Core Insights - The article highlights the significant impact of the "Double Eleven" e-commerce event on rural industries in Qilu, showcasing how online platforms are transforming rural development and boosting local economies [1][6]. E-commerce Growth in Rural Areas - In Ningyang County, the local e-commerce surge during "Double Eleven" saw a network retail sales increase of over 20% year-on-year, with agricultural products performing exceptionally well [3][5]. - The local e-commerce company, Weike Fresh Drinks, reported a 100% increase in sales during the event, with daily orders reaching over 1,500 [3]. Employment Opportunities Created - E-commerce has generated new employment opportunities in rural areas, allowing residents to work locally while earning competitive wages. For instance, a welder in a local factory earns over 10,000 yuan per month [5][6]. - The local furniture factory has expanded its workforce to include over 800 individuals from surrounding villages, providing them with income opportunities [5]. Government Support and Training - The growth of rural e-commerce is supported by government initiatives, including free training programs that cover various aspects of online business operations, benefiting over 2,500 individuals this year [5][6]. - The training aims to address the challenges faced by rural enterprises in accessing online markets [5]. Diverse Product Offerings - Various local businesses, such as the Xipo Po Cake Shop, have successfully transitioned to e-commerce, expanding their product lines and achieving monthly sales of over 600,000 yuan during peak seasons [5][6]. - The cotton clothing industry in Dongchangfu District is projected to exceed 1 billion yuan in output value in 2024, with products being exported to countries like Greece, Poland, Japan, and South Korea [6]. Community Engagement and Marketing - Local leaders, such as village heads, are actively engaging in live-streaming to promote agricultural products, enhancing visibility and sales [7][8]. - The integration of traditional and modern marketing methods is helping rural areas connect with broader markets, showcasing local culture and products [7].

Group 1 - The agricultural processing sector increased by 2.93% on November 11, with Baolingbao leading the gains [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] - Key stocks in the agricultural processing sector showed significant gains, with Baolingbao and COFCO Sugar both rising by 9.99% [1] Group 2 - The agricultural processing sector saw a net inflow of 448 million yuan from main funds, while retail investors experienced a net outflow of 208 million yuan [2] - Major stocks like COFCO Sugar and Baolingbao had varying net inflows and outflows from different investor categories, indicating mixed investor sentiment [3] - The trading volume and turnover for leading stocks in the sector were substantial, with COFCO Sugar achieving a turnover of 1.021 billion yuan [1][2]

Report Overview - Report Title: "养殖产业链数据报告-豆粕、油脂" [1] - Release Date: November 11, 2025 Industry Investment Rating - Not provided in the given content Core Viewpoints - The report presents the latest weekly data on the inventory, production, consumption, and price differences of soybean meal and various oils (palm oil, rapeseed oil, and soybean oil), along with their week-on-week changes and historical trends [2][5] Summary by Directory Soybean Meal - **Price and Spread**: The 43% protein soybean meal's aggregated average price is 3,071 yuan/ton, up 0.13% week-on-week; the futures-spot price difference is 8 yuan/ton, down 80.49% week-on-week; the spot main contract basis is 39.71 yuan/ton, down 24.66% week-on-week [2] - **Production and Consumption**: The output of 111 sample enterprises is 124.60 million tons, down 19.45% week-on-week; the apparent consumption is 139.09 million tons, down 5.03% week-on-week [2] - **Inventory**: The inventory of 111 sample enterprises is 87.76 million tons, down 14.17% week-on-week [2] - **Trading Volume**: The daily trading volume is 193,600 tons, up 85.62% week-on-week [2] Oils Inventory - **Palm Oil**: The inventory in China is 59.73 million tons, up 0.76% week-on-week [5] - **Rapeseed Oil**: The inventory in China is 45.02 million tons, down 12.75% week-on-week [5] - **Soybean Oil**: The inventory in China is 115.72 million tons, down 4.82% week-on-week [5] Price and Spread - **Palm Oil**: The futures-spot price difference is 8 yuan/ton, down 900.00% week-on-week; the spot main contract basis is -20 yuan/ton, down 225.00% week-on-week [5] - **Rapeseed Oil**: The futures-spot price difference is 489 yuan/ton, up 0.20% week-on-week; the spot main contract basis is 384.50 yuan/ton, down 14.08% week-on-week [5] - **Soybean Oil and Palm Oil**: The combined futures-spot price difference is -218 yuan/ton, down 31.45% week-on-week [5] - **Soybean Oil**: The spot main contract basis is 196 yuan/ton, down 23.06% week-on-week [5]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The USDA currently estimates the US soybean stock-to-consumption ratio for the 25/26 season at 6.9%. The expected yield of 53.5 bushels per acre may have room for downward adjustment, while the export forecast has room for upward adjustment. The supply-demand balance of US soybeans is expected to be tight. Attention should be paid to the USDA supply-demand report next week [8][11]. - As of November 1st, the soybean planting rate in Brazil was 47.1%, compared with 34.4% last week, 53.3% in the same period last year, and a five-year average of 54.7%. Attention should be paid to the relatively dry conditions expected in the southern Brazilian state of Rio Grande do Sul in the next few weeks and the impact of the weak La Niña weather pattern [10]. - In November, domestic soybean meal is expected to start reducing inventory, but the supply of domestic soybean meal in the fourth quarter is still expected to be abundant. The purchasing progress for the December - January shipping period is slow, and the supply gap in the first quarter of next year is uncertain [11]. - In the short term, livestock and poultry are expected to maintain high inventory levels, with no obvious reduction in production capacity, supporting feed demand. However, current breeding profits are in the red, and national policies tend to control the inventory and weight of pigs, which may affect long - term supply. The cost - effectiveness of soybean meal is relatively high, but recent downstream transactions of soybean meal have been cautious, and提货 performance has declined [11]. - Domestic soybean and soybean meal inventories are at historically high levels, and inventory is expected to start decreasing in November. Feed enterprise soybean meal inventory days have dropped to a low level. Due to a significant decline in crushing last week, the domestic soybean meal inventory decreased significantly as of last week. In the short term, the domestic futures market is expected to fluctuate strongly following the US market. Attention should be paid to the USDA report data this week and weather changes in South America [11]. 3. Summary by Relevant Catalogs 3.1 Basis Data - The basis of the soybean meal main contract in Zhangjiagang on November 10th was -3, a decrease of 5 compared to the previous value. The basis of 43% soybean meal spot in different regions showed different changes, such as -5 in Tianjin, 5 in Rizhao, -5 in Zhangjiagang, 15 in Dongguan, -5 in Zhanjiang, and 15 in Fangcheng [6]. - The basis of rapeseed meal spot in Guangdong on November 10th was 105, an increase of 14 compared to the previous value [6]. 3.2 Spread Data - The RM1 - 5 spread was 99, a decrease of 24 compared to the previous value. The spot spread between soybean meal and rapeseed meal in Guangdong was 300, and the spread between the main contracts of soybean meal and rapeseed meal was 536, an increase of 17 compared to the previous value [7]. 3.3 Premium and Profit Data - The US dollar - to - RMB exchange rate was 7.1175, and the Brazilian soybean CNF premium was 145 cents per bushel, with no change. The Brazilian soybean crushing profit was - 86 yuan per ton [7]. 3.4 Inventory Data - Domestic soybean and soybean meal inventories are at historically high levels, and inventory is expected to start decreasing in November. Feed enterprise soybean meal inventory days have dropped to a low level [11]. 3.5 Supply and Demand Situation - Supply: The USDA's 25/26 US soybean supply - demand balance is expected to be tight. The Brazilian soybean planting rate is lower than the same period last year and the five - year average, and attention should be paid to weather conditions. The purchasing progress for the December - January shipping period is slow, and the supply gap in the first quarter of next year is uncertain [8][10][11]. - Demand: Livestock and poultry are expected to maintain high inventory levels in the short term, supporting feed demand. However, current breeding profits are in the red, and national policies may affect long - term supply. Recent downstream transactions of soybean meal have been cautious, and提货 performance has declined [11].

Group 1: Report Investment Rating - No relevant content provided Group 2: Core Viewpoints - The domestic soybeans have a slight reduction in production, with the northeast soybeans being popular due to quality differentiation. Under the agreement, China may increase the import of US soybeans, resulting in a very sufficient soybean supply. The oil mill operating rate drops again, easing the pressure on soybean meal inventory. The demand is strong. The price of soybean No. 1 is expected to fluctuate strongly, and the price of soybean meal will remain volatile [6]. Group 3: Summary by Related Catalogs Market Conditions - The soybean No. 2601 contract fluctuates sharply around 4150, with intense long - short competition. The spot price is stable, and the market price of Fujin soybeans is around 4040 yuan/ton. The soybean basis weakens, and the premium on the futures market expands. The soybean meal 01 contract fluctuates around 3050. The spot price of soybean meal rises slightly, from 2970 yuan/ton to around 2990 yuan/ton in Zhangjiagang. The basis weakens, and the premium on the futures market expands [4]. Domestic Production - The quality of domestic soybeans differentiates, and the output decreases slightly. According to the November report of the Ministry of Agriculture and Rural Affairs, poor weather in North China leads to a decline in yield, and the total domestic soybean output is slightly adjusted down by 190,000 tons to 20.9 million tons, still higher than last year. As of November 7, the remaining soybean ratio in Heilongjiang drops to 90%; in Anhui, it drops to 89%; in Henan, it rises to 90%; in Shandong, it rises to 95%. The high - protein soybeans in Heilongjiang are in high demand [4]. Import Situation - The import of domestic soybeans declines in October, with 9.48 million tons imported, a 26% month - on - month decrease and a 17.2% year - on - year increase. China and the US reach an agricultural product agreement, with China set to import tens of millions of tons of US soybeans and purchase at least 25 million tons annually in the next three years. Coupled with the previous over - purchase of South American soybeans, the domestic soybean supply will be very sufficient. Although China and the US have mutually reduced taxes, a 10% basic tariff remains, and the import cost of US soybeans is not low. The premium of Brazilian soybeans decreases, with great cost advantages. As of November 7, the arrival volume of soybeans at oil mills is 2.4375 million tons, a significant month - on - month increase; the port soybean inventory is 10.334 million tons, a month - on - month increase to a new high in recent years [5]. US Soybean Market - US soybeans fluctuate at a high level. The soybean import agreement between China and the US boosts US soybeans. The US government may end the shutdown, and the US Department of Agriculture will release the November supply - demand report. Currently, US soybeans may be at the end of the harvest season. Attention should be paid to the report's feedback on the trade agreement [5]. Oil Mill Operations - The operating rate of oil mills drops again, and the soybean meal inventory decreases. The profit of Brazilian soybean crushing declines due to high costs. As of November 7, the operating rate of oil mills is 49.67%, a significant month - on - month drop; the soybean crushing volume is 1.8057 million tons, a month - on - month decrease; the soybean inventory of oil mills is 7.6195 million tons, a month - on - month increase, at a high level in recent years. The soybean meal production is 1.427 million tons, a month - on - month decrease; the soybean meal inventory of oil mills is 998,600 tons, a month - on - month decrease; the unexecuted contracts of soybean meal are 6.0015 million tons, a significant month - on - month increase. The inventory days of soybean meal in feed mills are 7.75 days, a month - on - month decrease [5][6]. Feed Demand - The feed demand is strong. In the livestock farming sector, the pig price is low, and the farming continues to incur losses. As of November 7, the profit of purchasing piglets for farming is - 175.54 yuan per head; the self - breeding and self - raising profit is - 89.21 yuan per head. Currently, the adjustment of the reproductive sow capacity is slow. In September, the national inventory of reproductive sows is 40.35 million, a decrease of 30,000 from the previous month. The inventory of reproductive sows in large - scale farms also decreases slightly, but the piglet production increases slightly, and the piglet sales decline; the phenomena of over - fattening and secondary fattening increase. At the end of the third quarter, the national pig inventory is 436.8 million, a 29% quarter - on - quarter increase and a 23% year - on - year increase. In the poultry sector, the egg price drops again, the farming continues to incur losses, the culling of poultry increases, the inventory in October decreases slightly month - on - month, and it may continue to decline in the fourth quarter. The feed demand is strong [6].

Core Insights - The "QianKai-Shanghai" route and the China-Ecuador Free Trade Agreement are facilitating the influx of Latin American flowers and fruits into the Chinese market [1][4][6] Group 1: Market Opportunities - Peruvian businessman Jesus Carrascal reported that all 3,000 boxes of his sacred wood incense sold out at the expo, and he is negotiating with over ten importers for future cooperation [2] - Carrascal anticipates increasing exports to China from 8-9 tons annually to 15 tons next year due to the positive market response [2] - The Peruvian Exporters Association led 11 small and medium enterprises to the expo, showcasing a variety of fresh produce including blueberries, avocados, asparagus, oranges, and mangoes [4] Group 2: Trade Infrastructure - The opening of QianKai Port, a key project under the Belt and Road Initiative, has significantly reduced shipping times from over 30 days to 23 days, lowering logistics costs by over 20% [4] - Before the establishment of QianKai Port, Peru lacked ports capable of accommodating large container ships, leading to higher shipping costs and longer transit times [4] Group 3: Free Trade Agreements - Ecuador has become China's 27th free trade partner following the signing of a free trade agreement on May 11, 2023, which will eliminate tariffs on 90% of trade items between the two countries [6] - The agreement will allow Ecuadorian products such as bananas, shrimp, fish, flowers, cocoa, and coffee to enter the Chinese market with tariffs reduced from 5%-20% to zero [6] Group 4: Trade Growth - In the first three quarters of this year, bilateral trade between China and Ecuador reached approximately $12.919 billion, marking a 26.2% increase compared to the same period last year [7] - China's imports from Ecuador amounted to $7.293 billion, reflecting a year-on-year growth of 24% [7]

Report Industry Investment Rating No information provided in the report. Core Viewpoints of the Report - The US government shutdown is expected to end, boosting global risk appetite. The dollar index has declined overall, and the risk appetite in the global market has increased significantly. In China, the manufacturing sentiment declined in October, and exports decreased unexpectedly, leading to a slowdown in economic growth. However, inflation data in October rebounded unexpectedly, and the signing of a trade agreement between China and the US reduced external risks. The central bank restarted treasury bond trading to release liquidity, increasing domestic risk appetite. The short - term upward drive of the macro - market has strengthened, and the stock index has rebounded in the short term. Attention should be paid to the domestic economic growth and the implementation of incremental policies in the future [3][4]. - The short - term macro - market shows an upward trend. The stock index and treasury bonds are expected to rebound with caution in the short term. In the commodity sector, black metals will fluctuate in the short term, non - ferrous metals will rebound with short - term fluctuations, energy and chemicals will fluctuate, and precious metals will rebound with short - term fluctuations and maintain an upward trend in the long - term [3]. Summary by Related Catalogs Macro - Overseas: The US Senate's compromise bill has passed the initial hurdle, and the federal government shutdown is expected to end, boosting global risk appetite. The dollar index has declined. - Domestic: In October, China's manufacturing sentiment declined, and exports decreased unexpectedly, slowing down economic growth. However, inflation data rebounded unexpectedly, and the signing of a trade agreement between China and the US reduced external risks. The central bank restarted treasury bond trading to release liquidity, increasing domestic risk appetite. The short - term upward drive of the macro - market has strengthened, and the stock index has rebounded in the short term. Attention should be paid to domestic economic growth and the implementation of incremental policies in the future [3][4]. Stock Index - Driven by sectors such as beverage manufacturing, hotel tourism, and airport shipping, the domestic stock market rose slightly. The short - term upward drive of the macro - market has strengthened, and the stock index has rebounded in the short term. Attention should be paid to domestic economic growth and the implementation of incremental policies in the future. Short - term cautious buying is recommended [4]. Precious Metals - The precious metals market rose significantly on Monday night. The main contracts of Shanghai gold and silver increased. Weak US economic data strengthened the market's expectation of the Fed's interest rate cut, boosting the demand for non - interest - bearing assets. Precious metals will rebound with short - term fluctuations and maintain an upward trend in the long - term. Short - term cautious buying is recommended, and long - term buying on dips is advisable [5]. Black Metals - **Steel**: On Monday, the domestic steel futures and spot markets were flat, and trading volume remained low. CPI and PPI data improved, and market sentiment recovered. Last week, steel demand peaked, and the apparent consumption of five major steel products decreased by 495,100 tons. Inventory continued to decline, but the decline slowed. Supply decreased, and the steel market is still in a negative feedback logic in the short term, but the downward space for rebar near 3000 points is limited [7]. - **Iron Ore**: On Monday, the futures and spot prices of iron ore rebounded slightly. Steel mills' losses accelerated production cuts, and the daily average pig iron output of blast furnaces decreased to 2.34 million tons. Steel mills' demand for iron ore may further decline, and they are cautious about restocking. Supply has shown marginal improvement. The key factor determining the iron ore price is the decline process of pig iron output, and short - term range - bound fluctuations are expected [7]. - **Silicon Manganese/Silicon Iron**: On Monday, the spot prices of silicon iron and silicon manganese were flat, and the futures prices rebounded slightly. Last week, the output of five major steel products decreased slightly, and the demand for ferroalloys declined. The supply of silicon manganese and silicon iron decreased slightly. The futures prices of silicon iron and silicon manganese are expected to continue range - bound fluctuations [8]. - **Soda Ash**: On Monday, the main contract of soda ash fluctuated. Supply increased this week, and there are capacity expansion plans in the fourth quarter, maintaining a loose supply pattern. Demand remained stable. The industry lacks clear policy support, and a bearish view is recommended in the medium - to - long - term [9]. - **Glass**: On Monday, the main contract of glass fluctuated within a range. Affected by Shahe news, the glass price fluctuated greatly. Supply and the number of production lines remained stable. Demand was weak year - on - year, and the inventory of float glass was relatively high. Supported by anti - involution policies, glass is expected to be strong in the short term due to its low valuation and the impact of Shahe [9][10]. Non - Ferrous Metals and New Energy - **Copper**: The US copper inventory is approaching 370,000 short tons, a historical high, which restricts future import demand. There is a possibility of the restart of a Panamanian copper mine. The destocking of refined copper in China is less than expected, and the social inventory is still at a relatively high level. The shutdown of Indonesia's second - largest copper mine has tightened the global copper supply, supporting the futures price. Short - term high - level fluctuations are expected [11]. - **Aluminum**: On Monday, the price of Shanghai aluminum rose, with a long lower shadow. The news of the US ending the shutdown boosted market risk appetite. The market is worried about future supply shortages. Domestic destocking is not going well. The market is trading based on expectations, ignoring fundamentals for now. In the short term, it is expected to be strong [11]. - **Tin**: The supply of tin is still tight. The combined operating rate of smelters in Yunnan and Jiangxi has increased slightly. The tin ore supply from Myanmar is still far below normal levels. Demand is weak, and the social inventory of tin ingots has increased this week. The tin price is expected to fluctuate at a high level in the medium - to - short - term [12]. - **Lithium Carbonate**: On Monday, the main contract of lithium carbonate rose significantly. Market sentiment is positive, and demand is the dominant factor. It is expected to be strong with fluctuations, but attention should be paid to supply - side disturbances [13]. - **Industrial Silicon**: On Monday, the main contract of industrial silicon rose. After the end of the wet season, production in Southwest China decreased significantly. Supply and demand are both weak. It is expected to fluctuate, and buying on dips is recommended [14]. - **Polysilicon**: On Monday, the main contract of polysilicon rose. There is a stalemate between strong policy expectations and weak reality. The spot price is supported by policy expectations, but terminal demand is weak. It is expected to fluctuate in a high - level range, and buying on dips is recommended [15]. Energy and Chemicals - **Crude Oil**: The expected end of the US government shutdown has boosted market sentiment and oil prices. A large amount of data will be released this week to assess global supply. The market is focusing on US sanctions. Oil prices will continue to fluctuate within a range due to geopolitical uncertainties [16]. - **Asphalt**: Asphalt prices have continued to break new lows and are still in the process of bottom - seeking. The basis is low, and trading volume is limited. There is a slight pressure to accumulate inventory in social and factory warehouses. As it enters the off - season, the market focuses on low - price supplies, and the inventory pressure will increase. The supply pressure has increased due to the recovery of some factories in Shandong. Attention should be paid to the cost fluctuations of crude oil [16]. - **PX**: The anti - involution expectation in the polyester sector has boosted the price of PX, but the upward momentum is slowing. PTA's high operating rate provides some demand support for PX. The PXN spread has rebounded slightly, and PX is still in a tight supply situation. The strong overseas refined oil market may provide cost support for PX. Attention should be paid to cost changes [17]. - **PTA**: News of joint production cuts by leading manufacturers has boosted market sentiment, and the main contract has risen. The downstream operating rate remains high, but the actual production cuts are not confirmed, and there is a risk of inventory accumulation in the future. The upward pressure exists in the short - term [17]. - **Ethylene Glycol**: Ethylene glycol is still in a low - level range - bound fluctuation and is under pressure. Port inventory has accumulated significantly, and the downstream operating rate is neutral. The shipping volume is low, and the arrival volume is high. There is a large pressure to accumulate inventory in mid - to - late November, and caution is required when entering the market [18]. - **Short - Fiber**: Short - fiber has risen slightly following the polyester sector, but the future pressure is large. Terminal orders are seasonally declining, and the operating rate of short - fiber has decreased in some areas, with limited inventory accumulation. The future upward space is limited, and short - selling on rallies is recommended in the medium - term [18]. - **Methanol**: The inventory in the inland and ports has increased. The supply - demand situation in the inland has deteriorated, and the price has lost support. The downstream market is weak, and the restart of inland plants has increased supply pressure. However, the rising coal price has squeezed methanol profits, and the price is approaching the import cost. Iranian plants are planned to shut down in November, providing some support. The price is expected to decline with fluctuations in the short - term, but the decline rate may slow down [18]. - **PP**: The demand for polypropylene has improved, but the supply growth rate is too fast, leading to inventory increases. As the traditional off - season approaches, demand is expected to weaken, and supply will remain high due to plant restarts. The market is under pressure, and the price is expected to continue to decline [19]. - **LLDPE**: The core contradiction in the polyethylene market is the continuous accumulation of supply pressure. New production capacity is being released, and previously shut - down plants are restarting. The downstream peak - season effect is expected to decline after peaking in early November. The weakening crude oil price provides limited cost support. The price is expected to remain under pressure [19]. - **Urea**: The supply of urea is expected to increase, and the supply is becoming more relaxed. The demand is differentiated: agricultural fertilization in the north is coming to an end, and compound fertilizer enterprises are cautious about purchasing urea. Exports are restricted by policies. The short - term market is expected to continue to weaken in a narrow range [19]. Agricultural Products - **US Soybeans**: The CBOT January soybean contract rose overnight. The market is optimistic about the restoration of Sino - US soybean trade. The US soybean export inspection volume last week was 1.088577 million tons. Attention should be paid to the USDA's crop production and WASDE reports. The weather and planting conditions in South American soybean - producing areas are currently normal, with a stable high - yield expectation. If the USDA lowers the yield per unit, the ending inventory of US soybeans will shrink, strengthening the cost - repair logic [20]. - **Soybean Meal/Rapeseed Meal**: The supply and demand of soybean meal are currently loose, and the basis is weak. With the restoration of Sino - US agricultural trade, the pricing cost of imported soybeans in China has increased, and the risk of future shortages has decreased [21]. - **Soybean Oil/Rapeseed Oil**: The supply of soybean oil exceeds demand, but the price is stable within a range due to the increase in the pricing cost of imported soybeans. The commercial inventory of soybean oil has decreased. The inventory of rapeseed oil is still high, but the rapeseed inventory is running out. Affected by the uncertainty of Sino - Canadian trade, traders are reluctant to sell, supporting the strengthening of the basis [21]. - **Palm Oil**: According to the MPOB report, Malaysia's palm oil production increased by 11.02% to 2.04 million tons in October, exports increased by 18.58% to 1.69 million tons, and inventory increased by 4.4% to 2.46 million tons. Palm oil has entered the production - reduction cycle, and the seasonal de - stocking trend remains unchanged. The market is weak and stable, and the risk of all negative factors being priced in has increased. The domestic market has no new purchase orders and will fluctuate and stabilize with the cost [22]. - **Corn**: The oversupply situation of corn has not changed. There is a large amount of on - the - ground grain in the production areas, and middle - level traders are not willing to build inventories. The inventories in northern ports, feed enterprises, and deep - processing enterprises are low, and the profit of deep - processing has increased. The strong wheat price provides some support [22]. - **Pigs**: The planned slaughter volume of large - scale pig farms in November has decreased month - on - month. Pig farmers are reluctant to sell due to losses and a high price difference between fat and lean pigs, reducing the supply pressure. As the weather cools, seasonal demand has increased, and food processing enterprises may stock up in advance. Although the current supply - demand situation is still loose, the market is optimistic, and the pig price is expected to be supported [23].

Core Viewpoint - The article highlights the collaborative efforts between government and financial institutions to support the development of the seedless yellow skin fruit industry in Guangdong's Yunan County, emphasizing the importance of financial innovation and tailored services to boost this agricultural sector [1][5]. Group 1: Government and Financial Collaboration - The People's Bank of China in Yunfu has initiated a framework for cooperation between government and banks to channel financial resources towards the seedless yellow skin fruit industry, providing targeted support to key enterprises and agricultural parks [2]. - Postal Savings Bank of China in Yunfu signed a strategic cooperation agreement with the Yunan County government to create a comprehensive financial service list covering the entire industry chain from planting to processing [2]. - Agricultural Bank of China in Yunfu has innovated a "Party Building + Financial Services + Grassroots" model, establishing rural revitalization financial service stations to improve the rural credit environment [2]. Group 2: Financial Support and Loan Distribution - As of September 2025, financial institutions in the Yunfu area have issued loans totaling 192 million yuan to 86 operating entities in the seedless yellow skin fruit industry, marking a 265% year-on-year increase [2]. - Industrial and Commercial Bank of China in Yunfu has implemented a financing service mechanism that connects banks, parks, and enterprises, facilitating quick loan approvals for companies facing liquidity shortages [3]. - Yunfu Rural Commercial Bank has explored a cooperative development model that links leading agricultural enterprises with cooperatives and farmers, providing 23.11 million yuan in loans to 33 farmers through three leading processing enterprises [3]. Group 3: Tailored Financial Products - The People's Bank of China in Yunfu has guided local banks to develop 11 financial products specifically designed for the seedless yellow skin fruit industry, addressing diverse financing needs [4]. - Postal Savings Bank of China in Yunfu has customized credit financing solutions for farmers, such as the "Agricultural Guarantee Loan," which does not require traditional collateral [4]. - Industrial and Commercial Bank of China in Yunfu has introduced products like "Yue Nong e-loan" and "Planting e-loan" to meet the working capital needs of farmers, while Agricultural Bank of China has launched loans to support production capacity expansion for processing enterprises [4].

Group 1: Report Industry Investment Rating - The investment rating for the industry is neutral [4] Group 2: Core View of the Report - The prices of the three major oils oscillated. Although the inventory of Malaysian palm oil increased, the export data was better than expected, resulting in a mixed situation of long and short factors, causing the oils to oscillate [3] Group 3: Market Analysis Futures - The closing price of the palm oil 2601 contract was 8690.00 yuan/ton, with a month-on-month change of +30 yuan and a range of +0.35% - The closing price of the soybean oil 2601 contract was 8228.00 yuan/ton, with a month-on-month change of +44.00 yuan and a range of +0.54% - The closing price of the rapeseed oil 2601 contract was 9587.00 yuan/ton, with a month-on-month change of +54.00 yuan and a range of +0.57% [1] Spot - The spot price of palm oil in Guangdong was 8600.00 yuan/ton, with a month-on-month change of +80.00 yuan and a range of +0.94%, and the spot basis was P01 + -90.00, with a month-on-month change of +50.00 yuan - The spot price of first-grade soybean oil in Tianjin was 8390.00 yuan/ton, with a month-on-month change of +100.00 yuan/ton and a range of +1.21%, and the spot basis was Y01 + 162.00, with a month-on-month change of +56.00 yuan - The spot price of fourth-grade rapeseed oil in Jiangsu was 9940.00 yuan/ton, with a month-on-month change of +60.00 yuan and a range of +0.61%, and the spot basis was OI01 + 353.00, with a month-on-month change of +6.00 yuan [1] Recent Market Information - As of the end of October, Malaysian palm oil inventory increased for the eighth consecutive month, reaching a six-and-a-half-year high. The export volume from November 1 - 10 decreased compared to the same period last month - In the 2024/25 fiscal year, China's total soybean imports were 10937 million tons, and exports were 8 million tons. The autumn harvest of soybeans in the 2025/26 fiscal year is almost over, and the global soybean supply is abundant - As of last Thursday, the sowing rate of soybeans in Brazil's 2025/26 fiscal year reached 61% of the expected level, and the sowing area of the first crop of corn reached 72% of the planned planting area in the central and southern regions - Brazil's soybean, soybean meal, and corn exports last week and this week's planned exports are as follows: last week, 1107941 tons of soybeans, 279113 tons of soybean meal, and 839991 tons of corn were exported; this week, the planned exports are 1555625 tons of soybeans, 810210 tons of soybean meal, and 1871269 tons of corn [2] MPOB Report - Due to the continuously high production, Malaysian palm oil production in October increased by 11.02% month-on-month to 2.0439 million tons, and the export volume was 1.6929 million tons, a month-on-month increase of 18.58%. However, the growth rate was lower than that of production, so the ending inventory increased by 4.44% month-on-month to 2.44 million tons, rising for six consecutive months [3] Group 4: Charts - The report includes 30 charts related to the prices, production, exports, inventory, and other aspects of palm oil, soybean oil, and rapeseed oil [5]

Report Summary 1. Investment Rating The provided content does not mention the industry investment rating. 2. Core Views - **Macro**: The potential end of the US government shutdown boosts risk appetite. Domestically, policies encourage private investment, with the A - share market showing a narrow - range upward trend. The short - term market may reach new highs but needs to be cautious about subsequent adjustments. The bond market is expected to maintain a relatively strong and volatile pattern in the short term [2][3]. - **Precious Metals**: Weak US economic data strengthens the market's expectation of a Fed rate cut in December, leading to a strong rebound in gold and silver prices. There is a possibility of continued short - term rebounds, but caution is still needed [4][5]. - **Copper**: The expected reopening of the US government boosts market sentiment. With a tight global copper mine supply pattern and continuous decline in domestic refined copper production, copper prices are expected to maintain a high - level volatile trend [6][7]. - **Aluminum**: The progress of the US Senate in restarting the federal government increases market risk appetite. Although there is a slight accumulation of domestic aluminum ingot inventory, supply disturbances overseas and capital inflows support the upward trend of aluminum prices [8][9]. - **Alumina**: The market supply is relatively abundant, and the social inventory continues to increase, so alumina prices continue to be weak [10]. - **Cast Aluminum**: The cost support is strong, and the supply and demand are in a good state. It is expected to follow the upward trend of aluminum prices [11]. - **Zinc**: The possible resumption of the US government operation boosts market sentiment. Although the supply is limited due to refinery overhauls, weak consumption restricts the upward space of zinc prices. It is expected to be volatile and slightly stronger in the short term [12]. - **Lead**: The upward breakthrough of LME lead and the increase in domestic inventory due to delivery support lead prices. It is expected to remain at a high level in the short term [13][14]. - **Tin**: The expected end of the US government shutdown is beneficial to tin prices, but the marginal weakening of the fundamentals restricts the upward space. It is expected to be volatile and slightly stronger in the short term [15]. - **Industrial Silicon**: Entering the dry season in the southwest, production decreases. With the improvement of market sentiment, industrial silicon prices are expected to be strong in the short term [16][17]. - **Lithium Carbonate**: The short - term supply increase is limited, and the inventory is being depleted, driving up prices. However, the risk of a weakening long - term fundamental needs to be noted, and the price is expected to fluctuate widely [18][19]. - **Nickel**: The expected end of the US government shutdown may boost market sentiment. With strong cost support and signs of bottom - building, nickel prices may rebound [20]. - **Soda Ash and Glass**: Both face weak demand pressure, and prices may fluctuate at a low level [21]. - **Steel (Screw and Coil)**: Due to the weakening demand in the north, steel prices are expected to fluctuate and adjust [22][23]. - **Iron Ore**: With a decrease in arrivals and shipments and weak downstream demand, iron ore prices are expected to fluctuate at a low level [24]. - **Coking Coal and Coke**: The supply of coking coal is shrinking, and the fourth round of coke price increases has not been implemented. Affected by the weak steel market, the price increase space is limited, with short - term minor adjustments and medium - term expected to be volatile and slightly stronger [25]. - **Soybean and Rapeseed Meal**: The possible end of the US government shutdown may lead to the adjustment of soybean meal futures. Short - term fluctuations are expected [27][28]. - **Palm Oil**: The MPOB report shows an increase in inventory, and the high - frequency export data in early November decreases. It is expected to fluctuate in the short term [29][30]. 3. Summary by Catalog 3.1 Metal Main Varieties Trading Data - **Copper**: SHFE copper closed at 86,480 yuan/ton, up 0.63%; LME copper closed at 10,875 dollars/ton, up 1.68% [31]. - **Aluminum**: SHFE aluminum closed at 21,725 yuan/ton, up 0.46%; LME aluminum closed at 2,881 dollars/ton, up 0.65% [31]. - **Alumina**: SHFE alumina closed at 2,829 yuan/ton, up 1.65% [31]. - **Zinc**: SHFE zinc closed at 22,670 yuan/ton, down 0.22%; LME zinc closed at 3,086 dollars/ton, up 0.62% [31]. - **Lead**: SHFE lead closed at 17,505 yuan/ton, up 0.49%; LME lead closed at 2,057 dollars/ton, up 0.56% [31]. - **Nickel**: SHFE nickel closed at 119,680 yuan/ton, up 0.20%; LME nickel closed at 15,100 dollars/ton, up 0.53% [31]. - **Tin**: SHFE tin closed at 286,560 yuan/ton, up 1.08%; LME tin closed at 36,180 dollars/ton, up 1.01% [31]. - **Precious Metals**: COMEX gold closed at 4,123.40 dollars/ounce, up 2.88%; SHFE silver closed at 11,719.00 yuan/kilogram, up 2.05%; COMEX silver closed at 50.41 dollars/ounce, up 4.52% [31]. - **Steel**: SHFE rebar closed at 3,044 yuan/ton, up 0.33%; SHFE hot - rolled coil closed at 3,252 yuan/ton, up 0.22% [31]. - **Iron Ore**: DCE iron ore closed at 765.0 yuan/ton, up 0.59% [31]. - **Coking Coal and Coke**: DCE coking coal closed at 1,265.5 yuan/ton, down 0.35%; DCE coke closed at 1,743.5 yuan/ton, down 0.74% [31]. - **Industrial Silicon**: GFEX industrial silicon closed at 9,290.0 yuan/ton, up 0.76% [31]. - **Soybean and Rapeseed Meal**: CBOT soybeans closed at 1,127.5 yuan/ton, up 0.92%; DCE soybean meal closed at 3,063.0 yuan/ton, up 0.16%; CZCE rapeseed meal closed at 2,527.0 yuan/ton, down 0.47% [31]. 3.2 Industrial Data Perspective - **Copper**: SHFE copper main contract price increased from 85,940 yuan/ton on November 7th to 86,480 yuan/ton on November 10th; LME copper inventory increased by 375 tons to 136,275 tons [32]. - **Nickel**: SHFE nickel main contract price increased from 119,440 yuan/ton on November 7th to 119,680 yuan/ton on November 10th; LME nickel inventory increased by 300 tons to 253,404 tons [32]. - **Zinc**: SHFE zinc main contract price decreased from 22,720 yuan/ton on November 7th to 22,670 yuan/ton on November 10th; LME zinc inventory remained at 34,900 tons [35]. - **Lead**: SHFE lead main contract price increased from 17,420 yuan/ton on November 7th to 17,505 yuan/ton on November 10th; LME lead inventory decreased by 1,500 tons to 202,200 tons [35]. - **Aluminum**: SHFE aluminum continuous third - month contract price increased from 21,630 yuan/ton on November 7th to 21,725 yuan/ton on November 10th; LME aluminum inventory decreased by 2,000 tons to 547,225 tons [35]. - **Alumina**: SHFE alumina main contract price increased from 2,783 yuan/ton on November 7th to 2,829 yuan/ton on November 10th; the national average spot price of alumina decreased by 2 yuan/ton to 2,871 yuan/ton [35]. - **Tin**: SHFE tin main contract price increased from 283,510 yuan/ton on November 7th to 286,560 yuan/ton on November 10th; LME tin inventory remained at 3,035 tons [35]. - **Precious Metals**: There was no change in the prices of SHFE gold, COMEX gold, SHFE silver, and COMEX silver on November 10th compared to November 7th [35]. - **Steel**: SHFE rebar main contract price increased from 3,034 yuan/ton on November 7th to 3,044 yuan/ton on November 10th; SHFE hot - rolled coil main contract price increased from 3,245 yuan/ton on November 7th to 3,252 yuan/ton on November 10th [37]. - **Iron Ore**: DCE iron ore main contract price increased from 760.5 yuan/ton on November 7th to 765.0 yuan/ton on November 10th; the price of PB powder at Rizhao Port increased from 773 yuan/ton on November 7th to 775 yuan/ton on November 10th [37]. - **Coking Coal and Coke**: DCE coking coal main contract price decreased from 1,270.0 yuan/ton on November 7th to 1,265.5 yuan/ton on November 10th; DCE coke main contract price decreased from 1,756.5 yuan/ton on November 7th to 1,743.5 yuan/ton on November 10th [37]. - **Lithium Carbonate**: The main contract price of lithium carbonate increased from 8,046 yuan/ton on November 7th to 8,450 yuan/ton on November 10th [37]. - **Industrial Silicon**: The main contract price of industrial silicon increased from 9,220 yuan/ton on November 7th to 9,290 yuan/ton on November 10th [37]. - **Soybean and Rapeseed Meal**: CBOT soybean main contract price increased from 1,117.25 yuan/ton on November 7th to 1,127.5 yuan/ton on November 10th; DCE soybean meal main contract price increased from 3,058 yuan/ton on November 7th to 3,063 yuan/ton on November 10th; CZCE rapeseed meal main contract price decreased from 2,539 yuan/ton on November 7th to 2,527 yuan/ton on November 10th [37].