Report Industry Investment Ratings No relevant content provided. Core Views of the Report - After the holiday, the A-share market showed a positive start, but there were also signs of a pullback after the rally. The technology sector remained active, and it is recommended to lightly sell put options on MO2511 at the strike price of around 6800 when the price pulls back [2][4]. - The bond market started well after the holiday, but the sentiment may be suppressed by the risk appetite. The short-term bond market is expected to continue to fluctuate within a range, and it is recommended to wait for over - adjustment opportunities [6]. - Precious metals prices first rose and then fell. Silver hit a new high due to supply shortages, and it is recommended to maintain a cautious and low - buying strategy for precious metals in the fourth quarter [9][10]. - The shipping index of European routes showed a weak and volatile trend. It is recommended to go long on the 12 - contract [12]. - Copper prices are expected to be strong due to supply shortages, while aluminum oxide prices are expected to be weak due to supply surpluses [14][20]. - Zinc prices are expected to fluctuate, tin prices are expected to be strongly volatile, nickel prices are expected to be strongly volatile, and stainless steel prices are expected to fluctuate within a range [31][36][40]. - The lithium carbonate market is in a tight balance, and the short - term price is expected to fluctuate [43]. - Steel prices are expected to be stable, and it is recommended to pay attention to the support levels of rebar and hot - rolled coils [45]. - Iron ore prices are expected to be strongly volatile, and it is recommended to go long on the 2601 contract at low prices [47]. - Coking coal and coke prices are expected to rebound, and it is recommended to go long on the 2601 contracts of both at low prices [51][54]. - The price of domestic meal is suppressed by supply pressure, and the M2601 contract is expected to fluctuate within a range [57]. - The price of live pigs is under pressure, and it is recommended to go short on the futures at high prices and conduct reverse arbitrage on relevant contracts [59]. Summary by Directory Financial Derivatives - Financial Futures Stock Index Futures - Market situation: After the holiday, A - share major indexes rose, with the Shanghai Composite Index up 1.32%, and the cyclical sectors performed strongly, while the consumer sectors declined [2]. - Futures situation: The four major stock index futures contracts rose, and the basis spreads of the main contracts fluctuated narrowly [3]. - News: Domestic consumption increased during the holiday, and overseas, the Fed showed a willingness to cut interest rates [3]. - Capital: The trading volume of the A - share market increased, and the central bank conducted reverse repurchase operations with a net withdrawal of funds [4]. - Operation suggestion: It is recommended to lightly sell put options on MO2511 at the strike price of around 6800 when the price pulls back [4]. Treasury Futures - Market performance: Treasury futures closed up across the board, and the yields of major interest - rate bonds mostly declined [5]. - Capital: The central bank conducted reverse repurchase operations, and the inter - bank market funds were relatively loose [6]. - Operation suggestion: The short - term bond market is expected to fluctuate within a range, and it is recommended to wait for over - adjustment opportunities [6]. Financial Derivatives - Precious Metals - Market review: Geopolitical risks eased, and precious metals prices first rose and then fell. Silver hit a new high due to supply shortages [7][9]. - Future outlook: In the fourth quarter, precious metals prices are expected to be bullish, and it is recommended to maintain a cautious and low - buying strategy [10]. Financial Derivatives - Shipping Index of European Routes - Spot quotation: The freight rates of different shipping companies are provided [11]. - Index situation: The shipping index of European routes declined, and the freight rates of different routes also decreased [11]. - Fundamentals: The global container capacity increased, and the demand in different regions varied [11]. - Logic: The futures market was weakly volatile, and the price increase of shipping companies will affect the main contract price [12]. - Operation suggestion: It is recommended to go long on the 12 - contract [12]. Commodity Futures - Non - Ferrous Metals Copper - Spot: The price of electrolytic copper rose, but the downstream procurement willingness was weak [12]. - Macro: The US government was shut down, and the market expected the Fed to implement monetary easing [13]. - Supply: The supply of copper mines was tight, and the production of refined copper was expected to decline [14]. - Demand: The demand for copper was expected to slow down marginally, but it still had strong resilience [15]. - Inventory: The inventories of LME, COMEX, and domestic social copper increased [16]. - Logic: Weak US dollars and supply shortages drove the copper price up [17]. - Operation suggestion: Hold long positions, and pay attention to the support at 84000 - 85000 [17]. Aluminum Oxide - Spot: The price of aluminum oxide declined, and the overall trading sentiment was weak [17]. - Supply: The domestic and overseas supply of aluminum oxide increased, and the demand was weak [20]. - Inventory: The inventory of aluminum oxide was high, and the registered warehouse receipts increased [19]. - Logic: The futures price fluctuated widely, and the short - term price was under pressure [20]. - Operation suggestion: The main contract is expected to fluctuate between 2850 - 3050 [20]. Aluminum - Spot: The price of aluminum rose, but the high price suppressed the procurement willingness [21]. - Supply: The production of electrolytic aluminum was expected to increase slightly [21]. - Demand: The demand for aluminum showed structural characteristics, and the high price suppressed the orders of small and medium - sized enterprises [23]. - Inventory: The social inventory of aluminum ingots increased after the holiday [22]. - Logic: Macro factors supported the aluminum price, and it is expected to fluctuate at a high level [23]. - Operation suggestion: The main contract is expected to fluctuate between 20700 - 21300 [23]. Aluminum Alloy - Spot: The price of aluminum alloy rose [25]. - Supply: The supply of recycled aluminum was tight, and the开工 rate was affected [25]. - Demand: The demand for aluminum alloy recovered moderately, but the terminal demand was weak [25]. - Inventory: The inventory of aluminum alloy continued to increase [26]. - Logic: The futures price rose with the aluminum price, and the cost supported the price [27]. - Operation suggestion: The main contract is expected to fluctuate between 20200 - 20800. Consider arbitrage if the price difference is over 500 [27][28]. Zinc - Spot: The price of zinc rose, and the trading was light [28]. - Supply: The supply of zinc was loose, and the production of zinc ingots increased [29]. - Demand: The demand for zinc was weak, and the开工 rate of primary processing industries declined [30]. - Inventory: The domestic social inventory of zinc decreased, and the LME inventory increased [31]. - Logic: Low inventory and weak US dollars supported the zinc price, and it is expected to fluctuate [31]. - Operation suggestion: The main contract is expected to fluctuate between 21800 - 22800 [31]. Tin - Spot: The price of tin rose significantly, but the trading was light [31]. - Supply: The supply of tin was affected by Indonesia, and the import volume decreased [32]. - Demand: The demand for tin was weak, and the traditional consumption areas were sluggish [33]. - Inventory: The LME inventory decreased, and the social inventory decreased [33]. - Logic: Supply disruptions and the strength of the semiconductor sector drove the tin price up, and it is expected to be strongly volatile [34]. - Operation suggestion: Wait and see [34]. Nickel - Spot: The price of nickel rose [35]. - Supply: The production of refined nickel was at a high level and was expected to increase slightly [35]. - Demand: The demand for nickel in different sectors varied, and the demand for stainless steel was weak [35]. - Inventory: The overseas inventory of nickel was high, and the domestic social inventory was stable [35]. - Logic: Macro factors and policy expectations supported the nickel price, and it is expected to be strongly volatile [36]. - Operation suggestion: The main contract is expected to fluctuate between 120000 - 126000 [36]. Stainless Steel - Spot: The price of stainless steel rose slightly [37]. - Raw materials: The price of raw materials was firm, and the cost supported the price [37]. - Supply: The production of stainless steel was expected to increase, and the supply pressure existed [38]. - Inventory: The social inventory of stainless steel decreased slowly [38]. - Logic: The futures price rose slightly, and the downstream demand did not meet expectations [39]. - Operation suggestion: The main contract is expected to fluctuate between 12600 - 13200 [40]. Lithium Carbonate - Spot: The price of lithium carbonate was stable, and the trading was light [40]. - Supply: The production of lithium carbonate increased, and the supply was affected by new projects [41]. - Demand: The demand for lithium carbonate was stable and optimistic, but the marginal increase needed to be tracked [41]. - Inventory: The inventory of lithium carbonate decreased in all links [42]. - Logic: The futures price fluctuated, and the supply and demand were in a tight balance [43]. - Operation suggestion: The main contract is expected to fluctuate around 70,000 - 75,000 [43]. Commodity Futures - Black Metals Steel - Spot: Steel prices were stable during the holiday and rebounded slightly after the holiday [43]. - Cost and profit: The cost of steel had support, and the profit declined [44]. - Supply: The production of steel decreased slightly during the holiday, and the overall production was high [45]. - Demand: The demand for steel showed seasonal improvement, and the export volume was high [45]. - Inventory: The inventory of steel increased during the holiday and is expected to decrease seasonally [45]. - View: Steel prices are expected to be stable, and it is recommended to pay attention to the support levels of rebar and hot - rolled coils [45]. Iron Ore - Spot: The price of iron ore rose [46]. - Futures: The price of iron ore futures rose, and the 1 - 5 spread weakened [46]. - Basis: The basis of different iron ore varieties was provided [46]. - Demand: The demand for iron ore decreased slightly [46]. - Supply: The global shipment of iron ore decreased, and the arrival volume increased [46]. - Inventory: The port inventory of iron ore increased, and the daily dredging volume decreased [47]. - View: Iron ore prices are expected to be strongly volatile, and it is recommended to go long on the 2601 contract at low prices [47][48]. Coking Coal - Futures and spot: The coking coal futures rebounded, and the spot price declined slightly [49]. - Supply: The production of coking coal decreased, and the inventory decreased [50]. - Demand: The demand for coking coal decreased slightly [50]. - Inventory: The total inventory of coking coal decreased [50]. - View: Coking coal prices are expected to rebound, and it is recommended to go long on the 2601 contract at low prices [51]. Coke - Futures and spot: The coke futures rebounded, and the spot price of the factory was stable while the port price declined [54]. - Profit: The average profit per ton of coke for independent coking plants was negative [53]. - Supply: The production of coke decreased slightly [53]. - Demand: The demand for coke decreased slightly [53]. - Inventory: The total inventory of coke decreased [53]. - View: Coke prices are expected to rebound, and it is recommended to go long on the 2601 contract at low prices [54]. Commodity Futures - Agricultural Products Meal - Spot market: The price of domestic meal increased, and the trading volume of soybean meal increased [55]. - Fundamental news: The export sales report of US soybeans was postponed, and the export of Brazilian soybeans was expected to increase [55][56]. - Market outlook: The price of domestic meal is suppressed by supply pressure, and the M2601 contract is expected to fluctuate within a range [57]. Live Pigs - Spot situation: The price of live pigs declined [58]. - Market data: The profit of live pig breeding decreased, and the utilization rate of secondary fattening pens declined [58]. - Market outlook: The price of live pigs is under pressure, and it is recommended to go short on the futures at high prices and conduct reverse arbitrage on relevant contracts [59].

Core Insights - The monitoring of market prices for 50 important production materials across nine categories shows a mixed trend, with 15 products experiencing price increases, 31 seeing declines, and 4 remaining stable [2]. Group 1: Price Changes in Major Categories - In the black metal category, rebar prices remained stable at 3184.1 yuan per ton, while wire rod increased by 13.7 yuan (0.4%) to 3331.3 yuan per ton. However, ordinary medium plates and hot-rolled ordinary plates saw declines of 5.2 yuan (-0.1%) and 16.4 yuan (-0.5%), respectively [4]. - For non-ferrous metals, electrolytic copper rose by 659.3 yuan (0.8%) to 81,210.0 yuan per ton, while aluminum ingots fell by 174.3 yuan (-0.8%) to 20,720.0 yuan per ton [4]. - Chemical products showed significant declines, with sulfuric acid dropping by 40.4 yuan (-5.9%) to 644.6 yuan per ton and caustic soda decreasing by 25.7 yuan (-2.9%) to 867.5 yuan per ton [4]. Group 2: Energy and Coal Prices - In the petroleum and natural gas sector, liquefied natural gas (LNG) prices decreased by 23.2 yuan (-0.6%) to 3840.6 yuan per ton, while liquefied petroleum gas (LPG) fell by 23.0 yuan (-0.5%) to 4484.7 yuan per ton [4]. - Coal prices showed a mixed trend, with anthracite coal increasing by 47.9 yuan (5.5%) to 917.0 yuan per ton, while coking coal decreased by 14.3 yuan (-1.1%) to 1346.4 yuan per ton [4]. Group 3: Agricultural and Forestry Products - In agricultural products, the price of rice fell by 19.3 yuan (-0.5%) to 4001.7 yuan per ton, while wheat increased by 9.2 yuan (0.4%) to 2422.2 yuan per ton [5]. - The price of corn decreased by 4.0 yuan (-0.2%) to 2300.0 yuan per ton, and cotton prices dropped by 280.2 yuan (-1.9%) to 14,374.1 yuan per ton [5]. - In forestry products, natural rubber prices fell by 239.3 yuan (-1.6%) to 14,633.3 yuan per ton, while corrugated paper saw an increase of 31.3 yuan (1.1%) to 2812.0 yuan per ton [5].

Core Insights - The news highlights the significant advancements in agricultural practices and rural revitalization in Tibet, particularly in regions like Changdu and Linzhi, showcasing the impact of technology and cooperative models on local economies [1][2]. Group 1: Agricultural Innovations - The introduction of a 5G smart agriculture system in Changdu's Luolong County has increased barley yields from less than 300 jin per mu to 800 jin per mu, benefiting local farmers [1]. - The Luozong Specialty Product Development Company is purchasing barley at prices above the market rate, leading to an average annual income increase of 20,000 yuan for over a thousand farmers [1]. - The company has diversified its product offerings, producing over 60 items from barley, including noodles and biscuits, contributing to the high-quality development of the barley industry [1]. Group 2: Economic Impact and Community Development - In 2024, the per capita disposable income of rural residents in Tibet is projected to exceed 20,000 yuan for the first time, driven by the popularity of specialty agricultural products and improved mechanisms for linking farmers [1]. - In Linzhi, the transformation of a previously impoverished village into a thriving "Peach Blossom Village" demonstrates the success of community-based tourism, with households receiving an average dividend of over 100,000 yuan [2]. - The establishment of tourism cooperatives and the sale of local products, such as milk residue and butter tea, have significantly boosted local incomes [2].

证券之星消息，10月9日农产品加工板块较上一交易日上涨0.11%，冠农股份领涨。当日上证指数报收于 3933.97，上涨1.32%。深证成指报收于13725.56，上涨1.47%。农产品加工板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 920273 | 一致魔手 | 35.53 | -4.51% | 3.16万 | 1.12亿 | | 000972 | *ST中基 | 3.48 | -4.13% | 17.94万 | 6270.48万 | | 300268 | *ST佳沃 | 10.13 | -3.52% | + 1.87万 | 1922.88万 | | 300175 | ST朗源 | 6.27 | -2.34% | 6.18万 | 3893.87万 | | 920371 | 欧福街业 | 10.31 | -1.90% | 2.59万 | 2669.71万 | | 002852 | 道道全 | 11.00 | -1.43% | 7.03万 | 7739.01万 | | 9 ...

投资咨询业务资格 沪证监许可[2015]84 号 宏观：国际金价站上 4000，国内假期出行活跃 海外方面，美国政府陷入停摆、9 月非农就业报告推迟发布，截至目前尚未解决，参议 院第六次否决两党临时拨款议案。日本高市早苗当选自民党总裁，将接任日本首相，其政策 主张宽货币、宽财政；法国总理提交辞呈，再度引发政治担忧，日元、欧元兑美元贬值，美 元指数升破 99 后回落。海外政府不确定性及地缘政治摩擦升温，推动金价站上 4000 美元关 口，AI 产业叙事进一步发酵，假期期间海外股指均收涨、铜价涨幅超 4%、油价走平。近期 关注美国政府关门进展、美联储官员的讲话、以及海外地缘政治的风险。 国内方面，国庆中秋假期出行活跃度高于去年，但消费增速放缓，跨区域流动保持较快 增长，零售餐饮销售同比上升但较五一假期回落，出行热度与消费动力呈现结构性分化。假 期地产成交整体低迷，同比去年整体回落，一线城市因前期限购放松表现相对坚挺。目前国 内处于经济基本面温和、预期先行的格局，本周关注 9 月金融数据。 贵金属：金银再创新高，预计将维持强势运行 十一长假期间，美国政府停摆导致的经济数据延迟，令资金大举流入黄金与白银等避险 资产。 ...

Core Insights - The article reports on the food safety inspection results for edible agricultural products in Duyun City for August 2025, highlighting the compliance and non-compliance of various food items [2][3] Summary by Category Inspection Results - A total of 21 batches of edible agricultural products were sampled and inspected in Duyun City [2] - Specific products tested include radishes, pork, eggs, lemons, and various seafood [2][3] Non-compliance Issues - Notable non-compliance was found in the banana sample, which contained pesticide residues (imidacloprid) at 0.29 mg/kg, exceeding the allowable limit of 0.05 mg/kg [2] - Other products such as pork and chicken were also included in the inspection, but specific non-compliance details were not provided for these items [3] Regulatory Oversight - The inspections were conducted by the Duyun City Market Supervision Administration as part of the 2025 Guizhou Qianan Duyun edible agricultural product inspection project [2][3] - The results are part of ongoing efforts to ensure food safety and compliance with health standards in the region [2]

Report Industry Investment Ratings No information provided in the given reports. Core Views Oils and Fats - Palm oil: In September 2025, Malaysia's palm oil production was estimated at 1.81 million tons, down 2.35% month - on - month. Indonesia plans to implement B50 next year, which may lift the palm oil price after the holiday [1]. - Soybean oil: Sino - US negotiation issues have no substantial progress, and there is no news of China purchasing US soybeans. The abundant supply of US soybeans has pressured the CBOT soybean price, and US soybean oil may follow the downward trend of raw material prices [1]. Meal - During the National Day holiday, US soybeans fluctuated. China has not lifted the ban on US soybean purchases. Brazil's new soybean planting is progressing smoothly, suppressing the upside of US soybeans. In Q4 2025, China's soybean supply is sufficient, but there is a supply gap expected in Q1 2026, which may support the price of the 2601 contract. The uncertainty lies in Sino - US trade policies [2]. Sugar - Internationally, in the first half of September, sugar production in Brazil's central - southern region increased by 15.72% year - on - year. The raw sugar price has limited upward momentum due to supply pressure. Domestically, new sugar has been listed, and the sugar price is in the undervalued area, with limited room for further decline, expected to remain range - bound [4]. Corn - During the National Day, new - season corn harvest increased, and the spot price declined. With the concentrated listing of corn in mid - to - late October, the price is under pressure. The demand is weak currently, but there may be seasonal restocking needs later. Corn will maintain a weak trend [5]. Pork - During the National Day, the pig price dropped significantly, but there were signs of stabilization at the end of the holiday. In the short term, the spot price may stabilize, but in the long term, the supply pressure will continue, and the policy to reduce production capacity needs time to take effect. The futures operation is to short on rallies [9]. Cotton - US cotton is in a weak and volatile pattern. Domestically, due to the expected increase in supply and weak demand, the cotton price is weak. The purchase price of seed cotton has stabilized, and the overall cotton price is expected to be bearish [11]. Eggs - In October, the egg market will be in a pattern of relatively high supply and temporarily weak demand. The egg price will continue to decline in a volatile manner [15]. Summary by Related Catalogs Oils and Fats - **Price Changes**: On September 30, the spot price of Jiangsu first - grade soybean oil was 8380 yuan/ton, down 0.24% from the previous day; the futures price of Y2601 was 8140 yuan/ton, down 0.12%. The spot price of Guangdong 24 - degree palm oil was 9060 yuan/ton, down 0.55%, and the futures price of P2601 was 9228 yuan/ton, down 0.06%. The spot price of Jiangsu third - grade rapeseed oil was 10250 yuan/ton, up 0.49%, and the futures price of OI601 was 10044 yuan/ton, down 0.49% [1]. - **Spread Changes**: The 01 - 05 spread of soybean oil was 244, up 2.52%; the 01 - 05 spread of palm oil was 192, up 10.34%; the 01 - 05 spread of rapeseed oil was 523, up 3.98% [1]. Meal - **Price Changes**: The spot price of Jiangsu soybean meal was 2940 yuan/ton, unchanged; the futures price of M2601 was 2928 yuan/ton, down 0.17%. The spot price of Jiangsu rapeseed meal was 2500 yuan/ton, unchanged; the futures price of RM2601 was 2421 yuan/ton, up 0.21% [2]. - **Spread Changes**: The 01 - 05 spread of soybean meal was 190, unchanged; the 01 - 05 spread of rapeseed meal was 104, up 11.83% [2]. Sugar - **Futures Market**: The price of sugar 2601 was 5493 yuan/ton, up 0.26%; the price of sugar 2605 was 5458 yuan/ton, up 0.39%. The ICE raw sugar main contract was 16.32 cents/pound, down 1.92% [4]. - **Spot Market**: The spot price in Nanning was 5780 yuan/ton, unchanged; the spot price in Kunming was 5810 yuan/ton, unchanged [4]. - **Industry Data**: Nationally, the cumulative sugar production was 11.1621 million tons, up 12.03%; the cumulative sales volume was 10 million tons, up 12.87%. In Guangxi, the cumulative sugar production was 6.465 million tons, up 4.59%; the monthly sales volume was 260,200 tons, down 27.14% [4]. Corn - **Price Changes**: The price of corn 2511 was 2143 yuan/ton, down 0.74%; the Pingcang price at Jinzhou Port was 2240 yuan/ton, down 1.75%. The price of corn starch 2511 was 2468 yuan/ton, down 0.60% [5]. - **Profit and Spread**: The north - south trade profit was 124 yuan/ton, up 47.62%; the import profit was 496 yuan/ton, up 0.71%. The 11 - 3 spread of corn was - 1, down 110.00%; the 11 - 3 spread of corn starch was 7, down 66.67% [5]. Pork - **Futures Market**: The price of the main contract for live pigs was 12355 yuan/ton, up 0.49%; the price of the 2601 contract was 12825 yuan/ton, up 0.31%. The 11 - 1 spread was - 470, up 4.08% [9]. - **Spot Market**: The spot price in Henan was 12450 yuan/ton, down 100 yuan/ton; the spot price in Shandong was 12700 yuan/ton, down 150 yuan/ton [9]. Cotton - **Futures Market**: The price of cotton 2605 was 13245 yuan/ton, down 0.86%; the price of cotton 2601 was 13215 yuan/ton, down 1.01%. The ICE US cotton main contract was 64.94 cents/pound, up 0.78% [11]. - **Spot Market**: The arrival price of Xinjiang 3128B was 14860 yuan/ton, down 0.55%; the CC Index 3128B was 14759 yuan/ton, up 0.01% [11]. - **Industry Data**: The commercial inventory was 1.1759 million tons, down 20.6%; the industrial inventory was 0.8621 million tons, down 3.4%. The import volume was 70,000 tons, up 40% [11]. Eggs - **Price Changes**: The price of the 11 - contract for eggs was 3038 yuan/500KG, up 0.73%; the price of the 01 - contract was 3360 yuan/500KG, up 0.24%. The egg - laying hen chick price was 2.60 yuan/feather, unchanged; the culled hen price was 4.64 yuan/jin, down 0.64% [14]. - **Profit and Ratio**: The egg - feed ratio was 2.85, up 7.95%; the breeding profit was 3.20 yuan/feather, up 135.13% [14].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report The report presents the daily arbitrage data of various futures products of Baocheng Futures on October 9, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, inter - period spreads, and inter - commodity spreads. 3. Summary by Related Catalogs Power Coal - The report shows the basis and inter - period spreads of power coal from September 24 to September 30, 2025. The basis on September 30 was - 102.4 yuan/ton, and all inter - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) were 0.0 [1][2] Energy Chemicals Energy Commodities - It provides the basis, price ratios, and other data of fuel oil, INE crude oil, and other energy commodities from September 24 to September 30, 2025. For example, the basis of INE crude oil on September 30 was 13.33 yuan/ton [7] Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from September 24 to September 30, 2025 are presented. For example, the basis of rubber on September 30 was - 730 yuan/ton [9] - **Inter - period Spreads**: Inter - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, the 5 - 1 month inter - period spread of rubber was - 15 yuan/ton [11] - **Inter - commodity Spreads**: Inter - commodity spreads such as LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from September 24 to September 30, 2025 are provided. For example, the LLDPE - PVC spread on September 30 was 2298 yuan/ton [11] Black Metals - **Inter - period Spreads**: Inter - period spreads (5 - 1 month, 9(10) - 1 month, 9(10) - 5 month) of rebar, iron ore, coke, and coking coal are shown. For example, the 5 - 1 month inter - period spread of rebar was 54.0 yuan/ton [20] - **Inter - commodity Spreads**: Inter - commodity spreads such as rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from September 24 to September 30, 2025 are presented. For example, the rebar/iron ore ratio on September 30 was 3.95 [20] - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from September 24 to September 30, 2025 are given. For example, the basis of rebar on September 30 was 138.0 yuan/ton [21] Non - ferrous Metals Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from September 24 to September 30, 2025 are provided. For example, the basis of copper on September 30 was 80 yuan/ton [28] London Market - Data such as LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss of LME non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) on September 30, 2025 are presented. For example, the LME spread of copper was (42.98) [33] Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc. from September 24 to September 30, 2025 are given. For example, the basis of soybeans No.1 on September 30 was 33 yuan/ton [38] - **Inter - period Spreads**: Inter - period spreads of various agricultural products are provided, including soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton. For example, the 5 - 1 month inter - period spread of soybeans No.1 was 32 yuan/ton [38] - **Inter - commodity Spreads**: Inter - commodity spreads such as soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc. from September 24 to September 30, 2025 are presented. For example, the soybeans No.1/corn ratio on September 30 was 1.83 [38] Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from September 24 to September 30, 2025 are provided. For example, the basis of CSI 300 on September 30 was 22.69 [50] - **Inter - period Spreads**: Inter - period spreads (next month - current month, next quarter - current quarter) of CSI 300, SSE 50, CSI 500, and CSI 1000 are given. For example, the next month - current month spread of CSI 300 was - 9.8 [50]

Core Viewpoint - The report from Guotai Junan gives a "Buy" rating for October Rice Field (09676), highlighting its strong position as a leading brand in the mid-to-high-end rice market and its potential for continued market share growth [1] Industry Overview - The rice industry is experiencing slow growth but a clear trend towards upgrading, with stable overall demand for kitchen staples like rice despite little change in the domestic population [2] - The market for pre-packaged rice is highly fragmented, with a CR5 of only 14%, indicating significant opportunities for market share expansion [2] Company Performance - The company has demonstrated robust growth, with projected revenues and adjusted net profits of 5.745 billion yuan and 349 million yuan respectively for 2024, reflecting CAGRs of 25.35% and 12.1% from 2020 to 2024 [3] - Revenue breakdown for 2024 includes 4.014 billion yuan from rice, 470 million yuan from grains and beans, and 446 million yuan from other categories, with respective CAGRs of 21%, 6%, and 50% [3] Growth Opportunities - The company is expected to see explosive growth in corn, projected to reach 815 million yuan in 2024, marking the opening of a second growth curve [3] - Future potential in corn includes opportunities for deep processing products such as flavored corn, corn slurry packaging, and corn kernels, leveraging the company's strong multi-channel fulfillment capabilities [3] Channel Strategy - The company has effectively captured online growth opportunities while also strengthening its offline presence, with projected revenues of 3.599 billion yuan from online sales and 2.147 billion yuan from offline sales in 2024 [3] - The company’s ability to adjust its channel strategy has allowed it to capitalize on market trends, with both online and offline channels expected to maintain strong growth moving forward [3]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - For palm oil, maintain low - buying and range - trading strategies as B50 road tests are ahead; for soybean oil, it opened higher following the rebound of US soybeans during the holiday [1] Summary by Relevant Catalogs Fundamental Tracking - **Futures Data**: The closing price of the Malaysian palm oil main contract was 4,546 ringgit/ton with a 1.65% increase in the day - session and 4,560 ringgit/ton with a 0.33% increase in the night - session. The CBOT soybean oil main contract was at 51.29 cents/pound with a 0.49% increase [1] - **Spot Data**: The spot price of 24 - degree palm oil in Guangdong was 9,060 yuan/ton, down 50 yuan; the price of first - grade soybean oil in Guangdong was 8,450 yuan/ton, down 30 yuan; the price of fourth - grade imported rapeseed oil in Guangxi was 10,250 yuan/ton, up 120 yuan. The FOB price of Malaysian palm oil was 1,090 dollars/ton, down 5 dollars [1] - **Basis Data**: The basis of palm oil in Guangdong was - 168 yuan/ton, that of soybean oil in Guangdong was 310 yuan/ton, and that of rapeseed oil in Guangxi was 206 yuan/ton [1] - **Spread Data**: The spread between rapeseed oil and palm oil futures main contracts was 816 yuan/ton; the spread between soybean oil and palm oil futures main contracts was - 1,088 yuan/ton; the 1 - 5 spread of palm oil was 192 yuan/ton, that of soybean oil was 244 yuan/ton, and that of rapeseed oil was 523 yuan/ton [1] Macro and Industry News - Indonesia plans to launch the B50 biodiesel policy next year after completing laboratory tests. The implementation of the B50 policy requires 20.1 million kiloliters of palm - based biofuel annually, while the current B40 policy needs 15.6 million kiloliters [2][3] - SGS estimated that Malaysia's palm oil exports from September 1 - 30, 2025 were 1,013,140 tons, a 13.41% decrease from the same period last month. SPPOMA data showed that Malaysia's palm oil yield per unit decreased by 1.9% month - on - month, the oil extraction rate decreased by 0.1% month - on - month, and the output decreased by 2.42% month - on - month from September 1 - 30, 2025. MPOA estimated that Malaysia's palm oil output in September decreased by 2.35%, with a 6.17% decrease in the Malay Peninsula, a 2.35% increase in Sabah, a 6.62% increase in Sarawak, and a 3.44% increase in East Malaysia. The estimated total output in September was 1.81 million tons [4] - Indonesia exported 16.2 million metric tons of crude and refined palm oil from January to August 2025, a 13.56% year - on - year increase, and the export volume in August alone reached 2.56 million tons [4] - A Reuters survey predicted that Malaysia's palm oil inventory in September 2025 would be 2.15 million tons, a 2.5% decrease from August, the first decline in seven months; the output was expected to be 1.79 million tons, a 3.3% decrease from August, hitting the lowest level since June; the export volume was expected to be 1.43 million tons, a 7.7% increase from August [5] - Indian traders said that India's soybean oil imports in September increased by 37.3% month - on - month to 505,000 tons, the highest in three years. India's edible oil imports decreased by 0.7% month - on - month to 1.61 million tons, and its sunflower oil imports increased by 5.8% month - on - month to 272,000 tons, the highest in eight months [5] - S&P Global Commodity Insights lowered the forecast of the average yield per acre of US soybeans from 53.8 bushels/acre to 53.0 bushels/acre and the soybean output forecast from 4.306 billion bushels to 4.261 billion bushels. It also lowered the average yield per acre forecast of US corn from 189.1 bushels/acre to 185.5 bushels/acre and the 2025 corn output forecast from 16.768 billion bushels to 16.707 billion bushels [5] - StoneX reported that Brazil's soybean output in the 2025/26 season would reach 178.6 million tons, a 0.3% increase from the September forecast [6] - AgRural said that as of October 2, 2025, the soybean sowing progress in the 2025/26 season reached 9% of the total sowing area, higher than 3.2% a week ago and 4% in the same period last year [6] - The Argentine government ordered a suspension of the indefinite strike planned by the oilseed workers' union at the processing plants due to wage issues [6] Trend Intensity - The trend intensity of palm oil and soybean oil was both 1, with the value range of trend intensity being integers in the [- 2,2] interval [7]