Core Insights - COMEX copper futures increased by 0.13% to $5.11 per pound at the end of trading on Friday, October 31 [1] - In October, copper futures experienced a cumulative increase of 4.85% [1] Summary by Category - **Market Performance** - COMEX copper futures rose by 0.13% to $5.11 per pound [1] - The cumulative increase for October was 4.85% [1]

每经AI快讯，10月31日，燃油期货主力连续合约涨2.04%，报2807元(人民币)/吨。 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View - As of the close on October 31, most domestic futures main contracts declined, with polysilicon and precious metals rising, and lithium carbonate and some industrial products falling. The capital flow shows significant inflows into polysilicon and soybean meal, and large outflows from copper and gold futures. Different varieties have different market conditions due to factors such as supply - demand, cost, and macro - policies [6][7]. 3. Summary by Relevant Catalogs 3.1 Commodity Performance and Market Overview - As of October 31, domestic futures main contracts mostly fell. Polysilicon rose over 2%, and silver, soybean meal, and gold futures rose over 1%. Lithium carbonate fell over 3%, and many other commodities like 20 - rubber and methanol fell over 2%. In stock index futures, IF, IH, and IC declined, while IM rose slightly. In bond futures, 2 - year and 5 - year contracts fell slightly, and 10 - year and 30 - year contracts rose [6][7]. - In terms of capital flow, polysilicon 2601, soybean meal 2601, and PVC2601 had capital inflows, while copper 2512, gold 2512, and CSI 1000 2512 had large outflows [7]. 3.2 Market Analysis of Specific Varieties - **Copper**: The Fed's reduced probability of a December rate cut and a stronger dollar suppress copper prices. Although the supply of copper concentrates is tight due to overseas mine accidents, high copper prices have curbed downstream demand. In the long - term, copper prices remain strong due to tight supply - demand [9]. - **Lithium Carbonate**: The price of lithium carbonate decreased during the day. The cost of lithium ore supports the price, and both supply and demand are strong. However, today's market was affected by news, and attention should be paid to the authenticity of the news [11]. - **Crude Oil**: OPEC + plans to increase production, the demand peak season has ended, and the market is worried about demand. Although the US sanctions on Russian oil companies may limit exports, the overall supply is still in excess, and the price is expected to fluctuate [12][14]. - **Asphalt**: The supply is expected to decrease in November. The downstream demand has increased, and the inventory is at a low level. Considering the impact of crude oil price fluctuations, it is recommended to observe the asphalt futures price cautiously [15]. - **PP**: The downstream and enterprise operating rates are at a low level. The cost is affected by crude oil, and the demand is less than expected. PP is expected to fluctuate weakly [16][17]. - **Plastic**: The operating rate has increased slightly, and the downstream demand is in the peak season but less than expected. The cost is affected by crude oil, and plastic is expected to fluctuate weakly [18]. - **PVC**: The supply and downstream operating rates have increased. Exports are expected to weaken, and the inventory is still high. The real - estate market is still adjusting, and PVC is expected to fluctuate [20]. - **Coking Coal**: The supply is tight, and the inventory is being transferred downward. Although the downstream demand has decreased, the winter - storage demand will be released, and coking coal remains strong [21][22]. - **Urea**: The supply is high, and the cost is supported by coal prices. The demand has improved slightly, but the supply - demand pattern is still loose, and the price is expected to fluctuate narrowly [23].

Report Summary 1. Investment Rating The report does not explicitly mention the industry investment rating. 2. Core View - In November, coking coal and coke prices are expected to remain strong, and it is recommended to consider buying on dips. The coking coal market is likely to maintain a bullish trend due to factors such as low coal valuations, upcoming winter storage demand, and favorable fundamentals. There is also an arbitrage opportunity of going long on coking coal and short on coke. The reference range for the coking coal main contract is [1200, 1400], and for the coke main contract is [1700, 1900] [1][6]. 3. Summary by Directory Market Overview - In October, coking coal and coke prices were strong, outperforming other black series products. By October 30, the coking coal main contract rose 14.38% and the coke main contract rose 10.07% month - on - month. Affected by safety and environmental inspections, domestic coal mine production decreased month - on - month in October, and the operating rate remained at a low level. In the last week of October, pig iron production declined seasonally, and short - term steel mill procurement enthusiasm was okay, but steel mill profits were significantly compressed [4]. Supply and Demand - **Coking Coal Supply** - Mines: As of October 31, the daily average output of raw coal from 523 mines was 190.33 million tons, a month - on - month decrease of 0.64 million tons; the daily average output of clean coal was 75.84 million tons, a month - on - month decrease of 0.27 million tons [21]. - Coal Washeries: As of October 31, the daily average output of sample coal washeries was 26.52 million tons, a month - on - month decrease of 0.15 million tons; the capacity utilization rate was 36.46%, a month - on - month decrease of 0.41% [24]. - Imports: From January to September, China's cumulative coking coal imports decreased by 6.45% year - on - year, with Mongolian coal imports down 3.85% year - on - year. In October, the number of customs - cleared vehicles at ports decreased significantly and has recently started to recover [6][25]. - **Coking Coal Demand** - The report does not provide detailed information on coking coal demand, but mentions that short - term steel mill procurement enthusiasm was okay, and pig iron production declined seasonally in the last week of October [4]. - **Coke Supply and Demand** - Supply: The report does not provide detailed supply data for coke. - Demand: As of October 31, the daily average coke consumption was 1.064 billion tons, a month - on - month decrease of 150,000 tons; the profitability rate of 247 steel enterprises was 45.02%, a month - on - month decrease of 2.6% [51]. Market Data - **Coking Coal Warehouse Receipt Cost**: As of October 31, the warehouse receipt cost of Mongolian 5 coal in Tangshan was 1233 yuan/ton, and in Inner Mongolia was 1383 yuan/ton. The warehouse receipt costs of other types of coking coal in different regions are also provided [9]. - **Basis**: For coking coal, the basis for the January contract was 204, with a weekly change of 50 and a basis rate of 14.67%; for the May contract, the basis was 133, with a weekly change of 45 and a basis rate of 9.55%; for the September contract, the basis was 63, with a weekly change of 47 and a basis rate of 4.54% [12]. - **Monthly Spread**: The 1 - 5 spread of coking coal remained at a low level compared to the same period [15]. - **Black Commodity Ratio**: The report does not provide detailed information on the black commodity ratio. - **Coking Coal Auction Data**: In the week of October 24, the coking coal auction listing volume was 1.4937 million tons, the成交 rate was 93.31%, and the non - trading rate was 6.69%, showing an increase in listing volume and成交 rate compared to the week of October 17 [31]. - **Coking Coal Inventory**: The report does not provide detailed information on coking coal total inventory but shows the inventory distribution of coke, including steel mills, independent coking enterprises, and ports [57]. - **Coke Inventory Distribution**: As of October 31, steel mill coke inventory was 629.05 million tons, a week - on - week decrease of 4.11 million tons; independent coking enterprise inventory was 59.87 million tons, a week - on - week increase of 1.23 million tons; port inventory was 211.1 million tons, a week - on - week increase of 11.01 million tons [57].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - For both corn and corn starch, the report suggests maintaining a bearish outlook in the medium to long term [8][12] 3. Summary According to the Table of Contents 3.1 Weekly Highlights Summary Corn - This week, corn futures fluctuated narrowly at a low level. The closing price of the main 2601 contract was 2130 yuan/ton, a decrease of 3 yuan/ton from last week. The market is still cautious as the USDA has not released the crop progress report. With the advancement of US corn harvest, supply pressure will gradually increase. However, the estimated US corn yield per acre this year is lower than the USDA's previous forecast, and the expectation of a China-US trade agreement boosts the US corn market. In China, the corn yield per acre in the Northeast has increased significantly due to favorable climate during the sowing period. Farmers are willing to sell, but traders are slow to build inventories, and drying towers operate on a "buy-and-sell" basis. Feed enterprises have not replenished their inventories on a large scale, and the purchase price has been slightly adjusted downward as new grain arrives. In the North China and Huanghuai regions, the pressure to sell high-moisture grain has eased with the drop in temperature. As the price of new grain has fallen, farmers are more reluctant to sell, resulting in a slight decrease in the volume of grain on the market. Traders are cautious about building inventories. Large feed enterprises still have some wheat stocks and are mainly on the sidelines regarding new corn purchases. Most enterprises adjust their purchase prices flexibly according to the volume of grain arriving at the factory gates. The corn futures price has generally been fluctuating at a low level recently [9] Corn Starch - Dalian corn starch futures fluctuated narrowly. The closing price of the main 2601 contract was 2440 yuan/ton, a decrease of 1 yuan/ton from last week. As the volume of new-season corn on the market gradually increases, the supply pressure of raw material corn intensifies, and the cost support for corn starch weakens. The substitution advantage of tapioca starch still exists, continuing to squeeze the market demand for corn starch. However, the industry's operating rate has been lower than the same period in previous years, and enterprises have had good sales recently, resulting in a slight decline in inventory. As of October 29, the total starch inventory of national corn starch enterprises was 1.128 million tons, a decrease of 12,000 tons from last week, a weekly decline of 1.05%, a monthly decline of 0.97%, and a year-on-year increase of 36.89%. The starch market has been fluctuating in tandem with the corn market [13] 3.2 Futures and Spot Market Futures Price and Position Changes - This week, the January contract of corn futures fluctuated narrowly at a low level, with a total open interest of 931,151 lots, an increase of 42,659 lots from last week. The January contract of corn starch futures fluctuated narrowly, with a total open interest of 211,483 lots, a decrease of 126 lots from last week [19] Net Position Changes of the Top 20 - This week, the net position of the top 20 in corn futures was -79,110, compared with -86,514 last week, indicating a slight decrease in net short positions. The net position of the top 20 in starch futures was -54,866, compared with -53,333 last week, showing little change in net short positions [25] Futures Warehouse Receipts - The registered warehouse receipts of yellow corn were 63,966 lots, and the registered warehouse receipts of corn starch were 12,504 lots [31] Spot Price and Basis - As of October 30, 2025, the average spot price of corn was 2,242.16 yuan/ton. The basis between the January active contract of corn futures and the average spot price was +112 yuan/ton. The spot price of corn starch in Jilin was 2,600 yuan/ton, and in Shandong it was 2,750 yuan/ton. The spot price was relatively stable this week. The basis between the January contract of corn starch futures and the spot price in Changchun, Jilin was 160 yuan/ton [37][42] Inter - Month Spread - The 1 - 3 spread of corn was -29 yuan/ton, at a relatively low level compared to the same period. The 1 - 3 spread of starch was -8 yuan/ton, at a medium level compared to the same period [48] Futures Spread - The spread between the January contracts of starch and corn was 310 yuan/ton. As of Thursday this week, the spread between Shandong corn and corn starch was 614 yuan/ton, an increase of 52 yuan/ton compared to last week [58] Substitute Spread - As of October 30, 2025, the average spot price of wheat was 2,487 yuan/ton, and the average spot price of corn was 2,242.16 yuan/ton. The wheat - corn spread was 244.84 yuan/ton. In the 44th week of 2025, the average spread between tapioca starch and corn starch was 291 yuan/ton, a narrowing of 7 yuan/ton compared to last week [63] 3.3 Industry Chain Situation - Corn Supply Side - **Inventory at North and South Ports**: As of October 24, 2025, the domestic trade corn inventory at Guangdong Port totaled 270,000 tons, an increase of 152,000 tons from last week; the foreign trade inventory was 337,000 tons, a decrease of 25,000 tons from last week. The total corn inventory at the four northern ports was 945,000 tons, a week - on - week decrease of 14,000 tons; the shipping volume at the four northern ports that week was 888,000 tons, a week - on - week increase of 84,000 tons [52] - **Monthly Import Volume**: In September 2025, China's total corn imports were 56,562.26 tons, a decrease of 256,532.84 tons compared to the same period last year (313,095.10 tons), a year - on - year decrease of 81.93%, and a month - on - month increase of 20,404.55 tons compared to 36,157.71 tons last month [71] - **Feed Enterprises' Corn Inventory Days**: As of October 30, the average inventory of national feed enterprises was 24.10 days, an increase of 0.06 days from last week, a month - on - month increase of 0.25%, and a year - on - year decrease of 13.74% [75] Demand Side - **Livestock Inventory**: At the end of the third quarter, the national pig inventory was 436.8 million heads, an increase of 9.86 million heads compared to the same period last year, a growth of 2.3%, and an increase of 12.33 million heads compared to the previous quarter, a growth of 2.9%. Among them, the inventory of breeding sows was 40.35 million heads, a decrease of 280,000 heads compared to the same period last year, a decrease of 0.7%, and a decrease of 90,000 heads compared to the previous quarter, a slight decrease of 0.2% [79] - **Breeding Profit**: As of October 24, 2025, the breeding profit of self - bred and self - raised pigs was -185.68 yuan/head, and the breeding profit of purchased piglets was -289.07 yuan/head [83] - **Processing Profit**: As of October 30, 2025, the corn starch processing profit in Jilin was 105 yuan/ton. The corn alcohol processing profit was -213 yuan/ton in Henan, -379 yuan/ton in Jilin, and -196 yuan/ton in Heilongjiang [88] 3.4 Industry Chain Situation - Corn Starch Supply Side - **Enterprise Inventory**: As of October 29, 2025, the total corn inventory of 96 major corn processing enterprises in 12 regions across the country was 2.827 million tons, an increase of 7.82% [92] - **Starch Enterprises' Operating Rate and Inventory**: From October 23 to October 29, 2025, the total national corn processing volume was 597,300 tons, an increase of 23,300 tons from last week; the national corn starch output for the week was 304,500 tons, an increase of 16,800 tons from last week; the weekly operating rate was 58.86%, an increase of 3.25% from last week. As of October 29, the total starch inventory of national corn starch enterprises was 1.128 million tons, a decrease of 12,000 tons from last week, a weekly decline of 1.05%, a monthly decline of 0.97%, and a year - on - year increase of 36.89% [96] 3.5 Option Market Analysis - As of October 31, the main 2601 contract of corn fluctuated at a low level, and the corresponding option implied volatility was 9.15%, a decrease of 0.83% from 9.98% last week. This week, the implied volatility fluctuated downward and was at a relatively low level compared to the 20 - day, 40 - day, and 60 - day historical volatility [99]

Group 1: Natural Rubber Industry Report Industry Investment Rating No relevant information provided. Report's Core View Supply-wise, rain in the producing areas continued until the end of the month, causing raw material prices to rise, which provided short-term support for rubber prices. In the long run, there was still an expectation of increased supply. Demand-wise, semi-steel tire companies maintained stable production, while some all-steel tire companies had rising inventories. Overnight, the Fed's hawkish stance on the December interest rate cut pressured rubber prices in the short term. If raw material supply increased smoothly, rubber prices might decline further; otherwise, they were expected to trade between 15,000 - 15,500 yuan/ton [1]. Summary by Related Catalogs - **Spot Prices and Basis**: On October 30, the price of Yunnan Guofu standard rubber (SCRWF) was 14,800 yuan/ton, up 0.34% from the previous day. The basis of the whole process was -600 yuan/ton, up 31.43%. The price of Thai standard mixed rubber was 14,950 yuan/ton, down 1.32%. The non-standard price difference was -450 yuan/ton, up 5.26%. The FOB intermediate price of cup rubber in the international market was 53.25 Thai baht/kg, down 0.19%. The FOB intermediate price of glue in the international market was 55.50 Thai baht/kg, up 0.91%. The price of natural rubber blocks in Xishuangbanna was 13,000 yuan/ton, up 1.56%. The price of natural rubber glue in Xishuangbanna was 14,100 yuan/ton, up 2.17%. The mainstream market price of raw materials in Hainan was 13,100 yuan/ton, unchanged [1]. - **Monthly Spreads**: On October 30, the 9 - 1 spread was 150 yuan/ton, up 3.45% from the previous day. The 1 - 5 spread was -90 yuan/ton, down 12.50%. The 5 - 9 spread was -60 yuan/ton, up 7.69% [1]. - **Fundamental Data**: In August, Thailand's production was 458,800 tons, down 0.43% from the previous month. Indonesia's production was 189,000 tons, down 4.30%. India's production was 500,000 tons, up 11.11%. China's production data was not provided. The weekly operating rate of semi-steel tires was 73.41%, down 0.26 percentage points. The weekly operating rate of all-steel tires was 65.34%, down 0.24 percentage points. In August, domestic tire production was 102.954 million pieces, up 9.10%. In September, the export volume of new pneumatic rubber tires was 5.63 million pieces, down 10.65%. In August, the total import volume of natural rubber was 595,900 tons, up 14.41%. In September, the import volume of natural and synthetic rubber (including latex) was 740,000 tons, up 12.12%. The daily production cost of dry rubber (STR20) in Thailand was 13,327 yuan/ton, up 0.08%. The daily production profit of dry rubber (STR20) in Thailand was -572 yuan/ton, down 35.22%. The daily production cost of dry rubber (RSS3) in Thailand was 16,414 yuan/ton, down 0.15%. The daily production profit of dry rubber (RSS3) in Thailand was 2,186 yuan/ton, down 1.18% [1]. - **Inventory Changes**: As of October 30, the bonded area inventory (bonded + general trade inventory) was 432,229 tons, down 1.20% from the previous day. The factory warehouse futures inventory of natural rubber on the SHFE was 42,640 tons, up 6.28%. The出库 rate of dry rubber in the bonded warehouse in Qingdao was 4.94%, down 1.50 percentage points. The warehousing rate of dry rubber in general trade in Qingdao was 11.61%, up 1.99 percentage points. The出库 rate of dry rubber in general trade in Qingdao was 12.69%, up 3.11 percentage points [1]. Group 2: Log Industry Report Industry Investment Rating No relevant information provided. Report's Core View The log futures market was under pressure due to a significant increase in supply at the port, insufficient downstream orders, and falling prices at surrounding ports. However, the relatively low futures price and the obvious inversion of domestic and foreign prices provided some support for import costs, limiting the downside space. Overall, the log futures market was expected to remain weakly volatile [3]. Summary by Related Catalogs - **Futures and Spot Prices**: On October 30, the prices of log futures contracts LG2511, LG2601, LG2603, and LG2605 were 763.5, 786, 802, and 818.5 yuan/cubic meter respectively, with changes of -1.17%, -0.13%, -0.31%, and -0.12% from the previous day. The 11 - 01 spread was -22.5 yuan/cubic meter, down 6.5 yuan from the previous day. The 11 - 03 spread was -38.5 yuan/cubic meter. The 11 - contract basis was -3.5 yuan/cubic meter, up 9 yuan from the previous day. The 01 - contract basis was -26 yuan/cubic meter, up 1 yuan from the previous day. The prices of 3.9A small, medium, and large radiata pine at Rizhao Port were 710, 760, and 880 yuan/cubic meter respectively, unchanged from the previous day. The prices of 4A small, medium, and large radiata pine at Taicang Port were 710, 770, and 820 yuan/cubic meter respectively, with the small and medium radiata pine prices down 1.39% and 1.28% respectively. The price of spruce 11.8 at Rizhao Port was 1,180 yuan/cubic meter, unchanged from the previous day. The CFR price of 4 - meter medium - grade A radiata pine was 115 US dollars/JAS cubic meter, unchanged from the previous day. The CFR price of 11.8 - meter spruce was 125 euros/JAS cubic meter, unchanged from the previous day [3]. - **Cost: Import Cost Calculation**: On October 30, the RMB/USD exchange rate was 7.100, up 0.003 from the previous day. The import theoretical cost, calculated with a 15% over - length allowance, was 802.74 yuan/cubic meter, up 0.30 yuan from the previous day [3]. - **Supply**: In September, the port shipping volume from New Zealand to China, Japan, and South Korea was 1.766 million cubic meters, up 6.00% from August. The number of departing ships was 46, up 4.55% from August [3]. - **Inventory: Main Port Inventory**: As of October 24, the total inventory of coniferous logs in China was 2.84 million cubic meters, down 80,000 cubic meters from the previous week. The inventory in Shandong was 1.865 million cubic meters, up 1.03%. The inventory in Jiangsu was 786,900 cubic meters, down 11.32% [3]. - **Demand: Average Daily Outbound Volume**: As of October 24, the average daily outbound volume in China was 64,400 cubic meters, up 2% from the previous week. The average daily outbound volume in Shandong was 34,200 cubic meters, up 4%. The average daily outbound volume in Jiangsu was 23,300 cubic meters, down 4% [3]. Group 3: Glass and Soda Ash Industry Report Industry Investment Rating No relevant information provided. Report's Core View For soda ash, the macro - level leaders' meeting had a negative impact on the commodity market, and the previous rebound ended abruptly. The supply was at a high level, and the demand was mainly driven by rigid needs. The market was still under pressure, and investors were advised to wait for a rebound to short. For glass, the macro - level situation also had a negative impact. The spot sales improved recently, driving the futures market to stabilize and rebound. However, the deep - processing orders were still weak, and the industry needed to clear excess capacity in the long run. Investors were advised to close previous short positions and look for short - term long opportunities by monitoring the spot market [4]. Summary by Related Catalogs - **Glass - Related Prices and Spreads**: On October 31, the spot prices in North China, East China, Central China, and South China were 1,130, 1,250, 1,120, and 1,210 yuan/ton respectively, unchanged from the previous day. The prices of glass contracts 2505 and 2509 were 1,243 and 1,327 yuan/ton respectively, down 2.81% and 2.21% from the previous day. The 05 - contract basis was -113 yuan/ton, up 24.16% from the previous day [4]. - **Soda Ash - Related Prices and Spreads**: On October 31, the spot prices in North China, East China, Central China, and Northwest China were 1,300, 1,250, 1,250, and 950 yuan/ton respectively, unchanged from the previous day. The prices of soda ash contracts 2505 and 2509 were 1,324 and 1,382 yuan/ton respectively, down 1.71% and 1.34% from the previous day. The 05 - contract basis was -24 yuan/ton, up 48.94% from the previous day [4]. - **Supply**: On October 31, the soda ash operating rate was 86.89%, down 1.72 percentage points from October 24. The weekly soda ash production was 757,600 tons, down 1.71%. The daily melting volume of float glass was 161,300 tons, unchanged. The daily melting volume of photovoltaic glass was 88,540 tons, down 0.84%. The mainstream price of 3.2mm coated glass was 19.50 yuan, down 2.50% [4]. - **Inventory**: As of October 31, the glass factory warehouse inventory was 65.79 million weight boxes, up 4.72% from October 24. The soda ash factory warehouse inventory was 170,200 tons, up 2.54%. The soda ash delivery warehouse inventory was 676,900 tons, down 3.18%. The number of days of soda ash inventory in glass factories was 20.4 days, unchanged [4]. - **Real Estate Data (Year - on - Year)**: In the current period, the new construction area was -0.09%, up 0.09 percentage points from the previous period. The construction area was 0.05%, down 2.43 percentage points. The completion area was -0.22%, down 0.03 percentage points. The sales area was -6.55%, down 6.50 percentage points [4]. Group 4: Industrial Silicon Industry Report Industry Investment Rating No relevant information provided. Report's Core View The spot price of industrial silicon increased by 50 - 100 yuan/ton, and the futures price rose first and then fell back 15 yuan/ton, closing at 9,155 yuan/ton. The increase in weekly supply and the decrease in demand might lead to inventory accumulation, putting pressure on prices. The opening of the arbitrage window in East China might bring hedging opportunities. The rise in coking coal prices might drive up the futures price of industrial silicon. Overall, the price of industrial silicon was expected to fluctuate at a low level, with a main price range of 8,500 - 9,500 yuan/ton [5]. Summary by Related Catalogs - **Spot Prices and Main Contract Basis**: On October 30, the price of East China oxygen - enriched SI5530 industrial silicon was 9,320 yuan/ton, up 1.07% from the previous day. The basis (based on oxygen - enriched SI5530) was 295 yuan/ton, up 63.89%. The price of East China SI4210 industrial silicon was 9,700 yuan/ton, up 0.52%. The basis (based on SI4210) was -255 yuan/ton, up 20.31%. The price of Xinjiang 99 - grade industrial silicon was 8,750 yuan/ton, up 0.57%. The basis (in Xinjiang) was 385 yuan/ton, up 19.70% [5]. - **Monthly Spreads**: On October 30, the 2511 - 2512 spread was -385 yuan/ton, down 2.60% from the previous day. The 2512 - 2601 spread was 30 yuan/ton, up 200.00%. The 2601 - 2602 spread was -10 yuan/ton, down 66.67%. The 2602 - 2603 spread was 10 yuan/ton, up 128.57%. The 2603 - 2604 spread was -10 yuan/ton, down 133.33% [5]. - **Fundamental Data (Monthly)**: The national industrial silicon production was 420,800 tons, up 9.10% from the previous month. Xinjiang's production was 203,200 tons, up 19.78%. Yunnan's production was 58,100 tons, up 2.41%. Sichuan's production was 52,900 tons, down 1.49%. The national operating rate was 61.94%, up 10.86 percentage points. Xinjiang's operating rate was 74.00%, up 22.09 percentage points. Yunnan's operating rate was 41.71%, down 11.99 percentage points. Sichuan's operating rate was 44.94%, up 1.47 percentage points. The production of organic silicon DMC was 210,200 tons, down 5.78%. The production of polysilicon was 130,000 tons, down 1.29%. The production of recycled aluminum alloy was 661,000 tons, up 7.48%. The export volume of industrial silicon was 70,200 tons, down 8.36% [5]. - **Inventory Changes**: As of October 30, the factory warehouse inventory in Xinjiang was 108,100 tons, down 0.28% from the previous day. The factory warehouse inventory in Yunnan was 34,600 tons, up 1.47%. The factory warehouse inventory in Sichuan was 25,200 tons, unchanged. The social inventory was 558,000 tons, down 0.18%. The warehouse receipt inventory was 237,100 tons, up 0.15%. The non - warehouse receipt inventory was 321,000 tons, down 0.42% [5]. Group 5: Polysilicon Industry Report Industry Investment Rating No relevant information provided. Report's Core View The spot price of polysilicon decreased slightly by 50 yuan/ton to 52,300 yuan/ton, and the futures price fluctuated and fell 40 yuan/ton, closing at 54,950 yuan/ton. With the shutdown of production capacity in Southwest China, the production in November was expected to drop to about 120,000 tons. The weekly production of polysilicon and silicon wafers decreased by 3 - 4%. Although the silicon wafer production schedule increased, the downstream procurement decreased, leading to an increase in inventory. Currently, polysilicon prices were mainly in high - level consolidation. Attention should be paid to the establishment of platform companies, production control, and whether there would be an increase in downstream orders. Since the futures price was higher than the spot average price, further significant price increases would depend on the hedging and arbitrage space of upstream enterprises. Also, the implementation of follow - up measures or policies should be monitored [7]. Summary by Related Catalogs - **Spot Prices and Basis**: On October 30, the average price of N - type polysilicon re - feedstock was 52,300 yuan/kg, down 0.10

Report Industry Investment Ratings No relevant information provided. Core Views PVC and Caustic Soda - Caustic soda: Supply is at a high level, with weak demand support in the short - term due to shrinking industry profits in downstream alumina. However, there may be demand support in the medium - to long - term as the procurement cycle approaches and alumina has more planned production in Q1 next year [1]. - PVC: Supply returns to a high level as some maintenance enterprises resume production. Domestic downstream demand remains weak, and cost provides bottom - line support. The market is expected to be lackluster during the peak season [1]. Polyester Industry - PX: Supply is generally stable, and demand support has strengthened. It is in a situation of high short - term supply and demand but with a weak overall outlook. Cost support is limited, and the rebound space is restricted [2]. - PTA: Spot basis is weak, and the rebound is expected to face pressure due to factors such as the resumption of some device loads and the decline in oil prices [2]. - MEG: Port inventory decreases, but the upward driving force weakens. The far - month supply - demand structure is weak, and there is significant upward pressure [2]. - Short - fiber: Supply remains high, and demand has improved slightly, but the overall supply - demand drive is limited. The price rebound is expected to face pressure, but it has relatively stronger support at low inventory levels [2]. - Bottle - chips: Entering the seasonal inventory accumulation period, it mainly follows cost fluctuations, and the processing fee fluctuates [2]. Pure Benzene and Styrene - Pure benzene: Domestic supply is loose, and demand support is limited. The overall supply - demand expectation is still loose, and price drive is limited. It follows oil prices and styrene fluctuations [5]. - Styrene: Under inventory and profit pressure, supply pressure still exists, and demand support is limited. The supply - demand pattern remains weak, and the rebound is expected to face pressure [5]. Methanol - The port market is under pressure due to high inventory and weak demand. The inland market has price inversion problems. The MTO load decreases, and demand support is insufficient. The price is expected to decline in the short - term, and attention should be paid to port de - stocking and overseas gas - limiting expectations [8]. Polyolefins - PP: Supply recovery slows down due to more unplanned maintenance. PE: Supply is expected to increase as maintenance peaks. Demand has warmed up, and inventory is decreasing. The 01 contract has inventory pressure, while the 05 contract may have long - term low - buying opportunities [10]. Summary by Relevant Catalogs PVC and Caustic Soda - **Prices**: Some PVC spot and futures prices changed slightly, and caustic soda prices were mostly stable [1]. - **Supply**: Caustic soda industry and some regional开工 rates increased slightly, while PVC total开工 rate decreased [1]. - **Demand**: Caustic soda downstream开工 rates were mostly stable, and PVC downstream制品开工 rates increased slightly [1]. - **Inventory**: Both caustic soda and PVC inventories decreased to some extent [1]. Polyester Industry - **Upstream prices**: PX, ethylene, and other prices changed slightly, and oil prices increased slightly [2]. - **Downstream product prices and cash flows**: Prices and cash flows of polyester products such as FDY, bottle - chips, and short - fibers changed, with some increasing and some decreasing [2]. - **开工 rates**: The综合开工 rate of polyester was stable, and the开工 rates of some segments such as PTA and MEG changed [2]. Pure Benzene and Styrene - **Upstream prices and spreads**: Prices of crude oil, naphtha, and pure benzene changed slightly, and spreads also changed [5]. - **Benzene - related prices and spreads**: Benzene and styrene prices decreased, and spreads changed [5]. - **Downstream cash flows**: Cash flows of some downstream products of pure benzene and styrene improved [5]. - **Inventory**: Both pure benzene and styrene port inventories decreased [5]. - **开工 rates**:开工 rates of some segments in the pure benzene and styrene industry chain decreased [5]. Methanol - **Prices and spreads**: Methanol futures and spot prices decreased, and spreads changed [6]. - **Inventory**: Enterprise inventory increased, port inventory decreased slightly, and social inventory increased slightly [7]. - **开工 rates**: Upstream domestic and overseas enterprise开工 rates decreased slightly, and some downstream开工 rates increased while others decreased [8]. Polyolefins - **Prices and spreads**: PE and PP futures and spot prices decreased, and spreads changed [10]. - **Inventory**: Both PE and PP inventories decreased [10]. - **开工 rates**: PE装置开工率 decreased slightly, and downstream加权开工率 increased. PP装置开工率 decreased, and some downstream开工 rates increased [10].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - In the fourth quarter, the opening of the domestic export window may alleviate the expectation of tight supply. The Shanghai zinc futures are likely to lack a trending market in the short term and will probably maintain a range-bound oscillation [10] 3. Summary According to the Directory 3.1 Futures Market - Contract Market - On October 29, 2025, the price of Shanghai zinc futures rose slightly against the trend, closing at 22,430 yuan/ton, up 0.27% from the previous trading day. The trading volume was 114,143 lots, and the open interest was 118,849 lots [2] 3.2 Futures Market - Variety Price - There are 12 contracts of Shanghai zinc futures today, with a total open interest of 210,352 lots, an increase of 1,255 lots from the previous trading day. The open interest of the main contract zn2512 decreased by 1,844 lots [5] - Specific data for each contract, including the latest price, opening price, trading volume, open interest, daily increase in open interest, increase rate, rise and fall, lowest price, highest price, previous settlement price, and settlement price, are provided in the table [6] 3.3 Fundamental Situation - The total supply remains at a high level. During the "Golden September and Silver October" peak season, the month-on-month increase in consumption is not obvious. However, the production of galvanized coils and die-cast alloys is at the second-highest level in the same period in history, indicating that the absolute level of terminal demand is not low. The limited seasonal increase has led to the "peak season not being prosperous" [9] 3.4 Conclusion and Outlook - From a fundamental perspective, the opening of the domestic export window in the fourth quarter may alleviate the expectation of tight supply. The Shanghai zinc futures are likely to lack a trending market in the short term and will probably maintain a range-bound oscillation [10]

Report Overview - Research Variety: Caustic Soda - Report Cycle: Daily - Date: October 29, 2025 [1] 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - The caustic soda futures price oscillated and consolidated today, while the spot price remained weakly stable. Most chlor-alkali enterprises are operating at normal loads, and the demand side remains lukewarm. The enthusiasm of downstream operators and traders to enter the market is not high. It is expected that the caustic soda futures market may maintain a weakly oscillating pattern in the short term. Attention should be paid to the purchasing situation of major downstream industries and macro sentiment in the future [14] 3. Summary by Directory 3.1 Futures Market 3.1.1 Contract Quotes - On October 29, 2025, the main caustic soda contract, Caustic Soda 2601, maintained an oscillating trend. The closing price was 2,361 yuan/ton, a decrease of 5 yuan/ton or 0.21% from the previous trading day's settlement price. The trading volume increased by 34,000 lots compared to the previous day, with a total trading volume of 302,000 lots. The open interest was 134,000 lots, an increase of 1,952 lots from the previous day [2] 3.1.2 Variety Prices - Today, 12 caustic soda futures contracts oscillated and consolidated. The total open interest of the variety was 212,800 lots, an increase of 8,561 lots from the previous trading day. Among them, the open interest of the active contract, Caustic Soda 2601, increased by 1,952 lots, and the capital inflow was 34.8 million yuan [5] 3.1.3 Related Quotes - Today, the put options of the main caustic soda contract SH601 performed stronger than the call options, with overall limited fluctuations [8] 3.2 Spot Market - The spot price of 32% caustic soda in Shandong Province remained weak today. Most enterprises' inventories increased at the end of the month, and the sales were poor. The mainstream transaction price of 32% ion-exchange membrane caustic soda in southwestern Shandong was 790 - 830 yuan/ton, 750 - 810 yuan/ton in central and eastern Shandong, and 790 - 860 yuan/ton in northern Shandong. The mainstream transaction price of 50% ion-exchange membrane caustic soda in central and eastern Shandong was 1,210 - 1,330 yuan/ton [10] 3.3 Influencing Factors 3.3.1 Industry News - The prices of liquid caustic soda and liquid chlorine in Shandong Province were stable today, and the chlor-alkali profit was 583 yuan/ton [12] 3.3.2 Technical Analysis - Today, the main caustic soda futures contract closed with a small positive line, maintaining a low-level oscillation. The price was suppressed by the 10-day moving average [12]

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - It is expected that PX will fluctuate narrowly, PTA will fluctuate weakly, and PR will fluctuate weakly (PX view score: 0, PTA view score: -1, PR view score: -1) [2] Summary by Relevant Catalogs Price Information - **Crude Oil**: On October 30, 2025, the futures settlement price (continuous) of WTI crude oil was $60.57 per barrel, up 0.15% from the previous value; the futures settlement price (continuous) of Brent crude oil was $65.00 per barrel, up 0.12% [1] - **Upstream Products**: The spot price (mid - price) of naphtha: CFR Japan was $572.63 per ton on October 30, 2025, up 0.26%; the spot price (mid - price) of xylene (isomeric grade): FOB South Korea was $670.00 per ton, down 1.69%; the spot price of p - xylene PX: CFR China Main Port was $817.00 per ton, down 0.12% [1] - **PTA Futures and Spot**: The closing price of CZCE TA main contract was 4,570 yuan per ton on October 30, 2025, down 1.42%; the settlement price was 4,608 yuan per ton, down 0.04%. The CCFEI price index of PTA outer market on October 29, 2025, was $611.00 per ton, up 1.66% [1] - **PX Futures and Spot**: The closing price of CZCE PX main contract was 6,588 yuan per ton on October 30, 2025, down 0.96%; the settlement price was 6,632 yuan per ton, up 0.27%. The PXN spread was $244.38 per ton, down 1.01%; the PX - MX spread was $147.00 per ton, up 7.69% [1] - **PR Futures and Spot**: The closing price of CZCE PR main contract was 5,666 yuan per ton on October 30, 2025, down 1.05%; the settlement price was 5,708 yuan per ton, down 0.04%. The market price (mainstream price) of polyester bottle chips in the East China market was 5,720 yuan per ton, down 0.35% [1] - **Downstream Products**: The CCFEI price index of polyester bottle - grade chips on October 30, 2025, was 5,720 yuan per ton, down 0.35%. Other downstream CCFEI price indices remained unchanged [2] Operating Conditions - The operating rates of the PX in the polyester industry chain, PTA factories, polyester factories, and bottle - chip factories remained unchanged at 86.21%, 80.09%, 89.28%, and 73.31% respectively on October 30, 2025. The operating rate of Jiangsu and Zhejiang looms was 72.28%, up 0.22% [1] Production and Sales - On October 30, 2025, the sales rate of polyester filament was 42.67%, down 6.20%; the sales rate of polyester staple fiber was 42.82%, down 0.75%; the sales rate of polyester chips was 45.79%, up 8.73% [1] Device Information - The 2.7 - million - ton (designed capacity) PTA device of Dushan Energy No. 4 started trial operation on October 25, 2025. After the new device runs stably, the company will start the new one and shut down the old one [2] Important News and Logic - **PX**: Overnight, due to positive prospects of China - US meetings and EIA inventory reports, oil prices rebounded, but after the end of the China - US meetings, the cost support for PX weakened. Recently, some PX factories' reforming devices are under maintenance or will be under maintenance, but the PX supply remains stable. Overseas devices are also operating stably. The call for anti - involution in the industry has increased, but it has limited impact on PX supply and demand in the short term [2] - **PTA**: The industrial meeting has no unplanned impact on the operating rate. In the morning, the decline in oil prices weakened the cost support for PTA, but the market hoped for active production cuts on the supply side. In the afternoon, the expectation of production cuts on the supply side was not fulfilled, and the PTA spot price followed the futures price down [2] - **PR**: The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets was 5,700 - 5,830 yuan per ton, down 5 yuan per ton from the previous trading day. The market atmosphere was weak, and the downstream purchasing willingness was low. The market is in a state of oversupply, and the demand side has limited support for prices [2]