Report Industry Investment Ratings - Bean No.1: Neutral, represented by white stars [1] - Soybean Oil: Bullish, represented by red stars [1] - Palm Oil: Bullish, represented by red stars [1] - Soybean Meal: Slightly bullish, represented by one red star [1] - Rapeseed Meal: Bullish, represented by red stars [1] - Rapeseed Oil: Bullish, represented by red stars [1] - Corn: Bullish, represented by red stars [1] - Live Pigs: Bullish, represented by red stars [1] - Eggs: Slightly bullish, represented by one red star [1] Core Viewpoints - The prices of some agricultural products are affected by factors such as trade policies, supply - demand relationships, and weather conditions. Traders should pay attention to policy guidance, USDA reports, and changes in supply - demand fundamentals [2][3][4] - Different agricultural products have different investment opportunities and risks, and appropriate investment strategies should be adjusted according to market changes [3][6][8] Summary by Category Bean No.1 - The main contract of Bean No.1 significantly reduced positions, and the price fell from a high due to the drag of surrounding commodities. The price of US soybeans also dropped from a high. The purchase of soybeans by Sinograin started, with a premium for high - protein soybeans. The supply of domestic high - protein soybeans is tight this year, and short - term attention should be paid to policy guidance [2] Soybean & Soybean Meal - The continuous futures contract of soybeans continued to fluctuate and correct widely. The tariff for importing US soybeans in China is now 13%, and there is still no price advantage for commercial imports. With the increase in import costs, the crushing margin has improved, and it is expected that there will be a destocking situation for domestic soybeans in the first quarter of next year. Attention should be paid to the long - buying opportunities after the Sino - US trade eases [3] Soybean Oil & Palm Oil - The price of US soybeans dropped from a high due to the easing of trade optimism. After the recent rise of US soybeans, the spread of the near - month FOB premium to Brazil has been repaired higher than the same period last year. The market is expected to turn to focus on the guidance of the USDA report. Palm oil stopped falling and rebounded, but the rebound momentum on the disk is still not strong. Short - term attention should be paid to whether palm oil with a bearish near - end supply - demand situation can stabilize [4] Rapeseed Meal & Rapeseed Oil - The expected pressure on the price of foreign oilseeds drags down the domestic rapeseed futures price. The low price of Canadian rapeseed makes farmers less willing to sell, and exports are still sluggish. The domestic coastal oil mills have shut down due to the shortage of rapeseed. It is recommended to change the short - long strategy of rapeseed meal to a wait - and - see attitude and focus on the marginal changes in the oilseed import end [6] Corn - The Dalian corn futures fluctuated weakly. The increase in the supply of new corn in the Northeast has decreased, and the price is stable with a slight upward trend. The supply in Shandong has increased. After the tax cut by the State Council Tariff Commission, the tariff for importing US corn in China is 11% within the quota and 75% outside the quota. Attention should be paid to the signing of the latest Sino - US economic and trade agreement and the change in the enthusiasm of grain listing in the Northeast [6] Live Pigs - The futures price of live pigs fluctuated within a narrow range, and the funds increased positions overall. The spot price also showed a narrow - range consolidation. The inventory of breeding sows decreased month - on - month in October, continuing the trend of capacity reduction for two consecutive months. It is expected that the pig price may hit the bottom again in the first half of next year [7] Eggs - The egg futures first fell and then rose, with an overall reduction in positions. The spot price rose today. The inventory of laying hens decreased slightly month - on - month in October but is still at a historically high level. The number of culled chickens in the spot market increased, and the culling age decreased. The disk has maintained a strong pattern recently, and short - selling opportunities in the fourth quarter should be awaited [8]

Core Viewpoint - The lead market is experiencing a complex interplay of supply and demand dynamics, influenced by environmental policies, macroeconomic factors, and seasonal trends, leading to fluctuations in lead prices. Group 1: Supply Dynamics - The main lead contract in Shanghai has shown a fluctuating upward trend due to environmental policies in Henan and Hebei, which have increased the circulation period of scrap and recycled lead, alongside slower-than-expected recovery in recycled lead production, resulting in low refinery inventories that support lead prices [1] - Overseas, while some mines like Endeavor and Tara are expected to provide incremental production, the overall increase is limited. Domestic mines are facing production halts, and despite some recovery in certain regions, the overall supply of lead ore is expected to remain stable [3] - The supply of recycled lead is facing environmental risks as northern regions prepare for heating, which may lead to production restrictions, potentially tightening supply in the short term [4] Group 2: Demand Trends - Demand for electric bicycles is transitioning from peak to off-peak seasons, with a seasonal decline expected. However, the implementation of new national standards is driving production line upgrades, maintaining some demand for lead-acid batteries [5][6] - The automotive sector is seeing limited growth in sales due to demand exhaustion, but there are signs of recovery in battery replacement demand as temperatures drop [6] - Overall, the lead-acid battery demand is expected to see slight increases, but high inventory levels among distributors may limit substantial upward pressure on prices [7] Group 3: Market Outlook - The macroeconomic environment appears bearish for the fourth quarter, but its short-term impact on lead prices is expected to be limited. The supply side variables are primarily related to recycled lead, which may maintain an increasing production pace despite potential environmental restrictions [7] - Lead prices are likely to experience fluctuations driven by recycled lead supply, with a potential downward trend if large-scale production resumes without external disruptions. However, environmental restrictions and adverse weather conditions may hinder the flow of recycled lead, leading to a volatile price outlook [7]

Core Insights - American companies continue to prioritize their presence in China, viewing it as a long-term strategic commitment rather than a temporary market opportunity [4][10][11] Group 1: American Companies' Commitment - American firms have maintained their participation in the China International Import Expo (CIIE) for seven consecutive years, with a significant exhibition area [1] - Notable companies like Honeywell and Qualcomm have been consistent participants, while new entrants like the dessert brand Kabod also showcase their products [2] - The overall sentiment among American businesses is to remain and deepen their roots in China, reflecting a clear strategy of "staying for China" [4][10] Group 2: Economic Performance and Market Dynamics - According to the Hurun Research Institute, American companies in China reported a total revenue of $312.7 billion in the 2024 fiscal year, marking a 3% increase year-on-year [5] - Approximately 50% of these companies indicated that China is their second-largest revenue market globally [5] - The Chinese market is seen as a critical support for American firms to hedge against global uncertainties, with a well-established supply chain and collaborative ecosystem [6] Group 3: Innovation and Collaboration - Many American companies are shifting their focus from merely exporting products to co-developing standards and innovations within China [8] - Companies like Dun & Bradstreet are leveraging local talent to enhance their global product offerings, indicating a trend towards localized innovation [8][9] - The establishment of advanced R&D centers in China by American firms highlights a commitment to deeper collaboration and talent acquisition [9] Group 4: Future Outlook - The long-term outlook for American companies in China remains positive, with a belief that China represents the most promising future market [11] - Political rhetoric may create temporary fluctuations, but the underlying trend shows that American firms are increasing their investments and adapting to the local market [11]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Soybean Meal**: Lacks continuous bullish drivers. Brazilian rainfall is expected to be good in the next 15 days. The result of the China - US meeting shows that the issue of US soybean import tariffs has not been effectively resolved. It continued to trade in a narrow range at a high level yesterday. Due to the lack of bullish drivers, be cautious when chasing long positions. Pay attention to the planting weather of Brazilian soybeans [1]. - **Rapeseed Meal**: Be cautious when chasing long positions. High port inventories and the off - season of downstream consumption put pressure on the market. However, the unresolved China - Canada trade issue still supports far - month contracts, while near - month contracts are weak. Although rapeseed meal rose yesterday, the rebound space of the main and near - month contracts may be limited [1]. - **Palm Oil**: Short - term decline. It has entered a stage of weakening supply - demand. It is expected to continue to build inventories in October and November in Malaysia. But import may be insufficient in December and January due to negative import margins, and prices rebounded at the end of the inventory - building hype in October [1]. - **Soybean Oil**: Short - term consolidation. There is a lack of bullish support in the US soybean oil market. Domestic soybean oil inventories are higher than the five - year average, with sufficient short - term supply. Although it rose yesterday, there is no strong bullish driver for now [1]. - **Rapeseed Oil**: Short - term stop - falling consolidation. Low oil mill operating rates, the mentality of hoarding and price - holding in the market, and the consumption peak season have led to a stop - falling rebound. However, the short - term weakness has not been completely reversed [1]. - **Cotton**: Upward pressure. The increase in supply from the US and other Northern Hemisphere countries puts pressure on prices. Although Brazil is accelerating exports, the Indian MSP policy provides some support. Domestically, the new cotton harvest is almost complete, and the commercial inventory has recovered, increasing spot pressure. Downstream demand is weak, and there is resistance to upward movement [1]. - **Red Dates**: Cautiously bearish. With large - scale harvest, the new - season output is becoming more certain. High old - season inventories and limited acceptance of new products by downstream may lead to weakening prices. Be cautious when short - selling and pay attention to the purchase price and progress [1]. - **Live Pigs**: Be vigilant against rebounds. The supply pressure in Q4 remains high as the supply was postponed to December by second - fattening in October. The demand is gradually stabilizing. It is recommended to short on rebounds for near - month contracts and be vigilant against the rebound risk of the 01 contract. Consider the 03 contract and potential reverse - spread opportunities [1]. 3. Summary by Variety Soybean Meal - **Price Data**: The main contract's closing price was 3068 yuan/ton, down 5 yuan or 0.16% from the previous day. The national average spot price was 3117.43 yuan/ton, up 25.14 yuan or 0.81% [2]. - **Inventory Data**: As of October 31, 2025, national port soybean inventories were 962.9 million tons, down 10.20 million tons from last week and up 288.44 million tons from last year. 125 oil mills' soybean inventories were 710.79 million tons, down 40.50 million tons or 5.39% from last week and up 160.05 million tons or 29.06% from last year. The soybean meal inventory was 115.3 million tons, up 9.84 million tons or 9.33% from last week and up 16.89 million tons or 17.16% from last year [3]. Rapeseed Meal - **Price Data**: The main contract's closing price was 2549 yuan/ton, up 12 yuan or 0.47% from the previous day. The national average spot price remained unchanged at 2636.32 yuan/ton [4]. - **Inventory Data**: As of October 31, coastal oil mills' rapeseed inventories were 0 million tons, down 0.6 million tons from last week. Rapeseed meal inventories were 0.71 million tons, unchanged from last week, and unexecuted contracts were 0.71 million tons, down 0.3 million tons from last week [4]. Palm Oil - **Inventory Data**: As of October 31, 2025, the commercial inventory of palm oil in key regions was 59.28 million tons, down 1.43 million tons or 2.36% from last week and up 8.74 million tons or 17.29% from last year [8]. - **Production and Export Data**: From October 1 - 31, 2025, Malaysian palm oil production increased by 5.55% month - on - month, and exports increased by 5.19% - 26.54% depending on different sources [8]. Cotton - **Price Data**: The main contract's closing price was 13605 yuan/ton, down 10 yuan or 0.07% from the previous day. The CCIndex (3218B) spot price was 14820 yuan/ton, down 5 yuan or 0.03% [9]. - **Inventory Data**: The national cotton commercial inventory was 232.61 million tons, up 48 million tons from the previous value. The Xinjiang cotton commercial inventory was 183.9 million tons, up 48 million tons [9]. - **Production Data**: In the US, 73 million tons of new cotton have been inspected, with a progress of about 25%. Domestically, the new cotton picking progress is 87.1%, the ginning volume exceeds 208 million tons, and the selling progress is 14.2% [10][11]. Red Dates - **Price Data**: The main contract's closing price was 9705 yuan/ton, down 35 yuan or 0.36% from the previous day. The spot prices in different regions remained mostly stable [13]. - **Inventory Data**: The physical inventory of 36 sample enterprises was 9541 tons, up 193 tons from the previous value [13]. Live Pigs - **Price Data**: The main contract's closing price was 11940 yuan/ton, down 5 yuan or 0.04% from the previous day. The national average spot price of live pigs was 12030 yuan/ton, up 60 yuan or 0.50% [16]. - **Inventory and Output Data**: The national sample enterprise's live pig inventory was 3844.62 million tons, up 5.61 million tons or 0.15% from the previous month. The monthly output was 1196.53 million tons, up 126.77 million tons or 11.85% [16].

Market Overview - A-shares experienced mixed performance last week, with major indices showing fluctuations and increased trading volume during adjustments [1] - Among the 31 Shenwan first-level industries, electrical equipment, non-ferrous metals, and steel performed relatively well [1] Macro Data Analysis - In September, industrial enterprise profits grew by 21.6% year-on-year, up from 20.4% in August, marking two consecutive months of double-digit growth [3] - The mining industry saw a profit decline of 29.3%, while manufacturing and electric heat water supply industries reported profit increases of 9.9% and 10.3%, respectively [3] - The automotive and computer communication equipment manufacturing sectors showed significant improvement, influenced by industry trends and policy support [3] - The accounts receivable period slightly shortened to 69.2 days, with a year-on-year increase of 3.3 days and a month-on-month decrease of 0.9 days, linked to a new fiscal tool worth 500 billion [3] Corporate Profit Growth - The cumulative year-on-year net profit growth for the entire A-share market and non-financial A-shares in Q3 2025 was 5.54% and 3.94%, respectively, showing an increase from H1 2025 [4] - The main board, ChiNext, and STAR Market reported net profit growth rates of +5.02%, +19.23%, and -5.01% in Q3 2025, reflecting a recovery from H1 2025 [4] - Key industries with strong net profit growth in Q3 included steel, non-ferrous metals, non-bank financials, electronics, and media [4] Market Strategy Outlook - The market experienced wide fluctuations last week, with marginal increases in trading volume during adjustments [5] - The proportion of public funds heavily invested in TMT sectors reached 40%, nearing historical highs [5] - The market is expected to remain volatile in the short term, with high-pressure adjustments on elevated sectors [5] - Long-term investment opportunities may arise from the ongoing AI competition and sectors with strong fundamentals, such as technology and domestic demand [5] - Defensive sectors are recommended for increased allocation, with a focus on dividend-paying stocks and stable assets like gold and agricultural products [5]

Report on the Oil and Fat Industry Investment Rating Not provided Core View The Malaysian BMD crude palm oil futures are expected to maintain a weak and volatile trend, with a chance of gradually bottoming out and rebounding. Domestic palm oil futures are in an oscillatory adjustment phase, while soybean oil supply is expected to remain abundant, but crushers' losses support price - holding. [1] Summary by Category - **Price Changes**: On November 4, compared with November 3, the spot price of Jiangsu - grade 1 soybean oil increased by 50 yuan to 8420 yuan, with a 0.60% increase; the spot price of Guangdong 24 - degree palm oil decreased by 30 yuan to 8570 yuan, with a 0.35% decrease; the spot price of Jiangsu - grade 3 rapeseed oil decreased by 30 yuan to 9770 yuan, with a 0.31% decrease. [1] - **Spread Changes**: The basis of Y2601 soybean oil increased by 52 yuan to 312 yuan, with a 20.00% increase; the basis of P2601 palm oil increased by 18 yuan to - 46 yuan, with a 28.13% increase; the basis of OI601 rapeseed oil decreased by 3 yuan to 327 yuan, with a 0.91% decrease. [1] - **Inventory Outlook**: In Malaysia, the market expects the end - of - month palm oil inventory to reach about 2.44 million tons. In China, the soybean inventory at factories was 7.7 million tons last weekend, at a record high since 2021. [1] Report on the Pig Industry Investment Rating Not provided Core View The pig price has weakened from a strong level. However, the slowdown in the overall slaughter progress in November may boost the pig price to some extent. The current market is in a weakly oscillatory range, and the 3 - 7 reverse spread position can be held. [4] Summary by Category - **Price Changes**: On November 4, compared with the previous day, the spot price of pigs in Henan decreased by 250 yuan to 11950 yuan/ton; the price of the main contract basis decreased by 200 yuan to 265 yuan/ton, with a 43.01% decrease. [4] - **Inventory and Consumption Indicators**: The daily slaughter volume of sample slaughterhouses decreased by 203 to 158004, with a 0.37% decrease; the weekly price of piglets decreased by 6 yuan to 20 yuan/kg, with a 23.08% decrease. [4] Report on the Meal Industry Investment Rating Not provided Core View China is expected to purchase 12 million tons of new - crop US soybeans this year, which provides support for the US soybean market. However, the domestic soybean and soybean meal inventories are at a high level, but due to cost - side support and negative crushing margins, the downward space for domestic soybean meal is limited. [7] Summary by Category - **Price Changes**: On November 4, compared with the previous day, the spot price of Jiangsu soybean meal increased by 10 yuan to 3050 yuan, with a 0.33% increase; the spot price of Jiangsu rapeseed meal increased by 10 yuan to 2530 yuan, with a 0.40% increase. [7] - **Spread and Margin Changes**: The basis of M2601 soybean meal increased by 21 yuan to 35 yuan, with a 150.00% increase; the basis of RM2601 rapeseed meal increased by 4 yuan to 33 yuan, with a 13.79% increase. The crushing margin for US Gulf January shipments increased by 26 yuan to - 661 yuan, with a 3.8% increase; the crushing margin for Canadian January shipments decreased by 63 yuan to 596 yuan, with a 9.56% decrease. [7] Report on the Corn Industry Investment Rating Not provided Core View Currently, the corn market is under selling pressure, and the upward movement of the futures price is restricted, remaining in a low - level oscillation. In the long - term, due to low imports, demand resilience, and policy regulation, the corn market will be in a tight - balance situation. [8] Summary by Category - **Price Changes**: On November 4, compared with the previous day, the price of corn 2601 decreased by 6 yuan to 2135 yuan, with a 0.28% decrease; the price of corn starch 2601 decreased by 9 yuan to 2444 yuan, with a 0.37% decrease. [8] - **Inventory and Consumption Indicators**: The morning remaining vehicle count at Shandong deep - processing plants increased by 20 to 648, with a 3.18% increase; the inventory of Shandong deep - processing plants increased by 2385 to 66351, with a 3.73% increase. [8] Report on the Sugar Industry Investment Rating Not provided Core View The expected increase in sugar supply surplus, combined with weakening energy prices and favorable weather in major producing areas, has led to a weak trend in raw sugar prices. The domestic sugar price is also under pressure but is relatively resistant to decline due to cost support and market sentiment. The spot market is sluggish, and the price is expected to remain in a low - level oscillation. [13] Summary by Category - **Price Changes**: On November 4, compared with the previous day, the price of sugar 2601 decreased by 18 yuan to 5481 yuan, with a 0.33% decrease; the price of ICE raw sugar futures decreased by 0.47 cents to 14.21 cents/pound, with a 3.20% decrease. [13] - **Inventory and Consumption Indicators**: The national cumulative sugar production increased by 1.1989 million tons to 11.1621 million tons, with a 12.03% increase; the national cumulative sugar sales increased by 0.88 million tons to 10.48 million tons, with a 9.17% increase. [13] Report on the Egg Industry Investment Rating Not provided Core View In the short - term, the egg market has an oversupply situation. The price is expected to be in a stalemate but may gradually rise as demand recovers. The egg price is expected to oscillate widely at the bottom, with a reference range of 2900 - 3300. [16] Summary by Category - **Price Changes**: On November 4, compared with the previous day, the price of the egg 12 - contract decreased by 14 yuan to 3144 yuan/500KG, with a 0.44% decrease; the price of the egg 01 - contract decreased by 10 yuan to 3337 yuan/500KG, with a 0.30% decrease. [15] - **Inventory and Consumption Indicators**: The price of egg - laying chicks increased by 0.15 yuan to 2.8 yuan/feather, with a 5.66% increase; the price of culled hens decreased by 0.18 yuan to 4.11 yuan/jin, with a 4.20% decrease. [15] Report on the Cotton Industry Investment Rating Not provided Core View The cost of new cotton provides strong support for the cotton price, but the price faces hedging pressure. The downstream demand is weak, but the inventory pressure of finished products is not significant. The short - term cotton price is expected to oscillate within a range. [18] Summary by Category - **Price Changes**: On November 4, compared with the previous day, the price of cotton 2605 decreased by 60 yuan to 13522 yuan, with a 0.44% decrease; the price of cotton 2601 decreased by 65 yuan to 13535 yuan, with a 0.48% decrease. [18] - **Inventory and Consumption Indicators**: The commercial cotton inventory increased by 0.6985 million tons to 1.7202 million tons, with a 68.4% increase; the industrial cotton inventory decreased by 0.0362 million tons to 0.8093 million tons, with a 4.3% decrease. [18]

Group 1: Industry Investment Ratings - No industry investment ratings are provided in the reports. Group 2: Core Views Palm Oil - Malaysian BMD crude palm oil futures are expected to gradually stop falling and recover after the release of risks following the MPOB supply - demand report. The overall view of near - term weakness and long - term strength remains unchanged. In the domestic market, Dalian palm oil futures are in a weakening trend and seeking support at 8500 yuan [1]. Soybean Oil - Uncertainty in US biodiesel policy and potential CBOT soybean price corrections may drag down CBOT soybean oil. In the domestic market, soybean supply is sufficient, but oil mills' losses support their price - holding mentality [1]. Pork - The pig price has changed from strong to weak due to sufficient market supply. However, the slowdown in the overall slaughter progress in November may boost the pig price to some extent. The current market is in a weakening range - bound pattern, and the 3 - 7 reverse spread can be held [4]. Meal - Although domestic soybean and soybean meal inventories are at high levels, cost - side support is strengthening, and the downward space is limited. There is an 800 - million - ton gap in shipments from November to January, and it is difficult to purchase cheap soybeans [7]. Corn - Currently, the corn market is under pressure from concentrated supply, and the futures price rebound is limited, showing a low - level range - bound pattern. In the long - term, it will be in a tight - balance situation with policy support [8]. Sugar - The expected increase in the supply surplus and weakening energy prices have led to a weakening of the raw sugar price. The domestic sugar price is also under pressure but is relatively resistant to decline due to cost support and market sentiment. The spot market is in a low - level range - bound pattern [13]. Eggs - In the short term, the egg market has a supply - demand imbalance, and prices are expected to be range - bound between 2900 - 3300. With the slow recovery of demand, prices may gradually rise [16]. Cotton - The new cotton cost provides strong support for the cotton price, but there is also hedging pressure. The downstream demand is weak, but the inventory pressure is not high. Short - term cotton prices are expected to be range - bound [18]. Group 3: Summary by Related Catalogs Palm Oil - On November 4, the spot price of 24 - degree palm oil in Guangdong was 8570 yuan, down 30 yuan from the previous day; the futures price of P2601 was 8616 yuan, down 48 yuan. The basis of P2601 was - 46 yuan, up 18 yuan. The inventory is expected to reach about 2.44 million tons at the end of the month [1]. Soybean Oil - On November 4, the spot price of first - grade soybean oil in Jiangsu was 8420 yuan, up 50 yuan; the futures price of Y2601 was 8108 yuan, down 2 yuan. The basis of Y2601 was 312 yuan, up 52 yuan. The current soybean supply in the domestic market is sufficient, and the factory inventory is at a high level [1]. Pork - Futures: The basis of the main contract was 265 yuan, down 200 yuan; the price of the 2605 contract was 11860 yuan, up 60 yuan; the price of the 2601 contract was 11685 yuan, down 50 yuan. Spot: The prices in various regions such as Henan, Shandong, and Sichuan all decreased [4]. Meal - Soybean Meal: On November 4, the spot price in Jiangsu was 3050 yuan, up 10 yuan; the futures price of M2601 was 3015 yuan, down 11 yuan. The basis of M2601 was 35 yuan, up 21 yuan. Rapeseed Meal: The spot price in Jiangsu was 2530 yuan, up 10 yuan; the futures price of RM2601 was 2497 yuan, up 6 yuan [7]. Corn - Corn Futures: The price of the 2601 contract was 2135 yuan, down 6 yuan; the basis was 15 yuan, up 6 yuan. Corn Starch: The price of the 2601 contract was 2444 yuan, down 9 yuan. The price in the Northeast is in a narrow - range shock, and the price in the North China is relatively stable [8]. Sugar - Futures: The price of the 2601 contract was 5481 yuan, down 18 yuan; the price of the 2605 contract was 5431 yuan, down 2 yuan. Spot: The price in Nanning remained unchanged at 5750 yuan, and the price in Kunming was 5680 yuan, down 15 yuan [13]. Eggs - Futures: The price of the 12 - contract was 3144 yuan, down 14 yuan; the price of the 01 - contract was 3337 yuan, down 10 yuan. Spot: The price in the production area remained at 2.88 yuan per catty. The chicken - raising profit was - 24.44 yuan per bird, up 1.66 yuan [15]. Cotton - Futures: The price of the 2605 contract was 13522 yuan, down 60 yuan; the price of the 2601 contract was 13535 yuan, down 65 yuan. Spot: The Xinjiang arrival price of 3128B was 14640 yuan, down 16 yuan. The commercial inventory increased by 68.4%, and the industrial inventory decreased by 4.3% [18].

3Q 2025 Earnings Conference Call November 4, 2025 Forward-Looking Statements Statements made during this presentation that set forth expectations, predictions, projections or are about future events are based on facts and situations that are known to us as of November 4, 2025. We believe that our expectations and assumptions are reasonable. Actual results may differ materially, due to risks and uncertainties, such as those described on pages 24-35 of our Form 10-Q filed on May 6, 2025 and other subsequent f ...

Economic Indicators - The S&P Global Manufacturing PMI came in at 52.5%, indicating expansion, slightly better than the expected 52.2% and the previous month's 52.2% [2] - The ISM Manufacturing PMI, however, fell to 48.7%, below the expected 49.4%, indicating contraction in the manufacturing sector [4] - New orders in manufacturing are also in contraction territory at 49.4%, while employment figures improved slightly to 46, still indicating contraction [4][5] US-China Trade Relations - The White House has decided to hold off on additional tariffs as China resumes some semiconductor exports and increases purchases of US agricultural products, including wheat and soybeans [7][8][9] - This easing of trade tensions has led to a positive market reaction, particularly in the agricultural sector [8][10] Market Reactions - Rare earth and mineral companies are experiencing declines, with MP Materials down approximately 5.3%, as investor enthusiasm wanes amid easing supply concerns [12][14][16] - The broader S&P 500 index is facing selling pressure, with only about 19% of stocks in the green, indicating a challenging market environment [15] Oil Market Dynamics - OPEC+ plans to increase production by 137,000 barrels per day, aligning with market expectations, but will pause production increases between January and March due to concerns over inventory levels [19][21] - Current oil prices are under pressure, with significant inventory levels noted, and a bearish outlook persists unless prices can stabilize above $65 [22][23]

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