Report Industry Investment Rating No relevant content provided. Core Viewpoints - Nickel: The fundamentals of nickel are weak with inventory reduction pressure, but the valuation is at a low level. It is expected that the nickel price will fluctuate at a low level. The recommended trading strategy is to wait and see [2]. - Stainless steel: The fundamentals are loose, and the cost support is weak. It is expected that stainless steel will fluctuate weakly. The recommended trading strategy is to hold short positions [2]. Summary by Related Catalogs Nickel Market Data - **Futures Contracts**: On November 3, 2025, for Shanghai nickel futures, the closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts were 122060.00 yuan/ton, 120590.00 yuan/ton, 121180.00 yuan/ton, and 121360.00 yuan/ton respectively. The trading volume of the active contract was 97352.00 hands (-1139), and the open interest was 108671.00 hands (-3846) [2]. - **Spot Prices**: The average price of SMM 1 electrolytic nickel was 123050.00 yuan/ton, and the average price of 1 Jinchuan nickel was 124300.00 yuan/ton [2]. - **LME Market**: The official spot price of LME 3 - month nickel was 15175.00 dollars/ton (-65), the closing price of the electronic disk was 15250.00 dollars/ton, and the closing price of the physical trading was 15226.00 dollars/ton. The trading volume was 5178.00 hands. The total LME nickel inventory was 251238.00 tons (648) [2]. Stainless Steel Market Data - **Futures Contracts**: On November 3, 2025, for Shanghai stainless steel futures, the closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts were 12610.00 yuan/ton, 12630.00 yuan/ton, 12685.00 yuan/ton, and 12705.00 yuan/ton respectively. The trading volume of the active contract was 107662.00 hands (-12218), and the open interest was 77047.00 hands (-4967) [2]. - **Spot Prices**: The average price of 304/2B coil - trimmed edge (Wuxi) was 13450.00 yuan/ton (-50), and the average price of 316L/2B coil (Wuxi) was 25150.00 yuan/ton (-150) [2]. - **Inventory**: The total stainless steel spot inventory was 904700.00 tons, including 2200.00 tons of 200 - series, 613600.00 tons of 300 - series (+900), and 116800.00 tons of 400 - series (-2000) [2]. Industry News - Ambatovy project in Madagascar, operated by Sumitomo Corp, is running smoothly despite recent political unrest. The project aims to produce about 35,000 tons of nickel this fiscal year, with about 15,000 tons produced in the first half - year, similar to the same period last year. Equipment maintenance is planned for November [2]. - In September 2025, the nickel ore export volume of the Philippines was 7.7698 million tons, including 5.57155 million tons to China and 2.19825 million tons to Indonesia [2]. Market Logic - **Nickel**: On November 3, the main contract of Shanghai nickel fluctuated within a range. The spot market trading was weak, and the basis premium narrowed. On the supply side, nickel ore prices were flat, port inventories decreased, nickel - iron plants' losses deepened, and nickel - iron stocks accumulated. On the demand side, ternary production, stainless steel production, and alloy and electroplating demand increased. Overall, the nickel fundamentals are weak with inventory reduction pressure, but the price is at a low level [2]. - **Stainless Steel**: On November 3, the main contract of stainless steel fluctuated downward. The spot market trading was weak, and the basis premium narrowed. The supply increased in October, and the 300 - series production decreased. The terminal demand was weak, and the prices of high - carbon ferrochrome and high - nickel pig iron fell. The fundamentals are loose, and the cost support is weak [2]. Trading Strategies - **Nickel**: The recommended trading strategy is to wait and see [2]. - **Stainless Steel**: The recommended trading strategy is to hold short positions [2].

Report Industry Investment Ratings - Polypropylene, plastics, benzene, styrene, PTA, short - fiber, methanol, urea, glass: ☆☆☆ (white star, short - term multi/empty trend in a relatively balanced state, poor market operability, mainly for observation) [1] - Ethylene, propylene: ★★★ (three - star, clearer multi/empty trend, and relatively appropriate investment opportunities currently) [1] - Ethylene glycol, PVC, soda ash: ★☆☆ (one - star, biased towards multi/empty, with a driving force for price increase/decrease, but poor operability on the market) [1] Core Viewpoints - The main futures contracts of olefins and polyolefins closed down on the day. The spot and futures markets showed different trends. Propylene production enterprises may still have the intention to support prices, while polyethylene and polypropylene face supply increases and weak demand [2]. - The main futures contracts of pure benzene and styrene closed down on the day. Pure benzene has the pressure of high imports and falling demand, and styrene has high - inventory pressure [3]. - The prices of PX and PTA fluctuated and closed up on the day. Ethylene glycol continued to increase positions and decline with supply pressure. Short - fiber may face inventory accumulation in the future, and bottle - chip demand is weakening [5]. - The methanol market is under pressure from high imports and high inventories, and downstream demand is weak. The urea market is in a state of oversupply, with prices oscillating within a range [6]. - PVC is running at a low level due to high supply and weak demand. Caustic soda is expected to run at a low level, and its price may rise if liquid chlorine prices continue to fall [7]. - Soda ash prices are under pressure due to high supply and weakening demand. Glass prices are oscillating strongly, with cost support and potential for inventory reduction [8]. Summary by Directory Olefins - Polyolefins - The main futures contracts of olefins closed down. Spot - market propylene production enterprises may support prices. The production of polyethylene and polypropylene is increasing, while demand is weak [2]. Pure Benzene - Styrene - The price of pure benzene oscillated below 5500 yuan/ton. It is under pressure from high imports and falling demand. Styrene is under high - inventory pressure [3]. Polyester - PX and PTA prices fluctuated and closed up. Ethylene glycol continued to decline with supply pressure. Short - fiber may face inventory accumulation, and bottle - chip demand is weakening [5]. Coal Chemical Industry - Methanol prices continued to fall due to high imports and high inventories and weak downstream demand. Urea prices oscillated strongly, with agricultural demand providing some support but overall in an oversupply situation [6]. Chlor - Alkali - PVC is running at a low level due to high supply and weak demand. Caustic soda is expected to run at a low level, and its price may rise if liquid chlorine prices continue to fall [7]. Soda Ash - Glass - Soda ash prices are under pressure due to high supply and weakening demand. Glass prices are oscillating strongly, with cost support and potential for inventory reduction [8]

Core Viewpoint - The recent surge in international gold prices, reaching a historical peak of $4,381.48 per ounce, has fueled a bullish sentiment in the market, with notable figures like Bian Ximing of Zhongcai Group reportedly making significant profits from gold investments [2][4]. Investment Performance - Bian Ximing's investments in gold futures have reportedly yielded approximately $1.5 billion in profits over the past three years, with a significant increase in positions leading to substantial gains as gold prices rose [4]. - Zhongcai Futures is projected to achieve estimated profits of approximately 2.456 billion RMB, 5.25 billion RMB, and 3.16 billion RMB in 2023, 2024, and the first half of 2025, respectively, totaling around 11 billion RMB [4][5]. Market Trends - The gold futures market has shown strong performance, with annual increases of 17.66%, 14.56%, and 23.09% for the years 2023, 2024, and 2025, respectively [5][6]. - In addition to gold, Bian Ximing has also begun investing in copper futures, holding nearly 90,000 tons of long positions valued at around $1 billion as of May [4]. Company Overview - Zhongcai Group, under Bian Ximing's leadership, has diversified its operations beyond chemical materials into futures, microloans, factoring, equity investments, and real estate, with total assets exceeding 10 billion RMB [7][11]. - Bian Ximing holds a 65.32% stake in Zhongcai Investment Group, making him the largest shareholder and actual controller of the company, which comprises 335 subsidiaries and employs over 15,000 people [7][8]. Future Plans - Bian Ximing has expressed intentions to expand the futures business across 30 provinces and plans to independently list the pipe manufacturing business, indicating a strategic focus on capital operations beyond just trading profits [11].

Report Industry Investment Ratings - Crude oil: Cautiously bearish [2] - LPG: Bearish [2] - L: Bearish continuation [2] - PP: Bearish continuation [2] - PVC: Bearish continuation [2] - PX: Cautiously bearish [2] - PTA: Cautiously bearish [4] - Ethylene glycol (MEG): Cautiously bearish [4] - Methanol: Cautiously bearish [4] - Urea: Cautiously bearish [4] - Natural gas: Cautiously bullish [7] - Asphalt: Cautiously bearish [7] - Glass: Bearish continuation [7] - Soda ash: Bearish continuation [7] Report's Core Views - The core driver of the energy and chemical industry is the imbalance between supply and demand, with most products facing supply - side pressure and some having weak demand [2][4][7]. - Crude oil is pressured by off - season supply surplus, and most downstream products are affected by the trend of crude oil prices [2][10]. - Some products have low valuations, but the fundamental weakness restricts their upward movement [4][29]. Summary by Related Catalogs Crude Oil - **Market situation**: Overnight international oil prices rebounded slightly. WTI rose 0.11%, Brent rose 0.19%, and SC rose 1.26% [8][9]. - **Fundamentals**: OPEC+ plans to increase production by 137,000 barrels per day in December and pause production expansion in the first quarter of next year. Demand in India increased in September, and US commercial crude inventories decreased in the week ending October 24 [10][11]. - **Strategy**: Hold existing short positions, and consider adding short positions lightly. Focus on the range of 460 - 475 yuan/barrel for SC [12]. LPG - **Market situation**: On November 3, the PG main contract closed at 4305 yuan/ton, up 0.09% [15]. - **Fundamentals**: The cost - end is bearish as the price of crude oil has corrected. Supply has decreased slightly, and demand has shown some resilience. Port inventory has increased, while refinery inventory has decreased [16]. - **Strategy**: Hold short positions. Focus on the range of 4200 - 4300 yuan/ton [17]. L - **Market situation**: The L01 contract closed at 7009 yuan/ton, up 0.3% [19]. - **Fundamentals**: Social inventory is slowly decreasing, and cost support is weakening. Supply is expected to remain loose due to seasonal restart of domestic plants and expected increase in imports. Demand during the peak season lacks restocking motivation [21]. - **Strategy**: The market is in a contango structure. Industry players can sell at high prices. Hold short positions. Focus on the range of 6750 - 6900 yuan/ton [21]. PP - **Market situation**: The PP01 contract closed at 6699 yuan/ton, up 0.6% [23]. - **Fundamentals**: Mid - and upstream inventories are at a high level compared to the same period, and there is high pressure to destock. Oil - based cost support is insufficient [25]. - **Strategy**: The market is in a contango structure. Industry players can sell at high prices. Hold short positions. Focus on the range of 6450 - 6600 yuan/ton [25]. PVC - **Market situation**: The V01 contract closed at 4746 yuan/ton, up 0.8% [27]. - **Fundamentals**: The price of calcium carbide has fallen, weakening cost support. Social inventory is stable, and the comprehensive profit of chlor - alkali is continuously compressed. The market has a high - inventory and high - warrant structure [29]. - **Strategy**: The market is in a contango structure. Industry players can hedge at high prices. Be cautious when short - chasing. Focus on the range of 4550 - 4700 yuan/ton [29]. PX - **Market situation**: Supply - side domestic plants have reduced production while overseas plants have increased production. Demand has improved recently but is expected to weaken [30]. - **Fundamentals**: PXN and PX - MX spreads are relatively high this year. Cost - end crude oil has rebounded, but the supply - demand pattern remains loose [30]. - **Strategy**: Take profit on short positions at low prices, and look for opportunities to short at high prices. Focus on the range of 6570 - 6660 yuan/ton [31]. PTA - **Market situation**: The processing fee is low. New plants have been put into operation recently, but future plant maintenance is expected to increase, relieving supply - side pressure [33]. - **Fundamentals**: Downstream demand has improved slightly, but there is an expectation of inventory accumulation in November. Cost - end crude oil is under long - term pressure [33]. - **Strategy**: Take profit on short positions at low prices. Look for opportunities to short at high prices. Focus on the range of 4520 - 4600 yuan/ton [34]. MEG - **Market situation**: Both domestic and overseas plants have increased production. There is an expectation of increased supply pressure [36]. - **Fundamentals**: Terminal consumption has improved, but there is an expectation of inventory accumulation in November. The valuation is low, but there is a lack of upward drivers [36]. - **Strategy**: Hold short positions carefully. Look for opportunities to short on rebounds. Focus on the range of 3910 - 3980 yuan/ton [37]. Methanol - **Market situation**: High inventory restricts the rebound of spot prices. Supply - side domestic plants have increased production, while overseas plants have slightly reduced production [40]. - **Fundamentals**: Demand is average, and cost support is weakly stable. The overall fundamental situation remains weak [40]. - **Strategy**: Hold short positions carefully. Look for opportunities to go long on the 01 contract at low prices and consider the MA1 - 5 reverse spread. Focus on the range of 2090 - 2150 yuan/ton [42]. Urea - **Market situation**: Small - particle urea spot prices have declined. Supply is expected to increase as maintenance plants resume production [44]. - **Fundamentals**: Demand has improved slightly, but winter agricultural demand and export benefits are limited. The domestic fundamental situation remains loose [44]. - **Strategy**: Hold short positions carefully. Consider going long lightly in the medium - to - long - term. Focus on the range of 1600 - 1630 yuan/ton [46]. Natural Gas - **Market situation**: On November 3, the NG main contract closed at $4.369 per million British thermal units, up 3.90% [49]. - **Fundamentals**: Geopolitical risks have been released, and the demand side is supported by the arrival of the consumption peak season. Supply is relatively sufficient [50]. - **Strategy**: Pay attention to the range of $4.172 - $4.300 per million British thermal units [51]. Asphalt - **Market situation**: On November 3, the BU main contract closed at 3244 yuan/ton, down 0.31% [54]. - **Fundamentals**: The price is mainly affected by crude oil. Cost support has decreased, and supply and demand have both declined in October [55]. - **Strategy**: Short positions can be lightly held. Focus on the range of 3250 - 3350 yuan/ton [56]. Glass - **Market situation**: The daily melting volume has increased slightly, and the fundamental situation remains loose [60]. - **Fundamentals**: Factory inventory is slowly decreasing but remains high. Demand is weak due to the decline in real - estate prices [60]. - **Strategy**: The market is expected to be bearish on medium - to - long - term rebounds. Focus on the range of 1060 - 1110 yuan/ton [60]. Soda Ash - **Market situation**: Factory inventory has decreased slightly, but the absolute level remains high [64]. - **Fundamentals**: Demand is mostly rigid, and supply remains loose during the high - production cycle [64]. - **Strategy**: The market is in a contango structure. Industry players can sell at high prices. The market is expected to be bearish on rebounds. Focus on the range of 1170 - 1220 yuan/ton [64].

Group 1: Report Industry Investment Ratings - Gold: Long - term bullish [1] - Silver: Long - term bullish [1] - Copper: Long - term hold [1] - Zinc: Short - term rebound, long - term sell on rallies [1] - Lead: Short - term rebound [1] - Tin: Short - term rebound under pressure [1] - Aluminum: Short - term strong [1] - Nickel: Short - term weak [1] - Industrial silicon: Short - term rebound [1] - Polysilicon: Bullish [1] - Lithium carbonate: High - level adjustment, wait for stabilization [1] Group 2: Core Views of the Report - The US government shutdown, weak economic data, and Fed's internal divergence affect the precious metals market. Gold and silver are recommended for long - term value allocation, and short - to medium - term entry opportunities are available [1][3][4] - For copper, although there are short - term supply and demand disturbances, the long - term outlook remains positive, and short - term dips can be used to buy [1][6][7] - Zinc shows a short - term rebound but a long - term supply - increase and demand - decrease situation, so it is advisable to sell on rallies [1][9][10] - Aluminum is in a transition from peak to off - peak season, with a short - term strong trend, and short - term profit - taking on rallies is recommended [1][11][13][14] - Nickel is under pressure due to inventory accumulation and weakening downstream demand, and rebound selling is recommended [1][15][17] - Lithium carbonate has a marginal improvement in fundamentals but is affected by short - term news. It is advisable to wait for the market to stabilize [1][18][20][21] Group 3: Summary by Related Catalogs Gold and Silver - **Market Review**: Short - term price fluctuations are narrow, and attention is paid to US data and government shutdown [2] - **Basic Logic**: Weak US economic data, continuous government shutdown, internal Fed divergence, and long - term bullish factors for gold such as global monetary easing and geopolitical restructuring [3] - **Strategy Recommendation**: Consider short - to medium - term entry, with strong support at 910 for domestic gold and 11200 for silver, and hold long - term value - allocation positions [4] Copper - **Market Review**: Shanghai and London copper are oscillating at high levels [6] - **Industrial Logic**: Chilean copper production decline, expected reduction in domestic electrolytic copper production in the fourth quarter, and weakening demand in the off - season [6] - **Strategy Recommendation**: In the short term, buy on dips near 84500 - 85500, hold long - term strategic positions, and use options for hedging in the industry [7] Zinc - **Market Review**: London zinc rose nearly 2%, and Shanghai zinc followed slightly [8][9] - **Industrial Logic**: New zinc production in Xinjiang, lower zinc concentrate processing fees, and expected reduction in domestic zinc production in November [9] - **Strategy Recommendation**: Observe the breakthrough of the 22800 resistance level in the short term, and sell on rallies in the long term [10] Aluminum - **Market Review**: Aluminum prices should be chased with caution, and alumina is relatively weak [12] - **Industrial Logic**: Weakening Fed's year - end rate - cut expectation, high domestic electrolytic aluminum production, and weakening demand [13] - **Strategy Recommendation**: Take short - term profits on rallies and pay attention to the开工 rate of downstream processing enterprises [14] Nickel - **Market Review**: Nickel prices are under pressure, and stainless steel has fallen significantly [16] - **Industrial Logic**: Accumulation of nickel inventory at home and abroad, and weakening downstream demand for stainless steel [17] - **Strategy Recommendation**: Sell on rebounds and pay attention to downstream consumption and stainless steel inventory changes [17] Lithium Carbonate - **Market Review**: The main contract LC2601 opened low and fluctuated widely, closing slightly lower [19] - **Industrial Logic**: Marginal improvement in fundamentals with continuous inventory reduction, but short - term negative impact from news [20] - **Strategy Recommendation**: Wait for the market to stabilize in the range of 81600 - 83000 [21]

Group 1: Investment Ratings and Overall Outlook - The report does not explicitly mention an overall industry investment rating [2] Group 2: Core Views - The overall market sentiment has improved slightly, with different sectors showing various trends. The stock index market is in a shrinking and volatile state, the bond market interest rate is expected to decline, and the precious metal market is in a narrow - range fluctuation. Commodity markets such as black metals, non - ferrous metals, energy chemicals, and agricultural products also have their own characteristics and trends [2] Group 3: Sector - by - Sector Summaries Financial Sector - **Stock Index Futures**: The market is volatile after a short - term high, with the cyclical sectors outperforming. It is recommended to try to lightly sell put options at support levels or construct bullish call spreads [2] - **Treasury Bond Futures**: The bond interest rate is expected to decline slightly, and it is recommended to go long on dips in the unilateral strategy and pay attention to the positive arbitrage strategy due to the rising IRR [2] - **Precious Metals**: Gold is expected to trade between $3995 - $4070 (910 - 935 yuan), and it is recommended to trade within the range or sell out - of - the - money put options at high prices. Silver is in a range of $47 - $50 (11000 - 11700 yuan) [2] Commodity Sector Shipping - **Container Shipping Index (EC)**: It is in short - term shock, and it is recommended to go long on dips for the December contract [2] Black Metals - **Steel**: The apparent demand is rising, and inventory pressure is relieved. It is recommended to hold the arbitrage of going long on coking coal and short on hot - rolled coils [2] - **Iron Ore**: It is recommended to go short on rallies for the January 2026 contract and conduct 1 - 5 positive arbitrage [2] - **Coking Coal**: It is recommended to go long on dips for the January 2026 contract and hold the arbitrage of going long on coking coal and short on coke [2] - **Coke**: It is recommended to go long on dips for the January 2026 contract and hold the arbitrage of going long on coking coal and short on coke [2] Non - Ferrous Metals - **Copper**: The price is oscillating, and attention should be paid to the support level of 86000 - 86500 [2] - **Alumina**: The main contract is expected to run in the range of 2750 - 2900 [2] - **Aluminum**: The price has broken through recent highs, and short - term corrections should be watched out for. The main reference range is 20800 - 21600 [2] - **Zinc**: The price is oscillating strongly, with a reference range of 22300 - 23000 [2] - **Tin**: It is recommended to buy on dips [2] - **Nickel**: The main reference range is 118000 - 126000 [2] - **Stainless Steel**: The price is oscillating weakly, with a reference range of 12500 - 13000 [2] Energy and Chemicals - **PX**: The rebound space is limited. It is recommended to reduce long positions above 6600 and try to shrink the PX - SC spread [2] - **PTA**: The rebound space is limited. It is recommended to reduce long positions above 4600 and conduct 1 - 5 rolling reverse arbitrage [2] - **Short - Fiber**: The rebound is under pressure. It is recommended to operate similarly to PTA and shrink the processing margin on rallies [2] - **Bottle Chip**: The supply - demand pattern is loose. It is recommended to operate similarly to PTA, and the processing margin is expected to fluctuate between 350 - 450 yuan/ton [2] - **Ethanol (MEG)**: The upward drive is weakening. It is recommended to sell out - of - the - money call options on rallies and conduct 1 - 5 reverse arbitrage on rallies [2] - **Caustic Soda**: The price is under pressure, and a bearish view is recommended [2] - **PVC**: The supply - demand contradiction is not improved, and it is recommended to short on rebounds [2] - **Benzene**: It is recommended to be bearish on rallies following the oil price [2] - **Styrene**: The supply - demand is expected to be in tight balance. It is recommended to be bearish on the rebound of the December contract [2] - **LLDPE**: The overall trading is poor. Attention should be paid to the inventory - reduction inflection point [2] - **PP**: The trading is light, and a wait - and - see attitude is recommended [2] - **Methanol**: Attention should be paid to the positive arbitrage opportunity of the 3 - 5 spread [2] - **Synthetic Rubber**: It is expected to oscillate weakly, and it is recommended to short on rallies [2] Agricultural Products - **Meal**: China has started to purchase US soybeans, and it is recommended to hold long positions in the January 2026 contract [2] - **Pig**: The supply - demand is loose, and it is recommended to hold the 3 - 7 reverse arbitrage [2] - **Corn**: The supply has decreased, and attention should be paid to the pressure around 2160 [2] - **Oil**: The fundamentals are bearish, and the Y main contract may test the support of 8000 yuan [2] - **Sugar**: Overseas supply is loose, and the domestic market is relatively resistant to decline, oscillating at the bottom around 5450 - 5550 [2] - **Cotton**: The cost of new cotton is gradually solidified, oscillating in the range of 13500 - 13800 [2] - **Egg**: It is short - term strong but long - term bearish. Attention should be paid to the inter - month reverse arbitrage and short - selling opportunities [2] - **Apple**: The price of ground fruits in Shandong has declined, and attention should be paid to the support of 9000 yuan [2] - **Jujube**: The jujubes are concentrated on the ground, and the price is oscillating. Attention should be paid to the support of 10000 [2] - **Soda Ash**: The surplus pattern continues, and it is recommended to short on rebounds [2] Special Commodities - **Glass**: The change of production lines in Shahe has affected the market. Attention should be paid to the continuous performance of spot sales to capture short - term long opportunities [2] - **Rubber**: The inventory of dark - colored rubber has reached an inflection point, and a wait - and - see attitude is recommended [2] - **Industrial Silicon**: The operating rate has decreased, and the price may be strong after oscillating [2] New Energy Sector - **Polysilicon**: There is an expectation of platform company implementation. The price may be strong after oscillating [2] - **Lithium Carbonate**: The price is in a wide - range oscillation, with the main reference range of 80,000 - 85,000 yuan [2]

1. Report Industry Investment Rating - The report does not provide an industry investment rating. 2. Core Viewpoints of the Report - Rapeseed meal RM2601 is expected to oscillate within the range of 2460 - 2520. The market is waiting for the final result of the anti - dumping ruling on Canadian rapeseed imports. Although the peak season for rapeseed meal spot demand has passed, low inventory supports the market. The market will be affected by soybean meal in the short term and maintain a range - bound pattern [9]. 3. Summary by Relevant Catalogs 3.1 Daily Tips - Rapeseed meal RM2601 is in a 2460 - 2520 range - bound state. The fundamentals are neutral; the basis shows a premium over futures, which is bullish; the inventory is decreasing both week - on - week and year - on - year, which is bullish; the price is above the 20 - day moving average and moving upwards, which is bullish; the main long positions are increasing with capital inflow, which is bullish. Rapeseed meal is expected to fluctuate and decline due to the uncertainty of the final anti - dumping ruling on Canadian rapeseed and recent rumors of improved China - Canada trade relations, and will return to a volatile pattern [9]. 3.2 Recent News - Domestic aquaculture has entered the off - season after the long holiday. The spot market supply is expected to be tight in the short term, and the decreasing demand suppresses the market. Canadian rapeseed is in the harvesting stage, but China - Canada trade issues have reduced short - term export expectations. China's preliminary anti - dumping investigation on Canadian rapeseed imports has been established, and a 75.8% import deposit has been imposed. Global rapeseed production has increased this year, and the impacts of Ukraine's rapeseed production reduction and Russia's production increase due to the Russia - Ukraine conflict offset each other. Global geopolitical conflicts may still rise, which supports commodities [11]. 3.3 Bullish and Bearish Factors - Bullish factors: China's preliminary anti - dumping determination on Canadian rapeseed imports and the addition of import deposits; low inventory pressure on oil mills' rapeseed meal. Bearish factors: The domestic rapeseed meal demand is gradually entering the off - season; there is still a small probability of reconciliation in the final result of China's anti - dumping investigation on Canadian rapeseed imports. The current main logic is that the market focuses on domestic aquaculture demand and the expectation of the Canadian rapeseed tariff war [12]. 3.4 Fundamental Data - From October 24 to November 3, the average transaction price of soybean meal fluctuated between 2997 - 3079 yuan/ton, and the trading volume fluctuated between 5.35 - 15.08 million tons. The average transaction price of rapeseed meal fluctuated between 2480 - 2600 yuan/ton, and the trading volume was mostly 0, with only 0.3 million tons on October 29. The average price difference between soybean meal and rapeseed meal fluctuated between 479 - 528 yuan/ton [13]. - From October 24 to November 3, the price of rapeseed meal futures' main 2601 contract fluctuated between 2325 - 2491 yuan/ton, the far - month 2605 contract fluctuated between 2300 - 2380 yuan/ton, and the rapeseed meal spot price in Fujian fluctuated between 2480 - 2600 yuan/ton [15]. - From October 23 to November 3, the rapeseed meal warehouse receipts decreased from 4702 to 2955 [16]. - The import volume of rapeseed remained stable in October, and the import cost was affected by tariffs. The inventory of oil mills' rapeseed continued to decline, the rapeseed meal inventory was at a low level, and the rapeseed processing volume of oil mills remained low. Aquatic fish prices declined slightly, while shrimp and shellfish prices remained stable [22][24][34]. 3.5 Position Data - The report does not provide specific content for position data.

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Views - **Lead**: The lead price is under pressure and may oscillate downward due to weakening downstream purchasing enthusiasm at high prices, improved supply tightness, and good refinery profits with an open import window [1]. - **Zinc**: The zinc price has some support at the bottom but limited upward momentum. The domestic mine supply pattern has tightened, and the terminal demand is weak. The Fed's hawkish stance on interest - rate cuts also suppresses the zinc price [1]. 3. Summary by Relevant Catalogs **Lead Market** - **Prices**: The SMM1 lead ingot average price remained flat, and the Shanghai lead futures main - contract closed 0.17% higher than the previous day. The LME3 - month lead futures (electronic) price was unchanged at $2,025/ton, and the Shanghai - London lead price ratio rose 0.17% to 8.60 [1]. - **Supply**: Lead concentrate imports have no expected increase, and processing fees are likely to rise. Some primary lead refineries have maintenance plans, with a slight fluctuation in production. The supply of secondary lead has increased as previously - shut - down refineries resume production [1]. - **Demand**: The terminal market has improved, and lead - acid battery enterprises' operations are stable, with an increase in demand [1]. - **Trading Strategy**: Hold existing short positions [1]. **Zinc Market** - **Prices**: The SMM1 zinc ingot average price rose 0.32%, and the Shanghai zinc futures main - contract rose 0.94%. The Shanghai - London zinc price ratio rose 0.94% to 7.40 [1]. - **Supply**: Refineries have sufficient raw material stocks, and zinc - ore processing fees are rising. Domestic zinc - concentrate processing fees may continue to decline in October. Refinery production is expected to remain around 600,000 tons per month [1]. - **Demand**: There is no significant improvement in demand. The zinc ingot export window may open as the Shanghai - London price ratio deteriorates [1]. - **Trading Strategy**: Adopt a wait - and - see approach [1]. **Other Information** - In Shandong's Binzhou, the subsequent vehicle trade - in subsidy activity will implement a "qualification first, subsidy application later" policy from November 5 to December 31, 2025 [1]. - In Guangdong's Shaoguan, the Phase I mining project for resource integration at the Fankou Lead - Zinc Mine started, with a total investment of 830 million yuan and expected annual revenue increase of over 400 million yuan after reaching full production [1].

集运指数（欧线）：短线偏弱，等待开舱指引 郑玉洁 投资咨询从业资格号：Z0021502 zhengyujie@gtht.com 黄柳楠 投资咨询从业资格号：Z0015892 huangliunan@gtht.com 【基本面跟踪】 表 1：集运指数（欧线）基本面数据 2025 年 11 月 4 日 资料来源：同花顺 iFind，Geek Rate，公司官网，国泰君安期货研究 | | | 昨日收盘价 | 日涨跌 | 昨日成交 | 昨日持仓 | | 持仓变动 昨日成交/持仓 | 前日成交/持仓 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货 | EC2510 | 1,851.7 | -1.60% | 18,824 | 29,320 | -2,045 | 0.64 | 1.90 | | | EC2512 | 1,592.2 | 0.54% | 5,040 | 18,781 | 326 | 0.27 | 0.62 | | | EC2602 | 1,184.4 | 0.64% | 2,233 | 14,507 | -403 | 0.15 | ...

| 工业硅&多晶硅日评20251104：区间整理 | | | | | --- | --- | --- | --- | | 单位 今值 变动 近期趋势 2025/11/4 指标 | | | | | 不通氧553#（华东）平均价格 元/吨 | | 9,300.00 | 0.00% | | 工业硅期现价格 期货主力合约收盘价 元/吨 | | 9,140.00 | 0.44% | | 基差（华东553#-期货主力） 元/吨 | | 160.00 | -40.00 | | 元/千克 N型多晶硅料 | | 51.00 | 0.00% | | 多晶硅期现价格 期货主力合约收盘价 元/吨 | | 56,065.00 | -0.61% | | 基差 元/吨 | | -5,065.00 | 345.00 | | 元/吨 不通氧553#（华东）平均价格 | | 9,300.00 | 0.00% | | 不通氧553#（黄埔港）平均价格 元/吨 | | 9,350.00 | 0.00% | | 元/吨 不通氧553#（天津港）平均价格 | | 9,200.00 | 0.00% | | 不通氧553#（昆明）平均价格 元/吨 | | ...