1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - In the Henan peanut - producing area, after the weather improved, due to the busy farming season at the grass - roots level, the supply of wheat - stubble peanuts last week was still limited, and the progress of new peanut harvesting and drying was slow. Farmers were reluctant to sell dry and high - quality peanuts at low prices. On the demand side, the operating rate of oil mills across the country was low, some large oil mills had not started operation, the demand from downstream food enterprises was flat, and traders mostly purchased according to their own will, with no obvious market demand [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - Peanut main contract closing price: 7,812 yuan/ton, up 12 yuan [2] - Peanut main contract trading volume: 44,455 lots, down 24,730 lots [2] - Peanut main contract open interest: 165,434 lots, down 3,033 lots [2] - Peanut exchange warehouse receipts: 0 lots [2] - Net position of the top 20 in peanut futures: - 19,225 lots, up 4,446 lots [2] 3.2 Spot Market - Main circulation price of oil - used peanuts: 7,565.6 yuan/ton, up 15.6 yuan [2] - National average price of peanuts: 7,840 yuan/ton, up 80 yuan [2] - Imported Sudan refined peanut price: 8,600 yuan/ton, unchanged [2] - Henan common peanuts price: 7,200 yuan/ton, up 200 yuan [2] - Shandong common peanuts price: 8,600 yuan/ton, unchanged [2] 3.3 Upstream Situation - Estimated peanut production in China: 19 million tons, down 217,000 tons [2] - Global peanut production forecast: 51.74 million tons, up 70,000 tons [2] - Estimated peanut harvest area in China: 4.85 million hectares, down 130,000 hectares [2] 3.4 Industry Situation - Operating rate of sample oil mills: 10.28%, up 2.42 percentage points [2] - Monthly import volume of peanut kernels: 34,590 tons, up 8,130 tons [2] - Peanut inventory of sample oil mills: 41,865 tons, up 6,710 tons [2] - Monthly export volume of peanut kernels: 10,390 tons, up 400 tons [2] - Peanut oil processing profit in Henan: 74.5 yuan/ton, unchanged [2] - Global peanut ending inventory forecast: 4.21 million tons, down 30,000 tons [2] - Peanut oil processing profit in Shandong: 124.75 yuan/ton, up 5.5 yuan [2] - Global peanut crushing volume forecast: 19.37 million tons, up 100,000 tons [2] 3.5 Downstream Situation - Factory price of first - grade peanut oil: 14,580 yuan/ton, unchanged [2] - Monthly import volume of peanut oil: 36,409.04 tons, up 5,236.53 tons [2] - Price of first - grade fragrant peanut oil: 15,500 yuan/ton, unchanged [2] - Monthly export volume of peanut oil: 826.94 tons, down 470.98 tons [2] - Price difference between peanut oil and soybean oil in Shandong: 5,880 yuan/ton, down 50 yuan [2] - Spot price of peanut meal in Rizhao, Shandong: 3,250 yuan/ton, unchanged [2] - Peanut oil - meal ratio: 4.24, unchanged [2] - Annual forecast of peanut oil production: 3,491,600 tons, unchanged [2] - Global peanut oil production forecast: 6.32 million tons, up 40,000 tons [2] - Global domestic consumption forecast of peanut oil: 6.24 million tons, unchanged [2] 3.6 Option Market - 20 - day historical volatility of the underlying: 11.35%, up 0.02 percentage points [2] - 40 - day historical volatility of the underlying: 8.63%, up 0.01 percentage points [2] - Implied volatility of at - the - money call options: 11.54%, unchanged [2] - Implied volatility of at - the - money put options: 12.23%, up 0.69 percentage points [2] 3.7 Industry News - As of October 30, 2025, the peanut inventory of domestic peanut oil sample enterprises was 41,865 tons, an increase of 6,710 tons or 19.09% from the previous week [2] 3.8 Key Focus - No news today [2]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View - Due to repeated rainy weather in Henan, the drying conditions are poor, resulting in inconsistent moisture control of new peanuts. Currently, the supply of dry peanuts is still slow. The market trading atmosphere is sluggish, with small - scale transactions. Traders mainly make rigid purchases, and large - scale oil mills continue to wait and see, with low demand for pressing operations. Pay attention to the supply release rhythm as wheat - stubble peanuts are expected to be on the market in late September [2]. 3. Summary by Directory Futures Market - The closing price of the peanut main contract is 7858 yuan/ton, with a week - on - week increase of 36 yuan/ton. The trading volume is 95899 lots, a decrease of 45810 lots. The open interest is 131301 lots, a decrease of 882 lots. The exchange warehouse receipts are 0 lots. The net open interest of the top 20 in peanut futures is - 15571 lots, an increase of 3003 lots [2]. Spot Market - The main circulation price of oil - using peanuts is 7572.9 yuan/ton, with a week - on - week increase of 8.6 yuan/ton. The national average price of peanuts is 8300 yuan/ton, a decrease of 60 yuan/ton. The price of imported Sudan refined peanuts is 8150 yuan/ton, unchanged. The price of Henan common peanuts is 8400 yuan/ton, and the price of Shandong common peanuts is 8200 yuan/ton, both unchanged [2]. Upstream Situation - China's estimated peanut production is 19 million tons, a decrease of 21.7 million tons. The global peanut production forecast is 51.67 million tons, a decrease of 0.07 million tons. China's estimated peanut harvest area is 4.85 million hectares, a decrease of 0.13 million hectares [2]. Industry Situation - The operating rate of sample oil mills is 9.47%, an increase of 4.21%. The peanut inventory of sample oil mills is 65560 tons, a decrease of 7080 tons. The monthly import volume of peanut kernels is 9.6 thousand tons, a decrease of 18.17 thousand tons. The monthly export volume of peanut kernels is 9.01 thousand tons, an increase of 0.47 thousand tons. The processing profit of peanut oil in Henan is 74.5 yuan/ton, unchanged. The processing profit of peanut oil in Shandong is 124.75 yuan/ton, an increase of 5.5 yuan/ton. The global forecast of peanut ending inventory is 4.24 million tons, unchanged. The global forecast of peanut crushing volume is 19.27 million tons, unchanged [2]. Downstream Situation - The ex - factory price of first - grade peanut oil is 14670 yuan/ton, unchanged. The price of first - grade fragrant peanut oil is 15300 yuan/ton, unchanged. The monthly import volume of peanut oil is 41643.75 tons, an increase of 3026.9 tons. The monthly export volume of peanut oil is 899.44 tons, an increase of 263.77 tons. The price difference between peanut oil and soybean oil in Shandong is 5940 yuan/ton, a decrease of 30 yuan/ton. The spot price of peanut meal in Rizhao, Shandong is 3300 yuan/ton, a decrease of 50 yuan/ton. The peanut oil - meal ratio is 4.33, unchanged. The annual forecast of peanut oil production is 3491.6 thousand tons, unchanged. The global forecast of peanut oil production is 6.28 million tons, and the global forecast of domestic peanut oil consumption is 6.24 million tons, both unchanged [2]. Option Market - The 20 - day historical volatility of the underlying is 8.19%, a decrease of 0.19%. The 40 - day historical volatility of the underlying is 7.83%, an increase of 0.05%. The implied volatility of at - the - money call options is 9.43%, a decrease of 0.85%. The implied volatility of at - the - money put options is 9.43%, a decrease of 0.86% [2]. Industry News - As of September 11, 2025, the operating rate of domestic peanut oil sample enterprises is 9.47%, an increase of 4.21% compared with the previous week [2]. Key Focus - There is no news today [2]

Report Industry Investment Rating - No information provided on the report industry investment rating Core View - The current raw material procurement in the production areas is basically over, with cold storage goods being the main trading items and general inquiry and purchasing. Short - term drought in Henan has raised concerns about a new - season yield reduction, the amount of imported rice remains low, and the willingness of holders to support the price of high - quality cold - storage peanuts has increased, but the demand side is cautious in purchasing. Later, continue to pay attention to the rainfall forecast in the production areas. New peanuts in Jiangxi and Hubei are expected to be launched around early August, and focus on the opening price of new peanuts. As time passes and a small amount of new peanuts are launched, pay attention to the shipment of old peanuts and the change in the mentality of holders [2] Summary by Directory Futures Market - Peanut main contract closing price is 8140 yuan/ton, down 66 yuan; trading volume is 69,637 lots, up 22,366 lots; open interest is 94,845 lots, up 836 lots; exchange warehouse receipts are 0 lots. The net position of the top 20 in peanut futures is - 15,713 lots, up 483 lots [2] Spot Market - The main circulation price of oil - using peanuts is 7566.7 yuan/ton, unchanged; the national average price of peanuts is 8700 yuan/ton, down 20 yuan; the price of imported Sudan refined rice is 8350 yuan/ton, unchanged; the price of Henan common peanuts is 8900 yuan/ton; the price of Shandong common peanuts is 9000 yuan/ton, unchanged [2] Upstream Situation - China's peanut production estimate is 19 million tons, down 217,000 tons; global peanut production forecast is 51.78 million tons, up 1.08 million tons. China's peanut harvest area estimate is 4.85 million hectares, down 130,000 hectares [2] Industry Situation - The operating rate of sample oil mills is 4.63%, up 0.42 percentage points; the import volume of peanut kernels is 27,770 tons, up 13,110 tons; the peanut inventory of sample oil mills is 111,410 tons, down 5160 tons; the export volume of peanut kernels is 14,550 tons, down 2960 tons. The peanut oil processing profit in Henan is 110 yuan/ton, up 50 yuan; in Shandong is 121 yuan/ton, up 61 yuan. The global peanut ending inventory forecast is 4.22 million tons, up 280,000 tons; the global peanut crushing volume forecast is 19.28 million tons, unchanged [2] Downstream Situation - The ex - factory price of first - grade peanut oil is 15,000 yuan/ton, unchanged; the price of first - grade fragrant peanut oil is 16,000 yuan/ton, unchanged. The import volume of peanut oil is 38,616.85 tons, up 9747.48 tons; the export volume of peanut oil is 876.02 tons, up 211.25 tons. The price difference between peanut oil and soybean oil in Shandong is 6360 yuan/ton, down 60 yuan; the spot price of peanut meal in Rizhao, Shandong is 3300 yuan/ton, unchanged. The peanut oil - meal ratio is 4.36, unchanged. The annual forecast of peanut oil production is 3,491,600 tons, unchanged; the global peanut oil production forecast is 6.29 million tons, unchanged; the global domestic consumption forecast of peanut oil is 6.25 million tons, unchanged [2] Option Market - The 20 - day historical volatility of the underlying is 8.5%, up 0.48 percentage points; the 40 - day historical volatility of the underlying is 10.72%, up 0.06 percentage points. The implied volatility of at - the - money call options is 11.45%, up 0.95 percentage points; the implied volatility of at - the - money put options is 11.45%, up 0.95 percentage points [2] Industry News - Peanut prices in different regions are reported, including Henan, Shandong, Liaoning, and Jilin. The raw material procurement in the production areas is basically over, with cold - storage transactions dominating. Short - term drought in Henan causes concerns about new - season yield reduction, and the import volume of rice is still low. Holders of cold - storage high - quality peanuts are more willing to support prices, but the demand side is cautious in purchasing [2] Key Points of Attention - Pay attention to the rainfall forecast in the production areas, the opening price of new peanuts in Jiangxi and Hubei in early August, the shipment of old peanuts, and the change in the mentality of holders [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The peanut market is in a stalemate in terms of trading. The remaining inventory in the production areas is low, and traders are holding prices. The domestic trade demand is sluggish, and oil mills are gradually shutting down and stopping purchases, leading to weaker market transactions. However, the sharp rise in the surrounding oil market has boosted the sentiment in the peanut market, and the willingness of holders to sell at low prices has decreased. The total output of new - season peanuts is expected to remain high, and there is room for an increase in the national output in the 25/26 season. The market is expected to run strongly in the short term [2] 3. Summary by Related Catalogs Futures Market - The closing price of the peanut main contract is 8,254 yuan/ton, a decrease of 14 yuan; the trading volume is 43,961 lots, a decrease of 5,115 lots; the open interest is 123,299 lots, a decrease of 4,218 lots; the exchange warehouse receipts are 0 lots; the net position of the top 20 in peanut futures is - 5,334 lots, an increase of 1,515 lots [2] Spot Market - The main circulation price of oil - producing peanuts is 7,566.7 yuan/ton (weekly), unchanged; the national average price of peanuts is 9,060 yuan/ton (daily), an increase of 60 yuan; the price of imported Sudan refined rice is 8,350 yuan/ton (daily), unchanged; the price of Henan general - grade peanuts is 9,500 yuan/ton (daily); the price of Shandong general - grade peanuts is 9,200 yuan/ton (daily), unchanged [2] Upstream Situation - The estimated value of China's peanut production is 19 million tons (annual), a decrease of 217,000 tons; the global peanut production forecast is 51.78 million tons (monthly), an increase of 1.08 million tons; the estimated value of China's peanut harvest area is 4.85 million hectares (annual), a decrease of 130,000 hectares [2] Industry Situation - The operating rate of sample oil mills is 5.76% (weekly), a decrease of 2.66 percentage points; the imported quantity of peanut kernels is 12,980 tons (monthly), a decrease of 2,210 tons; the peanut inventory of sample oil mills is 139,340 tons (weekly), a decrease of 5,380 tons; the exported quantity of peanut kernels is 17,510 tons (monthly), a decrease of 630 tons; the processing profit of peanut oil in Henan is 79 yuan/ton (weekly), an increase of 40 yuan; the processing profit of peanut oil in Shandong is 95.5 yuan/ton (weekly), an increase of 56.5 yuan; the global peanut ending inventory forecast is 4.22 million tons (monthly), an increase of 280,000 tons; the global peanut crushing volume forecast is 19.28 million tons (monthly), unchanged [2] Downstream Situation - The ex - factory price of first - grade peanut oil is 15,000 yuan/ton (daily), unchanged; the imported quantity of peanut oil is 26,945.54 tons (monthly), a decrease of 4,652.08 tons; the price of first - grade fragrant peanut oil is 15,800 yuan/ton (daily), unchanged; the exported quantity of peanut oil is 664.77 tons (monthly), a decrease of 595.66 tons; the price difference between peanut oil and soybean oil in Shandong is 6,550 yuan/ton (daily), a decrease of 80 yuan; the spot price of peanut meal in Rizhao, Shandong is 3,250 yuan/ton (daily), unchanged; the peanut oil - meal ratio is 4.55 (daily), unchanged; the annual forecast value of peanut oil production is 3,491,600 tons (monthly), unchanged; the global peanut oil production forecast is 6.29 million tons (monthly), unchanged; the global domestic consumption forecast of peanut oil is 6.25 million tons (monthly), an increase of 40,000 tons [2] Option Market - The 20 - day historical volatility of the underlying is 13.97% (daily), a decrease of 0.02 percentage points; the 40 - day historical volatility of the underlying is 13.59% (daily), a decrease of 0.01 percentage points; the implied volatility of at - the - money call options is 10.65% (daily), an increase of 0.16 percentage points; the implied volatility of at - the - money put options is 10.65% (daily), an increase of 0.13 percentage points [2] Industry News - According to Mysteel's survey of major oil mills in the country, in the 23rd week of 2025 (from June 5th to June 12th, 2025), domestic peanut oil sample enterprises started production steadily, with an operating rate of 5.76%. The sharp rise in the oil market has boosted the peanut futures main contract. [2]