1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The precious metals market regained upward momentum during intraday trading as the meeting between the top leaders of China and the US and the FOMC meeting approached. The London gold price rebounded after a sharp correction, and the London silver price regained the $48 mark. The tariff news was optimistic, causing market risk aversion to recede and increasing market volatility. Trump's tariff negotiations with Southeast Asian countries and the initial optimistic Sino - US tariff consultations were short - term negative for the gold price. The US September CPI was lower than expected, and the market fully priced in two interest rate cuts this year. Affected by the previous sharp correction, the trading sentiment was cautious, with strong profit - taking sentiment among bulls, but there was also strong buying demand at key support levels. Most Fed voting members supported restarting the easing path, and two 25 - basis - point interest rate cuts this year were the market's general expectation. Before the meeting between the top leaders of China and the US, the long - short game in the market intensified. The Fed's interest rate cut expectation and the continued US government shutdown provided bottom support. However, if the Sino - US talks achieved substantial results, the gold price might continue to correct. It is recommended to focus on range - bound trading. The recommended trading range for the Shanghai Gold 2512 contract is 880 - 920 yuan/gram, and for the Shanghai Silver 2512 contract is 11000 - 11600 yuan/kilogram [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - Shanghai Gold main contract closing price: 910.88 yuan/gram, up 9.5 yuan; Shanghai Silver main contract closing price: 11338 yuan/kilogram, up 289 yuan - Shanghai Gold main contract open interest: 168691 lots, down 7225 lots; Shanghai Silver main contract open interest: 304414 lots, down 17462 lots - Shanghai Gold main contract top 20 net open interest: 110656 lots, up 2063 lots; Shanghai Silver main contract top 20 net open interest: 85919 lots, up 3368 lots - Gold warehouse receipts: 87816 kilograms, up 801 kilograms; Silver warehouse receipts: 653828 kilograms, down 3599 kilograms [2] 3.2现货市场 - Shanghai Non - ferrous Metals Network gold spot price: 904.7 yuan/gram, down 6.71 yuan; Shanghai Non - ferrous Metals Network silver spot price: 11272 yuan/kilogram, up 109 yuan - Shanghai Gold main contract basis: - 6.18 yuan/gram, up 0.53 yuan; Shanghai Silver main contract basis: - 66 yuan/kilogram, down 175 yuan [2] 3.3 Supply and Demand Situation - Gold ETF holdings: 1038.92 tons, unchanged; Silver ETF holdings: 15209.57 tons, down 131.22 tons - Gold CFTC non - commercial net open interest (weekly): 266749 contracts, up 339 contracts; Silver CTFC non - commercial net open interest (weekly): 52276 contracts, up 738 contracts - Gold total supply (quarterly): 1313.01 tons, up 54.84 tons; Silver total supply (yearly): 987.8 million troy ounces, down 21.4 million troy ounces - Gold total demand (quarterly): 1313.01 tons, up 54.83 tons; Silver global total demand (yearly): 1195 million ounces, down 47.4 million ounces [2] 3.4 Option Market - 20 - day historical volatility of gold: 36.03%, up 2.69 percentage points; 40 - day historical volatility of gold: 26.86%, up 1.96 percentage points - At - the - money call option implied volatility of gold: 26.17%, down 1.51 percentage points; At - the - money put option implied volatility of gold: 26.18%, down 1.51 percentage points [2] 3.5 Industry News - The US Senate, with a 54 - to - 45 vote, failed again in a procedural vote to advance the "2025 Fiscal Year Continuing Appropriations and Extension Act" aimed at ending the government shutdown. The bill, passed by the House of Representatives, proposed to temporarily resume government operations at the current funding level and needed 60 votes in the Senate to proceed. This was the 13th vote on the bill, and it still failed to reach the required threshold, meaning the government shutdown would continue - On October 28, Japanese Prime Minister Hayasuna Kōichi and US President Trump signed an agreement to promote Japan's $550 billion investment plan in the US - ADP, the "small non - farm" data publisher, announced that it would launch weekly employment data from this week to track the US labor market dynamics more frequently. The first report showed that in the four weeks ending October 11, the average number of private - sector jobs in the US increased by 14,250 - The Conference Board data showed that the US consumer confidence index in October declined for the third consecutive month, falling from 95.6 in September to 94.6, the lowest level since April this year. The expectation index dropped to 71.5, the lowest since June [2]

1. Report Industry Investment Rating - No information provided in the given content. 2. Report's Core View - On Wednesday, the freight index (European line) futures prices rose significantly, with the main contract EC2512 up 5.08% and the far - month contracts up 1 - 4%. The latest SCFIS European line settlement freight index was 1312.71, up 172.33 points from last week, a 15.1% MoM increase. Spot index gains have expanded, potentially supporting short - term freight rate increases. Mainstream shipping companies have issued price increase notices for November, and Maersk's successful price support in mid - to - late October has boosted market confidence. The suspension of container handling at Rotterdam Port and the easing of the trade war situation, along with the substantial mitigation of geopolitical conflicts and the arrival of the fourth - quarter shipping peak season, have led to a rapid recovery in futures prices. However, the freight rate market is highly influenced by news, and futures prices are expected to fluctuate more severely. Investors are advised to be cautious, control risks, and track geopolitical, capacity, and cargo volume data [1]. 3. Summary by Relevant Catalogs 3.1 Futures Market Data - EC main contract closing price: 1871.000, up 90.5; EC second - main contract closing price: 1606, up 56.7 [1]. - EC2512 - EC2602 spread: 265.00, up 25.40; EC2512 - EC2604 spread: 676.60, up 51.00 [1]. - EC contract basis: - 558.29, down 82.70 [1]. - EC main contract open interest: 31906, up 3006 [1]. 3.2 Spot Market Data - SCFIS (European line) (weekly): 1312.71, up 172.33; SCFIS (US West Coast line) (weekly): 863.46, down 14.34 [1]. - SCFI (composite index) (weekly): 1403.46, up 93.14; Container ship capacity (10,000 TEUs): 1227.97, up 1.66 [1]. - CCFI (composite index) (weekly): 992.74, up 19.63; CCFI (European line) (weekly): 1293.12, up 25.21 [1]. - Baltic Dry Index (daily): 1950.00, up 26.00; Panamax Freight Index (daily): 1904.00, up 17.00 [1]. - Average charter price (Panamax ship): 17564.00, unchanged; Average charter price (Capesize ship): 23479.00, down 1512.00 [1]. 3.3 Industry News - The "15th Five - Year Plan" proposal was released, with economic growth in a reasonable range, improved total factor productivity, and other goals [1]. - On October 28, Japanese Prime Minister Kaoichi Sanae and US President Trump signed an agreement to promote Japan's $550 billion investment plan in the US, with $100 billion for Westinghouse Electric to build nuclear reactors [1]. - The US Senate failed to pass a procedural vote on the "2025 Fiscal Year Continuing Appropriations and Extension Act" for the 13th time, and the government shutdown will continue [1]. 3.4 Key Events to Watch - October 30, 02:00: US Fed interest rate decision (upper limit) as of October 29 [1]. - October 30, 14:30: France's preliminary Q3 GDP annual rate [1]. - October 30, 16:55: Germany's seasonally - adjusted unemployment rate in October [1]. - October 30, 17:00: Germany's preliminary unadjusted Q3 GDP annual rate [1]. - October 30, 18:00: Eurozone's preliminary Q3 GDP annual rate, September unemployment rate, and October industrial sentiment index [1]. - October 30, 21:00: Germany's preliminary October CPI monthly rate [1]. - October 30, 21:15: Eurozone's ECB deposit facility rate as of October 30 [1].

Report Investment Rating - No report industry investment rating is provided in the content [1][2][3] Core Viewpoints - The yield of treasury bond cash bonds on Wednesday was strong in the short - term and weak in the ultra - long - term. The yields of 1 - 7Y maturities declined by about 0.40 - 4.0bp, while the 10Y and 30Y yields changed by about - 0.4 and 0.5bp to 1.81% and 2.17% respectively. Treasury bond futures were also strong in the short - term and weak in the ultra - long - term. The TS, TF, and T main contracts rose by 0.10%, 0.16%, and 0.13% respectively, while the TL main contract fell by 0.27%. The weighted average rate of DR007 fluctuated around 1.54%. [3] - Domestically, in September, the profits of industrial enterprises above designated size continued to recover due to the low - base effect, with a year - on - year increase of 3.2%. In Q3, China's GDP grew by 4.8% year - on - year, with a stable growth rate but a slowdown compared to the previous value. In September, industrial added value increased significantly year - on - year, social retail growth slowed down, and fixed - asset investment continued to shrink. [3] - Policy - wise, the communiqué of the Fourth Plenary Session of the 20th Central Committee pointed out that the current economic development faces a complex environment, emphasizing that the steady - growth policy will continue to exert force, enhancing the endogenous driving force of the economy through expanding domestic demand, promoting consumption, and stabilizing investment, and requiring the firm completion of the annual economic and social development goals. [3] - The central bank governor, Pan Gongsheng, said at the Financial Street Forum that the bond market is currently operating well, and the central bank will resume open - market treasury bond trading operations. Overseas, the US CPI in September was lower than expected; ADP data showed that the employment market in October was recovering. The new round of Sino - US trade consultations ended with positive signals, alleviating market concerns about the escalation of trade frictions. [3] - The central bank's resumption of treasury bond trading will inject stable liquidity into the market, driving down long - term interest rates by lowering short - term rates, boosting the bullish sentiment in the bond market. The weak fundamentals may push the bond market to fluctuate upwards. It is recommended to take a small - position long - trial strategy. [3] Summary by Directory Futures Disk - T main contract closing price was 108.570, up 0.13%; trading volume was 91,358, an increase of 16,290. TF main contract closing price was 106.070, up 0.16%; trading volume was 99,318, an increase of 31,449. TS main contract closing price was 102.576, up 0.1%; trading volume was 56,118, an increase of 16,695. TL main contract closing price was 115.830, down 0.27%; trading volume was 125,436, an increase of 2,105. [2] Futures Spread - TL2512 - 2603 spread was 0.31, up 0.04; T12 - TL12 spread was - 7.26, up 0.28. T2512 - 2603 spread was 0.33, up 0.01; TF12 - T12 spread was - 2.50, up 0.02. TF2512 - 2603 spread was 0.13, up 0.01; TS12 - T12 spread was - 5.99, down 0.04. TS2512 - 2603 spread was 0.09, up 0.00; TS12 - TF12 spread was - 3.49, down 0.06. [2] Futures Positions - T main contract open interest was 246,279, an increase of 7,086. The long positions of the top 20 were 229,274, an increase of 7,125; the short positions of the top 20 were 244,936, an increase of 7,726; the net short positions of the top 20 were 15,662, an increase of 601. [2] - TF main contract open interest was 149,109, an increase of 10,861. The long positions of the top 20 were 134,888, an increase of 11,395; the short positions of the top 20 were 157,956, an increase of 12,895; the net short positions of the top 20 were 23,068, an increase of 1,500. [2] - TS main contract open interest was 71,222, an increase of 2,282. The long positions of the top 20 were 56,899, an increase of 2,394; the short positions of the top 20 were 64,700, an increase of 3,412; the net short positions of the top 20 were 7,801, an increase of 1,018. [2] - TL main contract open interest was 146,041, a decrease of 1,892. The long positions of the top 20 were 141,200, an increase of 914; the short positions of the top 20 were 158,654, a decrease of 1,625; the net short positions of the top 20 were 17,454, a decrease of 2,539. [2] Top Two CTD (Clean Prices) - 220017.IB (4y) was 106.6589, up 0.0971; 250018.IB (4y) was 99.0955, up 0.1290. 250003.IB (4y) was 99.6819, up 0.1426; 240020.IB (4y) was 100.8844, up 0.0843. 220016.IB (1.7y) was 101.9407, up 0.0838; 250012.IB (2y) was 100.1099, up 0.0800. 210005.IB (17y) was 130.7675, down 0.3477; 220008.IB (18y) was 122.7161, down 0.2279. [2] Active Treasury Bonds - The yield of 1 - year bond was 1.4300%, down 0.5bp; 3 - year was 1.4600%, down 5bp; 5 - year was 1.5600%, up 1bp; 7 - year was 1.6725%, down 0.25bp; 10 - year was 1.8130%, up 1.8bp. [2] Short - term Interest Rates - The overnight inter - bank pledged repo rate was 1.3515%, up 5.15bp; Shibor overnight was 1.4140%, down 5.5bp. The 7 - day inter - bank pledged repo rate was 1.5318%, up 5.18bp; Shibor 7 - day was 1.5120%, down 1.8bp. The 14 - day inter - bank pledged repo rate was 1.5900%, unchanged; Shibor 14 - day was 1.5590%, down 8.8bp. [2] LPR Rates - The 1 - year LPR was 3.00%, unchanged; the 5 - year LPR was 3.5%, unchanged. [2] Open Market Operations - The issuance scale was 557.7 billion yuan, the maturity scale was 138.2 billion yuan, and the interest rate was 1.4% for 7 - day. The net investment was 419.5 billion yuan. [2] Industry News - On October 29, the spokesperson of the Ministry of Foreign Affairs announced that Chinese President Xi Jinping will meet with US President Trump in Busan, South Korea on October 30 to exchange views on Sino - US relations and issues of common concern. [2] - Central bank governor Pan Gongsheng said in a report on financial work that the next step is to prevent and resolve financial risks in key areas, strengthen the monitoring and assessment of systemic financial risks, continue to support the debt - to - equity swap of financing platforms, and improve the financing system suitable for the new model of real estate development. [2] - On October 29, the general offices of five departments including the Ministry of Commerce issued the "Action Plan for Improving the Quality of Urban Commerce", aiming to promote the integrated development of online and offline, encourage cooperation between e - commerce and express delivery companies, and improve the efficiency and quality of last - mile delivery. [2] Key Events to Watch - The 2025 Financial Street Forum Annual Conference is held from October 27 to 30. The US Federal Reserve will announce the interest rate decision (upper limit) as of October 29 at 2:00 on October 30. [3]

Report Investment Rating - No investment rating information provided Core Views - For corn, with the U.S. corn harvest advancing, supply pressure will gradually increase, but the expected lower U.S. corn yield and the Sino - U.S. trade agreement expectation support the market. In China, the new corn supply is increasing, leading to a slight decline in purchase prices. Corn futures prices are in a low - level consolidation [2]. - For corn starch, the increasing supply of raw corn weakens cost support, and the substitution of tapioca starch squeezes market demand. However, the lower - than - usual industry operation rate, good order fulfillment, and slightly decreased inventory are positive factors. Starch futures prices move in sync with the corn market and are recommended for short - term observation [2][3]. Section Summaries Futures Market - Corn futures closing price (active contract) is 2116 yuan/ton, down 105 yuan/ton; corn starch futures closing price (active contract) is 2427 yuan/ton, down 11 yuan/ton. Corn futures open interest (active contract) is 925389 hands, and corn starch futures open interest (active contract) is 208744 hands, down 1335 hands [2]. Outer - market - CBOT corn futures closing price (active contract) is 3.75 cents/bushel, and the total open interest is 1543065 contracts, up 13269 contracts. Non - commercial net long positions are - 51186 contracts, down 15017 contracts [2]. Spot Market - The average spot price of corn is 2242.75 yuan/ton, and the ex - factory price of corn starch in Changchun is 2510 yuan/ton, unchanged [2]. Upstream - Forecasted corn planting areas in the U.S., Brazil, Argentina, China, and Ukraine are 427.11, 36.44, 22.6, 44.3, and 32 million hectares respectively, with forecasted yields of 53, 7.5, 295, 44.3, and 32 million tons respectively, all unchanged [2]. Industry - Corn inventories in southern and northern ports are 9.3 and 11 million tons respectively, and the starch enterprise weekly inventory is 112.8 million tons, down 1.2 million tons [2]. Downstream - The monthly output of feed is 201.5 million tons, and the processing profit of corn starch in Shandong is 128 yuan/ton, down 7 yuan/ton [2]. Options Market - The 20 - day historical volatility of corn is 8.48%, down 0.43%, and the implied volatility of at - the - money call options is 10.24%, up 0.74% [2]. Industry News - As of October 26, the U.S. corn harvest was 72% complete, up from 59% a week ago. As of October 25, Brazil's 2025/26 first - season corn planting was 40.0% complete, up from 33.2% last week [2].

Report Industry Investment Rating - Not provided Core Viewpoints - The supply side of the domestic cotton market shows that Xinjiang cotton has entered the large - scale harvesting stage with over 50% progress, faster than last year, and the processing cost of ginning factories has slightly increased. Inland cotton acquisition is slow due to continuous rainfall. The demand side shows that the demand of downstream textile enterprises is relatively weak, and the "Silver October" replenishment has not improved significantly. New cotton is in the listing stage, and the upward space of cotton prices is expected to be limited in the short term due to hedging pressure [2] Summary by Relevant Catalogs Futures Market - Zhengzhou cotton main contract closing price is 13,620 yuan/ton, up 55; cotton futures top 20 net positions are - 113,788 hands, down 3,097; main contract holdings of cotton are 578,488 hands, down 596; cotton warehouse receipts are 2,460, down 11. Cotton yarn main contract closing price is 19,865 yuan/ton, up 95; cotton yarn futures top 20 net positions are - 181 hands, down 40; main contract holdings of cotton yarn are 23,749 hands, down 346; cotton yarn warehouse receipts are 4, down 2 [2] Spot Market - China Cotton Price Index (CCIndex:3128B) is 14,840 yuan/ton, up 10; China Yarn Price Index of pure - combed 32 - count cotton yarn is 20,475 yuan/ton, down 25. China Imported Cotton Price Index (FCIndexM:1% tariff) is 13,116 yuan/ton, up 60; China Imported Cotton Price Index (FCIndexM:sliding - scale duty) is 14,050 yuan/ton. The arrival price of imported cotton yarn price index of pure - combed 32 - count cotton yarn is 21,146 yuan/ton, up 1; the arrival price of imported cotton yarn price index of pure - combed 32 - count combed cotton yarn is 22,493 yuan/ton, up 2 [2] Upstream Situation - The national cotton sowing area is 2,838.3 thousand hectares, up 48.3; the national cotton output is 6.16 million tons, up 540,000 tons [2] Industry Situation - The cotton - yarn price difference is 5,635 yuan/ton, down 10; industrial inventory of cotton is 861,000 tons, down 9,000 tons; cotton import volume is 100,000 tons, up 30,000 tons; cotton yarn import volume is 130,000 tons, unchanged. Imported cotton profit is 780 yuan/ton, down 43; commercial inventory of cotton is 1.0217 million tons, down 460,000 tons [2] Downstream Situation - Yarn inventory days are 25.24 days, up 0.39; grey fabric inventory days are 31.43 days, up 0.31. Cloth output is 2.811 billion meters, up 110 million meters; yarn output is 2.0738 million tons, up 45,900 tons. The monthly export value of clothing and clothing accessories is 12453247000 dollars, down 169265700 dollars; the monthly export value of textile yarns, fabrics and products is 11966516000 dollars, down 42668600 dollars [2] Option Market - The implied volatility of cotton at - the - money call options is 9.08%, up 2.58; the implied volatility of cotton at - the - money put options is 9.08%, up 2.58. The 20 - day historical volatility of cotton is 7.71%, down 0.49; the 60 - day historical volatility of cotton is 7.95%, down 0.02 [2] Industry News - Brazil exported 255,000 tons of cotton in the first four weeks of October, with a daily average of 14,200 tons, 11% more than the daily average in October last year. The total export volume in October last year was 280,900 tons. ICE cotton futures rose on Tuesday, with the December contract up 0.49 cents, or 0.76%, to settle at 65.05 cents per pound [2]

| 项目类别 | 数据指标 数据指标 | 最新 | 环比 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:白糖(日,元/吨) 11 主力合约持仓量:白糖(日,手) | 5494 | | 391035 | -9001 12236 | | | 仓单数量:白糖(日,张) -70 期货前20名持仓:净买单量:白糖(日,手) | 7625 | | -61969 | | | | 有效仓单预报:白糖:小计(日,张) | 586 | 0 | | | | | 进口加工估算价(配额内):巴西糖(日,元/ -25 进口加工估算价(配额内):泰国糖(日,元/ | 3990 | | 4049 | -25 | | 吨) | 吨) 进口巴糖估算价(配额外,50%关税)(日,元 | | | | | | 现货市场 | -33 进口泰糖估算价(配额外,50%关税)(日,元 | 5052 | | 5129 | -33 | | /吨) | /吨) 现货价:白砂糖:昆明(日,元/吨) 0 现货价:白砂糖:南宁(日,元/吨) | 5720 | | 5750 | 0 ...

1. Report Industry Investment Rating - No information provided about the industry investment rating in the given content 2. Core View of the Report - Given the current scarcity of high - quality new apples and the principle of better quality commanding higher prices, it is expected that the short - term apple futures price will continue to fluctuate with a slightly upward trend [2] 3. Summary According to Related Catalogs 3.1 Futures Market - The closing price of the apple futures main contract is 9198 yuan/ton, and the main contract position is 136,249 hands, with a decrease of 22,876 hands compared to the previous period. The net long position of the top 20 futures holders is - 2663 hands, with a value of 8643 hands [2] 3.2 Spot Market - The spot price of apples in Gansu Jingning (paper - bagged above 75) is 5 yuan/jin, unchanged; in Shandong Yiyuan (paper - bagged above 75) is 2.35 yuan/jin, unchanged; in Shaanxi Luochuan (paper - bagged above 70 semi - commercial) is 4.1 yuan/jin, unchanged; in Shandong Yantai Qixia (paper - bagged above 80 first - grade) is 3.7 yuan/jin, an increase of 0.2 yuan/jin [2] 3.3 Upstream Situation - The annual apple production in China is 5128.51 million tons, with an increase of 168.34 million tons. The weekly wholesale price of apples is 9.52 yuan/kg, a decrease of 0.1 yuan/kg. The average weekly wholesale price of Fuji apples is 9.26 yuan/kg, a decrease of 0.12 yuan/kg [2] 3.4 Industry Situation - The total weekly cold - storage inventory of apples in China is 0 million tons. The weekly storage capacity ratio of apples in Shandong is 0, a decrease of 0.01; in Shaanxi is 0. The monthly export volume of apples is 70,000 tons, unchanged. The monthly export value of apples is 6917.9 million US dollars, an increase of 248684.5 million US dollars. The monthly import value of fresh and dried fruits and nuts is 1837980 million US dollars [2] 3.5 Downstream Situation - The weekly average wholesale price of tangerines is 7.3 yuan/kg, a decrease of 0.3 yuan/kg; of bananas is 5.08 yuan/kg, an increase of 0.26 yuan/kg; of watermelons is 5.46 yuan/kg, an increase of 0.01 yuan/kg. The weekly average daily arrival volume of trucks in the early morning at the Guangdong Jiangmen Wholesale Market is 15.8 vehicles, an increase of 0.2 vehicles; at the Guangdong Xiaqiao Wholesale Market is 18.4 vehicles; at the Guangdong Chalong Wholesale Market is 24.6 vehicles, a decrease of 0.2 vehicles [2] 3.6 Option Market - The implied volatility of at - the - money call options for apples is 24.29%, an increase of 1.82%; of at - the - money put options is 24.3%, an increase of 1.83% [2] 3.7 Industry News - In Shandong, the supply of late - season Fuji apples continues to increase, trading is fair, good - quality apples are scarce and prices are firm, while prices of ordinary apples are chaotic. In Shaanxi, trading of good - quality apples is mostly finished, with remaining ordinary or poor - quality apples and chaotic prices. In Gansu, apple trading is in the later stage, good - quality apple prices are stable at a high level, and ordinary apples are priced according to quality. The new - season late - maturing Fuji apples are increasing in supply, with a delay in the picking and storage progress compared to last year [2] 3.8 Viewpoint Summary - Merchants are actively purchasing high - quality apples but more cautious about ordinary ones. In Shandong, the supply of new apples is still limited, and small - batch orders are increasing. The trading atmosphere in the sales market is still weak, with slow sales and pressure on the demand side [2]

Report Industry Investment Rating - Not provided Core Viewpoints - The cost of polysilicon production will increase as the dry season approaches in Southwest China in November, and some enterprises have started to reduce raw material input and production [2]. - The demand side is relatively weak, with the demand for polysilicon from downstream photovoltaic industry chains declining, component tender prices falling, and concentrated projects being postponed [2]. - Although N-type silicon materials maintain a certain premium ability, the price of ordinary materials is approaching the cost line, and the overall gross profit margin of the industry is narrowing [2]. - The high inventory in the European market suppresses import demand, while the US tariff policy has loosened, driving the growth of energy storage system exports, but it is difficult to completely offset the negative impact of the European market [2]. - The demand in emerging markets such as the Middle East and Latin America is surging, buffering the decline in the demand side to some extent [2]. - The rumored policy of strengthening photovoltaic capacity regulation has boosted market confidence, but the specific details and implementation time are still unclear [2]. - There are rumors of downstream photovoltaic capacity integration, which stimulates the increase of polysilicon prices, but the subsequent weakening of the demand side will still have a counter - effect. It is recommended to buy on dips [2]. Summary by Directory Market Data - **Futures Market**: The closing price of the main polysilicon contract is 54,990 yuan/ton, with a week - on - week increase of 635 yuan/ton; the open interest of the main contract is 118,430 lots, with a week - on - week increase of 3,498 lots; the basis between December and January contracts is 50 yuan/ton, with a week - on - week decrease of 30 yuan/ton; the price difference between polysilicon and industrial silicon is 45,820 yuan/ton, with a week - on - week increase of 420 yuan/ton [2]. - **Spot Market**: The spot price of polysilicon is 52,980 yuan/ton, unchanged from the previous period; the average price of N - type silicon wafers (210R) is 1.36 yuan/piece, unchanged; the weekly average price of photovoltaic - grade polysilicon is 6.51 US dollars/kg, with a week - on - week decrease of 0.02 US dollars/kg; the basis of polysilicon is - 1,375 yuan/ton, with a week - on - week increase of 145 yuan/ton [2]. Upstream Situation - The closing price of the main industrial silicon contract is 9,170 yuan/ton, with a week - on - week increase of 215 yuan/ton; the spot price of industrial silicon is 9,350 yuan/ton, unchanged; the monthly export volume of industrial silicon is 70,232.72 tons, with a month - on - month decrease of 6,409.29 tons; the monthly import volume is 1,939.85 tons, with a month - on - month increase of 602.27 tons; the monthly output is 402,800 tons, with a month - on - month increase of 36,000 tons; the total social inventory is 552,000 tons, with a day - on - day increase of 10,000 tons [2]. Industry Situation - The monthly output of polysilicon is 130,000 tons, with a month - on - month increase of 5,000 tons; the monthly import volume is 1,292 tons, with a month - on - month increase of 286 tons; the weekly spot price of imported polysilicon materials in China is 6.9 US dollars/kg, with a week - on - week increase of 0.01 US dollars/kg; the monthly average import price is 2,350 US dollars/ton, with a month - on - month decrease of 270 US dollars/ton [2]. Downstream Situation - The monthly output of solar cells is 70,873,000 kilowatts, with a month - on - month increase of 1,016,000 kilowatts; the average price of mainstream photovoltaic modules is 0.74 yuan/watt, unchanged; the comprehensive price index of the photovoltaic industry (SPI) for polysilicon is 32.82, unchanged; the average price of solar cells is 0.82 yuan/W, with a day - on - day increase of 0.01 yuan/W; the monthly export volume of photovoltaic modules is 129,531,200 units, with a month - on - month decrease of 19,491,300 units; the monthly import volume is 14,733,700 units, with a month - on - month decrease of 6,706,500 units; the monthly average import price is 0.3 US dollars/unit, with a month - on - month increase of 0.06 US dollars/unit [2]. Industry News - On October 28, GCL mentioned in a CCTV interview that 17 enterprises have basically signed, and the establishment of the consortium is expected to be completed within the year [2].

Report's Investment Rating for the Industry - No investment rating for the industry is provided in the report. Core Viewpoints of the Report - On the raw material side, the Indonesian government's PNBP policy restricts issuance, increasing the cost of nickel resource supply; the growth of Indonesian ferronickel production has slowed down, and domestic production has gradually declined. Recently, the ferronickel price has rebounded from a low level, strengthening the support of raw material costs [2]. - On the supply side, steel mills' production profits have shrunk, but with the arrival of the traditional consumption peak season and the gradual increase in infrastructure and real - estate demand, stainless - steel mills' production schedules have still increased [2]. - On the demand side, infrastructure construction in October is expected to speed up, combined with the favorable domestic fiscal investment policies. Anti - involution measures are expected to improve the supply - demand pattern. Market procurement demand has resilience, and domestic inventories continue to decline [2]. - Technically, with the reduction of positions and price adjustments, both long and short sides are trading cautiously. Attention should be paid to the resistance at 12,900. It is recommended to wait and see for now [2]. Summary by Relevant Catalogs Futures Market - The closing price of the stainless - steel futures main contract is 12,805 yuan/ton, up 55 yuan; the spread between the November - December contracts is - 5 yuan/ton, down 10 yuan [2]. - The net long position of the top 20 futures holders is - 13,437 lots, an increase of 1,329 lots; the position of the main contract is 98,223 lots, a decrease of 2,030 lots [2]. - The warehouse receipt quantity is 73,777 tons, a decrease of 119 tons [2]. Spot Market - The price of 304/2B rolled cut - edge stainless steel in Wuxi is 13,500 yuan/ton, down 50 yuan; the market price of scrap 304 stainless steel in Wuxi is 9,150 yuan/ton, down 100 yuan [2]. - The basis of the SS main contract is 320 yuan/ton, down 85 yuan [2]. Upstream Situation - The monthly electrolytic nickel output is 29,430 tons, an increase of 1,120 tons; the total monthly ferronickel output is 21,700 metal tons, a decrease of 300 metal tons [2]. - The monthly import volume of refined nickel and alloys is 28,570.87 tons, an increase of 4,144.03 tons; the monthly import volume of ferronickel is 1.0853 million tons, an increase of 211,200 tons [2]. - The spot price of SMM1 nickel is 121,900 yuan/ton, down 250 yuan; the average price of ferronickel (7 - 10%) nationwide is 930 yuan/nickel point, unchanged [2]. - The monthly Chinese ferrochrome output is 757,800 tons, a decrease of 26,900 tons [2]. Industry Situation - The monthly output of 300 - series stainless steel is 1.7627 million tons, an increase of 24,800 tons; the weekly total inventory of 300 - series stainless steel is 576,700 tons, a decrease of 6,900 tons [2]. - The monthly stainless - steel export volume is 458,500 tons, a decrease of 29,500 tons [2]. Downstream Situation - The cumulative monthly new housing construction area is 453.99 million square meters, an increase of 55.9799 million square meters [2]. - The monthly output of large and medium - sized tractors is 26,200 units, an increase of 4,000 units; the monthly output of excavators is 31,600 units, an increase of 4,000 units; the monthly output of small tractors is 10,000 units, an increase of 1,000 units [2]. Industry News - The full text of the "15th Five - Year Plan" proposal is released, clarifying the main goals of economic and social development during the "15th Five - Year Plan" period, including maintaining economic growth within a reasonable range, steadily increasing total factor productivity, significantly increasing the household consumption rate, greatly improving the level of scientific and technological self - reliance, making new breakthroughs in comprehensive deep - seated reforms, and synchronizing household income growth with economic growth and labor compensation growth with labor productivity growth. It also proposes to accelerate the development of strategic emerging industry clusters such as new energy, new materials, aerospace, and low - altitude economy, promote new economic growth points in quantum technology, biological manufacturing, hydrogen energy and nuclear fusion energy, brain - computer interfaces, embodied intelligence, and 6G, and take extraordinary measures to achieve decisive breakthroughs in key core technologies in key areas such as integrated circuits, industrial mother machines, high - end instruments, basic software, advanced materials, and biological manufacturing [2].

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The supply of industrial silicon sees concurrent reduction in the southwest and increase in the northwest; the demand from polysilicon is highly uncertain, while the demand from silicone and aluminum alloy is relatively stable; cost provides support for prices, while high inventory restricts the upward price movement. The industrial silicon price showed an upward trend today, with the overall price remaining high. Currently, the cost is maintained at 8,800 - 9,000 yuan/ton. It is expected that industrial silicon will rely on cost support, and it is recommended to buy on dips [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract was 9,170 yuan/ton, up 215 yuan; the main contract's open interest was 211,670 lots, up 10,152 lots; the net position of the top 20 was -55,846 lots, down 7,555 lots; the warehouse receipts of the GFE were 48,044 lots, down 141 lots; the closing price of the December contract for industrial silicon was -375 yuan/ton, unchanged; the spread between the November and December contracts for industrial silicon was -375, unchanged [2] 3.2 Spot Market - The average price of oxygen - passed 553 silicon was 9,350 yuan/ton, unchanged; the average price of 421 silicon was 9,650 yuan/ton, unchanged; the basis of the Si main contract was 180 yuan/ton, down 215 yuan; the spot price of DMC was 11,275 yuan/ton, unchanged [2] 3.3 Upstream Situation - The average price of silica was 410 yuan/ton, unchanged; the average price of petroleum coke was 2,110 yuan/ton, up 80 yuan; the average price of clean coal was 1,850 yuan/ton, unchanged; the average price of wood chips was 490 yuan/ton, unchanged; the ex - factory price of graphite electrodes (400mm) was 12,250 yuan/ton, unchanged [2] 3.4 Industry Situation - The monthly output of industrial silicon was 402,800 tons, up 36,000 tons; the weekly social inventory of industrial silicon was 552,000 tons, up 10,000 tons; the monthly import volume of industrial silicon was 70,232.72 tons, up 1,939.85 tons; the monthly export volume of industrial silicon was down 6,409.29 tons [2] 3.5 Downstream Situation - The weekly output of silicone DMC was 44,900 tons, up 700 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot market was 21,100 yuan/ton, unchanged; the overseas market price of photovoltaic - grade polysilicon was 15.85 US dollars/kg, unchanged; the weekly average spot price of photovoltaic - grade polysilicon was 6.51 US dollars/kg, down 0.02 US dollars/kg; the monthly export volume of unforged aluminum alloy was 23,495.34 tons, down 5,568.37 tons; the weekly operating rate of silicone DMC was 70.05%, up 0.69 percentage points; the monthly output of aluminum alloy was 1,776,000 tons, up 141,000 tons; the monthly export volume of aluminum alloy was down 5,568.37 tons [2] 3.6 Industry News - On October 28th, GCL mentioned in a CCTV interview that 17 enterprises have basically signed, and the establishment of the consortium is expected to be completed within this year. In terms of industrial silicon, from the fundamental perspective, on the supply side, Sichuan and Yunnan are transitioning from the wet season to the dry season in October, leading to an increase in manufacturers' production costs. Some enterprises with exhausted raw materials have chosen to stop production. As November approaches, the scale of production cuts during the dry season is expected to further expand. In Xinjiang, with stable and low - cost power supply, some manufacturers are actively investing in production, increasing the number of open furnaces and continuously releasing production capacity. On the demand side, the downstream of industrial silicon is mainly concentrated in the silicone, polysilicon, and aluminum alloy fields [2] 3.7 Viewpoint Summary - In the silicone segment, the inventory is lower than the historical average. The production profit of silicone has slightly rebounded but is still in the loss range, providing a certain rigid - demand procurement support for industrial silicon. Currently, most silicone manufacturers still have some pre - sold orders, and there are many maintenance manufacturers, with some planning to enter maintenance, which maintains the demand for industrial silicon to a certain extent. In the polysilicon segment, the inventory is as high as 278,300 tons, higher than the historical average. The price of silicon wafers is flat, and the price of solar cells is falling. The downstream transmission is not smooth, and leading enterprises have maintenance expectations, so there is a risk of weakening demand support for industrial silicon in the future. In the aluminum alloy segment, the operating rate of aluminum alloy enterprises remains stable, and the demand for industrial silicon remains high. The demand performance is relatively stable, but in terms of marginal effect, the pulling effect on the price of industrial silicon is limited [2]