Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The Indonesian government's PNBP policy restricts issuance, increasing the cost of nickel resource supply, and the premium of domestic trade ore remains stable. The supply of nickel ore from the Philippines is high, but the grade of nickel ore is decreasing, and the domestic nickel ore inventory is lower than the same period last year. - Newly - invested electrolytic nickel projects are being put into production slowly. Due to low nickel prices and cost - end pressure, some smelters are incurring losses and reducing production. Thus, the growth of refined nickel production is expected to be limited. - Stainless steel mills show the characteristic of a lackluster peak season, but the price of ferronickel has fallen, improving the profit of steel mills, and the planned production volume is expected to increase. The production and sales of new energy vehicles continue to rise, and ternary batteries contribute a small incremental demand. - Domestic nickel inventory continues to grow, the market mainly purchases on demand, and the spot premium rises; the LME inventory overseas also shows an increase. It is expected that the nickel price will fluctuate weakly. Technically, the position increases while the price falls, the bearish sentiment heats up, and the lower limit of the range is being tested. It is recommended to wait and see for the time being, or short when the price rebounds, and pay attention to the MA10 pressure [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai nickel is 119,680 yuan/ton, with a week - on - week increase of 240 yuan/ton; the spread between the December - January contracts of Shanghai nickel is - 170 yuan/ton, unchanged from the previous period. - The price of LME 3 - month nickel is 15,020 US dollars/ton, with a week - on - week decrease of 35 US dollars/ton; the position of the main contract of Shanghai nickel is 117,784 lots, with a week - on - week decrease of 4,095 lots. - The net long position of the top 20 futures holders of Shanghai nickel is - 34,356 lots, with a week - on - week increase of 1,298 lots; the LME nickel inventory is 253,104 tons, unchanged from the previous period. - The inventory of nickel in the Shanghai Futures Exchange is 37,187 tons, with a week - on - week increase of 436 tons; the total cancelled warrants of LME nickel is 13,734 tons, unchanged from the previous period. - The warehouse receipt quantity of Shanghai nickel is 32,533 tons, with a week - on - week decrease of 101 tons [3]. 3.2现货市场 - The spot price of SMM 1 nickel is 121,200 yuan/ton, with a week - on - week increase of 300 yuan/ton; the average spot price of 1 nickel plate in the Yangtze River Non - ferrous Metals Market is 121,400 yuan/ton, with a week - on - week increase of 400 yuan/ton. - The CIF (bill of lading) price of Shanghai electrolytic nickel is 85 US dollars/ton, unchanged from the previous period; the bonded warehouse (warehouse receipt) price of Shanghai electrolytic nickel is 85 US dollars/ton, unchanged from the previous period. - The average price of battery - grade nickel sulfate is 27,500 yuan/ton, with a week - on - week decrease of 300 yuan/ton; the basis of the main NI contract is 1,520 yuan/ton, with a week - on - week increase of 60 yuan/ton. - The LME nickel (spot/three - month) premium is - 191.38 US dollars/ton, with a week - on - week increase of 7.81 US dollars/ton [3]. 3.3 Upstream Situation - The monthly import volume of nickel ore is 611.45 million tons, with a month - on - month decrease of 23.22 million tons; the total port inventory of nickel ore is 1,481.66 million tons, with a week - on - week increase of 2.56 million tons. - The average monthly import unit price of nickel ore is 56.72 US dollars/ton, with a month - on - month decrease of 4.61 US dollars/ton; the tax - included price of Indonesian laterite nickel ore with 1.8% Ni is 41.71 US dollars/wet ton, unchanged from the previous period [3]. 3.4 Industry Situation - The monthly output of electrolytic nickel is 29,430 tons, with a month - on - month increase of 1,120 tons; the total monthly output of ferronickel is 21,700 metal tons, with a month - on - month decrease of 300 metal tons. - The monthly import volume of refined nickel and alloys is 28,570.87 tons, with a month - on - month increase of 4,144.03 tons; the monthly import volume of ferronickel is 1.0853 million tons, with a month - on - month increase of 0.2112 million tons [3]. 3.5 Downstream Situation - The monthly output of 300 - series stainless steel is 1.7627 million tons, with a month - on - month increase of 0.0248 million tons; the total weekly inventory of 300 - series stainless steel is 0.5708 million tons, with a week - on - week decrease of 0.01 million tons [3]. 3.6 Industry News - In October, policies to expand domestic demand continued to show results. Driven by the National Day and Mid - Autumn Festival holidays, the CPI increased by 0.2% month - on - month and 0.2% year - on - year. The core CPI excluding food and energy prices increased by 1.2% year - on - year, and the growth rate has been expanding for the 6th consecutive month. The PPI turned from flat to an increase of 0.1% month - on - month in October, the first increase this year, and the year - on - year decline continued to narrow. - The US Bureau of Labor Statistics not only postponed the release of the CPI report but also suspended the offline data collection work. Although the market still tends to expect an interest rate cut in December, the lack of official data may give policymakers who are worried about the resurgence of inflation a sufficient reason to keep interest rates unchanged next month. - In October, China's exports denominated in US dollars decreased by 1.1% year - on - year, and imports increased by 1% year - on - year; soybean imports reached a record high for the same period, while the import volume and price of refined oil, natural gas, and coal both decreased, and rare - earth exports ended three consecutive months of decline. - According to the Passenger Car Association, China's retail sales of narrow - sense passenger cars decreased by 0.8% year - on - year and 0.1% month - on - month in October. China's retail sales of new energy vehicles increased by 7.3% year - on - year and decreased by 1.3% month - on - month in October [3].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The ru2601 contract is expected to fluctuate in the range of 14,700 - 15,220 in the short - term, and the nr2601 contract is expected to fluctuate in the range of 11,800 - 12,200 in the short - term [2] - The overall inventory accumulation rate of Qingdao Port has narrowed compared to the previous period. The bonded warehouse shows a slight destocking, while the general trade warehouse continues to accumulate inventory. In the short term, the natural rubber inventory in Qingdao may still be in an inventory accumulation state [2] Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the main Shanghai rubber contract is 15,110 yuan/ton, up 115 yuan; the closing price of the main 20 - grade rubber contract is 12,165 yuan/ton, up 130 yuan [2] - The 1 - 5 spread of Shanghai rubber is - 75 yuan/ton, unchanged; the 12 - 1 spread of 20 - grade rubber is - 20 yuan/ton, down 15 yuan [2] - The spread between Shanghai rubber and 20 - grade rubber is 2,945 yuan/ton, down 15 yuan [2] - The positions of the main Shanghai rubber contract decreased by 187 hands to 140,848 hands; the positions of the main 20 - grade rubber contract decreased by 1,340 hands to 69,351 hands [2] - The net positions of the top 20 in Shanghai rubber decreased by 885 to - 33,178; the net positions of the top 20 in 20 - grade rubber decreased by 708 to - 10,665 [2] - The exchange warehouse receipts of Shanghai rubber decreased by 650 tons to 118,320 tons; the exchange warehouse receipts of 20 - grade rubber increased by 2,319 tons to 50,905 tons [2] Spot Market - The price of state - owned full - latex in the Shanghai market is not provided in a comparable way; the price of Thai standard STR20 is 1,455 US dollars/ton, unchanged; the price of Shanghai market Vietnamese 3L is not provided clearly; the price of Malaysian standard SMR20 is 1,500 US dollars/ton, unchanged [2] - The price of Thai RMB mixed rubber is 14,550 yuan/ton, down 30 yuan; the price of Malaysian RMB mixed rubber is 14,500 yuan/ton, down 30 yuan [2] - The price of Qilu Petrochemical's styrene - butadiene 1502 is 10,400 yuan/ton, unchanged; the price of Qilu Petrochemical's butadiene BR9000 is 10,200 yuan/ton, unchanged [2] - The basis of Shanghai rubber is - 560 yuan/ton, down 115 yuan; the non - standard product basis of the main Shanghai rubber contract is - 445 yuan/ton, up 20 yuan [2] - The price of 20 - grade rubber in the Qingdao market is 12,928 yuan/ton, down 40 yuan; the basis of the main 20 - grade rubber contract is 763 yuan/ton, down 170 yuan [2] Upstream Situation - The market reference price of Thai raw rubber (smoked sheet) is 58.95 Thai baht/kg, up 0.2 Thai baht; the market reference price of Thai raw rubber (film) is 55.55 Thai baht/kg, up 0.2 Thai baht [2] - The market reference price of Thai raw rubber (glue) is 56.3 Thai baht/kg, unchanged; the market reference price of Thai raw rubber (cup rubber) is 51.9 Thai baht/kg, down 1.4 Thai baht [2] - The theoretical production profit of RSS3 is 130.6 US dollars/ton, down 43.8 US dollars; the theoretical production profit of STR20 is - 23.4 US dollars/ton, down 30 US dollars [2] - The monthly import volume of technically specified natural rubber is 122,600 tons, up 9,500 tons; the monthly import volume of mixed rubber is 317,500 tons, up 49,100 tons [2] - The weekly operating rate of all - steel tires is 65.46%, up 0.12 percentage points; the weekly operating rate of semi - steel tires is 73.67%, up 0.26 percentage points [2] Downstream Situation - The inventory days of all - steel tires in Shandong are 39.2 days, up 0.19 days; the inventory days of semi - steel tires in Shandong are 45.05 days, up 0.23 days [2] - The monthly output of all - steel tires is 13.14 million pieces, up 110,000 pieces; the monthly output of semi - steel tires is 60.25 million pieces, up 2.19 million pieces [2] Option Market - The 20 - day historical volatility of the underlying is 19.36%, down 0.08 percentage points; the 40 - day historical volatility of the underlying is 19.26%, down 0.06 percentage points [2] - The implied volatility of the at - the - money call option is 21.03%, down 0.09 percentage points; the implied volatility of the at - the - money put option is 21.03%, down 0.09 percentage points [2] Industry News - In October 2025, China's heavy - truck market sold about 93,000 vehicles (wholesale basis), a month - on - month decrease of about 12% compared to September and a year - on - year increase of about 40%. From January to October 2025, the cumulative sales of China's heavy - truck market exceeded 900,000 vehicles, reaching 916,000 vehicles, a year - on - year increase of about 22% [2] - As of November 9, 2025, the total inventory of natural rubber in bonded and general trade in Qingdao is 449,500 tons, a month - on - month increase of 1,800 tons, an increase of 0.40%. The bonded area inventory is 67,800 tons, a decrease of 0.74%; the general trade inventory is 381,700 tons, an increase of 0.60% [2] - As of November 6, the capacity utilization rate of China's semi - steel tire sample enterprises is 72.89%, a month - on - month increase of 0.77 percentage points and a year - on - year decrease of 7.03 percentage points; the capacity utilization rate of all - steel tire sample enterprises is 65.37%, a month - on - month increase of 0.03 percentage points and a year - on - year increase of 6.51 percentage points [2]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - The raw material cost has decreased due to the PNBP policy in Indonesia restricting nickel resource supply and increasing costs, while the high production of Indonesian ferronickel is expected to increase the return volume to China and lead to an obvious decline in ferronickel prices. The supply pressure of stainless steel is expected to increase as steel mills' production profits are restored, and production schedules are likely to rise at the end of the traditional consumption peak season with expectations of infrastructure and real - estate demand. However, the downstream demand shows a weak peak - season characteristic, with low market purchasing willingness and general inquiry and transaction performance, resulting in a slight increase in the national stainless - steel social inventory. Technically, with increasing positions and falling prices, the short - selling sentiment is strong, showing a downward - channel trend, and the support at 12,400 should be watched. It is recommended to wait and see or adopt a strategy of short - selling on rallies, paying attention to the MA30 pressure [2]. Summary by Relevant Catalogs Futures Market - The closing price of the stainless - steel futures main contract is 12,605 yuan/ton, up 40 yuan; the 12 - 01 contract spread is - 5 yuan/ton, unchanged; the net long position of the top 20 futures holders is - 9,121 lots, down 690 lots; the main - contract position is 46,429 lots; the warehouse receipt quantity is 72,031 tons, down 60 tons [2]. 现货市场 - The price of 304/2B cut - edge coils 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 415 yuan/ton, down 40 yuan [2]. Upstream Situation - The monthly electrolytic nickel production is 29,430 tons, up 1,120 tons; the total monthly ferronickel production is 2.17 million metal tons, down 0.03 million 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 0.2112 million tons; the SMM1 nickel spot price is 121,200 yuan/ton, up 300 yuan; the average price of ferronickel (7 - 10%) nationwide is 920 yuan/nickel point, unchanged; the monthly Chinese ferrochrome production is 75.78 million tons, down 2.69 million tons [2]. Industry Situation - The monthly 300 - series stainless - steel production is 1.7627 million tons, up 0.0248 million tons; the weekly total inventory of 300 - series stainless steel is 0.5708 million tons, down 0.01 million tons; the monthly stainless - steel export volume is 0.4585 million tons, down 0.0295 million 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 26,200 units, down 500 units; the monthly output of small tractors is 10,000 units, up 1,000 units [2]. Industry News - In October, policies to expand domestic demand continued to show effects. Driven by the National Day and Mid - Autumn Festival holidays, the CPI rose 0.2% month - on - month and 0.2% year - on - year. The core CPI excluding food and energy prices rose 1.2% year - on - year, with the increase expanding for the 6th consecutive month. The PPI turned from flat to a 0.1% month - on - month increase in October, the first increase this year, and the year - on - year decline continued to narrow. The US Bureau of Labor Statistics postponed the release of the CPI report and suspended offline data collection. Although the market still expects a rate cut in December, the lack of official data may give policymakers worried about inflation a reason to keep interest rates unchanged next month. China's exports in October denominated in US dollars decreased 1.1% year - on - year, while imports increased 1% year - on - year. Soybean imports reached a record high for the same period, while the import volume and price of refined oil, natural gas, and coal both declined, and rare - earth exports ended three consecutive months of decline. China's retail sales of narrow - sense passenger cars in October decreased 0.8% year - on - year and 0.1% month - on - month, while new - energy vehicle retail sales increased 7.3% year - on - year and decreased 1.3% month - on - month [2]. Key Points to Watch - There is no news today [2]

Market Overview - The diversified financial sector increased by 1.01% on November 10, with Ruida Futures leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Stock Performance - Ruida Futures (002961) closed at 25.11, up 9.99% with a trading volume of 242,800 shares and a transaction value of 584 million yuan [1] - Nanhua Futures (603093) closed at 20.26, up 3.74% with a trading volume of 86,200 shares and a transaction value of 172 million yuan [1] - Yong'an Futures (600927) closed at 15.68, up 3.70% with a trading volume of 98,700 shares and a transaction value of 153 million yuan [1] - Jiangsu Jinzu (106009) closed at 6.39, up 3.57% with a trading volume of 412,100 shares and a transaction value of 261 million yuan [1] - Other notable stocks include Electric Current Adjustment (600830) up 3.41% and Bohai Leasing (000415) up 2.79% [1] Capital Flow - The diversified financial sector experienced a net outflow of 89.37 million yuan from institutional investors, while retail investors saw a net inflow of 140 million yuan [2][3] - Major stocks like Ruida Futures and Electric Current Adjustment had significant net inflows from institutional investors, while others like Nanhua Futures and New Power Finance saw net outflows from retail investors [3]

Market Overview - The Shanghai Composite Index closed at 4018.60 points, above the five-day moving average, with a gain of 0.53% [1] - The total trading volume of A-shares reached 2,194.371 billion yuan [1] Stocks Performance - A total of 1,028 A-shares have surpassed the five-day moving average today [1] - Notable stocks with significant deviation rates include: - Jindike (金迪克) with a deviation rate of 13.94% and a daily increase of 20.01% [1] - Online and Offline (线上线下) with a deviation rate of 11.70% and a daily increase of 20.00% [1] - Taipeng Intelligent (泰鹏智能) with a deviation rate of 10.05% and a daily increase of 13.62% [1] Additional Stocks with Notable Performance - Other stocks with notable performance include: - Zhongfutong (中富通) with a daily increase of 12.67% and a deviation rate of 8.54% [1] - Peking University Pharmaceutical (北大医药) with a daily increase of 10.02% and a deviation rate of 7.89% [1] - Dike Co., Ltd. (帝科股份) with a daily increase of 10.95% and a deviation rate of 7.85% [1] Summary of Deviation Rates - The report includes a detailed ranking of stocks based on their deviation rates from the five-day moving average, highlighting both high and low performers [1][2]

Core Viewpoint - As of November 10, 2025, Ruida Futures (002961) closed at 25.11 yuan, marking a 9.99% increase and hitting the daily limit, with a turnover rate of 5.46% and a trading volume of 242,800 lots, amounting to a transaction value of 584 million yuan [1] Fund Flow Summary - On November 10, 2025, the net inflow of main funds was 142 million yuan, accounting for 24.39% of the total transaction value, while retail funds experienced a net outflow of 98.24 million yuan, representing 16.84% of the total transaction value [1] - Over the past five days, the stock has seen fluctuations in fund flows, with notable changes on November 7, where the main funds had a net outflow of 28.31 million yuan, and retail funds had a net inflow of 22.92 million yuan [2] Company Performance Metrics - Ruida Futures has a total market value of 11.175 billion yuan, with a net asset of 3.148 billion yuan and a net profit of 386 million yuan, ranking 15th in the multi-financial industry [3] - The company reported a 2.87% year-on-year decline in main revenue for the first three quarters of 2025, totaling 1.621 billion yuan, while the net profit increased by 42.15% to 386 million yuan [3] - The third quarter of 2025 showed a single-quarter main revenue of 575 million yuan, down 13.91% year-on-year, but the net profit rose by 17.41% to 158 million yuan [3] Analyst Ratings - In the last 90 days, four institutions have provided ratings for the stock, with three giving a "buy" rating and one an "increase" rating, while the average target price set by institutions is 29.88 yuan [4]

（文章来源：每日经济新闻） 每经AI快讯，11月10日，A股多元金融板块短线走高，瑞达期货涨停，江苏金租、永安期货、南华期 货、弘业期货、渤海租赁等个股跟涨。 ...

1. Report Industry Investment Rating - There is no relevant information provided in the report. 2. Core Views of the Report - **For Rapeseed Oil**: The short - term strategy is to wait and see. The futures price of rapeseed oil fluctuated and closed higher this week. Although the supply of Canadian rapeseed is under pressure, the agreement between Canada and Pakistan on rapeseed export provides support. Domestically, the supply of imported rapeseed in the near - term is tight, and oil mills' rapeseed stocks are exhausted, leading to a de - stocking mode for rapeseed oil, which supports its price. However, the abundant supply of soybean oil and its good substitution advantage limit the demand for rapeseed oil to mainly rigid demand. The rapeseed oil futures price has recovered from its low level recently [7][8]. - **For Rapeseed Meal**: The short - term strategy is to participate on the long side. The futures price of rapeseed meal rose significantly this week. The optimistic sentiment in the US soybean trade boosts the price of US soybean futures, which is beneficial to the domestic meal market through cost transmission. Domestically, the import of Canadian rapeseed and rapeseed meal in the near - term is restricted, and the supply pressure is small. But the demand for rapeseed meal from aquaculture is weakening, and the abundant supply of soybeans and good substitution advantage of soybean meal weaken the demand expectation. The rapeseed meal market is in a situation of both weak supply and demand. Recently, the prices of both rapeseed meal and soybean meal have rebounded from their lows and strengthened in the short - term [10][11]. 3. Summary According to the Directory 3.1. Week - to - Week Summary - **Rapeseed Oil**: The 01 contract closed at 9533 yuan/ton, up 111 yuan/ton from the previous week. The short - term strategy is to wait and see [7][8]. - **Rapeseed Meal**: The 01 contract closed at 2539 yuan/ton, up 151 yuan/ton from the previous week. The short - term strategy is to participate on the long side [10][11]. 3.2. Futures and Spot Market - **Futures Price and Position**: Rapeseed oil futures fluctuated slightly higher at a low level this week, with a total position of 210,490 lots, down 10,248 lots from last week. Rapeseed meal futures strengthened significantly, with a total position of 463,486 lots, up 120,043 lots from last week [16]. - **Top 20 Net Positions**: The top 20 net positions of rapeseed oil futures changed from net long to net short, with a net position of - 8654 this week compared to + 2459 last week. The top 20 net positions of rapeseed meal futures changed from net short to net long, with a net position of + 26405 this week compared to - 88865 last week [22]. - **Futures Warehouse Receipts**: The registered warehouse receipts of rapeseed oil are 5024 lots, and those of rapeseed meal are 2745 lots [29][30]. - **Spot Price and Basis**: The spot price of rapeseed oil in Jiangsu is 9850 yuan/ton, slightly rising from last week, and the basis between the active contract futures price and the spot price is + 317 yuan/ton. The price of rapeseed meal in Nantong, Jiangsu is 2540 yuan/ton, continuing to rise from last week, and the basis between the spot price in Jiangsu and the active contract futures price is + 1 yuan/ton [37][43]. - **Futures Inter - month Spread**: The 1 - 5 spread of rapeseed oil is + 405 yuan/ton, at a medium level in the same period in recent years. The 1 - 5 spread of rapeseed meal is + 123 yuan/ton, at a medium - high level in the same period in recent years [48]. - **Futures - Spot Ratio**: The ratio of the 01 contract of rapeseed oil and rapeseed meal is 3.755, and the average spot price ratio is 3.75 [51]. - **Price Spread between Rapeseed Oil and Other Oils/Meals**: The 01 contract spread between rapeseed oil and soybean oil is 1349 yuan/ton, with little change this week. The 01 contract spread between rapeseed oil and palm oil is 873 yuan/ton, slightly widening this week. The 01 contract spread between soybean meal and rapeseed meal is 519 yuan/ton, and the spot spread as of Thursday is 510 yuan/ton [61][67]. 3.3. Industry Situation - **Rapeseed Supply**: As of October 31, 2025, the total inventory of rapeseed in oil mills is 10,000 tons. The estimated arrival volumes of rapeseed in October, November, and December 2025 are 65,000 tons, 10,000 tons, and 620,000 tons respectively. As of November 6, the spot crushing profit of imported rapeseed is + 1145 yuan/ton. As of the 44th week of 2025, the crushing volume of rapeseed in major coastal oil mills is 6000 tons, up 2000 tons from last week, and the weekly startup rate is 1.47%. In September 2025, the total import volume of rapeseed is 115,300 tons, a year - on - year decrease of 691,600 tons (85.71%) and a month - on - month decrease of 131,400 tons [73][77][85]. - **Rapeseed Oil Supply and Demand**: As of the 44th week of 2025, the inventory of imported and crushed rapeseed oil is 573,000 tons, a week - on - week decrease of 28,000 tons (4.72%). In September 2025, the total import volume of rapeseed oil is 156,600 tons, a year - on - year increase of 10,200 tons (6.99%) and a month - on - month increase of 19,000 tons. As of September 30, 2025, the monthly output of edible vegetable oil is 4.95 million tons, and the monthly catering revenue is 450.86 billion yuan. As of the 44th week of 2025, the contract volume of imported and crushed rapeseed oil is 45,000 tons, a week - on - week increase of 10,000 tons (27.30%) [89][93][97]. - **Rapeseed Meal Supply and Demand**: As of the 44th week of 2025, the inventory of imported and crushed rapeseed meal is 7000 tons, a week - on - week decrease of 1000 tons (6.67%). In September 2025, the total import volume of rapeseed meal is 157,700 tons, a year - on - year decrease of 64,700 tons (29.08%) and a month - on - month decrease of 55,700 tons. As of September 30, 2025, the monthly output of feed is 3.1287 million tons [101][105][109]. 3.4. Options Market Analysis - As of November 7, the implied volatility of rapeseed meal options is 21.1%, a decrease of 1.03% from 22.13% last week, and it is slightly lower than the 20 - day, 40 - day, and 60 - day historical volatility of the underlying asset [114].

Group 1: Report Industry Investment Rating - Not provided in the document Group 2: Core Viewpoints of the Report - This week, the freight index (European Line) futures prices showed mixed trends. The main contract EC2512 closed down 3.71%, and the far - month contracts had fluctuations ranging from - 1% to 1%. The latest SCFIS European Line settlement freight rate index was 1208.71, down 104 points from last week, a 7.9% week - on - week decline, indicating weakened freight rate support [6][40]. - Although the Sino - US economic and trade consultations in Kuala Lumpur achieved positive results and improved the market's expectations for the trade war situation, the positive impact has not yet reached China's demand side. China's manufacturing PMI data in October declined seasonally, and the new export order index dropped significantly. In October, China's exports decreased by 1.1% year - on - year, far lower than the expected 3%, reflecting that the recovery foundation of terminal transportation demand is not solid [6][40]. - Mainstream shipping companies have issued price increase notices for November, and Maersk's price - holding in mid - to - late October was basically successful, boosting market confidence in the November price increase [6][40]. - The Middle East situation, especially the Israel - Palestine conflict, is in a delicate and unstable stage, delaying the expected resumption of navigation in the Red Sea. The better - than - expected German economy has boosted market confidence and stimulated the economic recovery of the Eurozone. If the proposed fiscal expansion policy of the new German government has more specific details, it will enhance investors' confidence in the medium - term growth of the Eurozone [6][40]. - Overall, although the trade war situation has improved and there is a turning point in geopolitical conflicts, it has not affected the trade side yet. China's export performance in October was poor, and freight rates lack support. With the arrival of the peak shipping season in the fourth quarter, the demand side may pick up. The current freight rate market is greatly affected by news, and futures prices are expected to fluctuate more. Investors are advised to be cautious, pay attention to operation rhythm and risk control, and track geopolitical, shipping capacity, and cargo volume data in a timely manner [7][41] Group 3: Summary by Directory 1. Market Review - The main contract price of the freight index (European Line) futures declined slightly this week. The EC2512 contract's trading volume and open interest decreased, and the market trading was cold. The specific price and trading volume data of each contract are as follows: EC2512 closed at 1812.00, down 3.71%; EC2602 closed at 1592.00, up 0.52%; EC2604 closed at 1164.60, down 1.05%; EC2606 closed at 1376.10, down 1.28%; EC2608 closed at 1499.20, up 0.42%; EC2610 closed at 1133.40, down 0.18%. The SCFIS index closed at 1208.71, down 7.9% [9][10][13] 2. News Review and Analysis - Positive news: China announced specific measures to implement the consensus of the Sino - US economic and trade consultations in Kuala Lumpur, including canceling some tariffs on US - made goods and other measures [20]. - Negative news: The US federal government's "shutdown" has reached 36 days, which may reduce the fourth - quarter economic growth rate by up to 2 percentage points. If the deadlock continues until Thanksgiving week, about $14 billion in economic losses will be irreparable. Also, the US Treasury Secretary mentioned the possibility of imposing additional tariffs on China if China restricts rare - earth exports [20]. - Neutral news: A 2026 Federal Reserve voting member said that high inflation levels are not conducive to further interest - rate cuts, and the current reason for further policy action is not obvious [20] 3. Weekly Market Data - The basis of the freight index (European Line) futures contracts shrank, and the spread widened this week. The export container freight rate index declined. Global container shipping capacity continued to increase, while European Line shipping capacity decreased slightly under the guidance of shipping company blank sailings. The BDI and BPI declined due to geopolitical factors. The charter price of Panamax ships fluctuated at a high level, and the spread between the offshore and on - shore RMB against the US dollar narrowed [27][31][32] 4. Market Outlook and Strategy - The same as the core viewpoints of the report, including the price trends of futures contracts, the impact of economic and trade consultations, the fundamentals of demand, the price - increase expectations of shipping companies, the geopolitical situation, market expectations, and investment suggestions [40][41]

Report Summary 1. Investment Rating The report does not provide an investment rating for the industry. 2. Core Viewpoints - For corn, in the short - term, it is advised to adopt a volatile mindset. The US corn harvest is advancing, increasing supply pressure, but the rise of US soybeans and wheat provides external support. In the domestic market, there is a large supply, but rigid demand exists, and the expansion of China Grain Reserves Corporation's procurement has boosted the enthusiasm of traders. The corn futures price generally fluctuated and closed higher this week [10]. - For corn starch, in the short - term, it is also recommended to take a volatile approach. The supply of raw corn is abundant, and the industry's operating rate is rising, increasing supply - side pressure. Downstream orders and pick - ups have slowed slightly, and inventory has increased slightly. Starch futures also fluctuated and closed higher in sync with the corn market this week [14]. 3. Summary by Directory 3.1 Weekly Highlights Summary - **Corn**: - **Strategy**: Adopt a short - term volatile mindset [9]. - **Review**: The main 2601 contract of corn futures closed higher in a low - level oscillation, with a closing price of 2149 yuan/ton, up 19 yuan/ton from last week [10]. - **Outlook**: By November 2, the US corn harvest was 83% complete. As the US corn harvest progresses, supply pressure will increase, but the rise of US soybeans and wheat provides support. In the domestic market, the main producing areas are in the stage of releasing sales pressure, with sufficient supply. Feed and deep - processing rigid demand exists, and the expansion of procurement by China Grain Reserves Corporation has boosted traders' enthusiasm [10]. - **Corn Starch**: - **Strategy**: Adopt a short - term volatile mindset [13]. - **Review**: The main 2601 contract of Dalian corn starch futures oscillated narrowly, with a closing price of 2462 yuan/ton, down 1 yuan/ton from last week [14]. - **Outlook**: With the increase in the listing volume of new - season corn, the supply of raw corn is abundant. The processing profit of enterprises has recovered, the industry's operating rate has continued to rise, and supply - side pressure has increased. Downstream orders and pick - ups have slowed slightly, and inventory has increased slightly. As of November 5, the total starch inventory of national corn starch enterprises was 113.8 tons, up 1.00 tons from last week, with a weekly increase of 0.89%, a monthly increase of 0.89%, and a year - on - year increase of 33.26% [14]. 3.2 Futures and Spot Market - **Futures Price and Position Changes**: - Corn futures' January contract closed higher in a low - level oscillation, with a total position of 977019 lots, an increase of 45868 lots from last week [20]. - Corn starch futures' January contract closed higher in an oscillation, with a total position of 226082 lots, an increase of 14599 lots from last week [20]. - **Top Twenty Net Position Changes**: - The top twenty net position of corn futures was - 118210, compared with - 79110 last week, with an increase in net short positions [26]. - The top twenty net position of starch futures was - 58773, compared with - 54866 last week, with a slight increase in net short positions [26]. - **Futures Warehouse Receipts**: - The registered warehouse receipts of yellow corn were 66351 lots [32]. - The registered warehouse receipts of corn starch were 12453 lots [32]. - **Spot Prices and Basis**: - As of November 6, 2025, the average spot price of corn was 2236.47 yuan/ton, and the basis between the active January contract of corn futures and the average spot price was + 87 yuan/ton [37]. - The spot price of corn starch in Jilin was 2600 yuan/ton, and in Shandong was 2750 yuan/ton, with relatively stable prices this week. The basis between the January contract of corn starch futures and the spot price in Changchun, Jilin was 138 yuan/ton [42]. - **Futures Inter - monthly Spread Changes**: - The 1 - 3 spread of corn was - 28 yuan/ton, at a relatively low level in the same period [48]. - The 1 - 3 spread of starch was - 10 yuan/ton, at a medium level in the same period [48]. - **Futures Spread Changes**: - The spread between the January contracts of starch and corn was 313 yuan/ton. As of Thursday this week, the spread between Shandong corn and corn starch was 524 yuan/ton, a decrease of 90 yuan/ton from last week [57]. - **Substitute Spread Changes**: - As of November 6, 2025, the average spot price of wheat was 2487.67 yuan/ton, and the average spot price of corn was 2236.47 yuan/ton, with a wheat - corn spread of 251.2 yuan/ton [62]. - In the 45th week of 2025, the average spread between tapioca starch and corn starch was 322 yuan/ton, an increase of 31 yuan/ton from last week [62]. 3.3 Industry Chain Situation - **Corn - Supply Side**: - **Inventory in North and South Ports**: As of October 31, 2025, the domestic trade corn inventory in Guangdong Port was 42.5 tons, an increase of 15.50 tons from last week; the foreign trade inventory was 31.7 tons, a decrease of 2.00 tons from last week. The total corn inventory in the four northern ports was 102.1 tons, a week - on - week increase of 7.6 tons; the shipping volume of the four northern ports that week was 71.6 tons, a week - on - week decrease of 17.20 tons [52]. - **Domestic Corn Sales Progress**: As of November 6, 2025, the total sales progress of domestic corn was 22%, a year - on - year increase of 3%. The sales progress in Northeast China was 18%, a year - on - year increase of 3%; in North China was 20%, a year - on - year increase of 1%; in Northwest China was 42%, a year - on - year increase of 4% [64]. - **Monthly Import Arrivals**: In September 2025, China's total corn imports were 56562.26 tons, a decrease of 256532.84 tons from the same period last year, a year - on - year decrease of 81.93%, and a month - on - month increase of 20404.55 tons from the previous month [68]. - **Feed Enterprises' Corn Inventory Days**: As of November 6, the average inventory of national feed enterprises was 24.88 days, an increase of 0.78 days from last week, a week - on - week increase of 3.24%, and a year - on - year decrease of 12.89% [72]. - **Corn - Demand Side**: - **Pig and Breeding Sow Inventory Changes**: At the end of the third quarter, the national pig inventory was 436.8 million heads, an increase of 9.86 million heads year - on - year, a growth of 2.3%, and an increase of 12.33 million heads quarter - on - quarter, a growth of 2.9%. Among them, the breeding sow inventory was 40.35 million heads, a decrease of 0.28 million heads year - on - year, a decrease of 0.7%, and a decrease of 0.09 million heads quarter - on - quarter, a slight decrease of 0.2% [76]. - **Breeding Profit Changes**: As of October 31, 2025, the breeding profit of self - bred and self - raised pigs was - 89.33 yuan/head, and the breeding profit of purchased piglets was - 179.72 yuan/head [80]. - **Starch and Alcohol Enterprises' Profit Changes**: As of November 6, 2025, the corn starch processing profit in Jilin was 114 yuan/ton. The corn alcohol processing profit in Henan was - 292 yuan/ton, in Jilin was - 429 yuan/ton, and in Heilongjiang was - 233 yuan/ton [84]. - **Corn Starch - Supply Side**: - **Enterprise Inventory**: As of November 5, 2025, the total corn inventory of 96 major corn deep - processing enterprises was 279.5 tons, a decrease of 1.13% from last week and a year - on - year decrease of 16.47% [88]. - **Starch Enterprises' Operating Rate and Inventory**: From October 30 to November 5, 2025, the total national corn processing volume was 62.65 tons, an increase of 2.93 tons from last week; the national corn starch output was 32.47 tons, an increase of 2.02 tons from last week; the weekly operating rate was 62.77%, an increase of 3.9% from last week. As of November 5, the total starch inventory of national corn starch enterprises was 113.8 tons, an increase of 1.00 tons from last week, a weekly increase of 0.89%, a monthly increase of 0.89%, and a year - on - year increase of 33.26% [92]. 3.4 Option Market Analysis As of November 7, the implied volatility of the options corresponding to the main 2601 contract of corn, which closed higher in an oscillation, was 8.51%, a decrease of 0.64% from last week's 9.15%. This week, the implied volatility oscillated and declined, being at a relatively low level compared to the 20 - day, 40 - day, and 60 - day historical volatility [95].