Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The zinc market has complex supply - demand dynamics. The import of zinc ore has increased due to long - term agreement ores arriving at ports and refineries' raw material reserves for winter, but domestic zinc ore processing fees have decreased, sulfuric acid prices have fallen, squeezing smelter profits and limiting refined zinc production growth. Overseas zinc supply is tight, the export window has opened, and it is expected to turn to net exports. The demand side has a weak traditional peak - season effect, with the real estate sector being a drag and policy support in the automotive and home - appliance sectors bringing some highlights. Domestically, social inventories have slightly increased, downstream procurement demand is weak, while LME inventories have continuously decreased and the spot premium has reached a historical high. Technically, the short - selling atmosphere has weakened, and it is recommended to go long on dips [3] Group 3: Summary by Relevant Catalogs 1. Futures Market - The closing price of the main Shanghai zinc futures contract is 22,430 yuan/ton, up 120 yuan; the 11 - 12 - month contract spread is - 50 yuan/ton, down 15 yuan. The LME three - month zinc quote is 3,056.5 dollars/ton, down 2 dollars. The total Shanghai zinc open interest is 210,352 lots, up 1,255 lots. The net position of the top 20 in Shanghai zinc is 8,341 lots, down 268 lots. Shanghai zinc warehouse receipts are 67,424 tons, down 847 tons. The SHFE inventory is 109,168 tons, down 459 tons, and the LME inventory is 35,250 tons, down 1,800 tons [3] 2.现货市场 - The SMM 0 zinc spot price is 22,290 yuan/ton, up 20 yuan; the Yangtze River Non - ferrous Market 1 zinc spot price is 22,410 yuan/ton, up 30 yuan. The basis of the main ZN contract is - 140 yuan/ton, down 100 yuan. The LME zinc cash - 3 spread is 171.09 dollars/ton, down 41.8 dollars. The arrival price of 50% zinc concentrate in Kunming is 17,400 yuan/ton, up 90 yuan, and the price of 85% - 86% crushed zinc in Shanghai is 15,850 yuan/ton, unchanged. The WBMS monthly zinc supply - demand balance is - 27,800 tons, down 5,700 tons, and the ILZSG monthly zinc supply - demand balance is 47,900 tons, up 17,700 tons [3] 3. Upstream Situation - The ILZSG global zinc mine production is 1.0976 million tons, up 21,400 tons. Domestic refined zinc production is 651,000 tons, up 34,000 tons. Zinc ore imports are 505,400 tons, up 38,100 tons [3] 4. Industry Situation - Refined zinc imports are 22,677.51 tons, down 2,979.32 tons, and refined zinc exports are 2,477.83 tons, up 2,166.92 tons. The social zinc inventory is 163,100 tons, up 7,700 tons [3] 5. Downstream Situation - The monthly output of galvanized sheets is 2.32 million tons, up 10,000 tons, and the sales volume is 2.28 million tons, down 90,000 tons. The monthly new housing construction area is 453.99 million square meters, up 55.9799 million square meters, and the monthly housing completion area is 311.2888 million square meters, up 34.3534 million square meters. The monthly automobile production is 3.227 million vehicles, up 474,600 vehicles, and the monthly air - conditioner production is 18.0948 million units, up 1.276 million units [3] 6. Option Market - The implied volatility of at - the - money zinc call options is 13.54%, down 0.46 percentage points, and that of at - the - money zinc put options is 13.54%, down 0.46 percentage points. The 20 - day historical volatility of at - the - money zinc options is 9.29%, up 0.93 percentage points, and the 60 - day historical volatility is 9.67%, down 0.15 percentage points [3] 7. Industry News - The "15th Five - Year Plan" suggestions aim for economic growth in a reasonable range, improved total factor productivity, increased resident consumption rate, enhanced scientific and technological self - reliance, and breakthroughs in key core technologies in key fields. The central bank will implement a moderately loose monetary policy. The ADP will launch weekly employment data, and the first report shows an average increase of 14,250 private - sector jobs in the four weeks to October 11 [3]

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Viewpoints - The nickel market's oversupply situation is difficult to change, and the nickel price is expected to fluctuate and adjust, with attention paid to the range of 120,000 - 124,000 yuan/ton. Technically, with the increase in positions and the decline in price, it maintains a range - bound operation. It is recommended to wait and see temporarily or conduct range - bound operations [3][4]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract of Shanghai nickel is 121,540 yuan/ton, with a ring - to - ring increase of 980 yuan/ton; the spread between the November - December contracts of Shanghai nickel is - 290 yuan/ton, with a decrease of 30 yuan/ton. - The price of LME 3 - month nickel is 1,5245 US dollars/ton, with a decrease of 90 US dollars/ton; the position of the main contract of Shanghai nickel is 109,686 lots, with a decrease of 5,360 lots. - The net long position of the top 20 futures holders of Shanghai nickel is - 35,609 lots, with an increase of 2,531 lots. The LME nickel inventory is 251,436 tons, with an increase of 198 tons. - The inventory of nickel in the Shanghai Futures Exchange is 36,075 tons (weekly), with an increase of 1,656 tons; the LME nickel cancelled warrants total 6,564 tons, with an increase of 156 tons. The warehouse receipt quantity of Shanghai nickel is 31,433 tons, with an increase of 48 tons [3]. Spot Market - The SMM 1 nickel spot price is 121,900 yuan/ton, with a decrease of 250 yuan/ton; the average spot price of 1 nickel plate in the Yangtze River Non - ferrous Metals market is 122,100 yuan/ton, with a decrease of 150 yuan/ton. - The CIF (bill of lading) price of Shanghai electrolytic nickel is 85 US dollars/ton, remaining unchanged; the bonded warehouse (warehouse receipt) price of Shanghai electrolytic nickel is 85 US dollars/ton, remaining unchanged. - The average price of battery - grade nickel sulfate is 28,800 yuan/ton, remaining unchanged. The basis of the NI main contract is 360 yuan/ton, with a decrease of 1,230 yuan/ton. The LME nickel (spot/three - month) premium is - 207.07 US dollars/ton, with a decrease of 1.89 US dollars/ton [3]. Upstream Situation - The monthly import volume of nickel ore is 6.1145 million tons, with a decrease of 232,200 tons; the total port inventory of nickel ore is 14.9791 million tons (weekly), with a decrease of 309,300 tons. - The average monthly import unit price of nickel ore is 56.72 US dollars/ton, with a 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, remaining unchanged [3]. Industry Situation - The monthly output of electrolytic nickel is 29,430 tons, with an increase of 1,120 tons; the total monthly output of ferronickel is 21,700 metal tons, with a decrease of 300 metal tons. - The monthly import volume of refined nickel and alloys is 28,570.87 tons, with an increase of 4,144.03 tons; the monthly import volume of ferronickel is 1.0853 million tons, with an increase of 211,200 tons [3]. Downstream Situation - The monthly output of 300 - series stainless steel is 1.7627 million tons, with an increase of 24,800 tons; the total weekly inventory of 300 - series stainless steel is 576,700 tons, with a decrease of 6,900 tons [3]. Industry News - The full text of the "15th Five - Year Plan" proposal was released, aiming to achieve decisive breakthroughs in key core technologies in key fields through extraordinary measures, fully implement the "Artificial Intelligence +" initiative, and vigorously boost consumption. The Indonesian government's PNBP policy restricts the release, increasing the supply cost of nickel resources. - Central Bank Governor Pan Gongsheng stated that in the next step, a moderately loose monetary policy will be implemented, and new policy measures will be studied and reserved. - The "small non - farm" data release agency ADP will launch weekly employment data from this week. The first report shows that the average number of private - sector jobs in the US increased by 14,250 in the four weeks ending October 11 [3]. Viewpoint Summary - In terms of supply, the PNBP policy of the Indonesian government restricts the release, increasing the supply cost of nickel resources, and the premium of domestic ores remains stable. The supply of nickel ore from the Philippines is at a high level, but the grade has decreased, and the domestic nickel ore inventory is at a low level compared with the same period last year. - In the smelting sector, new electrolytic nickel projects are being put into production slowly. Due to the low nickel price and cost pressure, some smelters are losing money and reducing production, so the output of refined nickel is expected to remain stable at a high level. - On the demand side, stainless steel mills show the characteristic of a lackluster peak season. Although steel mills increase production, the increase is small. The production and sales of new energy vehicles continue to rise, but the demand for ternary batteries is limited. The domestic nickel inventory continues to increase, the market mainly purchases on demand, and the spot premium is slightly reduced; the LME inventory overseas also shows an increase [3].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On October 29, the JM2601 contract of coking coal closed at 1302.0, up 3.50%. The spot price of Tangshan Meng 5 coking coal was reported at 1460, equivalent to 1240 on the futures market. With the "15th Five - Year Plan" aiming to break obstacles in the national unified market, on the fundamental side, the mine - end开工率 decreased due to safety supervision, and the inventory was neutral. The开工率 of coal washing plants declined, while the mid - and downstream sectors replenished stocks, with the inventory expected to rise seasonally. Technically, the daily K - line was above the 20 - day and 60 - day moving averages. It should be treated as a shock - strengthening trend. [2] - On October 29, the J2601 contract of coke closed at 1763.0, down 0.25%. In the afternoon, coking plants proposed a third - round price increase for coke, driving up the futures price. The "15th Five - Year Plan" focuses on promoting people - centered new urbanization. Fundamentally, on the demand side, the molten iron output continued its seasonal decline to 239.90 (-1.05 tons), and the total coke inventory was higher than the same period. In terms of profit, the average profit per ton of coke for 30 independent coking plants was -41 yuan/ton. Technically, the daily K - line was above the 20 - day and 60 - day moving averages. It should be treated as a cost - driven shock - strengthening trend. [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - JM主力合约收盘价为1302.00元/吨，环比上涨60.00元；J主力合约收盘价为1801.00元/吨，环比上涨53.50元 [2] - JM期货合约持仓量为986010.00手，环比增加74792.00手；J期货合约持仓量为50565.00手，环比增加1262.00手 [2] - 焦煤前20名合约净持仓为 - 53839.00手，环比增加9484.00手；焦炭前20名合约净持仓为 - 5040.00手，环比减少608.00手 [2] - JM5 - 1月合约价差为76.50元/吨，环比上涨11.00元；J5 - 1月合约价差为143.00元/吨，环比上涨13.50元 [2] - 焦煤仓单为0.00张，无变化；焦炭仓单为2070.00张，无变化 [2] 3.2 Spot Market - 干其毛都蒙5原煤价格为1131.00元/吨，环比下降4.00元；唐山一级冶金焦价格为1775.00元/吨，环比上涨55.00元 [2] - 俄罗斯主焦煤远期现货（CFR）价格为157.50美元/湿吨，无变化；日照港准一级冶金焦价格为1570.00元/吨，环比上涨50.00元 [2] - 京唐港澳大利亚进口主焦煤价格为1700.00元/吨，无变化；天津港一级冶金焦价格为1670.00元/吨，环比上涨50.00元 [2] - 京唐港山西产主焦煤价格为1760.00元/吨，无变化；天津港准一级冶金焦价格为1570.00元/吨，环比上涨50.00元 [2] - 山西晋中灵石中硫主焦价格为1520.00元/吨，无变化；内蒙古乌海产焦煤出厂价为1280.00元/吨，无变化 [2] - JM主力合约基差为218.00元/吨，环比下降60.00元；J主力合约基差为 - 26.00元/吨，环比上涨1.50元 [2] 3.3 Upstream Situation - 314家独立洗煤厂精煤产量为26.50万吨，环比下降0.20万吨；精煤库存为284.40万吨，环比下降5.20万吨 [2] - 314家独立洗煤厂产能利用率为0.37%，环比无变化；原煤产量为41150.50万吨，环比增加2100.80万吨 [2] - 煤及褐煤进口量为4600.00万吨，环比增加326.00万吨；523家炼焦煤矿山原煤日均产量为191.00万吨，环比下降5.10万吨 [2] - 16个港口进口焦煤库存为507.18万吨，环比增加19.02万吨；18个港口焦炭库存为260.79万吨，环比增加8.14万吨 [2] - 独立焦企全样本炼焦煤总库存为1029.70万吨，环比增加32.33万吨；独立焦企全样本焦炭库存为58.64万吨，环比增加1.35万吨 [2] - 全国247家钢厂炼焦煤库存为782.96万吨，环比下降5.36万吨；全国247家样本钢厂焦炭库存为633.16万吨，环比下降6.28万吨 [2] - 独立焦企全样本炼焦煤可用天数为12.77天，环比下降0.13天；247家样本钢厂焦炭可用天数为11.07天，环比下降0.12天 [2] - 炼焦煤进口量为1092.36万吨，环比增加76.14万吨；炼焦煤产量为3696.86万吨，环比下降392.52万吨 [2] 3.4 Industry Situation - 焦炭及半焦炭出口量为54.00万吨，环比下降1.00万吨；独立焦企产能利用率为73.47%，环比下降0.77% [2] - 独立焦化厂吨焦盈利为 - 41.00元/吨，环比下降28.00元；焦炭产量为4255.60万吨，环比下降4.10万吨 [2] 3.5 Downstream Situation - 全国247家钢厂高炉开工率为84.73%，环比上涨0.48%；247家钢厂高炉炼铁产能利用率为89.92%，环比下降0.39% [2] - 粗钢产量为7349.01万吨，环比下降387.84万吨 [2] 3.6 Industry News - “十五五规划建议”提出推进以人为本的新型城镇化 优化城市规模结构 促进大中小城市和小城镇协调发展 [2] - “十五五规划建议”提出破除全国统一大市场建设卡点堵点 整治“内卷式”竞争 保持投资合理增长 提高民生类政府投资比重 建立健全各类市场 [2] - 蒙古国政局内部斗争对煤炭进口暂无影响 本周三大口岸通关车数重回高位 [2] - 2025年10月焦煤长协煤钢联动浮动值较9月上涨43元/吨 涨幅3.1% [2]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - Supply - side: For primary lead, despite some smelters planning to boost annual production and sales, there are many maintenance activities from October to November, so production is expected to rise slightly. For recycled lead, smelters affected by the 770 - document are gradually resuming production, but due to low raw material inventory and transportation control in northern regions, the increase in recycled lead output is limited, and the spot lead ingot will remain tight in the short - term. Lead prices are recommended to short at high levels [2]. - Demand - side: After the National Day and Mid - Autumn Festival holidays, the weekly operating rate of lead - acid battery enterprises has significantly rebounded. The traditional consumption season has arrived, and the "trade - in" activities in the automotive and electric bicycle markets support lead demand. Some leading battery companies have good orders and are expanding energy storage business, which will further increase lead demand. However, since September, the Shanghai - London ratio of lead ingots has gradually expanded, and the export of Chinese lead - acid batteries is affected by tariffs, which will suppress demand growth to some extent [2]. - Inventory: Inventory has been continuously decreasing. But with the expected arrival of imported lead and the possible increase in recycled lead production, inventory may change next week. If the inventory depletion rate slows down, it will resist price increases [2]. - Overall: If the Fed's interest rate cut tomorrow is less than expected, the market may have a negative feedback. Lead prices are recommended to short at high levels [2]. 3. Summary by Directory Futures Market - The closing price of the main Shanghai lead futures contract is 17,355 yuan/ton, with no change; the LME 3 - month lead quote is 2,025 dollars/ton, up 1.5 dollars/ton. The spread between the December - January contracts of Shanghai lead is - 25 yuan/ton, down 15 yuan/ton. The trading volume of Shanghai lead is 122,463 lots, down 566 lots. The net position of the top 20 in Shanghai lead is - 974 lots, down 2,084 lots. The Shanghai lead warehouse receipt is 22,997 tons, down 100 tons. The Shanghai Futures Exchange inventory is 36,333 tons, down 5,368 tons; the LME lead inventory is 229,675 tons, down 2,700 tons [2]. Spot Market - The spot price of 1 lead from Shanghai Non - ferrous Metals Network is 17,200 yuan/ton, down 25 yuan/ton; the spot price of 1 lead in the Yangtze River Non - ferrous Metals Market is 17,290 yuan/ton, down 50 yuan/ton. The basis of the lead main contract is - 155 yuan/ton, down 25 yuan/ton; the LME lead premium (0 - 3) is - 35.54 dollars/ton, down 1.74 dollars/ton [2]. Upstream Situation - The average operating rate of primary lead is 82.65%, up 1.01 percentage points; the weekly output of primary lead is 3.96 tons, up 0.05 tons. The price of 50% - 60% lead concentrate in Jiyuan is 16,671 yuan, up 275 yuan. The price of domestic recycled lead (≥98.5%) is 17,100 yuan/ton, down 40 yuan/ton. The number of recycled lead production enterprises is 68, with no change. The capacity utilization rate of recycled lead is 35.56%, down 2.32 percentage points; the monthly output of recycled lead is 22.42 tons, down 6.75 tons. The processing fee of 60% lead concentrate at major ports is - 90 dollars/kiloton, with no change. The global lead mine output is 383.3 kilotons, up 3.4 kilotons. The monthly lead ore import volume is 15.06 tons, up 1.58 tons [2]. Industry Situation - The monthly import volume of refined lead is 1,507.92 tons, down 312.63 tons; the monthly export volume of refined lead is 1,486.13 tons, down 1,266.09 tons. The average domestic processing fee of lead concentrate to the factory is 380 yuan/ton, with no change. The average price of waste batteries in the market is 9,967.86 yuan/ton, down 23.21 yuan/ton [2]. Downstream Situation - The monthly export volume of batteries is 45,696 units, down 3,984 units. The average price of lead - antimony alloy (for batteries, containing 2% antimony) is 19,450 yuan/ton, with no change. The Shenwan industry index of batteries is 2,032.49 points, up 9.89 points. The monthly automobile production is 322.7 tons, up 47.46 tons; the monthly new - energy vehicle production is 158 tons, up 24.7 tons [2]. Industry News - A lead - zinc mine project in Inner Mongolia has resumed production recently after suspension for rectification. It is expected that the total output of lead - zinc metal in November will reach 1,000 - 1,500 metal tons. However, affected by winter cold, it may enter the regular suspension period in mid - December, and the specific production plan is not clear [2]. - Macroscopically, ADP released the weekly estimated data of the US national employment report. In the four weeks ending October 11, the average number of newly - added jobs was 14,250 [2].

Group 1: Report Summary - The report is a daily report on the pig industry dated October 29, 2025 [1] Group 2: Investment Rating - No investment rating is provided in the report Group 3: Core Viewpoints - At the end of the month, the supply pressure eases briefly, demand rebounds, and the entry of second - round fattening supports short - term price fluctuations. However, price rebounds restrict the sustainability of second - round fattening and terminal demand acceptance, and second - round fattening will delay supply. The expected supply pressure in the fourth quarter will still be realized, limiting the medium - term upside space. Technically, the pig 2601 contract declined slightly, down 0.49%, showing a fluctuating trend [2] Group 4: Data Summary Futures Market - The closing price of the main futures contract for live pigs is 12,185 yuan/ton, up 25 yuan; the main contract's open interest is 119,788 lots, up 2,540 lots; the number of warehouse receipts is 206 lots, unchanged; the net long positions of the top 20 futures holders is - 30,235 lots, up 671 lots [2] Spot Market - The pig prices in Henan Zhumadian, Jilin Siping, and Guangdong Yunfu are 12,600 yuan/ton (unchanged), 12,700 yuan/ton (up 100 yuan), and 12,900 yuan/ton (up 600 yuan) respectively; the main basis of live pigs is 415 yuan/ton, down 25 yuan [2] Upstream Situation - The monthly pig inventory is 42,4470,000 heads, up 7160,000 heads; the inventory of breeding sows is 4,0380,000 heads, down 40,000 heads; the CPI's year - on - year change is - 0.3%, up 0.1 percentage points; the spot price of soybean meal in Zhangjiagang is 2,970 yuan/ton, unchanged; the spot price of corn is 2,242.75 yuan/ton, up 1.87 yuan; the DCE pig feed cost index is 878.85, down 2.58; the monthly output of feed is 31,287,000 tons, up 2,015,000 tons; the price of binary breeding sows is 1,530 yuan/head, unchanged; the breeding profit of purchased piglets is - 289.07 yuan/head, up 86.22 yuan; the breeding profit of self - bred and self - raised pigs is - 185.68 yuan/head, up 59.02 yuan; the monthly import volume of pork is 80,000 tons, unchanged; the average price of white - striped chickens in the main production areas is 14.1 yuan/kg, down 0.2 yuan [2] Downstream Situation - The monthly slaughter volume of designated pig slaughtering enterprises is 33,500,000 heads, up 1,840,000 heads; the monthly retail sales of social consumer goods in the catering industry is 450.86 billion yuan, up 12.9 billion yuan [2] Industry News - On October 29, the daily slaughter volume of key provincial sample slaughtering enterprises was 146,210 heads, a month - on - month decrease of 0.82%. At the supply end, the listing rhythm of large - scale farms slowed down at the end of the month, and the average weight of listed pigs decreased slightly, reducing the supply pressure. In terms of second - round fattening, there was concentrated entry for replenishment, supporting the stabilization of the spot market price, but the sustainability of entry needs to be observed. At the demand end, with the continuous drop in temperature, terminal demand increased, and some slaughtering enterprises actively stored goods, resulting in continuous marginal improvement in demand [2]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The low egg price and the farmers' price - holding sentiment, along with favorable storage and transportation conditions due to temperature drop, have accelerated the sales in low - price areas, supporting the rebound of the spot price. The near - month futures contracts have also strengthened under the boost of the rising spot price. However, the high in - production laying hen inventory and the lack of over - culling of old hens are the main concerns in the market, which may limit the upside space. Although the futures price has risen recently, investors should be cautious about chasing the rally due to the high - capacity pressure [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The futures closing price of the active egg contract is 3,165 yuan per 500 kilograms, up 66 yuan; the net long position of the top 20 futures holders is - 14,280 lots, up 2,589 lots; the egg futures spread between January and May contracts is - 109 yuan per 500 kilograms, up 31 yuan; the futures open interest of the active contract is 217,139 lots, down 9,677 lots; the registered warehouse receipts are 38 lots, unchanged [2] 3.2现货市场 - The spot price of eggs is 2.92 yuan per catty, down 0.05 yuan; the basis (spot - futures) is - 244 yuan per 500 kilograms, down 120 yuan [2] 3.3 Upstream Situation - The national laying hen inventory index is 115.26 (with 2015 = 100), up 0.86; the national culled laying hen index is 124.63 (with 2015 = 100), up 31.02; the average price of layer chicks in the main production areas is 2.65 yuan per chick, up 0.05 yuan; the national new - born chick index is 76.65 (with 2015 = 100), up 3.3; the average price of layer compound feed is 2.76 yuan per kilogram, up 0.01 yuan; the layer farming profit is - 0.45 yuan per chicken, up 0.01 yuan; the average price of culled chickens in the main production areas is 8.58 yuan per kilogram, down 0.06 yuan; the national average age of culled chickens is 507 days, down 3 days [2] 3.4 Industry Situation - The average wholesale price of pork is 18.03 yuan per kilogram; the average wholesale price of 28 key - monitored vegetables is 5.67 yuan per kilogram, up 0.01 yuan; the average wholesale price of dressed chickens is 17.41 yuan per kilogram, down 0.29 yuan; the weekly inventory in the circulation link is 1.1 days, unchanged; the weekly inventory in the production link is 1.04 days, down 0.01 days; the monthly export volume of fresh eggs is 13,215.79 tons, up 94.76 tons [2] 3.5 Downstream Situation - The weekly consumption of eggs in the sales areas is 7,498 tons, up 118 tons [2] 3.6 Industry News - The average egg price in Shandong's main production area is 5.60 yuan per kilogram, down 0.19 yuan from yesterday; in Hebei, it is 5.69 yuan per kilogram, down 0.09 yuan from yesterday; in Guangdong and Beijing, it remains unchanged at 6.73 yuan per kilogram and 6.30 yuan per kilogram respectively. The low egg price and the farmers' price - holding sentiment, along with favorable storage and transportation conditions due to temperature drop, have accelerated the sales in low - price areas [2]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The methanol port inventory fluctuates slightly in the short - term, with an expected increase in the next week due to the anticipated rise in short - term visible unloading volume and no obvious improvement in demand. - Affected by cost pressure and falling downstream prices, the short - term olefin enterprise operation rate may continue to decline. - The MA2601 contract is expected to fluctuate in the range of 2230 - 2300 [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main methanol contract is 2257 yuan/ton, up 16 yuan/ton; the 1 - 5 spread is - 64 yuan/ton, down 2 yuan/ton. - The position of the main contract is 1197415 lots, down 23877 lots; the net long position of the top 20 futures holders is - 220178 lots, up 17268 lots. - The number of warehouse receipts is 12122, down 1750 [2]. Spot Market - The price in Jiangsu Taicang is 2200 yuan/ton, down 15 yuan/ton; the price in Inner Mongolia is 2010 yuan/ton, down 2.5 yuan/ton. - The price difference between East China and Northwest is 190 yuan/ton, down 12.5 yuan/ton; the basis of the main Zhengzhou methanol contract is - 41 yuan/ton, up 12 yuan/ton. - The CFR price of methanol at the main Chinese port is 257 dollars/ton, down 3 dollars/ton; the CFR price in Southeast Asia is 324 dollars/ton, unchanged. - The FOB price in Rotterdam is 267 euros/ton, down 1 euro/ton; the price difference between the main Chinese port and Southeast Asia is - 67 dollars/ton, down 3 dollars/ton [2]. Upstream Situation The price of NYMEX natural gas is 3.25 dollars/million British thermal units, down 0.15 dollars/million British thermal units [2]. Industry Situation - The inventory in East China ports is 102.7 tons, up 3 tons; the inventory in South China ports is 48.52 tons, down 0.92 tons. - The import profit of methanol is - 4.75 yuan/ton, up 10.36 yuan/ton; the monthly import volume is 142.69 tons, down 33.29 tons. - The inventory of inland enterprises is 360400 tons, up 500 tons; the operation rate of methanol enterprises is 85.65%, down 1.77% [2]. Downstream Situation - The operation rate of formaldehyde is 38.87%, down 2.01%; the operation rate of dimethyl ether is 5.33%, down 0.59%. - The operation rate of acetic acid is 74.4%, up 1.88%; the operation rate of MTBE is 67.79%, up 4.67%. - The operation rate of olefins is 90.43%, down 1.96%; the on - disk profit of methanol - to - olefins is - 886 yuan/ton, down 20 yuan/ton [2]. Option Market - The 20 - day historical volatility of methanol is 18.39%, up 0.31%; the 40 - day historical volatility is 15.34%, up 0.03%. - The implied volatility of at - the - money call options for methanol is 18.45%, up 1.01%; the implied volatility of at - the - money put options is 18.45%, up 1.17% [2]. Industry News - As of October 29, the inventory of Chinese methanol sample production enterprises is 37.61 tons, up 1.57 tons, a 4.36% increase; the pending orders of sample enterprises are 21.56 tons, down 0.01 tons, a 0.04% decrease. - As of October 29, the total inventory of Chinese methanol ports is 150.65 tons, down 0.57 tons. Among them, the inventory in East China has decreased by 2.97 tons, and the inventory in South China has increased by 2.40 tons. - The domestic methanol production has decreased due to more capacity losses from maintenance and production cuts than capacity output from recovery. The enterprise shipment rhythm is okay, and the unloading speed is average, with a large volume of unloading at non - dominant terminals [2].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - For soda ash, the supply exceeds demand, which suppresses the price. Although the price rose today following the glass price, the subsequent decline is expected to slow down. It is recommended to go long on the soda ash main contract at low levels in the short - term [2]. - For glass, the supply has potential reduction factors, and the demand from the real - estate industry is weak. The price continued to rise today with strong bullish sentiment, but the upward space is limited by real - estate demand. It is recommended to go short on the glass main contract at high levels in the short - term [2]. 3. Summary by Directory 3.1 Futures Market - Soda ash main contract closing price is 1259 yuan/ton, up 20; glass main contract closing price is 1127 yuan/ton, up 14. The spread between soda ash and glass is 132 yuan/ton, up 6. Soda ash main contract open interest is 1355081 lots, down 31991; glass main contract open interest is 1673338 lots, down 22459 [2]. - Soda ash top 20 net position is - 231477, up 28966; glass top 20 net position is - 231468, up 14685. Soda ash exchange warehouse receipts are 8745 tons, unchanged; glass exchange warehouse receipts are 415 tons, down 8 [2]. - Soda ash basis is - 48 yuan/ton, up 24; glass basis is - 79, down 10. The spread between January and May glass contracts is - 152, down 2; the spread between January and May soda ash contracts is - 88, up 4 [2]. 3.2 Spot Market - North China heavy soda ash is 1191 yuan/ton, up 17; Central China heavy soda ash is 1300 yuan/ton, unchanged. East China light soda ash is 1250 yuan/ton, unchanged; Central China light soda ash is 1145 yuan/ton, unchanged [2]. - Shahe glass sheets are 1044 yuan/ton, unchanged; Central China glass sheets are 1120 yuan/ton, unchanged [2]. 3.3 Industry Situation - Soda ash plant operating rate is 84.94%, up 0.01; float glass enterprise operating rate is 76.35%, unchanged. Glass in - production capacity is 16.12 million tons/year, unchanged; glass in - production production lines are 226, unchanged [2]. - Soda ash enterprise inventory is 169.24 million tons, down 0.97; glass enterprise inventory is 6661.3 million weight cases, up 233.7 [2]. 3.4 Downstream Situation - Real - estate new construction area cumulative value is 45399 million square meters, up 5597.99; real - estate completion area cumulative value is 31129 million square meters, up 3435.46 [2]. 3.5 Industry News - Henan Zhongyuan Chemical's soda ash plant load is gradually increasing, and the light soda ash ex - factory price is 1090 yuan/ton on acceptance [2]. - Hubei Shuanghuan's soda ash plant is in production with increasing output, and the light soda ash price is 1160 yuan/ton [2]. - Henan Haohua Junhua's soda ash plant is stable with stable prices [2]. - Zhongyan Anhui Hongsifang's soda ash plant load decreased due to equipment problems for one day [2]. - Inner Mongolia Boyuan Yingen Chemical's 5 - million - ton/year soda ash plant is operating at a reduced capacity, and the ex - factory price of qualified light soda ash is 900 [2]. - Tangshan Sanyou's 2.3 - million - ton/year soda ash plant is operating at a reduced capacity with a load of about 70% [2]. - Shandong Haitian Biological Chemical's 1.5 - million - ton/year soda ash plant has resumed production [2]. - Shandong Haihua's 3 - million - ton/year soda ash plant is operating at a reduced load [2]. - Anhui Huainan Alkali Plant's boiler is ignited [2]. - The soda ash market in Sichuan and Chongqing is stable, and supply is expected to increase with plant复产, with strong market wait - and - see sentiment [2].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - With the weather clearing up, agricultural demand has increased moderately, but due to excessive rain previously, autumn sowing has been postponed, and agricultural replenishment is scattered. Industrial demand is lukewarm. Some previously shut - down plants in Shandong, Jiangsu, and Anhui have resumed production, increasing overall capacity utilization, but small and medium - sized enterprises in Henan and Hebei are still operating at a low level and actively digesting inventory. In the short term, the capacity utilization rate of compound fertilizer plants may increase slightly. Some previously suppressed demand has been released recently, and some reserve demand has followed up, helping urea factories increase new orders and shipments. This week, urea enterprise inventories have decreased. With many industry meetings recently, market sentiment is cautious. With downstream reserve demand following up, urea enterprise inventories are expected to fluctuate little. The UR2601 contract is expected to fluctuate in the range of 1620 - 1660 in the short term [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Zhengzhou urea main contract is 1644 yuan/ton, up 9 yuan/ton; the 1 - 5 spread is - 73 yuan/ton, up 1948 yuan/ton. The main contract's open interest is 270349 lots, down 2652 lots; the net position of the top 20 is - 34609 lots. The exchange warehouse receipts are 0, down 2970 [2] 3.2 Spot Market - In the domestic spot market, the price in Hebei is 1630 yuan/ton, unchanged; in Henan is 1590 yuan/ton, unchanged; in Jiangsu is 1600 yuan/ton, down 10 yuan/ton; in Shandong is 1610 yuan/ton, unchanged; in Anhui is 1590 yuan/ton, unchanged. The basis of the Zhengzhou urea main contract is - 25 yuan/ton, up 5 yuan/ton. FOB Baltic is 348.5 dollars/ton, unchanged; FOB China main port is 375 dollars/ton, unchanged [2] 3.3 Industry Situation - Port inventory is 210,000 tons, down 236,000 tons; enterprise inventory is 1.6302 million tons, up 14,800 tons. The urea enterprise operating rate is 78.03%, down 2.61 percentage points; the daily urea output is 182,600 tons, down 6000 tons. Urea exports are 1.37 million tons, up 570,000 tons; the monthly output is 5,738,670 tons, down 190,010 tons [2] 3.4 Downstream Situation - The compound fertilizer operating rate is 27.71%, up 3.53 percentage points; the melamine operating rate is 48.3%, down 6.88 percentage points. The weekly profit of compound fertilizer is 153 yuan/ton, down 14 yuan/ton; the weekly profit of melamine with externally - purchased urea is 220 yuan/ton, down 8 yuan/ton. The monthly output of compound fertilizer is 4.6618 million tons, down 651,500 tons; the weekly output of melamine is 24,100 tons, down 3300 tons [2] 3.5 Industry News - As of October 29, the total inventory of Chinese urea enterprises is 1.5543 million tons, down 75,900 tons from last week, a 4.66% decrease. This period sees a shift from an increase to a decrease in enterprise inventory. As of October 23, the port sample inventory is 210,000 tons, down 236,000 tons, a 52.91% decrease. Port goods are leaving faster. Some domestic urea plants have newly shut down, and production has slightly decreased. This week, no enterprise plans to shut down, and 4 - 5 shut - down plants may resume production. As of October 23, the output of Chinese urea producers is 1.2779 million tons, down 42,600 tons from the previous period, a 3.23% decrease; the capacity utilization rate is 78.03%, down 2.61 percentage points, continuing to decline [2]

Core Viewpoint - As of October 29, 2025, Ruida Futures (002961) closed at 25.3 yuan, marking a 4.16% increase, with a trading volume of 341,900 hands and a transaction value of 848 million yuan [1] Financial Performance - For the first three quarters of 2025, Ruida Futures reported a main business revenue of 1.621 billion yuan, a year-on-year decrease of 2.87%, while the net profit attributable to shareholders was 386 million yuan, an increase of 42.15% [3] - In Q3 2025, the company achieved a single-quarter main business revenue of 575 million yuan, down 13.91% year-on-year, and a net profit attributable to shareholders of 158 million yuan, up 17.41% year-on-year [3] - The company's debt ratio stands at 84.6%, with investment income reported at 599 million yuan [3] Market Activity - On October 29, 2025, the net outflow of main funds was 12.41 million yuan, accounting for 1.46% of the total transaction value, while the net inflow of speculative funds was 12.71 million yuan, representing 1.5% of the total transaction value [1][2] - Over the past five days, the stock has seen fluctuations in fund flows, with notable net inflows and outflows from different investor categories [2] Company Metrics and Industry Comparison - Ruida Futures has a total market value of 11.259 billion yuan, ranking 15th in the diversified financial industry, which has an average market value of 24.798 billion yuan [3] - The company’s price-to-earnings ratio (P/E) is 21.89, significantly lower than the industry average of 236.32, ranking 8th in the industry [3] - The return on equity (ROE) for Ruida Futures is 12.64%, which is the highest in the industry, compared to the industry average of 2.84% [3] Analyst Ratings - In the last 90 days, four institutions have provided ratings for Ruida Futures, with three buy ratings and one hold rating, and the average target price set at 28.98 yuan [4]