Group 1: Pig Industry Report Industry Investment Rating Not provided Core View Pigs remain in a state of strong supply and weak demand, maintaining a situation of "weak reality and strong expectation" in the short term [5][6]. Summary by Section - **Demand**: In September, demand was briefly boosted by the start of school and the double festivals, but downstream consumption showed no significant improvement, and the fresh - sales rate of slaughtering enterprises remained stable [5]. - **Supply**: Pig prices continued to decline this week. Farmers' panic selling persisted, and large - scale farms with high costs were in continuous losses, leading to a slight decrease in the average weight of pig slaughter [5]. - **Inventory**: It is expected that the inventory of commercial pigs in September will increase month - on - month due to the birth and sales of piglets six months ago and the postponed sales plans of some scale enterprises [5]. - **Profit**: The average national pig slaughter price this week was 12.59 yuan/kg, a new low in more than three years, and the daily price dropped by 10% compared to the beginning of the month. The losses of self - breeding and self - raising and purchasing piglets continued to worsen [5]. Group 2: Egg Industry Report Industry Investment Rating Not provided Core View This week, egg prices continued to fall, and it is expected that the market will continue to fluctuate and decline next week, with the average weekly price in the main production areas ranging from 2.90 - 3.00 yuan/jin [19][21]. Summary by Section - **Demand**: Before the festival, terminal demand weakened, and during the festival, although there was replenishment demand, it was difficult to support egg prices. After the festival, egg prices continued to decline [19]. - **Supply**: The total number of slaughtered chickens was 583,700, a 1.68% decrease from the previous week. The average slaughter age was 498 days, 2 days earlier than last week. Due to the decline in egg prices, farmers were more willing to cull chickens [19]. - **Inventory**: As of Thursday this week, the production - link inventory increased by 49.61% from last week, and the circulation - link inventory increased by 44.53% from last week due to transportation difficulties during the holiday [19]. - **Profit**: This week, the cost of egg - chicken farming was 3.45 yuan/jin, a 1.71% decrease from the previous week, and the farming profit was - 0.30 yuan/jin, a 400% decrease from the previous week [20]. Group 3: Soybean Meal Industry Report Industry Investment Rating Not provided Core View The end of October will be an important window for the trade relationship. If the tariff situation does not ease, the price of US soybeans is not optimistic. In the long run, if the relationship between China and the US does not change substantially, the price of soybean meal is expected to rise further, but the upside space is limited [34][35]. Summary by Section - **Demand**: In September, the spot market of soybean meal was under pressure, and the traditional holiday stocking demand was far less than in previous years. The monthly trading volume decreased by more than 30% compared to August [34]. - **Supply**: In September 2025, the estimated arrival of soybeans at domestic full - sample oil mills was about 9.945 million tons, and in October, it was estimated to be about 9.49 million tons. The estimated soybean crushing volume was 9.4168 million tons, an increase of 1.4638 million tons compared to the same period in 2024. The supply of soybean meal was loose [34]. - **Inventory**: As of September 26, the dynamic full - sample oil mill soybean meal inventory was 1.1892 million tons, a 19.65% month - on - month increase [34]. - **Profit**: The profit of importing and crushing soybeans in September continued to deteriorate compared to August. As of September 30, the near - month crushing profit of Brazilian soybeans was - 14 yuan/ton, a decrease of 65 yuan/ton compared to August 29 [34]. Group 4: Palm Oil Industry Report Industry Investment Rating Not provided Core View During the holidays, there were many positive news from palm oil producing areas, and domestic buyers made a large number of purchases. In the short term, palm oil is expected to fluctuate and strengthen, but the near - month supply is expected to be loose, and the basis price is under pressure [47]. Summary by Section - **Demand**: Indonesia's active promotion of the B50 biodiesel plan boosted market confidence and the expected future demand for palm oil [47]. - **Supply**: From September 1 - 20, the production of crude palm oil in Malaysia decreased by 4.26% compared to the same period last month, and it will enter the production - reduction season in November, with a large price - support space [47]. - **Inventory**: As of October 9, 2025, the commercial inventory of palm oil in key domestic regions was 552,200 tons, the same as last week, and a 9.16% increase compared to the same period last year [47]. - **Profit**: As of October 9, the FOB price of palm oil for October shipments was 1,098 US dollars/ton, an increase of 30 US dollars/ton from last week. The import cost was 9,640 yuan/ton, an increase of 260 yuan/ton, and the hedging profit was - 82 yuan/ton, an increase of 114 yuan/ton from last week [47]. Group 5: Cotton Industry Report Industry Investment Rating Not provided Core View The downstream performance during the "Golden September and Silver October" peak season was lower than expected, and there is currently no significant driving force on both the supply and demand sides to push up cotton prices [59]. Summary by Section - **Demand**: As of October 9, the operating load of mainstream textile enterprises was 65.4%, a 1.80% decrease from last week. During the holiday, orders were limited, and some textile enterprises reduced their operating loads or shut down [60]. - **Supply**: As of October 9, 2025, the operating rate of cotton ginning factories nationwide increased to 14.85%, a 4.8% increase from last week. The picking progress in northern Xinjiang accelerated, while in southern Xinjiang, it was about 20%. The acquisition of local cotton in some areas was difficult due to rain [60]. - **Inventory**: In the week of October 9, the cotton inventory of mainstream textile enterprises was equivalent to 27.15 days. The downstream and terminal showed weak purchasing willingness [60]. - **Profit**: In the 2025/26 season, the purchase price of Xinjiang seed cotton was 6.11 yuan/kg. The estimated profit of Xinjiang 400 - type ginning factories was 611 yuan/ton, a decrease of 376 yuan/ton compared to before the festival [59].

Dollar Index - The dollar index showed a high volatility pattern on Wednesday, reaching a peak of 98.889 and a low of 97.676, closing at 98.262 [1] - The weekly resistance level is at 98.90, indicating a bearish trend in the medium term, while the key support level is at 97.50 [1] - Short-term analysis suggests a bullish outlook as long as the price remains above the 98.20-30 range, with a focus on the 98.10 support level [1] Gold - Gold prices experienced an upward trend on Wednesday, with a high of 3377.21 and a low of 3319.56, closing at 3347.35 [3] - The price is currently in a range between 3320 and 3377, and a breakdown below 3320 would lead to further declines [4] - The key resistance level is at 3357, and the market is expected to remain bearish unless it breaks above this level [4] Euro/USD - The Euro/USD pair showed an overall upward movement on Wednesday, with a low of 1.1562 and a high of 1.1721, closing at 1.1639 [6] - The monthly support level is at 1.0950, indicating a long-term bullish outlook, while the weekly support is at 1.1460 [6] - The price is currently facing resistance at 1.1655, and a breakthrough above this level is necessary for further upward movement [6]