Core Insights - The Ministry of Industry and Information Technology released the "Guidelines for Promoting Digital Transformation in Key Industries (2025 Edition)" at the 2025 Integration of Informatization and Industrialization Conference, focusing on 14 industries including steel and petrochemicals [1][2] - The guidelines aim to assist enterprises in overcoming challenges related to unclear demands and paths in their digital transformation efforts, transitioning from fragmented exploration to systematic advancement [1][2] Group 1: Digital Transformation Framework - The "Scenario Navigation Map" covers 14 industries and includes various digital transformation scenarios and cross-business collaboration scenarios, structured around five business activities: R&D design, production manufacturing, operation services, business management, and supply chain management [1][2] - The structured design of the map helps bridge the language barrier between industrialization and digitalization, enabling enterprises to identify transformation entry points accurately [1][2] Group 2: Implementation Strategy - The guidelines emphasize using scenarios as the core approach for transformation, with clear boundaries for each scenario that focus on specific business pain points [2] - Enterprises are encouraged to follow a step-by-step implementation process: conducting scenario diagnosis and analysis, developing a transformation plan, resource allocation based on the element list, and ultimately achieving cross-scenario collaboration and overall optimization [2] Group 3: Future Directions - The Ministry plans to guide localities in implementing pilot applications of the "One Map and Four Lists" approach, continuously updating the industry scenario maps and fostering excellent solutions and service providers [2] - The goal is to make the "Scenario Navigation Map" a practical blueprint for high-quality development in manufacturing, injecting momentum into the deep integration of the real economy and the digital economy [2]

Core Insights - The Ministry of Industry and Information Technology released the "Guidelines for Scenario-Based and Graphical Promotion of Digital Transformation in Key Industries (2025 Edition)" at the 2025 Integration of Informatization and Industrialization Conference, focusing on 14 industries including steel and petrochemicals [1][2] - The guidelines aim to assist enterprises in overcoming challenges related to unclear demands and paths in digital transformation, transitioning from fragmented exploration to systematic advancement [1][2] Group 1: Digital Transformation Framework - The "Scenario Navigation Map" covers 14 industries and includes various digital transformation scenarios and cross-business collaboration scenarios, structured around five business activities: R&D design, production manufacturing, operation services, business management, and supply chain management [1][2] - The guidelines provide a clear boundary for each scenario, focusing on specific business pain points and integrating professional industrial knowledge to convert complex transformation tasks into actionable projects [2] Group 2: Implementation and Future Directions - Enterprises can implement the transformation in steps by first conducting scenario diagnostic analysis and formulating renovation plans, followed by resource allocation based on the provided element lists, ultimately achieving cross-scenario collaboration and overall optimization [2] - The Ministry plans to guide localities in applying the "One Map and Four Lists" pilot program, continuously updating the industry scenario maps and fostering excellent solutions and service providers to drive the deep integration of the real economy and digital economy [2]

客服产品系列•日评 国新国证期货早报 2025 年 12 月 5 日 星期五 品种观点： 【股指期货】 周四（12 月 4 日） A 股三大指数涨跌不一，截止收盘，沪指跌 0.06%，收报 3875.79 点；深 证成指涨 0.40%，收报 13006.72 点；创业板指涨 1.01%，收报 3067.48 点。沪深两市成交额仅有 15490 亿，较昨 日缩量 1210 亿。 沪深 300 指数 12 月 4 日震荡整理。收盘 4546.57，环比上涨 15.52。（数据来源：东方财富网） 【焦炭 焦煤】12 月 4 日焦炭加权指数强势，收盘价 1704.6，环比上涨 33.6。 12 月 4 日，焦煤加权指数震荡趋强，收盘价 1143.8 元，环比上涨 21.0。 影响焦炭期货、焦煤期货价格的有关信息： 焦炭:吨焦平均利润受上下游让利好转，开工略有回升，供给环比增加。上周铁水日均产量 234.68 万吨，环 比-1.6 万吨，铁水季节性下滑的后，刚需走弱，投机性需求随着煤价近期的补跌回落，上游焦化厂累库，港口 去库，下游累库，总库存基本持平。 客服产品系列•日评 焦煤：山西中硫主焦 1378，环比-3，蒙 ...

Group 1: General Market Conditions - On December 2, 2025, A-share's three major indexes collectively declined, with the Shanghai Composite Index down 0.42% to 3897.71 points, the Shenzhen Component Index down 0.68% to 13056.70 points, and the ChiNext Index down 0.69% to 3071.15 points. The trading volume of the two markets was 1593.4 billion yuan, a decrease of 280.5 billion yuan from the previous day [1] - The CSI 300 index adjusted on December 2, closing at 4554.34, down 22.15 [2] Group 2: Coke and Coking Coal - On December 2, the coke weighted index continued to rebound, closing at 1677.7, up 35.6; the coking coal weighted index fluctuated and closed at 1139.3 yuan, up 19.6 [2][3] - Coke supply is increasing, with significant inventory accumulation. Mine clean coal inventory increased by 20.44% in a single week, and coke plant inventory increased by 9.91% [4] - As of the end of October 2025, China's imported coking coal reached 98.869 million tons, a year-on-year decrease of 4.8%. In October, the total import volume was 10.5932 million tons, a month-on-month decrease of 3.02% and a year-on-year increase of 6.39%. From January to October, China's coke export volume was 6.2189 million tons, a year-on-year decrease of 14.05%. In October, coke exports were 727,400 tons, a month-on-month increase of 34% and a year-on-year increase of 49.92% [4] Group 3: Zhengzhou Sugar - Affected by the supply outlook and weak technical indicators, US sugar tumbled on Monday. Under the influence of the decline in US sugar, the short sellers pressured the Zhengzhou Sugar 2605 contract to decline on Tuesday and in the night session [4] - Brazil's central-southern region produced 983,000 tons of sugar in the first half of November, a year-on-year increase of 8.7%. The sugarcane crushing volume reached 18.8 million tons, a year-on-year increase of 14.3%. The proportion of sugarcane used for sugar production dropped to 38.6% [4] Group 4: Rubber - Due to the large decline in the previous trading day, the rubber futures prices rebounded due to bargain hunting. The short sellers pressured the Shanghai Rubber futures to decline slightly in the night session [5] - ANRPC predicted that global natural rubber production in October would increase by 2.7% to 1.496 million tons, and consumption would decrease by 4.2% to 1.26 million tons. In the first 10 months, cumulative production was expected to increase by 2.6% to 11.9 million tons, and cumulative consumption was expected to decrease by 1.8% to 12.684 million tons. In 2025, global natural rubber production was expected to increase by 1.3% to 14.892 million tons, and consumption was expected to increase by 0.8% to 15.565 million tons [5] Group 5: Soybean Meal - On December 2, CBOT soybean futures prices slightly declined. The large expected production of South American soybeans suppressed the speculation of US soybean demand [5] - As of last Thursday, the sown area of Brazilian soybeans reached 89% of the expected area, compared with 91% in the same period last year. StoneX estimated that Brazil's soybean production would be 177.2 million tons. Argentina's soybean sowing was progressing smoothly, with a planting rate of over 20% [5] - On December 1, the M2601 contract closed at 3039 yuan/ton, a decrease of 0.16%. Currently, soybean supply is sufficient, crushing volume has increased, and soybean meal inventory is at a high level. The domestic soybean meal futures market is in a situation of cost support and supply pressure, and the price is expected to fluctuate [5] Group 6: Live Pigs - On December 2, the LH2601 contract closed at 11455 yuan/ton, a decrease of 0.35%. In the short term, as the end of the year approaches, most large-scale pig enterprises are more willing to sell pigs to meet their annual targets, and the number of pigs for sale has increased, putting pressure on prices [5] - The demand for pork has increased marginally due to the drop in temperature, and the traditional bacon-making season has started in the southwest region, but the overall progress is slow, and the demand recovery is gentle. The live pig market is still in a situation of strong supply and weak demand [5] Group 7: Palm Oil - On December 2, the main palm oil contract continued to move positions and rebound. The price briefly opened lower and then quickly rose, closing at 8720, up 0.79%. The expected export volume of Malaysian palm oil from November 1 - 30 was 779,392 tons, a decrease of 39.21% compared with the same period last month [5] Group 8: Shanghai Copper - The main Shanghai Copper 2601 contract showed a weak pattern of opening high and closing low. The linkage between futures and spot and between domestic and foreign markets weakened, and the trading activity decreased. The contract opened at 89410 yuan/ton, reached a high of 89920 yuan/ton, and finally closed at 88920 yuan/ton [6] - The hawkish stance of the Federal Reserve supported the US dollar, suppressing global copper demand and causing funds to flow out of the non-ferrous metal sector. Traditional demand is weak, and the copper consumption in the real estate sector is under pressure. The supply-side positive factors cannot offset these two pressures [6] Group 9: Cotton - On Tuesday night, the main Zhengzhou Cotton contract closed at 13720 yuan/ton. Cotton inventory increased by 96 lots compared with the previous trading day. Xinjiang's cotton purchase is basically over, and it is in the peak processing period. The commercial inventory is growing rapidly and is significantly higher than the same period last year [6] Group 10: Iron Ore - On December 2, the main iron ore 2601 contract fluctuated and closed up 0.5% at 800.5 yuan. The shipping volume increased month-on-month, the arrival volume decreased, and the port inventory increased again. In the off-season, as the steel mill profitability rate continued to decline, the molten iron output continued to decline, and the iron ore price is expected to fluctuate [6] Group 11: Asphalt - On December 2, the main asphalt 2601 contract fluctuated and declined 2.41% to close at 2916 yuan. In December, the domestic refinery asphalt production plan decreased month-on-month, the inventory decreased, the demand entered the off-season, and the downstream procurement was cautious. The asphalt price is expected to fluctuate [6] Group 12: Logs - On December 2, the log 2601 contract opened at 767.5, with a minimum of 767.5, a maximum of 774.5, and closed at 769.5, with a decrease of 1151 lots in positions. The spot price of 3.9-meter medium A radiata pine logs in Shandong was 740 yuan/cubic meter, down 10 yuan/cubic meter from the previous day, and the price in Jiangsu was 750 yuan/cubic meter, unchanged from the previous day [6][7] Group 13: Steel - On December 2, the rb2601 contract closed at 3169 yuan/ton, and the hc2601 contract closed at 3325 yuan/ton. The total new house sales area in ten major cities was 2.1112 million square meters, a month-on-month increase of 10% and a year-on-year decrease of 38%. The real estate market is still at a low level. Due to the rush to complete infrastructure projects in some areas, demand has remained resilient, and steel inventory is expected to continue to decline. Steel prices are expected to fluctuate strongly [7] Group 14: Alumina - On December 2, the ao2601 contract closed at 2670 yuan/ton. The trading logic of alumina supply exceeding demand continues, and the upward pressure remains. Domestic alumina production capacity is high, the import window is open, and the arrival of imported alumina will further exacerbate the imbalance between supply and demand. Demand is weak, and the spot market trading is cold [7][8] Group 15: Shanghai Aluminum - On December 2, the al2601 contract closed at 21910 yuan/ton. The inhibitory effect of high aluminum prices on consumption has gradually eased, and some postponed demand has begun to be released. The operating rates of aluminum profiles, aluminum cables, and primary and secondary aluminum alloy sectors have all improved to varying degrees. Aluminum prices are expected to fluctuate at a high level in the short term [8]

Core Points - The Guangxi Zhuang Autonomous Region's Science and Technology Department announced the list of innovation consortia for 2025, with eight new consortia including the Guangxi Energy AI Smart Space Innovation Consortium [1] - The total number of innovation consortia in Guangxi has reached 32, covering key industries such as non-ferrous metals, new generation information technology, biomedicine, and new energy, playing a significant role in integrating innovation and industrial chains [1] - A management approach for innovation consortia was introduced, emphasizing a combination of top-down and bottom-up methods for formation, focusing on unique, characteristic, and leading research directions [1] Summary by Sections Innovation Consortia Development - The innovation consortia have achieved full-chain integration from technology to industry through a collaborative model involving government, enterprises, universities, and the market since 2024 [2] - Specific achievements include advancements in the sugar refining industry, development of fuel cell trucks, new capacitor products, and the second generation of injectable artemisinin derivatives, with the latter expected to achieve industrialization by 2025 [2]

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - Trump has determined the next Fed Chair nominee, likely Kevin Hassett, which is expected to increase market risk appetite and weaken the US dollar [2][13]. - After a sharp decline, the odds of the bond market have improved, but there is a risk of further adjustment as policy expectations rise [3][23]. - Due to floods in palm oil - producing areas, the supply pressure is expected to ease, and palm oil prices may rebound [4][25]. - CSPT's decision to cut copper production in 2026 and other factors are expected to drive copper prices to continue to rise [4][45]. - OPEC+ has decided to suspend production increases in Q1 2026, and short - term oil prices will maintain a volatile trend [5][67]. 3. Summary by Directory 3.1 Financial News and Comments 3.1.1 Macro Strategy (Gold) - A data center cooling system problem in Chicago led to a trading halt at CME, causing disruptions in multiple markets. Gold rose about 1.5% and silver soared 5% on Friday, driven by expectations of Fed rate cuts. The Shanghai and Shanghai Gold Exchange silver inventories are falling, and the CME trading halt has reduced market liquidity. It is recommended to reduce positions [10]. 3.1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - The Japanese Finance Minister said the rapid yen depreciation is not driven by fundamentals. Trump has determined the next Fed Chair nominee, and it is expected that Hassett will be elected, leading to increased market risk appetite and a weaker US dollar [11][13]. 3.1.3 Macro Strategy (US Stock Index Futures) - Ukraine's new negotiation representative went to the US to discuss ending the war. The CME system failure caused trading interruptions. The US rate - cut expectations are rising, and the market risk appetite has improved. The US stock index is expected to continue to repair and show a strong - biased volatile trend [15][16]. 3.1.4 Macro Strategy (Stock Index Futures) - China's November official manufacturing PMI was 49.2, slightly up from the previous value. The National Development and Reform Commission held a private enterprise symposium. The stock market trading volume has shrunk, and there may be no trend - based market in the short term. It is recommended to evenly allocate long positions in stock indices [18][19]. 3.1.5 Macro Strategy (Treasury Bond Futures) - China's November official manufacturing PMI was 49.2, in line with expectations. The central bank conducted a 3013 - billion - yuan 7 - day reverse repurchase operation, with a net withdrawal of 737 billion yuan on the day. The bond market has a risk of further adjustment as policy expectations rise. It is recommended to short long - term bond varieties on rebounds [21][23]. 3.2 Commodity News and Comments 3.2.1 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Continuous heavy rain in Indonesia's Sumatra has caused floods and landslides. The supply pressure of palm oil is expected to ease, and prices may rebound. It is recommended to consider short - term long positions [25]. 3.2.2 Agricultural Products (Sugar) - As of the end of November, about 30 sugar mills in Guangxi and Yunnan have started production. The sugar production in Guangxi in November is expected to be 100,000 tons, far lower than last year. The Zhengzhou sugar 1 - month contract is expected to oscillate, and the main funds will gradually shift to the 5 - month contract [26][31]. 3.2.3 Agricultural Products (Cotton) - In October, China's cotton product exports decreased year - on - year but increased month - on - month. The EU's clothing imports from China increased in Q3. The US cotton export signing and shipment increased in the week ending October 16. The Zhengzhou cotton is expected to be strongly volatile in the short term and cautiously optimistic in the long term [32][35]. 3.2.4 Black Metals (Rebar/Hot - Rolled Coil) - Malaysia plans to add 48.4 million tons of steel production capacity from 2030 - 2035. China's November automobile dealer inventory warning index was 55.6%, up year - on - year and month - on - month. Steel prices are expected to oscillate with a slight rebound, and it is recommended to take an oscillatory approach [36][38]. 3.2.5 Agricultural Products (Soybean Meal) - Oil mills maintained a high operating rate. Argentina's soybean planting was 39% complete as of November 27. The US sold 312,000 tons of soybeans to China. International markets should focus on China's soybean purchases and South American weather, and domestic soybean meal is expected to oscillate [39][41]. 3.2.6 Agricultural Products (Corn Starch) - The price difference between corn starch and tapioca starch has widened. Corn starch is expected to be strong in the short term, and it is recommended to operate in the price - difference range in the medium - short term and expect it to strengthen in the long term [42][43]. 3.2.7 Agricultural Products (Corn) - As of November 27, the average grain - selling progress in Northeast China was 26%, and in North China was 25%, both faster than last year. Corn futures contracts are expected to have different trends, and it is not recommended to short against the trend in the short term [43][44]. 3.2.8 Non - ferrous Metals (Copper) - CSPT agreed to reduce copper production capacity by over 10% in 2026. Chile's October copper production decreased by 7% year - on - year. Copper prices are expected to rise, and it is recommended to buy on dips [45][48]. 3.2.9 Non - ferrous Metals (Polysilicon) - Hainan's new - energy power price was cleared at the upper limit. Polysilicon prices are under pressure, and it is recommended that investors operate with caution due to high volatility [49][51]. 3.2.10 Non - ferrous Metals (Industrial Silicon) - The operating rates of silicon enterprises in Sichuan and Yunnan are declining. The market is expected to oscillate between 8800 - 9500 yuan/ton, and it is recommended to focus on range - bound operations [52][54]. 3.2.11 Non - ferrous Metals (Lead) - On November 27, LME lead had a large - scale backwardation. The old - standard electric bicycle CCC certificates will be cancelled from December 1. The lead market is short of supply and strong in demand, and it is recommended to buy on dips [55][56]. 3.2.12 Non - ferrous Metals (Zinc) - On November 27, LME zinc had a large - scale contango. Antamina's zinc ore tender price was below $30/dry ton. Zinc prices are likely to rise, and it is recommended to observe buying opportunities on the right side and hold long - spread positions [57][58]. 3.2.13 Non - ferrous Metals (Lithium Carbonate) - Frontier Lithium released its mid - term report. The lithium carbonate market may face short - term callback pressure, and it is recommended to short on highs in the short term and buy on lows in the medium term [59][62]. 3.2.14 Non - ferrous Metals (Nickel) - Indonesia simplified the RKAB approval process. The nickel market is in surplus, and nickel prices are expected to oscillate at the current level [63][64]. 3.2.15 Energy Chemicals (Carbon Emissions) - On November 28, the EUA main contract closed at €83.26/ton. EU carbon prices are supported by auction suspension and reduced supply in 2026 but may be suppressed by warm weather [65]. 3.2.16 Energy Chemicals (Crude Oil) - OPEC+ decided to suspend production increases in Q1 2026. US crude oil production reached a record high in September. Short - term oil prices will maintain a volatile trend, and it is recommended to pay attention to the Russia - Ukraine negotiation progress [67][70]. 3.2.17 Shipping Index (Container Freight Rates) - The UK plans to cancel the small - package tariff exemption in 2029. The SCFI index rose. The container freight market is expected to oscillate, and it is recommended to consider light - position long positions in the 02 contract [71][72].

Core Viewpoint - The article emphasizes the role of financial services in supporting rural revitalization and agricultural development, particularly through the Agricultural Bank of China, which provides tailored financial products to meet the needs of farmers and rural enterprises [1][16]. Group 1: Agricultural Development - Guangxi has maintained its position as the leading region in sugarcane planting and sugar production in China, contributing nearly 60% of the national total for 21 consecutive seasons [3]. - The Agricultural Bank of China has issued over 160 billion yuan in loans to the sugar industry in Guangxi over the past three seasons, with 136 billion yuan allocated to sugar enterprises and 25 billion yuan to sugarcane farmers [8]. Group 2: Financial Innovation - The introduction of "Huinong e-loan" and "Order Loan" has addressed the financing challenges faced by sugarcane farmers, allowing for quick online applications and immediate funding [7][8]. - The "Miao Silver e-loan" product has been specifically designed to support the traditional silver crafting industry, providing 1 million yuan in unsecured loans with rapid approval processes [13]. Group 3: Cultural Heritage and Economic Growth - The Miao silver industry has seen significant growth, with sales reaching 300 million yuan and annual production exceeding 30 tons, supported by financial products that facilitate raw material procurement [12][13]. - The financial support from the Agricultural Bank has enabled artisans to innovate and integrate traditional craftsmanship with modern aesthetics, contributing to the preservation of cultural heritage [13][15]. Group 4: Strategic Goals and Future Outlook - The Agricultural Bank aims to enhance its service to the agricultural sector, with a loan balance of nearly 11 trillion yuan by the end of Q3 2025, reflecting a commitment to rural development [17][19]. - The bank's focus on rural revitalization aligns with national policies aimed at modernizing agriculture and improving the livelihoods of farmers, ensuring that financial services effectively support rural industries [19].

Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2025 年 11 月 25 日星期二 研究员：李方磊 从业资格：F03104461 交易咨询资格：Z0021311 联系方式：19339940612 | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 昨日 SR601 合约收盘价 5370 元/吨，日涨幅 0.32%。夜盘收于 5377 元/吨；SR605 合约收盘价 5319 元/吨，日涨幅 0.32%。夜盘收于 5319 元/吨。 【重要资讯】 1.昨日 ICE 原糖主力合约收盘价 14.85 美分/磅，日涨幅 0.54%。 2.昨日广西白糖现货成交价为 5374 元/吨，下跌 5 元/吨；广西新糖报价 5590~5650 元/吨，个别集团下调 60 元/吨；云南制糖集团陈糖报价 5350~5400 元/吨，新糖报 价 5300~5500 元/吨，下调 70 元/吨；加工糖厂主流报价区间为 5750~5890 元/吨， | | --- | --- | --- | --- | | 农林畜 | 白糖 ...

Group 1 - The core point of the article is that Angel Yeast (SH 600298) held its 10th eighth board meeting on November 21, 2025, to discuss the proposal for increasing registered capital in its subsidiary in Egypt [1] - For the year 2024, Angel Yeast's revenue composition is as follows: yeast and deep processing products account for 71.42%, food raw materials for 9.45%, sugar production for 8.32%, others for 7.69%, and packaging for 2.69% [1] - As of the report date, Angel Yeast has a market capitalization of 33.8 billion yuan [1]

Report Industry Investment Ratings - Cotton: ☆☆☆, indicating a short - term multi/empty trend in a relatively balanced state, with poor operability on the current market [1] - Pulp: ☆☆☆, same as cotton [1] - Sugar: ☆☆☆, same as cotton [1] - Apple: ☆☆☆, same as cotton [1] - Timber: ☆☆☆, same as cotton [1] - 20 - rubber: ★☆☆, representing a bullish bias, with a driving force for an upward trend but poor operability on the market [1] - Natural rubber: ★☆☆, same as 20 - rubber [1] - Butadiene rubber: ★☆☆, same as 20 - rubber [1] Core Viewpoints - The prices of different soft commodities show different trends. Some are in a state of range - bound, some are expected to be weak, and some show signs of super - decline and rebound. The investment strategies vary from commodity to commodity, with some suggesting temporary waiting and some suggesting attention to arbitrage opportunities [2][3][6] Summary by Commodity Cotton & Cotton Yarn - Zhengzhou cotton rose today, with the mainstream basis of cotton spot remaining stable. New cotton is concentrated on the market, and demand is average, putting pressure on prices. However, the spot price is generally stable, and Zhengzhou cotton is expected to remain range - bound. As of November 13th, the national cumulative processed lint cotton was 3.907 million tons, a year - on - year increase of 0.67 million tons. The pure cotton yarn market has weak transactions, and the spinning mills' new orders are few. The US Department of Agriculture's November report is bearish, with the US cotton production significantly increased. It is recommended to wait and see [2] Sugar - Overnight, US sugar fluctuated. In Brazil, although the sugarcane crushing volume and sugar yield decreased, the sugar - making ratio increased, maintaining high sugar production. In the Northern Hemisphere, India and Thailand are gradually starting to crush, and due to good weather, the sugar production is expected to increase year - on - year. In China, Zhengzhou sugar is running weakly. In October, China's sugar imports increased, and the market's trading focus has shifted to the next season's production estimate. It is expected that the sugar price will remain weak [3] Apple - The futures price fluctuates. The spot market has sporadic transactions of apples in the warehouse, with prices slightly rising. As of November 14th, the national cold - storage apple inventory was 7.3577 million tons, a year - on - year decrease of 10%. The market's trading logic has shifted from cold - storage inventory to sales expectations. There is a high divergence between bulls and bears, and attention should be paid to the inventory - removal situation [4] 20 - rubber, Natural rubber & Synthetic rubber - The futures prices of natural rubber RU, 20 - rubber NR, and butadiene rubber BR all rose today. The global natural rubber supply is in a high - yield period, but the Yunnan region in China has entered a production - reduction period. The demand is slowly weakening, the natural rubber supply is decreasing, the synthetic rubber supply is increasing, and the spot inventory is rising. It is recommended to pay attention to arbitrage opportunities [6] Pulp - The pulp futures continued to fall today. As of November 13th, 2025, the inventory of China's mainstream pulp ports was 2.11 million tons, a month - on - month increase of 5.1% and a year - on - year increase of 21.3%. The overseas broad - leaf pulp quotation is strong, but the downstream procurement intention is general. After the basis converges, the price has corrected. It is recommended to wait and see [7] Logs - The futures price fluctuates, and the spot price remains stable. In November, the New Zealand radiata pine quotation continued to rise, but the domestic spot price is weak, and the trader's import willingness is low. The port delivery volume is above 60,000 cubic meters, and the inventory is low. Low inventory supports the price, and it is recommended to wait and see [8]