Group 1: Investment Rating - No investment rating is provided in the report. Group 2: Core Viewpoints - The global corn supply pressure has weakened, but the U.S. corn is still in a bottom - oscillating state. The import profit of foreign corn has increased, and the domestic corn spot is relatively stable in the short term. After the Spring Festival, corn may decline slightly, and the short - term upward space of the 05 corn contract on the futures market is limited [4][6]. - The price of starch mainly depends on the corn price and downstream stocking. The inventory of corn starch has increased this week. The 05 starch contract has risen following corn, and the starch spot has stabilized in the short term [7]. - The U.S. corn supply pressure has weakened, and it is expected to oscillate strongly at the bottom. The corn spot in North China is strong, and the 03 corn contract may decline [8]. Group 3: Summary by Directory 1. Data Futures Market - For corn futures contracts (C2601, C2605, C2509), the closing prices are 2285, 2316, and 2331 respectively, with price increases of 21, 30, and 23, and price increase rates of 0.92%, 1.30%, and 0.99%. The trading volume of C2601 is 507 with an increase rate of 85.04%, C2605 is 790,787 with an increase rate of 103.56%, and C2509 is 31,530 with an increase rate of 188.97%. The open interest of C2601 is 3,527 with an increase rate of 2.29%, C2605 is 1,174,673 with an increase rate of 20.50%, and C2509 is 88,438 with an increase rate of 21.04% [2]. - For starch futures contracts (CS2601, CS2605, CS2509), the closing prices are 2620, 2637, and 2658 respectively, with price increases of 20, 29, and 18, and price increase rates of 0.76%, 1.10%, and 0.68%. The trading volume of CS2601 is 8 with a decrease rate of 42.86%, CS2605 is 59,825 with an increase rate of 34.94%, and CS2509 is 1,189 with a decrease rate of 55.13%. The open interest of CS2601 is 80 with an increase rate of 0.00%, CS2605 is 148,017 with an increase rate of 9.78%, and CS2509 is 8,298 with a decrease rate of 0.11% [2]. Spot and Basis - Corn spot prices in different regions: Qinggang is 2135 yuan, Songyuan Jiajie is 2190 yuan, Zhucheng Xingmao is 2362 yuan, Shouguang is 2346 yuan, Jinzhou Port is 2330 yuan, Nantong Port is 2410 yuan, and Guangdong Port is 2450 yuan. The price in Shouguang has increased by 10 yuan, while others are stable. The basis in different regions ranges from - 196 to 119 [2]. - Starch spot prices in different regions: Longfeng is 2730 yuan, COFCO is 2700 yuan, Yihai (Heilongjiang) is 2700 yuan, Yufeng is 2830 yuan, Jinyu is 2820 yuan, Zhucheng Xingmao is 2920 yuan, and Hengren Industry and Trade is 2780 yuan. All prices are stable. The basis in different regions ranges from 63 to 283 [2]. Spread - Corn inter - period spreads: C01 - C05 is - 31 with a decrease of 9, C05 - C09 is - 15 with an increase of 7, C09 - C01 is 46 with an increase of 2 [2]. - Starch inter - period spreads: CS01 - CS05 is - 17 with a decrease of 9, CS05 - CS09 is - 21 with an increase of 11, CS09 - CS01 is 38 with a decrease of 2 [2]. - Cross - variety spreads: CS09 - C09 is 327 with a decrease of 5, CS01 - C01 is 335 with a decrease of 1, CS05 - C05 is 321 with a decrease of 1 [2]. 2. Market Judgment Corn - U.S. corn prices are oscillating at the bottom. The import profit of foreign corn has increased, with the import price from Brazil in July being 2201 yuan. The northern port's flat - warehouse price is stable at around 2330 yuan, and the northeast and north China corn spot prices are stable. The price difference between north China and northeast corn has widened. Wheat and corn are being auctioned, and corn is still cost - effective. The domestic breeding demand is stable, and the downstream feed enterprises' inventory has increased. The 05 contract has increased in positions and broken through the previous high, but the short - term upward space is limited, and there may be a slight decline after the Spring Festival [4][6]. Starch - The number of vehicles arriving at Shandong deep - processing enterprises has decreased, and the Shandong corn spot price is strong. The starch price in Shandong is around 2780 yuan, and the northeast starch spot price is stable. This week, the corn starch inventory has increased to 102.5 million tons, an increase of 3.0 million tons from last week, with a monthly decrease of 0.3% and a year - on - year decrease of 23.9%. The starch price depends on the corn price and downstream stocking. The by - product price is starting to weaken but is still higher than last year. The 05 starch contract has risen following corn, and the starch spot has stabilized in the short term [7]. 3. Trading Strategy - Unilateral: The 03 U.S. corn has support at 420 cents per bushel. All long positions in the 07 and 05 corn contracts should be liquidated [9]. - Arbitrage: Reverse arbitrage for the 3 - 7 corn contracts, and go long on the spread between the 05 corn and starch contracts when the price is low [9]. 4. Corn Options - Option strategy: Short - term cumulative put option strategy with rolling operations [10]. 5. Related Attachments - The attachments include six figures showing the northern port's corn flat - warehouse price, corn 05 contract basis, corn 5 - 9 spread, corn starch 5 - 9 spread, corn starch 05 contract basis, and corn starch 05 contract spread over different time periods [14][15][19]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - This weekend, the national pig price showed a weak and volatile trend. The north continued to be weak due to supply pressure, while the south showed a mixed trend of stability and decline supported by regional price differences. As the Minor New Year approaches, terminal stocking has limited support for prices, and the market pattern of strong supply and weak demand remains unchanged. In the short term, the resistance sentiment of the breeding side and the price - pressing mentality of slaughtering enterprises will continue to compete. The pig price in the north may adjust slightly, and the decline in the south may narrow due to active external sales, but overall, there is a lack of rebound momentum. It is expected that the pig price will remain weak before the Spring Festival [2] 3. Summary According to Relevant Catalogs Futures Market - **Price Changes**: The previous day's closing prices for January, March, May, July, September, and November contracts were 13,200, 10,860, 11,625, 12,195, 13,100, and 13,025 respectively. Compared with two days ago, the prices decreased by 125, 135, 60, 50, 35, and 5, with corresponding declines of - 0.94%, - 1.23%, - 0.51%, - 0.41%, - 0.27%, and - 0.04% [2] - **Trading Volume**: The trading volumes of January, March, May, July, September, and November contracts were 507, 28,725, 48,568, 4,422, 3,814, and 2,121 respectively [2] - **Open Interest**: The open interests were 2,063, 65,988, 143,321, 50,102, 36,694, and 23,477 respectively. The changes in open interest were 267, - 8,876, - 1,148, - 154, - 481, and 412 [2] - **Spreads**: The current spreads of January - March, March - May, May - July, July - September, September - November, and November - January were 2,340, - 765, - 570, - 905, 75, and - 175 respectively, compared with previous values of 2,330, - 690, - 560, - 890, 105, and - 295 [2] Spot Market - **Price Changes**: The current spot prices in Henan, Sichuan, Hunan, Guangdong, Guangxi, and Liaoning were 12.28, 11.54, 11.84, 11.74, 11.8, and 12.38 yuan/ton respectively. Compared with the previous value, the changes were - 0.08, - 23.08, - 0.04, - 0.16, - 0.04, and 0.24 [2] Warehouse Receipts - The quantity of warehouse receipts was 647 both the previous day and two days ago, with no change [2]

Report Industry Investment Rating - Not provided Core Viewpoints - Due to the recent drought in Argentina, the supply pressure has weakened, and it is expected that U.S. corn will oscillate strongly at the bottom. The supply of corn in North China has increased, and the spot price of corn is stable, while that in Northeast China is relatively stable. Farmers' reluctance to sell has begun to ease, and the spot price will remain relatively stable in the short term. The purchase price at northern ports is weak today. The price of wheat in North China is strong, and the price difference between corn in Northeast and North China is widening. Recently, the market has been trading on the increased grain sales in North China before the Spring Festival, and there is still selling pressure on corn in Northeast China later. The rebound space for corn spot is limited, and there is room for a decline in the March corn contract. The short - term outlook for the March starch contract is a weak oscillation [4][6][8]. Summary by Directory Part I: Data - **Futures Market Data**: For corn futures contracts C2601, C2605, and C2509, the closing prices are 2255, 2279, and 2297 respectively, with price changes of 4, - 3, and - 1, and price change rates of 0.18%, - 0.13%, and - 0.04%. For corn starch futures contracts CS2601, CS2605, and CS2509, the closing prices are 2588, 2610, and 2623 respectively, with price changes of 3, 2, and 6, and price change rates of 0.12%, 0.08%, and 0.23% [2]. - **Spot and Basis Data**: The spot prices of corn in different regions such as Qinggang, Songyuan Jiajie, and Zhucheng Xingmao are 2160, 2220, and 2328 respectively, with price changes of 0. The basis values range from - 137 to 153. The spot prices of corn starch in different regions such as Longfeng, COFCO, and Yihai (Heilongjiang) are 2730, 2700, and 2700 respectively, with price changes of 0. The basis values range from 90 to 290 [2]. - **Spread Data**: For corn inter - delivery spreads like C01 - C05, C05 - C09, and C09 - C01, the spreads are - 24, - 18, and 42 respectively, with price changes of 7, - 2, and - 5. For corn starch inter - delivery spreads like CS01 - CS05, CS05 - CS09, and CS09 - CS01, the spreads are - 22, - 13, and 35 respectively, with price changes of 1, - 4, and 3. For cross - variety spreads like CS09 - C09, CS01 - C01, and CS05 - C05, the spreads are 326, 333, and 331 respectively, with price changes of 7, - 1, and 5 [2]. Part II: Market Analysis - **Corn**: The drought in Argentina has led to a bottom - rebound of U.S. corn, but it is still oscillating at the bottom due to global supply pressure. The import profit of foreign corn is rising. The northern port's flat - hatch price has declined, while the spot price in the Northeast corn - producing area is stable. The supply of corn in North China has decreased, and the spot price is strong. The price difference between Northeast and North China corn has narrowed. Wheat and corn are still being auctioned. The price of wheat in North China is strong, and the price difference between wheat and corn is large, which makes corn more cost - effective. The domestic breeding demand is stable, and the inventory of downstream feed enterprises has increased. The supply of corn in the Northeast is still low, and the price is strong. Farmers' reluctance to sell has weakened, and the port inventory is low. The purchase price at northern ports is weak today. The price of the March contract has continued to decline, and the basis of the spot price has strengthened [4][6]. - **Corn Starch**: The number of trucks arriving at Shandong deep - processing plants has increased, and the spot price of corn in Shandong is stable. The spot price of corn starch in Shandong is around 2770 yuan, and that in the Northeast is stable. The inventory of corn starch has decreased this week, with the manufacturer's inventory at 102.8 million tons, a decrease of 4.1 million tons from last week, a monthly decline of 6.7%, and a year - on - year decline of 8.0%. The price of starch mainly depends on the price of corn and downstream stocking. The by - product prices are still strong, much higher than last year, and the spot price difference between corn and starch is at a low level. Corn prices in North China and the Northeast are stable in the short term. Due to the end of pre - Spring Festival stocking, the spot price of starch is weak, and enterprises are still in the red. The March starch contract has followed the decline of corn, but the short - term decline space is limited, and it is expected to oscillate weakly in the short term [7]. Part III: Trading Strategies - **Unilateral Trading**: The March U.S. corn contract has support at 420 cents per bushel. Consider establishing long positions in the July and May corn contracts [9]. - **Arbitrage Trading**: Hold off on trading for now [10]. Part IV: Corn Options - **Option Strategy**: Adopt a short - term cumulative put option strategy and conduct rolling operations [11]. Part V: Related Attachments - The attachments include six figures: the northern port's corn flat - hatch price, the basis of the May corn contract, the May - September spread of corn, the May - September spread of corn starch, the basis of the May corn starch contract, and the spread of the May corn starch contract [14][15][19].

Summary of the Conference Call for Jiantou Energy Company Overview - **Company**: Jiantou Energy - **Year**: 2025 - **Key Financials**: - Net profit attributable to shareholders: 1.877 billion CNY, up 253.38% year-on-year - Earnings per share: approximately 1.04 CNY - Total power generation: 52.321 billion kWh, down 3.56% year-on-year - Total on-grid electricity: 48.562 billion kWh, down 3.58% year-on-year - Total heat supply: 70.7536 million GJ, down 1.27% year-on-year [2][3] Industry Insights - **Electricity Demand**: Decrease in overall electricity demand, rapid development of renewable energy, and a warmer heating season contributed to the decline in power generation [2][3][15]. - **Coal Procurement Strategy**: - Primarily relies on the spot market, with a flexible adjustment of long-term contracts and spot purchases to control costs. - Long-term coal contracts accounted for approximately 50% in 2025, with plans to maintain this as a core strategy while adjusting based on market demand [4][7][5]. Pricing and Revenue - **Coal Pricing**: - The long-term contract price for Hebei South Network thermal power is approximately 379.9 CNY/MWh, reflecting a decrease due to falling coal prices but still above benchmark prices by 15%-16% [8]. - **Capacity Pricing Policy**: - The capacity price policy in Hebei is set at 165 CNY/kW·month, expected to add approximately 0.42 CNY to per kWh revenue, significantly supplementing overall income [9]. Project Developments - **Thermal Power Projects**: - Ongoing projects include Xibaipo Phase IV and Renqiu Thermal Power Phase II, expected to be operational in 2026. - Participation in multiple new projects under Guoneng Holdings, with one unit in Qinhuangdao already in trial operation [13][14]. - **Renewable Energy Projects**: - Currently constructing a 650,000 kW solar project and participating in a 250,000 kW offshore wind project, both expected to be operational by June 2026. - Cautious investment in solar energy, contributing minimally to overall power generation and profits [15][4]. Financial Strategy - **Dividends**: - The company plans to maintain regular dividends, having distributed over 4 billion CNY since its listing, with a focus on balancing short, medium, and long-term interests [18][19]. - **Capital Expenditure**: - Annual capital expenditure is approximately 3 billion CNY, focusing on incremental projects including thermal power, solar, and pumped storage projects [20]. Additional Insights - **Auxiliary Services Revenue**: - Although auxiliary services revenue is growing, it remains a small portion of total revenue, primarily driven by Hebei's auxiliary service rules [11]. - **Market Dynamics**: - The company’s participation in spot trading for thermal desulfurization is less than 10%, with expectations of minimal changes in the future [10]. - **Industrial Heating Business**: - The industrial heating segment is seen as a key area for revenue expansion, with plans to develop comprehensive energy services centered around thermal power plants [17]. This summary encapsulates the key points from the conference call, highlighting Jiantou Energy's operational performance, strategic initiatives, and market positioning within the energy sector.

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Report Summary 1) Report Industry Investment Rating - No information provided on the industry investment rating. 2) Core Viewpoints - LLDPE futures and spot market continue to resonate with low standard product production. The spot market has tightened liquidity in the short - term, with improved trade - sample transactions. The outer - market quotation is rising, and the long - term import profit is open, but downstream factories are mostly cautious. The raw material end has mixed trends, and the supply side has some changes with potential future supply - demand pressure [1][2]. 3) Summary by Relevant Catalogs Fundamental Tracking - **Futures Data**: The closing price of L2605 is 6820, with a daily increase of 0.80%. The trading volume is 640471, and the open interest decreased by 10862. The 05 - contract basis is - 120 (compared to - 66 the previous day), and the 05 - 09 contract spread is - 35 (compared to - 36 the previous day) [1]. - **Spot Price Data**: In the north, the price is 6700 yuan/ton (unchanged from the previous day); in the east, it is 6850 yuan/ton (up from 6750 yuan/ton the previous day); in the south, it is 6900 yuan/ton (up from 6850 yuan/ton the previous day) [1]. Spot News - The futures rally continues. The spot market has short - term liquidity tightening due to active short - covering and hedging transactions. PE spot prices are rising actively, and the east - China basis has strengthened and turned positive. Downstream product profits are compressed, but rigid demand orders are maintained, and trade - sample transactions have improved significantly. Outer - market quotations are rising, and long - term import profits are open, with increased importer transactions, while downstream factories are cautious [1]. Market Condition Analysis - The raw material crude oil price is stabilizing and fluctuating, the ethylene monomer segment is weakening, and the profit of PE ethylene and ethane processes has improved. The PE futures market has continued to rebound, with most transactions concentrated in the middle - stream, and downstream has not chased the price to replenish inventory. The near - end downstream agricultural film market is weakening, the packaging film industry maintains rigid demand, but the willingness of middle and lower - stream to hold inventory has weakened after the recent decline. The upstream is offering discounts to sell at the end of the year, and the factory inventory has decreased slightly, with a weak basis. On the supply side, Guangxi Petrochemical is gradually starting up, the maintenance plan in January has decreased month - on - month, and some FD has switched back to standard products. In the medium - term, attention should be paid to the supply - demand pressure brought by high existing production capacity and weakening demand [2]. Trend Intensity - The LLDPE trend intensity is 0 [3].

1. Report's Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The US corn report significantly increased the production forecast, leading to a sharp decline in US corn prices. However, the global corn supply pressure has weakened, limiting the downside space for US corn prices. The import profit of foreign corn is rising, and the import price from Brazil in February is 2126 yuan. The domestic corn and starch markets have different trends, with corn showing regional differences and starch being affected by corn prices and inventory changes. The report suggests short - selling 03 corn and 03 starch, and adopting a short - term cumulative put option strategy for corn options, while remaining on the sidelines for arbitrage [4][6][7][8][9][11] 3. Summary by Relevant Catalogs 3.1 Data 3.1.1 Futures盘面 - C2601 closed at 2298, down 3 (-0.13%), with a trading volume of 0, a 100% decrease, and an open interest of 9,186, a 0.12% decrease - C2605 closed at 2277, down 2 (-0.09%), with a trading volume of 184,628, a 10.50% decrease, and an open interest of 621,422, a 2.87% increase - C2509 closed at 2291, down 6 (-0.26%), with a trading volume of 7,901, a 11.98% decrease, and an open interest of 53,279, a 1.06% increase - CS2601 closed at 2540, up 2 (0.08%), with a trading volume of 100, an 80% decrease, and an open interest of 2,400, unchanged - CS2605 closed at 2591, down 5 (-0.19%), with a trading volume of 14,970, a 17.23% increase, and an open interest of 53,742, a 7.87% increase - CS2509 closed at 2619, down 7 (-0.27%), with a trading volume of 230, a 44.44% decrease, and an open interest of 2,876, a 1.20% increase [2] 3.1.2 Spot and Basis - Corn: The prices in Qinggang, Songyuan Jiajie, Zhucheng Xingmao, Shouguang, Jinzhou Port, Nantong Port, and Guangdong Port were 2150, 2180, 2304, 2276, 2340, 2420, and 2470 respectively, with price changes of 10, 0, 6, 10, 10, 0, and 10 respectively. The basis was -141, -111, 13, -15, 63, 129, and 179 respectively [2] - Starch: The prices of Longfeng, COFCO, Yihai (Heilongjiang), Yufeng, Jinyu, Zhucheng Xingmao, and Hengren Industry and Trade were 2730, 2700, 2700, 2860, 2800, 2880, and 2750 respectively, with price changes of 30, 0, 0, 0, 0, 0, and 0 respectively. The basis was 139, 109, 109, 269, 209, 289, and 159 respectively [2] 3.1.3 Spreads - Corn inter - month spreads: C01 - C05 was 21, down 1; C05 - C09 was - 14, up 4; C09 - C01 was - 7, down 3 - Starch inter - month spreads: CS01 - CS05 was - 51, up 7; CS05 - CS09 was - 28, up 2; CS09 - CS01 was 79, down 9 - Cross - variety spreads: CS09 - C09 was 328, down 1; CS01 - C01 was 242, up 5; CS05 - C05 was 314, down 3 [2] 3.2 Market Analysis 3.2.1 Corn - The US corn report led to a sharp decline in US corn prices, but the global supply pressure has weakened, limiting the downside. The import profit of foreign corn is rising, and the domestic northern port closing prices are rising. The northeast corn spot is strong, while the supply in North China is increasing, and the corn price is stable. The price difference between northeast and North China corn is narrowing. Wheat and corn are being auctioned, and wheat prices are stable. The domestic breeding demand is stable, and the downstream feed enterprise inventory is increasing. The market is concerned about the seasonal selling pressure of northeast corn before the Spring Festival and the downstream inventory - building situation [4][6] 3.2.2 Starch - The number of trucks arriving at Shandong deep - processing plants is increasing, and the Shandong corn spot is stable. The northeast starch spot is stable. The corn starch inventory has increased this week, with the manufacturer's inventory at 112.5 million tons, an increase of 0.2 million tons from last week, a monthly increase of 2.1%, and a year - on - year increase of 25.1%. The starch price depends on the corn price and downstream inventory - building. The by - product prices are strong, and the spot price difference between corn and starch is low. Due to the strong corn price, the starch spot is also strong, but enterprise profitability is declining. The 03 starch contract followed the market up and then down, and it is expected that the short - term rebound space for the 03 starch contract is limited [7] 3.3 Trading Strategies - Unilateral: 03 US corn has support at 430 cents per bushel. Start short - selling 03 corn and continue to short - sell 03 starch - Arbitrage: Stay on the sidelines [9][10] 3.4 Corn Options - Option strategy: Adopt a short - term cumulative put option strategy and conduct rolling operations [11] 3.5 Relevant Attachments - The report includes six charts showing the northern port corn closing price, corn 05 contract basis, corn 5 - 9 spread, corn starch 5 - 9 spread, corn starch 05 contract basis, and corn starch 05 contract spread [14][15][16][18][19]

Group 1 - The core point of the article is that spot silver has surpassed $75, reaching a new historical high [3][5]. Group 2 - The significant increase in silver prices indicates strong market demand and potential investment opportunities in the precious metals sector [3][5].

1. Report Industry Investment Rating - No specific investment rating for the industry is provided in the report. 2. Core View of the Report - The spot price of peanuts is expected to be relatively stable in the short term, with the current supply increasing and downstream demand remaining weak. The peanut futures will continue to fluctuate at a high level, and the 03 contract still has room to decline. The spot price of peanut oil is stable, and the peanut meal has been stable recently, with good theoretical profits for oil mills from pressing [3][6]. 3. Summary by Relevant Catalogs First Part: Data - **Futures Disk**: PK604 closed at 7914, down 90 or -1.14%, with a trading volume of 58,050 (up 13.45%) and an open interest of 31,491 (down 1.02%); PK510 closed at 8184, down 18 or -0.22%, with a trading volume of 116 (up 52.63%) and an open interest of 901 (up 6.25%); PK601 closed at 8048, down 42 or -0.52%, with a trading volume of 12,773 (down 9.72%) and an open interest of 26,137 (down 18.62%) [1]. - **Spot and Basis**: The spot prices in Henan Nanyang, Shandong Jining, and Shandong Linyi were 7800, 8200, and 8200 respectively, all unchanged. The prices of Rizhao peanut meal, Rizhao soybean meal, peanut oil, and Rizhao first - grade soybean oil were 3250, 3060, 14380, and 8400 respectively, with the soybean oil price down 40. The basis was -248, 152, 152 respectively. The import prices of Sudanese peanuts were 8600 and Senegalese peanuts were 7600, both unchanged [1]. - **Spreads**: The spread of PK01 - PK04 was 134 (down 48), PK04 - PK10 was -72, and PK10 - PK01 was 136 (up 24) [1]. Second Part: Market Analysis - **Peanut Prices**: Peanut prices in Henan have declined, and those in Northeast China are weak. The price of 308 common peanuts in Fuyu, Jilin was 4.75 yuan/jin, unchanged; in Changtu, Liaoning it was 4.7 yuan/jin, down 0.05 yuan/jin. The price of Baisha common peanuts in Henan was 3.65 - 3.8 yuan/jin, down 0.05 yuan/jin; in Junan, Shandong it was 3.4 yuan/jin, unchanged. Imported peanut prices were stable [3]. - **Peanut Oil and By - products**: Some peanut oil mills raised their purchase prices today, with the mainstream transaction price ranging from 6900 - 7600 yuan/ton, and the theoretical break - even price of oil mills at 7860 yuan/ton. The prices of soybean oil and peanut oil were stable, with domestic first - grade ordinary peanut oil at 14500 yuan/ton and small - pressed fragrant peanut oil at 16500 yuan/ton. The spot price of Rizhao soybean meal dropped to 3050 yuan/ton, down 10 yuan/ton, and the 48 - protein peanut meal was quoted at 3120 yuan/ton [3][4]. Third Part: Trading Strategy - **Single - side**: Contracts 03 and 05 of peanuts will fluctuate at a high level, and short - sell contract 03 on rallies [7]. - **Monthly Spread**: Adopt a wait - and - see approach [8]. - **Options**: Sell the put option PK603 - P - 8200 on rallies [9]. Fourth Part: Relevant Attachments - The report provides six figures, including the spot price of Shandong peanuts, the pressing profit of peanut oil mills, the price of peanut oil, the basis between peanut spot and continuous contracts, the spread between peanut 10 - 1 contracts, and the spread between peanut 1 - 4 contracts [11][17][20].

Group 1: Report Investment Rating - No investment rating information is provided in the report Group 2: Core View - The spot price of urea has risen continuously, and the downstream's willingness to purchase is acceptable. The futures price has followed the increase. However, as the price rises and approaches the pressure level, the futures market is expected to experience a correction and fluctuate within a narrow range [1] Group 3: Summary by Relevant Directory 1. Market Analysis - The futures market opened high and moved strongly throughout the day. The price continued to rise, and the consecutive positive days in the market boosted sentiment. The enthusiasm for fertilizer preparation was good. The ex - factory price of small - particle urea in Shandong, Henan, and Hebei was in the range of 1580 - 1610 yuan/ton, rebounding by about 10 yuan/ton, with the highest price in Hebei [1][4] - The daily production of urea is significantly higher than the same period in previous years. Before the seasonal shutdown of gas - based plants, the daily production of upstream plants will remain high. Starting next month, there will be more gas - based plant overhauls [1] - The operating rate of compound fertilizer plants continued to increase. After the production of winter - storage fertilizers, the production load gradually climbed. Although the recent pre - orders were not good, the pending orders were still sufficient, and the operating rate is expected to continue to rise next week. The operating rate of compound fertilizer plants increased by 2.45 percentage points this period [1] - Other industrial demands were mainly stable. The operating rate of melamine decreased by 1.4 percentage points this period. High raw material prices restricted the downstream operating rate [1] - Since the recent price increase, the downstream terminal's purchasing speed has increased, and the enthusiasm of agricultural dealers to purchase has significantly increased. Coupled with reserve demand, the inventory has decreased for several consecutive weeks, with a week - on - week decline of 5.1% this week [1] 2. Futures and Spot Market Conditions Futures - The main urea 2601 contract opened at 1679 yuan/ton, opened high and moved strongly throughout the day, and finally closed at 1677 yuan/ton, forming a negative line with a change of +0.72%. The trading volume was 223,887 lots (-7,026 lots). Among the top 20 positions of the main contract, long positions increased by 232 lots, and short positions decreased by 2,429 lots [2] Spot - The price continued to rise, and the consecutive positive days in the market boosted sentiment. The ex - factory price of small - particle urea in Shandong, Henan, and Hebei was in the range of 1580 - 1610 yuan/ton, rebounding by about 10 yuan/ton, with the highest price in Hebei [1][4] Warehouse Receipts - On November 28, 2025, the number of urea warehouse receipts was 7,587, a week - on - week increase of 406. Among them, Jiashili Jingzhou (Yuntu Holdings UR) decreased by 99, Anzhou Logistics (Sichuan Agricultural Materials UR) increased by 250, Ningling Stanley increased by 105, and Hengshui Cotton and Linen increased by 150 [3] 3. Fundamental Tracking Basis - The mainstream spot market quotation and the futures closing price both increased today. Based on the Henan region, the basis strengthened compared to the previous trading day. The basis of the January contract was - 17 yuan/ton (+1 yuan/ton) [7] Supply Data - On November 28, 2025, the national daily production of urea was 205,900 tons, unchanged from the previous day, and the operating rate was 84.85% [9]