1. Report Industry Investment Rating No information provided in the given content. 2. Core Views of the Report Soft Commodity Sector - **Sugar**: Global sugar supply surplus expectations suppress international sugar prices. In the short - term, ICE raw sugar is expected to remain weak. In China, although there are some positive factors, the medium - long - term pressure on Zhengzhou sugar prices remains, and the rebound space is limited [3]. - **Pulp**: The market risk preference is boosted, but the supply of wood pulp remains high, and the demand improvement is limited. The pulp valuation is not high, but the upward drive is weak, and the rise height may be restricted [4]. - **Double - offset Paper**: The improvement in demand for finished paper is limited, and there is supply pressure. Although there is some cost support, the price is difficult to rise significantly [6]. - **Cotton**: The tariff adjustment in Sino - US trade negotiations supports textile and clothing exports. However, the supply pressure in the northern hemisphere still exists, and the domestic cotton price is expected to fluctuate in a low - level range [8]. Fresh Fruit and Vegetable Sector - **Apple**: The new season's apples have smaller fruit sizes and lower high - quality fruit rates, which support the futures price. However, the lack of consumption growth restricts the upward space. The futures price is expected to fluctuate strongly [9]. - **Jujube**: The futures price has fallen from a high level. The inventory depletion speed has slowed down, and new jujubes are on the market. The futures price is expected to be in a shock - falling state [9]. 3. Summary According to the Directory First Part: Sector Strategy Recommendation Fresh Fruit Futures | Variety | Recommended Strategy | Main Logic | Support Range | Pressure Range | | --- | --- | --- | --- | --- | | Apple 2605 | Hold long positions cautiously | Smaller fruit sizes and lower high - quality fruit rates in the new season, the futures price center moves up | 7900 - 8000 | 9700 - 9800 | | Jujube 2601 | Short at high prices | High futures premium, there is pressure for the futures and spot prices to converge | 10000 - 12000 | 11000 - 11300 | [19] Soft Commodity Futures | Variety | Recommended Strategy | Main Logic | Support Range | Pressure Range | | --- | --- | --- | --- | --- | | Sugar 2601 | Short on rebound | Short - term rebound under the boost of good news, but new sugar is about to be listed, and the global supply - demand is expected to weaken | 5380 - 5400 | 5530 - 5500 | | Pulp 2601 | Short within the range | The valuation is not high, but there is still supply pressure, and the overall increase in finished paper prices is limited | 4800 - 4900 | 5200 - 5300 | | Double - offset Paper 2601 | Short on rebound | The cost support has increased slightly, but the demand still suppresses the price under high supply elasticity | 4100 - 4200 | 4400 - 4500 | | Cotton 2601 | Reduce short positions | The increase in new cotton production is slightly less than expected, and the Sino - US trade relationship eases | 13200 - 13300 | 13700 - 13800 | [19] Second Part: Market News Changes Apple Market - **Fundamental Information**: In September 2025, the export volume of fresh apples was about 70,800 tons, a month - on - month increase of 3.50% and a year - on - year decrease of 6.32% [20]. - **Spot Market**: The mainstream apple prices in the producing areas remained stable. The trading in Shandong was at its peak, and the acquisition in Shaanxi was in the later stage. The market arrival volume in the sales areas increased, and the sales of high - quality goods were good [20][21]. Jujube Market The physical inventory of 36 sample points was 9103 tons, a month - on - month decrease of 1.04% and a year - on - year increase of 109.22%. New jujubes have not been concentratedly harvested, and some merchants have started to purchase [22]. Sugar Market China has suspended the import of all syrups and premixes since October 27. The sugar production in India in the 2025/26 season is expected to reach 34.9 million tons, a year - on - year increase of 19%. The EU has raised the yield forecast of sugar beets [24]. Pulp Market As of October 27, the weekly pulp inventory in sample areas decreased by 1.58% month - on - month. As of October 28, the steam consumption of a thermal power plant in Baoding decreased, and the operating rate of household paper decreased [26]. Double - offset Paper Market As of October 29, the average theoretical gross profit margin of the double - offset paper industry decreased, and the cost decline was narrower than the revenue decline, resulting in a continuous decline in profitability [27]. Cotton Market In September 2025, Japan's clothing imports increased significantly. The tariff on textile and clothing exports to the US has been reduced, and the export competitiveness will be restored [28]. Third Part: Market Review Futures Market | Variety | Closing Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | | Apple 2601 | 9268 | 70 | 0.76% | | Jujube 2601 | 10225 | - 270 | - 2.57% | | Sugar 2601 | 5472 | - 22 | - 0.40% | | Pulp 2511 | 4846 | 10 | 0.21% | | Cotton 2601 | 13600 | - 20 | - 0.15% | [29] Spot Market | Variety | Spot Price | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple (yuan/jin) | 3.75 | 0 | 0.55 | | Jujube (yuan/kg) | 9.40 | - 0.10 | - 5.30 | | Sugar (yuan/ton) | 5750 | 0 | - 790 | | Pulp (Shandong Silver Star) | 5500 | 0 | - 700 | | Double - offset Paper (Sun Tianyang - Tianjin) | 4450 | 0 | - 450 | | Cotton (yuan/ton) | 14843 | 3 | - 593 | [34] Fourth Part: Basis Situation No specific summary information provided in the given content, only relevant charts are mentioned. Fifth Part: Inter - month Spread Situation | Variety | Spread | Current Value | Month - on - Month Change | Year - on - Year Change | Prediction | Recommended Strategy | | --- | --- | --- | --- | --- | --- | --- | | Apple | 1 - 5 | - 456 | 172 | 264 | Oscillatory decline | Short at high prices | | Jujube | 9 - 1 | - 80 | - 75 | - 175 | Range oscillation | Wait - and - see | | Sugar | 1 - 5 | 65 | 1 | 53 | Oscillatory fluctuation | Wait - and - see | | Cotton | 1 - 5 | - 10 | - 5 | 55 | Range fluctuation | Short at high prices | [52] Sixth Part: Futures Position Situation No specific summary information provided in the given content, only relevant charts are mentioned. Seventh Part: Futures Warehouse Receipt Situation | Variety | Warehouse Receipt Quantity | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple | 0 | 0 | 0 | | Jujube | 0 | 0 | 0 | | Sugar | 7541 | - 84 | - 2359 | | Pulp | 224942 | - 486 | - 146925 | | Cotton | 2434 | - 26 | - 865 | [80] Eighth Part: Option - related Data No specific summary information provided in the given content, only relevant charts are mentioned.

Core Viewpoint - Jingxing Paper (002067.SZ) reported its Q3 2025 results, highlighting an increase in institutional ownership and foreign investment interest [1] Institutional Ownership - As of October 30, 2025, five institutional investors disclosed holdings in Jingxing Paper, totaling 23.8826 million shares, which represents 1.68% of the company's total share capital [1] - The institutional ownership increased by 1.20 percentage points compared to the previous quarter [1] Public Fund Participation - In this period, 12 public funds were disclosed, including Wanjiaguozheng 2000 ETF, Zhongzheng 2000, and Southern Zhongzheng 2000 ETF, among others [1] Foreign Investment - Four new foreign institutions disclosed their holdings this quarter, including UBS AG, Goldman Sachs, Morgan Stanley & Co. International PLC, and J.P. Morgan Securities PLC [1] - Barclays Bank PLC was the only foreign institution that did not disclose holdings compared to the previous quarter [1]

Core Viewpoint - Huatai Co., Ltd. (600308.SH) reported its Q3 2025 results, indicating a significant institutional ownership structure and slight changes in holdings compared to the previous quarter [1] Group 1: Institutional Ownership - As of October 30, 2025, three institutional investors disclosed holdings in Huatai Co., Ltd., totaling 620 million shares, which represents 40.88% of the company's total share capital [1] - The institutional investors include Huatai Group Co., Ltd., Hong Kong Central Clearing Limited, and Baring Capital Limited - Baring Emerging Markets Small Companies Fund (USA) [1] - Compared to the previous quarter, the total institutional ownership percentage decreased by 0.04 percentage points [1] Group 2: Public Fund Holdings - In this reporting period, 17 public funds were not disclosed compared to the previous quarter, including notable funds such as Invesco Great Wall CSI 300 Index Enhanced A, China Merchants Quality Life Mixed A, and Huatai-PineBridge SSE Composite Index A [1]

Core Insights - The core point of the article is the disclosure of institutional and public fund holdings in Shanying International (600567.SH) as of the third quarter of 2025, highlighting a decrease in institutional ownership compared to the previous quarter [1] Institutional Holdings - As of October 30, 2025, two institutional investors disclosed holdings in Shanying International A-shares, totaling 1.441 billion shares, which represents 24.79% of the company's total share capital [1] - The institutional investors include Fujian Taisheng Industrial Co., Ltd. and Hong Kong Central Clearing Limited, with a combined institutional holding percentage decrease of 2.04 percentage points compared to the previous quarter [1] Public Fund Holdings - In this period, 15 public funds were not disclosed compared to the previous quarter, including notable funds such as Chuangjin Hexin Competitive Advantage Mixed A, Chuangjin Hexin Cultural and Media Stock Initiation A, CITIC Securities Quantitative Progress A, Xinyuan National Index 2000 Enhanced A, and Guofu Xinghai Return Mixed A [1]

Core Viewpoint - Hengda New Materials experienced a decline of 1.58% in stock price on October 30, with a trading volume of 25.87 million yuan, indicating potential market volatility and investor sentiment shifts [1]. Financing Summary - On October 30, Hengda New Materials had a financing buy-in amount of 2.11 million yuan and a financing repayment of 2.38 million yuan, resulting in a net financing buy of -0.27 million yuan [1]. - The total financing and securities balance as of October 30 was 32.60 million yuan, which represents 2.18% of the circulating market value, indicating a low financing balance compared to the 20th percentile over the past year [1]. - In terms of securities lending, there were no shares sold or repaid on October 30, with a securities lending balance of 0.00 yuan, placing it in the high range above the 80th percentile over the past year [1]. Company Performance - As of September 30, Hengda New Materials reported a total of 6,481 shareholders, a decrease of 5.72% from the previous period, while the average circulating shares per person increased by 6.06% to 7,106 shares [2]. - For the period from January to September 2025, the company achieved an operating income of 796 million yuan, reflecting a year-on-year growth of 6.54%, and a net profit attributable to shareholders of 54.87 million yuan, up by 3.25% year-on-year [2]. Dividend and Shareholding - Since its A-share listing, Hengda New Materials has distributed a total of 80.76 million yuan in dividends [3]. - As of September 30, 2025, among the top ten circulating shareholders, Jianxin Flexible Allocation Mixed A (000270) ranked as the sixth largest shareholder, holding 258,500 shares as a new investor [3].

Core Viewpoint - The company, Shandong Bohui Paper Industry Co., Ltd., has announced its third-quarter report for 2025, detailing its financial performance and significant corporate decisions, including asset purchases and sales involving related parties [8][24]. Financial Data - The third-quarter report for 2025 has been confirmed as accurate and complete by the company's board and management [2][3]. - The financial statements for the first nine months of 2025 are unaudited [5][6]. Shareholder Information - The company has not reported any changes in major shareholders or voting rights for preferred shareholders [4]. Corporate Governance Changes - The company plans to abolish its supervisory board, transferring its responsibilities to the audit committee of the board, and will amend its articles of association accordingly [11][14]. - The board has approved several governance rule revisions to enhance internal management [14][19]. Related Party Transactions - The company’s subsidiary, Jiangsu Bohui, intends to purchase new equipment for upgrading its chemical pulp production from a related party, Wenrui Machinery, for an amount not exceeding RMB 46 million (excluding VAT) [25][28]. - The company also plans to sell idle assets to related parties, Guangxi Jingu and Jinlong Pulp and Paper, for a total assessed value of RMB 32.978 million [47][49]. Impact of Transactions - The purchase of new equipment is expected to enhance production efficiency and reduce chemical consumption, contributing to the company's green development goals [41][45]. - The sale of idle assets is aimed at optimizing the company's asset structure and improving operational efficiency [79][83].

Core Viewpoint - The company, Hengfeng Paper Industry, emphasizes the accuracy and completeness of its quarterly report, ensuring no false statements or significant omissions exist [2][3]. Financial Data Summary - The third-quarter financial statements are not audited [3]. - The report period refers to the three months from the beginning to the end of the quarter [3]. - The company confirms that there are no significant non-recurring gains or losses that have been misclassified [4]. Shareholder Information - The report includes details about the total number of common shareholders and the top ten shareholders' holdings [5]. - There are no changes in the share lending situation of major shareholders compared to the previous period [6]. Other Important Information - The company has not adopted new accounting standards or interpretations that would affect the financial statements for the current year [7].

Core Viewpoint - Huatai Co., Ltd. (SH 600308) announced the convening of its 11th Board of Directors' ninth meeting on October 30, 2025, to review the Q3 2025 report and other documents [1] Company Summary - For the first half of 2025, Huatai's revenue composition was as follows: Mechanism paper accounted for 62.55%, chemical products for 29.56%, pulp for 3.18%, electric power for 2.6%, and other businesses for 2.05% [1]

Core Insights - Hengfeng Paper (600356.SH) reported a revenue of 2.039 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 6.29% [1] - The company's net profit attributable to shareholders reached 148 million yuan, marking a year-on-year increase of 34.76% [1] - The non-recurring net profit was 132 million yuan, showing a year-on-year growth of 38.29% [1] - Basic earnings per share stood at 0.50 yuan [1]

Company Overview - Shanying International (SH 600567) held its 32nd meeting of the 9th Board of Directors on October 30, 2025, to review proposals regarding the formulation and revision of internal governance systems [1] - As of the report date, Shanying International has a market capitalization of 10.5 billion yuan [1] Revenue Composition - For the first half of 2025, Shanying International's revenue composition is as follows: - Paper manufacturing accounted for 66.57% - Packaging contributed 24.26% - Commodity circulation made up 7.1% - Other businesses represented 1.39% - Other categories accounted for 0.67% [1]