Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Views of the Report - The current focus of soybean meal futures trading is that the external market of US soybeans is mainly driven by export demand under the background of China-US negotiations, with an expected export of 12 million tons to China being gradually priced in. Attention is paid to whether the ending inventory in the USDA report this week will remain around 300 million bushels, and the subsequent price oscillation range will shift slightly upwards. The domestic soybean meal market is gradually pricing in the de-stocking logic after the tariff implementation, with a positive spread logic of near-term strength and long-term weakness. [4] - The current focus of rapeseed meal futures trading is that the supply and demand will remain weak in the fourth quarter. After the Chinese government's decision to resume group tours to Canada on November 3rd, there is an additional expectation of negotiations. Considering the arrival of Australian rapeseed after November, the subsequent demand growth is expected to be limited, and the supply is expected to recover. The inventory of coastal and oil mill rapeseed meal remains high, limiting the rebound space. Attention can be paid to the new warehouse receipt registration after the centralized cancellation of warehouse receipts in November. [4] Group 3: Summary by Relevant Catalogs 1. Price Range Forecast - The monthly price range forecast for soybean meal is 2800 - 3300, with a current volatility of 9.8% and a historical percentile of 6.8% over three years. The monthly price range forecast for rapeseed meal is 2250 - 2750, with a current volatility of 17.6% and a historical percentile of 32.4% over three years. [3] 2. Hedging Strategy Table - For traders with high protein inventory worried about price drops, they can short soybean meal futures (M2601) with a 25% hedging ratio at the price range of 3300 - 3400 to lock in profits and cover production costs. [3] - For feed mills with low regular inventory, they can buy soybean meal futures (M2601) with a 50% hedging ratio at the price range of 2850 - 3000 to lock in procurement costs in advance. [3] - For oil mills worried about excessive imported soybeans and low selling prices, they can short soybean meal futures (M2601) with a 50% hedging ratio at the price range of 3100 - 3200 to lock in profits and cover production costs. [3] 3. Futures Prices - The closing price of soybean meal 01 is 3054, down 9 (-0.29%); soybean meal 05 is 2836, up 7 (0.25%); soybean meal 09 is 2952, up 9 (0.31%); rapeseed meal 01 is 2500, down 27 (-1.07%); rapeseed meal 05 is 2421, down 7 (-0.29%); rapeseed meal 09 is 2494, down 2 (-0.08%); CBOT yellow soybeans is 1127.5, unchanged (0%); the offshore RMB is 7.1232, up 0.0018 (0.03%). [7][10] 4. Price Spreads and Import Costs/Profits - The price spreads between different contracts of soybean meal and rapeseed meal are provided, along with the spot prices, basis, and the spread between soybean meal and rapeseed meal. [11] - The import costs and profits of US Gulf soybeans, Brazilian soybeans, and Canadian rapeseed are presented, including daily and weekly changes. [11] 5. Factors Affecting Prices - Bullish factors include that the Brazilian export premium supports the far-month contract prices from the cost side, the external market strengthens under the background of US soybean procurement, and the pressure on the near-month contracts is relieved during the centralized cancellation of warehouse receipts. [9] - Bearish factors include that the current near-month supply of imported soybeans at ports and oil mills remains high, Brazilian planting is progressing smoothly with a high-yield expectation in South America, and the far-month supply gap is filled under the background of China-US negotiations. [9]

1. Report Industry Investment Rating - The investment ratings for both the bean meal and corn sectors are cautiously bearish [3][6] 2. Core View of the Report - The current South American soybean sowing is progressing smoothly, and the overall supply is ample, exerting pressure on prices. In China, the arrival volume of soybeans is sufficient, and the inventories of soybeans and bean meal remain at relatively high levels. After the Sino - US negotiations, future import conditions and changes in the import cost of US soybeans need to be closely monitored. For corn, the inventories of deep - processing and feed enterprises are relatively low, with weak inventory - building intentions and a strong wait - and - see attitude. The new grain is being concentratedly listed, and the situation of oversupply remains unchanged. Attention should be paid to the grain - selling progress of farmers and the inventory - holding efforts of traders [2][4] 3. Summary by Related Catalogs 3.1 Bean Meal and Rapeseed Meal 3.1.1 Market News and Important Data - Futures: The closing price of the bean meal 2601 contract was 3068 yuan/ton, a change of - 5 yuan/ton (- 0.16%) from the previous day; the rapeseed meal 2601 contract was 2549 yuan/ton, a change of + 12 yuan/ton (+ 0.47%) from the previous day. - Spot: In Tianjin, the bean meal spot price was 3070 yuan/ton, with no change from the previous day, and the spot basis was M01 + 2, a change of + 5 from the previous day. In Jiangsu, the bean meal spot price was 3000 yuan/ton, a decrease of - 10 yuan/ton from the previous day, and the spot basis was M01 - 68, a change of - 5 from the previous day. In Guangdong, the bean meal spot price was 3010 yuan/ton, a decrease of - 10 yuan/ton from the previous day, and the spot basis was M01 - 58, a change of - 5 from the previous day. In Fujian, the rapeseed meal spot price was 2730 yuan/ton, an increase of + 10 yuan/ton from the previous day, and the spot basis was RM01 + 181, a change of - 2 from the previous day. - Market Information: On November 4th, the rural economic department of Paraná state reported that the soybean planting area in the 2025/26 season in Paraná state had reached 79% of the expected area, an increase of 8 percentage points from the previous week. The soybean growth was generally good, with 93% of the evaluated areas in good condition, 6% in medium condition, and 1% in poor condition [1] 3.1.2 Market Analysis - The overall supply is ample, and there is pressure on the price upside. In China, the supply of soybeans and bean meal is also relatively loose. After the Sino - US negotiations, future import conditions and changes in the import cost of US soybeans need to be focused on [2] 3.1.3 Strategy - Cautiously bearish [3] 3.2 Corn and Corn Starch 3.2.1 Market News and Important Data - Futures: The closing price of the corn 2511 contract was 2154 yuan/ton, an increase of + 20 yuan/ton (+ 0.94%) from the previous day; the corn starch 2511 contract was 2469 yuan/ton, an increase of + 18 yuan/ton (+ 0.73%) from the previous day. - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, with no change from the previous day, and the spot basis was C11 + 1, a change of - 30 from the previous day. In Jilin, the corn starch spot price was 2550 yuan/ton, with no change from the previous day, and the spot basis was CS11 + 81, a change of - 18 from the previous day. - Market Information: The Ukrainian Ministry of Agriculture stated that the grain output in Ukraine this year is expected to be 59 million tons, higher than last year's 56 million tons. The wheat and barley harvests are completed, with yields the same as last year. The wheat output is between 22 million and 22.5 million tons, and the barley output is 5.3 million tons. The Russian government plans to continue implementing the grain export quota system in 2026, with an expected scale of 20 million tons [3] 3.2.2 Market Analysis - The inventories of deep - processing and feed enterprises are relatively low, with weak inventory - building intentions and a strong wait - and - see attitude. The new grain is being concentratedly listed, and the oversupply situation remains unchanged. Attention should be paid to the grain - selling progress of farmers and the inventory - holding efforts of traders [4] 3.2.3 Strategy - Cautiously bearish [6]

Report Industry Investment Ratings - Cotton: ☆☆☆, indicating a relatively clear multi/short trend and a relatively appropriate investment opportunity currently [1] - Pulp: ☆☆☆, suggesting a relatively clear multi/short trend and a relatively appropriate investment opportunity currently [1] - Sugar: ☆☆☆, showing a relatively clear multi/short trend and a relatively appropriate investment opportunity currently [1] - Apple: ☆☆☆, meaning a relatively clear multi/short trend and a relatively appropriate investment opportunity currently [1] - Log: ☆☆☆, representing a relatively clear multi/short trend and a relatively appropriate investment opportunity currently [1] - 20 - rubber: ☆☆☆, indicating a relatively clear multi/short trend and a relatively appropriate investment opportunity currently [1] - Natural rubber: ☆☆☆, suggesting a relatively clear multi/short trend and a relatively appropriate investment opportunity currently [1] - Butadiene rubber: ☆☆☆, showing a relatively clear multi/short trend and a relatively appropriate investment opportunity currently [1] Core Views - Overall, different soft commodities have different market conditions and price trends. Some prices are expected to be weak, some are in a state of uncertainty, and some are showing signs of strength or weakness. It is recommended to pay attention to relevant factors such as policies, weather, inventory, and sales, and most commodities are recommended to be on the sidelines for the time being [2][3][4] Summaries by Commodity Cotton & Cotton Yarn - Zheng cotton rose slightly today, and the spot sales basis of cotton remained stable. The acquisition in northern Xinjiang is basically over, while that in southern Xinjiang is still ongoing, with higher prices in southern Xinjiang. As of November 1st, the cumulative national cotton inspection volume was 1.844 million tons. The spot trading last week was average, the downstream pure - cotton yarn followed the price increase weakly, and the market transaction was dull. The new orders of weaving factories were poor, and the stocking willingness was low. Zheng cotton's short - term trend may be volatile, and it is recommended to wait and see [2] Sugar - Last week, US sugar fluctuated. In Brazil, the production data in the first half of October was neutral, with the cane crushing volume basically the same year - on - year, and the sugar - making ratio decreasing month - on - month but still increasing slightly year - on - year. In China, Zheng sugar was relatively strong. There were rumors of syrup import control, providing some support. The market's trading focus has shifted to the next season's output estimate. The rainfall in Guangxi since July has been good, and the sugar output in the 25/26 season is expected to be relatively good. It is expected that sugar prices will remain weak [3] Apple - The futures price is running strongly. The market's trading logic has shifted from cold - storage inventory to sales expectations. The inventory progress in Shandong is slow, and the initial cold - storage inventory is uncertain. Due to poor quality but high prices, the reluctance to sell is high, which may affect the de - stocking speed. The apple price is high, and there is a lack of positive factors. It is recommended to pay attention to the inventory situation and wait and see [4] 20 - rubber, Natural Rubber & Synthetic Rubber - Today, RU fluctuated, NR fell slightly, and BR fell sharply. The futures market sentiment was cautious. The domestic natural rubber spot price was stable with a slight increase, while the synthetic rubber spot price decreased. The global natural rubber supply is in the high - yield period, and China's Yunnan production area is about to enter the mature period. The domestic butadiene rubber plant operating rate decreased last week, and some plants had maintenance or planned maintenance. In October, China's heavy - truck market sales were about 93,000 units, a 12% month - on - month decrease and a 40% year - on - year increase. The domestic tire operating rate increased slightly last week, and the finished - product inventory increased. The natural rubber inventory in Qingdao decreased to 432,200 tons, while the butadiene rubber social inventory increased to 148,000 tons, and the upstream butadiene port inventory increased significantly. It is recommended to wait and see and pay attention to cross - variety arbitrage opportunities [6] Pulp - Today, the pulp futures rose sharply. As of October 30, 2025, the mainstream port sample inventory in China was 2.061 million tons, a 0.6 - million - ton increase from the previous period and a 0.3% month - on - month increase. In September, China imported 2.9525 million tons of pulp, a 272,500 - ton year - on - year increase. The domestic port inventory is relatively high, the supply is relatively loose, the demand is average, the downstream traditional peak - season expectation is not strong, and the terminal order release is limited. It is recommended to wait and see or conduct short - term operations [7] Log - The futures price is running weakly, and the spot mainstream price is stable. In November, the quotation of New Zealand radiata pine continued to rise, the domestic spot price remained weak, and the import willingness of traders decreased. The external quotation is still high, and the domestic supply may remain low. The port delivery volume is above 60,000 cubic meters, and the demand supports the price. The log inventory is low, and the inventory pressure is small. It is recommended to wait and see [8]

Group 1 - The A-share market experienced a pullback after an initial rise, with the Shanghai Composite Index facing strong resistance at key levels, indicating a continuation of the short-term rebound trend [1][2] - Positive factors such as the clear economic goals set by the 20th Central Committee and anticipated interest rate cuts by the Federal Reserve are expected to bolster market confidence and support short-term performance [1][2] - Despite current corporate earnings being in a stabilization phase, there are signs of marginal improvement in certain sectors, and the overall market is expected to see slight recovery in earnings in the fourth quarter [1][2] Group 2 - The market showed a quick rotation among sectors, with limited strong performance outside of local stocks in Fujian, while sectors like metals and infrastructure lagged [2] - The upcoming key events, including the "14th Five-Year Plan" recommendations and the nearing conclusion of Q3 earnings reports, are likely to create a more favorable market environment [2] - The fourth quarter is projected to maintain a bullish trend supported by policies against excessive competition, increased household investment in the market, and technical reversals [2]

1. Pig Industry Investment Rating No investment rating provided in the report. Core View Short - term pig prices are supported by secondary fattening, but long - term prices are not optimistic due to increasing supply pressure. Short - term disk operation may be strong, but the space is limited, and the medium - long - term supply pressure is difficult to relieve. It is advisable to wait for the current round of spot prices to stabilize before entering the market for reverse spread trading [2]. Summary of Key Data - **Futures Indicators**: The basis of the main contract increased by 35.71% to - 225. The prices of "Live Pig 2511" and "Live Pig 2601" decreased by 0.22% and 0.20% respectively. The main contract's open interest increased by 4.68% to 112,397, and the number of warehouse receipts increased to 206 [2]. - **Spot Prices**: The prices in Henan, Hunan increased, while those in Shandong, Liaoning, and Hebei decreased. The daily slaughter volume of sample points decreased by 1.29% to 162,425. The weekly white - striped pork price dropped by 100% to 0.00 yuan. The self - breeding and purchased - piglet breeding profits increased by 24.12% and 22.97% respectively [2]. - **Supply - related Data**: The monthly inventory of fertile sows decreased by 0.10% to 4,038 million heads, and the weekly average slaughter weight decreased by 0.27% to 127.90 kg [2]. 2. Oil Industry Investment Rating No investment rating provided in the report. Core View Malaysian palm oil futures are under pressure and may continue to decline, but there is a chance of stabilization after the release of the MPOB report. Domestic palm oil futures are expected to be under pressure. The impact of the US soybean oil's fundamental data has weakened, and the domestic soybean oil inventory is at a high level, but the basis may remain stable due to the oil mills' price - holding psychology [6]. Summary of Key Data - **Palm Oil**: The Malaysian BMD crude palm oil futures are under pressure. The domestic Dalian palm oil futures are in a volatile adjustment. The spot price in Guangdong remained unchanged at 9,000 yuan, the futures price of "P2601" decreased by 0.11%, the basis increased by 7.58%, and the import profit decreased by 6.42% [6]. - **Soybean Oil**: The influence of the US soybean oil's fundamental data has declined. The domestic inventory is high, but the basis may be stable. The spot price in Jiangsu remained unchanged at 8,450 yuan, the futures price of "Y2601" increased by 0.07%, and the basis decreased by 2.29% [6]. - **Rapeseed Oil**: The spot price in Jiangsu decreased by 0.50% to 10,000 yuan, the futures price of "OI601" increased by 0.04%, and the basis decreased by 18.43% [6]. 3. Meal Industry Investment Rating No investment rating provided in the report. Core View The Sino - US negotiations are progressing positively, and the US soybean price is rebounding. The domestic soybean supply is sufficient in the fourth quarter, but the crushing profit has deteriorated, and the inventory is high. The spot price is expected to remain weak, and the meal lacks a continuous upward driving force. The disk has support around 2,900 [8]. Summary of Key Data - **Soybean Meal**: The spot price in Jiangsu increased by 0.68% to 2,960 yuan, the futures price of "M2601" decreased by 0.17%, and the basis increased by 1250.00% [8]. - **Rapeseed Meal**: The spot price in Jiangsu increased by 0.41% to 2,420 yuan, the futures price of "RM2601" decreased by 0.60%, and the basis increased by 33.80% [8]. - **Soybean**: The spot price of Harbin soybeans remained unchanged at 3,900 yuan, the futures price of the main contract of "Soybean No.1" decreased by 0.22%, and the basis increased by 4.23% [8]. 4. Corn Industry Investment Rating No investment rating provided in the report. Core View The corn price in the Northeast is stable with a slight increase, while that in the North China is falling. The overall corn harvest progress exceeds 80%, and the selling pressure exists under a bumper harvest. The demand is mainly for rigid needs. The disk is still weak, and attention should be paid to farmers' selling rhythm and the intensity of policy procurement [10]. Summary of Key Data - **Corn Futures**: The price of "Corn 2601" decreased by 0.33% to 2,133 yuan/ton, the 1 - 5 spread remained unchanged at - 104 yuan/ton, and the open interest decreased by 1.58% to 1,760,731 [10]. - **Spot Market**: The Shekou bulk grain price decreased by 0.44% to 2,280 yuan/ton, the north - south trade profit decreased by 25.64% to 29 yuan, and the import profit decreased by 3.15% to 298 yuan [10]. - **Processing Data**: The number of remaining vehicles at Shandong's deep - processing plants in the morning increased by 35.53% to 1,793 [10]. 5. Sugar Industry Investment Rating No investment rating provided in the report. Core View The Brazilian sugar supply outlook is loose, and the raw sugar price is expected to be in a weak and volatile trend. The domestic sugar price has limited downward momentum, and the current bottom - shock and weak pattern may continue [14]. Summary of Key Data - **Futures Market**: The price of "Sugar 2601" decreased by 0.20% to 5,446 yuan/ton, the 1 - 5 spread decreased by 2.04% to 48 yuan/ton, and the open interest of the main contract decreased by 2.84% to 408,160 [14]. - **Spot Market**: The spot prices in Nanning and Kunming remained unchanged. The basis in Nanning and Kunming increased by 2.92% and 3.11% respectively. The prices of imported Brazilian sugar (both within and outside the quota) decreased [14]. - **Industry Data**: The cumulative national sugar production increased by 12.03% to 1,116.21 million tons, and the cumulative national sugar sales increased by 9.17% to 1,048.00 million tons [14]. 6. Cotton Industry Investment Rating No investment rating provided in the report. Core View The downstream textile enterprises' demand for cotton raw materials is resilient, and the new cotton cost provides support. However, the cotton price faces hedging pressure, and the marginal driving force is decreasing. Short - term cotton prices may fluctuate within a range [15]. Summary of Key Data - **Futures Market**: The prices of "Cotton 2605" and "Cotton 2601" decreased by 0.44% and 0.26% respectively. The 5 - 1 spread decreased by 100.00% to 0 yuan/ton, and the open interest of the main contract decreased by 1.44% to 200,900 [15]. - **Spot Market**: The Xinjiang arrival price and CC Index of "3128B" increased slightly, and the 3128B - 01 and 3128B - 05 spreads increased [15]. - **Industry Data**: The commercial inventory increased by 68.4% to 172.02 million tons, and the industrial inventory decreased by 4.3% to 80.93 million tons [15]. 7. Egg Industry Investment Rating No investment rating provided in the report. Core View The supply of eggs is sufficient, and the demand may first increase and then decrease this week. Egg prices may rise slightly in the first half of the week but may decline slightly in the second half due to strong supply and weak demand. The main contract's rebound faces resistance around 3,200 [17][18]. Summary of Key Data - **Futures Indicators**: The prices of "Egg 11 Contract" and "Egg 01 Contract" increased by 0.98% and 1.98% respectively. The 11 - 01 spread decreased by 9.23% to - 426 [17]. - **Spot Prices**: The egg - producing area price increased by 2.65% to 2.98 yuan/jin, and the basis increased by 14.91% to - 102 [17]. - **Industry Data**: The price of day - old chicks increased by 1.92% to 2.65 yuan/feather, and the egg - to - feed ratio decreased by 7.97% to 2.31 [17].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - PTA supply has contracted as domestic plants have adjusted due to low processing fees. The polyester industry's profit is still constrained by over - capacity from new plant commissions, but the rising crude oil price supports PTA, leading to a slight upward movement in PTA prices after hovering at low levels. [2] - The polyester downstream load remains above 87%, and high polyester load has not led to large inventory accumulation. The demand from the polyester downstream is slightly better than expected, with recent good sales in the polyester market. The market is concerned about the impact of China - US negotiations on textile and clothing demand. [2] - Later, overseas sanctions on some domestic refineries may affect PX supply, which requires continuous attention. [2] 3. Summary by Related Data Price Changes - PTA spot price increased from 4425 to 4450, with a change of 25; MEG inner - market price rose from 4173 to 4187, a change of 14; PTA closing price went up from 4508 to 4518, a change of 10; MEG closing price decreased from 4095 to 4077, a change of - 18. [2] - 1.4D direct - spun polyester staple fiber price increased from 6390 to 6400, a change of 10; short - fiber basis remained unchanged at 178; 11 - 12 spread decreased from 18 to 32, a change of - 14. [2] - Polyester bottle - chip prices in the Jiangsu and Zhejiang markets increased slightly, with the average price rising by 10 yuan/ton. The prices of various types of bottle - chips (e.g., East China water bottle - chips, hot - filling polyester bottle - chips, carbonated - grade polyester bottle - chips) increased by 7. [2] - T32S pure - polyester yarn price remained unchanged at 10300; T32S pure - polyester yarn processing fee decreased from 3910 to 3900, a change of - 10; polyester - cotton yarn 65/35 45S price remained unchanged at 16350. [2] Load and Production - Sales - The direct - spun short - fiber load (weekly) increased from 93.90% to 94.40%; the polyester short - fiber production - sales rate decreased from 77.00% to 51.00%, a change of - 26.00%. [3] - The polyester yarn startup rate (weekly) remained unchanged at 63.50%; the recycled cotton - type load index (weekly) increased slightly from 51.00% to 51.50%. [3]

1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views Pig Industry - Short - term pig prices are rebounding due to secondary fattening, but long - term supply pressure remains, and prices are not optimistic. Short - term futures operations may be strong, but the upward space is limited, and the supply pressure in the medium - and long - term is difficult to ease [2]. Oil Industry - Malaysian palm oil futures are under pressure to decline, and domestic palm oil futures may also be weak. US soybean oil is affected by related oils, and domestic soybean oil has high inventory, but there may be a price - holding mentality due to losses in oil mill crushing margins [6]. Meal Industry - US soybeans are rebounding, and domestic soybean supply in the fourth quarter is sufficient. However, domestic soybean and meal inventories are high, and the spot price is difficult to improve. The meal lacks a continuous upward drive, but there is support at the cost end [8]. Corn Industry - Corn prices are still likely to be weak due to selling pressure from a bumper harvest. Demand from deep - processing and feed enterprises is mainly for rigid needs, and the futures market is also under pressure [10]. Sugar Industry - Brazilian sugar supply is expected to be abundant, and the international raw sugar price is likely to be weak. The domestic sugar price has limited downward momentum and may be supported [14]. Cotton Industry - The downstream textile enterprises have certain demand for cotton, and the new cotton cost provides support. However, there is hedging pressure, and short - term cotton prices may fluctuate within a range [15]. Egg Industry - Egg supply is sufficient, and demand may first increase and then decrease this week. Egg prices may rise slightly first and then decline, and the main contract may face pressure around 3200 [17][18]. 3. Summary by Related Catalogs Pig Industry Futures Indicators - The basis of the main contract increased by 125 to - 225, with a change rate of 35.71%. Futures prices of contracts such as "pig 2511" and "pig 2601" declined slightly. The main contract's open interest increased by 4.68% to 112,397, and the number of warehouse receipts increased to 206 [2]. Spot Prices - Spot prices in different regions showed different trends, with prices in Henan and Hunan rising, and those in Shandong, Liaoning, and Hebei falling [2]. Spot Indicators - Daily slaughter volume decreased by 1.29%, weekly white - strip prices dropped by 100%, and weekly self - breeding and purchased - piglet breeding profits increased by 24.12% and 22.97% respectively. The monthly inventory of reproductive sows decreased by 0.10% to 40.38 million heads [2]. Oil Industry Palm Oil - Malaysian BMD crude palm oil futures are under pressure to decline, and domestic Dalian palm oil futures may also seek support in the range of 8900 - 9000 yuan [6]. Soybean Oil - US soybean oil is affected by related oils, and domestic soybean oil inventory is at a high level, but there may be a price - holding mentality due to losses in oil mill crushing margins [6]. Canola Oil - The spot price of canola oil decreased slightly, and the basis also declined [6]. Spreads - Spreads such as the three - oil inter - period spread and the palm oil inter - period spread showed different changes [6]. Meal Industry Soybean Meal - The spot price of soybean meal in Jiangsu increased by 0.68%, the futures price decreased slightly, and the basis increased significantly. The crushing margins of imported soybeans from Argentina and Brazil showed different trends [8]. Rapeseed Meal - The spot price of rapeseed meal in Jiangsu increased by 0.41%, the futures price decreased, and the basis increased. The crushing margin of imported rapeseed from Canada decreased [8]. Soybeans - The spot and futures prices of soybeans in different regions changed slightly, and the basis also changed accordingly [8]. Spreads - Spreads such as the soybean meal inter - period spread and the oil - meal ratio showed different changes [8]. Corn Industry Corn - The futures price of corn decreased slightly, the basis increased, and the north - south trade profit and import profit decreased [10]. Corn Starch - The futures price of corn starch decreased, the basis increased, and the profit of Shandong starch increased [10]. Sugar Industry Futures Market - The futures prices of sugar contracts such as "sugar 2601" and "sugar 2605" decreased slightly, and the open interest and the number of warehouse receipts decreased [14]. Spot Market - Spot prices in Nanning and Kunming remained unchanged, and the basis increased. The prices of imported Brazilian sugar decreased, and the price differences with domestic sugar also changed [14]. Industry Situation - National sugar production and sales increased year - on - year, and industrial inventory decreased significantly. Sugar imports increased by 37.50% [14]. Cotton Industry Futures Market - The futures prices of cotton contracts such as "cotton 2605" and "cotton 2601" decreased slightly, and the open interest decreased [15]. Spot Market - Spot prices such as the Xinjiang arrival price and the CC Index increased slightly, and the price differences with futures contracts also changed [15]. Industry Situation - Commercial inventory increased significantly, industrial inventory decreased, and imports increased by 42.9% [15]. Egg Industry Futures and Spot Indicators - Futures prices of egg contracts such as "egg 11" and "egg 01" increased, the spot price of eggs increased, and the basis and spreads changed [17]. Related Indicators - The price of egg - laying chicks increased, the price of culled hens decreased, and the egg - feed ratio and breeding profit decreased [17].

1. Report Industry Investment Ratings No investment ratings are provided in the reports. 2. Core Views of the Reports 2.1 Pig Industry - Short - term pig prices are supported by secondary fattening, but in the long run, the supply pressure in the fourth quarter will continue to be released, and the outlook for pig prices is not optimistic. The short - term disk operation may be strong, but the upward space is limited, and the risk of holding arbitrage positions increases [2]. 2.2 Oil Industry - Palm oil: Malaysian BMD crude palm oil futures are under pressure due to concerns about slow exports. There is a possibility of further decline, but there may be a chance of stabilizing and rebounding after the release of the MPOB report risk. Domestic Dalian palm oil futures are expected to be under pressure and seek support in the range of 8900 - 9000 yuan. - Soybean oil: The influence of the US soybean oil's own fundamentals has declined. The domestic inventory is at a high level, the basis is under pressure, but the oil mills may have a certain price - holding mentality due to losses in crushing margins [6]. 2.3 Meal Industry - The Sino - US negotiations are progressing, and the export prospects of US soybeans are improving. The domestic soybean supply in the fourth quarter is sufficient, but the crushing margins are deteriorating, and the oil mills' reluctance to sell has increased. The domestic soybean and soybean meal inventories are high, and the spot price is expected to be weak this year. The soybean meal lacks a continuous upward driving force, and the disk has support around 2900 [8]. 2.4 Corn Industry - The corn price in the Northeast is stable with a slight increase, while the price in North China has declined again. The overall corn harvest progress is over 80%, and there is still selling pressure under a bumper harvest. The demand from deep - processing and feed enterprises is mainly for rigid needs. The disk is still weak, and attention should be paid to farmers' selling rhythm and the intensity of policy procurement [10]. 2.5 Sugar Industry - Brazil's supply outlook is loose, and the raw sugar price is expected to be weak. The domestic sugar price has a weak intention to follow the decline, and the current bottom - shock weak pattern may continue [14]. 2.6 Cotton Industry - The downstream textile enterprises' profits and cash flows have improved, and the rigid demand for cotton raw materials is resilient. The new cotton cost has increased, which supports the cotton price. However, the cotton price also faces hedging pressure, and the marginal driving force is decreasing. The short - term cotton price may fluctuate within a range [15]. 2.7 Egg Industry - The supply of eggs is sufficient, and the demand may first increase and then decrease this week. The egg price may rise slightly in the short term but may decline slightly in the second half of the week due to strong supply and weak demand. The main contract's rebound should pay attention to the pressure level around 3200 [17][18]. 3. Summary by Related Catalogs 3.1 Pig Industry 3.1.1 Futures Indicators - The basis of the main contract increased by 125 to - 225, with an increase rate of 35.71%. The prices of "pig 2511" and "pig 2601" decreased slightly, and the main contract's open interest increased by 4.68% to 112397. The number of warehouse receipts increased to 206 [2]. 3.1.2 Spot Prices - The spot prices in different regions showed different trends, with some rising and some falling. The daily slaughter volume of sample points decreased by 1.29%, the weekly white - strip price decreased by 100%, and the weekly prices of piglets and sows remained unchanged. The self - breeding and purchased - piglet breeding profits increased, and the monthly inventory of reproductive sows decreased slightly [2]. 3.2 Oil Industry 3.2.1 Soybean Oil - The current price in Jiangsu remained unchanged at 8450 yuan/ton, the futures price of "Y2601" increased slightly, the basis decreased by 2.29%, and the number of warehouse receipts increased by 3.99% [6]. 3.2.2 Palm Oil - The current price in Guangdong remained unchanged at 9000 yuan/ton, the futures price of "P2601" decreased slightly, the basis increased, the import cost increased slightly, the import profit decreased, and the number of warehouse receipts remained unchanged [6]. 3.2.3 Rapeseed Oil - The current price in Jiangsu decreased by 0.50% to 10000 yuan/ton, the futures price of "OI601" increased slightly, the basis decreased significantly, and the number of warehouse receipts remained unchanged [6]. 3.2.4 Spreads - The spreads of different varieties showed different trends, such as the three - oil inter - period spread increased, while the palm oil and rapeseed oil inter - period spreads decreased [6]. 3.3 Meal Industry 3.3.1 Soybean Meal - The current price in Jiangsu increased by 0.68% to 2960 yuan/ton, the futures price of "M2601" decreased slightly, the basis increased significantly, the import crushing margins of Argentina and Brazil showed different trends, and the number of warehouse receipts remained unchanged [8]. 3.3.2 Rapeseed Meal - The current price in Jiangsu increased by 0.41% to 2420 yuan/ton, the futures price of "RM2601" decreased, the basis increased, the import crushing margin of Canada decreased, and the number of warehouse receipts decreased by 9.40% [8]. 3.3.3 Soybeans - The current prices of domestic and imported soybeans remained unchanged, the futures prices of the main contracts decreased slightly, the bases increased, and the number of warehouse receipts remained unchanged [8]. 3.3.4 Spreads - The inter - period spreads of soybean meal and rapeseed meal decreased, the oil - meal ratio showed different trends, and the soybean - rapeseed meal spread increased [8]. 3.4 Corn Industry 3.4.1 Corn - The futures price of "corn 2601" decreased slightly, the basis increased, the 1 - 5 spread remained unchanged, the prices of ports and trade profits showed different trends, the number of vehicles arriving at Shandong deep - processing enterprises increased significantly, the open interest decreased, and the number of warehouse receipts remained unchanged [10]. 3.4.2 Corn Starch - The futures price of "corn starch 2601" decreased slightly, the spot prices in Changchun and Weifang remained unchanged, the basis increased, the 1 - 5 spread decreased, the starch - corn 01 spread decreased, the profit of Shandong starch increased, the open interest decreased, and the number of warehouse receipts remained unchanged [10]. 3.5 Sugar Industry 3.5.1 Futures Market - The futures prices of "sugar 2601" and "sugar 2605" decreased slightly, the ICE raw sugar main contract decreased, the 1 - 5 spread decreased, the open interest of the main contract decreased, the number of warehouse receipts decreased slightly, and the effective forecast increased [14]. 3.5.2 Spot Market - The spot prices in Nanning and Kunming remained unchanged, the bases increased, the import prices of Brazilian sugar decreased, and the spreads between imported sugar and domestic sugar decreased [14]. 3.5.3 Industry Situation - The cumulative production and sales of sugar increased year - on - year, the cumulative sales rate in the whole country decreased, the cumulative sales rate in Guangxi increased, the industrial inventory in the whole country decreased significantly, and the industrial inventory in Guangxi and Yunnan increased. The sugar import volume increased [14]. 3.6 Cotton Industry 3.6.1 Futures Market - The futures prices of "cotton 2605" and "cotton 2601" decreased slightly, the ICE US cotton main contract increased slightly, the 5 - 1 spread decreased to 0, the open interest of the main contract decreased, the number of warehouse receipts decreased slightly, and the effective forecast increased significantly [15]. 3.6.2 Spot Market - The spot prices increased slightly, the spreads between spot and futures contracts increased, and the spread between the CC Index and the FC Index decreased [15]. 3.6.3 Industry Situation - The commercial inventory increased significantly, the industrial inventory decreased slightly, the import volume increased, the bonded area inventory decreased slightly, the inventory of the textile industry increased year - on - year, the inventory days of yarn and grey cloth increased, the cotton outbound shipment volume increased, the processing profit of textile enterprises decreased, the retail sales of clothing and textiles increased, and the export situation of textile products showed different trends [15]. 3.7 Egg Industry 3.7.1 Futures and Spot Indicators - The futures prices of "egg 11" and "egg 01" increased, the spot price in the egg - producing area increased, the basis increased, the 11 - 01 spread decreased, the price of chicken seedlings increased, the price of culled chickens decreased, the egg - feed ratio decreased, and the breeding profit decreased significantly [17]. 3.7.2 Market Situation - The inventory of laying hens is high, the egg supply is sufficient, the demand may first increase and then decrease, and the egg price may first rise slightly and then decline slightly [17][18].

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Group 1: Core Insights - The report indicates that the TACO trade is not straightforward, as Trump's tariff timeline coincides with the APEC summit, suggesting potential negotiation opportunities but also continued pressure [1][5][8] - The economic impact of the current trade conflict is expected to be less severe than in April, but the constraints faced by the U.S. have eased, allowing for a prolonged hardline stance from Trump [5][7][8] - The report emphasizes the importance of focusing on gold and AH stocks while managing volatility, and suggests a cautious approach to trading until substantial progress is made in U.S.-China negotiations [1][8] Group 2: Company Insights - J&T Express - J&T Express reported a significant increase in parcel volume in Southeast Asia, with Q3 2025 showing a 78.7% year-on-year growth, totaling 1.997 billion parcels [10][11] - In contrast, the Chinese market's growth rate is lagging behind the industry average by approximately 1.3 percentage points, with Q3 2025 parcel volume growing by 10.4% [11][12] - The report maintains a "buy" rating for J&T Express, citing strong growth prospects in Southeast Asia and new markets driven by the booming e-commerce sector [12] Group 3: Industry Insights - North Exchange - The North Exchange market is experiencing structural opportunities focused on resource optimization and domestic substitution, particularly in sectors like semiconductors and rare earths [3][15] - The report highlights a recent increase in trading volume and suggests that the market may continue to exhibit high volatility, with a focus on companies with reasonable valuations and confirmed growth [3][15] - It is recommended to balance investments across hard technology sectors and resource products, leveraging the ongoing reforms to enhance market vitality [3][15]