Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - EB2512 oscillated strongly and closed at 6,306 yuan/ton. The restart of new - capacity devices led to an increase in styrene production and capacity utilization. The downstream EPS and ABS operating rates decreased, while PS, UPR, and styrene - butadiene rubber operating rates increased, with significant consumption reduction in EPS, PS, and ABS. Factory and port inventories declined, and the high - level visible inventory decreased. The upstream raw material prices were weak, but the decline in styrene spot prices was higher than the cost, deepening the losses of non - integrated processes and keeping integrated processes in a slight loss state. This week, the domestic styrene supply may decrease slightly, and the downstream demand will provide some support. The spot market is expected to remain in a tight - balance state, slowly consuming high - inventory pressure, but it is difficult to form a driving force for price increases. In the short term, EB2512 is expected to oscillate weakly, and attention should be paid to the support around 6,160 [2]. Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the active styrene futures contract was 6,306 yuan/ton, up 75 yuan; the trading volume was down 2,982 lots. The closing price of the January contract was 6,340 yuan/ton, up 71 yuan. The long - position volume of the top 20 holders was not provided, the net long - position volume was - 28,540 lots, up 7,340 lots, and the short - position volume was 481,272 lots, down 10,322 lots. The total number of warehouse receipts was 2,060 lots, up 600 lots [2]. Spot Market - The spot price of styrene was 6,686 yuan/ton, unchanged. The FOB South Korea intermediate price was 768 US dollars/ton, down 11 US dollars; the CFR China intermediate price was 778 US dollars/ton, down 11 US dollars. The mainstream prices in the Northeast, South, North, and East China regions were 6,040 yuan/ton (unchanged), 6,420 yuan/ton (down 30 yuan), 6,225 yuan/ton, and 6,295 yuan/ton (down 10 yuan) respectively [2]. Upstream Situation - The CFR Northeast Asia, CFR Southeast Asia, CIF Northwest Europe, and FD US Gulf intermediate prices of ethylene were 741 US dollars/ton (unchanged), 731 US dollars/ton (unchanged), 644 US dollars/ton (up 2.5 US dollars), and 457 US dollars/ton (down 6 US dollars) respectively. The spot prices of pure benzene in Taiwan (CIF), the US Gulf (FOB), and Rotterdam (FOB) were 650.86 US dollars/ton (unchanged), 259 cents/gallon (up 10 cents), and 685 US dollars/ton (unchanged) respectively. The market prices of pure benzene in the South, East, and North China markets were 5,300 yuan/ton (unchanged), 5,260 yuan/ton (down 25 yuan), and 5,220 yuan/ton (up 40 yuan) respectively [2]. Industry Situation - The overall styrene operating rate was 66.94%, up 0.22%. The national styrene inventory was 180,032 tons, down 6,004 tons. The total inventory in the East China main port was 174,800 tons, down 45,000 tons, and the trade inventory was 101,800 tons, down 80,000 tons [2]. Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber were 53.95% (down 8.29%), 71.6% (down 0.5%), 53.5% (up 1.5%), 36% (up 1%), and 72.24% (up 5.53%) respectively [2]. Industry News - From October 31 to November 6, styrene production increased by 2.94% to 332,900 tons, and capacity utilization increased by 0.22% to 66.94%. From November 1 to 7, the consumption of downstream EPS, PS, and ABS decreased by 3.9% to 260,900 tons. As of November 6, the styrene factory inventory was 180,000 tons, down 3.23% from last week; as of November 10, the pure benzene inventory in the East China port was 174,800 tons, down 2.51% from last week. As of November 5, the non - integrated cost of styrene decreased to 6,791.18 yuan/ton, the non - integrated device profit decreased to - 476 yuan/ton, and the integrated profit was around - 126.46 yuan/ton [2].

Report Industry Investment Rating - Not provided Core Viewpoint - Short - term L2601 is expected to fluctuate weakly, and attention should be paid to the support around 6720 on the daily K - line. PE supply pressure is high, demand is weakening, and the valuation is difficult to repair under the background of low LLDPE oil - and coal - based profits [2] Summary by Relevant Catalogs Futures Market - Futures主力合约收盘价:聚乙烯(日,元/吨) is 6788, up 28; 1 - 5 spread is - 76, up 5; trading volume (daily, lots) is 186004, down 5446; open interest (daily, lots) is 586919, up 2586; the net long position of the top 20 futures holders of polyethylene (daily, lots) is - 93396, down 2692 [2] Spot Market - LLDPE(7042) average price in North China (daily, yuan/ton) is 6893.48, up 1.74; in East China is 7102.86, up 0.71; the basis is 105.48, down 26.26 [2] Upstream Situation - FOB: middle price: naphtha: Singapore region (daily, US dollars/barrel) is 62.26, down 0.57; CFR: middle price: naphtha: Japan region (daily, US dollars/ton) is 576.75, down 5.5; ethylene: CFR Southeast Asia: middle price (daily, US dollars/ton) is 731, unchanged; ethylene: CFR Northeast Asia: middle price (daily, US dollars/ton) is 741, unchanged [2] Industry Situation - The national petrochemical PE operating rate (daily, %) is 82.59, up 1.72 [2] Downstream Situation - The operating rate of polyethylene (PE) packaging film (weekly, %) is 50.78, down 0.52; of PE pipes (weekly, %) is 31.67, down 0.5; of PE agricultural film (weekly, %) is 49.96, up 0.43 [2] Option Market - The 20 - day historical volatility of polyethylene (daily, %) is 8.96, up 0.2; the 40 - day historical volatility is 8.47, up 0.12; the implied volatility of at - the - money put options of polyethylene (daily, %) is 10.46, down 1.35; the implied volatility of at - the - money call options is also 10.46, down 1.35 [2] Industry News - From October 31 to November 6, PE weekly output increased by 2.67% to 66.07 tons, and capacity utilization increased by 1.72% to 82.59%. PE downstream operating rate decreased by 0.51%, with agricultural film operating rate up 0.44% and packaging film operating rate down 0.52%. As of November 7, PE social inventory was 50.01 tons, down 1.86%; as of November 12, PE production enterprise inventory was 52.92 tons, up 7.96%. From November 1 to 7, the cost of oil - based LLDPE decreased by 0.83% to 7328 yuan/ton, and the profit decreased by 10.43 yuan/ton to - 370.43 yuan/ton; the cost of coal - based LLDPE increased by 0.57% to 6884 yuan/ton, and the profit decreased by 158.86 yuan/ton to 39 yuan/ton [2]

Report Industry Investment Rating - No relevant information provided Core Viewpoints - The raw material cost of stainless steel has decreased due to the decline in ferronickel prices, while the supply pressure is expected to increase as stainless steel mills are likely to increase production. However, the demand is weak, resulting in a slight increase in the national stainless - steel social inventory. Technically, the market shows a bearish atmosphere, and it is recommended to wait and see, with previous short positions exiting on dips and attention paid to the MA30 pressure [2] Summary by Directory Futures Market - The closing price of the stainless - steel futures main contract is 12,425 yuan/ton, down 40 yuan; the 12 - 01 month contract spread is - 60 yuan/ton, down 5 yuan. The net long position of the top 20 futures holders is - 11,058 lots, down 1,632 lots; the main contract position is 36,512 lots, down 1,909 lots. The warehouse receipt quantity is 71,436 tons, down 299 tons [2] Spot Market - The price of 304/2B coil (trimmed edge) in Wuxi is 13,350 yuan/ton, unchanged; the market price of scrap stainless steel 304 in Wuxi is 8,900 yuan/ton, unchanged. The SS main contract basis is 570 yuan/ton, up 15 yuan [2] Upstream Situation - The monthly electrolytic nickel output is 29,430 tons, up 1,120 tons; the total monthly ferronickel output is 21,700 metal tons, down 300 metal tons. The monthly import volume of refined nickel and alloys is 28,570.87 tons, up 4,144.03 tons; the monthly import volume of ferronickel is 1.0853 million tons, up 211,200 tons. The SMM1 nickel spot price is 120,450 yuan/ton, down 850 yuan; the average price of ferronickel (7 - 10%) nationwide is 910 yuan/nickel point, down 10 yuan. The monthly Chinese chromite output is 757,800 tons, down 26,900 tons [2] Industry Situation - The monthly output of 300 - series stainless steel is 1.7627 million tons, up 24,800 tons; the weekly total inventory of 300 - series stainless steel is 570,800 tons, down 10,000 tons. The monthly stainless - steel export volume is 458,500 tons, down 29,500 tons [2] Downstream Situation - The cumulative monthly new housing construction area is 453.99 million square meters, up 55.9799 million square meters; the monthly output of excavators is 31,600 units, up 4,000 units. The monthly output of large and medium - sized tractors is - 500 units; the monthly output of small tractors is 26,200 units, up 1,000 units [2] Industry News - The US private - sector payroll positions decreased by an average of 11,250 per week in the four weeks ending October 25, with a total reduction of 45,000 in the month, the largest monthly decline since March 2023. The US small - business confidence index dropped to a six - month low in October. In the raw material end, the Philippines is entering the rainy season with lower nickel ore grades, causing a tight raw material inventory for domestic ferronickel plants, but the high - level production of Indonesian ferronickel and expected increase in its return to China lead to a significant decline in ferronickel prices [2]

Report Industry Investment Rating - Not provided Core View of the Report - The tin market shows a situation of weak supply and demand, and the tin price is expected to remain strong at a high level in the short term. It is recommended to wait and see or hold a small - long position, paying attention to the 29 support level [3] Summary by Relevant Catalogs 1. Futures Market - The closing price of the main futures contract of Shanghai tin is 292,440 yuan/ton, with a month - on - month increase of 4,260 yuan/ton; the closing price of the December - January contract of Shanghai tin is - 380 yuan/ton, with a month - on - month decrease of 190 yuan/ton [3] - The price of LME 3 - month tin is 36,695 US dollars/ton, with a month - on - month increase of 515 US dollars/ton; the position of the main contract of Shanghai tin is 40,779 lots, with a month - on - month increase of 4,387 lots [3] - The net position of the top 20 futures of Shanghai tin is - 232 lots, with a month - on - month decrease of 139 lots; the total inventory of LME tin is 3,015 tons, with a month - on - month decrease of 20 tons [3] - The inventory of tin in the Shanghai Futures Exchange is 5,992 tons, with a week - on - week increase of 73 tons; the cancelled warrants of LME tin are 140 tons, with no change [3] - The warrants of tin in the Shanghai Futures Exchange are 5,446 tons, with a month - on - month decrease of 136 tons [3] 2. Spot Market - The spot price of SMM 1 tin is 291,000 yuan/ton, with a month - on - month increase of 3,300 yuan/ton; the spot price of 1 tin in the Yangtze River Non - ferrous Metals Market is 292,580 yuan/ton, with a month - on - month increase of 4,250 yuan/ton [3] - The basis of the main contract of Shanghai tin is - 1,440 yuan/ton, with a month - on - month decrease of 960 yuan/ton; the LME tin premium (0 - 3) is 85 US dollars/ton, with a month - on - month increase of 51.67 US dollars/ton [3] - The import volume of tin ore and concentrates is 0.87 million tons, with a month - on - month decrease of 0.16 million tons [3] 3. Upstream Situation - The average price of 40% tin concentrate processing fee is 10,500 yuan/ton, with no change; the average price of 40% tin concentrate is 271,700 yuan/ton, with a month - on - month increase of 900 yuan/ton [3] - The average price of 60% tin concentrate is 275,700 yuan/ton, with a month - on - month increase of 900 yuan/ton; the average price of 60% tin concentrate processing fee is 6,500 yuan/ton, with no change [3] 4. Industry Situation - The monthly output of refined tin is 14,000 tons, with a month - on - month decrease of 1,600 tons; the import volume of refined tin is 1,501.64 tons, with a month - on - month increase of 63.06 tons [3] 5. Downstream Situation - The price of 60A solder bar in Gejiu is 188,330 yuan/ton, with a month - on - month increase of 2,040 yuan/ton; the cumulative output of tin - plated sheets (strips) is 1.1093 million tons, with a month - on - month increase of 0.1448 million tons [3] - The export volume of tin - plated sheets is 0.1976 million tons, with a month - on - month increase of 0.031 million tons [3] 6. Industry News - The Q3 monetary policy report of the People's Bank of China states that it is natural for the growth rate of financial aggregates to decline in the future, and a reasonable interest rate ratio relationship should be maintained [3] - ADP data shows that in the four weeks ending October 25, the number of private enterprise compensation positions in the US decreased by an average of 11,250 per week, with a total decrease of 45,000 jobs in the month, the largest monthly decline since March 2023 [3] - Indonesia exported 2,643.05 tons of refined tin in October, a year - on - year decrease of 53.89% [3] 7. Viewpoint Summary - In the macro - aspect, the number of private sector employees in the US ADP in October decreased by 45,000, the largest decline in two and a half years. In the fundamental aspect, the first batch of reopened mines in Myanmar's Wa State are in the production - ramping - up period, and the import volume of tin ore from Myanmar in China is expected to increase steadily in the fourth quarter, but the increase is still limited [3] - The supply in Africa and Australia has declined more than expected, and Africa is about to enter the rainy season. The import of tin ore in September decreased month - on - month. The sharp decline in Indonesia's refined tin exports in October alleviates the previous concerns about supply growth [3] - In the smelting end, the shortage of raw materials in Yunnan is still severe, and the tin ore processing fee remains at a low level; the waste recycling system in Jiangxi is under pressure, the operating rate remains at a low level, and the output of refined tin is still limited [3] - On the demand side, the tin price has been fluctuating recently. The downstream in the spot market mainly purchases at low prices, mostly for small - quantity replenishment and rigid - demand purchases. After the tin price rises, the market trading is cold [3] - The domestic inventory reduction is better than expected, the spot premium drops to 50 yuan/ton; the LME inventory increases slightly, and the spot premium remains stable [3]

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core View The report indicates that the continuous losses in the breeding segment have led to a decline in the enthusiasm for restocking and an increase in the culling of old hens, resulting in a slight drop in the laying - hen inventory and a slightly improved market atmosphere. However, the in - production laying - hen inventory remains at a high level, and there is no excessive culling of old hens. High production capacity is still the main concern in the market. Overall, the market is in a state of game between weak reality and strong expectations. From a market perspective, the egg futures price has rebounded from a low level recently, but the high - production - capacity pressure still exists, which may limit its rebound space, and it may be in a wide - range oscillation state in the short term [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the active egg futures contract is 3063 yuan/500 kilograms, down 89 yuan; the net long position of the top 20 futures holdings is - 14372 lots, up 1381 lots; the egg futures monthly spread (1 - 5) is - 221 yuan/500 kilograms, down 17 yuan; the futures holding volume of the active contract is 105412 lots, down 13875 lots; the registered warehouse receipt volume is 29 lots, down 6 lots [2]. 现货市场 - The egg spot price is 3.05 yuan/jin, down 0.01 yuan; the basis (spot - futures) is - 12 yuan/500 kilograms, up 75 yuan [2]. Upstream Situation - The national laying - hen inventory index is 115.26 (2015 = 100), up 0.86; the national culled laying - hen index is 124.63 (2015 = 100), up 31.02; the average price of layer chicks in the main production areas is 2.8 yuan/feather, unchanged; the national new - chick index is 76.65 (2015 = 100), up 3.3; the average price of layer compound feed is 2.76 yuan/kg, unchanged; the breeding profit of layer hens is - 0.47 yuan/hen, down 0.05 yuan; the average price of culled hens in the main production areas is 8.06 yuan/kg, down 0.16 yuan; the national culling age of hens is 507 days, down 3 days [2]. Industry Situation - The average wholesale price of pork is 17.89 yuan/kg, down 0.22 yuan; the average wholesale price of 28 key - monitored vegetables is 5.77 yuan/kg, up 0.01 yuan; the average wholesale price of dressed chickens is 17.71 yuan/kg, down 0.05 yuan; the weekly inventory in the circulation link is 1.06 days, down 0.04 days; the weekly inventory in the production link is 1.02 days, down 0.02 days; the monthly export volume of fresh eggs is 13215.79 tons, up 94.76 tons [2]. Downstream Situation - The weekly consumption of eggs in the sales areas is 7300 tons, down 358 tons [2]. Industry News - The average price of eggs in Shandong, the main production area, is 5.97 yuan/kg, unchanged from yesterday; in Hebei, it is 5.61 yuan/kg, unchanged; in Guangdong, it is 6.93 yuan/kg, unchanged; in Beijing, it is 6.00 yuan/kg, unchanged [2].

Report Industry Investment Rating - Not provided Core Viewpoints - Short-term BZ2603 is expected to fluctuate weakly, and technically, attention should be paid to the support around 5290 yuan/ton. The overall supply pressure of pure benzene is at a relatively high level, downstream consumption is difficult to increase, and the cost side has led to a recent rise in international oil prices [2] Summary by Relevant Catalogs Futures Market - The closing price of the main pure benzene contract was 5434 yuan/ton, up 80 yuan; the settlement price was 5414 yuan/ton, up 20 yuan. The trading volume was 10,561 lots, up 2457 lots; the open interest was 18,184 lots, down 106 lots [2] Spot Market - The mainstream price of pure benzene in the East China market was 5260 yuan/ton, down 25 yuan; in the North China market, it was 5220 yuan/ton, up 40 yuan; in the South China market, it was 5300 yuan/ton, unchanged; in the Northeast region, it was 5183 yuan/ton, down 27 yuan. The offshore intermediate price of pure benzene in South Korea was 649 US dollars/ton, up 1 US dollar; the CFR intermediate price in China was 663.26 US dollars/ton, down 2.61 US dollars [2] Upstream Situation - The spot price of Brent DTD crude oil was 64.4 US dollars/barrel, up 1.82 US dollars; the CFR intermediate price of naphtha in the Japanese region was 576.75 US dollars/ton, down 5.5 US dollars [2] Industry Situation - The capacity utilization rate of pure benzene was 75.14%, up 1.04 percentage points; the weekly output was 43.78 tons, up 0.89 tons. The port inventory of pure benzene was 12.1 tons, up 3.6 tons. The production cost was 5301.8 yuan/ton, down 10.8 yuan; the production profit was 34 yuan/ton, down 134 yuan [2] Downstream Situation - The开工率 of styrene was 66.94%, up 0.22 percentage points; the capacity utilization rate of caprolactam was 86.04%, unchanged; the capacity utilization rate of phenol was 75.31%, down 2.7 percentage points; the capacity utilization rate of aniline was 77.74%, down 0.83 percentage points; the capacity utilization rate of adipic acid was 65.6%, up 7.6 percentage points [2] Industry News - From November 1st to 7th, the operating rate of petroleum benzene increased by 1.04% to 75.14%, and the operating rate of hydrogenated benzene decreased by 1.87% to 53.80%. The weighted operating rate of pure benzene downstream increased by 0.19% to 72.37%. As of November 10th, the inventory of pure benzene in East China ports was 11.3 tons, a week-on-week decrease of 6.61%. From November 1st to 7th, the profit of petroleum benzene decreased by 134 yuan/ton to 34 yuan/ton [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The overall supply of lead may increase but is difficult to rise significantly. On the supply side, the production growth of primary lead is limited due to many smelter overhauls, and the production increase of recycled lead is also restricted by environmental protection and raw - material supply. On the demand side, although the traditional consumption season has increased the demand for lead, the export of lead - acid batteries is under pressure, and downstream enterprises are cautious in purchasing, so the growth of demand is also restricted. The lead ingot social inventory is at a relatively low level, but it may change with the increase of imported lead and potential growth of recycled lead production. The Shanghai lead is expected to maintain a volatile trend with limited upside, and it is recommended to go short on rallies [2][3]. 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the Shanghai lead main contract is 17,660 yuan/ton, up 220 yuan; the 3 - month LME lead quotation is 2,067 US dollars/ton, up 10.5 US dollars. The spread between the December - January contracts of Shanghai lead is - 10 yuan/ton, unchanged; the Shanghai lead open interest is 127,374 lots, up 8,336 lots. The net position of the top 20 in Shanghai lead is - 947 lots, down 3,596 lots; the Shanghai lead warehouse receipts are 24,686 tons, up 917 tons. The SHFE inventory is 38,582 tons, up 2,583 tons; the LME lead inventory is 226,725 tons, up 24,525 tons [2]. 3.2 Spot Market - The spot price of 1 lead from Shanghai Non - ferrous Metals Network is 17,325 yuan/ton, up 25 yuan; the spot price of 1 lead in the Yangtze River Non - ferrous Metals Market is 17,510 yuan/ton, up 50 yuan. The basis of the lead main contract is - 335 yuan/ton, down 195 yuan; the LME lead premium (0 - 3) is - 20.89 US dollars/ton, down 8.59 US dollars [2]. 3.3 Upstream Situation - The price of 50% - 60% lead concentrate in Jiyuan is 16,846 yuan/ton, up 50 yuan. The production capacity utilization rate of recycled lead is 35.56%, down 2.32 percentage points; the monthly output of recycled lead is 22.42 tons, down 6.75 tons. The average weekly 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 US dollars/kiloton, unchanged; the global lead ore output is 383.3 kilotons, up 3.4 kilotons; the lead ore import volume is 15.06 tons, up 1.58 tons [2]. 3.4 Industry Situation - The import volume of refined lead is 1,507.92 tons, down 312.63 tons; the export volume of refined lead 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 (for batteries, with 2% antimony) is 19,575 yuan/ton, up 25 yuan [2]. 3.5 Downstream Situation - The Shenwan third - level industry index of batteries and other batteries is 2,242.68 points, up 67.94 points. The monthly automobile production is 322.7 tons, up 47.46 tons; the monthly new - energy vehicle production is 158 tons, up 24.7 tons [2]. 3.6 Industry News - The US private sector reduced an average of 11,250 jobs per week in the four weeks ending October 25; Goldman Sachs estimated that the US non - farm payrolls decreased by about 50,000 in October. The US Senate passed a temporary appropriation bill, and the House of Representatives will vote on it at 5 am Beijing time on Thursday. Russia is willing to participate in the preparation if the US restarts the proposal for a summit. India cut Russian crude oil orders in December and increased US crude oil purchases. Switzerland and the US may reach a 15% tariff agreement on Thursday or Friday. There are rifts within the UK ruling party, and the health minister is accused of plotting to oust the prime minister. Turkey seeks to sentence the mayor of Istanbul to hundreds of years in prison, and the Turkish benchmark stock index fell 3% [2]. 3.7 View Summary - On the supply side, the production growth of primary lead is limited due to overhauls, and the production increase of recycled lead is restricted by environmental protection and raw - material supply. On the demand side, although it is the traditional consumption season, the export of lead - acid batteries is under pressure, and downstream enterprises are cautious in purchasing. The lead ingot social inventory is at a relatively low level, but may change with the increase of imported lead and potential growth of recycled lead production. The Shanghai lead is expected to maintain a volatile trend with limited upside, and it is recommended to go short on rallies [2][3].

1. Report Industry Investment Rating - No information on the industry investment rating is provided in the report. 2. Core View of the Report - On Wednesday, the HC2601 contract saw a reduction in positions and consolidation. The US announced the suspension of export - control penetration rules from November 10, 2025, to November 9, 2026. In terms of supply - demand, the weekly output of hot - rolled coils decreased, but the capacity utilization rate remained above 80%. The apparent demand dropped to around 3.15 million tons, and the inventory stopped falling and started to rise. Overall, the hot - rolled coil output was running at a high level, the apparent demand declined, and the fundamentals were mixed, causing the hot - rolled coil futures price to enter a range - bound consolidation. Technically, the 1 - hour MACD indicator of the HC2601 contract showed that the centers of DIFF and DEA moved up. The recommended operation is to go long on dips, while paying attention to the rhythm and risk control [2]. 3. Key Points Summarized by Relevant Catalogs 3.1 Futures Market - The closing price of the HC main contract was 3,255 yuan/ton, up 13 yuan; the position volume was 1,311,464 lots, down 15,428 lots; the net position of the top 20 in the HC contract was - 59,729 lots, up 12,683 lots; the HC1 - 5 contract spread was - 12 yuan/ton, down 1 yuan; the HC warehouse receipt at the Shanghai Futures Exchange was 125,543 tons, down 1,485 tons; the HC2601 - RB2601 contract spread was 217 yuan/ton, unchanged [2]. 3.2 Spot Market - The price of 4.75 hot - rolled coils in Hangzhou was 3,310 yuan/ton, unchanged; in Guangzhou, it was 3,270 yuan/ton, unchanged; in Wuhan, it was 3,340 yuan/ton, unchanged; in Tianjin, it was 3,200 yuan/ton, up 10 yuan. The basis of the HC main contract was 55 yuan/ton, down 13 yuan; the spread between hot - rolled coils and rebar in Hangzhou was 80 yuan/ton, unchanged [2]. 3.3 Upstream Situation - The price of 61.5% PB fines at Qingdao Port was 780 yuan/wet ton, up 3 yuan; the price of quasi - first - grade metallurgical coke in Hebei was 1,640 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan was 2,170 yuan/ton, unchanged; the price of Q235 billets in Hebei was 2,930 yuan/ton, unchanged. The inventory of iron ore at 45 ports was 148.9481 million tons, up 3.5557 million tons; the inventory of coke at sample coking plants was 361,500 tons, down 12,900 tons; the inventory of coke at sample steel mills was 6.2656 million tons, down 23,200 tons; the inventory of billets in Hebei was 1.2 million tons, up 4,300 tons [2]. 3.4 Industry Situation - The blast - furnace operating rate of 247 steel mills was 83.15%, up 1.42 percentage points; the blast - furnace capacity utilization rate was 87.79%, down 0.80 percentage points. The output of hot - rolled coils at sample steel mills was 3.1816 million tons, down 54,000 tons; the capacity utilization rate of hot - rolled coils at sample steel mills was 81.28%, down 1.37 percentage points. The factory inventory of hot - rolled coils at sample steel mills was 774,300 tons, down 2,300 tons; the social inventory of hot - rolled coils in 33 cities was 3.3302 million tons, up 40,900 tons. The domestic crude - steel output was 73.49 million tons, down 3.88 million tons; the net export volume of steel was 9.279 million tons, down 641,000 tons [2]. 3.5 Downstream Situation - The monthly output of automobiles was 3.359 million vehicles, up 83,200 vehicles; the monthly sales of automobiles were 3.322 million vehicles, up 95,600 vehicles. The monthly output of air - conditioners was 18.0948 million units, up 1.276 million units; the monthly output of household refrigerators was 10.1276 million units, up 674,400 units; the monthly output of household washing machines was 11.7849 million units, up 1.653 million units [2]. 3.6 Industry News - On the 11th, Guan Peng, the deputy director of the Investment Department of the National Development and Reform Commission, stated that the commission had recommended 18 private investment projects to the China Securities Regulatory Commission, of which 14 had been issued and listed, with a total fund - raising of nearly 30 billion yuan. From January to October this year, the production and sales of new - energy vehicles reached 13.015 million and 12.943 million units respectively, a year - on - year increase of 33.1% and 32.7%. In October, the monthly sales of new - energy vehicles exceeded 50% of the total new - vehicle sales for the first time [2].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The supply of industrial silicon will shrink next week as the dry - season production cuts in Southwest China are more significant, despite the复产 expectations in Northwest China [2] - The downstream demand for industrial silicon is diverse. Organic silicon maintains a rigid - demand state but has limited consumption upside due to the sluggish terminal market. The short - term weekly production of polysilicon is still high, but there are expectations of production cuts, which may reduce the demand for industrial silicon. The demand from the aluminum alloy industry is stable but has limited marginal impact on prices [2] - Industrial silicon follows the polysilicon trend and remains stable. It is expected to have a higher probability of oscillating upward in the future. It is recommended to go long on dips [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 9,195 yuan/ton, up 15 yuan; the main contract position is 262,136 hands, down 8,823 hands; the net position of the top 20 is - 64,101 hands, up 1,755 hands; the GZEE warehouse receipts are 45,936 hands, down 143 hands; the basis between the December and January industrial silicon contracts is 0, unchanged [2] 3.2 Spot Market - The average price of oxygen - passing 553 silicon is 9,500 yuan/ton, unchanged; the average price of 421 silicon is 9,750 yuan/ton, unchanged; the basis of the Si main contract is 305 yuan/ton, down 15 yuan; the DMC spot price is 11,800 yuan/ton, unchanged [2] 3.3 Upstream Situation - The average prices of silica, petroleum coke, clean coal, wood chips, and graphite electrodes (400mm) are 410 yuan/ton, 2,410 yuan/ton, 1,850 yuan/ton, 490 yuan/ton, and 12,250 yuan/ton respectively, all unchanged [2] 3.4 Industry Situation - The monthly industrial silicon output is 402,800 tons, an increase of 36,000 tons; the weekly social inventory of industrial silicon is 552,000 tons, an increase of 10,000 tons; the monthly import volume is 70,232.72 tons, an increase of 1,939.85 tons; the monthly export volume is 602.27 tons, a decrease of 6,409.29 tons [2] 3.5 Downstream Situation - The weekly output of organic silicon DMC is 44,900 tons, an increase of 700 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot market is 21,400 yuan/ton, unchanged; the overseas market price of photovoltaic - grade polysilicon is 15.95 US dollars/kg, unchanged; the weekly average spot price of photovoltaic - grade polysilicon is 6.5 US dollars/kg, unchanged; the monthly export volume of unforged aluminum alloy is 23,495.34 tons, a decrease of 5,568.37 tons; the weekly operating rate of organic silicon DMC is 69.26%, an increase of 0.7%; the monthly aluminum alloy output is 1,776,000 tons, an increase of 141,000 tons; the monthly aluminum alloy export volume is 23,495.34 tons, a decrease of 5,568.37 tons [2] 3.6 Industry News - On November 11, 2025, Hesheng Silicon Industry announced that Fuda Industrial plans to reduce its shareholding by no more than 27.0705 million shares (2.29% of the total share capital) in the next three months for its own capital needs [2]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The pressure of new cotton listing is increasing, but the yield per unit of Xinjiang cotton is lower than expected, which supports the cotton market. The downstream demand is weak, but the tariff reduction is beneficial to cotton - textile exports, also providing certain support. Currently, with long and short factors intertwined, the market will fluctuate in the short term [2] 3. Summary by Related Catalogs Futures Market - Zhengzhou cotton main - contract closing price is 13,515 yuan/ton, down 45 yuan; cotton yarn main - contract closing price is 19,790 yuan/ton, down 65 yuan. The net position of the top 20 in cotton futures is - 101,265 lots, an increase of 15,021 lots; for cotton yarn futures, it is - 183 lots, a decrease of 166 lots. The main - contract positions of cotton are 564,881 lots, down 9,024 lots; for cotton yarn, they are 24,392 lots, down 234 lots. The cotton warehouse - receipt quantity is 3,884 lots, an increase of 265 lots; for cotton yarn, it is 31 lots, an increase of 12 lots. The China Cotton Price Index (CCIndex:3128B) is 14,851 yuan/ton, and the China Yarn Price Index (pure - cotton carded yarn 32 - count) is 20,490 yuan/ton, down 30 yuan. The China Imported Cotton Price Index (FCIndexM:1% tariff) is 13,092 yuan/ton, and the arrival price of the Imported Cotton Yarn Price Index (pure - cotton carded yarn 32 - count) is 21,203 yuan/ton, down 7 yuan [2] Spot Market - The China Imported Cotton Price Index (FCIndexM: sliding - scale tariff) is 14,037 yuan/ton, and the arrival price of the Imported Cotton Yarn Price Index (pure - cotton combed yarn 32 - count) is 22,636 yuan/ton, down 8 yuan [2] Upstream Situation - The national cotton sowing area is 2,838.3 thousand hectares, and the national cotton output is 6.16 million tons, an increase of 540,000 tons. The cotton - yarn price difference is 5,639 yuan/ton, down 39 yuan. The industrial inventory of cotton nationwide is 861,000 tons, down 9,000 tons [2] Industry Situation - The monthly import quantity of cotton is 100,000 tons, an increase of 30,000 tons; for cotton yarn, it is 130,000 tons, unchanged. The profit of imported cotton is 805 yuan/ton, down 81 yuan. The commercial inventory of cotton nationwide is 1.0217 million tons, down 460,000 tons [2] Downstream Situation - The inventory days of yarn are 24.85 days, down 1.73 days; for grey cloth, they are 31.12 days, down 2.75 days. The monthly output of cloth is 2.8 billion meters, an increase of 100 million meters; for yarn, it is 2.074 million tons, an increase of 46,000 tons. The monthly export amount of clothing and clothing accessories is 12,453,247 million US dollars, a decrease of 1,692,656.63 million US dollars; for textile yarns, fabrics and products, it is 11,966,516 million US dollars, a decrease of 426,685.77 million US dollars [2] Option Market - The implied volatility of cotton at - the - money call options is 3.89%, down 2.91%; for at - the - money put options, it is also 3.89%, down 2.91%. The 20 - day historical volatility of cotton is 5.38%, down 0.09%; the 60 - day historical volatility is 7.75%, down 0.1% [2] Industry News - As of 24:00 on November 10, 2025, the cumulative notarized inspection of cotton processed by national cotton processing enterprises in the 2025/26 season is 11,285,194 bales, totaling 2.548547 million tons, a year - on - year increase of 27.57%. The cumulative notarized inspection volume of Xinjiang cotton is 2.5062 million tons, a year - on - year increase of 29.02%. The ICE cotton futures fell on Tuesday, and investors are waiting for the supply - demand report from the US Department of Agriculture later this week. The ICE March cotton futures contract closed down 0.39 cents, or 0.59%, at 65.38 cents per pound [2] Viewpoint Summary - As of November 3, 2025, the cotton picking progress in Xinjiang is about 96.1%, 2.1 percentage points faster than the same period last year. The picking and purchasing progress of Xinjiang cotton has accelerated, and the purchasing price has slightly decreased. The current commercial inventory is gradually rising, and the inventory of imported cotton has increased significantly, reaching a 3.5 - month high. Due to less outbound of imported cotton, the market trading volume is limited, and the arrival volume is stable. On the demand side, the spinning processing profit has slightly improved, and enterprises' confidence in future demand shows signs of turning, but the increase in new orders is still limited. Attention should be paid to the export situation [2]