Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - In the electrolytic aluminum sector, recent alternative data indicate a weakening US labor market, and hawkish statements from some Fed officials have dampened market risk appetite. The outcome of the US government's reopening agreement is crucial as post - reopening data may influence market sentiment. Fundamentally, electrolytic aluminum production capacity remains stable, but the proportion of molten aluminum is expected to decline in November, leading to an increase in ingot production. In the consumption aspect, as November marks the transition between peak and off - peak seasons and with high aluminum prices, downstream procurement is mainly for essential needs. Additionally, environmental restrictions on some aluminum processing enterprises in the north have curbed consumption. The supply - demand situation is showing marginal weakness, and it is difficult for the social inventory of aluminum ingots to continue decreasing. Overall, with high macro uncertainty, tight overseas supply, and insufficient domestic supply - demand fundamentals, but high capital attention as evidenced by the record - high position in Shanghai aluminum futures, Shanghai aluminum is expected to perform well. [2][7] - In the cast aluminum sector, on the supply side, capacity release is constrained by uncertainties in raw materials and policies, and short - term cast aluminum operation remains stable. According to SMM, the output of ADC12 in October was 364,000 tons, a decrease of 9,000 tons. On the consumption side, the rapid price increase has made downstream buyers hesitant, leading to a short - term decline in提货 enthusiasm. However, the good growth in terminal automobile production and sales provides demand resilience. The supply of scrap aluminum in the raw material market remains tight, with the price center rising by 100 - 150 yuan/ton compared to last week, and the refined - scrap price difference of crushed primary aluminum in Foshan decreasing from 1,736 yuan/ton to 1,729 yuan/ton. With favorable supply - demand expectations and raw material cost support, cast aluminum is expected to fluctuate at a high level. [2][8] Summary by Directory Transaction Data - LME 3 - month aluminum price decreased from 2,888 yuan/ton on October 31, 2025, to 2,862 yuan/ton on November 7, 2025, a decrease of 26 yuan/ton. [3] - SHFE aluminum continuous third - month contract price increased from 21,320 dollars/ton to 21,630 dollars/ton, an increase of 310 dollars/ton. [3] - The Shanghai - London aluminum ratio increased from 7.4 to 7.6, an increase of 0.2. [3] - LME spot premium decreased from - 5.45 dollars/ton to - 12.91 dollars/ton, a decrease of 7.5 dollars/ton. [3] - LME aluminum inventory decreased from 558,050 tons to 549,225 tons, a decrease of 8,825 tons. [3] - SHFE aluminum warehouse receipt inventory decreased from 64,393 tons to 63,770 tons, a decrease of 623 tons. [3] - The average spot price increased from 21,186 yuan/ton to 21,414 yuan/ton, an increase of 228 yuan/ton. [3] - The spot premium decreased from - 10 yuan/ton to - 30 yuan/ton, a decrease of 20 yuan/ton. [3] - The average South Reserve spot price increased from 21,084 yuan/ton to 21,284 yuan/ton, an increase of 200 yuan/ton. [3] - The Shanghai - Guangdong price difference increased from 102 yuan/ton to 130 yuan/ton, an increase of 28 yuan/ton. [3] - The social inventory of aluminum ingots increased from 61.9 tons to 62.2 tons, an increase of 0.3 tons. [3] - The theoretical average cost of electrolytic aluminum increased from 15,708.59 yuan/ton to 15,751.27 yuan/ton, an increase of 42.7 yuan/ton. [3] - The weekly average profit of electrolytic aluminum increased from 5,477.41 yuan/ton to 5,662.73 yuan/ton, an increase of 185.3 yuan/ton. [3] Market Review - The weekly average price of aluminum ingots in the spot market was 21,414 yuan/ton, an increase of 228 yuan/ton compared to last week; the weekly average price of South Reserve spot was 21,284 yuan/ton, an increase of 200 yuan/ton compared to last week. [4] - In terms of macro - economy, the US ADP employment in October increased by 42,000, significantly exceeding the expected 30,000, and the previous month's data was revised to a decrease of 29,000. The US ISM services PMI in October rose 2.4 points to 52.4, reaching an eight - month high and far exceeding the expected 50.8. The eurozone services PMI final value in October was 53%, better than the initial value of 52.6%, pushing the composite PMI final value to 52.5, the highest since May 2023. The US ISM manufacturing PMI index in October was 48.7, contracting for the eighth consecutive month and falling short of the expected 49.5. The eurozone manufacturing final PMI in October was 50, in line with the initial estimate. In the first three quarters, China's service trade import and export volume was 5.93622 trillion yuan, a year - on - year increase of 7.6%. [4] - In the consumption of electrolytic aluminum, according to SMM, the domestic downstream aluminum processing industry's operating rate decreased by 0.6% to 61.6% month - on - month, mainly due to environmental protection affecting downstream operations and the transition from peak to off - peak seasons weakening consumption. The terminal automobile and power sectors have consumption resilience, which is expected to support consumption. It is expected that the aluminum processing operating rate will decline slightly and fluctuantly in November. [5] - In terms of electrolytic aluminum inventory, according to SMM, on October 23, the social inventory of aluminum ingots decreased by 9,000 tons compared to last Thursday, to 618,000 tons; the aluminum rod inventory was 145,000 tons, a decrease of 3,000 tons compared to last Thursday. [5] - In the cast aluminum sector, the SMM spot price of cast aluminum alloy on Friday was 21,450 yuan/ton, an increase of 150 yuan/ton compared to last Friday. The spot price of Jiangxi Baotai ADC12 was 20,900 yuan/ton, an increase of 100 yuan/ton compared to last Friday. The refined - scrap price difference of Foshan crushed primary aluminum decreased from 1,736 yuan/ton to 1,729 yuan/ton during the week. The refined - scrap price difference of Shanghai machine - made primary aluminum increased by 80 yuan/ton to 2,600 yuan/ton compared to last Friday. The operating rate of leading recycled aluminum enterprises remained stable at 59.1% week - on - week. On November 6, the social inventory of recycled aluminum alloy ingots in domestic mainstream consumption areas was 55,800 tons, an increase of 1,000 tons compared to last Thursday. The exchange warehouse receipt inventory was 55,000 tons, an increase of 4,662 tons compared to last Friday. [6] Market Outlook - Electrolytic aluminum: The market risk appetite is suppressed due to the weakening US labor market and hawkish Fed statements. After the US government reopens, the data may affect market sentiment. Fundamentally, production capacity is stable, but the molten aluminum ratio is expected to decline in November, and the ingot production will increase. Consumption is mainly for essential needs, and environmental restrictions in the north curb consumption. The supply - demand situation is weakening, and the social inventory of aluminum ingots is unlikely to continue decreasing. With high macro uncertainty, tight overseas supply, and insufficient domestic fundamentals, but high capital attention, Shanghai aluminum is expected to perform well. [7] - Cast aluminum: Supply capacity release is constrained by raw materials and policies, and short - term operation is stable. Downstream buyers are hesitant due to high prices, but terminal automobile production and sales support demand. The supply of scrap aluminum is tight, and prices are rising. With favorable supply - demand expectations and cost support, cast aluminum is expected to fluctuate at a high level. [8] Industry News - In October 2025, China's unprocessed aluminum and aluminum product export volume was 503,000 tons. From January to October 2025, the export volume was 5.02 million tons, a decrease of 8.60% compared to 5.49 million tons in the same period last year. [9] - According to SMM, due to significant inventory pressure of aluminum processed products, a southern aluminum plant restarted the electrolytic aluminum ingot business in November. The molten aluminum ratio is expected to drop from 100% to 75%, with the end time undetermined. Also, due to weak demand in the aluminum rod market and intensified regional competition, the enterprise adjusted the aluminum rod production line, with the daily output of aluminum rods decreasing by 70%, and the aluminum rod output also decreased. [9] - Rio Tinto's Bell Bay aluminum plant extended the temporary power agreement with the Tasmanian government and will operate until December 2026, gaining a 14 - month buffer for long - term operation negotiations. Currently, the federal government is promoting the negotiation of a 10 - year power supply agreement and a 2 - billion - dollar green aluminum production credit plan. [9] Related Charts The report provides 10 related charts, including LME 3 - month aluminum and SHFE aluminum continuous third - month contract price trends, the Shanghai - London aluminum ratio, LME aluminum premium, Shanghai aluminum monthly - consecutive first - month spread, Shanghai - Guangdong price difference, physical trade seasonal spot premium, domestic and imported alumina prices, electrolytic aluminum cost - profit, electrolytic aluminum inventory seasonal changes, and aluminum rod inventory seasonal changes. [10][11][14][15][16]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The fundamentals of the alumina market are dominated by bearish factors, and the weak trend is expected to continue. Domestic imported ore supply is expected to increase, which may put pressure on ore prices and lead to a potential decline in the cost support for alumina. The supply side has a high level of operating capacity with only minor disruptions due to environmental protection, while the demand side is relatively rigid, and inventory continues to accumulate, indicating an expected surplus in the market. Attention should be paid to news of production cuts on the supply side [2][6] 3. Summary by Relevant Sections Transaction Data - The alumina futures (active) price decreased from 2793 yuan/ton on October 31, 2025, to 2783 yuan/ton on November 7, 2025, a drop of 10 yuan/ton. The domestic alumina spot price fell from 2906 yuan/ton to 2873 yuan/ton, a decrease of 33 yuan/ton. The spot premium increased from 118 yuan/ton to 138 yuan/ton, an increase of 20 yuan/ton. The Australian alumina FOB price rose from 318 US dollars/ton to 320 US dollars/ton, an increase of 2 US dollars/ton. The import profit and loss decreased from 274.73 yuan/ton to 225.88 yuan/ton, a decrease of 48.9 yuan/ton. The exchange warehouse inventory increased by 16,487 tons to 253,654 tons, while the exchange factory warehouse inventory remained at 0 tons. The prices of domestic bauxite in various regions and imported Guinea bauxite CIF remained stable [3] Market Review - The main alumina futures contract fell 0.36% last week, closing at 2783 yuan/ton. The national weighted average price in the spot market was reported at 2873 yuan/ton on Friday, a decrease of 33 yuan/ton from the previous week. Bauxite prices remained stable due to a stalemate between supply shortages and downstream price - pressing. The start of operations of Guinea's NIMBAMININGCOMPANYS.A. may increase the supply of imported bauxite in the Chinese market. The alumina supply decreased slightly as a Hebei alumina enterprise's two roasting furnaces were under maintenance due to environmental protection. As of November 6, the total alumina production capacity in China was 114.8 million tons, the operating capacity was 96.3 million tons, and the operating rate was 83.89%. The demand for alumina was stable as electrolytic aluminum enterprises operated steadily, but some downstream enterprises were hesitant to purchase and mainly executed long - term contracts. The alumina futures warehouse receipt inventory increased by 33,000 tons to 254,000 tons last Friday, while the factory warehouse inventory remained at 0 tons [4] Market Outlook - On the ore side, the start of shipments by Guinea's NIMBAMININGCOMPANYS.A. and the end of the rainy season in Guinea are expected to increase the surplus of bauxite in China. On the supply side, the operating capacity decreased by 400,000 tons to 96.3 million tons last week due to the maintenance of two roasting furnaces in a Hebei alumina enterprise. On the consumption side, the operating capacity of the electrolytic aluminum industry remained stable, and enterprises mainly executed long - term contracts with low willingness to purchase spot goods. The warehouse receipt inventory increased by 33,000 tons to 254,000 tons, and the factory warehouse inventory remained at 0 tons. Overall, the expected increase in domestic imported ore supply may put pressure on ore prices and lead to a decline in the cost support for alumina. The supply side has a high operating capacity with only minor environmental - related maintenance, and the consumption side is rigid, with inventory continuing to accumulate and an expected market surplus. The alumina market is expected to remain weak [2][6] Industry News - The Shanghai Futures Exchange adjusted the trading margin ratio and daily price limit for alumina futures contracts starting from the settlement on November 7, 2025. The daily price limit was adjusted to 7%, the hedging position trading margin ratio to 8%, and the general position trading margin ratio to 9%. The "Xingxian Yangjiagou Bauxite Joint Trial Operation Plan" was approved and filed, with a production capacity of 450,000 tons/year for the second system and a six - month joint trial operation period. Guinea's ELITE MINING company resumed bauxite shipments in mid - October 2025 after the rainy - season maintenance [7] Related Charts - The report includes charts showing the price trends of alumina futures, alumina spot, alumina spot premium, alumina inter - month spread, domestic and imported bauxite prices, caustic soda prices, thermal coal prices, alumina cost - profit, and alumina exchange inventory [9][12][14][15][17][20][22][25]

Group 1: Report Industry Investment Rating There is no information provided regarding the report industry investment rating. Group 2: Core Views of the Report - Last week, industrial silicon prices stabilized and rebounded due to reduced production during the dry season in Southwest China, a new balance cycle in the photovoltaic industry chain, and the gradual recovery of traditional industries. The supply side has entered a marginal contraction, while the demand side shows different trends in various segments. The new platform for polysilicon capacity clearance continues to boost market sentiment, and the 14th Five - Year Plan emphasizes the development of a new energy system. The social inventory of industrial silicon decreased to 552,000 tons, and the spot market remained stable. Technically, the futures price is expected to maintain a stable and positive trend in the short term [2][5][9]. Group 3: Summary by Directory 1. Market Data - The industrial silicon futures price decreased by 2.28% from October 31st to November 7th, while the prices of various spot grades remained unchanged except for organic silicon DMC, which increased by 1.36%. The industrial silicon social inventory decreased by 1.08% to 552,000 tons [3]. 2. Market Analysis and Outlook - **Macro**: In September, China's industrial enterprise profits increased significantly, with high - tech manufacturing playing a leading role. From January to September, the profits of high - tech manufacturing increased by 8.7% year - on - year, accelerating by 2.7 percentage points compared to January - August [6]. - **Supply and Demand**: By November 6th, the weekly output of industrial silicon was 90,900 tons, a week - on - week decrease of 7.8% and a year - on - year increase of 1.2%. The number of open furnaces in the three major production areas decreased to 273, with the overall furnace opening rate rising to 34.3%. On the demand side, the polysilicon market is cautious, silicon wafer prices may lose support, battery cell prices are close to cash costs, and component inventory is expected to drop to 31GW [7]. - **Inventory**: As of November 7th, the national social inventory of industrial silicon decreased to 552,000 tons, and the exchange registered warehouse receipts decreased to 231,000 tons. The 5 - series warehouse receipts are actively registering [8]. 3. Industry News - On October 31st, Inner Mongolia released a plan for a clean energy base project in the Kubuqi Desert with a total installed capacity of 6 million kilowatts [10]. - Nantong Crystal Co., Ltd. received an investment of 100 million yuan from Guotou Jixin, a subsidiary of the third phase of the National Big Fund, and its registered capital increased from 300 million yuan to 400 million yuan [11]. 4. Related Charts - The report provides charts on industrial silicon production, exports, social inventory, exchange warehouse receipts, and the production of related products such as organic silicon DMC and polysilicon [17][18].

Group 1: Report Information - Report title: "Bean Meal Weekly Report" [1] - Report date: November 10, 2025 [1] Group 2: Core Views - Last week, CBOT soybean January contract rose 2.25 to close at 1117.25 cents per bushel, up 0.2%; bean meal 01 contract rose 37 to close at 3058 yuan per ton, up 1.22%; South China bean meal spot rose 20 to close at 3000 yuan per ton, up 0.67%; rapeseed meal 01 contract rose 151 to close at 2539 yuan per ton, up 6.32%; Guangxi rapeseed meal spot rose 120 to close at 2630 yuan per ton, up 4.78% [2][5] - Optimistic sentiment on US soybean export trade cooled, and the external market oscillated at a high level; the crop prospects in South America were relatively positive. Import of US soybeans retains a 10% additional tariff, with 10% extra cost compared to Brazilian soybeans. Currently, the CNF arrival prices of Brazilian and US soybeans are basically the same, and Brazilian soybeans are more cost - effective. Although old - crop soybeans are decreasing, a certain amount of US soybeans still need to be purchased. The China - Canada relationship has warmed up, but relevant agreements have not been reached. Import of Canadian rapeseed still maintains high tariffs, and the subsequent arrival volume of rapeseed will decrease. Coastal oil mills' rapeseed inventory is depleted, and rapeseed meal inventory continues to decline, with supply tightening and rapeseed meal rising sharply [2][5] - The weather conditions in the Brazilian production area are suitable for crop growth and development; the Argentine production area is relatively dry, which is conducive to accelerating the sowing progress. The crop prospects in South America are good. China resumed the qualification of 3 enterprises for soybean export to China on November 10. Wait for the USDA's crop yield report based on survey data this week. There is a gap in domestic soybean procurement for the December - January shipping period. It is expected that the Dalian bean meal will oscillate and adjust in the short term [2][9] Group 3: Market Data - CBOT soybean: On November 7, it was 1117.25 cents per bushel, up 2.25 from October 31, with a 0.20% increase [3] - CNF import price of Brazilian soybeans: On November 7, it was 486.00 dollars per ton, down 7.00 from October 31, with a - 1.42% decrease [3] - CNF import price of US Gulf soybeans: On November 7, it was 496.00 dollars per ton, up 3.00 from October 31, with a 0.61% increase [3] - Brazilian soybean crushing profit on the disk: On November 7, it was - 144.09 yuan per ton, up 62.42 from before [3] - DCE bean meal: On November 7, it was 3058.00 yuan per ton, up 37 from before, with a 1.22% increase [3] - CZCE rapeseed meal: On November 7, it was 2539.00 yuan per ton, up 151 from before, with a 6.32% increase [3] - Bean meal - rapeseed meal price difference: On November 7, it was 519.00 yuan per ton, down 114 from before [3] - Spot price in East China: On November 7, it was 3020.00 yuan per ton, up 40 from before, with a 1.34% increase [3] - Spot price in South China: On November 7, it was 3000.00 yuan per ton, up 20 from before, with a 0.67% increase [3] - Spot - futures price difference in South China: On November 7, it was - 58.00 yuan per ton, down 17 from before [3] Group 4: Market Analysis and Outlook - As of the week of November 2, 2025, the estimated US soybean harvest rate was 91%, with an estimated range of 88% - 94%, compared with 94% in the same period last year. StoneX lowered the US 2025 soybean yield per acre from 53.9 bushels to 53.6 bushels and expected the 2025 US soybean output to be 4.303 billion bushels, lower than the previous expectation of 4.326 billion bushels [6] - As of the week of October 31, 2025, the US soybean crushing gross profit was 2.15 dollars per bushel, compared with 2.33 dollars per bushel in the previous week. The 48% protein bean meal spot price in Illinois was 322.48 dollars per short - ton, compared with 299.18 dollars per short - ton in the previous week. The truck quotation of crude soybean oil in Illinois was 48.32 cents per pound, compared with 49.54 cents per pound in the previous week. The average price of No. 1 yellow soybeans was 11.05 dollars per bushel, compared with 10.48 dollars per bushel in the previous week [6][7] - As of the week of November 1, 2025, the Brazilian 2025/26 soybean planting rate was 47.1%, compared with 34.4% in the previous week, 53.3% in the same period last year, and a five - year average of 54.7%. In Parana state, the 2025/26 soybean planting area reached 79% of the expected area, an increase of 8 percentage points from last week. The soybean growth was generally good, with 93% of the evaluated areas in good condition. Brazil's soybean export volume in November is expected to reach 3.77 million tons, higher than 2.34 million tons in the same period last year [7] - The Buenos Aires Grain Exchange reported that Argentine farmers started sowing 2025/26 soybeans, and most farmland soil moisture was in the "best" state. It is expected that Argentina will harvest 4.85 million tons of soybeans this year, and farmers have sown 4.4% of the expected 17.6 million - hectare soybean area. The Argentine oilseed workers' union and the oil industry association reached a salary increase agreement, avoiding a strike that could paralyze soybean crushing activities [8] - As of the week of October 31, 2025, the main oil mills' soybean inventory was 7.1079 million tons, a decrease of 405,000 tons from last week and an increase of 1.6005 million tons from the same period last year; the bean meal inventory was 1.153 million tons, an increase of 98,400 tons from last week and an increase of 168,900 tons from the same period last year; the unexecuted contracts were 4.205 million tons, a decrease of 7,500 tons from last week and a decrease of 1.208 million tons from the same period last year. The national port soybean inventory was 9.629 million tons, a decrease of 102,000 tons from last week and an increase of 2.884 million tons from the same period last year [8] - As of the week of November 7, 2025, the national weekly average daily trading volume of bean meal was 83,460 tons, including 66,740 tons of spot trading and 16,720 tons of forward trading. The previous week's average daily total trading volume was 111,780 tons; the weekly average daily pick - up volume of bean meal was 180,420 tons, compared with 196,360 tons in the previous week; the main oil mills' crushing volume was 1.8057 million tons, compared with 2.2534 million tons in the previous week; the feed enterprises' bean meal inventory days were 7.75 days, compared with 8.02 days in the previous week [9] Group 5: Industry News - AgRural reported that as of October 30, the Brazilian 2025/26 soybean planting rate was 47% of the expected sowing area, lower than 54% in the same period last year, affected by irregular precipitation. The Cerrado savanna region in central Brazil, Goias state, Mato Grosso state, and the "Matopiba" region faced problems, and bad weather might lead to partial replanting [10] - The soybean output of the Southern Common Market (Mercosur) is expected to increase by 0.8% in the 2025/26 season, reaching 242.3 million tons, higher than 240.4 million tons in the previous year. The soybean planting area is expected to decrease by 0.4% or 300,000 hectares to 72 million hectares, mainly due to a 1.3 - million - hectare decrease in Argentina's planting area, partially offset by a 1 - million - hectare increase in Brazil's planting area. The expected more favorable climate pattern will drive the average yield to increase to 3.4 tons per hectare, higher than 3.32 tons per hectare in the 2024/25 season. The soybean export volume is expected to increase by 5 million tons [10] - StoneX kept the harvest estimates of Brazilian 2025/26 soybeans and summer corn largely unchanged. The November soybean output estimate was slightly increased by 0.1% to 178.9 million tons, mainly due to an increase in the estimated planting area in Goias state. Irregular rainfall led to delayed sowing in some areas, and long - term forecasts showed favorable weather for the harvest [11] - It is expected that the 2025/26 Argentine soybean output will be 4.74 million tons, the same as the previous forecast. The dry weather at the end of October/early November alleviated concerns about excessive humidity in the southern Pampas region. The expected soybean planting area is 16.7 million hectares, slightly higher than the Rosario Grain Exchange's report of 16.4 million hectares but lower than the Buenos Aires Grain Exchange's estimate of 17.6 million hectares. The USDA predicted Argentina's soybean output to be 4.85 million tons [11] - S&P Global Commodity Insights predicted that the average US soybean yield in 2025 would be 53.0 bushels per acre, the same as the October prediction, and the output would be 4.26 billion bushels, slightly lower than the previous estimate [12] - Imea reported that the soybean crushing profit in Mato Grosso state from October 27 - 31 was 502.44 reals per ton, compared with 467.42 reals per ton in the previous week. The state's bean meal price was 1,565.33 reals per ton, and the soybean oil price was 6,585.84 reals per ton [12] Group 6: Related Charts - The report includes charts such as the US soybean continuous contract trend, Brazilian soybean CNF arrival price, freight, RMB spot exchange rate trend, regional crushing profit, management fund CBOT net position, bean meal main contract trend, regional bean meal spot price, bean meal M 1 - 5 monthly spread, Brazilian soybean production area precipitation and temperature, Argentine soybean production area precipitation and temperature, US soybean excellent rate, US soybean cumulative sales volume, US soybean weekly net sales volume, US soybean weekly export volume, US oil mill crushing profit, bean meal weekly average daily trading volume, bean meal weekly average daily pick - up volume, port soybean inventory, oil mill soybean inventory, oil mill weekly crushing volume, oil mill unexecuted contracts, oil mill bean meal inventory, and feed enterprise bean meal inventory days [13][14][15][17][19][20][22][24][30][32][34][36][38][42][44]

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Core Viewpoints - Demand side: Last week, the loss - making area of steel mills further expanded, blast furnace maintenance increased, and hot metal production decreased month - on - month, reaching the level of the same period last year. The blast furnace operating rate of 247 steel mills was 83.13%, a month - on - month increase of 1.38 percentage points and a year - on - year increase of 0.84 percentage points. The daily average hot metal production was 2.14 million tons less than last week, a month - on - month decrease, and 0.16 million tons more than last year, a year - on - year increase [1][4][5]. - Supply side: Last week, overseas shipments decreased month - on - month, but the arrival volume increased significantly, and the supply remained strong. The total global iron ore shipments were 32.138 million tons, a month - on - month decrease of 1.745 million tons. The inventory of imported iron ore at 47 ports nationwide was 156.2413 million tons, a month - on - month increase of 3.512 million tons; the daily average port clearance volume was 3.3555 million tons, an increase of 0.0433 million tons [1][5]. - Overall: With strong supply and weak demand, the iron ore is expected to show a weak trend [1][5]. 3. Summary by Relevant Catalogs 3.1 Transaction Data | Contract | Closing Price | Change | Change Rate (%) | Total Trading Volume (Lots) | Total Open Interest (Lots) | Price Unit | | --- | --- | --- | --- | --- | --- | --- | | SHFE Rebar | 3034 | - 72 | - 2.32 | 5791624 | 2824366 | Yuan/ton | | SHFE Hot - Rolled Coil | 3245 | - 63 | - 1.90 | 2193217 | 1365348 | Yuan/ton | | DCE Iron Ore | 760.5 | - 39.5 | - 4.94 | 1655900 | 537495 | Yuan/ton | | DCE Coking Coal | 1270.0 | - 16.0 | - 1.24 | 5683778 | 984216 | Yuan/ton | | DCE Coke | 1756.5 | - 20.5 | - 1.15 | 108828 | 49120 | Yuan/ton | [2] 3.2 Market Review - Futures market: Last week, iron ore futures fluctuated and declined. Due to continuous contraction of demand and weakened procurement by steel mills, prices were under downward pressure. - Spot market: The quotation of PB powder at Rizhao Port was 773 yuan/ton, a month - on - month decrease of 30 yuan/ton; the price of Super Special powder was 673 yuan/ton, a month - on - month decrease of 35 yuan/ton. The price difference between high - and low - grade PB powder and Super Special powder was 100 yuan/ton [4]. 3.3 Industry News - Hebei: Many places in Hebei lifted the emergency response to heavy pollution weather on November 9th as the meteorological conditions improved and the pollutant diffusion ability increased significantly [9]. - China's debt policy: During the 15th Five - Year Plan period, China will further implement a package of debt resolution plans, do a good job in the replacement of local government's existing implicit debts, and establish a unified long - term regulatory system for local government debts [9]. - Sino - US trade: The US Treasury Secretary said that the Sino - US trade agreement might be signed as early as this week. China is willing to work with the US to implement the important consensus of the two heads of state and promote the healthy, stable, and sustainable development of Sino - US relations [9]. - Real estate bond financing: In October 2025, the total bond financing of the real estate industry was 51.24 billion yuan, a year - on - year increase of 76.9% due to the low base in the same period last year [9]. 3.4 Relevant Charts The report includes 37 charts showing various data such as the futures and spot trends of rebar, hot - rolled coils, and iron ore; the basis trends; steel mill profits; steel production and inventory; blast furnace operating rates; and iron ore shipment and arrival volumes [7][10][12] etc.

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The market has shifted towards fundamentals, with persistent weak demand. Steel prices are expected to fluctuate and adjust mainly [1][5]. - Macroeconomically, during the "15th Five - Year Plan" period, efforts will be made to implement a package of debt - resolution plans, establish a long - term regulatory system for local government debt, and reform local financing platforms to optimize the debt structure [1][4][9]. - Fundamentally, last week's industrial data was weak. The output of the five major steel products decreased month - on - month, apparent demand declined, and inventory decreased but the decline rate shrank. Specifically, the apparent demand for rebar dropped significantly month - on - month, increasing off - season pressure; the hot - rolled coil inventory rebounded, and supply pressure remained [1][5]. 3. Summary by Relevant Catalogs 3.1 Transaction Data | Contract | Closing Price | Change | Change Rate (%) | Total Trading Volume (Lots) | Total Open Interest (Lots) | Price Unit | | --- | --- | --- | --- | --- | --- | --- | | SHFE Rebar | 3034 | -72 | -2.32 | 5791624 | 2824366 | Yuan/ton | | SHFE Hot - rolled Coil | 3245 | -63 | -1.90 | 2193217 | 1365348 | Yuan/ton | | DCE Iron Ore | 760.5 | -39.5 | -4.94 | 1655900 | 537495 | Yuan/ton | | DCE Coking Coal | 1270.0 | -16.0 | -1.24 | 5683778 | 984216 | Yuan/ton | | DCE Coke | 1756.5 | -20.5 | -1.15 | 108828 | 49120 | Yuan/ton | [2] 3.2 Market Review - Steel futures fluctuated and declined last week. Fundamentally, steel output and apparent demand both decreased, putting pressure on the spot market and causing the futures price to fall. In the spot market, the price of Tangshan billet was 2940 (-40) yuan/ton, Shanghai rebar was quoted at 3190 (-40) yuan/ton, and Shanghai hot - rolled coil was 3260 (-70) yuan/ton [4]. - Macroeconomically, during the "15th Five - Year Plan" period, a series of debt - management measures will be implemented [4]. - Industrially, last week, rebar output was 2090000 tons, a month - on - month decrease of 40000 tons; apparent demand was 2190000 tons, a decrease of 140000 tons; factory inventory was 1670000 tons, a decrease of 50000 tons; social inventory was 4260000 tons, a decrease of 50000 tons; total inventory was 5930000 tons, a decrease of 100000 tons. Hot - rolled coil output was 3180000 tons, a decrease of 50000 tons; factory inventory was 770000 tons, a decrease of 2000 tons; social inventory was 3330000 tons, an increase of 40000 tons; total inventory was 4100000 tons, an increase of 40000 tons; apparent demand was 3140000 tons, a decrease of 180000 tons [1][5]. 3.3 Industry News - During the "15th Five - Year Plan" period, China will implement debt - management measures for local governments [1][4][9]. - US Treasury Secretary Bessent said that the China - US trade agreement might be signed as early as this week, and the Chinese Foreign Ministry responded to promote healthy, stable, and sustainable development of China - US relations [9]. - The global manufacturing PMI in October announced by the China Federation of Logistics and Purchasing on November 6 was the same as last month, indicating a slow recovery of the global economy [9]. 3.4 Related Charts - There are multiple charts showing the trends of rebar and hot - rolled coil futures, basis, spot price differences, factory and social inventories, output, apparent consumption, etc. over different time periods from 2021 to 2025 [8][10][12][14][16][18][21][22][24][27][29][32][34][35][37]

第四轮提涨开启 双焦期货震荡偏强 核心观点及策略 投资咨询业务资格 沪证监许可【2015】84 号 李婷 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 从业资格号：F0307990 投资咨询号：Z0011692 高慧 焦煤焦炭周报 2025 年 11 月 10 日 王工建 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 从业资格号：F03112296 投资咨询号：Z0021040 何天 从业资格号：F03120615 投资咨询号：Z0022965 焦鹏飞 从业资格号：F03122184 投资咨询号：Z0023260 敬请参阅最后一页免责声明 1/8 ⚫ 下游：钢厂亏损面扩大，检修增加，铁水产量回落。钢 厂焦炭产量小幅下降，库存回落，可用天水减少。 ⚫ 中游：焦化企业持续亏损，上期亏损有所收窄，但生产 意愿一般，焦炭产量减少。全国平均吨焦盈利-22元/吨， 山西准一级焦平均盈利-20元/吨。上周产能利用率为 72.31% 减 1.13%；焦炭日均产量63.59 减 1。 ⚫ 上游：煤矿方面，因为焦煤价格偏强运行，而供应端产 量相对平稳，焦煤竞拍上涨为主，523家炼焦煤矿山 ...

Report Information - Report Title: Precious Metals Weekly Report [1][13][23][44] - Report Date: November 10, 2025 [2] Investment Rating - No investment rating for the industry is provided in the report. Core Views - Last week, precious metal prices were in a volatile consolidation. Although the US private employment data in October exceeded expectations, gold and silver were supported. Market sentiment was affected by two uncertainties: the ongoing US government shutdown and the US Supreme Court's questioning of the legality of Trump's comprehensive tariff collection [3][6]. - The AI revolution has accelerated the wave of layoffs. The number of Challenger job cuts in the US in October increased by 175.3% year-on-year, reaching the highest level in the same period in twenty years. The private data provider Revelio Labs reported that non-farm payrolls turned negative in October, with a decrease of 9,100 jobs [3][7]. - Fed officials' statements showed a divergence on monetary policy. This year's Fed voters were cautious due to the government shutdown, and the direction of a December rate cut was unclear. Next year's voters were more concerned about inflation risks, and monetary policy may remain in a tightening stance for a longer time [3][7]. - Currently, gold and silver prices are in a volatile state, waiting for more information for further guidance. In the short term, prices may rebound due to data fluctuations, but the rebound space is expected to be limited. The view that gold and silver prices are in a phased adjustment is maintained [3][7]. Summary by Directory 1. Last Week's Trading Data | Contract | Closing Price | Change | Change Rate (%) | Total Volume (Lots) | Total Open Interest (Lots) | Price Unit | | --- | --- | --- | --- | --- | --- | --- | | SHFE Gold | 921.26 | -0.66 | -0.07 | 136,660 | 178,255 | Yuan/gram | | Shanghai Gold T+D | 917.64 | -2.56 | -0.28 | 37,088 | 254,462 | Yuan/gram | | COMEX Gold | 4007.80 | -5.60 | -0.14 | - | - | US dollars/ounce | | SHFE Silver | 11484 | 43 | 0.38 | 522,479 | 634,627 | Yuan/kilogram | | Shanghai Silver T+D | 11480 | 38 | 0.33 | 619,304 | 4,294,018 | Yuan/kilogram | | COMEX Silver | 48.23 | -0.02 | -0.05 | - | - | US dollars/ounce | [4] 2. Market Analysis and Outlook - The US government shutdown has broken the previous record and become the longest in history. Some Senate Democrats are ready to advance a package to end the shutdown, showing the most significant breakthrough in bipartisan negotiations in over a month [6]. - On November 5, the Supreme Court debated the legality of Trump's large - scale tariff collection. Most justices initially thought Trump overstepped his authority. The specific judgment time is undetermined [6]. - The Fed's officials have different views on monetary policy. Governor Milan called for more aggressive rate cuts, while Governor Cook said that each Fed meeting is real - time for monetary policy, and the risk on both sides of the Fed's dual mandate has increased [7]. - This week, attention should be paid to the US October CPI and PPI data, Fed speeches, the progress of the US government shutdown, and the Supreme Court's "tariff ruling" on Trump [8] 3. Important Data Information - The US ADP employment in October increased by 42,000, significantly exceeding the expected 30,000, but overall labor demand is still slowing, and wage growth is stagnant [9]. - As of September this year, the number of job cuts announced by US companies has approached 950,000, the highest level in the same period since 2020, with the government sector being the hardest - hit area [9]. - The US ISM manufacturing PMI in October was 48.7, contracting for the eighth consecutive month and lower than the expected 49.5 [9]. - The US ISM services PMI in October rose 2.4 points to 52.4, reaching an eight - month high, far exceeding the expected 50.8 [9]. - The eurozone's October manufacturing PMI was 50, with new orders stagnant and exports declining for four consecutive months. German and French manufacturing PMIs remained in the contraction zone [10]. - The eurozone's October services PMI was 53%, better than the initial value, pushing the composite PMI to the highest level since May 2023. Germany's service industry recovered strongly, while France's contracted for 14 consecutive months [10]. - The China Securities Regulatory Commission approved the registration of platinum, palladium futures, and options on the Guangzhou Futures Exchange [10]. - Indian gold ETFs have seen record capital inflows this year, with purchases approaching $3 billion, equivalent to about 26 tons of gold [10]. - China's foreign exchange reserves at the end of October were $3.343 trillion, and the gold reserves were 74.09 million ounces, increasing by 30,000 ounces month - on - month, the 12th consecutive month of increase [11] 4. Related Data Charts - The report provides multiple charts showing the price trends of SHFE and COMEX gold and silver, inventory changes, non - commercial net long positions, ETF holdings, price spreads, and the relationships between gold prices and other factors such as the US dollar, copper prices, inflation expectations, and interest rates [16][18][22][25][29][30][36][40][42]

Report Title - Palm Oil Weekly Report [1] Report Date - November 10, 2025 [3] Core Views and Strategies - Last week, BMD Malaysian palm oil main contract fell 95 to close at 4,110 ringgit/ton, a decline of 2.26%; palm oil 01 contract fell 104 to close at 8,660 yuan/ton, a decline of 1.19%; soybean oil 01 contract rose 56 to close at 8,184 yuan/ton, an increase of 0.69%; rapeseed oil 01 contract rose 111 to close at 9,533 yuan/ton, an increase of 1.18%; CBOT US soybean oil main contract rose 1.01 to close at 49.63 cents/pound, an increase of 2.08%; ICE canola active contract rose 0.8 to close at 638.7 Canadian dollars/ton, an increase of 0.13% [4][7] - Palm oil continued its weakness, but the decline slowed. India's palm oil imports in October decreased month-on-month, confirming the weakening of export demand from the producing areas. According to the MPOB monthly report preview, Malaysia's palm oil inventory is expected to increase to 2.44 million tons at the end of October, exceeding expectations. As the negative factors are gradually digested, the decline of futures prices slowed. The Sino-Canadian trade relationship is still uncertain, the arrival of rapeseed is decreasing year-on-year, the supply of rapeseed oil is tightening, and its resistance to decline is relatively good [4][7] - Macroscopically, the US government shutdown continues, the release of key economic data is stagnant, the December interest rate cut path is still unclear, the US dollar index fluctuates, and oil prices fluctuate weakly. Fundamentally, the increase in production and weak export demand will lead to a significant increase in Malaysia's palm oil inventory at the end of October. Waiting for today's MPOB report for guidance. It is expected that palm oil will be under pressure in the short term, and as the negative factors are gradually traded, the downward momentum will weaken [4][12] Market Data | Contract | November 7 | October 31 | Change | Change Rate | Unit | | --- | --- | --- | --- | --- | --- | | CBOT Soybean Oil Main Contract | 49.63 | 48.62 | 1.01 | 2.08% | Cents/Pound | | BMD Malaysian Palm Oil Main Contract | 4110 | 4205 | -95 | -2.26% | Ringgit/Ton | | DCE Palm Oil | 8660 | 8764 | -104 | -1.19% | Yuan/Ton | | DCE Soybean Oil | 8184 | 8128 | 56 | 0.69% | Yuan/Ton | | CZCE Rapeseed Oil | 9533 | 9422 | 111 | 1.18% | Yuan/Ton | | Futures Spread between Soybean Oil and Palm Oil | -476 | -636 | 160 | | Yuan/Ton | | Futures Spread between Rapeseed Oil and Palm Oil | 873 | 658 | 215 | | Yuan/Ton | | Spot Price of Palm Oil (24 Degrees): Guangzhou, Guangdong | 8560 | 8700 | -140 | -1.61% | Yuan/Ton | | Spot Price of Grade 1 Soybean Oil: Rizhao | 8310 | 8320 | -10 | -0.12% | Yuan/Ton | | Spot Price of Rapeseed Oil (Imported Grade 3): Zhangjiagang, Jiangsu | 9800 | 9750 | 50 | 0.51% | Yuan/Ton | [5] Market Analysis and Outlook - From November 1 - 5, 2025, Malaysia's palm oil yield per unit area increased by 5.12% month-on-month, the oil extraction rate increased by 0.32% month-on-month, and the output increased by 6.80% month-on-month. Malaysia's palm oil output from October 1 - 31, 2025 is estimated to increase by 12.31% to 2.07 million tons, reaching an eight-year high [8] - According to different institutions' data, Malaysia's palm oil export volume from October 1 - 31, 2025 increased by 5.19%, 4.31%, and 26.54% respectively compared with the same period last month [8][9] - India's total edible oil imports in the 2024/25 fiscal year increased slightly by 0.3% year-on-year to 16 million tons; palm oil imports decreased by 16% year-on-year to 7.56 million tons, the lowest in five years; soybean oil imports increased by 61.6% year-on-year to a record 5.56 million tons; sunflower oil imports decreased by 17.7% year-on-year to 2.88 million tons, the lowest in three years [9] - The MPOB monthly report preview shows that Malaysia's palm oil inventory climbed to a two-year high in October, driven by the output reaching a seven-year high, and its growth rate exceeded export demand. It is estimated that the palm oil inventory will soar by 3.5% in October, reaching 2.44 million tons, the highest since October 2023. The estimated output of crude palm oil in October is 1.94 million tons, a 5.6% increase from the previous month, reaching the highest level for that month since October 2018. Palm oil exports in October are expected to increase by 3.8%, reaching 1.48 million tons, increasing for the second consecutive month and reaching the highest level in nearly a year [10] - India's palm oil imports in October fell to a five-year low. The total imports of palm oil, including crude and refined products, were 750,000 tons, lower than 980,000 tons in September. As of the week ending October 31, 2025, the inventory of the three major oils in key regions across the country was 2.3246 million tons, a decrease of 68,800 tons from the previous week and an increase of 306,600 tons from the same period last year [11] - As of the week ending November 7, 2025, the weekly average daily trading volume of soybean oil in key regions across the country was 19,920 tons, compared with 16,140 tons in the previous week; the weekly average daily trading volume of palm oil was 1,200 tons, compared with 2,320 tons in the previous week [12] Industry News - Indonesia's statistics bureau announced that the country's exports of palm oil and refined palm oil in the first nine months were 17.58 million tons, a 11.62% increase compared with the same period last year [13] - Malaysia's estimated palm oil output in the 2025/26 fiscal year (October - September of the following year) is 19.2 million tons, the same as the previous estimate, with an estimated range of 18.7 - 19.7 million tons. The country's output of crude palm oil in the first nine months of this year reached 14.5 million tons, only a slight 0.3% increase year-on-year [13] - Indonesia's estimated palm oil output in the 2025/26 fiscal year is 51 million tons (estimated range between 46 - 56 million tons), 4% higher than the previous estimate but still lower than last year's level. The estimated palm oil output in the 2024/25 fiscal year was revised up to 53 million tons [13] - Thailand's estimated palm oil output in the 2024/25 fiscal year is 3.55 million tons (estimated range of 3.05 - 4.05 million tons), 1.1% lower than the previous estimate, reflecting a decline in yield per unit area. The country's palm oil output in August was 330,000 tons, a 14.6% decrease from the previous month. Although the recent output has decreased, the output from January - August this year reached 2.73 million tons, a 9.5% increase year-on-year [14] Related Charts - The report provides 22 charts, including the price trends of BMD Malaysian palm oil, CBOT US soybean oil, and the three major oils' futures price indices, as well as the inventory, output, and import profit trends of palm oil, soybean oil, and rapeseed oil [15][16][17]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Last week, copper prices continued to adjust. The main reasons were that more Fed officials were cautious about year - end interest rate cuts, the US employment market was fragile, inflation was rising, and the US dollar index rebounded, all of which restricted copper prices. Fundamentally, overseas mines resumed production slowly, domestic refined copper production declined for the second consecutive month, social inventories increased slightly, and the near - month contract returned to a C structure [1][6]. - Overall, with the decline of year - end interest rate cut expectations and the US government's record - breaking shutdown, market risk appetite continued to fall, and the US dollar index rebound suppressed the metal market. Fundamentally, overseas mines resumed production slowly, domestic refined copper production decreased monthly, but social inventories continued to rise recently, and high copper prices inhibited traditional industry consumption. It is expected that copper prices will continue to adjust in the short term to seek lower support [1][8]. Summary by Directory Market Data - The prices of LME copper, COMEX copper, SHFE copper, and international copper all declined from October 31st to November 7th. The LME copper price dropped by 1.80% to $10,695.00 per ton, COMEX copper by 3.05% to 495.8 cents per pound, SHFE copper by 1.23% to 85,940.00 yuan per ton, and international copper by 1.24% to 76,500.00 yuan per ton. The LME spot premium decreased by 26.18% to - $18.22 per ton, and the Shanghai spot premium increased by 40 yuan per ton [2]. - In terms of inventory, from October 31st to November 7th, LME inventory increased by 0.95% to 135,900 tons, COMEX inventory increased by 3.85% to 369,369 short tons, SHFE inventory decreased by 0.95% to 115,017 tons, and Shanghai bonded area inventory decreased by 6.09% to 100,200 tons. The total inventory increased by 1.03% to 720,486 tons [5]. Market Analysis and Outlook - **Macro aspect**: The US ADP private sector employment in October exceeded expectations, but the overall employment growth slowed down compared to the beginning of the year. US large - scale enterprises announced lay - off plans, and the unemployment rate may rise again by the end of the year. The US government shutdown has lasted for 35 days, and the Fed officials have different views on December interest rate cuts. In China, the profit of large - scale industrial enterprises in September increased significantly year - on - year, and high - tech manufacturing played a leading role [6][7]. - **Supply - demand aspect**: Mines in Indonesia and Panama had problems, and the production of domestic refined copper in October dropped to 109 tons. In terms of demand, traditional industries were suppressed by high copper prices, while emerging markets such as new energy vehicles and data centers had broad prospects. Domestic social inventories continued to rise, and the spot tight - balance situation was slightly relieved [8]. Industry News - Chile's Codelco expects its copper production in 2025 and 2026 to be slightly higher than last year. In the first nine months of 2025, its pre - tax profit was $606.9 million, and its copper production reached 937,000 tons, a year - on - year increase of 2.1%. The increase was mainly due to the output growth of Ministro Hales and the contribution of the RajoInca project in the Salvador mine [9]. - Canada's Lundin Mining raised its annual copper production guidance by about 4% to 319,000 - 337,000 tons. The performance of the Caserones mine in Chile exceeded expectations, and the company also lowered its cost expectations [10]. - Teck Resources' Quebrada Blanca mine in Chile is showing signs of recovery. Thanks to the action plan launched in August, the mill throughput and copper recovery rate have gradually reached the expected level. The company expects the mine to enter a stable operation state in late 2026 [11]. Relevant Charts The report provides 18 charts showing the price trends of Shanghai copper and LME copper, inventory changes, spot premium trends, price differences between refined and scrap copper, and other data, which can help investors understand the copper market comprehensively [13][15][17].