaster" if the Supreme Court rules against imposing comprehensive tariffs [8]. - In terms of supply and demand, the utilization rate of mine production capacity has rebounded, the inventory is neutral, and the total inventory shows a seasonal upward trend [8]. - Technically, the weekly K - line of the coking coal main contract 2601 is above the 60 - day average, indicating a bullish weekly trend [8]. 2. Futures and Spot Market - The open interest of coking coal futures decreased by 21,000 lots, and the monthly spread increased by 11.54 points. As of November 14, the open interest was 935,700 lots, and the 5 - 1 contract spread was 58.0, a week - on - week increase of 11.5 points [10][12]. - The number of registered coking coal warehouse receipts decreased by 300 lots, and the ratio of the January contracts of coke and coking coal increased by 0.02 week - on - week [16]. - The ex - factory price of Mongolian coking coal remained flat week - on - week. As of November 13, 2025, the ex - factory price of Mongolian No. 5 coking coal at the Ganqimao Port was 1380 yuan/ton, and the basis of coking coal was 186.0 yuan/ton, a week - on - week increase of 146.5 points [23]. 3. Industrial Chain Situation 3.1 Mine and Coal - Washing Plant - The utilization rate of production capacity of 523 coking coal mines was 86.3%, a week - on - week increase of 2.5%. The daily average output of raw coal was 192.0 tons, a week - on - week increase of 5.6 tons; the raw coal inventory was 434.6 tons, a week - on - week increase of 15.3 tons; the daily output of clean coal was 75.7 tons, a week - on - week increase of 1.9 tons; the clean coal inventory was 165.1 tons, a week - on - week decrease of 0.5 tons [28]. - The utilization rate of production capacity of 314 independent coal - washing plants was 37.4%, a week - on - week decrease of 0.18%. The daily output of clean coal was 27.4 tons, a week - on - week decrease of 0.1 tons; the clean coal inventory was 300.8 tons, a week - on - week increase of 5.9 tons [28]. 3.2 Coking and Iron - Making - The utilization rate of production capacity of 230 independent coking enterprises was 71.10%, a week - on - week decrease of 0.74%. The daily output of coke was 50.14 tons, a week - on - week decrease of 0.52 tons [32]. - The daily average output of hot metal was 236.88 tons, a week - on - week increase of 2.66 tons and a year - on - year increase of 0.94 tons [32]. 3.3 Inventory - The total inventory of coking coal (independent coking plants + 6 major ports + steel mills) was 2012.83 tons, a week - on - week increase of 0.61 tons and a year - on - year increase of 3.47% [36]. - The inventory of imported coking coal at 16 ports decreased by 39.18 tons. Among them, the inventory at 3 ports in North China decreased by 12.18 tons, at 2 ports in Northeast China decreased by 7.00 tons, at 9 ports in East China increased by 2.00 tons, and at 2 ports in South China decreased by 22.00 tons [36]. - The available days of coking coal inventory in independent coking plants increased by 0.13 days. The coking coal inventory was 922.78 tons, a week - on - week decrease of 1.05 tons, and the available days were 13.8 days [40]. - The coking coal inventory of 247 steel mills was at a relatively high level compared with the same period. The coking coal inventory was 790.17 tons, a week - on - week increase of 2.87 tons, and the available days were 12.87 days, a week - on - week increase of 0.03 days; the pulverized coal injection inventory was 425.25 tons, a week - on - week decrease of 2.00 tons, and the available days were 12.45 days, a week - on - week decrease of 0.03 days [43]. 3.4 Profitability - The profitability rate of steel mills decreased due to cost increase and demand decline. The average profit per ton of coke from 30 independent coking plants was - 34 yuan/ton. The average profit of quasi - first - grade coke in Shanxi was - 37 yuan/ton, in Shandong was 26 yuan/ton, in Inner Mongolia's second - grade coke was - 90 yuan/ton, and in Hebei's quasi - first - grade coke was 16 yuan/ton [47][49]. 3.5 Policy and Production - The NDRC aims to continuously enhance the coal production and supply capacity and strengthen the coal's supporting role. From January to September 2025, the production of industrial raw coal above the designated size was 3.57 billion tons, a year - on - year increase of 2.0%. In September, the production was 410 million tons, a year - on - year decrease of 1.8%, and the daily average output was 1.372 million tons. The decline in raw coal production has narrowed [53]. - In September 2025, China's coking coal production was 3.97592 million tons, a month - on - month increase of 7.55% [53]. 3.6 Import - From January to September 2025, the cumulative import volume of coking coal was 8.35311 million tons, a year - on - year decrease of 6.03%. In September, the import volume continued to increase, driven by the improvement of import profit [58].

证券之星消息，11月14日多元金融板块较上一交易日下跌0.22%，瑞达期货领跌。当日上证指数报收于 3990.49，下跌0.97%。深证成指报收于13216.03，下跌1.93%。多元金融板块个股涨跌见下表： 从资金流向上来看，当日多元金融板块主力资金净流入1008.41万元，游资资金净流出8657.8万元，散户 资金净流入7649.4万元。多元金融板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000958 | 电投产融 | 2.70 Z | 32.10% | -1.32 Z | -15.73% | -1.38 Z | -16.37% | | 603300 | 海南华铁 | 8595.07万 | 7.14% | 1295.77万 | 1.08% | -9890.84万 | -8.22% | | 000415 | 渤海租赁 | 3471.63万 | 11.53% | -2990.74万 | ...

Report Summary 1. Investment Rating - No investment rating provided in the report. 2. Core View - On Thursday, most prices of the container shipping index (European line) futures declined. The main contract EC2602 dropped 2.3%, and the far - month contracts fell between 1 - 2%. The latest SCFIS European line settlement freight rate index rose 24.5% week - on - week, which is expected to support the recovery of near - month freight rates. However, the recovery of terminal transport demand is not solid. The price increase by shipping companies in late November has basically failed, and the quotations at the end of November vary widely. The geopolitical situation in the Middle East has postponed the expectation of Red Sea re - navigation. The German economy has boosted market confidence and is expected to drive the eurozone economy to recover. The current freight rate market is greatly affected by news, and the futures price is expected to fluctuate more. Investors are advised to be cautious and pay attention to operation rhythm and risk control, and track geopolitical, capacity and cargo volume data [1]. 3. Summary by Directory 3.1 Futures Market Data - EC main contract closing price: 1632.000, down 38.5; EC secondary main contract closing price: 1170.3, down 16.90. - EC2602 - EC2605 spread: 461.70, down 2.90; EC2602 - EC2606 spread: 251.30, down 20.60. - EC contract basis: - 127.20, up 300.69. - EC main contract open interest: 37284, up 4383 [1]. 3.2 Spot Market Data - SCFIS (European line) (weekly): 1504.80, up 296.09; SCFIS (US West line) (weekly): 1327.91, up 62.56. - SCFI (composite index) (weekly): 1495.10, down 55.60; container ship capacity: 1227.97 (ten thousand TEUs), unchanged. - CCFI (composite index) (weekly): 1058.17, up 36.78; CCFI (European line) (weekly): 1366.85, up 43.04. - Baltic Dry Index (daily): 2030.00, up 42.00; Panama freight index (daily): 1887.00, down 22.00. - Average charter price (Panamax): 17564.00, unchanged; average charter price (Capesize): 24050.00, down 3485.00 [1]. 3.3 Industry News - The US House of Representatives will vote on a temporary appropriation bill on Wednesday evening. The 43 - day US federal government shutdown crisis is about to end. The government shutdown may reduce the fourth - quarter economic growth by two percentage points, and the October CPI and employment reports "may never be released". - Boston Fed President Collins believes the threshold for further interest rate cuts in the short term is "relatively high" due to concerns about high inflation. Fed Governor Milan expects inflation to fall and calls for interest rate cuts. Fed's Bostic prefers to keep interest rates unchanged until there is "clear evidence" that inflation is returning to the 2% target. - Chinese President Xi Jinping met with King Felipe VI of Spain. China is willing to import more high - quality Spanish products, explore cooperation potential in emerging fields, expand mutual investment, and jointly explore third - party markets such as Latin America. After the meeting, the two heads of state witnessed the signing of 10 cooperation documents in economic, trade, science and technology, and education fields [1]. 3.4 Key Data to Watch - November 14, 10:00: Year - on - year growth rate of China's total retail sales of consumer goods in October; year - on - year growth rate of China's industrial added value above designated size in October. - November 14, 15:45: Final monthly rate of France's CPI in October. - November 14, 18:00: Revised annual rate of the eurozone's GDP in the third quarter; preliminary quarterly rate of the eurozone's seasonally - adjusted employment in the third quarter [1].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The rapeseed meal market is in a situation of weak supply and demand. Supply - side pressure is small due to limited imports and widespread oil - mill shutdowns, but demand is weakening as aquaculture demand declines and soybean supply is relatively abundant. The price of rapeseed meal has slightly declined recently, and future attention should be paid to Sino - Canadian trade policies [2]. - The rapeseed oil market will continue the de - stocking mode, which supports its price. However, the demand for rapeseed oil remains mainly at the basic level due to the abundant supply and good substitution advantage of soybean oil. Recently, the futures price of rapeseed oil has strengthened significantly, and short - term trading is recommended [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - Futures closing prices: The closing price of the active contract of rapeseed oil is 9975 yuan/ton, up 135 yuan; that of rapeseed meal is 2492 yuan/ton, down 2 yuan; ICE rapeseed is 646.6 Canadian dollars/ton, up 4.1 Canadian dollars; and rapeseed is 5116 yuan/ton, down 4 yuan [2]. - Month - to - month spreads: The 1 - 5 month - to - month spread of rapeseed oil is 491 yuan/ton, up 41 yuan; that of rapeseed meal is 63 yuan/ton, up 1 yuan [2]. - Main contract positions: The main contract position of rapeseed oil is 237907 lots, up 15923 lots; that of rapeseed meal is 479461 lots, up 10597 lots [2]. - Net long positions of the top 20 futures holders: The net long position of rapeseed oil is 5630 lots, up 3174 lots; that of rapeseed meal is 33514 lots, down 2339 lots [2]. - Warehouse receipt quantities: The warehouse receipt quantity of rapeseed oil is 5323 sheets, down 50 sheets; that of rapeseed meal is 2745 sheets, unchanged [2]. 3.2 Spot Market - Spot prices: The spot price of rapeseed oil in Jiangsu is 10260 yuan/ton, up 150 yuan; that of rapeseed meal in Nantong is 2500 yuan/ton, unchanged; that of rapeseed in Yancheng, Jiangsu is 5700 yuan/ton, unchanged; that of fourth - grade soybean oil in Nanjing is 8550 yuan/ton, unchanged; that of 24 - degree palm oil in Guangdong is 8570 yuan/ton, down 50 yuan; and that of soybean meal in Zhangjiagang is 3050 yuan/ton, unchanged [2]. - Average prices: The average price of rapeseed oil is 10353.75 yuan/ton, up 126.25 yuan; the import cost price of imported rapeseed is 7971.47 yuan/ton, up 15.44 yuan [2]. - Basis: The basis of the main rapeseed oil contract is 285 yuan/ton, up 15 yuan; that of the main rapeseed meal contract is 8 yuan/ton, up 2 yuan [2]. - Price spreads: The spot price spread between rapeseed oil and soybean oil is 1710 yuan/ton, up 150 yuan; that between rapeseed oil and palm oil is 1690 yuan/ton, up 200 yuan; and that between soybean meal and rapeseed meal is 550 yuan/ton, unchanged [2]. 3.3 Upstream Situation - Production: The global rapeseed production forecast for the year is 90.96 million tons, up 1.38 million tons; the annual forecast production of rapeseed is 13446 thousand tons, up 1068 thousand tons [2]. - Imports: The total rapeseed import volume for the month is 11.53 tons, down 13.13 tons; the import volume of rapeseed oil and mustard oil for the month is 16 tons, up 2 tons; and the import volume of rapeseed meal for the month is 15.77 tons, down 5.57 tons [2]. - Inventory and开机 rate: The total inventory of rapeseed in oil mills is 0.5 tons, down 0.5 tons; the weekly开机 rate of imported rapeseed is 0%, down 1.6 percentage points [2]. 3.4 Industry Situation - Inventory: The coastal rapeseed oil inventory is 2.6 tons, down 1.2 tons; the coastal rapeseed meal inventory is 0.5 tons, down 0.21 tons; the rapeseed oil inventory in East China is 42.42 tons, down 5.38 tons; the rapeseed meal inventory in East China is 25.45 tons, down 0.6 tons; the rapeseed oil inventory in Guangxi is 1.8 tons, down 0.6 tons; and the rapeseed meal inventory in South China is 20.8 tons, up 0.1 tons [2]. -提货量: The weekly提货量 of rapeseed oil is 1.31 tons, down 0.53 tons; that of rapeseed meal is 0.2 tons, down 0.19 tons [2]. 3.5 Downstream Situation - Production: The monthly production of feed is 3128.7 tons, up 201.5 tons; the monthly production of edible vegetable oil is 495 tons, up 44.4 tons [2]. - Consumption: The monthly total retail sales of social consumer goods for catering is 4508.6 billion yuan, up 12.9 billion yuan [2]. 3.6 Option Market - Implied volatility: The implied volatility of at - the - money call options for rapeseed meal is 20.6%, down 0.34 percentage points; that of at - the - money put options for rapeseed meal is 20.6%, down 0.34 percentage points; the implied volatility of at - the - money call options for rapeseed oil is 12.47%, down 1.49 percentage points; and that of at - the - money put options for rapeseed oil is 12.47%, down 1.5 percentage points [2]. - Historical volatility: The 20 - day historical volatility of rapeseed meal is 24.18%, up 0.08 percentage points; the 60 - day historical volatility of rapeseed meal is 24.97%, down 1.51 percentage points; the 20 - day historical volatility of rapeseed oil is 14.38%, up 0.23 percentage points; and the 60 - day historical volatility of rapeseed oil is 15.25%, down 0.62 percentage points [2]. 3.7 Industry News - On November 12, 2025, ICE rapeseed futures closed slightly higher, with the January contract up 1.90 Canadian dollars to 647.40 Canadian dollars per ton [2]. - Analysts expect the USDA to lower the U.S. soybean yield forecast from 53.5 bushels per acre in September to 53.1 bushels per acre, which supports the U.S. soybean market and benefits the domestic meal market through cost transmission. However, the recent rise of U.S. soybeans has slowed down [2]. - Sino - Canadian trade negotiations have not made a breakthrough on rapeseed tariffs, restricting the import of Canadian rapeseed and rapeseed meal in the near term [2]. 3.8 Rapeseed Meal Viewpoint Summary - The rapeseed meal market is in a situation of weak supply and demand. Supply is restricted by trade policies and oil - mill shutdowns, while demand is weakened by the decline of aquaculture demand and the substitution of soybean meal. The price of rapeseed meal has slightly declined recently, and future attention should be paid to Sino - Canadian trade policies [2]. 3.9 Rapeseed Oil Viewpoint Summary - The rapeseed oil market will continue the de - stocking mode, which supports its price. However, the demand for rapeseed oil remains mainly at the basic level due to the substitution of soybean oil. Recently, the futures price of rapeseed oil has strengthened significantly, and short - term trading is recommended [2].

Group 1: Report Investment Rating - There is no information about the industry investment rating in the report [3] Group 2: Core View - The lead supply may increase but is difficult to rise significantly The demand from lead - acid battery enterprises is recovering, but the export of lead - acid batteries is under pressure, and downstream procurement is cautious The lead ingot inventory may change, and the Shanghai lead is expected to fluctuate with limited upside height It is recommended to short on rallies and lay out short positions at high prices [3] Group 3: Summary by Directory 1. Futures Market - The closing price of the main Shanghai lead contract is 17,650 yuan/ton, down 10 yuan The 3 - month LME lead quote is 2,092 dollars/ton, up 25 dollars The 12 - 01 month contract spread of Shanghai lead is - 20 yuan/ton, down 10 yuan The Shanghai lead open interest is 128,847 lots, up 1,473 lots The net position of the top 20 in Shanghai lead is - 1,218 lots, down 271 lots The Shanghai lead warehouse receipts are 25,824 tons, up 1,138 tons The SHFE inventory is 38,582 tons, up 2,583 tons The LME lead inventory is 225,225 tons, down 1,500 tons [3] 2. Spot Market - The spot price of 1 lead from Shanghai Non - ferrous Metals Network is 17,500 yuan/ton, up 175 yuan The spot price of 1 lead from Yangtze River Non - ferrous Metals Market is 17,710 yuan/ton, up 200 yuan The basis of the lead main contract is - 150 yuan/ton, up 185 yuan The LME lead premium (0 - 3) is - 23.9 dollars/ton, down 3.01 dollars [3] 3. Upstream Situation - The average operating rate of primary lead is 69.54%, down 3.45 percentage points The weekly output of primary lead is 3.83 tons, down 0.03 tons The processing fee of 60% lead concentrate at major ports is - 90 dollars/kiloton The global lead mine output is 383.3 kilotons, up 3.4 kilotons The lead ore import volume is 15.06 tons, up 1.58 tons [3] 4. Industry Situation - The refined lead import volume is 1,507.92 tons, down 312.63 tons The refined lead export volume is 1,486.13 tons, down 1,266.09 tons The export volume of batteries is 45,696 units, down 3,984 units The average price of waste batteries is 10,021.43 yuan/ton, up 25 yuan The average price of lead - antimony alloy is 19,725 yuan/ton, up 150 yuan [3] 5. Downstream Situation - The output of automobiles is 322.7 tons, up 47.46 tons The output of new energy vehicles is 158 tons, up 24.7 tons The Shenwan industry index of batteries is 2,179.75 points, down 62.93 points [3] 6. Industry News - The US House of Representatives will vote on a bill to end the government shutdown The US Supreme Court will hold an oral debate on Trump's request to fire Fed Governor Cook The White House says October non - farm and inflation data may not be released Atlanta Fed President Bostic will retire in February and reaffirmed a hawkish stance New York Fed President Williams said the time to restart bond purchases is approaching [3] 7. View Summary - Supply growth is limited due to smelter overhauls and environmental protection measures Demand is supported by the traditional peak season and battery companies' expansion but is suppressed by export pressure and cautious procurement The lead ingot social inventory is at a relatively low level but may change The Shanghai lead is expected to fluctuate with limited upside It is recommended to short on rallies [3]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - **Corn**: The harvest of US corn is almost finished, leading to high short - term supply pressure. Analysts expect the USDA's upcoming report to lower the US corn yield estimate. The recent rise in US soybeans and wheat prices provides external support to US corn prices. In the domestic market, cold weather in the Northeast and North China has increased farmers' reluctance to sell, reducing the available grain supply and causing a slight increase in enterprise purchase prices. The corn market has shown a slightly stronger trend recently, and short - term observation is recommended [2]. - **Starch**: With the increasing supply of new - season corn, the industry's operating rate has continued to rise, increasing supply - side pressure. However, the current supply - demand structure is good, downstream demand is acceptable, and enterprise sales are smooth. The starch market has oscillated and risen in tandem with the corn market recently, and short - term observation is recommended [3]. 3. Summary by Relevant Catalogs Futures Market - Corn starch futures closing price (active contract) is 2,507 yuan/ton, up 17 yuan/ton; corn futures closing price (active contract) data not fully presented. - Corn futures open interest (active contract) decreased by 5,839 hands, and corn starch futures open interest (active contract) decreased by 71 hands. - The net long position of the top 20 futures holders of corn starch decreased by 5,1472 hands, and that of corn decreased by 120,537 hands. - The registered warehouse receipts of yellow corn are 2999 hands, and those of corn starch are 69,337 hands [2]. Outer - Plate Market - CBOT corn futures closing price (active contract) is 435.5 cents per bushel, and the total open interest is 1,543,065 contracts, up 13,269 contracts. The non - commercial net long position of CBOT corn decreased by 15,017 contracts [2]. Spot Market - The average spot price of corn is 2,259.8 yuan/ton, down 4.98 yuan/ton. The ex - factory quotes of corn starch in Changchun, Weifang, and Shijiazhuang are 2,510 yuan/ton, 2,750 yuan/ton, and 2,680 yuan/ton respectively. - The CIF price of imported corn is 2,033.17 yuan/ton, down 2.77 yuan/ton. The basis of the corn starch main contract is 20 yuan/ton, and that of the corn main contract is - 4.3 yuan/ton [2]. Upstream Situation - The predicted sown areas of corn in the US, Brazil, Argentina, China, and Ukraine are 427.11 million hectares, 295 million hectares, etc. The predicted yields are 36.44 million tons, 131 million tons, 53 million tons, 44.3 million tons, and 32 million tons respectively [2]. Industry Situation - Corn inventories at southern ports, northern ports, and deep - processing enterprises are 74.2 million tons, 122 million tons, and 279.5 million tons respectively. The weekly inventory of starch enterprises is 113.3 million tons, down 0.5 million tons from last week. - The monthly import volume of corn is 6 million tons, and the monthly export volume of corn starch is 12,780 tons, down 2,020 tons [2]. Downstream Situation - The monthly output of feed is 3,128.7 million tons. The processing profits of corn starch in Shandong, Hebei, and Jilin are 36 yuan/ton, 105 yuan/ton, and 38 yuan/ton respectively. - The alcohol enterprise operating rate is 66.79%, down 1.63 percentage points, and the starch enterprise operating rate is 63.48%, up 0.71 percentage points [2]. Option Market - The 20 - day historical volatility of corn is 9.33%, down 0.26 percentage points, and the 60 - day historical volatility is 7.81%, down 0.02 percentage points. - The implied volatility of at - the - money call and put options of corn is 7.99%, up 1.43 percentage points [2]. Industry News - Analysts expect the net sales volume of US corn exports in the week ending November 6, 2025, to be between 1 million and 2 million tons. - Dr. Michael Cordonnier maintains his forecast of Brazil's 2025/26 corn output at 14 million tons with a neutral outlook [2]. Key Points of Concern Follow the weekly corn consumption data and the operating and inventory conditions of starch enterprises on Thursday and Friday [3].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The current late - Fuji apple inventory is at a relatively low level in recent years. As the situation is gradually reflected in the market, price fluctuations are intensifying. In the short - term, it is advisable to buy long positions on dips and pay attention to risk control [2] Summary by Relevant Catalogs Futures Market - The closing price of the apple futures main contract is 297 yuan/ton, and the main contract position is 9,504 hands. The net long position of the top 20 futures holders is 8,167 hands, a decrease of 1,510 hands [2] Spot Market - The spot price of apples in Gansu Jingning (paper - bagged 75 and above) is 5.25 yuan/jin, in Shandong Yiyuan (paper - bagged 75 and above) is 2.3 yuan/jin, in Shaanxi Luochuan (paper - bagged 70 and above semi - commercial) is 4.2 yuan/jin, and in Shandong Yantai Qixia (paper - bagged 80 and above second - grade fruit farmer's goods) is 3.5 yuan/jin [2] Upstream Situation - The national apple output is 5,128.51 million tons, an increase of 168.34 million tons [2] Industry Situation - The weekly apple fruit wholesale price is 9.49 yuan/kg, the average wholesale price of Fuji apples is 7.6424 yuan/kg, the national apple cold - storage total inventory is 65.82 million tons, the Shandong apple storage capacity ratio is 0.51, the Shaanxi apple storage capacity ratio is 0.03, the monthly apple export quantity is 70,000 tons, the monthly apple export amount year - on - year is - 8.5%, the monthly import amount of fresh, dried fruits and nuts is 18.3798 million US dollars, and the weekly profit of first - and second - grade paper - bagged 80 apple storage merchants is 0 yuan/jin [2] Downstream Situation - The weekly fruit wholesale price of pears is 6.66 yuan/kg, bananas is 5.36 yuan/kg, and watermelons is 5.39 yuan/kg. The early - morning average daily arrival vehicle volume at the Guangdong Jiangmen wholesale market is 12.2 vehicles, at the Guangdong Xiaqiao wholesale market is 17 vehicles, and at the Guangdong Chalong wholesale market is 24 vehicles [2] Option Market - The implied volatility of at - the - money call options for apples is 21.57%, a decrease of 0.72%, and the implied volatility of at - the - money put options for apples is 21.57%, a decrease of 0.72% [2] Industry News - As of November 13, 2025, the total cold - storage inventory of apples in the main producing areas is 7.6424 million tons, 0.9054 million tons lower than the same period last year. The storage capacity ratio in Shandong is 51.27%, an increase of 10.24% from last week, and in Shaanxi is 59.64%, an increase of 2.63% from last week. The ground trading of new - season late - Fuji apples is gradually ending, and the storage progress in Gansu has basically ended, in Shaanxi is coming to an end, while in Shandong, a large amount of fruit farmer's goods are still being stored [2]

Report Overview - The report is a sugar industry daily report dated November 13, 2025 [1] Report Industry Investment Rating - Not provided Report's Core View - The current sugar market has no significant driving factors, and prices are expected to remain low in the short term. Attention should be paid to the import data for October. The new sugar - cane crushing season may be delayed, providing some sales opportunities for old - stock sugar. Brazil's sugar exports increased in October, but the supply pressure remains, and exports are expected to decrease seasonally as the current crushing season nears its end. The domestic market is less affected by price drops due to import quotas and policies [2] Summary by Related Catalogs Futures Market - The closing price of the sugar futures main contract was 5,512 yuan/ton, up 34 yuan; the main contract's open interest was 381,667 lots, up 8,683 lots. The number of sugar warehouse receipts was 7,721, unchanged; the net long position of the top 20 futures holders was - 52,947 lots, up 14 lots. The total of valid warehouse receipt forecasts for sugar was 1,183, unchanged [2] 现货市场 - The estimated import - processing price of Brazilian sugar within the quota was 3,947 yuan/ton, down 20 yuan; that of Thai sugar was 4,002 yuan/ton, down 21 yuan. The estimated import price of Brazilian sugar outside the quota (50% tariff) was 4,996 yuan/ton, down 26 yuan; that of Thai sugar was 5,068 yuan/ton, down 27 yuan. The spot price of sugar in Yunnan Kunming was 5,630 yuan/ton, down 5 yuan; in Guangxi Nanning it was 5,760 yuan/ton, unchanged; in Guangxi Liuzhou it was 5,730 yuan/ton, unchanged [2] Upstream Situation - The national sugar - crop planting area was 1,480 thousand hectares, up 60 thousand hectares. The cumulative sugar production nationwide was 1,588 million tons, up 28 million tons. The planting area of sugar - cane in Guangxi was 835.09 thousand hectares, down 12.86 thousand hectares. The cumulative sales volume of cane - sugar in Guangxi was 1116.21 million tons, unchanged [2] Industry Situation - The cumulative production of cane - sugar in Yunnan was 241.88 million tons, unchanged. Brazil's total sugar exports in October were 420.5 million tons, up 26.66 million tons. The cumulative sugar imports were 316 million tons, up 55 million tons. The difference between the imported Thai sugar price and the Liuzhou sugar price within the quota was 1,533 yuan/ton, up 29 yuan; outside the quota (50% tariff) it was 467 yuan/ton, up 35 yuan. The difference between the imported Brazilian sugar price and the Liuzhou sugar price within the quota was 539 yuan/ton, up 34 yuan [2] Downstream Situation - The monthly production of refined sugar was 53.91 million tons, up 8.5 million tons. The monthly production of soft drinks was 1,591.7 million tons, down 184.1 million tons [2] Option Market - The implied volatility of at - the - money call options for sugar was 7.61%, up 0.34%; that of at - the - money put options was 7.61%, up 0.33%. The 20 - day historical volatility of sugar was 5.24%, up 0.01%; the 60 - day historical volatility was 6.72%, down 0.14% [2] Industry News - The Chinese Ministry of Agriculture and Rural Affairs predicted that China's sugar production in the 2025/26 season would be 1,170 million tons, 50 million tons higher than last month's forecast, mainly due to a slight increase in the national sugar - crop planting area, good growth of southern sugar - cane, and a slight increase in the sugar content of northern sugar - beets. Sugar consumption was predicted to be 1,570 million tons, 20 million tons lower than last month's forecast. ICE's most actively traded March raw - sugar futures rose 0.27 cents, or 1.89%, to settle at 14.52 cents per pound on Wednesday, driven by short - covering [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoint of the Report - The overall performance of A-share Q3 reports is good, providing bottom support for the market. However, the significant decline in external demand in October, which supported GDP in the first three quarters, is expected to drag down the economic fundamentals in Q4 and have a negative impact on stock market sentiment. Currently, after the disclosure of A-share Q3 reports and with no important domestic meetings scheduled this month, the market is in a policy and performance vacuum period. In an environment lacking clear trading guidance, the market is expected to move randomly, and stock indices will remain volatile. It is recommended to wait and see for now [2] Group 3: Summary by Relevant Catalogs Futures Disk - IF, IH, IC, and IM main and secondary contracts all increased, with price increases ranging from +24.6 to +122.8. Most spreads between different contracts also changed, with some increasing and some decreasing. For example, the IF-IH current-month contract spread increased by +22.8, while the IM-IC current-month contract spread decreased by -3.6. The spreads between different quarters and the current month for various contracts also changed, with some widening and some narrowing [2] Futures Position - Among the top 20 net positions, the net positions of IF and IC decreased by -1012.0 and -247.0 respectively, while the net position of IH increased by +699.0, and the net position of IM decreased by -1819.0 [2] Spot Price - The spot prices of the Shanghai and Shenzhen 300, Shanghai Stock Exchange 50, China Securities 500, and China Securities 1000 all increased, with increases of +56.2, +29.4, +112.0, and +104.2 respectively. The basis of the main contracts of IF, IH, IC, and IM also changed, with some narrowing and some widening [2] Market Sentiment - A-share trading volume increased by +1008.68 billion yuan, while margin trading balance decreased by -31.00 billion yuan. Northbound trading volume increased by +26.98 billion yuan, and reverse repurchase operation volume increased by +1900.0 billion yuan. The proportion of rising stocks increased by +40.35%, and Shibor decreased by -0.100%. The closing prices and implied volatilities of IO at-the-money call and put options also changed, with some increasing and some decreasing [2] Wind Market Strength and Weakness Analysis - The strength and weakness indicators of all A-shares in terms of technology and funds increased by +3.50 and +3.00 respectively, with technology increasing by +4.10 [2] Industry News - A-share major indices closed up collectively, with the Shanghai Composite Index hitting a new high. The trading volume of the Shanghai and Shenzhen stock markets rebounded significantly, with nearly 4000 stocks rising. Industry sectors generally rose, with the power equipment and non-ferrous metals sectors strengthening significantly. In October, domestic CPI and PPI increased both year-on-year and month-on-month compared to the previous month, while external demand weakened significantly, and the new export orders index in the previously announced manufacturing PMI dropped by 1.9 percentage points compared to September [2] Key Data to Watch - Pending Chinese October financial data; US October CPI and core CPI at 21:30 on 11/13; Chinese October industrial added value above designated size, fixed asset investment, total retail sales of consumer goods, real estate data, and unemployment rate at 10:00 on 11/14 [3]