1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - This week, the caustic soda price was weak, but due to the high - operating - rate of chlorine - consuming downstream industries such as PVC, the consumption of liquid chlorine was smooth, and its price continued to rise, leading to a wider profit margin in the chlor - alkali industry. In the fourth quarter, as it is the off - season for chlor - alkali plant maintenance and enterprises have sufficient willingness to operate under the current profit level, the supply pressure may remain high. The market price of 32% liquid caustic soda in Shandong is expected to run weakly. For the futures, as there is an expectation of cost - based production cuts in alumina in the future, and the impact after implementation is greater than the replenishment demand of new alumina plants, the spot price is at a premium over the 01 contract. In terms of valuation, there is still room for compression in the profit level corresponding to the 01 contract. Attention should be paid to the realization of the alumina production cut expectation in the future [3]. 3. Summary According to Relevant Catalogs Futures Market - The closing price of the main caustic soda contract was 2317 yuan/ton, a decrease of 44 yuan; the position of the main caustic soda contract was 165,100 lots, an increase of 31,060 lots; the net position of the top 20 futures was - 30,729 lots, a decrease of 16,452 lots; the trading volume of the main caustic soda contract was 362,389 lots, an increase of 60,520 lots. The closing price of the January caustic soda contract was 2317 yuan/ton, a decrease of 44 yuan; the closing price of the May caustic soda contract was 2480 yuan/ton, a decrease of 3 yuan [3]. 现货市场 - The price of 32% ion - membrane caustic soda in Shandong was 800 yuan/ton, unchanged; in Jiangsu, it was 950 yuan/ton, unchanged. The converted - to - 100% price of 32% caustic soda in Shandong was 2500 yuan/ton, unchanged; the basis of caustic soda was 183 yuan/ton, an increase of 44 yuan [3]. Upstream Situation - The mainstream price of raw salt in Shandong was 210 yuan/ton, unchanged; in the Northwest, it was 210 yuan/ton, unchanged. The price of thermal coal was 649 yuan/ton, unchanged [3]. Industry Situation - The mainstream price of liquid chlorine in Shandong was 200 yuan/ton, an increase of 50 yuan; in Jiangsu, it was 125 yuan/ton, an increase of 50 yuan [3]. Downstream Situation - The spot price of viscose staple fiber was 13,120 yuan/ton, unchanged; the spot price of alumina was 2790 yuan/ton, unchanged [3]. Industry News - From October 24th to 30th, the average capacity utilization rate of Chinese caustic soda sample enterprises with a capacity of 200,000 tons and above was 84.3%, a week - on - week increase of 3.5%. From October 18th to 24th, the capacity utilization rate of Chinese alumina was 86.27%, a week - on - week increase of 0.05%. From October 24th to 30th, the operating rate of viscose staple fiber was 89.64%, an increase of 1.03% compared with last week; the operating rate of printing and dyeing was 68.32%, an increase of 1.01% compared with last week. As of October 30th, the factory inventory of fixed - liquid caustic soda sample enterprises with a capacity of 200,000 tons and above nationwide was 442,600 wet tons, a week - on - week increase of 6.84%, and a year - on - year increase of 52.42%. From October 24th to 30th, the average weekly profit of Shandong chlor - alkali enterprises was 626 yuan/ton [3].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints - New season global sugar surplus estimates mostly increased, Thailand and India's sugar production recovery has a key impact on the supply side, with India expected to resume sugar exports in the 2025/26 season, initially estimated at 2 million tons [2] - In the domestic market, 26 sugar mills in Mongolia and Xinjiang have all started production in the 2025/26 season, with a total production expected to be around 1.4 million tons, and short - term northern beet sugar supply will gradually increase [2] - China's sugar imports in September 2025 were 550,000 tons, a month - on - month decrease of about 280,000 tons and a year - on - year increase of 35.8%; from January to September 2025, cumulative sugar imports were 3.16 million tons, a year - on - year increase of 270,000 tons or 9.4% [2] - Thailand's syrup and pre - mixed sugar powder production enterprises are mostly in a "suspended import" state, and it is expected that syrup imports will be restricted again, which is positive for the domestic market, and there is support below the short - term sugar price [2][3] Group 3: Summary by Related Catalogs Futures Market - The closing price of the sugar futures main contract was 5,472 yuan/ton, a decrease of 22 yuan/ton; the main contract position was 379,832 lots, a decrease of 11,203 lots; the number of warehouse receipts was 7,541, a decrease of 84; the net long position of the top 20 futures positions was - 56,862 lots; the effective warehouse receipt forecast was 586, unchanged; the estimated import processing price of Brazilian sugar within the quota was 3,990 yuan/ton, a decrease of 25 yuan/ton; the estimated import processing price of Thai sugar within the quota was 4,049 yuan/ton, a decrease of 25 yuan/ton [2] 现货市场 - The estimated import price of Brazilian sugar outside the quota (50% tariff) was 5,052 yuan/ton, a decrease of 33 yuan/ton; the estimated import price of Thai sugar outside the quota (50% tariff) was 5,129 yuan/ton, a decrease of 33 yuan/ton; the spot price of white sugar in Kunming was 5,720 yuan/ton, unchanged; the spot price in Nanning was 5,750 yuan/ton, unchanged; the spot price in Liuzhou was 5,780 yuan/ton, unchanged [2] Upstream Situation - The national sugar - crop sown area was 1,480 thousand hectares, an increase of 60 thousand hectares; the sown area of sugar - cane in Guangxi was 835.09 thousand hectares, a decrease of 12.86 thousand hectares; the cumulative national sugar production was 11.1621 million tons, an increase of 54,900 tons; the cumulative national sugar sales volume was 9.9998 million tons, an increase of 449,800 tons [2] 产业情况 - The national sugar sales rate was 89.98%, an increase of 1%; the monthly sugar import volume was 550,000 tons, a decrease of 280,000 tons; the total Brazilian sugar export volume was 3.2458 million tons, an increase of 230,000 tons; the price difference between imported Brazilian sugar and the current price of Liuzhou sugar (within the quota) was 1,571 yuan/ton, an increase of 23 yuan/ton; the price difference between imported Brazilian sugar and the current price of Liuzhou sugar (outside the quota, 50% tariff) was 509 yuan/ton, an increase of 31 yuan/ton; the price difference between imported Thai sugar and Liuzhou sugar (within the quota) was 432 yuan/ton, an increase of 31 yuan/ton [2] 下游情况 - The monthly output of refined sugar was 539,100 tons; the monthly output of soft drinks was 1.5917 million tons, a decrease of 184,100 tons [2] 期权市场 - The implied volatility of at - the - money call options for sugar was 6.42%, a decrease of 1.43%; the implied volatility of at - the - money put options for sugar was 6.43%, a decrease of 1.42%; the 20 - day historical volatility of sugar was 8.05%, an increase of 0.37%; the 60 - day historical volatility of sugar was 7.28%, an increase of 0.17% [2] 行业消息 - Rabobank reported that the sugar production in the central - southern region of Brazil is expected to be 39.7 million tons in the 2025/26 season and 39.5 - 42.1 million tons in the 2026/27 season [2] - ICE raw sugar futures closed higher on Wednesday, hitting a nearly five - year low during the session. The most actively traded March raw sugar futures rose 0.05 cents, or 0.30%, to settle at 14.42 cents per pound. The new season's global sugar surplus estimates are mostly raised [2]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - On October 30, the JM2601 contract of coking coal closed at 1288.0, up 1.62%. On the spot side, the price of Mongolian No. 5 coking coal in Tangshan was reported at 1460, equivalent to 1240 on the futures market. The Fed cut interest rates as expected, and the probability of a December rate cut decreased. Fundamentally, the mine - end operating rate declined slightly for two consecutive weeks due to safety inspections, the inventory was neutral, the operating rate of coal washing plants declined this period, and the mid - and downstream replenished stocks, with the total inventory showing a seasonal upward trend. Technically, the daily K - line was above the 20 - day and 60 - day moving averages. It should be treated as a wide - range shock operation [2]. - On October 30, the J2601 contract of coke closed at 1786.5, up 0.59%. On the spot side, coking plants proposed a third price increase for coke. The Fed's rate cut and the meeting between Chinese and US leaders were finalized, and the market sentiment declined during the day. Fundamentally, on the demand side, the pig iron output continued its seasonal decline this period, with the pig iron output at 239.90 (-1.05 million tons), and the total coke inventory was higher than the same period. In terms of profit, the average profit per ton of coke of 30 independent coking plants nationwide was - 41 yuan/ton this period. Technically, the daily K - line was above the 20 - day and 60 - day moving averages. It should be treated as a wide - range shock operation driven by cost [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the JM main contract was 1288.00 yuan/ton, down 14.00; the closing price of the J main contract was 1786.50 yuan/ton, down 14.50. The JM futures contract position was 970861.00 lots, down 15149.00; the J futures contract position was 50050.00 lots, down 515.00. The net position of the top 20 contracts of coking coal was - 63853.00 lots, down 10014.00; the net position of the top 20 contracts of coke was - 5584.00 lots, down 544.00. The JM5 - 1 month contract spread was 71.00 yuan/ton, down 5.50; the J5 - 1 month contract spread was 140.50 yuan/ton, down 2.50. The coking coal warehouse receipt was 0.00, unchanged; the coke warehouse receipt was 2070.00, unchanged [2]. 3.2 Spot Market - The price of Ganqimao Mongolian No. 5 raw coal was 1140.00 yuan/ton, up 9.00; the price of Tangshan Grade - 1 metallurgical coke was 1775.00 yuan/ton, up 55.00. The price of Russian main coking coal forward spot (CFR) was 157.50 US dollars/wet ton, unchanged; the price of quasi - Grade - 1 metallurgical coke at Rizhao Port was 1570.00 yuan/ton, up 50.00. The price of Australian imported main coking coal at Jingtang Port was 1700.00 yuan/ton, unchanged; the price of Grade - 1 metallurgical coke at Tianjin Port was 1670.00 yuan/ton, up 50.00. The price of Shanxi - produced main coking coal at Jingtang Port was 1760.00 yuan/ton, unchanged; the price of quasi - Grade - 1 metallurgical coke at Tianjin Port was 1570.00 yuan/ton, up 50.00. The price of medium - sulfur main coking coal in Lingshi, Jinzhong, Shanxi was 1520.00 yuan/ton, unchanged. The ex - factory price of coking coal produced in Wuhai, Inner Mongolia was 1280.00 yuan/ton, unchanged. The basis of the JM main contract was 232.00 yuan/ton, up 14.00; the basis of the J main contract was - 11.50 yuan/ton, up 69.50 [2]. 3.3 Upstream Situation - The refined coal output of 314 independent coal washing plants was 26.50 million tons, down 0.20; the refined coal inventory was 284.40 million tons, down 5.20. The capacity utilization rate was 0.37%, down 0.00. The raw coal output was 41150.50 million tons, up 2100.80. The import volume of coal and lignite was 4600.00 million tons, up 326.00. The daily average output of raw coal from 523 coking coal mines was 190.30, down 0.60. The inventory of imported coking coal at 16 ports was 507.18 million tons, up 19.02; the inventory of coke at 18 ports was 260.79 million tons, up 8.14. The total inventory of coking coal of all - sample independent coking enterprises was 1029.70 million tons, up 32.33; the inventory of coke of all - sample independent coking enterprises was 58.64 million tons, up 1.35. The inventory of coking coal of 247 steel mills nationwide was 782.96 million tons, down 5.36; the inventory of coke of 247 sample steel mills was 633.16 million tons, down 6.28. The available days of coking coal of all - sample independent coking enterprises were 12.77 days, down 0.13; the available days of coke of 247 sample steel mills were 11.07 days, down 0.12 [2]. 3.4 Industry Situation - The import volume of coking coal was 1092.36 million tons, up 76.14; the export volume of coke and semi - coke was 54.00 million tons, down 1.00. The output of coking coal was 3696.86 million tons, down 392.52. The capacity utilization rate of independent coking enterprises was 73.47%, down 0.77. The profit per ton of coke of independent coking plants was - 41.00 yuan/ton, down 28.00. The output of coke was 4255.60 million tons, down 4.10 [2]. 3.5 Downstream Situation - The blast furnace operating rate of 247 steel mills nationwide was 84.73%, up 0.48; the blast furnace iron - making capacity utilization rate of 247 steel mills was 89.92%, down 0.39. The crude steel output was 7349.01 million tons, down 387.84 [2]. 3.6 Industry News - China's President Xi Jinping will meet with US President Trump in Busan, South Korea on October 30 to exchange views on Sino - US relations and issues of common concern [2]. - The Fed cut the federal funds rate by 25 basis points to 3.75% - 4.00% and will end the balance - sheet reduction from December 1 [2]. - The Bank of Canada cut the benchmark interest rate by 25 basis points to 2.25% [2]. - Some coking enterprises in Hebei and Shandong proposed a third price increase for coke on October 29, with a tamping increase of 50 - 55 yuan/ton and a top - charging increase of 70 - 75 yuan/ton, effective from 0:00 on October 31 [2].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - For soda ash, supply-side domestic soda ash operating rate and production are decreasing, with some enterprises planning short-term shutdowns for maintenance. Demand-side glass production remains at the bottom, and the photovoltaic glass market is stable but may reduce demand later. Domestic soda ash enterprise inventories are increasing, and supply exceeds demand, suppressing prices. It is recommended to go long on the soda ash main contract at low levels in the short term [2]. - For glass, the "coal-to-gas" project in the Shahe area may potentially reduce short - term supply, and the market has an enhanced expectation of capacity contraction. The real estate industry, the largest downstream demand area, is in a downturn, and the demand for glass is under pressure. It is recommended to wait and see for the glass main contract in the short term [2]. 3. Key Points by Directory 3.1 Futures Market - Soda ash main contract closing price is -24 yuan/ton, glass main contract closing price is 1235 yuan/ton, with a decrease of 36 yuan/ton. The price difference between soda ash and glass is 12 yuan/ton. Soda ash main contract positions decreased by 22,468 hands to 1,332,613 hands, and glass main contract positions are 202,209 hands. Soda ash's top 20 net positions decreased by 26,849 to 1,875,547 hands, and glass's top 20 net positions are -64,260 hands. Soda ash exchange warehouse receipts are 8,945 tons, and glass exchange warehouse receipts are -13 tons. Soda ash basis is 402 yuan/ton, a decrease of 70 yuan/ton, and glass basis is 36 yuan/ton. The spread between January and May glass contracts is -43 yuan/ton, and for soda ash contracts is -89 yuan/ton [2]. 3.2 Spot Market - North China heavy - soda ash price decreased by 2 yuan/ton, Central China heavy - soda ash price is 1,189 yuan/ton. East China light - soda ash price has no change, Central China light - soda ash price is 1,250 yuan/ton. Shahe glass large - plate price increased by 4 yuan/ton, Central China glass large - plate price is 1,048 yuan/ton [2]. 3.3 Industry Situation - Soda ash plant operating rate increased by 0.01%, and float glass enterprise operating rate is 84.94%. Glass in - production capacity is 16.12 million tons/year, and the number of in - production glass production lines is 226. Soda ash enterprise inventories decreased by 0.97 million tons, and glass enterprise inventories increased by 233.7 million weight boxes to 6,661.3 million weight boxes [2]. 3.4 Downstream Situation - The cumulative value of real estate new construction area is 5,597.99 million square meters, and the cumulative value of real estate completion area is 45,399 million square meters, an increase of 3,435.46 million square meters compared to 31,129 million square meters [2]. 3.5 Industry News - China and the US held a meeting in Busan, South Korea, and agreed to strengthen cooperation in economic and trade fields. They reached consensus on issues such as fentanyl anti - drug cooperation, expanding agricultural product trade, and handling individual cases of relevant enterprises. The US made positive commitments in investment and other fields, and China will properly handle the TikTok - related issue with the US [2].

Market Overview - The diversified financial sector experienced a decline of 1.49% on October 30, with Ruida Futures leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Notable gainers included: - Zhejiang Dongfang (600120) with a closing price of 7.12, up 6.27% [1] - State Grid Yingda (600517) at 6.50, up 3.17% [1] - Significant losers included: - Ruida Futures (002961) at 23.43, down 7.39% [2] - Jiuding Investment (600053) at 18.91, down 5.17% [2] Trading Volume and Value - The trading volume and value for key stocks in the diversified financial sector showed varied performance, with Zhejiang Dongfang achieving a trading volume of 5.21 million hands and a transaction value of 371.8 million yuan [1] - Ruida Futures had a trading volume of 214,100 hands and a transaction value of 507 million yuan [2] Capital Flow Analysis - The diversified financial sector saw a net outflow of 345 million yuan from institutional investors, while retail investors contributed a net inflow of 513 million yuan [2][3] - Key stocks with significant capital flow included: - Zhejiang Dongfang with a net inflow of 3.49 billion yuan from institutional investors [3] - Jiuding Investment with a net inflow of 29.93 million yuan from retail investors [3]

Group 1: Report Industry Investment Rating - The report suggests a short - biased trading strategy [2] Group 2: Core View of the Report - At the end of the month, supply pressure eases briefly, demand recovers, and second - fattening entry supports a small increase in the spot price, followed by a stable and volatile trend. However, after the price increase, second - fattening entry becomes cautious, terminal demand's carrying capacity is poor, market sentiment weakens, and the 2601 contract closes down 2.3% [2] Group 3: Summary by Relevant Catalogs 1. Futures and Spot Market - Futures: The closing price of the main futures contract for live pigs is 11,880 yuan/ton, down 305 yuan; the main contract's open interest is 135,813 lots, up 16,025 lots; the number of warehouse receipts is 206 lots, unchanged; the net long position of the top 20 futures holders is - 31,311 lots, down 1,076 lots [2] - Spot: The live pig price in Henan Zhumadian is 12,600 yuan/ton, unchanged; in Jilin Siping, it is 12,500 yuan/ton, down 200 yuan; in Guangdong Yunfu, it is 13,100 yuan/ton, up 200 yuan; the main live pig basis is 720 yuan/ton, up 305 yuan [2] 2. Upstream Situation - Pig inventory is 42,4470,000 heads, up 7160,000 heads; the inventory of breeding sows is 4,0380,000 heads, down 40,000 heads; CPI year - on - year is - 0.3%, up 0.1 percentage points; the spot price of soybean meal in Zhangjiagang is 2,970 yuan/ton, unchanged; the spot price of corn is 2,242.16 yuan/ton, down 0.59 yuan; the Dalian Commodity Exchange pig feed cost index is 879.54, up 0.69; the monthly output of feed is 31,287,000 tons, up 2,015,000 tons; the price of binary breeding sows is 1,530 yuan/head, unchanged; the breeding profit of purchased piglets is - 289.07 yuan/head, up 86.22 yuan; the breeding profit of self - bred and self - raised pigs is - 185.68 yuan/head, up 59.02 yuan; the monthly import volume of pork is 80,000 tons, unchanged; the average price of white - striped chicken in the main producing areas is 14.1 yuan/kg, down 0.2 yuan [2] 3. Downstream Situation - The slaughter volume of designated live pig slaughtering enterprises is 33,500,000 heads, up 1,840,000 heads; the monthly retail sales of social consumer goods in the catering industry is 450.86 billion yuan, up 12.9 billion yuan [2] 4. Industry News - On October 30, 2025, the daily national live pig出栏量 of key breeding enterprises was 284,450 heads, a 2.57% decrease from the previous day. At the supply end, the出栏 rhythm of large - scale farms slowed down at the end of the month and the beginning of the month, and the average出栏 weight decreased slightly, reducing supply pressure. In the second - fattening aspect, there was concentrated entry for supplementary stocking in the middle and late ten - day periods, supporting the spot market price to stop falling and rebound, but the enthusiasm for second - fattening entry cooled down as the price rose [2] 5. Key Points of Concern - There is no news today [2]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - The lithium carbonate market shows a pattern of increasing supply and demand with inventory reduction. The main contract is oscillating strongly, with increasing positions, spot discounts, and strengthening basis. The option market sentiment is bullish, and the implied volatility is slightly rising. The technical indicator shows that the 60 - minute MACD has double - lines above the 0 - axis with the initial appearance of green columns. The operation suggestion is to conduct light - position oscillating trading and control risks [2] Group 3: Summary by Related Catalogs Futures Market - The closing price of the main contract is 83,400 yuan/ton, up 500 yuan; the net position of the top 20 is - 195,625 hands, up 8,348 hands; the position of the main contract is 532,871 hands, up 25,989 hands; the spread between near and far - month contracts is - 1,160 yuan/ton, down 500 yuan; the Guangzhou Futures Exchange warehouse receipt is 27,641 hands/ton, up 116 hands [2] 现货市场 - The average price of battery - grade lithium carbonate is 80,000 yuan/ton, up 850 yuan; the average price of industrial - grade lithium carbonate is 77,800 yuan/ton, up 850 yuan; the basis of the Li₂CO₃ main contract is - 3,400 yuan/ton, up 350 yuan [2] Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 983 US dollars/ton, unchanged; the average price of amblygonite is 9,075 yuan/ton, up 250 yuan; the price of lithium mica (2 - 2.5%) is 3,060 yuan/ton, up 125 yuan [2] Industry Situation - The monthly output of lithium carbonate is 47,140 tons, up 1,260 tons; the monthly import volume is 19,596.9 tons, down 2,250.01 tons; the monthly export volume is 150.82 tons, down 218.09 tons; the monthly operating rate of lithium carbonate enterprises is 47%, up 1%; the monthly output of power batteries is 151,200 MWh, up 11,600 MWh; the price of lithium manganate is 33,000 yuan/ton, unchanged; the price of lithium hexafluorophosphate is 105,000 yuan/ton, up 25,000 yuan; the price of lithium cobalt oxide is 343,500 yuan/ton, unchanged; the price of ternary material (811 type) in China is 163,500 yuan/ton, up 500 yuan; the price of ternary material (622 power type) in China is 143,500 yuan/ton, up 1,000 yuan [2] Downstream and Application Situation - The price of ternary material (523 single - crystal type) in China is 155,000 yuan/ton, up 1,000 yuan; the monthly operating rate of ternary cathode materials is 53%, down 2%; the price of lithium iron phosphate is 34,800 yuan/ton, unchanged; the monthly operating rate of lithium iron phosphate cathodes is 59%, up 2%; the monthly output of new energy vehicles is 1,617,000, up 226,000; the monthly sales volume is 1,604,000, up 209,000; the cumulative sales penetration rate of new energy vehicles is 46.09%, up 0.55%; the cumulative sales volume of new energy vehicles is 11,228,000, up 2,908,000; the monthly export volume of new energy vehicles is 222,000, down 2,000; the cumulative export volume of new energy vehicles is 1,758,000, up 830,000; the 20 - day average volatility of the underlying is 22.82%, down 0.82%; the 40 - day average volatility of the underlying is 25.92%, up 0.01% [2] Option Situation - The total subscription position is 166,407, up 7,024; the total put position is 95,396, up 9,624; the total position put - call ratio is 57.33%, up 3.5119%; the at - the - money IV implied volatility is 0.34%, up 0.0008% [2] Industry News - China has built a complete lithium product supply system, with the output of basic lithium salts, metal lithium and its alloys, lithium - ion battery cathode materials, electrolytes and other products ranking first in the world for many years. Leading battery manufacturers are placing large orders for lithium iron phosphate, and lithium iron phosphate manufacturers are starting a new round of capacity expansion. The Federal Reserve cut interest rates by 25 basis points, ending the balance - sheet reduction from December 1st. The inventory coefficient of automobile dealers in September was 1.35, up 3.1% month - on - month and 4.7% year - on - year [2]

Report Industry Investment Rating - Not provided Core Viewpoints - BZ2603 showed a slight fluctuation, closing at 5,526 yuan/ton. Last week, the operating load of petroleum benzene decreased while the operating rate of hydrobenzene increased, resulting in an overall decline in domestic pure benzene production. The operating rates of downstream industries mostly decreased, with the weighted operating rate of pure benzene downstream industries declining on a week-on-week basis. Inventory was reduced to a neutral level. The profit of petroleum benzene changed little and was at a low valuation level due to weak supply and demand. This week, petroleum benzene plants are expected to operate with a slight reduction in load, but with the increase in the load of hydrobenzene and the arrival of imported resources, the domestic supply of pure benzene is still expected to be at a relatively high level. Terminal demand is weak, and downstream plants are expected to mainly reduce their operating rates. The recent new capacity launch in the downstream is difficult to offset the negative impact of the reduction in the load of existing plants. In terms of cost, the market expects a slight increase in production by OPEC+ in December, and combined with the weak demand side of crude oil, international oil prices are under pressure. In the short term, BZ2603 is expected to show a fluctuating trend, and technically, attention should be paid to the previous low support around 5,440 and the previous high pressure around 5,640 [2]. Summary by Relevant Catalogs Futures Market - The closing price of the main contract of pure benzene was 5,526 yuan/ton, up 31 yuan; the settlement price was 5,501 yuan/ton, down 28 yuan. The trading volume was 6,746 lots, up 1,863 lots; the open interest was down 65 lots. The mainstream price in the East China market was 5,450 yuan/ton, unchanged; in the North China market, it was 5,495 yuan/ton, up 495 yuan [2]. Spot Market - The mainstream price of pure benzene in the South China market was 5,435 - 5,450 yuan/ton, unchanged; in the Northeast region, it was 5,130 - 5,170 yuan/ton, down 21 - 100 yuan. The mainstream price of hydrobenzene in Jiangsu was 5,325 yuan/ton, down 25 yuan; in Shanxi, it was 5,105 yuan/ton. The FOB mid - price of pure benzene in South Korea was 660 US dollars/ton, down 11 US dollars; the CFR mid - price of pure benzene in China was 675.84 US dollars/ton, down 11.13 US dollars [2]. Upstream Situation - The spot price of Brent DTD crude oil was 64.5 US dollars/barrel, down 1.96 US dollars. The CFR mid - price of naphtha in Japan was 568.63 US dollars/ton, down 9 US dollars. The capacity utilization rate of pure benzene was 78.14%, up 0.13 percentage points; the weekly output was 42.61 tons, down 1.19 tons [2]. Industry Situation - The port inventory of pure benzene was 9.9 tons, up 0.9 tons. The production cost of pure benzene was 5,327.8 yuan/ton, down 118.2 yuan; the production profit was 737 yuan/ton, up 76 yuan [2]. Downstream Situation - The total operating rate of styrene was 69.25%, down 2.63 percentage points; the capacity utilization rate of caprolactam was 95.72%, up 6.41 percentage points; the capacity utilization rate of phenol was 78.54%, down 0.46 percentage points; the capacity utilization rate of aniline was 69.24%, down 0.1 percentage point; the capacity utilization rate of adipic acid was 64.3%, up 2 percentage points [2]. Industry News - From October 18th to 24th, the capacity utilization rate of petroleum benzene decreased by 2.75% to 72.73% week - on - week, while the capacity utilization rate of hydrobenzene increased by 1.07% to 63.46%. The operating rates of styrene, caprolactam, and adipic acid decreased, the operating rate of phenol remained stable, and the operating rate of aniline increased. The weighted operating rate of pure benzene downstream industries decreased by 1.97% to 73.40% week - on - week. As of October 27th, the port inventory of pure benzene in Jiangsu decreased by 14.14% to 8.5 tons week - on - week. From October 17th to 23rd, the profit of petroleum benzene in China was 385 yuan/ton [2].

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session emphasizes the importance of deepening reforms and modernizing the national governance system, outlining strategic goals and key tasks for the development of the financial industry and the futures market [1][2]. Group 1: Development Direction - The "15th Five-Year" period is identified as a crucial time for achieving socialist modernization, with a focus on high-quality development, technological self-reliance, and comprehensive reforms [2]. - Key goals include significant improvements in economic strength, technological capabilities, and living standards by 2035, aiming for a substantial increase in national power and international influence [2]. Group 2: Political Leadership - The session stresses the integration of the Party's leadership into all aspects of corporate governance, ensuring that political construction is prioritized [3]. - The company aims to enhance the political awareness and theoretical literacy of its members through various educational initiatives, aligning corporate governance with Party advantages [3]. Group 3: Service to the Real Economy - The focus is on building a modern industrial system and strengthening the real economy, with an emphasis on intelligent, green, and integrated development [4]. - The company is committed to serving the real economy by implementing projects like "insurance + futures" to help farmers mitigate price risks and by promoting financial literacy among investors [4]. Group 4: Risk Management - The session highlights the need for a modern national security system and the importance of preventing systemic financial risks [6]. - The company plans to enhance its risk management framework and ensure compliance with regulations to contribute to the stable development of the futures market [6]. Group 5: Future Outlook - Looking ahead, the company will continue to strengthen the role of Party leadership and focus on core business areas such as asset management and risk management [7]. - The company aims to align its efforts with national strategies and contribute to the modernization of China through its services in the futures market [7].

| | 加菜籽收割工作结束，丰产基本兑现，供应端压力较大而出口减弱，对加菜籽价格带来一定压力。不过，加拿大总理马克·卡尼在 | | --- | --- | | | 马来西亚表示，他预计将在韩国举行的亚太经合组织（APEC）峰会期间，与中国国家主席举行会晤，重点讨论两国间的贸易关系 | | 菜油观点总 | 以及全球经济形势下的新合作方向。其它方面，GAPKI预计印尼2025年棕榈油产量将增长10%,较此前预估产量要高，供应预期增 | | 结 | 加对棕榈油价格形成压制。此外，印尼B50生柴计划因矿业协会反对而存在变数，引发市场对远期生柴需求的担忧。国内方面，对 | | | 加拿大菜籽反倾销政策的初裁落地，四季度进口菜籽供应将结构性收紧，菜油也将继续维持去库模式，对其价格形成支撑。不过， | | | 豆油供应充裕，且替代优势良好，使得菜油需求维持刚需为主。后期继续关注中加贸易政策走向。总的来看，国际贸易关系有望得 | | | 到改善，使得菜油价格再度下跌，短期观望。 | 重点关注 周一我的农产品网油菜籽开机率及各地区菜油粕库存量，中加及中美贸易关系走向 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 研究 ...