Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core Viewpoints - PG futures prices declined, with the basis at -43 (-57) and the 01 - 02 spread at 109 (-19). Domestic LPG prices dropped, and the cheapest deliverable was East China LPG at 4315 (-49), with the propane - LPG price difference narrowing. [1] - Warehouse receipts decreased by 54 to 4561 lots. International paper - based prices fell, and the spread strengthened. The ratio of North Asian to North American oil and gas changed little. The domestic - international PG - CP spread was 126 (-2); PG - FEI was 114 (+3). [1] - The premium of East China arrival, North American, and AFEI departure remained flat. Middle Eastern supplies were tight, with a premium of $35 (+13). Freight rates declined slightly. The FEI - MOPJ spread narrowed to -55 (+11). [1] - The profit of propylene production from Shandong PDH improved slightly; the alkylation unit improved slightly but remained poor; the MTBE production profit fluctuated, and the export profit remained good. [1] - Arrivals increased, external sales decreased, factory inventories increased slightly, and port inventories rose. The PDH operating rate was 69.64% (-2.1), and the second - phase PDH of Dongguan Juzhengyuan is expected to restart next week. [1] - Overall, domestic chemical demand is relatively strong, and civil demand is increasing, but more arrivals are expected in December. Middle Eastern supplies are tight, but as the CP official price announcement approaches, the market may be more inclined to wait - and - see. Additionally, weather and oil prices need to be monitored. [1] 3) Summary by Relevant Data Daily Changes - On Thursday, for civil LPG, the price in East China was 4310 (+0), in Shandong was 4450 (-10), and in South China was 4335 (+5). The price of ether - post - carbon four was 4480 (+10). The lowest delivery location was East China, with a basis of 5. The 01 - 02 spread was 89 (-1). FEI was 526.79 (+6.79) and CP was 498.8 (+5.8) dollars per ton. [1] Weekly Changes - The PG futures price declined. The basis was -43 (-57), and the 01 - 02 spread was 109 (-19). Domestic civil LPG prices dropped, and the cheapest deliverable was East China civil LPG at 4315 (-49). [1] - Warehouse receipts decreased by 54 to 4561 lots. International paper - based prices fell, and the spread strengthened. The ratio of North Asian to North American oil and gas changed little. The domestic - international PG - CP spread was 126 (-2); PG - FEI was 114 (+3). [1] - The premium of East China arrival, North American, and AFEI departure remained flat. Middle Eastern supplies were tight, with a premium of $35 (+13). Freight rates declined slightly. The FEI - MOPJ spread narrowed to -55 (+11). [1] - The profit of propylene production from Shandong PDH improved slightly; the alkylation unit improved slightly but remained poor; the MTBE production profit fluctuated, and the export profit remained good. [1] - Arrivals increased, external sales decreased, factory inventories increased slightly, and port inventories rose. The PDH operating rate was 69.64% (-2.1), and the second - phase PDH of Dongguan Juzhengyuan is expected to restart next week. [1]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints No information provided. 3) Summary by Relevant Catalogs Market Price - The mainstream market prices of urea in Hebei, Henan, Shandong, Shanxi, and Jiangsu increased by 10 - 20 yuan/ton compared to the previous value, while those in Anhui, Heilongjiang, and Inner Mongolia remained unchanged [2]. - The factory prices of Hebei Dongguang, Shandong Hualu, Jiangsu Linggu, and Anhui Haoyuan remained unchanged [2]. Basis - The Shandong 05 basis remained unchanged at -71 yuan/ton, the Shandong 01 basis decreased by 4 yuan/ton to -86 yuan/ton, the Hebei 05 basis increased by 10 yuan/ton to -51 yuan/ton, and the Hebei 01 basis increased by 6 yuan/ton to -66 yuan/ton [2]. Month Spread - The 1 - 5 spread decreased by 2 yuan/ton to 71 yuan/ton, and the 5 - 9 spread decreased by 4 yuan/ton to -15 yuan/ton [2]. Warehouse Receipts - The total number of warehouse receipts decreased by 209 to 7181 [2]. International Quotations - The international quotations of urea in the Middle East FOB, US Gulf FOB, Egypt FOB, Baltic FOB, and Brazil CFR remained unchanged [2].

Report Summary 1. Market Data - **Daily Changes (Wednesday)**: In the civil gas market, prices in East China remained at 4310 (+0), in Shandong increased to 4460 (+30), and in South China stayed at 4330 (+0). The price of ether - post carbon four was 4470 (+0). The lowest delivery location was East China, with a basis of 29 (-81) and a 01 - 02 month - spread of 87 (+10). FEI was 516.6 (+12.1) and CP was 492.16 (+5.66) dollars per ton [1]. - **Weekly Changes**: The PG futures price declined. The basis was - 43 (-57), and the 01 - 02 month - spread was 109 (-19). Domestic civil gas prices decreased. The cheapest deliverable was East China civil gas at 4315 (-49), and the propane - civil gas price difference narrowed. There were 4561 (-54) warehouse receipts. Off - exchange paper prices dropped, the month - spread strengthened, and the North Asian - North American oil - gas price ratio changed slightly. The domestic - foreign PG - CP was 126 (-2); PG - FEI was 114 (+3). The East China arrival, North American, and AFEI offshore discounts remained flat, while the Middle East supply was tight with a discount of 35 dollars (+13). Freight rates decreased slightly. The FEI - MOPJ spread narrowed to - 55 (+11). The profit of Shandong PDH to produce propylene improved slightly; the alkylation unit improved slightly but was still poor; the MTBE production profit fluctuated, and the export profit was still good. The arrival volume increased, the external release decreased, factory inventories increased slightly, and port inventories increased. The PDH operating rate was 69.64% (-2.1), and the second - phase PDH of Dongguan Juzhengyuan was expected to restart next week [1]. 2. Core View - The domestic chemical demand is relatively strong, and civil demand is increasing, but there is an expected high arrival volume in December. The Middle East supply is tight, but as the CP official price announcement approaches, the market may be more inclined to wait - and - see. Additionally, weather and oil price conditions need to be monitored [1].

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views of the Reports 2.1 Oils and Fats Industry - Palm oil: In Malaysia, the BMD crude palm oil futures may gradually recover and rise after the release of risks following the MPOB report and as India returns to the market next month. The domestic Dalian palm oil futures are under pressure to decline, with an expected support level at 8200. - Soybean oil: The uncertainty of biodiesel policies and short - term soybean export data affect the CBOT soybean and soybean oil. Domestically, the increase in soybean oil production and weak downstream demand lead to an increase in inventory, but the poor oil - mill profit and weak demand for soybean meal support the price. The spot basis quotation will maintain a narrow - range oscillation [1]. 2.2 Pig Industry The market supply is recovering, and the demand support is limited. Although there are sporadic epidemics in the Northeast, large - scale outbreaks are unlikely. The pig price is expected to maintain a weak and oscillating structure, and the 3 - 7 reverse spread strategy can be continued [4]. 2.3 Meal Industry The US soybean market has a loose supply - demand pattern, and the South American new - crop soybean planting progress is good. Domestically, the soybean inventory is high, and the meal supply is loose. The meal price is expected to maintain a wide - range oscillation [6]. 2.4 Corn Industry The corn price in the Northeast is strong due to limited logistics and storage support, while the price in North China is affected by the increase in supply. The demand side has different inventory replenishment intentions. The short - term supply - demand mismatch makes the futures price strong, but attention should be paid to the pressure caused by concentrated grain sales [9]. 2.5 Sugar Industry The ICE raw sugar futures are rising. Although the sugar production in Brazil's central - southern region is expected to increase in the first half of November, the early end of the harvest and lower ethanol inventory support the price. The domestic sugar market is expected to maintain a weak bottom - oscillating pattern [13][14]. 2.6 Cotton Industry The ICE cotton futures are rising due to the US Department of Agriculture's export sales report and a weaker dollar. Domestically, the high production of Xinjiang cotton in the 2025/26 season brings hedging pressure, but the strong basis and downstream demand support the price. The cotton price is expected to oscillate within a range in the short term [15]. 2.7 Egg Industry The current egg price is below the feed cost line, and the inventory in production and circulation links has decreased. It is expected that the egg price will have limited downward space and will oscillate at a low level, with attention paid to the support at the previous low [18]. 3. Summary According to Relevant Catalogs 3.1 Oils and Fats Industry - **Soybean oil**: On November 25, the spot price in Jiangsu was 8510 yuan/ton (up 0.24% from the previous day), the futures price of Y2601 was 8144 yuan/ton (down 0.29% from the previous day), and the basis was 13.66%. The inventory of soybean oil in factories increased by 30,000 tons last weekend [1]. - **Palm oil**: On November 25, the spot price of 24 - degree palm oil in Guangdong was 8370 yuan/ton (down 0.71% from the previous day), the futures price of P2601 was 8360 yuan/ton (down 1.48% from the previous day). The盘面 import cost in Guangzhou Port in January was 8932.4 yuan/ton (down 1.08% from the previous day), and the盘面 import profit was - 543 yuan/ton (down 5.32% from the previous day) [1]. - **Rapeseed oil**: On November 25, the spot price of third - grade rapeseed oil in Jiangsu was 10190 yuan/ton (unchanged from the previous day), the futures price of OI601 was 9818 yuan/ton (up 0.41% from the previous day), and the basis was - 9.71% [1]. 3.2 Pig Industry - **Futures indicators**: The main contract price of live pigs was 11995 yuan/ton (up 0.59% from the previous day), the 1 - 5 spread was - 580 yuan/ton (down 10.48% from the previous day), and the main contract position decreased by 4.44% [4]. - **Spot prices**: The spot prices in different regions showed a downward trend, with the price in Henan dropping by 150 - 180 yuan/ton [4]. - **Spot indicators**: The sample - point slaughter volume increased by 0.04%, the white - strip price decreased by 100%, the self - breeding profit decreased by 18.37%, and the外购 breeding profit decreased by 14.10% [4]. 3.3 Meal Industry - **Soybean meal**: The spot price in Jiangsu was 3000 yuan/ton (unchanged from the previous day), the futures price of M2601 was 3013 yuan/ton (up 0.07% from the previous day), and the basis was - 18.18%. The盘面 import profit for Brazilian February shipments increased by 333.3% [6]. - **Rapeseed meal**: The spot price in Jiangsu was 2460 yuan/ton (up 0.82% from the previous day), the futures price of RM2601 was 2431 yuan/ton (down 0.61% from the previous day), and the basis was 583.33%. The盘面 import profit for Canadian January shipments increased by 9.54% [6]. - **Soybean**: The spot price in Harbin was 3940 yuan/ton (unchanged from the previous day), the futures price of the main soybean contract was 4108 yuan/ton (down 1.01% from the previous day), and the basis was 20% [6]. 3.4 Corn Industry - **Corn**: The futures price of corn 2601 was 2242 yuan/ton (up 0.99% from the previous day), the basis was - 6.67%, the 1 - 5 spread was 52.27%, the import profit increased by 8.49%, and the number of remaining vehicles in Shandong's deep - processing enterprises in the morning increased by 7.46% [9]. - **Corn starch**: The futures price of corn starch 2601 was 2556 yuan/ton (up 0.83% from the previous day), the basis decreased by 84%, the 1 - 5 spread increased by 3.13%, and the starch - corn 01盘面 spread decreased by 0.32%. The profit of Shandong's starch enterprises increased by 1000% [9]. 3.5 Sugar Industry - **Futures market**: The sugar 2601 futures price was 5387 yuan/ton (up 0.32% from the previous day), the 1 - 5 spread increased by 21.57%, and the main contract position decreased by 2.73% [13]. - **Spot market**: The spot prices in Nanning and Kunming were unchanged. The import price of Brazilian sugar (in - quota) increased by 0.59%, and the import price of Brazilian sugar (out - of - quota) increased by 0.62% [13]. - **Industry situation**: The national sugar production increased by 12.03%, the sales increased by 9.17%, the national industrial inventory decreased by 41.20%, and the sugar import increased by 37.50% [13]. 3.6 Cotton Industry - **Futures market**: The cotton 2605 futures price was 13580 yuan/ton (up 0.37% from the previous day), the cotton 2601 futures price was 13645 yuan/ton (up 0.44% from the previous day), the 5 - 1 spread decreased by 18.18%, and the main contract position increased by 0.09% [15]. - **Spot market**: The Xinjiang arrival price of 3128B cotton increased by 0.17%, the CC Index: 3128B increased by 0.26%, and the FC Index: M: 1% increased by 0.18% [15]. - **Industry situation**: The industrial inventory increased by 24.2%, the import volume decreased by 10%, the textile industry's inventory decreased by 25%, and the cotton outbound shipping volume increased by 22.6% [15]. 3.7 Egg Industry - **Futures indicators**: The egg 12 - contract price was 2950 yuan/500KG (down 1.42% from the previous day), the egg 01 - contract price was 3210 yuan/500KG (down 0.25% from the previous day), and the 12 - 01 spread decreased by 13.08% [18]. - **Spot indicators**: The egg - producing area price increased by 1.11%, the egg - chick price decreased by 3.57%, the culled - hen price decreased by 3.96%, and the egg - feed ratio decreased by 3.33%. The breeding profit decreased by 18.60% [18]. - **Inventory situation**: The production - link inventory decreased by 8.62%, and the circulation - link inventory decreased by 2.22% [18].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints - The PG market declined with a weakening basis and 01 - 02 spread. Domestic civil gas prices decreased, and the cheapest deliverable was East China civil gas. The propane - civil gas spread narrowed. Warehouse receipts decreased. The overseas paper - based prices dropped, but the spread strengthened. The PG - CP and PG - FEI spreads changed slightly. The freight rate decreased slightly. The FEI - MOPJ spread narrowed. Profits of Shandong PDH to propylene and alkylation units improved slightly, while MTBE production profits fluctuated and export profits remained good. There was an increase in arrivals, a decrease in external sales, and inventory accumulation at factories and ports. The PDH operating rate decreased, and Dongguan Juzhengyuan's PDH Phase II is expected to restart next week. Overall, domestic chemical demand is relatively strong, civil demand is increasing, but there are expected to be many arrivals in December. The Middle East supply is tight, and the market may be more inclined to wait - and - see before the CP official price announcement. Attention should also be paid to weather and oil price conditions [1] Group 3: Summary by Directory 1. Daily Changes - On Monday, for civil gas, prices were 4305 (-10) in East China, 4400 (+60) in Shandong, and 4405 (+5) in South China. The price of ether - after carbon four was 4400 (-90). The lowest delivery location was East China with a basis of 6 (+23), and the 01 - 02 spread was 98 (-10). FEI was 501.5 (+1.5) and CP was 489.5 (+7.5) dollars/ton [1] 2. Weekly Views - The PG futures price declined. The basis was - 43 (-57), and the 01 - 02 spread was 109 (-19). Domestic civil gas prices fell. The cheapest deliverable was East China civil gas at 4315 (-49), and the propane - civil gas spread narrowed. There were 4561 warehouse receipts (-54). Overseas paper - based prices dropped, and the spread strengthened. The gas - oil ratio between North Asia and North America changed little. The PG - CP spread was 126 (-2), and the PG - FEI spread was 114 (+3). The East China arrival, North America, and AFEI offshore discounts were flat, while the Middle East supply was tight with a discount of 35 dollars (+13). The freight rate decreased slightly. The FEI - MOPJ spread was - 55 (+11). The profit of Shandong PDH to propylene improved slightly, the alkylation unit improved slightly but remained poor, and the MTBE production profit fluctuated with good export profits. Arrivals increased, external sales decreased, and inventory accumulated at factories and ports. The PDH operating rate was 69.64% (-2.1), and Dongguan Juzhengyuan's PDH Phase II is expected to restart next week [1]

Report Industry Investment Ratings No relevant content provided. Core Views of the Reports Oils and Fats - Palm oil: Malaysian palm oil futures may face further downward pressure, and Dalian palm oil futures are likely to continue to weaken. [1] - Soybean oil: CBOT soybean oil is in a rebound after over - selling, and domestic soybean oil is supported by high import costs but has a pattern of sufficient supply and weak demand. [1] Meal - U.S. soybeans face supply - demand pressure, and South American new - crop soybeans have good planting progress, so the supply pressure continues to be released. Domestic meal prices are expected to oscillate widely. [2] Corn - Corn prices are affected by the rhythm of supply. In the short - term, the futures market is strong, but subsequent selling pressure may limit the gains. [5] Live Pigs - The supply of live pigs is abundant, and the price is expected to maintain an oscillating and weakening structure. The 3 - 7 reverse spread strategy can be held. [10] Sugar - ICE raw sugar futures are expected to oscillate around 14 cents per pound. Domestic sugar prices are expected to maintain an oscillating and weakening pattern this week. [13] Cotton - Globally, the cotton supply is loose. Domestically, cotton prices may oscillate in a range in the short - term. [14] Eggs - Egg prices are expected to oscillate at a low level, and attention should be paid to the support at the previous low. [17] Summary by Commodity Oils and Fats - **Prices and Changes**: On November 24, compared with November 21, soybean oil's spot price in Jiangsu increased by 20 yuan to 8490 yuan, the futures price (Y2601) decreased by 22 yuan to 8168 yuan, and the basis increased by 42 yuan to 322 yuan. Palm oil's spot price in Guangdong decreased by 40 yuan to 8430 yuan, the futures price (P2601) decreased by 64 yuan to 8486 yuan, and the basis increased by 24 yuan to - 56 yuan. Rapeseed oil's spot price in Jiangsu increased by 20 yuan to 10190 yuan, the futures price (OI601) decreased by 38 yuan to 9778 yuan, and the basis increased by 58 yuan to 412 yuan. [1] Meal - **Prices and Changes**: On November 24, compared with the previous values, soybean meal's spot price in Jiangsu remained unchanged at 3000 yuan, the futures price (M2601) decreased by 1 yuan to 3011 yuan, and the basis increased by 1 yuan to - 11 yuan. Rapeseed meal's spot price in Jiangsu increased by 20 yuan to 2440 yuan, the futures price (RM2601) increased by 12 yuan to 2446 yuan, and the basis increased by 5 yuan to - 6 yuan. [2] Corn - **Prices and Changes**: On November 24, compared with the previous values, the futures price of corn 2601 increased by 25 yuan to 2220 yuan, the basis increased by 5 yuan to 30 yuan, and the 1 - 5 spread increased by 13 yuan to - 44 yuan. [5] Live Pigs - **Prices and Changes**: On November 24, compared with the previous values, the futures price of live pigs 2605 increased by 65 yuan to 11925 yuan, the 1 - 5 spread decreased by 15 yuan to - 525 yuan. The spot price in Henan decreased by 150 yuan to 11550 yuan. [10] Sugar - **Prices and Changes**: On November 24, compared with the previous values, the futures price of sugar 2601 increased by 17 yuan to 5370 yuan, the Nanning spot price decreased by 30 yuan to 5450 yuan, and the Nanning basis decreased by 47 yuan to 131 yuan. [13] Cotton - **Prices and Changes**: On November 24, compared with the previous values, the futures price of cotton 2605 increased by 82 yuan to 13530 yuan, the 5 - 1 spread increased by 40 yuan to - 50 yuan, and the Xinjiang arrival price of 3128B increased by 3 yuan to 14574 yuan. [14] Eggs - **Prices and Changes**: On November 24, compared with the previous values, the price of the egg 12 - contract increased by 16 yuan to 2950 yuan per 500KG, the egg - producing area price decreased by 0.07 yuan to 2.84 yuan per catty, and the basis increased by 43 yuan to - 302 yuan per 500KG. [17]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the reports. 2. Core Views 2.1 Fats and Oils - Palm oil is expected to maintain a low - level volatile or weakly rebound trend, with Dalian palm oil futures fluctuating between 8600 - 8700 yuan. There is pressure to weaken again. Port inventory may rise due to reduced demand in cold weather [1]. - For soybean oil, the 2025/26 US soybean oil supply is up, but the ending stocks are down. CBOT soybean oil is supported. In China, the spot price is slightly up, and the inventory is stable [1]. 2.2 Live Pigs - The spot price is weak, and the market is in a weak - range oscillation. The mid - term outlook is not optimistic. The 3 - 7 reverse spread strategy can be held [3]. 2.3 Meal Products - The USDA report lacks positive factors for US soybeans. China's soybean meal supply is loose, and the price will maintain a wide - range oscillation [8]. 2.4 Corn and Corn Starch - Corn has a short - term supply - demand imbalance, and the price rebounds, but the upside is limited due to supply pressure. Attention should be paid to selling and purchasing rhythms and storage [10]. 2.5 Sugar - India's sugar export may face difficulties in the short term. Brazil's supply is loose. The raw sugar price will oscillate around 14 cents/pound. The sugar market will maintain an oscillation this week [14]. 2.6 Cotton - The 11 - month USDA report is bearish for cotton. In China, new cotton supply is high, and demand is weak, but some downstream support exists. The short - term cotton price will be under pressure [15]. 2.7 Eggs - The egg market supply is loose, and demand is weak in the short term. The price decline has not widened, and the market will be weakly oscillating. Near - month short positions can be closed gradually [17][18]. 3. Summary by Relevant Catalogs 3.1 Fats and Oils - **Soybean Oil**: The spot price in Jiangsu is 8590 yuan, unchanged from November 14. The basis is 308 yuan, down 7.78%. The 2025/26 US soybean oil supply is up to 322.76 billion pounds [1]. - **Palm Oil**: The spot price in Guangdong is 8590 yuan, up 20 yuan. The basis is - 54 yuan, down 103.70%. The inventory may rise [1]. 3.2 Live Pigs - **Futures**: The main contract basis is - 45 yuan, down 120%. The price of live pigs 2605 is 12140 yuan, down 0.45% [3]. - **Spot**: The price in Henan is 11650 yuan/ton, down 350 yuan. The slaughter volume is up 0.05% [3]. 3.3 Meal Products - **Soybean Meal**: The spot price in Jiangsu is 3060 yuan, down 0.65%. The basis is - 3 yuan, up 90.63% [8]. - **Rapeseed Meal**: The spot price in Jiangsu is 2420 yuan, down 3.2%. The basis is - 29 yuan, down 390% [8]. 3.4 Corn and Corn Starch - **Corn**: The price of corn 2601 in Jinzhou Port is 2182 yuan, down 0.14%. The basis is 48 yuan, up 92% [10]. - **Corn Starch**: The price of corn starch 2601 is 2489 yuan, down 0.64%. The basis is 21 yuan, up 320% [10]. 3.5 Sugar - **Futures**: The price of sugar 2601 is 5458 yuan, down 0.22%. The 1 - 5 spread is 60 yuan, down 9.09% [14]. - **Spot**: The price in Nanning is 5600 yuan, down 1.06%. The national sugar production is up 12.03% [14]. 3.6 Cotton - **Futures**: The price of cotton 2605 is 13455 yuan, down 0.11%. The 5 - 1 spread is 10 yuan, down 50% [15]. - **Spot**: The price of Xinjiang 3128B is 14579 yuan, down 0.1%. The commercial inventory is up 70.4% [15]. 3.7 Eggs - **Futures**: The price of egg 12 contract is 2987 yuan/500KG, down 1.52%. The 12 - 01 spread is - 242 yuan, down 19.8% [17]. - **Spot**: The egg price in the producing area is 2.96 yuan/jin, down 0.82%. The laying hen inventory is high [17].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - No clear core viewpoints are presented in the given content Group 3: Summary by Related Catalogs 1. Basis and Spread - The Shandong basis (+80) (Hongrun) was 6 on 10/30 with a daily change of 10; the East China basis (Zhenjiang warehouse) was 106 with no daily change; the South China basis (Foshan warehouse) was 126 with a daily change of 20 [3]. - The 12 - 01 spread was 15 on 10/30 with a daily change of -2; the 12 - 03 spread was -6 with a daily change of -7; the 01 - 02 spread was -5 with a daily change of -1 [3]. - The BU main contract (01) was 3254 on 10/30, down 20 from the previous day [3]. 2. Trading Volume, Open Interest, and Warehouse Receipts - The trading volume on 10/30 was 212,219, a decrease of 21,636 (-9%) compared to the previous day; the open interest was 338,671, a decrease of 1,392; the warehouse receipts were 9,120, a decrease of 800 [3]. 3. Spot Prices - Brent crude oil was $64.9 on 10/30, up $0.5 from the previous day [3]. - Jingbo's spot price was 3,260 on 10/30, down 20 from the previous day; Hongrun's was 3,180, down 10; Zhenjiang warehouse's was 3,360, down 20; Foshan warehouse's remained at 3,380 [3]. 4. Profits - The asphalt - Ma Rui profit was 251 on 10/30, down 33 from the previous day; the Ma Rui - type refinery comprehensive profit was 693, down 26 [3].

Report Industry Investment Rating No relevant information provided. Core Views of the Report The report comprehensively analyzes the market conditions, important information, logic, and trading strategies of plastics (L) and polypropylene (PP) from September 19 to October 28, 2025. The market prices of L and PP fluctuate, affected by factors such as policy, production capacity, inventory, and international events. The trading strategies include holding long or short positions, trial trading, and waiting and seeing, depending on different market situations and data analysis. Summary by Relevant Catalogs Market Conditions - **L Plastic**: The price of L2601 contract fluctuates, and the LLDPE market price in different regions shows partial increases, decreases, or stable trends. The trading atmosphere in the market is generally cautious, with downstream procurement mainly based on demand [1][4][8]. - **PP Polypropylene**: The price of PP2601 contract also fluctuates, and the PP market price shows large - scale stability with small fluctuations. The impact of futures on the spot market is complex, and downstream procurement is relatively cautious [1][4][8]. Important Information - **Policy**: The Ministry of Industry and Information Technology and other seven departments issued the "Work Plan for Stable Growth of the Petrochemical and Chemical Industry (2025 - 2026)", aiming to achieve an average annual increase of over 5% in industry added value from 2025 to 2026 [4]. - **International Events**: Events such as the US government shutdown, Trump's threat to impose new tariffs on China, and the reorganization plan of chemical companies have an impact on the market [15][18]. - **Industry Development**: Projects such as the successful commissioning of Liaoyang Petrochemical's 100,000 - ton/year nylon 66 project and the release of the group enterprise reorganization plan of Daicel and Polyplastics have implications for the industry [18][21]. Logic Analysis - **Supply - related Factors**: Factors such as changes in domestic PE and PP production capacity utilization rates, registered warehouse receipts, and net imports affect the market. For example, an increase in production capacity utilization rates may lead to an increase in supply and put pressure on prices [2][5][9]. - **Demand - related Factors**: Indicators such as the manufacturing PMI, the US manufacturing PMI, and the logistics industry prosperity index reflect the demand situation and have an impact on the market [16][26][30]. - **External Factors**: Fluctuations in international oil prices, changes in the global economic policy uncertainty index, and changes in the freight index also affect the market [13][16][42]. Trading Strategies - **Single - side Trading**: Strategies include holding long or short positions, trial trading, and waiting and seeing, with specific stop - loss points set according to market conditions [2][5][9]. - **Arbitrage (Long - Short)**: Most of the time, it is recommended to wait and see, and in some cases, hold or intervene in positions with corresponding stop - loss settings [2][5][9]. - **Options**: Generally, it is recommended to wait and see, and in some cases, sell options with stop - loss settings [2][5][9].

Report Industry Investment Ratings No information provided in the reports regarding industry investment ratings. Core Views 1. Oils and Fats - Palm oil: Malaysian crude palm oil futures may face pressure to fall back and seek support at 4300 ringgit, with a chance of rebounding later. Domestic palm oil futures may also decline, with an expected correction to the 8800 - 9000 yuan range. - Soybean oil: The fundamentals of US soybean oil have little change. The seasonal supply pressure from the US soybean harvest drags down the market. In China, post - holiday demand will weaken, and supply may increase, resulting in a short - term oversupply situation [1]. 2. Pork - In the short - term, the supply and demand of the pork market both increase, with chaotic spot quotes and larger declines in some areas. In the medium - term, demand recovers slowly, and supply is clearly recovering, with weak demand absorption. The market is expected to fluctuate and adjust, following the spot price with small fluctuations [3]. 3. Corn - In the short - term, the supply of new corn in the market is increasing. The price in the northeast is weak, and the price in the north China is under pressure. The demand side has a seasonal restocking demand. The market is expected to oscillate at a low level, and attention should be paid to the new grain purchase rhythm and farmers' selling mentality [5]. 4. Meal - US soybeans are expected to fluctuate in a low - level range. The basis of domestic meal is supported before the festival. The purchase of Argentine soybeans eases the supply gap to some extent. The near - month increase of soybean meal is weak, and the 1 - 5 spread may continue to weaken in the short - term [8]. 5. Sugar - In the short - term, the international raw sugar price is dragged down by Brazilian production and demand. It is expected to maintain a weak bottom - oscillating pattern. New sugar in China will be on the market soon, putting pressure on the spot market. The domestic market is expected to be weak [10]. 6. Cotton - The supply side has a large hedging pressure after the new cotton is purchased. The demand side has low confidence in the peak season, and the demand is less than in previous years. The domestic cotton price may be under pressure in the short - to - medium term [11]. 7. Eggs - The inventory of laying hens remains high, and the egg supply is sufficient. With the approaching of the double festivals, the demand for eggs may increase. Egg prices are expected to oscillate in a bottom - level range [15]. Summary by Related Catalogs 1. Oils and Fats - **Price Changes**: - **Soybean oil**: The spot price in Jiangsu on September 26 was 8470 yuan, up 30 yuan or 0.36% from September 25. The futures price of Y2601 was 8162 yuan, down 30 yuan or - 0.37%. The basis of Y2601 was 308 yuan, up 60 yuan or 24.19% [1]. - **Palm oil**: The spot price of 24 - degree palm oil in Guangdong on September 26 was 9230 yuan, up 60 yuan or 0.65%. The futures price of P2601 was 9236 yuan, up 14 yuan or 0.15%. The basis of P2601 was - 6 yuan, up 46 yuan or 88.46% [1]. - **Rapeseed oil**: The spot price of third - grade rapeseed oil in Jiangsu on September 26 was 10240 yuan, up 200 yuan or 1.99%. The futures price of OI601 was 10162 yuan, up 20 yuan or 0.20%. The basis of OI601 was 78 yuan, up 180 yuan or 176.47% [1]. - **Spread Changes**: - **Inter - month spreads**: The 01 - 05 spread of soybean oil on September 28 was 236 yuan, down 26 yuan or - 9.92% from September 26; that of palm oil was 184 yuan, down 8 yuan or - 4.17%; that of rapeseed oil was 520 yuan, up 36 yuan or 7.44% [1]. - **Cross - variety spreads**: The spot soybean - palm oil spread was - 760 yuan, down 30 yuan or - 4.11%; the 2601 spread was - 1126 yuan, down 26 yuan or - 2.36%. The spot rapeseed - soybean oil spread was 1770 yuan, unchanged; the 2601 spread was 2000 yuan, up 50 yuan or 2.56% [1]. 2. Pork - **Futures Market**: The price of the main contract basis was - 45 yuan, up 90 yuan or 66.67%. The price of the live hog 2511 contract was 12575 yuan/ton, down 110 yuan or - 0.87%; the price of the 2601 contract was 13100 yuan/ton, down 210 yuan or - 1.58% [3]. - **Spot Market**: The spot prices in different regions showed different trends. For example, the price in Henan was 12530 yuan/ton, down 20 yuan; that in Shandong was 12840 yuan/ton, up 40 yuan [3]. - **Related Indicators**: The daily slaughter volume of sample slaughterhouses was 143630, down 11434 or - 7.37%. The weekly white - strip price was 0 yuan, down 19.81 yuan or - 100.00% [3]. 3. Corn - **Corn**: The price of the corn 2511 contract was 2178 yuan/ton, up 13 yuan or 0.60%. The Pingcang price in Jinzhou Port was 2280 yuan/ton, down 30 yuan or - 1.30%. The basis was 102 yuan, down 43 yuan or - 29.66% [5]. - **Corn Starch**: The price of the corn starch 2511 contract was 2480 yuan/ton, up 6 yuan or 0.24%. The basis was 80 yuan/ton, down 6 yuan or - 6.98% [5]. 4. Meal - **Soybean Meal**: The spot price in Jiangsu was 2940 yuan, unchanged. The futures price of M2601 was 2937 yuan, unchanged. The basis was 3 yuan, unchanged [8]. - **Rapeseed Meal**: The spot price in Jiangsu was 2510 yuan, unchanged. The futures price of RM2601 was 2405 yuan, unchanged. The basis was 105 yuan, unchanged [8]. 5. Sugar - **Futures Market**: The price of the sugar 2601 contract was 5478 yuan/ton, down 7 yuan or - 0.13%. The price of the 2605 contract was 5442 yuan/ton, down 12 yuan or - 0.22% [10]. - **Spot Market**: The spot prices in Nanning and Kunming were unchanged. The Nanning basis was 338 yuan, up 12 yuan or 3.68%; the Kunming basis was 368 yuan, up 12 yuan or 3.37% [10]. 6. Cotton - **Futures Market**: The price of the cotton 2605 contract was 13405 yuan/ton, down 130 yuan or - 0.96%. The price of the 2601 contract was 13405 yuan/ton, down 125 yuan or - 0.92% [11]. - **Spot Market**: The Xinjiang arrival price of 3128B was 14955 yuan/ton, down 40 yuan or - 0.27%. The 3128B - 01 contract spread was 1550 yuan, up 90 yuan or 6.16% [11]. 7. Eggs - **Futures Market**: The price of the egg 11 contract was 3036 yuan/500KG, down 40 yuan or - 1.30%. The price of the 10 contract was 2940 yuan/500KG, down 41 yuan or - 1.38% [14]. - **Spot Market**: The egg - producing area price was 3.47 yuan/jin, down 0.14 yuan or - 3.76%. The basis was 492 yuan/500KG, down 37 yuan or - 6.98% [14].