1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report presents comprehensive information on the futures market, including overnight and spot prices, important fundamental factors, macro - news, fund flows, and arbitrage tracking. It also details the supply - demand situation of various agricultural products and the latest economic data at home and abroad, which can help investors understand the market trends and make investment decisions [1][2][3]. 3. Summary by Relevant Catalogs 3.1 Overnight Market - Overnight price and percentage change data are provided for multiple futures products, including BMD's February palm oil, ICE's January Brent crude, NYMEX's January WTI crude, CBOT's January soybeans, etc. Price and percentage change data are also given for multiple currency pairs, such as the US dollar index, CNY/USD, MYR/USD, etc. [1] 3.2 Spot Market - Spot prices, basis, and basis daily changes are presented for DCE's January 2026 palm oil, soybean oil, and soybean meal in different regions. CNF premiums, premium changes, and CNF quotes are also provided for imported soybeans from different origins [2]. 3.3 Important Fundamental Information 3.3.1 Production Area Weather - In Brazil, the soybean - producing areas in the south may face deteriorating conditions as the key growth season for corn and soybeans approaches in December. In Argentina, a drier weather pattern is forming, and soil moisture may gradually decline in the coming weeks [3]. 3.3.2 International Supply and Demand - Malaysia's 2025 crude palm oil production is expected to exceed 19.5 million tons, higher than 19.3 million tons in 2024. Malaysia's palm oil exports from November 1 - 20, 2025, decreased by 40.6% compared to the same period last month. CFTC's position report shows changes in long and short positions for multiple agricultural products. USDA's monthly crushing report provides data on US soybean and corn processing. Information on soybean planting progress in Brazil and Argentina, oilseed processing in the EU, and soybean planting and export in Ukraine is also included. Additionally, data on Canadian rapeseed exports and inventory, and the Baltic Dry Index are presented [5][6][7]. 3.3.3 Domestic Supply and Demand - On November 21, 2025, the trading volume of soybean oil and palm oil decreased significantly compared to the previous trading day. The trading volume of soybean meal also decreased, and the opening rate of oil mills declined. The expected soybean crushing volume in the 48th week is slightly lower than that in the 47th week. Data on pig - raising profits, agricultural product wholesale price indices, and livestock and poultry product prices are also provided [10][11]. 3.4 Macro - news 3.4.1 International News - The preliminary values of the US November S&P Global Manufacturing PMI, Services PMI, and Composite PMI are released, along with the final value of the one - year inflation rate expectation, the final value of the Michigan Consumer Confidence Index, and the monthly rate of wholesale sales. The preliminary value of the Eurozone November Manufacturing PMI is also provided [14]. 3.4.2 Domestic News - On November 21, 2025, the USD/CNY exchange rate decreased, and the central bank carried out 7 - day reverse repurchase operations, achieving a net investment [16]. 3.5 Fund Flows - On November 21, 2025, the futures market had a net fund outflow of 9.73 billion yuan. Commodity futures had a net outflow of 13.39 billion yuan, while stock index futures had a net inflow of 4.4 billion yuan, and bond futures had a net outflow of 0.694 billion yuan [20]. 3.6 Arbitrage Tracking No relevant content provided.

Report Industry Investment Rating - Not provided in the content Core Viewpoints - For corn, the US report is slightly bearish, with high short - term supply pressure due to the approaching end of the harvest. In the domestic market, the price in the Northeast region is rising due to reduced supply from the grassroots level, but the price - driving force is insufficient. In the North China and Huanghuai regions, the market is not very active, and the futures price is generally in a strong oscillation, suggesting short - term observation [2]. - For corn starch, with the increase in new - season corn supply, the industry's operating rate rises, increasing supply - side pressure. However, the current supply - demand structure is good, and downstream demand is acceptable. The inventory has decreased recently, and the futures price has risen with the corn market, suggesting short - term observation [2][3] Summary by Relevant Catalogs Futures Market - Corn futures: The closing price of the active contract is 2535 yuan/ton, up 14 yuan; the net long position of the top 20 futures holders is - 108473 hands, up 699 hands; the registered warehouse receipt volume is - 1400 hands [2]. - Corn starch futures: The closing price of the active contract is 2220 yuan/ton, down 44 yuan; the net long position of the top 20 futures holders is 8180 hands; the registered warehouse receipt volume is 67364 hands, down 202 hands; the CS - C spread of the main contract is 315 yuan/ton, down 2 yuan [2]. Outer - disk Market - CBOT corn: The closing price of the active contract is 437.75 cents/bushel; the total position is 1596361 contracts, up 46302 contracts; the non - commercial net long position is - 11046 contracts, down 92353 contracts [2]. Spot Market - Corn: The average spot price is 2302.06 yuan/ton, down 22.83 yuan; the flat - hatch price at Jinzhou Port is 2250 yuan/ton, up 30 yuan; the CIF price of imported corn is 2031.22 yuan/ton, down 3.5 yuan [2]. - Corn starch: The ex - factory quotes in Changchun, Weifang, and Shijiazhuang are 2560 yuan/ton, 2800 yuan/ton, and 2730 yuan/ton respectively, with no change; the basis of the main contract is 25 yuan, down 23 yuan [2]. - Substitute products: The average spot price of wheat is 2503.61 yuan/ton, down 1.06 yuan; the spread between tapioca starch and corn starch is 440 yuan/ton, up 118 yuan; the spread between corn starch and 30 - powder is - 243 yuan/ton, up 2 yuan [2]. Upstream Situation - The predicted sown areas of corn in the US, Brazil, Argentina, and China are 36.44 million hectares, 53 million hectares, and 295 million hectares respectively, with changes of 0.55 million hectares, 0, and 0 respectively; the predicted yields are 427.11 million tons, 131 million tons, 7.5 million tons, and 44.3 million tons respectively, with changes of 0, 0, 0, and 0 respectively [2]. Industry Situation - Corn inventory: The inventory at southern ports is 62.8 million tons, down 23.8 million tons; the inventory at northern ports is 134 million tons, up 10 million tons; the deep - processing corn inventory is 272.7 million tons, down 0.8 million tons [2]. - Corn starch inventory: The weekly inventory of starch enterprises is 110.9 million tons, down 2.4 million tons [2][3]. - Import and export: The monthly import volume of corn is 6 million tons; the monthly export volume of corn starch is 12780 tons, down 2020 tons [2]. - Production: The monthly production of feed is 2957 million tons, down 171.7 million tons [2]. Downstream Situation - The deep - processing corn consumption is 138.31 million tons, down 0.34 million tons; the alcohol enterprise operating rate is 67.29%, up 0.5%; the starch enterprise operating rate is 60.89%, down 2.59% [2]. Option Market - The 20 - day historical volatility of corn is 8.72%, down 0.39%; the 60 - day historical volatility is 8.4%, up 0.29%; the implied volatility of at - the - money call options is 14.54%, up 5.56%; the implied volatility of at - the - money put options is 14.55%, up 5.57% [2]. Industry News - As of November 19, the sown area of Argentina's 2025/26 corn is 37.3% of the total expected area, only 0.7% more than a week ago, lower than 39.4% in the same period last year [2]. - The US Department of Agriculture released a monthly crushing report. In August, the total consumption of US corn was 511 million bushels, up 1% month - on - month but down 4% year - on - year. The US 2025/26 corn yield per acre is estimated to be 186.0 bushels, with a production estimate of 1.6752 billion bushels, slightly lower than the September estimate [2]. Key Points to Focus On - Pay attention to mysteel's weekly corn consumption, starch enterprise operating rate, and inventory on Thursday and Friday [3]

Report Information - Report Title: Commodity Weekly Report - Report Date: November 24, 2025 - Author: Hu Jingyi from Guotou Futures - Investment Consulting Number: Z0019749 - Futures Practitioner Qualification Number: F03090299 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - The commodity market was under pressure last week, with an overall decline of 1.81%. All sectors closed lower, led by precious metals with a 4.07% drop. The Fed's wavering stance on interest rate cuts may lead to short - term volatility in the commodity market [2]. - The Fed's hawkish remarks tightened dollar liquidity, causing risk assets to fall. However, the weakening yen and a "dovish" speech by New York Fed President Williams on Friday improved market sentiment, though its sustainability is uncertain [2]. 3. Summary by Related Catalogs 3.1 Market Review - **Overall Market Performance**: The commodity market declined 1.81% last week. All sectors fell, with precious metals down 4.07%, energy and chemicals down 2.36%, agriculture down 1.55%, non - ferrous metals down 1.52%, and black metals down 0.25% [2][6]. - **Top - performing and Under - performing Varieties**: Iron ore, corn, and hot - rolled coils led the gainers with increases of 1.68%, 0.46%, and 0.43% respectively. Coking coal, silver, and pulp were the top losers, dropping 7.47%, 5.62%, and 4.6% respectively [2][6]. - **Volatility and Capital Flow**: The decline in the 20 - day average volatility of the commodity market narrowed, and the volatility of the precious metals sector further decreased. The overall market capital scale dropped significantly, with net outflows in all sectors, mainly concentrated in non - ferrous and precious metal varieties [2][6]. 3.2 Outlook for Different Sectors - **Precious Metals**: US economic data showed resilience, and Fed officials had different views. The probability of keeping interest rates unchanged in December is high, and the sector may remain volatile at high levels in the short term [2]. - **Non - ferrous Metals**: The release of lagging US economic data cooled the expectation of interest rate cuts, pushing up the dollar index and pressuring the sector. However, China's electricity consumption growth in October indicated economic resilience. The supply - demand structure is still loose, and the sector may fluctuate in the short term [3]. - **Black Metals**: The apparent demand for rebar improved last week, production increased, and inventory decreased. Iron - making still showed a seasonal decline, and steel mills continued to operate at a loss. The probability of further blast - furnace production cuts is high. The inventory of iron ore ports continued to accumulate, and the supply of coking coal tightened marginally. The sector may face pressure in the short term [3]. - **Energy**: The US is promoting the Russia - Ukraine agreement, suppressing the geopolitical risk premium. There is a greater expectation of inventory accumulation in the fourth quarter and the first quarter of next year, and oil prices may weaken in the short term [3]. - **Chemicals**: Positive news such as potential disruptions to PX imports, planned shutdowns of Korean toluene disproportionation plants, and PX flowing to the US initially boosted the market. However, the decline in oil prices and gasoline crack spreads and the drop in terminal weaving loads led to a weakening demand expectation, and the industry chain may fluctuate in the short term [3]. - **Agriculture**: The La Nina phenomenon is ongoing and is expected to last until the Northern Hemisphere winter. Attention should be paid to its impact on soybean production in Brazil and Argentina. Soybean meal may continue to adjust following US soybeans, and the oil and oil - seed sector may weaken in the short term [4]. 3.3 Commodity Fund Overview - **Gold ETFs**: Most gold ETFs had negative weekly returns. The total scale of gold ETFs was 223.739 billion yuan, with a 2.87% increase in share. The total trading volume was 1.297571899 billion, with an 8.02% decrease [35]. - **Other Commodity ETFs**: The energy - chemical ETF, soybean - meal ETF, non - ferrous metal ETF, and silver fund also had different degrees of decline in weekly returns. The total scale of all commodity ETFs was 234.997 billion yuan, with a 2.67% increase in share, and the total trading volume was 2.005203321 billion, with a 1.41% increase [35].

AmSpec：马来西亚11月1-20日棕榈油出口量为828680吨，较上月同期出口的965066吨减少14.1%。 来源：市场资讯 （来源：南京玛合雅） 一、【市场关注】 1、加拿大谷物委员会发布的数据显示，截至11月16日当周，加拿大油菜籽出口量较前周增加134.8%至 28.46万吨，之前一周为12.12万吨。自2025年8月1日至2025年11月16日，加拿大油菜籽出口量为182.91 万吨，较上一年度同期的356.4万吨减少48.7%。 2、SGS：马来西亚11月1-20日棕榈油出口量为471222吨，较上月同期出口的793571吨减少40.6%。 注：其他关于大豆与豆粕资讯可看公众号第一篇《豆粕晚评》 二、【每日豆油现货报价】 | 市场 | 昌名 | 零报 | 包装方式 | RUARE | 演 | | --- | --- | --- | --- | --- | --- | | ઝ્રિસ | 成品大豆油 | ■ -- 级 | 原流 | 8370 | -20 | | 天津 | 成昌大豆油 | 国际一级 | 散装 | 8360 | -20 | | 北京 | 成品大豆油 | 国标一级 | 散装 | 834 ...

Core Points - The event "桂品入湾・崇左臻选" was held in Guangzhou on November 23, 2025, focusing on promoting products from Chongzuo to the Guangdong-Hong Kong-Macao Greater Bay Area [2][3] - The event attracted over 400 representatives from government, enterprises, and media, highlighting the collaboration between Guangdong and Guangxi [3][12] - The initiative aims to enhance the integration of Chongzuo's agricultural products and cultural tourism with the Greater Bay Area's market demands [6][17] Group 1 - The Greater Bay Area has a large consumer market and a complete industrial chain, while Chongzuo offers green ecological agricultural resources and unique cultural tourism [6][7] - The event serves as a new starting point for upgrading cooperation from "product exchange" to "industry integration" [7][8] - Continuous support from Jiangmen will include opening supermarket channels, e-commerce platforms, and wholesale market resources to establish long-term cooperation mechanisms [8][9] Group 2 - The event emphasized "quality, characteristics, and ecology," promoting Chongzuo's best agricultural and cultural products, as well as premium tourism routes to the Greater Bay Area [16][17] - The goal is to deepen the precise matching of "Greater Bay Area demand + Chongzuo supply," making more "Chongzuo selections" popular in the Bay Area [18] - Various local enterprises presented their unique agricultural products and cultural tourism routes, showcasing Chongzuo's industrial characteristics and development potential [20][22] Group 3 - During the event, Chongzuo enterprises signed contracts with Bay Area buyers, including an annual supply agreement worth 8 million yuan between Guangxi Tiantian Dairy Co., Ltd. and Hunan Aidi Trading Co., Ltd. [24][25] - The cooperation agreements covered agricultural product supply, cultural tourism project development, and laid a foundation for long-term collaboration [25] - A live streaming session was set up to promote Chongzuo's agricultural products, allowing real-time interaction with potential buyers [30][32] Group 4 - The exhibition featured over a hundred agricultural specialty products, including nuts, star oil tea, and cultural handicrafts, with tasting areas for public sampling [34][35] - Many buyers expressed interest in collaboration, highlighting the appeal of Chongzuo's unique cultural products [36][37]

投资咨询业务资格：证监许可【2012】31号 【玉米周报】 卖压后置，短期反弹 国贸期货 农产品研究中心 2025-11-24 国贸期货研究院 农产品研究中心：黄向岚 从业资格证号：F03110419 投资咨询证号：Z0021658 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 01 PART ONE 主要观点及策略概述 玉米:卖压后置，短期反弹 | 影响因素 | 驱动 | 主要逻辑 | | --- | --- | --- | | 供给 | 短期偏多， | （1）短期基层农户惜售，渠道上量减少，但短期惜售或意味着卖压的后置，建议关注12--1月的产地卖压；（2）25/26年度种植成本继续下降，播种面积稳 | | | 中期偏空 | 中略减，单产表现良好，整体维持丰产预期。 | | 需求 | 偏多 | （1）据饲料工业协会数据，2025年9月，全国工业饲料产量3036万吨，环比增长3.4%，同比增长5.0%。饲料企业生产的配合饲料中玉米用量占比为33.6%， 同比下降2.4个百分点。（2）畜禽短期预期维持高存栏，产能去化尚不明显，支撑饲用需求，但目前养殖利 ...

Report Industry Investment Rating No information provided in the report. Core Viewpoints of the Report - The soybean meal market: With the acceleration of soybean purchases, prices have fallen from their highs. The US soybean market lacks positive support, and the smooth sowing and growth in South America have put pressure on prices. The domestic supply is expected to improve, but the demand remains strong. The market is expected to be weak in the short term, and attention should be paid to the situation of domestic purchases and the auction of soybean by Sinograin [6]. - The edible oil market: The market is expected to continue to be weak and volatile. The export of Malaysian palm oil is poor, and the production is increasing. The US biodiesel has negative news, and the export potential of US soybeans is questioned. The market is under pressure, but there are still potential positive factors. In the long - term, the market is expected to be volatile, and attention should be paid to the implementation of biodiesel policies and weather conditions [82]. Summary of Each Section Section 1: Soybean Meal 1.1 Period and Spot Market - As of November 21, the spot price in East China was 2970 yuan/ton, down 50 yuan/ton week - on - week; the M2601 contract closed at 3012 yuan/ton, down 80 yuan/ton week - on - week; the basis was 01 - 40 yuan/ton, up 30 yuan/ton week - on - week [6][8]. 1.2 Supply - The USDA November supply - demand report lowered the US soybean price to 53 cents/bushel, with the ending stocks at 290 million bushels. As of November 15, the soybean sowing rate in Brazil was 69.0%, and as of November 19, the new soybean sowing progress in Argentina was 24.6%. In November, the domestic soybean arrivals were normal, and domestic oil mills actively purchased ships for December - January, increasing domestic supply [6]. 1.3 Demand - In 2025, the domestic breeding profit improved, and the high inventory of pigs and poultry supported the feed demand, with an increase of over 7% year - on - year. The proportion of soybean meal in the formula increased, and the demand for soybean meal in the fourth quarter is expected to increase by over 5% year - on - year. As of the latest data, the national oil mill soybean inventory decreased to 747.71 million tons, and the soybean meal inventory slightly decreased to 99.29 million tons [6]. 1.4 Cost - The planting cost of US soybeans in the 25/26 season was raised to 1150 cents/bushel, and the bottom price was estimated to be around 1000 cents/bushel. Based on current quotes, the domestic soybean meal cost was calculated to be 3185 yuan/ton [6]. 1.5 Market Outlook - The US soybean market is expected to be weak and volatile. The domestic M2601 contract is under pressure, and attention should be paid to domestic purchases and Sinograin's soybean auction [6]. Section 2: Edible Oil 2.1 Period and Spot Market - As of the week of November 21, the palm oil, soybean oil, and rapeseed oil futures and spot prices all declined. The decline was mainly due to factors such as poor exports and increased production of Malaysian palm oil, negative news about US biodiesel, and doubts about the export potential of US soybeans [82][83]. 2.2 Palm Oil - The MPOB October report showed an increase in both supply and demand of Malaysian palm oil, and the ending stocks rose to 2.46 million tons. In November, exports were weak, and production increased, so Malaysia may continue to accumulate stocks. In China, the palm oil inventory increased to 650,000 tons as of November 14. The market is still looking forward to the import demand from India and the export reduction in Indonesia in 2026 [82]. 2.3 Soybean Oil - The USDA November report had a neutral - to - negative impact on US soybeans. The market is concerned about US soybean exports and the implementation of biodiesel policies. In China, the soybean arrivals have decreased since October, and the soybean oil inventory decreased slightly to 1.1475 million tons as of November 14. In the long - term, the soybean supply is expected to be relatively sufficient [82]. 2.4 Rapeseed Oil - Due to the lack of breakthroughs in China - Canada relations, the rapeseed supply in the fourth quarter is tight. The domestic rapeseed oil inventory decreased to 450,200 tons as of November 14. However, with the arrival of Australian rapeseed and the continuous state reserve sales, the supply - demand situation is expected to improve marginally in December [82]. 2.5 Market Outlook - In the short - term, the domestic edible oil market is at high - level adjustment risk, but the potential positive factors limit the adjustment range. Palm oil is relatively weak, and rapeseed oil is relatively strong. In the long - term, the market is expected to be volatile, and attention should be paid to the implementation of biodiesel policies and weather conditions [82].

Group 1: Oil Products Report Industry Investment Rating Not provided in the documents. Core View - Palm oil: The Malaysian palm oil market is under pressure due to potential production growth and weak exports. Dalian palm oil futures are also weak, with short - term support levels to be tested. There is a risk of further decline if the bearish factors persist [1]. - Soybean oil: The market is dragged by the potential negative impact of the US biodiesel policy and uncertain US soybean exports. Downstream demand is limited, but the oil - mill profit provides some support for the basis price [1]. Summary by Relevant Catalog - **Price Changes**: On November 21, compared with November 20, the spot price of Jiangsu - grade soybean oil decreased by 1.17% to 8470 yuan, and the futures price of Y2601 decreased by 0.41% to 8190 yuan. The spot price of Guangdong 24 - degree palm oil decreased by 2.31% to 8470 yuan, and the futures price of P2601 decreased by 1.11% to 8550 yuan. The spot price of Jiangsu - grade rapeseed oil increased by 0.99% to 10170 yuan, and the futures price of OI601 increased by 0.38% to 9816 yuan [1]. - **Spread Changes**: The soybean - palm oil spot spread increased by 100% to 0, and the 2601 contract spread increased by 4.99% to - 722. The rapeseed - soybean oil spot spread increased by 13.33% to 1700, and the 2601 contract spread increased by 4.57% to 1626 [1]. Group 2: Meal Products Report Industry Investment Rating Not provided in the documents. Core View - The recent strong US soybean crushing data supports the US soybean price, but the market has fully priced in the uncertainty of China's soybean procurement. The domestic soybean inventory is high, and the supply of soybean meal is abundant. The futures price has limited downward space but lacks the momentum to rise. It is expected to fluctuate widely [3]. Summary by Relevant Catalog - **Price Changes**: On November 21, the spot price of Jiangsu soybean meal remained unchanged at 3000 yuan, and the futures price of M2601 decreased by 0.17% to 3012 yuan. The spot price of Jiangsu rapeseed meal increased by 0.83% to 2420 yuan, and the futures price of RM2601 increased by 0.79% to 2431 yuan [3]. - **Spread Changes**: The soybean - rapeseed meal spot spread decreased by 3.33% to 580, and the 2601 contract spread decreased by 3.97% to 581 [3]. Group 3: Live Hogs Report Industry Investment Rating Not provided in the documents. Core View - The market supply has recovered, and the price has turned weak again. Although the demand is expected to increase in the short - term due to cold weather and the start of curing in the southwest, the market is not optimistic about the medium - term price. The strategy of 3 - 7 reverse spread can be continued [5]. Summary by Relevant Catalog - **Price Changes**: On November 21, the futures price of live hogs 2605 decreased by 0.67% to 11860 yuan/ton, and the futures price of 2601 decreased by 0.79% to 11350 yuan/ton. The spot price in Henan decreased by 0.43% to 11700 yuan/ton, and the spot price in Hebei decreased by 0.85% to 11650 yuan/ton [5]. - **Indicator Changes**: The daily slaughter volume of sample points decreased by 1.07% to 201586 heads, the weekly white - strip price decreased by 100% to 0 yuan, and the weekly self - breeding profit decreased by 18.37% to - 136 yuan/head [5]. Group 4: Corn and Corn Starch Report Industry Investment Rating Not provided in the documents. Core View - The current spot price of corn is stable and slightly strong due to farmers' reluctance to sell, limited logistics in the Northeast, and government procurement support. However, the price increase is limited due to the expected selling pressure after the harvest and the shrinking profit of deep - processing enterprises. The corn price will fluctuate with the supply rhythm [8]. Summary by Relevant Catalog - **Price Changes**: On November 21, the futures price of corn 2601 increased by 1.25% to 2195 yuan/ton, and the futures price of corn starch 2601 increased by 1.58% to 2512 yuan/ton. The north - south trade profit of corn increased by 25.64% to 40 yuan, and the import profit increased by 3.22% to 325 yuan [8]. - **Indicator Changes**: The number of remaining vehicles in Shandong deep - processing enterprises in the morning decreased by 16.54% to 318, and the warehouse - receipt quantity of corn decreased by 0.83% to 68764 [8]. Group 5: Sugar Report Industry Investment Rating Not provided in the documents. Core View - The global sugar market is in a relatively calm state. The new sugar in Guangxi has been launched, and the futures price is weak. It is expected to maintain a weak and volatile pattern this week [12][13]. Summary by Relevant Catalog - **Price Changes**: On November 21, the futures price of sugar 2601 decreased by 0.24% to 5353 yuan/ton, and the futures price of 2605 decreased by 0.34% to 5302 yuan/ton. The spot price in Nanning decreased by 0.54% to 5480 yuan/ton, and the spot price in Kunming decreased by 0.36% to 5470 yuan/ton [12]. - **Industry Indicator Changes**: The cumulative national sugar production increased by 12.03% to 1116.21 million tons, and the cumulative national sugar sales increased by 9.17% to 1048 million tons. The industrial inventory in the whole country decreased by 41.20% to 68.21 million tons [12]. Group 6: Eggs Report Industry Investment Rating Not provided in the documents. Core View - The market demand for eggs is weak, and there is a risk of price decline in some areas. However, due to the price approaching the feed cost line and farmers' reluctance to sell at low prices, the decline space is limited. The price is expected to fluctuate at a low level [15]. Summary by Relevant Catalog - **Price Changes**: On November 21, the futures price of the egg 12 - contract decreased by 1.77% to 2934 yuan/500KG, and the futures price of the 01 - contract decreased by 1.67% to 3184 yuan/500KG. The egg - chicken price decreased by 3.57% to 2.70 yuan/feather, and the culled - chicken price decreased by 3.96% to 3.88 yuan/jin [15]. - **Indicator Changes**: The egg - feed ratio increased by 2.56% to 2.40, and the breeding profit increased by 13.05% to - 23.06 yuan/feather [15]. Group 7: Cotton Report Industry Investment Rating Not provided in the documents. Core View - Globally, the cotton supply is abundant, and the impact of factors affecting the US cotton harvest on production is limited. In China, the high output of Xinjiang cotton in the 2025/26 season brings hedging pressure, but the firm basis and resilient downstream demand provide some support. The cotton price is expected to fluctuate within a range in the short - term [17]. Summary by Relevant Catalog - **Price Changes**: On November 21, the futures price of cotton 2605 decreased by 0.22% to 13445 yuan/ton, and the futures price of 2601 decreased by 0.04% to 13460 yuan/ton. The spot price of Xinjiang 3128B cotton increased by 0.05% to 14571 yuan/ton [17]. - **Industry Indicator Changes**: The commercial inventory increased by 24.2% to 363.97 million tons, and the industrial inventory increased by 4.9% to 93.14 million tons. The cotton export volume decreased by 0.3% to - 1685.60 million tons [17].

Core Insights - The 2025 Korea Commodity (Yancheng) Trade and Investment Expo successfully concluded, attracting over 50,000 visitors and achieving sales exceeding 10 million yuan, showcasing the vibrant consumer market [1][3]. Group 1: Event Highlights - The expo featured a display area of 14,000 square meters with three themed exhibition zones and over 200 participating companies, creating a local consumption festival [1]. - The Korean premium zone saw continuous foot traffic at booths of national brands like Jeonggwanjang, Nongshim, and Lock & Lock, indicating strong consumer interest [3]. - Local products from Yancheng, such as the "Salt Flavor" agricultural products from Yinbao Group and cultural creations from Yanwu Group, attracted many consumers due to their regional characteristics [3]. Group 2: Business Opportunities - The expo served as an effective platform for companies to connect and explore collaboration opportunities, with many businesses engaging in face-to-face discussions to seek new ventures [5]. - The event included various cultural activities, such as intangible cultural heritage experiences and food tastings, enhancing cultural exchange between China and South Korea [7]. Group 3: Future Development - Yancheng aims to deepen its openness and establish itself as a key area for China-South Korea industrial cooperation, focusing on creating a "most Korean characteristic" brand [7].

Report Information - Report Type: Fixed Income Report - Release Date: November 24, 2025 - Analysts: Liang Weichao, Cui Chao [2] Industry Investment Rating No industry investment rating information is provided in the report. Core Viewpoints - The production side's heat continues to decline, with significant decreases in the operating rates of blast furnaces, asphalt, PX, PTA, all-steel tires, and semi-steel tires. - The commercial housing transaction area has marginally rebounded but remains lower than the same period in previous years. The land supply area is on a seasonal upward trend, and a peak in land supply is expected at the end of the month. - Prices have generally declined, including those of crude oil, coking coal, copper, aluminum, zinc, and four key monitored agricultural products: pork, eggs, vegetables, and fruits. - In terms of shipping prices, the SCFI has declined for three consecutive weeks, while the BDI has risen significantly. Short-term focus should be on the implementation of incremental policies on the consumption and investment sides and the recovery of the real estate market [2][32]. Summary by Directory Production - Steel: The coke oven capacity utilization rate remained flat, the blast furnace operating rate decreased by 0.62 pct, and the rebar production increased by 7.96 tons [3][9]. - Petroleum Asphalt: The operating rate decreased by 4.2 pct [3][9]. - Chemicals: The PX operating rate decreased by 0.36 pct, and the PTA operating rate decreased by 4.25 pct [3][9]. - Automobile Tires: The all-steel tire operating rate decreased by 3.19 pct, and the semi-steel tire operating rate decreased by 2.61 pct [3][10]. Demand - Real Estate: The commercial housing transaction area marginally rebounded, the inventory-to-sales ratio increased, the land supply area grew, and the residential land transaction premium rate decreased [3][15]. - Movie Box Office: It increased by 444 million yuan compared to the previous week [3][15]. - Automobiles: The daily average retail sales of automobile manufacturers increased by 21,000 vehicles, and the daily average wholesale sales increased by 27,000 vehicles [3][17]. - Shipping Freight Rates: The SCFI index decreased by 3.98%, the CCFI index increased by 2.63%, and the BDI index increased by 7.06% [3][20]. Prices - Energy: The Brent crude oil price decreased by 2.84% to $62.56 per barrel, and the coking coal futures price decreased by 7.33% to 1,113 yuan per ton [4][22]. - Metals: The LME copper, aluminum, and zinc futures prices changed by -0.63%, -1.77%, and -0.75% respectively, while the domestic rebar futures price increased by 0.43% [4][23]. - Agricultural Products: The overall price slightly declined, with the Agricultural Product Wholesale Price 200 Index decreasing by 0.10%. The prices of pork, eggs, vegetables, and fruits changed by -0.83%, -3.46%, -0.70%, and -0.14% respectively compared to the previous week [4][25]. Logistics - Subway Passenger Volume: In Beijing, it decreased, while in Shanghai, it increased [4][28]. - Flight Operations: Both domestic and international flight volumes rebounded [4][29]. - Urban Traffic: The peak congestion index in first-tier cities stabilized and rebounded [4][29]. Summary - The production continues to decline, and prices are generally decreasing. Short-term focus should be on the implementation of incremental policies on the consumption and investment sides and the recovery of the real estate market [32].