Report Information - Report Name: Nanhua Futures Corn & Starch Industry Daily Report - Date: November 05, 2025 - Analyst: Dai Hongxu (Investment Consulting License No.: Z0021819) - Investment Consulting Business Qualification: CSRC License [2011] No. 1290 [1] Investment Rating - No investment rating information is provided in the report. Core Views - After entering November, the selling pressure of moist corn in domestic corn - producing areas began to weaken. In North China, the selling pressure was released after the "fire - sale" of moist corn. In Northeast China, after the peak of centralized harvest and listing, the selling pressure eased with the drop in temperature. The overall grass - roots in the producing areas were more reluctant to sell, and the purchasing end raised prices to increase purchases, leading to a short - term rebound in corn prices. After the first peak of selling pressure of new grain listing, the resilience of corn prices has strengthened, and the subsequent price pressure has eased as it turns into a phased release of selling pressure. On Tuesday, the upward trend of the corn futures market paused. The main 01 contract closed at 2135 yuan, with significantly reduced trading volume, slightly increased open interest, and the registered warehouse receipts increased to 66,351 lots. Starch futures followed corn and closed lower. The main 01 contract closed at 2444 yuan, with decreased trading volume and slightly reduced open interest. On Tuesday, CBOT corn futures closed lower following the decline of soybeans. StoneX raised its forecast of US corn yield per acre by 10 bushels to 186.0 bushels per acre, which weighed on prices [2]. Summary by Related Catalogs Core Contradictions - The selling pressure of moist corn in domestic corn - producing areas has weakened, and the grass - roots are reluctant to sell. The purchasing end raises prices, leading to a short - term rebound in corn prices. After the first peak of selling pressure of new grain listing, the price pressure eases. The corn and starch futures markets closed lower on Tuesday, and CBOT corn futures also declined [2]. Bullish Factors - The selling pressure has become more dispersed, and the urgency to sell grain has decreased, alleviating price pressure. The state - reserve purchase in Northeast China has significantly supported prices, limiting price declines. The unconfirmed news of wheat auctions in November has increased the bullish sentiment in the market [5]. Bearish Factors - The weak operation of hog prices and the industry's capacity adjustment may affect the long - term feed demand for corn. However, the high inventory in the fourth quarter and the current entry of second - fattening pigs still support the feed demand at a relatively good level. From mid - to early November, the late - harvested corn will still be harvested and listed, and the selling pressure needs to be released in a phased and concentrated manner, which restricts the continuous upward momentum of prices. Chinese importers have inquired about wheat cargoes and plan to load them from the end of this year to February next year. The resumption of grain imports will increase the pressure on domestic corn, and the purchase volume should be monitored [3]. Price Range Forecast | Commodity | Price Range Forecast (Monthly) | Current Volatility | Volatility Percentile | | --- | --- | --- | --- | | Corn | 2050 - 2200 | 9.43% | 54.6% | | Starch | 2350 - 2550 | 10.64% | 42.31% | [3] Spot Price and Main - Contract Basis | Corn | Price & Basis | Change | Corn Starch | Price & Basis | Change | | --- | --- | --- | --- | --- | --- | | Jinzhou Port | 2165 | 0 | Shandong | 2750 | 0 | | Shekou Port | 2250 | 0 | Jilin | 2550 | 0 | | Harbin | 2010 | 0 | Heilongjiang | 2450 | 0 | | Jinzhou Port Main - Contract Basis | 30 | 21 | Shandong Main - Contract Basis | 306 | 9 | [3] Futures Market Prices - Specific price data for different contracts of corn and corn starch on November 03 and 04, 2025, are provided, including prices, changes, and change rates. For example, the corn 11 contract closed at 2129 yuan on November 03 and 2120 yuan on November 04, with a change of - 9 yuan and a change rate of - 0.42% [6]. U.S. Corn Price and Import Profit | | Price | Daily Change | Increase | Import Profit | | --- | --- | --- | --- | --- | | CBOT Corn Main - Contract | 430.75 | - 4 | - 0.92% | | | COBT Soybean Main - Contract | 1120.25 | - 14.25 | - 1.26% | | | CBOT Wheat Main - Contract | 550 | 5.25 | 0.96% | | | U.S. Gulf Port CIF Duty - Paid Price | 2151.26 | 0.92 | 0.04% | 98.74 | | U.S. West Coast CIF Duty - Paid Price | 2035.3 | 0.87 | 0.04% | 214.7 | [30]

Core Insights - China's wind turbine exports are expected to increase by 71.9% year-on-year in 2024, with a growth rate exceeding 20% in the first half of 2025, driven by technological advancements and industrial upgrades [1] - The industry is shifting from merely selling equipment to providing value through local partnerships, lifecycle services, and technology standardization, aiming to create a resilient and sustainable global wind energy ecosystem [1][2] - The emphasis on understanding and responding to the real demands of overseas markets is crucial for the success of Chinese wind energy companies in global competition [2] Industry Developments - Technological innovations have led to the development of more efficient and intelligent wind turbines, significantly reducing the cost per kilowatt-hour and enabling installations in diverse geographical conditions [1] - At the 2025 Beijing International Wind Energy Conference, several groundbreaking products were launched, showcasing China's leadership in wind energy technology and ecosystem development [1] Market Strategy - Chinese wind energy companies are encouraged to adopt a win-win philosophy by sharing management experiences and cultivating local talent to build localized supply chains, which can alleviate concerns in overseas markets [2] - The integration of logistics, installation, and service into the supply chain is becoming increasingly important, with approximately 50% of Goldwind's overseas revenue coming from non-turbine business [3] Localization Efforts - Localization is essential for successful overseas operations, including local service teams, supply chains, and ESG (Environmental, Social, and Governance) practices [4] - Goldwind is actively developing local supply chains in Brazil, focusing on enhancing local manufacturing capabilities while maintaining cost control [3] Long-term Vision - The long-term strategy of cultivating customer relationships and market presence is emphasized, with a caution against making unsustainable commitments to capture market share [4]

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core Viewpoints - In November, the corn harvest is gradually ending, and the first - round selling pressure peak of new grain has passed. Corn prices first declined and then rebounded, showing stronger resilience. The performance varies by region: the Northeast region is supported by state - reserve purchases, and prices have stabilized after falling in mid - and early - October; the North China region has recovered from the impact of rainfall in October, and prices have risen as the selling pressure has weakened. Recently, the number of trucks arriving in Shandong has decreased, and enterprises have continuously raised purchase prices. The atmosphere in the corn spot market has gradually stabilized, and the selling pressure has become more dispersed, alleviating price pressure. In the past two days, the spot and futures prices of corn have risen in resonance, and the market atmosphere has improved. The starch market has shown a slightly stronger upward trend than the corn market [1]. - There are both positive and negative factors affecting corn prices. Positive factors include the dispersion of selling pressure, support from state - reserve purchases in the Northeast, the比价 effect of rising soybean prices, and the unconfirmed news of wheat auctions in November, which has increased market bullish sentiment. Negative factors include the continuous decline in pig prices and the potential impact on long - term corn feed demand, as well as the potential for concentrated selling pressure when late - harvested corn is listed in mid - and early - November [2][4]. 3) Summary by Relevant Content Price Forecast - The monthly price range forecast for corn is 2050 - 2200 yuan, with a current volatility of 9.47% and a volatility percentile of 55.3%. For starch, the monthly price range forecast is 2350 - 2550 yuan, with a current volatility of 10.58% and a volatility percentile of 42.10% [2]. Spot Price and Basis - Corn spot prices: Jinzhou Port is at 2150 yuan (up 20 yuan), Shekou Port is at 2250 yuan (up 20 yuan), and Harbin is at 2010 yuan (unchanged). Starch spot prices: Shandong is at 2750 yuan (up 10 yuan), Jilin is at 2550 yuan (unchanged), and Heilongjiang is at 2450 yuan (down 10 yuan). The basis of Jinzhou Port's main - continuous contract for corn is 9 yuan (up 9 yuan), and the basis of Shandong's main - continuous contract for starch is 297 yuan (down 3 yuan) [2]. Futures Price Changes - Corn futures: Contracts from 11 to 09 have different degrees of price increases, with the largest increase of 24 yuan (1.14%) in the corn 11 contract and the smallest increase of 0 yuan (0.00%) in the corn 09 contract. Starch futures: Contracts from 11 to 09 also show price increases, with the largest increase of 18 yuan (0.75%) in the corn starch 11 contract and the smallest increase of 6 yuan (0.23%) in the corn starch 07 contract [5]. Seasonal Data - The report presents multiple seasonal data, including corn futures monthly spreads (such as 01 - 05, 11 - 01, 01 - 03, 03 - 05), starch futures monthly spreads (such as 11 - 01, 01 - 03, 03 - 05), the basis of Jinzhou Port's main - continuous contract for corn, the basis of Shandong's main - continuous contract for starch, the difference between starch and corn prices for the 01 contract, the weekly inventory of major deep - processing enterprises in China, the available inventory days of Chinese corn feed enterprises, the closing price of CBOT corn, and the import price and profit of US corn [6][14][28]. International Market Data - In the international market, CBOT corn futures closed slightly higher on Monday, supported by good export inspection data and the continued rise of soybeans. The prices of CBOT corn, soybean, and wheat main - continuous contracts all increased, with the CBOT wheat main - continuous contract having the largest increase of 2.06%. The import prices of US corn from the Gulf of Mexico and the West Coast have also increased slightly, and both have import profits [1][29].

Group 1 - The core point of the article is that Hewei Electric announced a share buyback, indicating a commitment to returning value to shareholders [2] - As of October 31, 2025, the company has repurchased a total of 31,000 shares, which represents 0.0068% of its total share capital [2]

关于以集中竞价交易方式回购公司股份进展的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 回购方案首次披露日 2025/4/12，由公司董事长韩玉先生提议 回购方案实施期限 2025 年 4 月 12 日~2026 年 4 月 11 日 预计回购金额 1,000万元~2,000万元 回购用途 □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 □为维护公司价值及股东权益 累计已回购股数 31,000股 累计已回购股数占总股本比例 0.0068% 累计已回购金额 99.9770万元 实际回购价格区间 31.08元/股~33.50元/股 重要内容提示： 2025 年 4 月 11 日，深圳市禾望电气股份有限公司（以下简称"公司"）召开 2025 年第一次临时董事会会议，审议通过了《关于回购公司股份方案的议案》，同 意公司使用自有资金以集中竞价交易方式回购公司股份，回购资金总额不低于人 民币 1,000 万元（含），不超过人民币 2,000 万元（含），回购价格不超过 46.31 元/ 股，回购期限自董事会审议通 ...

Core Viewpoint - Hezhong Electric (603063.SH) announced a share repurchase plan, indicating a commitment to enhancing shareholder value through buybacks [1] Summary by Categories Share Repurchase Details - As of October 31, 2025, the company has repurchased a total of 31,000 shares, which represents 0.0068% of the total share capital [1] - The highest repurchase price was 33.50 CNY per share, while the lowest was 31.08 CNY per share [1] - The total amount spent on the repurchase was 999,770.00 CNY, excluding transaction fees such as stamp duty and commissions [1]

Core Viewpoint - The company plans to repurchase shares through centralized bidding, with a budget of 10 million to 20 million yuan, to support employee stock ownership plans or equity incentives [1] Summary by Relevant Sections Share Repurchase Plan - The board of directors approved a share repurchase plan on April 11, 2025, with a total budget of 10 million to 20 million yuan [1] - The maximum repurchase price is set at 46.31 yuan per share, and the repurchase period extends until April 11, 2026 [1] Current Repurchase Status - As of October 31, the company has repurchased a total of 31,000 shares, which represents 0.0068% of the total share capital [1] - The highest repurchase price recorded was 33.50 yuan per share, while the lowest was 31.08 yuan per share [1] - The total amount spent on repurchases so far is 99.98 thousand yuan [1]

Core Viewpoint - Hezhong Electric (603063.SH) announced a share buyback program, indicating a commitment to returning value to shareholders through repurchasing shares at specified price ranges [1] Summary by Categories Share Buyback Details - As of October 31, 2025, the company has repurchased a total of 31,000 shares, which represents 0.0068% of the total share capital [1] - The highest price paid for the shares was 33.50 CNY per share, while the lowest price was 31.08 CNY per share [1] - The total amount spent on the buyback was 999,770.00 CNY, excluding transaction costs such as stamp duty and commissions [1]

Core Viewpoint - The photovoltaic industry is experiencing a significant performance restructuring, with major companies in key sectors such as equipment, inverters, junction boxes, and mounting brackets facing declining profits and some even reporting losses, indicating a shift in the industry's profitability logic [1] Equipment Sector - Equipment suppliers are seeing the most pronounced decline, with several leading companies reporting both revenue and net profit decreases in Q3 [2] - Jiejia Weichuang (捷佳伟创) reported Q3 revenue of 4.734 billion yuan, a decrease of 17.26% year-on-year, and net profit of 858 million yuan, a sharp decline from previous growth rates [2] - Jing Sheng Machinery (晶盛机电) experienced a dramatic drop in Q3 revenue to 2.474 billion yuan, down 42.87%, and net profit of 262 million yuan, down 69.65% [2] - Maiwei Co., Ltd. (迈为股份) reported Q3 revenue of 1.991 billion yuan, a decline of 31.3%, and net profit of 269 million yuan, down 9.42% [4][5] - Aotewei (奥特维) saw its Q3 revenue drop to 1.292 billion yuan, down 48.65%, with net profit plummeting 90.04% to 50 million yuan [6] Inverter Sector - The inverter industry is experiencing a bifurcated performance, with some companies like Sungrow (阳光电源) and GoodWe (固德威) reporting significant profit increases, while others face profit declines [7] - Sungrow achieved a net profit of 4.147 billion yuan in Q3, up 57.04% year-on-year, while GoodWe's net profit surged by 200.83% [7] - Conversely, companies like Jinlang Technology (锦浪科技) and Deye (德业股份) reported net profit declines of 16.85% and 17.84%, respectively [7] Junction Box Sector - The junction box sector has also seen significant profit declines, with Zairun New Energy (泽润新能) reporting a net loss of approximately 3.856 million yuan in Q3, a 115.93% year-on-year drop [8] - Kuai Ke Electronics (快可电子) reported Q3 revenue of 328 million yuan, up 66.1%, but net profit decreased by 64.47% [8] Mounting Bracket Sector - The mounting bracket sector is facing similar challenges, with Qingyuan Co. (清源股份) reporting Q3 revenue of 470 million yuan, a 5.47% increase, but net profit down 73.94% [8] - Leading company Zhongxinbo (中信博) reported a net profit decline of 74.49% year-on-year, with Q3 losses reaching 48.39 million yuan, a 119.76% drop [9][10] Overall Industry Outlook - The overall profitability of the photovoltaic equipment, inverter, junction box, and mounting bracket sectors is declining, with industry experts indicating that the stability of returns from photovoltaic power stations is not as strong as before, complicating investment decisions [10]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The expectation of tight supply of high - protein edible soybeans supports the anti - seasonal price increase. However, with the progress of Sino - US negotiations to resume agricultural product trade, the domestic soybean market is expected to face short - term pressure. The market also needs to pay attention to whether the selling pressure emerges and the behavior changes caused by sentiment fermentation [3]. 3. Summary by Related Content Price Prediction and Risk Strategy - **Price Range Prediction**: The predicted monthly price range for the bean one 11 - contract is 3900 - 4100, with a current 20 - day rolling volatility of 10.37% and a historical percentile of 26.0% [2]. - **Risk Strategies**: - **Inventory Management for Sellers**: For those with long positions due to large new - bean selling pressure in autumn or weakened bargaining power during the concentrated listing period, strategies include shorting bean one futures (A2601) with a 30% hedging ratio when the price is above 4100, and selling call options (A2511 - C - 4050) with a 30% ratio at 30 - 50 (holding) to increase the selling price [2]. - **Procurement Management for Buyers**: For those worried about rising raw - material prices, the strategy is to mainly wait to purchase spot in the medium term and focus on long - term procurement management. Long positions in A2603 and A2605 are considered after the price bottoms out in the fourth quarter [2]. Core Contradictions and Market Influences - **Likely Positive Factors**: The decrease in the national high - protein soybean yield supports market sentiment, and the uninitiated state - reserve purchase restricts price decline. But the impact of yield reduction is gradually weakening [3]. - **Likely Negative Factors**: The progress of Sino - US trade negotiations to resume agricultural product trade is negative for the domestic soybean market. Also, as repayment orders are executed, the rigid demand at the procurement end may decline, and there is still a bottleneck in the sales of medium - and low - protein soybeans [3]. Market Data - **Spot Price and Basis**: On October 30, 2025, the spot prices of domestic third - grade soybeans in Harbin, Nenjiang, Jiamusi, and Changchun were 3900, 3860, 3940, and 3970 respectively, with corresponding basis values of - 203, - 253, - 173, and - 143 [3]. - **Futures Closing Price**: On October 30, 2025, compared with the previous day, the closing prices of bean one contracts 11, 01, 03, 05, 07, and 09 decreased by - 0.29%, - 0.24%, - 0.36%, - 0.48%, - 0.41%, and - 0.50% respectively [5].