1. Report Industry Investment Ratings No investment ratings are provided in the reports. 2. Core Views 2.1 Oils and Fats - Malaysian BMD crude palm oil futures are in low - level volatile consolidation, with a potential upward rebound but also a risk of technical decline due to concerns about export slowdown and high seasonal production. In China, there is a possibility of a short - term breakthrough to fill the gap around 8,950 yuan. - Before the USDA monthly report, the upside of CBOT soybean oil is limited. In China, recent factory soybean oil inventory reduction boosts the basis quote, but overall market demand is limited as it is not the stocking season [1]. 2.2 Pork - Spot prices are weak, and supply is normal. The overall slaughter plan completion is fast. Based on the planned November slaughter volume, the slow progress may boost November pig prices. The market is in a range - bound pattern, and when prices fall to previous lows, second - round fattening may increase. The 3 - 7 spread reverse arbitrage can be held [3]. 2.3 Meal - The market is waiting for the USDA monthly report. There is an expectation of a decrease in soybean yield, and three US soybean importers have resumed licenses, strengthening the support for US soybeans. However, China's 13% tariff on US soybeans affects export. In China, high soybean inventory and reserve rotation expectations suppress the market. The soybean meal market is expected to be in a narrow - range shock [7]. 2.4 Corn - In the Northeast, prices rise with the increase in northern port prices and state reserve purchases. In North China, price - holding sentiment is strong, and deep - processing enterprises raise prices to purchase. Although there is selling pressure due to concentrated supply, prices are also supported by costs and policies. In the short term, the reduction in corn supply leads to a rebound in the futures market, but the rebound is limited [9]. 2.5 Sugar - After short - covering, raw sugar rebounded from around 14 cents/pound. Heavy rainfall in Brazil may affect sugarcane crushing. India plans to export 150 tons of sugar, but exports are uncertain. In China, due to import quotas, the opening of the sugar - pressing season in Guangxi may be postponed, and prices are expected to fluctuate [14][15]. 2.6 Cotton - The US cotton market is in low - level volatile consolidation. China's cancellation of additional tariffs on US agricultural products restores some confidence in US cotton purchases, but global high yields limit the market. In China, the Zhengzhou cotton market faces hedging pressure but also has cost support. The overall demand is weak, and short - term prices are expected to fluctuate within a range [16]. 2.7 Eggs - The inventory of laying hens in November is expected to remain high, and egg supply pressure persists. Consumption is weak, and the market is in an inventory digestion period. Current egg prices are at a bottom - range, supported by farmers' reluctance to sell and traders' potential bargain - hunting [18]. 3. Summary by Related Catalogs 3.1 Oils and Fats - **Soybean Oil**: On November 12, the spot price in Jiangsu was 8,560 yuan, up 0.12% from the previous day; the futures price of Y2601 was 8,288 yuan, up 0.61%; the basis was 272 yuan, down 12.82%. Warehouse receipts decreased by 1.44% [1]. - **Palm Oil**: The spot price in Guangdong was 8,620 yuan, up 0.12%; the futures price of P2601 was 8,744 yuan, down 0.30%; the basis was - 124 yuan, up 22.50%. The import cost decreased by 0.59%, and the import profit increased by 6.07% [1]. - **Rapeseed Oil**: The spot price in Jiangsu was 10,110 yuan, up 0.80%; the futures price of OI601 was 9,840 yuan, up 0.66%; the basis was 270 yuan, up 5.88% [1]. 3.2 Pork - **Futures**: The basis of the main contract decreased by 71.79%. The prices of live hog 2605 and 2601 increased by 0.58% and 0.34% respectively. The 1 - 5 spread decreased by 9.68%, and the main contract positions decreased by 4.52% [3]. - **Spot**: Spot prices in most regions decreased. The daily slaughter volume increased by 1.04%, the weekly white - striped pork price decreased by 0.53%, the weekly piglet price decreased by 15.00%, and the monthly breeding sow inventory decreased by 0.07% [3]. 3.3 Meal - **Soybean Meal**: The spot price in Jiangsu was 3,050 yuan, down 0.33%; the futures price of M2601 was 3,028 yuan, up 0.16%; the basis decreased by 250.00%. The import crushing profit from Brazil increased by 36.4% [7]. - **Rapeseed Meal**: The spot price in Jiangsu was 2,500 yuan, down 1.19%; the futures price of RM2601 was 2,494 yuan, down 0.24%; the basis decreased by 80.00%. The import crushing profit from Canada remained unchanged [7]. - **Soybeans**: The spot price of Harbin soybeans remained unchanged, the futures price of the main soybean contract increased by 0.36%, and the basis decreased by 7.81%. The spot price of imported soybeans in Jiangsu remained unchanged, the futures price of the main soybean No. 2 contract increased by 0.16%, and the basis decreased by 3.23% [7]. 3.4 Corn - **Corn**: The price of corn 2601 remained unchanged, the Pingcang price in Jinzhou Port increased by 0.46%, the basis increased by 333.33%, the 1 - 5 spread increased by 3.90%, and the import profit increased by 3.69% [9]. - **Corn Starch**: The price of corn starch 2601 remained unchanged, and the basis remained unchanged [9]. 3.5 Sugar - **Futures**: The price of sugar 2601 decreased by 0.04%, the price of ICE raw sugar increased by 2.03%, and the 1 - 5 spread decreased by 2.90% [14]. - **Spot**: The spot price in Nanning remained unchanged, and the price in Kunming decreased by 0.27%. The national cumulative sugar production increased by 12.03%, the cumulative sales increased by 9.17%, and the industrial inventory decreased by 41.20% [14]. 3.6 Cotton - **Futures**: The price of cotton 2605 decreased by 0.26%, the price of cotton 2601 decreased by 0.33%, the price of ICE US cotton increased by 1.39%, and the 5 - 1 spread increased [16]. - **Spot**: The Xinjiang arrival price and CC Index increased slightly, and the FC Index decreased by 0.53%. The commercial inventory increased by 70.4%, the industrial inventory increased by 9.7%, and the import volume increased by 42.9% [16]. 3.7 Eggs - **Futures**: The prices of egg contracts 12 and 01 decreased by 2.82% and 1.51% respectively. The basis increased by 55.82%, and the 12 - 01 spread decreased by 17.19% [18]. - **Spot**: The egg - producing area price decreased by 0.29%, the egg - chick price remained unchanged, the culled - hen price decreased by 1.95%, and the breeding profit decreased by 8.51% [18].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - For the stock index, after a continuous rise, the hot sectors are rotating rapidly, with technology growth remaining the market's main line. Policy support for the capital market remains unchanged, and the medium - to long - term strategy is mainly to go long on dips [4]. - For treasury bonds, in the fourth quarter, the supply - demand pattern of the bond market may improve. The market is likely to remain volatile under the background of weak domestic demand recovery and improved inflation expectations, and the bond market is expected to recover in a volatile manner [6]. - For precious metals, in the early stage of the Fed's easing cycle, it is recommended to go long on silver on dips. The gold - silver ratio still has room for further downward repair [7]. - For non - ferrous metals, copper prices are expected to be volatile and slightly stronger in the short term; aluminum prices may rise further; zinc prices are short - term strong but with limited upside in the surplus cycle; lead prices are expected to be strong; nickel prices are recommended to be observed in the short term; tin prices are expected to be strong and volatile; lithium carbonate is in high - level oscillation; alumina is recommended to be observed; stainless steel prices are expected to remain weak; casting aluminum alloy prices are expected to follow aluminum prices [10][12][14][17][18][21][22][24][26][28]. - For black building materials, steel prices are expected to be weak and volatile in the short term but may recover in the future; iron ore prices are expected to be weak in the short term; glass prices are expected to be weak; soda ash prices are expected to be volatile; for manganese silicon and ferrosilicon, the short - term negative impact is a phased release, and it is more cost - effective to look for rebound opportunities; for industrial silicon and polysilicon, industrial silicon prices are expected to be in consolidation, and polysilicon supply - demand may improve marginally [31][33][35][37][39][43][45]. - For energy and chemicals, for rubber, a neutral approach is recommended for short - term trading; for crude oil, a low - buying and high - selling strategy is maintained, and short - term observation is recommended; for methanol, it is recommended to observe; for urea, it is recommended to observe; for pure benzene and styrene, styrene prices may stop falling; for PVC, it is recommended to short on rallies; for ethylene glycol, it is recommended to short on rallies; for PTA, pay attention to the opportunity of PXN rising to drive PTA up; for p - xylene, pay attention to the mid - term valuation increase opportunity; for polyethylene, prices are expected to be in low - level oscillation; for polypropylene, prices may be supported in the first quarter of next year [50][52][53][54][57][59][61][63][65][68][70]. - For agricultural products, for live pigs, the first strategy is to do reverse spreads, and then wait to short on rallies; for eggs, prices are expected to be strong in the short term; for soybean and rapeseed meal, short - term follow - up with import cost increases, and mid - term short on rallies; for oils and fats, take a volatile view and turn to a long - term view if there are signs of production decline; for sugar, wait to short after the rebound weakens; for cotton, prices are expected to be in oscillation [73][76][78][81][83][86]. 3. Summaries According to Relevant Catalogs 3.1 Macro - financial Category 3.1.1 Stock Index - **Market Information**: The National Energy Administration explores the construction of new water - wind - solar integration bases; the China Photovoltaic Industry Association refutes rumors; Haibo Sichuang signs a cooperation agreement with CATL; Morgan Stanley raises the target prices of Samsung and SK Hynix and predicts a rise in DRAM and NAND prices [2]. - **Strategy**: The market's main line is technology growth. The medium - to long - term strategy is to go long on dips [4]. 3.1.2 Treasury Bonds - **Market Information**: On Wednesday, the main contracts of TL, T, TF, and TS had different changes. The Fed has a growing divergence on December rate cuts, and the US - EU trade tension affects European enterprises. The central bank conducted 1955 billion yuan of 7 - day reverse repurchase operations, with a net investment of 1300 billion yuan [5]. - **Strategy**: The bond market is expected to recover in a volatile manner in the fourth quarter [6]. 3.1.3 Precious Metals - **Market Information**: Shanghai gold and silver prices rose. The retirement of the Atlanta Fed President may bring a dovish tendency. The US government is likely to reopen, which is positive for precious metals [7]. - **Strategy**: Go long on silver on dips, and the gold - silver ratio has room for downward repair [7]. 3.2 Non - ferrous Metals Category 3.2.1 Copper - **Market Information**: Copper prices rose slightly. LME copper inventory was flat, and domestic warehouse receipts increased. The spot import was at a loss, and the refined - scrap price difference declined [9]. - **Strategy**: Copper prices are expected to be volatile and slightly stronger in the short term [10]. 3.2.2 Aluminum - **Market Information**: Aluminum prices were strong but pulled back. The weighted contract positions increased, and the warehouse receipts decreased slightly. Domestic inventories increased slightly, and the spot was at a discount [11]. - **Strategy**: Aluminum prices may rise further [12]. 3.2.3 Zinc - **Market Information**: Zinc prices rose slightly. The domestic social inventory decreased slightly, and the LME inventory and registered warehouse receipts increased slightly [13]. - **Strategy**: Zinc prices are short - term strong but with limited upside in the surplus cycle [14]. 3.2.4 Lead - **Market Information**: Lead prices rose. The domestic social inventory increased slightly, and the LME inventory decreased continuously [16]. - **Strategy**: Lead prices are expected to be strong in the short term [17]. 3.2.5 Nickel - **Market Information**: Nickel prices fell. The spot premium was stable, the nickel ore price was stable, and the nickel iron price fell [18]. - **Strategy**: Observe in the short term, and consider going long if the price drops enough [18]. 3.2.6 Tin - **Market Information**: Tin prices rose. The warehouse receipts decreased, the tin concentrate price rose, and the smelting plant's operating rate rebounded but remained low due to raw material shortages [19]. - **Strategy**: Tin prices are expected to be strong and volatile, and it is recommended to go long on dips [21]. 3.2.7 Lithium Carbonate - **Market Information**: Lithium carbonate prices were in high - level oscillation. The spot index declined slightly, and the futures contract price rose slightly [22]. - **Strategy**: Pay attention to the high - level selling pressure, and focus on December's lithium - battery material production and the equity market atmosphere [22]. 3.2.8 Alumina - **Market Information**: Alumina prices rose slightly. The positions increased, the basis was at a discount, and the overseas price was stable. The futures warehouse receipts were unchanged [23]. - **Strategy**: Observe in the short term, and focus on supply - side policies and other factors [24]. 3.2.9 Stainless Steel - **Market Information**: Stainless steel prices fell. The positions increased, the spot price decreased slightly, and the inventory decreased slightly [25][26]. - **Strategy**: Prices are expected to remain weak in the short term [26]. 3.2.10 Casting Aluminum Alloy - **Market Information**: Casting aluminum alloy prices rose. The positions increased, the trading volume increased, and the warehouse receipts decreased slightly [27]. - **Strategy**: Prices are expected to follow aluminum prices [28]. 3.3 Black Building Materials Category 3.3.1 Steel - **Market Information**: Rebar and hot - rolled coil prices rose slightly. The registered warehouse receipts decreased, and the positions decreased [30]. - **Strategy**: Prices are expected to be weak and volatile in the short term but may recover in the future [31]. 3.3.2 Iron Ore - **Market Information**: Iron ore prices rose. The positions decreased, and the spot price rose. The Simandou iron ore project was put into production [32]. - **Strategy**: Prices are expected to be weak in the short term, and pay attention to the support at 750 - 760 yuan/ton [33]. 3.3.3 Glass and Soda Ash - **Market Information**: Glass prices fell, and the inventory decreased; soda ash prices fell, and the inventory increased [34][36]. - **Strategy**: Glass prices are expected to be weak; soda ash prices are expected to be volatile [35][37]. 3.3.4 Manganese Silicon and Ferrosilicon - **Market Information**: Manganese silicon prices fell slightly, and ferrosilicon prices rose slightly. Both are in the oscillation range [38]. - **Strategy**: The short - term negative impact is a phased release, and it is more cost - effective to look for rebound opportunities [39]. 3.3.5 Industrial Silicon and Polysilicon - **Market Information**: Industrial silicon prices rose slightly, and polysilicon prices rose. Industrial silicon production increased, and polysilicon production decreased in November [42][44]. - **Strategy**: Industrial silicon prices are expected to be in consolidation; polysilicon supply - demand may improve marginally [43][45]. 3.4 Energy and Chemicals Category 3.4.1 Rubber - **Market Information**: Rubber prices rebounded. The 11 - month warehouse receipts are about to expire, and there are different views on the market [47][48]. - **Strategy**: Adopt a neutral approach for short - term trading, and partially build positions for the RU2601 - RU2609 spread [50]. 3.4.2 Crude Oil - **Market Information**: Crude oil and related refined product prices rose [51]. - **Strategy**: Maintain a low - buying and high - selling strategy, and observe in the short term [52]. 3.4.3 Methanol - **Market Information**: Methanol prices rose. The supply pressure increased, and the demand decreased [53]. - **Strategy**: Observe [53]. 3.4.4 Urea - **Market Information**: Urea prices rose. The supply increased, and the demand was weak [54]. - **Strategy**: Observe [54]. 3.4.5 Pure Benzene and Styrene - **Market Information**: Pure benzene prices were stable, and styrene prices were mixed. The supply pressure increased, and the demand decreased [55]. - **Strategy**: Styrene prices may stop falling [57]. 3.4.6 PVC - **Market Information**: PVC prices rose. The cost was stable, the supply increased, and the demand decreased [58]. - **Strategy**: Short on rallies [59]. 3.4.7 Ethylene Glycol - **Market Information**: Ethylene glycol prices rose. The supply decreased slightly, the demand decreased slightly, and the inventory increased [60]. - **Strategy**: Short on rallies [61]. 3.4.8 PTA - **Market Information**: PTA prices rose. The supply decreased slightly, the demand decreased slightly, and the inventory increased [62]. - **Strategy**: Pay attention to the opportunity of PXN rising to drive PTA up [63]. 3.4.9 p - Xylene - **Market Information**: p - Xylene prices rose. The supply increased, the demand decreased, and the inventory increased [64]. - **Strategy**: Pay attention to the mid - term valuation increase opportunity [65]. 3.4.10 Polyethylene - **Market Information**: Polyethylene prices rose. The supply was stable, the demand decreased slightly, and the inventory decreased [66][67]. - **Strategy**: Prices are expected to be in low - level oscillation [68]. 3.4.11 Polypropylene - **Market Information**: Polypropylene prices rose. The supply was stable, the demand increased slightly, and the inventory increased [69]. - **Strategy**: Prices may be supported in the first quarter of next year [70]. 3.5 Agricultural Products Category 3.5.1 Live Pigs - **Market Information**: Pig prices fell. The demand was weak, and the supply was high [72]. - **Strategy**: First, do reverse spreads, and then wait to short on rallies [73][74]. 3.5.2 Eggs - **Market Information**: Egg prices were stable with slight declines. The supply was stable, and the demand was average [75]. - **Strategy**: Prices are expected to be strong in the short term [76]. 3.5.3 Soybean and Rapeseed Meal - **Market Information**: CBOT soybeans rose slightly. Domestic soybean inventory increased, and the meal price was stable [77]. - **Strategy**: Short - term follow - up with import cost increases, and mid - term short on rallies [78]. 3.5.4 Oils and Fats - **Market Information**: Palm oil prices were mixed. The production increased, and the export decreased; rapeseed production was stable [79][80]. - **Strategy**: Take a volatile view and turn to a long - term view if there are signs of production decline [81]. 3.5.5 Sugar - **Market Information**: Sugar prices were in oscillation. Brazilian sugar production increased, and the global supply surplus was revised down [82]. - **Strategy**: Wait to short after the rebound weakens [83]. 3.5.6 Cotton - **Market Information**: Cotton prices were in oscillation. The downstream demand was weak, and the domestic production was high [84][85]. - **Strategy**: Prices are expected to be in oscillation [86].

霜降过后，就到了拐枣成熟的季节。在旬阳市，漫山遍野的拐枣树挂满果实，山林中、车间里一派 采摘、收购、加工的忙碌景象。 在70岁的村民何国恩眼中，家门前的千年拐枣树不仅是几代人的"老伙计"，还维系着一家人的命 运；在省级非遗代表性传承人王茂均看来，旬阳拐枣酒酿造技艺代代相传，是传统技艺融入现代生活的 生动注脚；对返乡青年梅伟来说，曾经的山间野果摇身一变，成为拐枣燕窝饮、拐枣雪梨膏等深加工产 品，并发展成带动群众致富的大产业。 旬阳市种植拐枣40万亩，总产量占全国的80%，被命名为"中国拐枣之乡"。如今，当地"拐枣+X"产 业链条不断延伸，实现年产值3.4亿元，带动8.5万户农户稳定增收。 一棵千年拐枣树的"守望" 11月4日，旬阳市白柳镇佛洞村，何国恩站在院坝边，抬手便触到树枝上的拐枣。他的身后，一棵 高42米的千年拐枣树浓荫蔽日、枝繁叶茂。 "饥荒时吃拐枣果，婚宴时喝拐枣酒，小时候跟伙伴在拐枣树上嬉闹。这棵拐枣树陪伴了我们家几 代人，就像是亲人一样。"何国恩说。 一个"金字招牌"的铸就 旬阳市地处秦岭南麓，气候湿润，沟边坎上、房前屋后，野生拐枣树随处可见。过去粮食金贵，村 民舍不得用粮食酿酒，就用拐枣代替。酒 ...

Group 1 - The company, Zhejiang Dongri (600113.SH), issued a supplementary announcement regarding stock trading risk, clarifying its main business operations [1] - The company's primary business includes the operation and management of agricultural and sideline product wholesale trading markets, fresh food distribution, and related activities in the soybean product processing sector [1] - The company explicitly stated that it does not engage in "brain-computer interface" business [1]

农产品公告称，公司股票2025年连续3个交易日收盘价格涨幅偏离值累计超20%，属异常波动。公司核 实后表明，前期披露信息无更正补充，未发现传媒报道未公开重大信息，经营与内外部环境正常，公司 及控股股东无应披露未披露重大事项，控股股东在异常波动期间未买卖公司股票。公司无违反信息公平 披露情形，提醒投资者以指定媒体信息为准，理性投资。 ...

Core Insights - The agricultural processing sector experienced a rise of 2.64% on November 12, with COFCO Sugar leading the gains [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Agricultural Processing Sector Performance - COFCO Sugar (600737) closed at 19.38, up 9.99% with a trading volume of 859,600 shares and a transaction value of 1.642 billion [1] - Other notable performers included *ST Zhongji (000972) with a 5.05% increase, Guangnong Sugar (000911) up 2.20%, and Shenliang Holdings (000019) up 1.53% [1] - The sector saw a net outflow of 12.81 million from institutional investors, while retail investors contributed a net inflow of 97.59 million [2][3] Fund Flow Analysis - COFCO Sugar had a net inflow of 85.6952 million from institutional investors, despite a net outflow of 14.8184 million from speculative funds [3] - *ST Zhongji saw a net inflow of 16.8488 million from institutional investors, while speculative funds experienced a net outflow of 10.0122 million [3] - Retail investors showed a mixed response, with some stocks like COFCO Sugar and *ST Zhongji attracting significant retail interest, while others faced outflows [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Overseas, the US private - sector employment data is cooling, with the ADP small - non - farm employment in October decreasing by 45,000, the largest decline since March 2023. The small - business confidence index dropped to a six - month low. There is uncertainty in economic assessment due to potential missing economic data. In the US, the stock market is divided, the 10Y Treasury yield fell to 4.06%, the US dollar index weakened to 99.5, gold prices rose, copper prices rose, and oil prices rose by over 1% [2]. - Domestically, the A - share market opened higher and closed lower, with the trading volume of the two markets falling to 2 trillion. The micro - cap and dividend styles are still dominant over the technology style. In the short term, there may be new highs, but there is a risk of subsequent adjustments. In the long - term, it is still cost - effective to buy on dips. The bond market is oscillating, waiting for the release of October financial and economic data. The central bank emphasizes strengthening counter - cyclical and cross - cyclical adjustments [3]. - For precious metals, the optimistic expectation of interest rate cuts boosted gold and silver prices. The US Senate's bill to end the government shutdown and the expected weak economic data may prompt the Fed to cut interest rates in December. The demand for gold is expected to be strong this year and next, and the price may reach $4,700 per ounce [4]. - For copper, the market is cautious. The weak US labor market requires continuous interest rate cuts. The global mine supply is tight, and domestic social inventories are decreasing marginally. Copper prices are expected to remain high and volatile in the short term [6][7]. - For aluminum, the macro - narrative is positive. The end of the US government shutdown, the resumption of economic data, and the dovish shift in the Fed's stance are positive. The supply and demand are relatively stable, and aluminum prices will continue to be strong and volatile [8]. - For alumina, the supply pressure persists, and the price remains weak. The production capacity is high, but the market expects potential production cuts in winter, so the price is oscillating at a low level [9][10]. - For zinc, the market is worried about the deterioration of the US labor market. The LME has low inventories and a strong structure, which supports zinc prices. However, weak domestic consumption limits the upside space, and zinc prices will oscillate [12]. - For lead, the LME is strong, driving up the price of Shanghai lead. The supply shortage in the domestic market has been alleviated, and Shanghai lead is expected to be strong in the short term but may face a pull - back risk [13][14]. - For tin, the weak US employment and the slow recovery of Indonesian tin exports support tin prices. However, the volatile macro - sentiment and high raw material prices may lead to a pull - back in tin prices [15]. - For industrial silicon, the supply is contracting marginally, and the demand is weakening. The price will oscillate in the short term [16][17]. - For lithium carbonate, the current fundamentals are strong, but there are risks of increased imports and weakening demand in the future. The price will fluctuate widely [18][19]. - For nickel, the weak US labor market boosts the expectation of interest rate cuts, which is positive for nickel prices. The high cost of nickel ore limits the downside space, but the high inventory weakens the fundamentals [20]. - For soda ash and glass, there are maintenance plans for soda ash production lines, and the glass production line's daily melting volume is weakening. Both lack demand - driven price increases and may oscillate at a low level [21][22]. - For steel products, the supply and demand are both weak, and steel prices are expected to oscillate and adjust [23][24]. - For iron ore, port inventories are increasing, and the price will oscillate weakly [25]. - For soybean and rapeseed meal, the South American production is expected to be good. The market is waiting for the USDA report, and the price will oscillate and adjust [26][27]. - For palm oil, the weak US employment data boosts the expectation of interest rate cuts. The supply of rapeseed oil is tightening, and the price of vegetable oil has rebounded, driving up the prices of other oils. Palm oil prices will oscillate in the short term [28][29]. 3. Summary by Related Catalogs 3.1 Metal Main Varieties Trading Data - The trading data of various metal contracts on November 11, including closing prices, price changes, price change rates, trading volumes, and open interests, are presented. For example, SHFE copper closed at 86,630 yuan/ton, up 150 yuan, with a trading volume of 156,444 lots and an open interest of 553,109 lots [30]. 3.2 Industrial Data Perspective - **Copper**: On November 11, SHFE copper's main contract price was 86,630 yuan/ton, up 150 yuan from the previous day. LME copper's price was 10,840 US dollars/ton, down 34.5 US dollars. SHFE copper's warehouse receipts remained unchanged at 42,964 lots, and LME copper's inventory decreased by 25 tons to 136,250 tons [32]. - **Nickel**: SHFE nickel's main contract price was 119,380 yuan/ton, down 300 yuan. LME nickel's price was 15,025 US dollars/ton, down 75 US dollars. SHFE nickel's warehouse receipts decreased by 241 lots to 32,292 lots, and LME nickel's inventory decreased by 96 tons to 253,308 tons [34]. - **Zinc**: SHFE zinc's main contract price was 22,675 yuan/ton, up 5 yuan. LME zinc's price was 3,069 US dollars/ton, down 16.5 US dollars. SHFE zinc's warehouse receipts increased by 649 lots to 70,518 lots, and LME zinc's inventory increased by 400 tons to 35,300 tons [34]. - **Lead**: SHFE lead's main contract price was 17,440 yuan/ton, down 65 yuan. LME lead's price was 2,067 US dollars/ton, up 10.5 US dollars. SHFE lead's warehouse receipts remained unchanged at 4,981 lots, and LME lead's inventory increased by 24,525 tons to 226,725 tons [34]. - **Aluminum**: SHFE aluminum's continuous third - month contract price was 21,670 yuan/ton, down 55 yuan. LME aluminum's price was 2,879.5 US dollars/ton, down 1 US dollar. SHFE aluminum's warehouse receipts remained unchanged at 64,142 lots, and LME aluminum's inventory decreased by 2,000 tons to 545,225 tons [34]. - **Alumina**: SHFE alumina's main contract price was 2,816 yuan/ton, down 13 yuan. The national average spot price of alumina was 2,869 yuan/ton, down 2 yuan [34]. - **Tin**: SHFE tin's main contract price was 288,180 yuan/ton, up 1,620 yuan. LME tin's price was 36,695 US dollars/ton, up 515 US dollars. SHFE tin's warehouse receipts decreased by 112 lots to 5,582 lots, and LME tin's inventory decreased by 20 tons to 3,015 tons [36]. - **Precious Metals**: SHFE gold remained unchanged at 948.88 yuan/gram, and COMEX gold remained unchanged at 4,116.30 US dollars/ounce. SHFE silver remained unchanged at 11,880 yuan/kg, and COMEX silver remained unchanged at 50.744 US dollars/ounce [36]. - **Steel and Iron Ore**: SHFE rebar's main contract price was 3,025 yuan/ton, down 19 yuan. The main contract price of iron ore futures was 763 yuan/ton, down 2 yuan. The inventory of imported iron ore at 47 ports in China increased by 380.41 million tons to 15,819.49 million tons [36][38]. - **Coke and Coking Coal**: The main contract price of coke futures was 1,685 yuan/ton, down 58.5 yuan. The main contract price of coking coal futures was 1,213 yuan/ton, down 52.5 yuan [38]. - **Lithium Carbonate**: The main contract price of lithium carbonate futures was 8.46 yuan/ton, up 0.01 yuan. The spot price of electric - grade lithium carbonate was 8.2 yuan/ton, up 0.10 yuan [38]. - **Industrial Silicon**: The main contract price of industrial silicon futures was 9,180 yuan/ton, down 110 yuan. The average price of East China's 553 oxygen - containing silicon remained unchanged at 9,500 yuan/ton [38]. - **Agricultural Products**: CBOT soybean's main contract price was 1,126.75 US cents/bushel, down 0.75 US cents. The main contract price of soybean meal futures was 3,054 yuan/ton, down 9 yuan. The main contract price of rapeseed meal futures was 2,500 yuan/ton, down 27 yuan [40].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The global sugar supply surplus expectation suppresses the sugar market, with India increasing sugar production and allowing exports, and ICE raw sugar under pressure. In the domestic market, Zheng sugar has limited upside potential due to factors such as old sugar inventory clearance and new sugar listing [2]. - Pulp futures are relatively strong, but the fundamental improvement is limited, and the future supply pressure in China may still be high. The upward movement and sustainability depend on the performance of the finished paper market [5]. - The demand improvement for double - offset paper is limited, and the upward driving force is weak, although there is some cost support from the pulp price increase [6]. - The cotton market, both domestically and internationally, is in a low - range fluctuation. The short - term upward potential is restricted by factors such as supply pressure and uncertain consumption recovery [8]. - For apples, the new - season initial inventory is lower year - on - year, and the futures price is expected to be oscillating strongly [9]. - The jujube market has seen a decline in the expectation of production reduction, and the futures price has fallen back. Attention should be paid to the new jujube opening price [10]. Summary According to the Directory First Part: Sector Strategy Recommendation - **Apple 2605**: Recommend buying on dips due to lower initial inventory year - on - year; also recommend closing short positions on dips because of high futures premium. Support range is 8500 - 8600, and pressure range is 9400 - 9500 [19]. - **Jujube 2601**: Aggressive investors can short on rallies around 9500 - 10500; cautious investors can hold a short 01 and long 05 spread position [11]. - **Sugar 2601**: Recommend shorting on rallies as supply pressure increases and domestic enterprises face old sugar inventory clearance. Support range is 5380 - 5400, and pressure range is 5510 - 5540 [2][19]. - **Pulp 2601**: Temporarily stay on the sidelines as the cost of warehouse receipts increases, but the supply remains high and the fundamental improvement is limited [5][19]. - **Double - offset paper 2601**: Temporarily stay on the sidelines as there is cost support from pulp price increase, but demand suppresses the price [6][19]. - **Cotton 2601**: Reduce short positions as the increase in new cotton production is slightly lower than expected and the price range has moved up slightly [8][19]. Second Part: Market News Changes Apple Market - **Fundamental Information**: In September 2025, fresh apple exports were about 7.08 tons, up 3.50% month - on - month and down 6.32% year - on - year. As of November 5, 2025, the national apple cold - storage inventory was 698.42 tons, 14.14% lower than the same period last year. As of November 6, 2025, it was 682.74 tons, 17.05% lower than last year [20]. - **Spot Market**: In the Shandong production area, the purchase of late - maturing bagged Fuji is in the final stage, and small and medium - sized fruits have started to be shipped out. In the Shaanxi production area, the mainstream price is stable, and the cold - storage fruits have started to be packed and shipped out [20][21]. Jujube Market As of this week, the physical inventory of 36 sample points is 9541 tons, up 2.06% month - on - month and 131.35% year - on - year. The futures price has fallen, and attention should be paid to the purchasing enthusiasm and structure of buyers [22]. Sugar Market Brazil exported 4,204,999.20 tons of sugar in October 2025, a 13% year - on - year increase. India has allowed 150 tons of sugar exports in the 2025/26 season. Guangxi sugar mills are about to start crushing, but the weather may affect sugar content [2][25]. Pulp Market As of October 27, 2025, the weekly pulp inventory in sample areas decreased by 1.58% month - on - month. The steam consumption of a thermal power plant in Baoding decreased, and the operating rate of household paper decreased [28]. Double - offset Paper Market In October 2025, the average theoretical gross profit margin of the double - offset paper industry was - 6.57%, down 1.38 percentage points from last month, and the decline rate narrowed month - on - month [29]. Cotton Market In September 2025, Australia's cotton exports were about 17.5 tons, down 4.4% month - on - month and 5% year - on - year. In October 2025, China's textile and clothing exports decreased both year - on - year and month - on - month. As of the end of October, the industrial and commercial cotton inventories increased [30][31][32]. Third Part: Market Review Futures Market Review - Apple 2601 closed at 9159, up 1.32% [31]. - Jujube 2601 closed at 9585, down 0.05% [31]. - Sugar 2601 closed at 5475, up 0.33% [31]. - Pulp 2511 closed at 4870, down 0.04% [31]. - Cotton 2601 closed at 13580, unchanged [31]. Spot Market Review - Apples were at 3.75 yuan per jin, unchanged month - on - month and up 0.55 yuan year - on - year [37]. - Jujubes were at 9.40 yuan per kg, down 0.10 yuan month - on - month and 5.30 yuan year - on - year [37]. - Sugar was at 5760 yuan per ton, up 10 yuan month - on - month and down 560 yuan year - on - year [37]. - Pulp (Shandong Silver Star) was at 5500 yuan, unchanged month - on - month and down 720 yuan year - on - year [37]. - Double - offset paper (Sun Tianyang - Tianjin) was at 4450 yuan, unchanged month - on - month and down 450 yuan year - on - year [37]. - Cotton was at 14844 yuan per ton, down 15 yuan month - on - month and 494 yuan year - on - year [37]. Fourth Part: Basis Situation No specific summary information provided other than figures. Fifth Part: Inter - month Spread Situation - Apple 1 - 5 spread is - 109, expected to oscillate downward, with a strategy of shorting on rallies [58]. - Jujube 9 - 1 spread is 340, expected to oscillate within a range, with a strategy of staying on the sidelines [58]. - Sugar 1 - 5 spread is 70, expected to oscillate, with a strategy of staying on the sidelines [58]. - Cotton 1 - 5 spread is 0, expected to fluctuate within a range, with a strategy of shorting on rallies [58]. Sixth Part: Futures Positioning Situation No specific summary information provided other than figures. Seventh Part: Futures Warehouse Receipt Situation - Apples have 0 warehouse receipts, unchanged month - on - month and year - on - year [85]. - Jujubes have 0 warehouse receipts, unchanged month - on - month and year - on - year [85]. - Sugar has 7663 warehouse receipts, up 281 month - on - month and down 4140 year - on - year [85]. - Pulp has 223997 warehouse receipts, unchanged month - on - month and down 157654 year - on - year [85]. - Cotton has 3294 warehouse receipts, up 281 month - on - month and up 168 year - on - year [85]. Eighth Part: Option - related Data No specific summary information provided other than figures.

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

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