Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Views of the Report - The overall market is in the off - season of consumption, with low production and demand, and inventory rising from a low level. The central bank's cut in re - loan and re - discount rates boosts market confidence to some extent, and there is still room for reserve requirement ratio and interest rate cuts in the future. The short - term decline is due to the weakening of market sentiment driven by the correction in the stock market, precious metals, and non - ferrous metals. Technically, the futures price is oscillating in a narrow range of 100 yuan/ton and may face a direction selection in the short term [2]. - The demand for iron ore is in the off - season, with iron water production likely to decline seasonally. The improvement in steel apparent demand may be due to year - end rush construction. The global iron ore shipment is slightly rising but is expected to decline later due to southern hemisphere seasonal factors. The arrival volume has decreased, and port inventory is rising. Technically, the futures price is under pressure, but there may be support near the 60 - day moving average and the lower Bollinger Band [4]. Group 3: Summary by Related Catalogs 3.1 Thread and Hot Roll - **Supply and Demand**: Last week, the output of rebar from 247 sample steel mills increased slightly, the apparent demand decreased month - on - month, and the total inventory continued to rise. The total output of the five major varieties increased slightly, the inventory continued to rise, and the apparent demand decreased month - on - month [2]. - **Price Data**: The closing price of the rebar main contract was 3099 yuan/ton, down 0.86% from last week; the closing price of the hot - rolled coil main contract was 3265 yuan/ton, down 0.73% from last week. The spot price of rebar (HRB400E 20mm, Shanghai) was 3230 yuan/ton, down 0.92% from last week; the spot price of hot - rolled coil (Q235 4.75mm, Shanghai) was 3260 yuan/ton, down 0.61% from last week [3]. - **Operation Suggestion**: Hold long positions lightly and conduct medium - term trading. Do not chase up or kill down. Wait for the later bottom signal to be confirmed and then add positions on dips. Pay attention to whether there is a possibility of an effective downward breakthrough in the short term [2]. 3.2 Iron Ore - **Supply and Demand**: The demand is in the off - season, and iron water production is likely to decline seasonally. The supply is affected by southern hemisphere seasonal factors, with the global shipment expected to decline. The arrival volume has decreased, and port inventory is rising [4]. - **Price Data**: The settlement price of the DCE iron ore main contract was 777.5 yuan/dry ton, down 1.33% from last week; the settlement price of the SGX iron ore continuous contract was 102 US dollars/dry ton, down 2.46% from last week. The price of Macfarlane powder (Qingdao Port) was 773 yuan/wet ton, down 2.03% from last week [4]. - **Operation Suggestion**: Maintain a wait - and - see attitude. Patiently wait for the futures price to stabilize and then look for opportunities to go long. Do not chase up or kill down [4]. 3.3 Industry News - In late January 2026, the social inventory of five major varieties of steel in 21 cities was 717 million tons, a month - on - month increase of 8 million tons, or 1.1%. It was 4 million tons less than at the beginning of the year, a decrease of 0.6%, and 17 million tons less than the same period last year, a decrease of 2.3% [6]. - Indonesian mining officials said on Tuesday that due to Indonesia's large - scale production reduction plan, local miners have suspended spot coal exports. The production quotas issued to major miners last month were 40% - 70% lower than the 2025 level [6].

Group 1 - The core viewpoint of the articles indicates that the casting aluminum market is experiencing downward pressure due to geopolitical risks and seasonal demand decline, despite some support from raw material costs [1][2]. Group 2 - The main contract for casting aluminum closed at 22,585 yuan, down 505 yuan or 2.19%, with a trading volume of 19,770 lots, an increase of 211 lots, and an open interest of 21,008 lots, up 390 lots [1]. - The average price for casting aluminum alloy ingots (A356.2) was reported at 25,600 yuan per ton, down 100 yuan, while other alloys like A380 and ZL102 also saw similar declines [1]. - The macroeconomic environment shows that geopolitical tensions, particularly actions by the Trump administration, have led to increased market risk aversion, contributing to the decline in aluminum prices [1]. Group 3 - On the supply side, both imported and domestic scrap aluminum supplies are tight, which limits the price decline of casting aluminum and provides cost support [2]. - Demand remains weak as the industry enters a seasonal consumption lull, with alloy plant operating rates declining and automotive sector demand decreasing [2]. - The overall market activity is subdued, with cautious buying from downstream enterprises and limited actual transactions, indicating a general lack of market dynamism [2].

Core Viewpoint - The company experienced a decline in both sales volume and revenue for chicken products in October 2025, primarily due to the overall supply-demand dynamics in the industry [1]. Company Performance - In October 2025, the company sold 19.4567 million chickens, generating a revenue of 56.2981 million yuan, reflecting a month-on-month decrease of 10.00% in sales volume and 14.90% in revenue [1]. - Year-on-year, the sales volume and revenue decreased by 17.15% and 34.89%, respectively [1]. Industry Context - The current supply of egg-laying hens is relatively abundant, which, combined with lower-than-expected market demand during the National Day and Mid-Autumn Festival holidays, has increased market pressure [1]. - The market is entering a seasonal consumption lull, leading to low egg prices and a cautious outlook among breeding units, resulting in reduced enthusiasm for replenishing stocks [1]. - Additionally, the weak price trends for both live pigs and broiler chickens have indirectly suppressed egg consumption [1].

Report Overview - **Report Date**: July 24, 2025 - **Report Type**: Black Building Materials Daily Report - **Research Institution**: Huatai Futures Research Institute Industry Investment Ratings - **Steel**: Sideways with an upward bias [1][2] - **Iron Ore**: Sideways [3][4] - **Coking Coal and Coke**: Sideways with an upward bias [5][7] - **Steam Coal**: Sideways with an upward bias in the short - term, supply remains loose in the long - term [8] Core Views - The market sentiment of steel is slowing down, and steel prices are oscillating with an upward bias. The building materials are in the off - season, while the plates show strong consumption resilience. Policy benefits are emerging [1]. - The price of iron ore is oscillating. Macro - policy disturbances have increased, and the short - term price has rebounded. The supply has strong support, and the demand is guaranteed. In the long run, the supply - demand remains loose [3]. - The futures prices of coking coal and coke have risen significantly. The supply of coking coal is tight, and the demand for coke is strong. The market sentiment is positive [5][6]. - The market sentiment of steam coal is high, and the coal prices in the production areas are oscillating upwards. The supply is gradually releasing, and the demand is expected to strengthen in the short term. The supply pattern remains loose in the long run [8]. Summary by Commodity Steel - **Market Analysis**: The futures trading atmosphere has slowed down, and the trading volume has slightly decreased. The spot market demand has slightly increased, and the spot trading is generally weak. Building materials are in the off - season with slightly increased inventory and slightly decreased production. Plates maintain a pattern of strong supply and demand [1]. - **Strategy**: Unilateral: Sideways with an upward bias; Others: None [2] Iron Ore - **Market Analysis**: The futures price is oscillating. The spot price in Tangshan Port has slightly declined, and the trading is cold. The long - term spot trading volume has increased. The short - term price has rebounded, the supply has strong support, and the demand is guaranteed. The port inventory has not increased significantly. In the long run, the supply - demand remains loose [3]. - **Strategy**: Unilateral: Sideways; Others: None [4] Coking Coal and Coke - **Market Analysis**: The futures prices have risen significantly. The coke market has implemented two rounds of price increases, and some coking enterprises have over - increased prices. The supply of coking coal is tight, and the demand for coke is strong. The market sentiment is positive [5][6]. - **Strategy**: Coking Coal: Sideways with an upward bias; Coke: Sideways with an upward bias; Others: None [7] Steam Coal - **Market Analysis**: The coal prices in the production areas are rising. The procurement demand from metallurgy and chemical industries is good, and the restocking demand from some local power plants has been released. The port market is rising, but the terminal's acceptance of prices is slow to improve, and the trading is deadlocked. The import coal price is high and firm, but the trading activity is not high [8]. - **Strategy**: None

Group 1: Report Industry Investment Ratings - Investment rating for the pig market: Cautiously bearish [3] - Investment rating for the egg market: Neutral [5] Group 2: Core Views of the Report - The pig market is in a pattern of strong supply and weak demand, with prices fluctuating widely in May. As it enters the seasonal consumption off - season, there is a lack of short - term positive factors. Long - term attention should be paid to pig出栏情况, secondary fattening, and frozen product changes [2] - The egg market has entered the seasonal consumption off - season. After the Dragon Boat Festival food enterprise stocking ended and with the decline in school demand after the mid - and high - school entrance exams, along with the high - temperature and high - humidity environment in the southern rainy season, the short - term supply - demand pattern of oversupply is difficult to change [4] Group 3: Market News and Important Data Pig Market - Futures: The closing price of the live pig 2509 contract yesterday was 13,485 yuan/ton, a change of - 5.00 yuan/ton (- 0.04%) from the previous trading day [1] - Spot: In Henan, the price of external ternary live pigs was 14.03 yuan/kg, a change of - 0.18 yuan/kg; in Jiangsu, it was 14.42 yuan/kg, a change of - 0.08 yuan/kg; in Sichuan, it was 14.00 yuan/kg, a change of - 0.08 yuan/kg [1] - Agricultural product wholesale prices on June 5: The "Agricultural Product Wholesale Price 200 Index" was 113.50, up 0.06 points; the "Vegetable Basket" product wholesale price index was 113.63, up 0.07 points. The average price of pork was 20.70 yuan/kg, down 0.2%; beef was 64.44 yuan/kg, up 1.5%; mutton was 59.76 yuan/kg, up 1.2%; eggs were 7.76 yuan/kg, up 0.8%; white - striped chickens were 17.54 yuan/kg, up 1.1% [1] Egg Market - Futures: The closing price of the egg 2507 contract yesterday was 2,878 yuan/500 kilograms, a change of + 1.00 yuan (+ 0.03%) from the previous trading day [3] - Spot: In Liaoning, the egg spot price was 2.78 yuan/jin, with no change; in Shandong, it was 2.90 yuan/jin, with no change; in Hebei, it was 2.58 yuan/jin, with no change [3] - Inventory: On June 5, 2025, the national production - link inventory was 1.02 days, an increase of 0.02 days (2.00%); the circulation - link inventory was 1.42 days, an increase of 0.03 days (2.16%) [3]

Group 1: Report Industry Investment Ratings - Investment rating for the pig market: Cautiously bearish [3] - Investment rating for the egg market: Neutral [6] Group 2: Core Views of the Report - The pig market is in a seasonal consumption off - season, showing a pattern of strong supply and weak demand, with short - term lack of positive factors and long - term need to monitor hog slaughter, secondary fattening, and frozen product changes [2] - The egg market is also in a seasonal consumption off - season, and the short - term supply - demand pattern of oversupply is difficult to change [5] Group 3: Summary of Relevant Catalogs Pig Market Market News and Important Data - Futures: The closing price of the live hog 2509 contract yesterday was 13,490 yuan/ton, a change of - 20.00 yuan/ton from the previous trading day, a decrease of 0.15% [1] - Spot: In Henan, the price of outer three - yuan live hogs was 14.21 yuan/kg, a change of - 0.19 yuan/kg from the previous trading day; in Jiangsu, it was 14.50 yuan/kg, a change of - 0.10 yuan/kg; in Sichuan, it was 14.08 yuan/kg, a change of - 0.07 yuan/kg [1] - Agricultural product prices: On June 4, the "Agricultural Product Wholesale Price 200 Index" was 113.44, down 0.29 points from the previous day. The average wholesale price of pork was 20.75 yuan/kg, up 0.8% from the previous day; beef was 63.50 yuan/kg, down 0.6%; mutton was 59.08 yuan/kg, down 1.2%; eggs were 7.70 yuan/kg, up 1.2%; and white - striped chickens were 17.35 yuan/kg, up 0.8% [1] Market Analysis - The pig market is entering a seasonal consumption off - season. Rising temperatures and school holidays will affect rigid demand. Frozen product inventory is slowly being destocked, and there is little frozen product warehousing at current price levels. The market shows a pattern of strong supply and weak demand, with short - term lack of positive factors [2] Strategy - Cautiously bearish [3] Egg Market Market News and Important Data - Futures: The closing price of the egg 2507 contract yesterday was 2,877 yuan/500 kilograms, a change of - 20.00 yuan from the previous trading day, a decrease of 0.69% [3] - Spot: In Liaoning, the egg spot price was 2.78 yuan/jin, unchanged from the previous trading day; in Shandong, it was 2.90 yuan/jin, unchanged; in Hebei, it was 2.58 yuan/jin, unchanged [3] - Inventory: On June 4, the national production - link inventory was 1.00 days, an increase of 0.02 days from the previous trading day, and the circulation - link inventory was 1.39 days, an increase of 0.02 days [3] Market Analysis - After the Dragon Boat Festival, food company stocking ended, leading to a decline in egg prices. After the mid - and high - school entrance exams this month, school demand dropped significantly. During the plum - rain season in the South, high temperature and humidity caused frequent egg spoilage, and all links were more cautious in purchasing, mainly on a demand - based basis. The overall demand is weak, and the short - term supply - demand pattern of oversupply is difficult to change [4][5] Strategy - Neutral [6]