Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - A-share third-quarter reports showed good overall performance, 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 the fourth quarter and have a negative impact on stock market sentiment. Currently, after the disclosure of A-share third-quarter reports and with no major 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 show a random walk, and stock indices will remain volatile. It is recommended to wait and see for now [2]. 3. Summary by Relevant Catalogs Futures Disk - IF main contract (2512) closed at 4626.8, down 39.4; IF second main contract (2511) closed at 4640.2, down 41.0. IH main contract (2512) closed at 3033.0, down 17.8; IH second main contract (2511) closed at 3033.6, down 18.8. IC main contract (2512) closed at 7173.0, down 57.2; IC second main contract (2511) closed at 7242.2, down 52.2. IM main contract (2512) closed at 7390.4, down 22.0; IM second main contract (2511) closed at 7476.6, down 22.6 [2]. - IF-IH current-month contract spread was 1606.6, down 24.8; IC-IF current-month contract spread was 2602.0, down 14.6. IM-IC current-month contract spread was 234.4, up 28.4; IC-IH current-month contract spread was 4208.6, down 39.4. IM-IF current-month contract spread was 2836.4, up 13.8; IM-IH current-month contract spread was 4443.0, down 11.0 [2]. - IF current-quarter - current-month was -39.8, up 6.4; IF next-quarter - current-month was -81.2, up 9.6. IH current-quarter - current-month was -4.0, up 1.2; IH next-quarter - current-month was -11, up 0.2. IC current-quarter - current-month was -238.4, down 0.6; IC next-quarter - current-month was -428.4, down 0.4. IM current-quarter - current-month was -309.6, unchanged; IM next-quarter - current-month was -526.8, down 2.2 [2]. Futures Positions - IF top 20 net positions were -25,696.00, down 1324.0; IH top 20 net positions were -15,186.00, up 581.0. IC top 20 net positions were -19,632.00, down 304.0; IM top 20 net positions were -36,691.00, down 1352.0 [2]. Spot Prices - CSI 300 closed at 4652.17, down 42.9; IF main contract basis was -25.4, down 2.3. SSE 50 closed at 3,034.6, down 19.2; IH main contract basis was -1.6, down 1.8. CSI 500 closed at 7,291.6, down 52.2; IC main contract basis was -118.6, down 10.6. CSI 1000 closed at 7,540.8, down 22.5; IM main contract basis was -150.4, down 8.1 [2]. Market Sentiment - A-share trading volume (daily, billion yuan) was 20,138.85, down 1804.86; margin trading balance (previous trading day, billion yuan) was 25,014.17, up 77.23. Northbound trading volume (previous trading day, billion yuan) was 2436.37, up 77.81; reverse repurchase (maturity volume, operation volume, billion yuan) was -1175.0, up 4038.0 [2]. - Main funds (yesterday, today, billion yuan) were -371.00, down 643.87. The proportion of rising stocks (daily, %) was 51.15, down 10.85; Shibor (daily, %) was 1.508, up 0.029 [2]. - IO at-the-money call option closing price (2511) was 44.80, down 26.80; IO at-the-money call option implied volatility (%) was 13.97, down 0.01. IO at-the-money put option closing price (2511) was 49.20, up 16.20; IO at-the-money put option implied volatility (%) was 13.97, up 0.06 [2]. - CSI 300 index 20-day volatility (%) was 16.37, down 0.26; trading volume PCR (%) was 61.76, down 6.54. Position PCR (%) was 84.96, down 2.13 [2]. Wind Market Strength and Weakness Analysis - All A-shares were at 4.70, down 1.60; technical aspect was at 5.10, down 1.10. Capital aspect was at 4.30, down 2.20 [2]. Industry News - National Bureau of Statistics data showed that in October, CPI rose 0.2% month-on-month (previous value: 0.1%) and 0.2% year-on-year (previous value: -0.3%); core CPI excluding food and energy prices rose 1.2% year-on-year. PPI rose 0.1% month-on-month (previous value: flat) and fell 2.1% year-on-year (previous value: -2.3%) [2]. - A-share major indices closed lower. The three major indices opened higher and then oscillated lower, with the Shanghai Composite Index barely holding above 4000 points. By the close, the Shanghai Composite Index fell 0.39%, the Shenzhen Component Index fell 1.03%, and the ChiNext Index fell 1.4%. A-share trading volume declined. Nearly 3400 stocks rose across the market. Industry sectors showed mixed performance, with the commerce and retail sector leading the gainers and the communication sector leading the losers [2]. - Domestically, in terms of the economic fundamentals and prices, driven by the anti-involution policy and the Mid-Autumn Festival and National Day holidays, the year-on-year and month-on-month increases in CPI and PPI in October both rebounded compared with the previous month. The rebound in inflation has a boosting effect on household consumption and corporate investment. In terms of external demand, affected by the US tariff increase, China's import and export trade in October significantly declined compared with September. The new export orders index under the previously announced manufacturing PMI also dropped significantly by 1.9 percentage points compared with September, indicating a weakening of external demand [2]. - From the disclosure of listed companies' third-quarter reports, among the four stock index futures, the net profit growth rates of CSI 300, SSE 50, and CSI 500 all accelerated compared with the semi-annual reports, and the net profit decline of CSI 1000 also showed a narrowing trend [2]. Key Data to Watch - Pending: China's October financial data. On November 13 at 21:30, the US October CPI and core CPI will be released. On November 14 at 10:00, China's October industrial added value above designated size, fixed asset investment, social consumer goods retail sales, real estate data, and unemployment rate will be released [3].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The current late - Fuji apple inventory is at a relatively low level in recent years, and price fluctuations have intensified on the futures market. It is recommended to buy long positions on dips in the short term and pay attention to risk control [2] 3. Summary by Related Catalogs Futures Market - The closing price of the apple futures main contract is 9229 yuan/ton, and the main contract position is 139,277 lots, a decrease of 2,878 lots compared to the previous period. The net long position of the top 20 futures holders is 7,393 lots [2] Spot Market - The spot price of apples in Gansu Jingning (paper - bag 75 and above) is 5 yuan/jin, unchanged from the previous period; in Shandong Yiyuan (paper - bag 75 and above) it is 2.3 yuan/jin, unchanged; in Shaanxi Luochuan (paper - bag 70 and above half - commodity) it is 4.2 yuan/jin, with a change of 0.1 yuan/jin; in Shandong Yantai Qixia (paper - bag 80 and above first - grade second - class fruit farmer's goods) it is 3.5 yuan/jin, a decrease of 0.1 yuan/jin [2] Upstream Situation - The annual national apple output is 5,128.51 million tons. The weekly apple fruit wholesale price is 9.46 yuan/kg, a decrease of 0.07 yuan/kg; the average wholesale price of Fuji apples is 9.04 yuan/kg, a decrease of 0.11 yuan/kg. The total national apple cold - storage inventory is 698.42 million tons, the Shandong apple storage capacity ratio is 0.41, unchanged; the Shaanxi apple storage capacity ratio is 0, and the monthly apple export volume is 70,000 tons, unchanged [2] Industry Situation - The monthly apple export amount year - on - year is - 8.5%. The monthly import amount of fresh, dried fruits and nuts is 1,837,980 million US dollars, an increase of 248,684.5 million US dollars. The weekly profit of first - and second - grade paper - bag apple 80 storage merchants is 0 yuan/jin [2] Downstream Situation - The weekly fruit wholesale price of pears is 6.67 yuan/kg, with a change of 0.02 yuan/kg; for bananas it is 5.18 yuan/kg, with a change of 0.1 yuan/kg; for watermelons it is 5.48 yuan/kg, with a change of - 0.02 yuan/kg. The weekly average number of early - morning arrival vehicles at the Guangdong Jiangmen wholesale market is 12.2, a decrease of 4; at the Guangdong Xiaqiao wholesale market it is 17, a decrease of 3.6; at the Guangdong Chalong wholesale market it is 24, a decrease of 3.6 [2] Option Market - The implied volatility of at - the - money call options for apples is 23.36%, a decrease of 0.67%; the implied volatility of at - the - money put options for apples is 23.36%, a decrease of 0.67% [2] Industry News - Cold - storage trading in the western apple - producing areas has gradually started, with Shandong merchants actively purchasing goods, and the price of stored Fuji apples in Gansu is stable and firm. In the Shandong producing area, the mainstream price of surface supplies has declined due to quality issues, and the local inventory has continued to increase. The ground trading of new - season late - Fuji apples is gradually ending, mainly concentrated in Shandong and Shanxi. As of November 5, 2025, the national apple cold - storage inventory is 698.42 million tons, lower than the same period last year. The storage capacity ratio in Shandong is 41.03%, a year - on - year decrease of 13.42%; in Shaanxi it is 56.81%, a year - on - year decrease of 10.77%. The new - season late - maturing Fuji apples in Shandong have smaller fruit sizes and poorer fruit surface quality, showing a trend of reduced production and quality [2]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The precious metals market continues to run strongly. The end of the US government shutdown is expected to provide a liquidity buffer for the market, and the slowdown of US economic data boosts the expectation of interest rate cuts, which enhances the monetary attribute of precious metals. However, the optimistic expectation of the government shutdown may weaken market risk - aversion demand and form resistance to the upward movement of gold prices. The weakening trend of the US dollar is expected to boost the precious metals trend in stages. Technically, the upward momentum of gold prices is increasing, with clear resistance and support levels [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Prices**: The closing price of the Shanghai gold main contract is 948.88 yuan/gram, up 12.9 yuan; the closing price of the Shanghai silver main contract is 11,880 yuan/kilogram, up 161 yuan [2]. - **Positions**: The main - contract positions of Shanghai gold are 130,346 hands, down 6,311 hands; those of Shanghai silver are 233,585 hands, down 9,632 hands. The net positions of the top 20 in the Shanghai gold main contract are 110,361 hands, down 161 hands; those of Shanghai silver are 119,859 hands, up 17,973 hands [2]. - **Warehouse Receipts**: The warehouse receipt quantity of gold is 89,616 kilograms, unchanged; that of silver is 591,884 kilograms, down 18,094 kilograms [2]. 3.2 Spot Market - **Prices**: The spot price of gold on the Shanghai Non - ferrous Metals Network is 950.3 yuan/gram, up 22.2 yuan; the spot price of silver is 11,903 yuan/kilogram, up 296 yuan [2]. - **Basis**: The basis of the Shanghai gold main contract is 1.42 yuan/gram, up 9.3 yuan; the basis of the Shanghai silver main contract is 23 yuan/kilogram, up 135 yuan [2]. 3.3 Supply and Demand Situation - **ETF Holdings**: The gold ETF holdings are 1,042.06 tons, unchanged; the silver ETF holdings are 15,088.63 tons, unchanged [2]. - **CFTC Non - commercial Net Positions**: The gold CFTC non - commercial net positions are 266,749 contracts, up 339 contracts; the silver CTFC non - commercial net positions are 52,276 contracts, up 738 contracts [2]. - **Supply and Demand Quantities**: The total quarterly supply and demand of gold are both 1,313.01 tons, with an increase of 54.84 tons in supply and 54.83 tons in demand. The total annual supply of silver is 987.8 million troy ounces, down 21.4 million troy ounces; the total annual global demand for silver is 1,195 million ounces, down 47.4 million ounces [2]. 3.4 Option Market - **Historical Volatility**: The 20 - day historical volatility of gold is 30.84%, down 1.14%; the 40 - day historical volatility of gold is 26.95%, up 0.19% [2]. - **Implied Volatility**: The implied volatility of at - the - money call options for gold is 21.98%, up 1.52%; the implied volatility of at - the - money put options for gold is 21.96%, up 1.49% [2]. 3.5 Industry News - China's gold consumption in the first three quarters of this year was 682.73 tons, a year - on - year decrease of 7.95%. The increase in domestic gold ETF positions was 79.015 tons, a year - on - year increase of 164.03%, and the position at the end of September was 193.749 tons [2]. - Fed Governor Milan supports further interest rate cuts to prevent the weakening of the US economy in the future and advocates a faster pace than the traditional 25 - basis - point cut. San Francisco Fed President Daly said the US economy may be experiencing a decline in demand, but tariff - related inflation is currently under control, and the Fed should discuss whether to continue to cut interest rates on the basis of the 50 - basis - point cut this year with an "open mind" [2]. - According to CME's "FedWatch", the probability of the Fed cutting interest rates by 25 basis points in December is 64.1%, and the probability of keeping interest rates unchanged is 35.9%. By January next year, the probability of a cumulative 25 - basis - point cut is 54.1%, the probability of keeping interest rates unchanged is 23.2%, and the probability of a cumulative 50 - basis - point cut is 22.7% [2]. 3.6 Technical Analysis - The daily RSI shows that the upward momentum of gold prices is increasing. The key resistance level for the London gold price is between 4,130 - 4,160 US dollars, and the strong support level is at 4,000 US dollars. The Shanghai gold 2512 contract is concerned about the range of 900 - 960 yuan/gram; the Shanghai silver 2512 contract is concerned about the range of 11,000 - 12,000 yuan/kilogram [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, and pay attention to the 29 resistance level [3] Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract of Shanghai Tin is 288,180 yuan/ton, with a month - on - month increase of 1,620 yuan/ton; the closing price of the December - January contract of Shanghai Tin is - 190 yuan/ton, with a month - on - month increase of 70 yuan/ton. The LME 3 - month tin price is 36,180 US dollars/ton, with a month - on - month increase of 360 US dollars/ton. The main contract position of Shanghai Tin is 36,392 lots, with a month - on - month increase of 2,135 lots. The net position of the top 20 futures of Shanghai Tin is - 93 lots, with a month - on - month increase of 578 lots. The total LME tin inventory is 3,035 tons, with no change; the LME tin cancelled warrants are 140 tons, with no change. The Shanghai Futures Exchange tin inventory is 5,992 tons, with a month - on - month increase of 73 tons [3] 现货市场 - The Shanghai Futures Exchange tin warehouse receipt is 5,582 tons, with a month - on - month decrease of 112 tons. The SMM 1 tin spot price is 287,700 yuan/ton, with a month - on - month increase of 1,900 yuan/ton; the Yangtze River Non - ferrous Market 1 tin spot price is 288,330 yuan/ton, with a month - on - month increase of 1,960 yuan/ton. The basis of the Shanghai Tin main contract is - 760 yuan/ton, with a month - on - month decrease of 950 yuan/ton. The LME tin premium (0 - 3) is 33.33 US dollars/ton, with a month - on - month increase of 3.33 US dollars/ton [3] Upstream Situation - The import volume of tin ore and concentrates is 0.87 million tons, with a month - on - month decrease of 0.16 million tons. The average price of 40% tin concentrates is 271,700 yuan/ton, with a month - on - month increase of 900 yuan/ton; the processing fee of 40% tin concentrates is 10,500 yuan/ton, with no change. The average price of 60% tin concentrates is 275,700 yuan/ton, with a month - on - month increase of 900 yuan/ton; the processing fee of 60% tin concentrates is 6,500 yuan/ton, with no change [3] Industry Situation - The monthly output of refined tin is 1.4 million tons, with a month - on - month decrease of 0.16 million tons. The monthly import volume of refined tin is 1,501.64 tons, with a month - on - month increase of 63.06 tons [3] 下游情况 - The price of 60A solder bars in Gejiu is 186,290 yuan/ton, with a month - on - month increase of 1,440 yuan/ton. The cumulative output of tin - plated sheets (strips) is 110.93 million tons, with a month - on - month increase of 14.48 million tons. The monthly export volume of tin - plated sheets is 19.76 million tons, with a month - on - month increase of 3.1 million tons [3] Industry News - The State Council General Office issued 13 measures to further promote private investment; the US government shutdown may end before this weekend; the price increase of US consumer goods in October slowed down for the first time in three months; Trump - appointed Fed governor Milan believes that the government shutdown will not affect his view of the US economy and that a 50 - basis - point interest rate cut should be made in December [3] 观点总结 - The first batch of restarted mines in Myanmar's Wa State are in the production - climbing period, and the import volume of tin ore from Myanmar in the fourth quarter is expected to increase steadily but the increment is limited. The tin ore imports from Africa and Australia have declined unexpectedly, and Africa will enter the rainy season soon. The tin ore imports decreased month - on - month in September. Indonesia plans to accelerate the release of refined tin exports in the fourth quarter. In the smelting sector, the shortage of raw materials in Yunnan is still severe, and the tin ore processing fee remains low; the waste recycling system in Jiangxi is under pressure, the operating rate is at a low level, and the output of refined tin is still restricted. On the demand side, the tin price has been fluctuating recently. Downstream buyers in the spot market mainly purchase at low prices, mostly for small - scale replenishment and rigid - demand purchases. The domestic inventory reduction is better than expected, and the LME inventory has increased slightly [3]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - The alumina market may face slightly reduced supply and a steady increase in demand. It is recommended to conduct light - position short - term long trades at low prices, while controlling the rhythm and trading risks [2]. - The electrolytic aluminum market may have stable supply and slightly reduced demand, with a small accumulation of industrial inventory. It is suggested to conduct light - position oscillating trades and control trading risks [2]. - The casting aluminum alloy market may experience a slowdown in the growth rate of supply and demand, with an accumulation of industrial inventory. Light - position oscillating trades are recommended, along with risk control [2]. 3. Summary by Directory a. Futures Market - **Price Movements**: The closing prices of the main contracts of Shanghai aluminum, alumina, and casting aluminum alloy decreased, while the LME electrolytic aluminum three - month quotation increased. The spot prices of Shanghai - colored A00 aluminum and Yangtze River - colored AOO aluminum increased, and the alumina spot price also rose [2]. - **Inventory Changes**: The LME aluminum inventory decreased, while the inventory of alumina increased. The Shanghai aluminum inventory and the inventory of casting aluminum alloy showed different changes, with some increasing and some decreasing [2]. - **Position Changes**: The net position of the top 20 in Shanghai aluminum increased, and the position of the main contract of casting aluminum alloy also increased, while the position of the main contract of alumina decreased [2]. b. Upstream Situation - **Production and Demand**: The alumina production increased, but the demand decreased. The import of aluminum scrap decreased, while the export increased. The export of alumina increased, and the import decreased [2]. - **Supply - Demand Balance**: The supply - demand balance of alumina improved, and the WBMS aluminum supply - demand balance also showed an improvement trend [2]. c. Industry Situation - **Production and Capacity**: The production of primary aluminum, aluminum products, and some aluminum - related products changed. The total capacity of electrolytic aluminum remained stable, and the production capacity of recycled aluminum alloy ingots also remained unchanged [2]. - **Inventory and Export**: The social inventory of electrolytic aluminum increased, and the export of some aluminum products decreased [2]. d. Downstream and Application - **Production and Index**: The production of automobiles increased, while the national real - estate prosperity index decreased. The production of some aluminum - related products in the downstream also changed [2]. e. Option Situation - **Volatility and Ratio**: The historical volatility of Shanghai aluminum increased, the implied volatility of the main at - the - money option of Shanghai aluminum decreased slightly, and the option purchase - put ratio increased slightly [2]. f. Industry News - **Fed's Stance**: Fed Governor Milan supports further interest rate cuts, and San Francisco Fed President Daly suggests discussing further rate cuts [2]. - **Automobile Industry**: In October, the production and retail of passenger cars and new - energy vehicles showed different growth trends. From January to October, there were also significant growth rates in the production and retail of these vehicles [2]. - **Policy**: The National Development and Reform Commission and the National Energy Administration jointly issued a document on new - energy development and utilization [2].

1. Report Industry Investment Rating - There is no information provided regarding the industry investment rating in the report. 2. Core Viewpoints - ICE raw sugar futures rose on Monday as hopes that the US government shutdown might end soon boosted the commodity market. The most actively traded March raw sugar futures on ICE closed up 0.1 cent, or 0.70%, at 14.20 cents per pound [2]. - Brazil exported 420.5 million tons of sugar in October, a 13% year - on - year increase. However, from the start of the 2025/26 crushing season (April - March) to October 2025, Brazil's cumulative sugar exports were 2195.68 million tons, a 5.27% year - on - year decrease. The supply pressure remains significant, but as the current crushing season nears its end, exports are expected to enter a seasonal decline [2]. - In the domestic market, due to import quotas and policy issues, the price decline is not obvious. Guangxi sugar mills are mainly focused on inventory reduction. The new crushing season in most areas starts in mid - to late November, with an expected delay, which provides some sales opportunities for old sugar. The overall market lacks significant driving factors, and prices are expected to remain low in the short term. Attention should be paid to the October import data [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract for sugar was 5480 yuan/ton, with a daily increase of 5 yuan/ton. The main contract's open interest was 376,327 lots, an increase of 3084 lots [2]. - The number of sugar warehouse receipts was 7721, an increase of 58. The net long position of the top 20 futures holders was - 52,072 lots, an increase of 4379 lots [2]. - The total of valid warehouse receipt forecasts for sugar was 1183, a decrease of 122 [2]. 3.2现货市场 - The estimated import processing price of Brazilian sugar within the quota was 3947 yuan/ton, a decrease of 20 yuan/ton; that of Thai sugar was 4002 yuan/ton, a decrease of 21 yuan/ton [2]. - The estimated import price of Brazilian sugar outside the quota (50% tariff) was 4996 yuan/ton, a decrease of 26 yuan/ton; that of Thai sugar was 5068 yuan/ton, a decrease of 27 yuan/ton [2]. - The spot price of sugar in Kunming, Yunnan was 5650 yuan/ton, unchanged; in Nanning, Guangxi was 5760 yuan/ton, an increase of 10 yuan/ton; and in Liuzhou, Guangxi was 5730 yuan/ton, unchanged [2]. 3.3 Upstream Situation - The national sugar - crop planting area was 1480 thousand hectares, an increase of 60 thousand hectares. The planting area of sugarcane in Guangxi was 835.09 thousand hectares, a decrease of 12.86 thousand hectares [2]. - The cumulative national sugar production was 1116.21 million tons, an increase of 5.49 million tons. The cumulative national sugar sales volume was 811.38 million tons, an increase of 86.92 million tons [2]. - The monthly sugar import volume was 55 million tons, a decrease of 28 million tons. Brazil's total sugar exports were 420.5 million tons, an increase of 95.92 million tons [2]. 3.4 Industry Situation - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota was 1588 yuan/ton, an increase of 28 yuan/ton; the price difference for Thai sugar was 1533 yuan/ton, an increase of 29 yuan/ton [2]. - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar outside the quota (50% tariff) was 539 yuan/ton, an increase of 34 yuan/ton; the price difference for Thai sugar was 467 yuan/ton, an increase of 35 yuan/ton [2]. 3.5 Downstream Situation - The monthly output of refined sugar was 53.91 million tons, an increase of 8.5 million tons. The monthly output of soft drinks was 1591.7 million tons, a decrease of 184.1 million tons [2]. 3.6 Option Market - The implied volatility of at - the - money call options for sugar was 6.79%, a decrease of 0.71 percentage points; that of at - the - money put options was 6.79%, a decrease of 0.72 percentage points [2]. - The 20 - day historical volatility of sugar was 7.26%, a decrease of 0.08 percentage points; the 60 - day historical volatility was 6.85%, an increase of 0.03 percentage points [2]. 3.7 Industry News - Brazil exported 68.57 million tons of sugar in the first week of November, with an average daily export volume of 13.71 million tons, a 23% decrease compared to the average daily export volume of 17.84 million tons in November of the previous year. The total export volume in November of the previous year was 339.02 million tons [2].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View of the Report - Macroeconomic factors include the potential end of the US government shutdown by the weekend, 13 measures proposed by the State Council to boost private investment, and a slowdown in US consumer - price inflation in October. - On the supply side, zinc ore imports are rising due to long - term contract ores arriving at ports and refineries' raw material reserves for winter. However, domestic zinc ore processing fees are down, sulfuric acid prices are falling, squeezing smelter profits and limiting refined zinc output growth. Overseas zinc supply is tight, the SHFE - LME ratio has dropped significantly, and the export window has opened, with a shift towards net exports expected. - On the demand side, the traditional peak seasons of "Golden September and Silver October" were lackluster. The real - estate sector is a drag, while the automotive and home - appliance sectors show some policy - supported bright spots. Downstream demand recovery is weak, with spot premiums low and domestic inventories increasing. LME zinc de - stocking is slowing, and spot premiums are high. - Technically, positions are decreasing, prices are adjusting, and the bullish sentiment has weakened slightly. Attention should be paid to the MA10 support. It is recommended to wait and see for now [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the SHFE zinc main contract is 22,675 yuan/ton, up 5 yuan; the spread between the 12 - 01 contracts of SHFE zinc is - 30 yuan/ton, up 10 yuan. - The LME three - month zinc quote is 3,085.5 dollars/ton, up 19 dollars. - The total SHFE zinc open interest is 226,896 lots, down 1,204 lots; the net position of the top 20 in SHFE zinc is 15,406 lots, down 421 lots. - SHFE zinc warehouse receipts are 70,518 tons, up 649 tons; SHFE inventory (weekly) is 100,208 tons, down 3,208 tons; LME inventory is 34,900 tons, unchanged [3]. 3.2现货市场 - The spot price of 0 zinc on the Shanghai Non - ferrous Metals Network is 22,660 yuan/ton, up 90 yuan; the spot price of 1 zinc in the Yangtze River Non - ferrous Metals Market is 22,660 yuan/ton, up 240 yuan. - The basis of the ZN main contract is - 15 yuan/ton, up 85 yuan; the LME zinc cash - 3 months spread is 176.55 dollars/ton, up 24.29 dollars. - The arrival price of 50% zinc concentrate in Kunming is 18,310 yuan/ton, down 20 yuan; the price of 85% - 86% crushed zinc in Shanghai is 16,050 yuan/ton, up 50 yuan [3]. 3.3 Upstream Situation - The WBMS zinc supply - demand balance is - 27,800 tons, down 5,700 tons; the ILZSG zinc supply - demand balance is 47,900 tons, up 17,700 tons. - The global zinc mine production by ILZSG is 1.0976 million tons, up 21,400 tons; domestic refined zinc production is 651,000 tons, up 34,000 tons. - Zinc ore imports are 505,400 tons, up 38,100 tons [3]. 3.4 Industry Situation - Refined zinc imports are 22,677.51 tons, down 2,979.32 tons; refined zinc exports are 2,477.83 tons, up 2,166.92 tons. - Zinc social inventory is 161,700 tons, down 100 tons [3]. 3.5 Downstream Situation - The production of galvanized sheets is 2.32 million tons, up 10,000 tons; the sales of galvanized sheets are 2.28 million tons, down 90,000 tons. - The new housing construction area is 453.99 million square meters, up 55.9799 million square meters; the housing completion area is 311.2888 million square meters, up 34.3534 million square meters. - Automobile production is 3.227 million vehicles, up 474,600 vehicles; air - conditioner production is 18.0948 million units, up 1.276 million units [3]. 3.6 Option Market - The implied volatility of at - the - money zinc call options is 12.23%, up 0.04%; the implied volatility of at - the - money zinc put options is 12.23%, up 0.03%. - The 20 - day historical volatility of at - the - money zinc options is 8.51%, down 0.86%; the 60 - day historical volatility of at - the - money zinc options is 8.98%, down 0.03% [3]. 3.7 Industry News - The State Council's General Office proposed 13 measures to further promote private investment. - The US government shutdown may end before this weekend. The Senate plans to resume deliberation on Monday morning, and bipartisan cooperation is needed to speed up the process. - US consumer - price inflation slowed for the first time in three months in October. - Trump - endorsed Fed nominee Milan believes the government shutdown won't affect his view of the US economy and that a 50 - basis - point rate cut is needed in December [3].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The rapeseed meal market is in a situation of weak supply and demand. Near - month imports of Canadian rapeseed and rapeseed meal are restricted, and oil mills have exhausted their rapeseed stocks with common shutdowns, resulting in less supply pressure. However, the demand for rapeseed meal is weakening due to the decline in aquaculture demand and the substitution of soybean meal [2]. - The rapeseed oil market will continue the de - stocking mode, which supports its price. But the supply of soybean oil is abundant and has a good substitution advantage, so the demand for rapeseed oil is mainly for essential needs. The rapeseed oil futures price has recovered from the low level recently, and short - term observation is recommended [3]. Summary by Relevant Catalogs Futures Market - The latest price of rapeseed oil futures (active contract) is 9587 yuan/ton, up 54 yuan; the latest price of rapeseed meal futures (active contract) is 2527 yuan/ton, down 12 yuan. The 1 - 5 month spread of rapeseed oil is 413 yuan/ton, up 8 yuan; the 1 - 5 month spread of rapeseed meal is 99 yuan/ton, down 24 yuan [2]. - The positions of the main contracts of rapeseed oil and rapeseed meal decreased by 1514 hands and 12225 hands respectively. The net long positions of the top 20 futures holders of rapeseed oil decreased by 701 hands, while that of rapeseed meal increased by 4068 hands [2]. - The number of rapeseed oil warehouse receipts decreased by 926 to 4098, and the number of rapeseed meal warehouse receipts remained unchanged at 2745 [2]. - The closing price of ICE rapeseed futures (active) is 638.7 Canadian dollars/ton, up 4.6 Canadian dollars; the closing price of rapeseed futures (active contract) is 5120 yuan/ton, unchanged [2]. Spot Market - The spot price of rapeseed oil in Jiangsu is 9830 yuan/ton, up 30 yuan; the spot price of rapeseed meal in Nantong is 2530 yuan/ton, down 10 yuan. The average price of rapeseed oil is 9947.5 yuan/ton, up 30 yuan; the import cost of rapeseed is 7886.06 yuan/ton, up 108.76 yuan [2]. - The spot price of rapeseed in Yancheng, Jiangsu is 5700 yuan/ton, unchanged. The oil - meal ratio is 3.8, up 0.02 [2]. - The basis of the main rapeseed oil contract is 243 yuan/ton, down 24 yuan; the basis of the main rapeseed meal contract is 3 yuan/ton, up 2 yuan [2]. Substitute Spot Prices - The spot price of fourth - grade soybean oil in Nanjing is 8440 yuan/ton, up 60 yuan; the spot price difference between rapeseed oil and soybean oil is 1390 yuan/ton, down 30 yuan [2]. - The spot price of 24 - degree palm oil in Guangdong is 8560 yuan/ton, unchanged; the spot price difference between rapeseed oil and palm oil is 1270 yuan/ton, up 30 yuan [2]. - The spot price of soybean meal in Zhangjiagang is 3060 yuan/ton, unchanged; the spot price difference between soybean meal and rapeseed meal is 530 yuan/ton, up 10 yuan [2]. Upstream Situation - The global rapeseed production forecast for the year is 90.96 million tons, up 1.38 million tons; the annual forecast of rapeseed production is 13446 thousand tons, up 1068 thousand tons [2]. - The total rapeseed import volume in the current month is 11.53 million tons, down 13.13 million tons; the import rapeseed crushing profit is 716 yuan/ton, down 41 yuan [2]. - The total inventory of rapeseed in oil mills is 1 million tons, down 1 million tons; the weekly operating rate of imported rapeseed is 0%, down 1.6 percentage points [2]. Industry Situation - The import volume of rapeseed oil and mustard oil in the current month is 16 million tons, up 2 million tons; the import volume of rapeseed meal in the current month is 15.77 million tons, down 5.57 million tons [2]. - The rapeseed oil inventory in coastal areas is 3.8 million tons, down 0.4 million tons; the rapeseed meal inventory in coastal areas is 0.5 million tons, down 0.21 million tons [2]. - The rapeseed oil inventory in East China is 47.8 million tons, down 1.6 million tons; the rapeseed meal inventory in East China is 26.05 million tons, down 0.7 million tons [2]. - The rapeseed oil inventory in Guangxi is 2.4 million tons, down 0.3 million tons; the rapeseed meal inventory in South China is 20.7 million tons, down 0.6 million tons [2]. - The weekly提货量 of rapeseed oil is 1.84 million tons, up 1.49 million tons; the weekly提货量 of rapeseed meal is 0.39 million tons, up 0.17 million tons [2]. Downstream Situation - The monthly output of feed is 3128.7 million tons, up 201.5 million tons; the monthly retail sales of social consumer goods in the catering industry is 4508.6 billion yuan, up 12.9 billion yuan [2]. - The monthly output of edible vegetable oil is 495 million tons, up 44.4 million tons [2]. Option Market - The implied volatility of at - the - money call options for rapeseed meal is 21.41%, down 1.16 percentage points; the implied volatility of at - the - money put options for rapeseed meal is 21.42%, down 1.15 percentage points [2]. - The 20 - day historical volatility of rapeseed meal is 24.7%, down 1.03 percentage points; the 60 - day historical volatility of rapeseed meal is 26.88%, up 0.01 percentage points [2]. - The implied volatility of at - the - money call options for rapeseed oil is 12.2%, down 1.16 percentage points; the implied volatility of at - the - money put options for rapeseed oil is 12.24%, down 1.09 percentage points [2]. - The 20 - day historical volatility of rapeseed oil is 11.67%, down 1.27 percentage points; the 60 - day historical volatility of rapeseed oil is 15.4%, up 0.01 percentage points [2]. Industry News - On November 7 (Friday), ICE rapeseed futures closed higher, supported by speculative positions before the weekend. The January rapeseed futures contract rose 6.30 Canadian dollars to settle at 640 Canadian dollars per ton, up about 0.5% for the week [2]. - As of the week ending November 2, the export volume of Canadian rapeseed increased by 21.2% to 18.84 million tons compared with the previous week. From August 1 to November 2, 2025, the export volume of Canadian rapeseed was 142.33 million tons, a decrease of 54.1% compared with the same period of the previous year [2][3]. - China has agreed to purchase 12 million tons of US soybeans this season and at least 25 million tons per year in the next three years. The optimistic sentiment in the US soybean trade has boosted the US soybean futures price, which is beneficial to the domestic meal market. Recently, the rise of US soybean futures has slowed down [2]. Key Points of Attention - The rapeseed oil - meal inventory in each region and the rapeseed oil - meal operating rate released by Myagric on Monday, and the development of China - Canada trade relations [3]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View 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 Q4 economic fundamentals and have a certain negative impact on the stock market sentiment. Currently, after the disclosure of A-share Q3 reports and with no important domestic meetings scheduled within the month, the market is in a policy and performance vacuum period. In an environment lacking clear trading guidance, the market is expected to show a random walk, and stock index futures will maintain volatility. It is recommended to wait and see for now [2]. 3. Summary by Relevant Catalogs Futures Contract Data - **IF Contracts**: The latest price of the IF (2512) main contract is 4672.0, up 13.0 from the previous period; the IF (2511) sub - main contract is 4686.2, up 13.2. The IF - IH monthly contract spread is 1631.4, down 2.8; IF's quarterly - to - monthly spread for the current quarter is - 46.2, up 0.6, and for the next quarter is - 90.8, down 4.8. The net position of the top 20 in IF is - 26,057.00, down 1661.0 [2]. - **IH Contracts**: The latest price of the IH (2512) main contract is 3054.0, up 13.8; the IH (2511) sub - main contract is 3054.8, up 13.6. The IH quarterly - to - monthly spread for the current quarter is - 5.2, down 1.0, and for the next quarter is - 11.2, unchanged. The net position of the top 20 in IH is - 14,565.00, down 343.0 [2]. - **IC Contracts**: The latest price of the IC (2512) main contract is 7235.8, up 5.0; the IC (2511) sub - main contract is 7302.8, up 10.4. The IC - IF monthly contract spread is 2616.6, down 2.4; the IC - IH monthly contract spread is 4248.0, down 5.2. The IC quarterly - to - monthly spread for the current quarter is - 237.8, down 7.2, and for the next quarter is - 428, down 11.0. The net position of the top 20 in IC is - 21,784.00, down 2150.0 [2]. - **IM Contracts**: The latest price of the IM (2512) main contract is 7421.0, up 9.4; the IM (2511) sub - main contract is 7508.8, up 16.2. The IM - IC monthly contract spread is 206.0, up 4.6; the IM - IF monthly contract spread is 2822.6, up 2.2; the IM - IH monthly contract spread is 4454.0, down 0.6. The IM quarterly - to - monthly spread for the current quarter is - 309.6, down 7.2, and for the next quarter is - 524.6, down 6.2. 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Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - The economic fundamentals continue to recover, and the implementation of broad fiscal policies requires a low - interest - rate environment. The market expects the central bank to purchase medium - and short - term bonds, which may lead to a decline in short - term interest rates and potentially drive long - term interest rates down. However, there is a potential suppression of long - term interest rates due to the recovery of risk appetite. It is recommended to try to go long on dips [2]. Group 3: Summary by Directory 1. Futures Market - **Futures Prices and Volumes**: T, TF, and TL main contract closing prices rose by 0.01%, 0.02%, and 0.22% respectively, while TS remained unchanged. T and TF trading volumes increased by 3915 and 4624 respectively, while TS and TL decreased by 1360 and 3686 respectively [2]. - **Futures Spreads**: Some spreads changed, such as the TL2512 - 2603 spread increasing by 0.01, while others like T2512 - 2603 decreased by 0.03 [2]. - **Futures Positions**: T, TL main contract positions increased, while TF and TS decreased. The net short positions of the top 20 in T, TF, TS, and TL all increased [2]. 2. CTD and Active Bonds - **CTD Bonds**: The net prices of some CTD bonds changed, with 220017.IB decreasing by 0.1562 and 250018.IB increasing by 0.0390 [2]. - **Active Bonds**: The yields of 1 - year, 3 - year, and 5 - year active bonds decreased by 0.25bp, 0.25bp, and 0.10bp respectively, while the 7 - year and 10 - year yields increased by 0.25bp and 0.50bp respectively [2]. 3. Interest Rates - **Short - term Interest Rates**: Silver - pledged overnight, 7 - day, and 14 - day rates, as well as Shibor overnight, 7 - day, and 14 - day rates all increased [2]. - **LPR Rates**: The 1 - year and 5 - year LPR rates remained unchanged [2]. 4. Open Market Operations - The central bank conducted reverse - repurchase operations. The issuance scale was 1199 billion yuan, and the expiration scale was 783 billion yuan, with an interest rate of 1.4% for 7 - day reverse - repurchase [2]. 5. Industry News - **Domestic**: In October, CPI increased both month - on - month and year - on - year, core CPI improved, PPI increased month - on - month for the first time this year, and the year - on - year decline narrowed. The total value of goods trade in the first 10 months increased by 3.6% year - on - year, and in October, exports decreased by 0.8% while imports increased by 1.4% [2]. - **Overseas**: The US Senate reached an agreement to end the government shutdown. The US 10 - month ISM services PMI reached an 8 - month high, but the manufacturing PMI was far below expectations. The ADP employment increase in October was 42,000, exceeding expectations, but the previous value was revised down significantly [2].