Report General Information - Report Name: Apple Industry Daily Report 2025 - 11 - 05 [1] - Researcher: Wang Cuibing [2] - Futures Practitioner Qualification Number: F03139616 [2] - Futures Investment Consulting Practitioner Certificate Number: Z0021556 [2] Report Investment Rating - No investment rating information is provided in the report. Core Viewpoints - The ground apple trading in the western production areas has basically ended, with the remaining goods of poor quality and priced according to quality. Some inventory merchants in areas like Luochuan and Jingning are using their self - stored apples or replenishing the market. In the Shandong production area, the purchase and warehousing by merchants have basically ended, with a fair amount of goods on the market but a shortage of high - quality products, uneven quality, chaotic prices, and an increase in fruit farmers' warehousing. The new - season late - maturing Fuji trading on the ground has shifted to the eastern production areas, and the warehousing work is ongoing. The number of merchants in the Shandong production area has increased, and it is relatively difficult to purchase high - quality goods. The striped apple supply has started trading. The late - maturing Fuji trading in the western region is gradually entering the later stage, with slow progress in Shaanxi's warehousing and basically completed warehousing in Gansu. In the sales area market, the trading atmosphere in the wholesale market remains dull, the sales are slow, and the demand side continues to face pressure. Considering the unannounced warehousing volume data, it is advisable to wait and see in the short term [2]. Summary by Directory Futures Market - The closing price of the apple futures main contract is 8940 yuan/ton, and the position of the main contract is 116,498 hands, a decrease of 8,554 hands compared to the previous period. The net long position of the top 20 futures holders is 670 hands, a decrease of 1,872 hands [2]. Spot Market - The spot price of apples in Gansu Jingning (paper - bagged above 75) is 5 yuan/jin, and that in Shandong Yiyuan (paper - bagged above 75) is 2.3 yuan/jin, both remaining unchanged. The spot price of apples in Shaanxi Luochuan (paper - bagged above 70 semi - commercial) is 4.1 yuan/jin, and that in Shandong Yantai Qixia (paper - bagged above 80 first - grade) is 3.7 yuan/jin, both remaining unchanged [2]. Upstream Situation - The national apple output is 5,128.51 million tons, an increase of 168.34 million tons. The average wholesale price of apples is 9.46 yuan/kg, and that of Fuji apples is 9.15 yuan/kg, a decrease of 0.11 yuan/kg [2]. Industry Situation - The total national apple cold - storage inventory is 0 million tons. The storage capacity ratios of Shandong and Shaanxi apples are both 0. The monthly export volume of apples is 70,000 tons, remaining unchanged. The monthly export value of apples is 18,379.8 million US dollars, an increase of 2,486.845 million US dollars. The monthly import value of fresh, dried fruits and nuts is 6,917.9 million US dollars. The profit of first - and second - grade paper - bagged 80 apple storage merchants is 0 yuan/jin [2]. Downstream Situation - The average wholesale price of tangerines is 6.74 yuan/kg, a decrease of 0.56 yuan/kg; the wholesale price of bananas is 5.18 yuan/kg, an increase of 0.1 yuan/kg; the wholesale price of watermelons is 5.48 yuan/kg, an increase of 0.02 yuan/kg. The early - morning average daily arrival of trucks at the Guangdong Jiangmen Wholesale Market is 16.2 vehicles, an increase of 0.4 vehicles; that at the Guangdong Xiaqiao Wholesale Market is 20.6 vehicles, and that at the Guangdong Chalong Wholesale Market is 27.6 vehicles, an increase of 3 vehicles [2]. Option Market - The implied volatility of at - the - money call options for apples is 22.5%, and that of at - the - money put options is 22.55%, a decrease of 0.03% [2]. Industry News - The ground apple trading in the western production areas has basically ended, with the remaining goods of poor quality and priced according to quality. Some inventory merchants in areas like Luochuan and Jingning are using their self - stored apples or replenishing the market. In the Shandong production area, the purchase and warehousing by merchants have basically ended, with a fair amount of goods on the market but a shortage of high - quality products, uneven quality, chaotic prices, and an increase in fruit farmers' warehousing. The new - season late - maturing Fuji trading on the ground has shifted to the eastern production areas, and the warehousing work is ongoing. The number of merchants in the Shandong production area has increased, and it is relatively difficult to purchase high - quality goods. The striped apple supply has started trading. The late - maturing Fuji trading in the western region is gradually entering the later stage, with slow progress in Shaanxi's warehousing and basically completed warehousing in Gansu [2]. Viewpoint Summary - In the sales area market, the trading atmosphere in the wholesale market remains dull, the sales are slow, and the demand side continues to face pressure. Considering the unannounced warehousing volume data, it is advisable to wait and see in the short term [2]. Suggested Attention - Pay attention to the cold - storage inventory data on Thursday [2]

Report Industry Investment Rating - No industry investment rating is provided in the report. Report's Core View - The continuous losses in the breeding sector have led to a decline in the enthusiasm for replenishment and an increase in the culling of old laying hens. The laying hen inventory has slightly decreased, and the market sentiment has slightly improved. However, the in - production laying hen inventory is still at a high level, and there has been no excessive culling of old hens. High production capacity remains the main concern in the market. Recently, the egg futures price has shown a low - level rebound trend. Nevertheless, the high - production capacity pressure still exists, which may limit its rebound space. Caution is advised when chasing up [2]. Summary According to Relevant Catalogs Futures Market - The futures closing price of the active egg contract is 3,217 yuan per 500 kilograms, with a week - on - week increase of 73 yuan. The net long position of the top 20 futures holders of eggs is - 1,752 hands, with a week - on - week increase of 4,663 hands. The monthly spread between the 1 - 5 contracts of egg futures is - 124 yuan per 500 kilograms, with a week - on - week increase of 31 yuan. The futures trading volume of the active egg contract is 174,863 hands, with a week - on - week increase of 7,887 hands. The registered warehouse receipt volume of eggs is 5 hands, with no change [2]. 现货市场 - The spot price of eggs is 2.91 yuan per catty, with a week - on - week increase of 0.01 yuan. The basis (spot - futures) is - 307 yuan per 500 kilograms, with a week - on - week decrease of 63 yuan [2]. Upstream Situation - The national laying hen inventory index (monthly, with 2015 = 100) is 115.26, with a month - on - month increase of 0.86. The national culled laying hen index (monthly, with 2015 = 100) is 124.63, with a month - on - month increase of 31.02. The average price of laying hen chicks in the main production areas (weekly) is 2.8 yuan per chick, with a week - on - week increase of 0.15 yuan. The national new - born chick index (monthly, with 2015 = 100) is 76.65, with a month - on - month increase of 3.3. The average price of laying hen compound feed (weekly) is 2.76 yuan per kilogram, with no change. The breeding profit of laying hens (weekly) is - 0.42 yuan per hen, with a week - on - week increase of 0.03 yuan. The average price of culled hens in the main production areas (weekly) is 8.22 yuan per kilogram, with a week - on - week decrease of 0.36 yuan. The national average age of culled hens (monthly) is 507 days, with a month - on - month decrease of 3 days [2]. Industry Situation - The average wholesale price of pork is 18.19 yuan per kilogram, with a day - on - day increase of 0.17 yuan. The average wholesale price of 28 key - monitored vegetables is 5.77 yuan per kilogram, with a day - on - day increase of 0.01 yuan. The average wholesale price of dressed chickens is 17.71 yuan per kilogram, with a day - on - day increase of 0.49 yuan. The weekly inventory in the circulation link is 1.1 days, with no change. The weekly inventory in the production link is 1.04 days, with no change. The monthly export volume of fresh eggs is 13,215.79 tons, with a month - on - month increase of 94.76 tons [2]. Downstream Situation - The weekly consumption of eggs in the sales areas is 7,658 tons, with a week - on - week increase of 160 tons [2]. Industry News - The average price of eggs in Shandong's main production area is 5.57 yuan per kilogram, unchanged from yesterday; the average price of eggs in Hebei is 5.38 yuan per kilogram, unchanged from yesterday; the average price of eggs in Guangdong is 6.73 yuan per kilogram, unchanged from yesterday; the average price of eggs in Beijing is 5.90 yuan per kilogram, unchanged from yesterday [2].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The entry of secondary fattening has decreased, and the increase in terminal demand is limited. The support for price decline has weakened. As the slaughter rhythm changes, the supply - demand pattern will remain loose, restricting price movements. The futures main contract 2601 has reduced positions and risen due to short - covering, but the fundamentals are weak, and it is expected to fluctuate. It is recommended to close short positions on dips [2] 3. Summary According to Relevant Catalogs 3.1 Futures Disk - The closing price of the futures main contract for live pigs is 11,945 yuan/ton, up 260 yuan; the main contract position is 136,383 lots, down 9,914 lots; the number of warehouse receipts is 90 lots, down 95 lots; the net long position of the top 20 futures holders is - 31,257 lots, up 2,525 lots [2] 3.2 Spot Price - The live pig price in Henan Zhumadian is 11,800 yuan/ton, down 200 yuan; in Jilin Siping is 11,900 yuan/ton, down 200 yuan; in Guangdong Yunfu is 12,500 yuan/ton, down 200 yuan; the main live pig basis is - 145 yuan/ton, down 460 yuan [2] 3.3 Upstream Situation - The live pig inventory is 436.8 million heads, up 12.33 million heads; the inventory of breeding sows is 40.35 million heads, down 30,000 heads [2] 3.4 Industry Situation - The year - on - year CPI is - 0.3%, up 0.1 percentage points; the spot price of soybean meal in Zhangjiagang is 3,050 yuan/ton, up 10 yuan; the spot price of corn is 2,234.31 yuan/ton, up 0.58 yuan; the Dalian Commodity Exchange pig feed cost index is 893.14, up 4.72; the monthly output of feed is 31.287 million tons, up 2.015 million tons; the price of binary breeding sows is 1,515 yuan/head, down 15 yuan; the breeding profit of purchased piglets is - 179.72 yuan/head, up 109.35 yuan; the breeding profit of self - bred and self - raised live pigs is - 89.33 yuan/head, up 96.35 yuan; the monthly import volume of pork is 80,000 tons, unchanged; the average price of white - striped chickens in the main producing areas is 13.8 yuan/kg, down 0.3 yuan [2] 3.5 Downstream Situation - The slaughter volume of designated live pig slaughtering enterprises is 35.84 million heads, up 2.34 million heads; the monthly retail sales of social consumer goods in the catering industry is 450.86 billion yuan, up 12.9 billion yuan [2] 3.6 Industry News - On November 5, 2025, the daily slaughter volume of key breeding enterprises nationwide was 280,543 heads, down 0.23% from the previous day. The slaughter rhythm of group farms slowed down at the beginning of the month and will gradually recover later. Although the November slaughter plan decreased month - on - month according to consulting agency data, there is still slaughter pressure. Currently, the attitude towards secondary fattening is cautious, and the number of entries has decreased [2]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The new cotton cost is fixed, which supports the cotton price. However, the supply exerts pressure on the upside. It is expected that the cotton price will mainly fluctuate weakly. The downstream demand has not fully started, orders are less than expected, and as the demand gradually enters the off - season, the market lacks confidence in the later - stage demand. Cotton textile enterprises mostly adopt a wait - and - see attitude and replenish inventory based on rigid needs [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - Zhengzhou cotton main contract closing price is 13,615 yuan/ton, up 80 yuan; cotton yarn main contract closing price is 19,820 yuan/ton, up 25 yuan. Cotton futures top 20 net positions are - 109,416 lots, down 289 lots; cotton yarn futures top 20 net positions are - 160 lots, down 71 lots. Cotton main contract positions are 580,691 lots, up 12,864 lots; cotton yarn main contract positions are 25,021 lots, up 173 lots. Cotton warehouse receipts are 2,752 sheets, up 182 sheets; cotton yarn warehouse receipts are 6 sheets, unchanged [2] 3.2 Spot Market - China Cotton Price Index (CCIndex:3128B) is 14,825 yuan/ton, down 16 yuan; China Yarn Price Index (pure cotton carded yarn 32 - count) is 20,520 yuan/ton, unchanged. China Imported Cotton Price Index (FCIndexM:1% tariff) is 13,263 yuan/ton, up 21 yuan; China Imported Cotton Price Index (FCIndexM: sliding - duty) is 14,142 yuan/ton. The arrival price of imported cotton yarn price index (pure cotton carded yarn 32 - count) is 21,228 yuan/ton, up 11 yuan; the arrival price of imported cotton yarn price index (pure cotton combed yarn 32 - count) is 22,579 yuan/ton, up 11 yuan [2] 3.3 Upstream Situation - The national cotton sown area is 2,838.3 thousand hectares, up 48.3 thousand hectares; the national cotton output is 6.16 million tons, up 0.54 million tons [2] 3.4 Industry Situation - The cotton - yarn price difference (CY C32S - CC3128B) is 5,695 yuan/ton, up 16 yuan. The industrial inventory of cotton nationwide is 861,000 tons, down 9,000 tons. The import volume of cotton this month is 100,000 tons, up 30,000 tons; the import volume of cotton yarn this month is 130,000 tons, unchanged. The profit of imported cotton is 699 yuan/ton, down 40 yuan. The commercial inventory of cotton nationwide is 1.0217 million tons, down 460,000 tons [2] 3.5 Downstream Situation - The yarn inventory days are 25.24 days, up 0.39 days; the坯布 inventory days are 31.43 days, up 0.31 days. The cloth output this month is 2.811 billion meters, up 0.11 billion meters; the yarn output this month is 2.0738 million tons, up 45,900 tons. The export value of clothing and clothing accessories this month is 12,453.247 million US dollars, down 1,692.657 million US dollars; the export value of textile yarns, fabrics and products this month is 11,966.516 million US dollars, down 426.686 million US dollars [2] 3.6 Option Market - The implied volatility of cotton at - the - money call options is 5.56%, down 2.23%; the implied volatility of cotton at - the - money put options is 5.5%, down 2.57%. The 20 - day historical volatility of cotton is 6.78%, up 0.07%; the 60 - day historical volatility of cotton is 7.77%, up 0.05% [2] 3.7 Industry News - The China Climate Center predicts that in November, the temperature in most cotton - growing areas in the northwestern inland, the Yellow River Basin, and the Yangtze River Basin will be close to or higher than normal, with less precipitation, which is conducive to cotton maturity and picking and drying. However, the slightly more precipitation in northern Xinjiang will have a certain adverse impact on cotton drying. The Intercontinental Exchange (ICE) cotton futures declined on Tuesday, pressured by the stronger US dollar. The ICE December cotton futures contract closed down 0.48 cents, or 0.70%, at 65.20 cents per pound [2] 3.8 View Summary - In the domestic market, on the supply side, the cotton picking and purchasing progress in Xinjiang is accelerating. In northern Xinjiang, cotton picking is in the later stage, while in southern Xinjiang, it is still in the large - scale picking stage. Due to the drought and high - temperature in some areas in southern Xinjiang, the yield per unit of seed cotton is lower than expected, and the purchasing price continues to rise. On the demand side, the downstream demand has not fully started, orders are less than expected. As the demand gradually enters the off - season, the market lacks confidence in the later - stage demand, and cotton textile enterprises mostly wait and see, mainly replenishing inventory based on rigid needs [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View of the Report - The overall performance of A-share Q3 reports is good, providing bottom support for the market. However, the decline in domestic manufacturing prosperity in October may suppress subsequent market trends. There is a sense of "good news exhausted" in the market, and the pressure on the RMB exchange rate restricts the loose monetary policy. It is recommended to wait and see for now [2]. 3. Summary by Relevant Catalogs 3.1 Futures Disk - **Contract Prices**: IF (2512) latest price is 4596.6, up 18.8; IH (2512) is 3002.6, down 0.4; IC (2512) is 7108.0, up 38.8; IM (2512) is 7310.8, up 56.0. Their corresponding secondary contracts also have varying price changes [2]. - **Contract Spreads**: IF - IH, IC - IF, IM - IC, IC - IH, IM - IF, and IM - IH monthly contract spreads all increased, while the spreads between quarterly and monthly contracts showed mixed trends [2]. - **Futures Positions**: IF and IC top 20 net positions decreased, while IH and IM top 20 net positions increased [2]. 3.2 Spot Price - **Index Prices**: The Shanghai - Shenzhen 300 index is 4627.26, up 8.6; the Shanghai 50 index is 3008.0, down 5.0; the CSI 500 index is 7229.3, up 18.5; the CSI 1000 index is 7464.9, up 29.1 [2]. - **Basis**: The basis of IF, IH, IC, and IM main contracts all decreased [2]. 3.3 Market Sentiment - **Trading Volume and Balance**: A - share trading volume decreased by 440.55 billion yuan to 18,943.40 billion yuan; margin trading balance decreased by 31.40 billion yuan to 24,916.23 billion yuan. North - bound trading volume decreased by 268.32 billion yuan to 2409.10 billion yuan [2]. - **Other Indicators**: The proportion of rising stocks increased by 32.15 percentage points to 62.07%; Shibor remained unchanged at 1.315%. Option prices and implied volatilities generally decreased, while PCRs of trading volume and positions increased [2]. 3.4 Industry News - **PMI Data**: In October, the manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month; the non - manufacturing business activity index was 50.1%, up 0.1 percentage points; the composite PMI output index was 50.0%, down 0.6 percentage points [2]. - **Corporate Earnings**: As of October 31, 2025, the total revenue of A - share listed companies in the first three quarters was 53.41 trillion yuan, a year - on - year increase of 1.20%; the net profit attributable to shareholders was 4.70 trillion yuan, a year - on - year increase of 5.34%. The profit growth rate in Q3 reached 11.30%, up 10.19 percentage points from Q2 [2]. - **Market Performance**: Most A - share major indices closed higher. The Shanghai Composite Index rose 0.23%, the Shenzhen Component Index rose 0.37%, and the ChiNext Index rose 1.03%. Overseas, Powell's statement weakened the market's expectation of a December interest rate cut [2]. 3.5 Key Data to Watch - November 5, 21:15: US October ADP employment data; November 7, 9:30: China's October trade data; November 9, 9:30: China's October CPI and PPI [3].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - On November 5, for the manganese - silicon 2601 contract, it was reported at 5776, up 0.24%. The spot price in Inner Mongolia was 5540, down 10 yuan/ton. It should be treated as a volatile market, and investors should control risks. For the silicon - iron 2601 contract, it was reported at 5560, up 0.98%. The spot price in Ningxia was 5220, down 40 yuan/ton. It should also be treated as a volatile market, and investors should control risks [2]. 3. Summary by Related Catalogs Futures Market - JM主力合约收盘价 was 1268.50 yuan/ton, up 15.50 yuan; J主力合约收盘价 was 1753.00 yuan/ton, up 24.00 yuan. JM期货合约持仓量 was 939019.00 hands, up 4651.00 hands; J期货合约持仓量 was 49255.00 hands, down 185.00 hands. The net position of the top 20 JM contracts was - 57205.00 hands, up 14755.00 hands; the net position of the top 20 J contracts was - 5144.00 hands, up 470.00 hands. The JM5 - 1 month contract spread was 63.50 yuan/ton, up 5.00 yuan; the J5 - 1 month contract spread was 142.00 yuan/ton, up 1.00 yuan. The JM and J warehouse receipts remained unchanged at 900.00 and 2070.00 respectively [2]. Spot Market - The prices of various types of coking coal and metallurgical coke in the spot market remained unchanged. The JM主力合约基差 was 301.50 yuan/ton, down 15.50 yuan; the J主力合约基差 was 22.00 yuan/ton, down 24.00 yuan [2]. Upstream Situation - The daily output of clean coal from 314 independent coal washing plants was 27.50 million tons, up 1.00 million tons; the weekly inventory was 295.00 million tons, up 10.60 million tons. The capacity utilization rate of 314 independent coal washing plants was 0.38%, up 0.01%. The monthly raw coal output was 41150.50 million tons, up 2100.80 million tons. The monthly import volume of coal and lignite was 4600.00 million tons, up 326.00 million tons. The daily average output of raw coal from 523 coking coal mines was 190.30 million tons, down 0.60 million tons. The weekly inventory of imported coking coal at 16 ports was 513.89 million tons, up 6.71 million tons; the weekly inventory of coke at 18 ports was 269.90 million tons, up 9.11 million tons [2]. Industry Situation - The monthly import volume of coking coal was 1092.36 million tons, up 76.14 million tons; the monthly export volume of coke and semi - coke was 54.00 million tons, down 1.00 million tons. The monthly output of coking coal was 3975.92 million tons, up 279.06 million tons. The capacity utilization rate of independent coking enterprises was 73.44%, down 0.03%. The weekly profit per ton of coke in independent coking plants was - 32.00 yuan, up 9.00 yuan. The monthly output of coke was 4255.60 million tons, down 4.10 million tons [2]. Downstream Situation - The weekly blast furnace operating rate of 247 steel mills nationwide was 81.73%, down 3.00%; the weekly blast furnace iron - making capacity utilization rate of 247 steel mills was 88.59%, down 1.33%. The monthly crude steel output was 7349.01 million tons, down 387.84 million tons [2]. Industry News - On November 4, some steel mills in Hebei and Tianjin raised the coke purchase price for the third time, with an increase of 50 - 55 yuan/ton, effective from 0:00 on November 5, 2025. The Reserve Bank of Australia kept the key interest rate at 3.6% and warned of increased inflationary pressures. The CEOs of Morgan Stanley and Goldman Sachs warned that the stock market may be heading for a pull - back. The President of the Swiss National Bank said that inflation should rise slightly in the next few quarters [2]. Manganese - Silicon and Silicon - Iron Market - Manganese - silicon 2601 contract: On November 5, it was reported at 5776, up 0.24%. The spot price in Inner Mongolia was 5540, down 10 yuan/ton. Some steel mills in Shanxi planned to shut down for maintenance earlier than last year. The inventory increased rapidly, the output continued to decline slightly from a high level, and the cost of imported manganese ore decreased by 11.3 million tons. The iron - water demand declined seasonally. The spot profit in Inner Mongolia was - 160 yuan/ton, and in Ningxia was - 260 yuan/ton. The mainstream steel procurement price in October was 5820 yuan/ton, down 180 yuan/ton month - on - month [2]. - Silicon - iron 2601 contract: On November 5, it was reported at 5560, up 0.98%. The spot price in Ningxia was 5220, down 40 yuan/ton. The macro - environment saw the Reserve Bank of Australia keeping the key interest rate at 3.6% and warning of inflation. The supply - demand was in a weak balance, the inventory was at a neutral level, and the cost was supported in the short term. The spot profit in Inner Mongolia was - 310 yuan/ton, and in Ningxia was - 510 yuan/ton [2].

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The international sugar market has a bearish fundamental outlook, with a significant global supply surplus expected in the 2025/26 sugar - crushing season. The most actively traded March raw sugar futures on ICE fell 0.43 cents, or 2.90%, to settle at 14.22 cents per pound. In the domestic market, the forecasted arrival of out - of - tariff - quota raw sugar in October is 17.45 tons, with the import volume expected to decrease month - on - month. Affected by news related to syrups and premixes, there is support at lower levels. However, the loose supply - demand situation still exerts pressure on the sugar market, and sugar prices are expected to remain at low levels in the short term [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the sugar futures main contract is 5441 yuan/ton, down 40 yuan; the main contract's open interest is 367,492 lots, down 1330 lots. The number of sugar warehouse receipts is 7422, down 10; the net long position of the top 20 futures holders is - 53,717 lots, down 3869 lots. The total of valid warehouse receipt forecasts for sugar is 1586 [2] 3.2 Spot Market - The estimated import - processing price of Brazilian sugar within the quota is 4057 yuan/ton, up 51 yuan; that of Thai sugar is 4122 yuan/ton, up 51 yuan. The estimated price of imported Brazilian sugar outside the quota (50% tariff) is 5139 yuan/ton, up 66 yuan; that of Thai sugar is 5225 yuan/ton, up 67 yuan. The spot price of white sugar in Kunming is 5660 yuan/ton, down 20 yuan; in Nanning is 5700 yuan/ton, down 10 yuan; in Liuzhou is 5720 yuan/ton, down 10 yuan [2] 3.3 Upstream Situation - The national sugar - crop planting area is 1480 thousand hectares, up 60 thousand hectares; the planting area of sugarcane in Guangxi is 835.09 thousand hectares, down 12.86 thousand hectares. The cumulative national sugar production is 1116.21 million tons, up 44.98 million tons; the cumulative national sugar sales volume is 999.98 million tons. The monthly import volume of sugar is 550,000 tons, down 280,000 tons; the monthly total sugar exports from Brazil are 324.58 million tons, down 49.82 million tons [2] 3.4 Industry Situation - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota is 1502 yuan/ton, down 40 yuan; the price difference between imported Thai sugar and Liuzhou sugar within the quota is 1437 yuan/ton, down 40 yuan. The price difference between imported Brazilian sugar and the current price of Liuzhou sugar outside the quota (50% tariff) is 420 yuan/ton, down 55 yuan; the price difference between imported Thai sugar and Liuzhou sugar outside the quota (50% tariff) is 334 yuan/ton, down 56 yuan [2] 3.5 Downstream Situation - The monthly output of refined sugar is 53.91 million tons, up 8.5 million tons; the monthly output of soft drinks is 1591.7 million tons, down 184.1 million tons [2] 3.6 Option Market - The implied volatility of at - the - money call options for sugar is 6.74%, down 0.78%; the implied volatility of at - the - money put options is 6.75%, down 0.57%. The 20 - day historical volatility of sugar is 7.56%, up 0.1%; the 60 - day historical volatility is 6.82%, down 0.01% [2] 3.7 Industry News - The Indian Sugar and Bioenergy Manufacturers Association (ISMA) estimates that India's sugar production in the 2025/26 season will increase by 16% to 34.35 million tons, mainly driven by increased production in Maharashtra. The net sugar production this year is expected to be 30.95 million tons, higher than 26.1 million tons in the previous season [2]

| 证券代码:002961 | | --- | | 债券代码:128116 | 证券代码：002961 证券简称：瑞达期货 公告编号：2025-076 债券代码：128116 债券简称：瑞达转债 瑞达期货股份有限公司 关于全资子公司为控股孙公司向银行申请综合授信额度 提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保情况概述 瑞达期货股份有限公司（以下简称"公司"）于 2025 年 2 月 25 日召开了第 四届董事会第三十二次会议和第四届监事会第二十六次会议，审议通过了《关于 2025 年度向银行申请综合授信额度并提供担保暨关联交易的议案》。根据子公 司（包括下属全资、控股子公司、孙公司）发展计划及日常经营资金需求，公司 董事会同意 2025 年度子公司向银行申请不超过人民币 8 亿元的综合授信额度。 融资担保方式包括但不限于：公司控股股东福建省瑞达控股有限责任公司、实际 控制人之一林鸿斌先生及其配偶林幼雅女士提供连带责任保证担保、子公司以自 有资产提供抵押或质押担保、公司合并报表范围内其他子公司提供的担保等。上 述授信额度的申请期 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The precious metals market may continue to experience wide - range fluctuations. The tariff policy narrative is uncertain, and the ongoing US government shutdown and central bank gold - buying expectations provide bottom support for gold prices. However, the strengthening of the US dollar and long - term yields pose potential pressure on gold prices. The weakening of the interest - rate cut expectation and the strengthening of the US dollar may hinder the upward movement of gold prices. If the narrative of the end of the US government shutdown heats up, it may also suppress the upward expectation of gold prices. It is recommended to adopt an interval - band trading strategy. The recommended trading range for the Shanghai Gold 2512 contract is 890 - 950 yuan/gram, and for the Shanghai Silver 2512 contract is 11000 - 11600 yuan/kilogram [3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai Gold main contract is 915.58 yuan/gram, down 7 yuan; the closing price of the Shanghai Silver main contract is 11238 yuan/kilogram, down 217 yuan. The main - contract positions of Shanghai Gold are 144602 hands, down 6771 hands; those of Shanghai Silver are 257090 hands, down 4377 hands. The net positions of the top 20 in the Shanghai Gold main contract are 101888 hands, down 2567 hands; those of Shanghai Silver are 93370 hands, down 192 hands [3] 3.2现货市场 - The warehouse - receipt quantity of gold is 87816 kilograms, unchanged; that of silver is 665610 kilograms, up 6759 kilograms. The spot price of gold on the Shanghai Non - ferrous Metals Network is 916 yuan/gram, down 1.5 yuan; the spot price of silver is 11343 yuan/kilogram, down 7 yuan. The basis of the Shanghai Gold main contract is 0.42 yuan/gram, up 5.5 yuan; the basis of the Shanghai Silver main contract is 105 yuan/kilogram, up 210 yuan [3] 3.3 Supply - Demand Situation - Gold ETF holdings are 1041.78 tons, up 2.58 tons; silver ETF holdings are 15189.82 tons, unchanged. The non - commercial net positions of gold in CFTC are 266749 contracts, up 339 contracts; those of silver are 52276 contracts, up 738 contracts. The total supply of gold in the quarter is 1313.01 tons, up 54.84 tons; the total supply of silver in the year is 987.8 million troy ounces, down 21.4 million troy ounces. The total demand for gold in the quarter is 1313.01 tons, up 54.83 tons; the global total demand for silver in the year is 1195 million ounces, down 47.4 million ounces [3] 3.4 Option Market - The 20 - day historical volatility of gold is 35.96%, up 0.01%; the 40 - day historical volatility is 26.96%, up 0.01%. The implied volatility of at - the - money call options for gold is 25.83%, down 0.59%; the implied volatility of at - the - money put options for gold is 25.83%, down 0.59% [3] 3.5 Industry News - The US Treasury Secretary said that if China continues to block rare - earth exports, the US may impose additional tariffs on China. The Chinese Foreign Ministry responded that dialogue and cooperation are the right ways. A Fed governor called for more aggressive interest - rate cuts, saying that the Fed's policy is too tight. Another Fed governor said that each Fed meeting is real - time for monetary policy, and the Fed's dual - mandate risks have increased. The US October ISM manufacturing index was 48.7, remaining below the boom - bust line, and the tariff policy still suppresses the manufacturing outlook [3]

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | I 主力合约收盘价（元/吨） | 775.50 | -7.00↓ I 主力合约持仓量(手) | 547,754 | +12824↑ | | | I 1-5合约价差（元/吨） | 19.5 | -2.50↓ I 合约前20名净持仓(手) | -13848 | +7076↑ | | | I 大商所仓单（手） | 1,000.00 | 0.00 | | | | | 新加坡铁矿石主力合约截止15：00报价(美元/吨) | 103.75 | -1.30↓ | | | | 现货市场 | 青岛港61.5%PB粉矿 (元/干吨) | 854 | -2↓ 青岛港60.8%麦克粉矿 (元/干吨) | 852 | -1↓ | | | 京唐港56.5%超特粉矿 (元/干吨) | 757 | -8↓ I 主力合约基差 (麦克粉干吨-主力合约) | 77 | +6↑ | | | 铁矿石62%普氏指数（前一日，美元/吨） | 105.85 | -1.55↓ 江苏废钢 ...