Core Viewpoint - The article highlights the strategic initiatives undertaken by Henan Province to enhance its international trade and investment landscape, particularly through the "Belt and Road" initiative, aiming to transform Henan into an open economic hub and expand its global connections [1][11]. Group 1: Strategic Initiatives - Henan's government aims to build an open new state-owned enterprise system, implementing a "new outbound strategy" with a "1+6+N" working framework to enhance international cooperation [1]. - The China Henan International Group has transitioned from a traditional engineering contractor to an integrated operation and maintenance service provider, focusing on a "1+2+4+N" goal system during the 14th Five-Year Plan [4][14]. Group 2: International Cooperation and Resource Integration - The China Henan International Group has successfully facilitated the import of overseas resources such as bauxite and coffee while helping local enterprises expand into international markets, thereby enhancing the global influence of "Henan manufacturing" [2][5]. - The group has established a virtuous cycle of output capability and value return, leading to nearly 1.2 billion yuan in exports of machinery and equipment [5]. Group 3: Agricultural Development and International Trade - The "Yunong Quality Products" initiative aims to transform Henan from a grain-producing region to a global agricultural player, with plans to export various agricultural products to over 50 countries [6][7]. - In the first half of 2025, Henan's agricultural exports reached 10.84 million tons, valued at 1.23 billion USD, marking a 5.15-fold increase compared to the previous year [7]. Group 4: Logistics and Transportation - The Zhengzhou Airport has become a key international cargo hub, with over 10,000 inbound and outbound flights projected for 2025, significantly boosting the region's logistics capabilities [8]. - The establishment of a comprehensive logistics network, including the China-Europe Railway Express, has facilitated over 13,000 train trips in five years, enhancing cross-border e-commerce [9]. Group 5: Future Outlook and Expansion - Looking ahead to the 15th Five-Year Plan, Henan's state-owned enterprises are poised to strengthen their platform functions and deepen international cooperation [14][15]. - The China Henan International Group is focusing on building a collaborative ecosystem for outbound investment, integrating geological exploration and agricultural development to enhance competitiveness [15].

1. Report Industry Investment Rating - The investment rating for the industry is neutral [4] 2. Core View of the Report - The prices of the three major oils fluctuated yesterday. South American soybean sowing is progressing smoothly with favorable weather in the producing areas, and Argentina has also started sowing, with over 4% progress. The USDA is expected to release a monthly supply and demand report this week, which will revise the September US soybean yield data and have a significant impact on the market [3] 3. Summary by Relevant Catalog 3.1 Futures and Spot Market Conditions - Futures: The closing price of the palm oil 2601 contract yesterday was 8,770 yuan/ton, a change of +80 yuan or +0.92% compared to the previous day; the closing price of the soybean oil 2601 contract was 8,238 yuan/ton, a change of +10 yuan or +0.12%; the closing price of the rapeseed oil 2601 contract was 9,775 yuan/ton, a change of +188 yuan or +1.96% [1] - Spot: In the Guangdong region, the spot price of palm oil was 8,740 yuan/ton, a change of +140 yuan or +1.63%, and the spot basis was P01 - 30 yuan, a change of +60 yuan; in the Tianjin region, the spot price of first - grade soybean oil was 8,430 yuan/ton, a change of +40 yuan/ton or +0.48%, and the spot basis was Y01 + 192 yuan, a change of +30 yuan; in the Jiangsu region, the spot price of fourth - grade rapeseed oil was 10,130 yuan/ton, a change of +190 yuan or +1.91%, and the spot basis was OI01 + 355 yuan, a change of +2 yuan [1] 3.2 Market Information Aggregation - Domestic soybean crushing: Last week, the soybean crushing volume of major domestic oil mills continued to decline significantly, falling short of market expectations and reaching a six - month low. The average operating rate of domestic oil mills was 52.94%, a decrease of 8.66% from the previous week's 61.60%. The total soybean crushing volume of national oil mills was 1.9862 million tons, a decrease of 324,900 tons from the previous week's 2.3111 million tons. Among them, the crushing volume of domestic soybeans was 53,200 tons, and the crushing volume of imported soybeans was 1.933 million tons. This week, the expected soybean processing volume is expected to rise again to 2.3302 million tons, with an operating rate of 62.11% [2] - Imported grain and oil prices: The C&F price of US Gulf soybeans (December shipment) was 501 US dollars/ton, an increase of 2 US dollars/ton compared to the previous trading day; the C&F price of US West soybeans (December shipment) was 496 US dollars/ton, a decrease of 4 US dollars/ton; the C&F price of Brazilian soybeans (December shipment) was 495 US dollars/ton, an increase of 5 US dollars/ton. The import soybean premium quotes: 238 cents/bushel for the Gulf of Mexico (December shipment), a decrease of 5 cents/bushel; 225 cents/bushel for the US West Coast (December shipment), a decrease of 20 cents/bushel; 220 cents/bushel for Brazilian ports (December shipment), an increase of 3 cents/bushel. The C&F price of Canadian rapeseed (January shipment) was 528 US dollars/ton, an increase of 5 US dollars/ton; the C&F price of Canadian rapeseed (March shipment) was 536 US dollars/ton, an increase of 4 US dollars/ton. The C&F price of Argentine soybean oil (December shipment) was 1,144 US dollars/ton, an increase of 17 US dollars/ton; the C&F price of Argentine soybean oil (February shipment) was 1,138 US dollars/ton, an increase of 2 US dollars/ton. The C&F quotes for imported rapeseed oil: 1,085 US dollars/ton for Canadian rapeseed oil (December shipment), unchanged; 1,065 US dollars/ton for Canadian rapeseed oil (February shipment), unchanged. The shipping freight from Southeast Asian palm oil (December shipment) to central China was 27 US dollars/ton, unchanged; the shipping freight from Argentine soybean oil (December shipment) to central China was 110 US dollars/ton, unchanged; the shipping freight from Canadian rapeseed oil (December shipment) to central China was 65 US dollars/ton, unchanged [2] - International production and export forecasts: As of November 10, Indonesia's biodiesel consumption this year has reached 12.25 million kiloliters, made from palm - oil - based fatty acid methyl esters (FAME). The Indonesian government has allocated 15.6 million kiloliters of FAME for biodiesel consumption in 2025. From November 1 - 10, 2025, the yield per unit area of Malaysian palm oil decreased by 4.14% compared to the same period last month, the oil extraction rate decreased by 0.4%, and the output decreased by 2.16%. It is predicted that Brazil's soybean exports in November are expected to reach 4.26 million tons, higher than the previous week's 3.77 million tons; the expected export of soybean meal is 2.47 million tons, higher than the previous week's 2.23 million tons; the expected export of corn is 6.04 million tons, higher than the previous week's 5.57 million tons [2]

Group 1 - Company plans to repurchase shares worth between 50 million to 100 million yuan at a price not exceeding 14.00 yuan per share to reduce registered capital [1] - Company is engaged in investment operations, environmental engineering EPC, water treatment equipment production and sales, and water environment design consulting [1] Group 2 - Company announced a change in its joint venture investment project to a "100,000 tons/year waste rubber green low-carbon recycling preparation of carbon-based new materials project" with a total investment of 88 million yuan for the first phase [2][3] Group 3 - Company received an administrative regulatory measure decision from the Beijing Securities Regulatory Commission due to the failure to timely disclose the judicial freeze of shares [4] - The controlling shareholder's shares were frozen, accounting for 13.9% of the total share capital [4] Group 4 - Company is in the product development stage for its embodied intelligent robot business, which has not yet achieved mass production or revenue generation [5][6] Group 5 - Shareholders plan to reduce their holdings by up to 2.98% of the company's total shares through various trading methods [7][8] - Company specializes in the research, design, manufacturing, and sales of material handling equipment [9] Group 6 - Shareholders plan to reduce their holdings by up to 3% of the company's total shares [10][11] Group 7 - Shareholders plan to reduce their holdings by up to 1% of the company's total shares [12][18] Group 8 - Company announced the receipt of a property with an estimated value of 133 million yuan, which is expected to increase pre-tax profits by approximately 130 million yuan for the 2025 fiscal year [17][18] Group 9 - Company announced that its main product, phosphorus trichloride, is primarily used in the production of water treatment agents [19] - The company is facing risks related to the administrative approval process for a project that is behind schedule [19] Group 10 - Controlling shareholders plan to reduce their holdings by up to 3.66% of the company's total shares [20][21] Group 11 - Company signed a strategic framework agreement with a robotics company to collaborate on applications in intelligent manufacturing [22] Group 12 - Company plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [23] Group 13 - Controlling shareholder plans to transfer 5% of the company's shares as part of a cash acquisition arrangement [24] Group 14 - Company announced a change in control with a new controlling party following a share transfer agreement [25] Group 15 - Company plans to transfer 60% of its subsidiary's equity at a base price of 1.6756 million yuan, which is expected to reduce net profit by approximately 26.4 million yuan for the 2025 fiscal year [26] Group 16 - Major shareholder plans to provide a loan of up to 1.666 billion yuan to the company for debt repayment purposes [27]

Core Points - A new individual business named Nanjing Lingling Water Agricultural Products Processing Workshop has been established in Lianhua County, with a registered capital of 30,000 RMB [1] - The legal representative of the business is Zhu Chunrui [1] - The business scope includes food sales, small food workshop operations, production and sale of alcoholic beverages, and initial processing and retail of edible agricultural products [1]

Core Viewpoint - The company "October Rice Field" has announced multiple personnel adjustments, including the appointment of Guo Hong as an independent non-executive director candidate, which has drawn attention due to her connections with Wahaha Group [1][3][5]. Personnel Adjustments - The company plans to abolish the supervisory board and transfer its responsibilities to the audit committee, pending shareholder approval [3]. - Non-executive director Chang Bin resigned due to personal work commitments, and supervisor chairman He Yang will resign effective November 10, 2025, while continuing as HR director [3]. - Guo Hong, with over 25 years of investment management experience, has been nominated as an independent non-executive director candidate [5]. - The company appointed Zhi Qiang as CFO, effective November 10, 2025, who has over 20 years of experience in capital markets and corporate management [3][5]. Company Background - October Rice Field was established in 2011, focusing on pre-packaged high-quality rice, grains, beans, and dried goods, primarily leveraging online channels for growth [9]. - The company completed a 300 million yuan A-round financing in 2020 and has since gone public on the Hong Kong Stock Exchange in October 2023 [9][11]. Financial Performance - The company reported revenues of 4.53 billion yuan, 4.87 billion yuan, and 5.75 billion yuan for 2022, 2023, and 2024, respectively, with net losses of 560 million yuan and 64.86 million yuan in 2022 and 2023 [11]. - In 2024, the company turned a profit with a net income of 200 million yuan [11]. Strategic Upgrade - October Rice Field is transitioning from a "kitchen staple enterprise" to a "family food innovation enterprise," focusing on high-end rice and expanding its product range to include snackable corn products [13]. - The company is diversifying its sales channels, collaborating with over 40 e-commerce platforms and various supermarkets, while also expanding into instant retail channels [15]. - Recent financial data indicates a shift in revenue sources, with online sales decreasing and offline sales increasing, reflecting the effectiveness of the channel transformation [15].

Core Insights - Yinshan Youmai has become a leading player in China's oat industry, achieving annual sales exceeding 400 million yuan since its establishment in 2018 [1][2] - The company received crucial financial support from China Ping An, which provided 30 million yuan annually for three years through policy pledge loans, helping the company overcome initial liquidity challenges [1] - China Ping An has implemented a comprehensive support model combining insurance, subsidized loans, and agricultural contracts, significantly contributing to the growth of Yinshan Youmai [1][3] Financial Support and Growth - The financial backing from China Ping An allowed Yinshan Youmai to establish the largest domestic oat processing plant, capable of producing 20,000 tons of oat rice and 20,000 tons of oat flakes annually [1] - The company has signed contracts with local farmers, guaranteeing a purchase price 20% above market rates, which has led to the acquisition of 70,000 tons of oat grain, generating over 290 million yuan for farmers [2][3] Community Impact and Development - China Ping An's support has evolved from direct purchasing to empowering local farmers through training and improved management practices, reflecting a shift towards sustainable development [3][4] - The company has contributed to the local economy by helping farmers secure stable income and providing agricultural resources, thus playing a vital role in rural revitalization [2][4] Broader Initiatives by China Ping An - Since 2018, China Ping An has invested over 200 million yuan in rural revitalization efforts in the Ulanqab region, focusing on comprehensive financial services and community support [4][5] - The company has established 11 party-building points in the region, donated over 550,000 yuan for community services, and provided significant financial protection for local farmers and elderly populations [5]

Core Viewpoint - The Chinese state-owned enterprises sector experienced significant intraday fluctuations, with notable stock price increases for several companies, indicating a potential bullish trend in the market [1] Group 1: Company Movements - China Haisong saw a sharp rise in stock price, reaching the daily limit up [1] - COFCO Sugar achieved a consecutive two-day price increase, reflecting strong market interest [1] - Other companies such as China Fiber Optic, China Railway Construction, Zhongcheng Co., and China Machinery Inspection also experienced rapid price increases [1]

Financial Futures Core View - The US Senate passed a temporary appropriation bill, providing funds for the federal government until January 30, 2026, easing the government shutdown deadlock. If the US government resumes normal operations as expected and the core economic data is weak, the support for the US dollar may weaken, and the USD/CNY spot exchange rate is expected to fluctuate between 7.09 - 7.14 this week [3]. - China's import and export data in October declined, but there's no need to worry excessively as it was affected by short - term factors. The export growth rate in the fourth quarter may decline, but the annual foreign trade is expected to end smoothly [3]. - The bond market is in a short - term shock situation, and it is recommended to hold medium - term long positions [4]. Market Conditions - The on - shore RMB against the US dollar closed at 7.1207 at 16:30, down 32 basis points from the previous trading day, and closed at 7.1178 at night. The central parity rate of the RMB against the US dollar was reported at 7.0866, down 10 basis points from the previous trading day [2]. - On Tuesday, the bond futures opened higher,冲高 in the morning, then fell back, and maintained a narrow - range shock in the afternoon. The DR001 rose to 1.51% [4]. Commodities Precious Metals - Gold and silver are running at a high level in the short term. The COMEX gold 2512 contract closed at $4133.2/ounce, up 0.27%; the SHFE gold 2512 contract closed at 948.88 yuan/gram, up 2.67%. The market is concerned about the release of US data [5]. - The probability of the Fed cutting interest rates in December is rising. The SPDR Gold ETF holdings increased by 4.3 tons to 1046.36 tons [6]. Base Metals - Copper: The US government shutdown is expected to end, and the market believes the probability of a December interest rate cut has increased, boosting copper prices. The Comex copper closed at $5.07/pound, up 0.08% [9]. - Aluminum: Funds are the core factor affecting aluminum prices recently. The supply of domestic electrolytic aluminum is stable, and the demand is weak. Alumina is in an oversupply situation, and it is recommended to short at high prices [10][11]. - Zinc: Zinc prices are in a high - level narrow - range shock. The smelting end is short of ore, and the TC in November has dropped significantly. It is expected to be strong in the short term [12]. - Nickel and stainless steel: The demand is weak in the off - season, and the pressure on the fundamentals and the spot market is prominent. The price of nickel ore may be strong in the short term, and the price of nickel iron has been continuously adjusted [13][14]. - Tin: Bulls entered the market at night, and the Shanghai tin broke through upwards. The supply is weaker than the demand, and it is expected to maintain a high - level shock [15][16]. - Lead: The lead price is in a high - level narrow - range shock. The supply is tight, but the import window is open, and it is expected to gradually return to balance [18][20]. Energy and Chemicals - Crude oil: The crude oil market is in a narrow - range shock. The short - term kinetic energy is weak, and the long - term is still under pressure [26][28]. - LPG: The cost has risen, and the domestic LPG market is in a strong pattern. The supply has decreased slightly, and the demand of the PDH end has increased [28][29]. - PTA - PX: Affected by the "anti - involution" rumor, the PTA price has rebounded from a low level. The PX supply is expected to be high in the fourth quarter, and the PTA is in an oversupply situation [30][33]. - MEG - bottle chips: The ethylene glycol is under pressure. The supply has decreased, and the demand is stable. The long - term is still in a weak situation [33][34]. - PP: The PP market is in a bottom - level shock. The supply pressure is large, and the demand has improved slightly during the "Double 11" period [36][37]. - PE: The PE market is in a low - level shock. The supply pressure is large, and the demand growth space is limited [38][40]. - Pure benzene and styrene: The prices of pure benzene and styrene are still falling. The supply of pure benzene is expected to be high in the fourth quarter, and the demand is weak. The supply of styrene has increased, and the de - stocking pressure is large [41][42]. - Rubber and 20 - number rubber: The rubber price is in a pressure - bearing shock and moving up. The downstream demand has certain support, but the inventory pressure is large [43]. - Urea: The export quota has increased, and the short - term price is supported. The industry is expected to maintain a high daily output level in November [44][45]. - Glass, soda ash, and caustic soda: The soda ash is under pressure due to the weakening demand expectation. The glass is in a low - level game, and the caustic soda production is gradually recovering, with increasing market pressure [46][49]. - Pulp and offset paper: The pulp and offset paper futures prices are in a high - level shock. The supply of pulp is expected to decrease in the short term, and the cost of offset paper is expected to rise [49][50]. - Propylene: The propylene price is in a rebound. The supply is still loose, and the demand is affected by the PP market [50][52]. Agricultural Products - Live pigs: The policy may affect the long - term supply. The short - term is still based on the fundamentals, and the price is expected to be supported during the peak season [53]. - Oilseeds: The market is waiting for the USDA report. The import of soybeans is mainly from Brazil, and the supply of domestic soybean meal is high. The rapeseed meal is in a situation of weak supply and demand [53][54]. - Oils: The price of palm oil is expected to gradually recover. The supply of soybean oil is sufficient, and the supply of rapeseed oil is still a concern [55]. - Soybean No.1: The soybean No.1 is in a high - level consolidation [55]. - Corn and starch: The corn and starch prices are rising. The supply of corn is sufficient, but the selling pressure has been released, and the demand is increasing [55][57]. - Cotton: The cotton price is expected to maintain a shock. The new cotton output is high, and the downstream demand is average [57][58]. - Sugar: The sugar price is waiting for the Brazilian production data. The Brazilian sugar export in October increased, and the production in the second half of October is expected to increase [58][59]. - Eggs: The futures price of eggs is falling, and the market expectation is difficult to be falsified [60].

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - After a previous continuous rise, recent hot sectors have seen rapid rotation, with the technology - growth sector remaining the market's main theme. Policy support for the capital market remains unchanged, and the medium - to long - term strategy is mainly to go long on dips [4]. - In the fourth quarter, the supply - demand pattern of the bond market may improve. The market is expected to remain volatile under the background of weak domestic demand recovery and improved inflation expectations. Attention should be paid to the stock - bond seesaw effect and the increasing allocation power [7]. - Given that the Fed's current easing cycle is in its early stage, it is advisable to go long on silver on dips. The reference operating ranges for the main contracts of Shanghai gold and silver are provided [9]. - The short - term trend of copper prices is expected to be volatile and slightly stronger, while aluminum prices may rise further. Zinc prices may be strong in the short - term but have limited upside in the excess cycle. Lead prices are expected to be strong in the short - term, and nickel prices are recommended to be observed in the short - term [13][15][17][20][22]. - The short - term trend of tin prices is expected to be strong and volatile. The price of lithium carbonate may see high - level selling pressure. Alumina is recommended to be observed in the short - term. Stainless steel prices are expected to remain weak in the short - term, and the price of cast aluminum alloy is expected to follow the trend of aluminum prices [24][27][29][32][34]. - Steel prices are expected to remain weakly volatile in the short - term but may see a demand inflection point in the future. Iron ore prices are expected to remain weak in the short - term. Glass prices are expected to remain weak, and soda ash prices may continue to fluctuate [38][40][42][44]. - For manganese silicon and ferrosilicon, it is more cost - effective to look for positions to rebound rather than to short. Industrial silicon prices are expected to consolidate, and polysilicon prices may see a marginal improvement in the supply - demand pattern [48][51][53]. - For rubber, a neutral approach is recommended, with short - term trading and partial hedging positions. Oil prices are recommended to be observed in the short - term. Methanol, urea, and other chemical products are generally recommended to be observed [59][62][63][64]. - For agricultural products, the general strategy for hogs is to go short on rebounds, eggs are expected to be strongly sorted in the short - term, and soybean meal is recommended to be shorted on rebounds in the medium - term. The trend of oils and fats depends on the export and production of palm oil, and sugar is recommended to be shorted after the rebound weakens. Cotton prices are expected to continue to fluctuate [83][85][87][90][92][96]. 3. Summaries by Directory 3.1 Macro - financial Category 3.1.1 Stock Index - **Market Information**: The central bank aims to maintain the stability of the financial market, and Mexico has postponed the plan to impose high tariffs on Chinese imports. SoftBank has sold all its Nvidia shares worth $5.83 billion [2]. - **Strategy View**: After a previous rise, hot sectors rotate rapidly, and the technology - growth sector is the main theme. The medium - to long - term strategy is to go long on dips [4]. 3.1.2 Treasury Bonds - **Market Information**: The main contracts of treasury bonds showed different changes. The 500 billion yuan of new policy - based financial instruments have been fully invested, and the US Senate has passed a bill to avoid a government shutdown. The central bank conducted a net injection of 286.3 billion yuan [5]. - **Strategy View**: The CPI in October exceeded expectations, and the manufacturing PMI was lower than expected. The supply - demand pattern of the bond market may improve in the fourth quarter, and the market is expected to remain volatile [7]. 3.1.3 Precious Metals - **Market Information**: The prices of Shanghai gold and silver showed different trends. The US non - farm payroll data could not be released normally, and the US government shutdown problem is likely to be resolved, which will improve market liquidity [8]. - **Strategy View**: The market prices a 67.4% probability of a 25 - basis - point Fed rate cut in December. It is advisable to go long on silver on dips, and the reference operating ranges for gold and silver contracts are provided [9]. 3.2 Non - ferrous Metals Category 3.2.1 Copper - **Market Information**: Domestic equity markets declined, and copper prices adjusted. LME and domestic warehouse inventories decreased, and the import loss of domestic copper was about 700 yuan/ton [11]. - **Strategy View**: The expected reopening of the US government and the easing of trade tensions boost market sentiment. The supply of refined copper is expected to tighten marginally, and copper prices may be volatile and slightly stronger in the short - term [13]. 3.2.2 Aluminum - **Market Information**: Aluminum prices fluctuated at a high level. Domestic and foreign inventories decreased, and the spot discount of electrolytic aluminum in East China narrowed [14]. - **Strategy View**: Overseas supply concerns and expected improvement in domestic exports may push aluminum prices higher. Attention should be paid to changes in domestic inventories [15]. 3.2.3 Zinc - **Market Information**: Zinc prices rose slightly. Domestic and foreign inventories and other data are provided, and the import loss of zinc ingots was - 4957.57 yuan/ton [16]. - **Strategy View**: Zinc concentrate TC continues to decline, and the supply of zinc ingots is expected to tighten marginally. Zinc prices may be strong in the short - term but have limited upside in the excess cycle [17]. 3.2.4 Lead - **Market Information**: Lead prices fell slightly. Domestic and foreign inventories decreased, and the domestic social inventory of lead ingots increased slightly [18][19]. - **Strategy View**: Lead concentrate TC continues to decline, and the supply of lead is expected to be tight in the near - term. Lead prices are expected to be strong in the short - term [20]. 3.2.5 Nickel - **Market Information**: Nickel prices fluctuated at a low level. The price of nickel ore was stable, and the price of nickel iron continued to decline [21]. - **Strategy View**: The inventory pressure of refined nickel is significant, and nickel prices are dragged down. It is recommended to observe in the short - term and consider going long if the price drops sufficiently [22]. 3.2.6 Tin - **Market Information**: Tin prices rose slightly. The supply of tin ore is still tight, and the demand from emerging fields provides support [23]. - **Strategy View**: The short - term supply - demand of tin is in tight balance, and prices are expected to be strong and volatile. It is advisable to go long on dips [24]. 3.2.7 Lithium Carbonate - **Market Information**: The price of lithium carbonate increased slightly, and the futures price decreased slightly [26]. - **Strategy View**: The demand is expected to reach a new high this month, but attention should be paid to high - level selling pressure [27]. 3.2.8 Alumina - **Market Information**: Alumina prices decreased slightly. The overseas ore price is expected to decline, and the domestic inventory is expected to increase [28]. - **Strategy View**: The supply of alumina is expected to be in excess, and it is recommended to observe in the short - term [29]. 3.2.9 Stainless Steel - **Market Information**: Stainless steel prices decreased. The supply is in excess, and the demand is weak. The inventory is being released, and the de - stocking speed has slowed down [30][31]. - **Strategy View**: The stainless steel market is expected to remain weak in the short - term due to supply - demand imbalance [32]. 3.2.10 Cast Aluminum Alloy - **Market Information**: Cast aluminum alloy prices decreased. The trading volume decreased, and the inventory increased slightly [33]. - **Strategy View**: The cost of cast aluminum alloy provides support, and the price is expected to follow the trend of aluminum prices [34]. 3.3 Black Building Materials Category 3.3.1 Steel - **Market Information**: The prices of rebar and hot - rolled coils decreased. The registered warehouse receipts of rebar decreased, and the inventory of hot - rolled coils increased [36]. - **Strategy View**: Steel prices are expected to remain weakly volatile in the short - term, but demand may improve in the future [38]. 3.3.2 Iron Ore - **Market Information**: Iron ore prices decreased slightly. The overseas shipment volume decreased, and the demand from steel mills weakened. The port inventory increased [39]. - **Strategy View**: The supply of iron ore is expected to decrease, and the demand is expected to weaken. Iron ore prices are expected to remain weak in the short - term [40]. 3.3.3 Glass and Soda Ash - **Market Information**: The price of glass decreased, and the inventory decreased. The price of soda ash decreased, and the inventory increased [41][43]. - **Strategy View**: The glass market lacks fundamental support and is expected to remain weak. The soda ash market is expected to be volatile due to supply - demand factors [42][44]. 3.3.4 Manganese Silicon and Ferrosilicon - **Market Information**: The prices of manganese silicon and ferrosilicon decreased. The market is affected by macro and fundamental factors [45]. - **Strategy View**: The price trend is affected by macro events. It is more cost - effective to look for positions to rebound rather than to short [47][48]. 3.3.5 Industrial Silicon and Polysilicon - **Market Information**: The prices of industrial silicon and polysilicon decreased. The supply of industrial silicon is expected to decrease, and the supply of polysilicon is expected to decrease in the future [50][52]. - **Strategy View**: Industrial silicon prices are expected to consolidate, and polysilicon prices may see a marginal improvement in the supply - demand pattern [51][53]. 3.4 Energy Chemicals Category 3.4.1 Rubber - **Market Information**: Rubber prices rebounded. The opening rates of tire enterprises showed different trends, and the inventory increased [55][57]. - **Strategy View**: A neutral approach is recommended, with short - term trading and partial hedging positions [59]. 3.4.2 Crude Oil - **Market Information**: The prices of crude oil and related refined products decreased. The inventory of refined products in Fujeirah Port increased [60]. - **Strategy View**: Although the geopolitical premium has disappeared, OPEC's supply has not increased significantly. It is recommended to observe in the short - term [62]. 3.4.3 Methanol - **Market Information**: The price of methanol decreased. The supply increased, and the demand decreased, leading to an increase in inventory [63]. - **Strategy View**: The supply - demand pattern of methanol is weak, and it is recommended to observe in the short - term [63]. 3.4.4 Urea - **Market Information**: The price of urea decreased slightly. The supply increased, and the demand was weak [64]. - **Strategy View**: The supply - demand of urea is in a relatively loose pattern, and it is recommended to observe in the short - term [64]. 3.4.5 Pure Benzene and Styrene - **Market Information**: The price of pure benzene was stable, and the price of styrene decreased. The supply and demand showed different trends [65]. - **Strategy View**: The price of styrene may stop falling temporarily due to inventory reduction, and the BZN spread has room for upward repair [67]. 3.4.6 PVC - **Market Information**: The price of PVC decreased. The supply increased, and the demand decreased, and the inventory increased [68]. - **Strategy View**: The supply - demand of PVC is imbalanced, and it is recommended to short on rallies in the medium - term [69]. 3.4.7 Ethylene Glycol - **Market Information**: The price of ethylene glycol decreased. The supply decreased slightly, and the demand decreased slightly, and the inventory increased [70]. - **Strategy View**: The supply of ethylene glycol is expected to increase, and it is recommended to short on rallies [71]. 3.4.8 PTA - **Market Information**: The price of PTA decreased. The supply is expected to increase, and the demand is expected to be stable, and the inventory is expected to increase [72]. - **Strategy View**: The supply of PTA is expected to increase, and the processing fee is under pressure. Attention should be paid to the opportunity of PTA strengthening driven by PXN [73]. 3.4.9 p - Xylene - **Market Information**: The price of p - xylene decreased. The supply increased, and the demand decreased, and the inventory increased [74]. - **Strategy View**: The supply of p - xylene is expected to be in excess, and it is recommended to observe in the short - term. Attention should be paid to the opportunity of valuation increase in the medium - term [75]. 3.4.10 Polyethylene (PE) - **Market Information**: The price of PE decreased. The supply decreased slightly, and the demand decreased slightly, and the inventory increased [76]. - **Strategy View**: The price of PE is expected to remain low and volatile due to factors such as inventory and demand [78]. 3.4.11 Polypropylene (PP) - **Market Information**: The price of PP decreased. The supply is expected to be under pressure, and the demand is expected to rebound seasonally [79]. - **Strategy View**: The supply - demand of PP is weak, and the inventory pressure is high. The price may be supported in the first quarter of next year [80]. 3.5 Agricultural Products Category 3.5.1 Hogs - **Market Information**: Hog prices were weak. The supply was sufficient, and the demand was not improved [82]. - **Strategy View**: The future supply of hogs is expected to be in excess, and it is recommended to short on rallies. In the short - term, there may be a rebound [83]. 3.5.2 Eggs - **Market Information**: Egg prices were stable with a slight decline. The supply was stable, and the demand was general [84]. - **Strategy View**: The inventory of eggs is expected to increase, and the price is expected to be strongly sorted in the short - term. It is recommended to observe or trade short - term [85]. 3.5.3 Soybean and Rapeseed Meal - **Market Information**: The price of CBOT soybeans was stable. The domestic soybean inventory was at a high level, and the demand for soybean meal was weak [86]. - **Strategy View**: The import cost of soybeans fluctuates, and the supply of soybean meal is expected to be loose in the medium - term. It is recommended to short on rallies [87]. 3.5.4 Oils and Fats - **Market Information**: The export of Malaysian palm oil decreased, and the production showed different trends. The US Department of Agriculture will release a report [88]. - **Strategy View**: The supply of palm oil is expected to be large, and the price trend depends on production and export. It is recommended to view the market with a volatile perspective [90]. 3.5.5 Sugar - **Market Information**: The price of sugar fluctuated. India has allowed sugar exports, and the opening of sugar mills in China has different situations [91]. - **Strategy View**: The import control of syrup and premix has driven up the price of sugar, but the external market is weak. It is recommended to short after the rebound weakens [92]. 3.5.6 Cotton - **Market Information**: The price of cotton fluctuated. The downstream demand was weak, and the domestic production was high [93]. - **Strategy View**: The cotton market lacks strong driving factors, and the price is expected to continue to fluctuate in the short - term [96].

2025 年 11 月 12 日 研 究 | | | 【基本面跟踪】 油脂基本面数据 | | | 单 位 | 收盘价 (日盘） | 涨跌幅 | 收盘价 （夜盘） | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | | 棕榈油主力 | 元/吨 | 8,770 | 0.92% | 8,734 | -0.41% | | | 豆油主力 | 元/吨 | 8,238 | 0.12% | 8,248 | 0.12% | | | 菜油主力 | 元/吨 | 9,775 | 1.96% | 9,782 | 0.07% | | 期 货 | 马棕主力 | 林吉特/吨 | 4,139 | 0.68% | 4,150 | 0.31% | | | CBOT豆油主力 | 美分/磅 | 51.04 | 0.91% | | | | | | 单 位 | 昨日成交 | 成交变动 | 昨日持仓 | 持仓变动 | | | 棕榈油主力 | 手 | 505,832 | -24977 | 418,681 | -5,435 | | | 豆油主力 | 手 | 274,118 | 22,215 | 445,9 ...