Core Insights - Fangcheng County Junhe Recycled Resources Co., Ltd. has been established with a registered capital of 100,000 RMB and is represented by Pan Fang [1] Company Overview - The company operates in various sectors including recycling of renewable resources (excluding production waste metals), sales and processing of renewable resources, and technical services such as development, consulting, and promotion [1] - The company is also involved in the wholesale, retail, and initial processing of edible agricultural products, as well as the purchase and sale of primary agricultural products [1] - Additional activities include the processing and utilization of agricultural waste, grain sales, and comprehensive utilization of agricultural, forestry, animal husbandry, and fishery waste [1] Licensing and Regulatory Compliance - The company is permitted to engage in road cargo transportation (excluding hazardous materials), subject to approval from relevant authorities [1] - Specific business activities are contingent upon obtaining necessary approvals and licenses from relevant departments [1]

Core Insights - The integration of culture and economy is driving rural revitalization, transforming traditional rural areas into vibrant cultural and economic hubs [1][4][5] - The rise of digital technology and media has redefined rural engagement, allowing for new forms of cultural expression and economic activity [2][3] Group 1: Cultural Influence on Rural Development - Culture serves as a deep and lasting force that promotes economic and social development, transforming rural areas into places of cultural significance and economic vitality [1][4] - The blending of traditional culture with modern technology, such as 3D printing and live streaming, is creating new products and experiences that enhance rural economies [1][2] Group 2: Economic Transformation through Cultural Engagement - The concept of "new agricultural activities" through live streaming and digital platforms is reshaping rural economies, making them more accessible and appealing to urban populations [2][3] - Successful examples, such as the transformation of rural areas into popular tourist destinations, demonstrate the economic benefits of cultural revitalization, with income levels significantly increasing [3][4] Group 3: The Role of Cultural Confidence - Cultural confidence is essential for the sustainable development of rural areas, as it fosters a sense of identity and belonging among residents, encouraging them to engage with and promote their local culture [4][5] - The interaction between culture and economy creates a cycle of cultural and economic reproduction, enhancing both social and economic outcomes in rural revitalization efforts [4][5]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Supply - side production cuts are accelerating the destocking of steel products, while inflation shows signs of the decline in pork prices slowing down. [1][2] Summary by Directory 1. Economic Growth: Supply - side Production Cuts Accelerate Steel Destocking 1.1 Production: Limited Increment in Power Plant Daily Consumption - Power plant daily consumption has limited increment. On November 25, the average daily consumption of 6 major power - generating groups was 79.3 tons, down 1.3% from November 18. On November 18, the daily consumption of power plants in eight southern provinces was 186 tons, up 3.3% from November 11. [4][11] - The blast furnace operating rate has been declining this month. On November 21, the national blast furnace operating rate was 82.2%, down 0.6 percentage points from November 14; the capacity utilization rate was 88.6%, down 0.3 percentage points from November 14. The blast furnace operating rate of Tangshan steel mills remained flat at 91.2% compared to November 14. [4][15] - The tire operating rate has declined. On November 20, the operating rate of truck all - steel tires was 61.3%, down 3.2 percentage points from November 13; the operating rate of car semi - steel tires was 71.1%, down 2.6 percentage points from November 13. The operating rate of looms in the Jiangsu and Zhejiang regions continued to decline. [4][17] 1.2 Demand: Supply - side Production Cuts Accelerate Steel Destocking - The sales volume of new homes in 30 cities has improved month - on - month. From November 1 - 25, the average daily sales area of commercial housing in 30 large and medium - sized cities was 243,000 square meters, up 11.9% from the same period in October, but down 30.4% from the same period last November, 20.1% from the same period in 2023, and 35.9% from the same period in 2022. [4][23] - The retail sales of the auto market have improved week by week. In November, retail sales were down 11% year - on - year, and wholesale sales were down 8% year - on - year. [4][27] - Steel prices fluctuated within a narrow range. On November 25, the prices of rebar, wire rod, hot - rolled coil, and cold - rolled coil changed by + 0.6%, - 0.3%, + 1.5%, and - 0.1% respectively compared to November 18. [4][32] - Cement prices remained stable. On November 25, the national cement price index remained flat compared to November 18. Cement prices in the East China and Yangtze River regions fell by 0.7%. [4][33] - Glass prices fluctuated strongly. On November 26, the active glass futures contract price was 1,026 yuan/ton, up 1.1% from November 19. [4][38] - The container shipping freight index showed a pattern of near - term decline and long - term increase. On November 21, the CCFI index rose 2.6% compared to November 14, while the SCFI index fell 4.0%. [4][40] 2. Inflation: The Decline in Pork Prices Slows Down 2.1 CPI: The Decline in Pork Prices Slows Down - The decline in pork prices slowed down. On November 26, the average wholesale price of pork was 17.9 yuan/kg, down 0.3% from November 19. [4][46] - The agricultural product price index rose moderately. On November 26, the agricultural product wholesale price index rose 0.6% compared to November 18. By variety, fruits (+ 2.8%) > vegetables (+ 1.4%) > mutton (+ 1.3%) > pork (- 0.3%) > eggs (- 0.5%) > chicken (- 0.7%) > beef (- 1.0%). [4][53] 2.2 PPI: Oil Prices Declined Weakly - Oil prices declined weakly. On November 25, the spot prices of Brent and WTI crude oil were 63.2 and 58.0 dollars/barrel respectively, down 0.6% and 4.6% from November 18. [4][56] - Copper and aluminum prices rose. On November 25, the prices of LME 3 - month copper and aluminum rose 1.5% and 1.0% respectively compared to November 18. [4][61] - The decline of the domestic commodity index narrowed month - on - month. On November 25, the Nanhua industrial products index fell 0.6% compared to November 18, and the CRB index fell 0.7%. [4][61] - Most industrial product prices fell month - on - month in November. The prices of steam coal and wire rod rose month - on - month, while other industrial product prices fell. The year - on - year decline of most industrial product prices converged, except for cement and glass. [63]

Summary of HeBai Group's Conference Call Company Overview - **Company**: HeBai Group - **Date**: October 2025 Key Points Industry Performance - **Real Estate**: Revenue for the first three quarters of 2025 decreased by over 50% [2][5] - **Appliance Business**: Despite stable performance in the first half due to subsidy policies, profits are expected to decline slightly for the year [2][5] - **Agricultural Products**: Revenue increased by 16.8% year-on-year, but net profit declined due to the cultivation period of the Feixi Logistics Park, putting pressure on overall profitability [2][5] - **Supermarket Sales**: In October 2025, supermarket sales grew by 27% to 350 million yuan, while department store sales saw a slight increase of 0.5% after previous declines [2][6] - **Overall Sales**: Appliance sales dropped by 50% year-on-year, while agricultural product sales rose by 13% to 550 million yuan [2][6] Financial Metrics - **Gross Margin**: - Supermarket: Approximately 14%, down 0.5 percentage points year-on-year [14] - Department Store: Approximately 12.5%, down 0.7 percentage points year-on-year [14] - Appliance: 7.4%, slightly up by 0.1 percentage points [14] - **Net Profit**: - Supermarket net profit fell from over 30 million yuan last year to less than 10 million yuan this year [14] - Department store net profit around 12 million yuan, with appliance net profit at approximately 1 million yuan [14] Strategic Initiatives - **Store Adjustments**: Plans to gradually adjust stores from 2026 to 2028, with significant sales and customer flow increases reported in adjusted stores [4][18] - **Private Label Development**: Nearly 500 private label products, with a 90% year-on-year increase in product count, but sales contribution remains below 2% [9][10] - **Supply Chain Optimization**: Direct procurement in Hefei region increased to over 70%, with plans to expand into fresh vegetables and fruits [10][12] Investment and Expansion - **Investment in Emerging Industries**: HeBai Group invested 900 million yuan in the Hefei Guosheng Capital Equity Investment Fund, focusing on semiconductors, new energy, and biomedicine [20][21] - **Store Expansion Plans**: Closed 35 stores this year but plans to open 10 new supermarkets, focusing on stabilizing the central Anhui region [7][13] Market Challenges - **Intense Competition**: The market in Anhui, especially Hefei, is nearing saturation with new entrants, leading to fierce competition in community shopping centers [15] - **Impact of Subsidy Policies**: The shift to a lottery system for appliance subsidies has led to a significant drop in sales since mid-July 2025 [24][25] Future Outlook - **Profit Margin Improvement**: Expected improvements in profit margins through store adjustments and supply chain enhancements [16][18] - **Marketing Strategies for 2026**: Preparing differentiated marketing strategies for the upcoming Spring Festival to maximize consumer opportunities [26] Additional Notes - **New Chairman Appointment**: The appointment of a new chairman is pending, with expectations for a decision by the end of 2025 [22] - **Tax Refund Stores**: Five stores in Anhui are part of the tax refund pilot, with potential for increased transactions if policies are streamlined [11]

Report Summary 1. Report Purpose - The report objectively reflects the research views of futures and securities companies on various commodity varieties, tracks hot varieties, analyzes market investment sentiment, and summarizes investment driving logic. It is for internal company use only and does not constitute personal investment advice [1]. 2. Market Data 2.1. Commodity Prices and Weekly Changes | Asset Class | Sub - variety | Closing Price (2025/11/21) | Weekly Change (11/17 - 11/21) | | --- | --- | --- | --- | | Commodities | Iron ore | 785.50 | 1.68% | | | Corn | 2195.00 | 0.46% | | | Rebar | 3057.00 | 0.13% | | | PTA | 4666.00 | - 0.72% | | | Palm oil | 8550.00 | - 1.09% | | | Polysilicon | 53360.00 | - 1.27% | | | Copper | 85660.00 | - 1.43% | | | Crude oil | 447.40 | - 2.19% | | | Aluminum | 21340.00 | - 2.29% | | | Methanol | 2004.00 | - 2.48% | | | Soybean meal | 3012.00 | - 2.59% | | | Gold | 926.94 | - 2.75% | | | Ethylene glycol | 3808.00 | - 2.91% | | | PVC | 4456.00 | - 3.30% | | | Live pigs | 11350.00 | - 3.61% | | | Glass | 987.00 | - 4.36% | | | Silver | 11680.00 | - 5.62% | | | Coking coal | 1103.00 | - 7.47% | 2.2. Stock Indexes and Weekly Changes | Stock Index | Closing Price (2025/11/21) | Weekly Change (11/17 - 11/21) | | --- | --- | --- | | Shanghai 50 | 2955.85 | - 2.72% | | CSI 300 | 4453.61 | - 3.77% | | CSI 500 | 6817.41 | - 5.78% | | FTSE 100 | 9539.71 | - 1.64% | | S&P 500 | 6602.99 | - 1.95% | | France CAC40 | 7982.65 | - 2.29% | | NASDAQ Index | 22273.08 | - 2.74% | | Nikkei 225 | 48625.88 | - 3.48% | | Hang Seng Index | 25220.02 | - 5.09% | 2.3. Bonds and Weekly Changes | Bond | Closing Price (2025/11/21) | Weekly Change (11/17 - 11/21) | | --- | --- | --- | | 5 - year Chinese Treasury bond | 1.59 | + 0.62bp | | 10 - year Chinese Treasury bond | 1.82 | + 0.14bp | | 2 - year Chinese Treasury bond | 1.43 | - 0.45bp | 2.4. Foreign Exchange and Weekly Changes | Foreign Exchange | Closing Price (2025/11/21) | Weekly Change (11/17 - 11/21) | | --- | --- | --- | | US Dollar Index | 100.15 | + 0.87% | | US Dollar Intermediate Price | 7.09 | + 0.07% | | Euro - US Dollar | 1.15 | - 0.93% | [2] 3. Commodity Views 3.1. Macro - Financial Sector - **Stock Index Futures** - Strategy View: 3 out of 8 institutions are bullish, 0 are bearish, and 5 expect a sideways trend. - Bullish Logic: Nvidia's better - than - expected performance eases AI bubble concerns; Fed officials' remarks boost rate - cut expectations; loose expectations remain, and the stock index may stage a phased recovery; significant short - term decline with strong downside support. - Bearish Logic: Fed's hawkish stance causes liquidity expectations to fluctuate; rising US Dollar Index suppresses global risk appetite; AI bubble controversy affects tech stocks; fading speculative sentiment leads to reduced trading volume [4]. - **Treasury Bond Futures** - Strategy View: 1 out of 7 institutions is bullish, 0 are bearish, and 6 expect a sideways trend. - Bullish Logic: Weak fundamental data and insufficient domestic demand support loose expectations; central bank's restart of Treasury bond trading signals policy support; medium - to - long - term allocation demand pulls interest rates down; limited incremental policies at the end of the year. - Bearish Logic: Low expectation of further rate cuts, lack of upward momentum; tight external market liquidity affects the bond market; new redemption rules suppress the bond market, especially 30 - year bonds [4]. 3.2. Energy Sector - **Crude Oil** - Strategy View: 0 out of 8 institutions are bullish, 4 are bearish, and 4 expect a sideways trend. - Bullish Logic: OPEC + suspends production increase, tightening supply expectations; northern hemisphere's heating season boosts demand; geopolitical risks in South America remain; short - term disruption of Libyan exports; Fed officials' calming remarks boost rate - cut expectations; potential stabilization after short - term oversold. - Bearish Logic: Persistent global supply surplus and inventory accumulation; fluctuating Fed rate - cut expectations and tight liquidity; overall slowdown in fourth - quarter demand; significant decline in geopolitical risks [5]. 3.3. Agricultural Products Sector - **Palm Oil** - Strategy View: 0 out of 7 institutions are bullish, 3 are bearish, and 4 expect a sideways trend. - Bullish Logic: Malaysia enters the production - reduction season, easing supply pressure; India's import profit recovery may increase procurement; Indonesia's B50 policy boosts long - term biodiesel demand; widening international soybean - palm oil price difference makes palm oil more cost - effective. - Bearish Logic: US cancellation of relevant energy offices is negative for biodiesel policies; weak Malaysian palm oil exports in November; large domestic inventory accumulation; winter consumption off - season and expected inventory build - up [5]. 3.4. Non - Ferrous Metals Sector - **Aluminum** - Strategy View: 0 out of 7 institutions are bullish, 2 are bearish, and 5 expect a sideways trend. - Bullish Logic: Low inventory provides price support; limited supply increase expected in 2026, maintaining a tight supply - demand balance; emerging sectors like energy storage drive long - term aluminum consumption. - Bearish Logic: AI bubble concerns affect metal performance; cooling Fed rate - cut expectations pressure metal prices; potential decline in photovoltaic production may suppress aluminum consumption; high prices squeeze processing profits; industry off - season affects demand and开工 [6]. 3.5. Chemical Sector - **Methanol** - Strategy View: 0 out of 7 institutions are bullish, 3 are bearish, and 4 expect a sideways trend. - Bullish Logic: Potential winter maintenance in Iran may reduce imports; attention to year - end maintenance of southwest gas - based producers; increased losses in coal - to - methanol production may force a reduction in operating loads; low valuation limits downside space. - Bearish Logic: Weakening macro - drivers lead to trading of weak fundamentals; high import arrivals and expected port inventory build - up; compressed MTO profits reduce methanol procurement; weakening coal - based cost support [6]. 3.6. Precious Metals Sector - **Gold** - Strategy View: 2 out of 8 institutions are bullish, 2 are bearish, and 4 expect a sideways trend. - Bullish Logic: Fed officials' dovish signals boost rate - cut expectations; geopolitical and policy uncertainties increase gold's safe - haven appeal; US debt credit issues weaken long - term US dollar confidence; global central banks' continuous gold purchases support long - term demand. - Bearish Logic: Large internal differences within the Fed lead to unclear policy guidance; better - than - expected non - farm payrolls strengthen the hawkish stance; improving US dollar liquidity may increase market risk appetite [7]. 3.7. Black Metals Sector - **Coking Coal** - Strategy View: 0 out of 7 institutions are bullish, 3 are bearish, and 4 expect a sideways trend. - Bullish Logic: Tight supply expectations of Australian coal may support import costs; potential decline in production after year - end production targets are met; increased demand from winter heating. - Bearish Logic: Supply - guarantee policies make the market cautious; increased steel mill losses lead to reduced hot metal production; significant increase in Mongolian coal customs clearance; more online auction failures indicate weak demand; high coking coal inventory in coke enterprises reduces restocking willingness [7].

2025 年 11 月 26 日星期三 重庆市江北区金沙门路 32 号 23 层； 023-63638617 国债： 上一交易日，国债期货收盘多数下跌，30 年期主力合约跌 0.33%报 115.160 元， 10 年期主力合约跌 0.08%报 108.220 元，5 年期主力合约持平于 105.980 元，2 年期主 力合约涨 0.01%报 102.422 元。 上海市浦东新区世纪大道 210 号 10 楼 1001； 1 市场有风险 投资需谨慎 地址： 电话： | | | | 铅： | | 15 | | --- | --- | --- | | 锡： | | 15 | | 镍： | | 16 | | 豆油、豆粕： | | 16 | | 棕榈油： | | 17 | | 菜粕、菜油： | | 18 | | 棉花： | | 18 | | 白糖： | | 19 | | 苹果： | | 20 | | 生猪： | | 21 | | 鸡蛋： | | 21 | | 玉米&淀粉： | | 22 | | 免责声明 | | 24 | 公开市场方面，央行公告称，11 月 25 日以固定利率、数量招标方式开展了 3021 亿元 7 ...

Core Viewpoint - The average price of pork in China's wholesale markets has increased, while the price of eggs has decreased, indicating fluctuations in the agricultural product market [1] Price Summary - As of November 26, the average price of pork is 17.87 yuan per kilogram, which represents an increase of 0.8% compared to the previous day [1] - The average price of eggs is 7.27 yuan per kilogram, reflecting a decrease of 1.1% from the previous day [1]

消息面 美国农业部：截至10月9日当周，美国2025/2026年度豆油出口净销售为0.2万吨，前一周为-1.2万吨； 2026/2027年度豆油净销售0万吨，前一周为1.1万吨；美国2025/2026年度豆油出口装船0.2万吨，前一周 为0.2万吨。 监测数据显示，截止到2025年第47周末，国内豆油库存量为140.4万吨，较上周的137.3万吨增加3.1万 吨，环比增加2.28%。其中：沿海库存量为127.5万吨，较上周的124.4万吨增加3.1万吨，环比增加 2.44%。 11月25日，豆油前20名期货公司（全月份合约加总）多单持仓50.50万手，空单持仓64.18万手，多空比 0.79。净持仓为-13.69万手，相较上日增加5807手。 机构观点 美国大豆出口检验量为79.90万吨，较去年同期的211.98万吨显著下降，本年度累计出口检验量同比减少 44.5%，整体出口进度明显偏慢。许多市场人士怀疑中国是否会继续从美国购买大豆。目前美国生物柴 油政策仍有不确定性，有媒体周五对EPA的副局长进行了独家采访，EPA副局长抨击了路透社关于进口 生物燃料激励措施的报道，EPA认为路透社的报道具有误导性。但对于R ...

本作物年度，美国玉米累计出口销量为12.1亿蒲式耳，同比增长55%；小麦累计出口销量5.68亿蒲式 耳，同比增长25%；大豆累计出口销量4.99亿蒲式耳，同比下降37%，仅为美国农业部预测的31%。通 常情况下，10月初美国大豆累计出口销量至少能占全年出口量的40%至42%。 受假期交易量减少、地缘局势和未来南美天气状况的不确定性影响，分析机构预计本周剩余时间芝加哥 农产品市场将延续震荡走势。 消息面上，美国农业部25日发布出口销量报告显示，截至10月9日的一周，美国玉米出口销量5200万蒲 式耳，低于前一周的8900万蒲式耳；小麦出口销量2300万蒲式耳，低于前一周的3300万蒲式耳；大豆出 口销量2900万蒲式耳，低于前一周的3400万蒲式耳以及去年同期的6300万蒲式耳。 新华财经纽约11月25日电 芝加哥期货交易所玉米、小麦和大豆期价25日全线上涨。 当天，芝加哥期货交易所玉米市场交投最活跃的2026年3月合约收于每蒲式耳4.38美元，比前一交易日 上涨1.5美分，涨幅为0.34%；小麦2026年3月合约收于每蒲式耳5.39美元，比前一交易日上涨4.5美分， 涨幅为0.84%；大豆2026年1月合约收 ...

Report Industry Investment Ratings No relevant content was found in the provided reports. Core Views of the Reports Fats and Oils - Palm oil: Malaysian BMD crude palm oil is expected to gradually recover after risk release, maintaining a view of near - term weakness and long - term strength. In China, Dalian palm oil futures are under pressure to decline, with an expected support level at 8200 [1]. - Soybean oil: CBOT soybean oil is affected by related varieties, and its short - term trend is uncertain. In China, soybean oil production has increased while demand is weak, but oil mills have a tendency to support prices. Spot basis quotes will maintain a narrow - range oscillation [1]. Livestock (Pigs) - The market supply of pigs is continuously recovering, and the demand support is limited. Pig prices are expected to maintain a weak and oscillating structure. The strategy of 3 - 7 inverse spread can be continued [4]. Meal (Bean and Rapeseed Meal) - The market has fully priced in China's procurement expectations for US soybeans, and the supply of US soybeans remains loose. South American new - crop soybeans have a good planting progress. In China, the soybean meal supply is abundant, and the price is expected to maintain a wide - range oscillation [6]. Corn and Corn Starch - The price of corn in the Northeast region is strong, while in the North China region, the price decline is limited. The demand side shows different inventory replenishment attitudes. The short - term supply - demand mismatch and market sentiment make the futures price strong, but attention should be paid to the pressure caused by concentrated grain sales [9]. Sugar - ICE raw sugar futures are expected to oscillate around 14 cents per pound. In China, the new sugar in Guangxi has been launched, and the price is expected to maintain a weak bottom - oscillating pattern this week [13][14]. Cotton - ICE cotton futures are supported by export sales reports and a weak dollar. In China, the high production of Xinjiang cotton in the 2025/26 season creates hedging pressure, but the strong basis and resilient demand support the price, and the short - term price is expected to oscillate within a range [15]. Eggs - The inventory in the production and circulation links of eggs has decreased. With egg prices below the feed cost line, the decline space is limited. As prices reach a low level, demand may gradually recover, and the price is expected to oscillate at a low level [18]. Summary by Relevant Catalogs Fats and Oils - **Soybean Oil**: On November 25, the spot price in Jiangsu was 8510 yuan/ton, up 20 yuan from the previous day, with a 0.24% increase. The futures price of Y2601 was 8144 yuan/ton, down 24 yuan, a 0.30% decrease. The basis was 13.66%. The inventory of soybean oil in factories increased by 30,000 tons last weekend [1]. - **Palm Oil**: On November 25, the spot price of 24 - degree palm oil in Guangdong was 8370 yuan/ton, down 60 yuan, a 0.71% decrease. The futures price of P2601 was 8360 yuan/ton, down 126 yuan, a 1.48% decrease. The basis was 117.86%. The Malaysian palm oil import profit showed a certain pattern of change [1]. Livestock (Pigs) - **Futures**: The main contract of live pigs decreased by 165 yuan/ton, a 110.00% decrease. The price of LH2605 was 11995 yuan/ton, up 70 yuan, a 0.59% increase; LH2601 was 11415 yuan/ton, up 15 yuan, a 0.13% increase. The 1 - 5 spread was - 580 yuan/ton, down 55 yuan, a 10.48% decrease [4]. - **Spot**: The spot prices in various regions such as Henan, Shandong, and Sichuan showed different degrees of decline. The daily slaughter volume of sample points increased by 92, a 0.04% increase. The weekly white - strip price decreased by 18.42 yuan/kg, a 100.00% decrease [4]. Meal (Bean and Rapeseed Meal) - **Soybean Meal**: The spot price in Jiangsu was 3000 yuan/ton, unchanged. The futures price of M2601 was 3013 yuan/ton, up 2 yuan, a 0.07% increase. The basis was - 13 yuan/ton, down 2 yuan, an 18.18% decrease. The Brazilian 2 - month shipping schedule's import profit from the disk increased by 20 yuan, a 333.3% increase [6]. - **Rapeseed Meal**: The spot price in Jiangsu was 2460 yuan/ton, up 20 yuan, a 0.82% increase. The futures price of RM2601 was 2431 yuan/ton, down 15 yuan, a 0.61% decrease. The basis was 29 yuan/ton, up 35 yuan, a 583.33% increase [6]. Corn and Corn Starch - **Corn**: The price of C2601 was 2242 yuan/ton, up 22 yuan, a 0.99% increase. The Pingcang price in Jinzhou Port was 2270 yuan/ton, up 20 yuan, a 0.89% increase. The basis was 28 yuan/ton, down 2 yuan, a 6.67% decrease. The 1 - 5 spread was - 21 yuan/ton, up 23 yuan, a 52.27% increase [9]. - **Corn Starch**: The price of CS2601 was 2556 yuan/ton, up 21 yuan, a 0.83% increase. The spot price in Changchun was 2560 yuan/ton, unchanged. The basis was - 21 yuan/ton, down 21 yuan, an 84.00% decrease [9]. Sugar - **Futures**: The price of SR2601 was 5387 yuan/ton, up 17 yuan, a 0.32% increase. The price of SR2605 was 5325 yuan/ton, up 6 yuan, a 0.11% increase. The 1 - 5 spread was 62 yuan/ton, up 11 yuan, a 21.57% increase [13]. - **Spot**: The spot prices in Nanning and Kunming were 5450 yuan/ton and 5440 yuan/ton respectively, unchanged. The import price of Brazilian sugar (within the quota) was 4097 yuan/ton, up 24 yuan, a 0.59% increase [13]. Cotton - **Futures**: The price of CF2605 was 13580 yuan/ton, up 50 yuan, a 0.37% increase. The price of CF2601 was 13645 yuan/ton, up 60 yuan, a 0.44% increase. The 5 - 1 spread was - 65 yuan/ton, down 10 yuan, an 18.18% decrease [15]. - **Spot**: The arrival price of Xinjiang cotton at the factory was 14599 yuan/ton, up 25 yuan, a 0.17% increase. The CC Index: 3128B was 14832 yuan/ton, up 39 yuan, a 0.26% increase [15]. Eggs - **Futures**: The price of JD12 was 2950 yuan/500KG, down 42 yuan, a 1.42% decrease. The price of JD01 was 3210 yuan/500KG, down 8 yuan, a 0.25% decrease. The 12 - 01 spread was - 294 yuan/500KG, down 34 yuan, a 13.08% decrease [18]. - **Spot**: The egg - producing area price was 2.91 yuan/jin, up 0.03 yuan, a 1.11% increase. The egg - chicken chick price was 2.70 yuan/feather, down 0.10 yuan, a 3.57% decrease [18].