Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - On November 7, concerns about the slowdown of economic growth boosted the precious metal prices, and the continuous increase of China's gold reserves by the central bank supported the gold price. However, due to the Senate Democrats' proposal to extend the AIA subsidy and the Fed officials' cautious attitude towards December interest - rate cuts, the upward momentum of precious metal prices was limited. It is expected that the short - term precious metal prices will maintain a range - bound oscillation, but there is still upward space in the long term. Long - term investors are advised to allocate on dips [3][4]. - In the medium - to - long - term, the Fed is still in an interest - rate cut cycle. Global geopolitical uncertainties, unsustainable US debt, and intensified great - power competition will increase the credit risk of the US dollar. Global central banks' gold purchases continue, so the medium - to - long - term center of gold prices is likely to move up [3][4]. Group 3: Summary by Relevant Catalogs 1. Price Tracking of Domestic and Foreign Gold and Silver (15 - point prices) - On November 7, 2025, compared with November 6, London gold spot rose 0.3% to $4007.42/ounce, London silver spot rose 0.7% to $48.71/ounce, COMEX gold rose 0.2% to $4015.20/ounce, COMEX silver rose 0.6% to $48.51/ounce, AU2512 rose 0.4% to 921.26 yuan/gram, AG2512 rose 0.5% to 11484 yuan/kilogram, AU (T + D) rose 0.3% to 918 yuan/gram, and AG (T + D) rose 0.6% to 11481 yuan/kilogram [3][4]. 2. Spread/Ratio Price Tracking (15 - point prices) - On November 7, 2025, compared with November 6, the spread of gold TD - SHFE active price changed by 41.7%, the spread of silver TD - SHFE active price changed by - 84.2%, the spread of gold domestic - foreign (TD - London) changed by 7.9%, the spread of silver domestic - foreign (TD - London) changed by 1.3%, the SHFE gold - silver main ratio changed by - 0.1%, the COMEX gold - silver main ratio changed by - 0.4%, AU2602 - 2512 changed by 7.6%, and AG2602 - 2512 changed by - 8.0% [3][4]. 3. Position Data - On November 7, 2025, compared with November 6, the gold ETF - SPDR was 1042.06 tons with a 0.16% increase, the silver ETF - SLV was 15088.6327 tons with a - 0.17% decrease. COMEX gold non - commercial long positions increased 1.85%, non - commercial short positions increased 9.43%, non - commercial net long positions increased 0.13%. COMEX silver non - commercial long positions increased 0.97%, non - commercial short positions decreased 0.21%, non - commercial net long positions increased 1.43% [3][4]. 4. Inventory Data - On November 7, 2025, compared with November 6, SHFE gold inventory increased 2.05% to 89616 kilograms, SHFE silver inventory decreased 2.64% to 623052 kilograms. COMEX gold inventory decreased 0.31% to 37729455 troy ounces, COMEX silver inventory decreased 0.28% to 480115942 troy ounces [3][4]. 5. Interest Rate/Exchange Rate/Stock Market - On November 7, 2025, compared with November 6, the US dollar/Chinese yuan central parity rate decreased - 0.04% to 7.08, the US dollar index decreased - 0.15% to 99.55, the 2 - year US Treasury yield decreased - 0.56% to 3.55%, the 10 - year US Treasury yield remained unchanged at 4.11%, the VIX decreased - 2.15% to 19.08, the S&P 500 increased 0.13% to 6728.80, and NYMEX crude oil increased 0.52% to 59.84 [3][4].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Short - term domestic urea market is stable with an upward bias due to new export quotas, but high supply in November may pressure prices. Export policy adjustments and rising coal prices support the urea price, while the overall trend is expected to be weakly volatile [4]. - The near - term trading logic suggests an inverse spread for the 1 - 5 month difference of urea futures due to the disappearance of export expectations for the 01 contract, though the 01 contract still has a premium because of autumn fertilizer expectations [7]. - In the long - term, the domestic urea daily production fluctuates slightly, and the domestic trade supply - demand contradiction persists. After the holiday, the enterprise inventory increases significantly, and new orders need to be replenished [12]. Summary by Relevant Catalogs Chapter 1: Core Contradictions and Strategy Recommendations 1.1 Core Contradictions - New export quota of 600,000 tons is directly allocated to upstream factories, supporting short - term spot prices. In November, high daily production may pressure prices, but export policy adjustments and rising coal prices provide support [4]. - Near - term: The cheapest deliverable locations for urea futures are Henan and Shandong. The 1 - 5 month spread of 01 contract is in an inverse spread due to the disappearance of export expectations, but the 01 contract still has a premium [7]. - Long - term: Domestic urea daily production fluctuates between 195,000 - 201,000 tons around holidays and then drops to 195,000 tons. After - holiday enterprise inventory is around 1.4 million tons, an increase from before the holiday, and new orders need to be replenished [12]. 1.2 Trading - type Strategy Recommendations - **Trend Judgment**: Urea is expected to run weakly and volatile. The UR2601 contract is expected to trade between 1,550 - 1,750 yuan/ton. It is recommended to short at prices above 1,750 yuan/ton and set up an inverse spread for the 1 - 5 month spread when it is above - 10 [14]. - **Basis, Month - spread, and Hedging Arbitrage Strategy Recommendations**: - Basis strategy: Contracts 11, 12, and 01 have a weak unilateral trend, while contracts 02, 03, 04, and 05 are strong with peak - season demand expectations [15]. - Month - spread strategy: The upper pressure for the 01 contract is 1,710 - 1,720 yuan/ton, and the static support is 1,550 - 1,620 yuan/ton. It is recommended to short at high prices and set up an inverse spread for the 1 - 5 month spread [15]. - Hedging arbitrage strategy: None [16]. Chapter 2: This Week's Important Information and Next Week's Events to Watch 2.1 This Week's Important Information - **Positive Information**: India announced a new round of urea import tender for 2.5 million tons on November 6, with a shipment deadline of January 15, 2026. The fourth quarter is the winter storage period for the fertilizer industry, and low prices may attract spontaneous reserves [17]. - **Negative Information**: The domestic urea daily production has been above 190,000 tons for a long time this year, and high inventory has pressured prices. Market confidence is lacking, and downstream procurement enthusiasm is low [18]. 2.2 Next Week's Important Events to Watch - China's urea weekly production is expected to be around 1.34 million tons next week, an increase from this week. There are no planned shutdowns, and 5 - 6 enterprises' devices may resume production [20]. Chapter 3: Disk Interpretation 3.1 Price - volume and Capital Interpretation - Domestic urea daily production fluctuates around 195,000 - 201,000 tons around holidays and then drops to 195,000 tons. After - holiday enterprise inventory is around 1.4 million tons, an increase from before the holiday. Agricultural demand in Shandong and Henan is postponed due to rain, and compound fertilizer factories in some areas are shut down. Downstream procurement willingness is low [21]. - The main contradiction is weak domestic demand. It is expected that the increase in exports cannot offset the weakening of domestic demand, and the medium - term trend is under pressure. The 1 - 5 month spread of urea futures is in an inverse spread [22]. 3.2 Industry Hedging Recommendations - **Price Range Forecast**: The price range for urea is 1,650 - 1,950 yuan/ton, with a 20 - day rolling volatility of 27.16% and a 3 - year historical percentile of 62.1% [31]. - **Hedging Strategy Table**: - Inventory management: For enterprises with high finished - product inventory, it is recommended to short urea futures (UR2601) to lock in profits, with a hedging ratio of 25% and an entry range of 1,800 - 1,950 yuan/ton. Buy put options (UR2601P1850) to prevent price drops and sell call options (UR2601C1950) to reduce costs, with a hedging ratio of 50% and an entry range of 45 - 60 [31]. - Procurement management: For enterprises with low procurement inventory, it is recommended to buy urea futures (UR2601) to lock in procurement costs, with a hedging ratio of 50% and an entry range of 1,650 - 1,750 yuan/ton. Sell put options (UR2601P1650) to collect premiums and lock in purchase prices if the price drops, with a hedging ratio of 75% and an entry range of 20 - 25 [31]. Chapter 4: Valuation and Profit Analysis 4.1 Upstream Profit Tracking in the Industrial Chain - The report provides seasonal charts of urea's fixed - bed production cost, water - coal slurry gasification production cost, and production profit [33]. 4.2 Upstream Capacity Utilization Tracking - The report provides seasonal charts of urea's daily production, weekly capacity utilization, coal - based capacity utilization, and natural - gas - based capacity utilization [43]. 4.3 Upstream Inventory Tracking - The report provides seasonal charts of China's urea weekly enterprise inventory, port inventory, Guangdong and Guangxi inventory, and total inventory (port + inland) [47]. 4.4 Downstream Price and Profit Tracking - The report provides seasonal charts of compound fertilizer's capacity utilization, inventory, production cost, and production profit, as well as charts of melamine's production, capacity utilization, market price, and production profit [53]. 4.5 Spot Production and Sales Tracking - The report provides seasonal charts of urea's average production and sales, as well as production and sales in Shandong, Henan, Shanxi, Hebei, and East China [76].

Report Investment Rating - No information provided on the industry investment rating Core View - The report suggests paying attention to central bank policy operations, maintaining a mid - term optimistic view on the bond market, advising mid - term long positions to be held and empty positions to buy in batches on pullbacks [1][3] Summary by Related Catalogs 1. Disk Review - On Friday, Treasury bond futures oscillated downward and closed down across the board. The funding situation was loose, with DR001 around 1.33%. Open - market reverse repurchase was 14.17 billion yuan, with a net withdrawal of 91.34 billion yuan, of which 70 billion yuan of outright reverse repurchase had been renewed previously [1] 2. Important Information - China's exports denominated in US dollars decreased by 1.1% year - on - year in October, while imports increased by 1.0% year - on - year. China's foreign exchange reserves in October were 3.34334 trillion US dollars, a month - on - month increase of 468 million US dollars; the gold reserves were 74.09 million ounces, a month - on - month increase of 30,000 ounces [2] 3. Market Judgment - The decline of Treasury bond futures intensified in the late trading today, possibly related to the rumor of the announcement of the public - offering fee new regulations over the weekend. If the new regulations lead to accelerated selling by institutions, the central bank can conduct bond purchases to hedge, and the impact on the market is expected to be less than that in September. In October, the export growth rate turned negative, and the export growth rates of South Korea and Vietnam also declined. It is necessary to observe whether external demand is trending weaker [3] 4. Treasury Bond Futures Daily Data - For TS2512, the price was 102.472 on 2025 - 11 - 07, down 0.022 from the previous day, and the contract position increased by 344 hands. For TF2512, the price was 105.92, down 0.04, and the contract position decreased by 1984 hands. For T2512, the price was 108.475, down 0.07, and the contract position decreased by 837 hands. For TL2512, the price was 116.03, down 0.1, and the contract position decreased by 593 hands. There were also corresponding changes in the basis and trading volume of each contract [4]

Core Viewpoint - The company is committed to supporting the national strategy and building a strong financial nation by providing in-depth and warm financial services, focusing on the transformation and upgrading of the economy [1] Group 1: Financial Services and Support - Hongyuan Futures, a subsidiary of Shenwan Hongyuan Group, aims to empower the real economy with high-quality futures products and services, contributing to high-quality economic development and the construction of a financial powerhouse [1] - In the field of green finance, Hongyuan Futures acts as a "risk protection shield" for new energy enterprises, utilizing tools like hedging and basis trading to help companies withstand price fluctuations [1] - The company has reduced costs for nearly 100 small and micro enterprises by 1.1791 million yuan and injected 149 million yuan into the spot trade of small enterprises in sectors like cotton and industrial silicon [1] Group 2: Elderly Financial Services - In the pension finance sector, Hongyuan Futures serves as a "caring steward" for elderly investors, focusing on product suitability management and enhancing investment education to protect and grow retirement funds [2] Group 3: Technology and Digital Finance - Hongyuan Futures has established a robust technological foundation by deploying comprehensive trading platforms and accelerating AI development to enhance customer service experiences [4] - The company has been recognized in the industry for its effective services to small and micro enterprises, ranking in the top 10 for two consecutive years in evaluations by the China Futures Association [4] Group 4: Future Directions - The company plans to continue focusing on serving the real economy, integrating resources to create a comprehensive financial service system that meets diverse risk management needs for enterprises [5]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No relevant information provided 3. Summary by Related Catalogs Price and Profit - The report presents the spot prices of various types of steel products from October 31, 2025, to November 6, 2025, including Beijing, Shanghai, Chengdu, Xi'an, Guangzhou, and Wuhan's rebar, and Tianjin, Shanghai, and Lecong's hot - rolled and cold - rolled coils. For rebar, prices in different regions showed different degrees of change, with Beijing up 60, Shanghai up 30, and Xi'an up 70, while prices of hot - rolled and cold - rolled coils remained unchanged during the period from November 5 to 6, 2025 [1]. Basis and Spread - No relevant information provided Production and Inventory - No relevant information provided

Core Viewpoint - The "14th Five-Year Plan" suggests a steady development of futures, derivatives, and asset securitization, significantly elevating the strategic position of derivatives in the financial landscape [1] Group 1: Strategic Importance - The inclusion of derivatives in the five-year plan is a strategic move aimed at establishing a more resilient modern financial system [1] - This initiative is part of a broader strategy to build a strong financial nation, reflecting the need for enhanced risk governance [1] Group 2: Industry Transformation - The futures industry is accelerating its transformation and upgrading in response to new strategic positioning and development requirements [1] - Experts emphasize the necessity for the futures sector to address shortcomings and strengthen risk prevention measures [1] Group 3: Market Quality and Efficiency - There is a focus on achieving simultaneous improvements in market quality and efficiency within the futures industry [1]

Core Viewpoint - The futures industry is undergoing regulatory changes aimed at enhancing quality and compliance, shifting from quantity-driven growth to a focus on high-quality development and diversified services [2][4][5]. Group 1: Regulatory Changes and Industry Direction - The new regulations emphasize compliance and risk management, encouraging futures companies to create a positive industry atmosphere and enhance their service capabilities to support the real economy [2][4]. - The industry is transitioning from a marketing-oriented approach to a service-oriented model, with companies encouraged to establish compliance frameworks and improve their operational management [3][4]. Group 2: Company Strategies and Innovations - Companies like Nanhua Futures are focusing on a diversified business model that includes futures brokerage, risk management, wealth management, and overseas financial services to provide comprehensive risk management solutions [2]. - Newhu Futures is restructuring its business into four layers: intermediary, tool, trading service, and trading investment, aiming to enhance service quality and client engagement [3]. - Green Dahu Futures plans to implement a multi-faceted strategy that includes business diversification, customer diversification, and a focus on regional and functional capabilities to meet national strategic goals [4]. - Zhejiang Merchants Futures is leveraging digital innovation to improve service quality, developing platforms to address the pain points of small and medium-sized enterprises in pricing, inventory, and financing [5][6].

Report Summary 1. Report Industry Investment Rating - Not provided 2. Core View of the Report - Although in the medium - to long - term, central bank gold purchases and growing investment demand will push up the precious metal price, in the short term, the market has entered an adjustment phase. There is expected to be no strong driving force in November. Attention should be paid to mid - term opportunities to buy on dips, and existing long - position bottom positions should be held cautiously. London gold has resistance at 4050 - 4100, support at 3900, and strong support in the 3800 - 3850 area; silver has resistance at 49.5 - 50, support at 47.5, and strong support at 45.5 [4] 3. Summary by Relevant Catalogs 3.1 Market Quotes Review - On Tuesday, precious metal prices declined. The US dollar index rose, the 10 - year US Treasury yield fell, the US stock market, Bitcoin, crude oil, and the Nanhua Non - ferrous Metals Index all dropped. The COMEX gold 2512 contract closed at $3941.3 per ounce, down 1.81%; the US silver 2512 contract closed at $46.895 per ounce, down 2.4%. The SHFE gold 2512 main contract closed at 908.92 yuan per gram, down 1.14%; the SHFE silver 2512 contract closed at 11238 yuan per kilogram, down 1.33% [2] 3.2 Interest Rate Cut Expectations and Fund Holdings - Interest rate cut expectations rebounded slightly. According to CME "FedWatch" data, the probability of the Fed keeping interest rates unchanged on December 11 is 29.9%, and the probability of a 25 - basis - point cut is 70.1%. The SPDR Gold ETF's holdings decreased by 3.15 tons to 1038.63 tons; the iShares Silver ETF's holdings decreased by 22.2 tons to 15167.6 tons. SHFE silver inventory increased by 6.7 tons to 665.6 tons, and SGX silver inventory decreased by 145.4 tons to 905.2 tons as of the week ending October 24 [3] 3.3 This Week's Focus - Data: Focus on the US non - farm payrolls report on Friday night. There will also be ISM manufacturing and services PMI, ADP small non - farm data during the week. Also, pay attention to whether the US government shutdown will delay data releases. Events: The Bank of England will announce its interest rate decision, meeting minutes, and monetary policy report on Thursday at 08:00. On Friday, multiple FOMC members will give speeches at different times [4] 3.4 Price and Spread Data - The report provides the latest prices, daily changes, and daily change rates of various gold and silver contracts such as SHFE gold and silver futures, SGX gold and silver TD, CME gold and silver futures, as well as the COMEX gold - silver ratio [5] 3.5 Inventory and Position Data - It shows the latest inventory and position data of SHFE and CME gold and silver, including SHFE gold inventory (87816 kg), CME gold inventory (1178.2529 tons), SHFE gold position (144602 lots), etc. [13][14] 3.6 Other Asset Data - Presents the latest values, daily changes, and daily change rates of other assets such as the US dollar index, US stocks, crude oil, LME copper, and US Treasury yields [17]

Report Information - Report Name: Nanhua Futures Corn & Starch Industry Daily Report - Date: November 05, 2025 - Analyst: Dai Hongxu (Investment Consulting License No.: Z0021819) - Investment Consulting Business Qualification: CSRC License [2011] No. 1290 [1] Investment Rating - No investment rating information is provided in the report. Core Views - After entering November, the selling pressure of moist corn in domestic corn - producing areas began to weaken. In North China, the selling pressure was released after the "fire - sale" of moist corn. In Northeast China, after the peak of centralized harvest and listing, the selling pressure eased with the drop in temperature. The overall grass - roots in the producing areas were more reluctant to sell, and the purchasing end raised prices to increase purchases, leading to a short - term rebound in corn prices. After the first peak of selling pressure of new grain listing, the resilience of corn prices has strengthened, and the subsequent price pressure has eased as it turns into a phased release of selling pressure. On Tuesday, the upward trend of the corn futures market paused. The main 01 contract closed at 2135 yuan, with significantly reduced trading volume, slightly increased open interest, and the registered warehouse receipts increased to 66,351 lots. Starch futures followed corn and closed lower. The main 01 contract closed at 2444 yuan, with decreased trading volume and slightly reduced open interest. On Tuesday, CBOT corn futures closed lower following the decline of soybeans. StoneX raised its forecast of US corn yield per acre by 10 bushels to 186.0 bushels per acre, which weighed on prices [2]. Summary by Related Catalogs Core Contradictions - The selling pressure of moist corn in domestic corn - producing areas has weakened, and the grass - roots are reluctant to sell. The purchasing end raises prices, leading to a short - term rebound in corn prices. After the first peak of selling pressure of new grain listing, the price pressure eases. The corn and starch futures markets closed lower on Tuesday, and CBOT corn futures also declined [2]. Bullish Factors - The selling pressure has become more dispersed, and the urgency to sell grain has decreased, alleviating price pressure. The state - reserve purchase in Northeast China has significantly supported prices, limiting price declines. The unconfirmed news of wheat auctions in November has increased the bullish sentiment in the market [5]. Bearish Factors - The weak operation of hog prices and the industry's capacity adjustment may affect the long - term feed demand for corn. However, the high inventory in the fourth quarter and the current entry of second - fattening pigs still support the feed demand at a relatively good level. From mid - to early November, the late - harvested corn will still be harvested and listed, and the selling pressure needs to be released in a phased and concentrated manner, which restricts the continuous upward momentum of prices. Chinese importers have inquired about wheat cargoes and plan to load them from the end of this year to February next year. The resumption of grain imports will increase the pressure on domestic corn, and the purchase volume should be monitored [3]. Price Range Forecast | Commodity | Price Range Forecast (Monthly) | Current Volatility | Volatility Percentile | | --- | --- | --- | --- | | Corn | 2050 - 2200 | 9.43% | 54.6% | | Starch | 2350 - 2550 | 10.64% | 42.31% | [3] Spot Price and Main - Contract Basis | Corn | Price & Basis | Change | Corn Starch | Price & Basis | Change | | --- | --- | --- | --- | --- | --- | | Jinzhou Port | 2165 | 0 | Shandong | 2750 | 0 | | Shekou Port | 2250 | 0 | Jilin | 2550 | 0 | | Harbin | 2010 | 0 | Heilongjiang | 2450 | 0 | | Jinzhou Port Main - Contract Basis | 30 | 21 | Shandong Main - Contract Basis | 306 | 9 | [3] Futures Market Prices - Specific price data for different contracts of corn and corn starch on November 03 and 04, 2025, are provided, including prices, changes, and change rates. For example, the corn 11 contract closed at 2129 yuan on November 03 and 2120 yuan on November 04, with a change of - 9 yuan and a change rate of - 0.42% [6]. U.S. Corn Price and Import Profit | | Price | Daily Change | Increase | Import Profit | | --- | --- | --- | --- | --- | | CBOT Corn Main - Contract | 430.75 | - 4 | - 0.92% | | | COBT Soybean Main - Contract | 1120.25 | - 14.25 | - 1.26% | | | CBOT Wheat Main - Contract | 550 | 5.25 | 0.96% | | | U.S. Gulf Port CIF Duty - Paid Price | 2151.26 | 0.92 | 0.04% | 98.74 | | U.S. West Coast CIF Duty - Paid Price | 2035.3 | 0.87 | 0.04% | 214.7 | [30]

Core Viewpoint - The speech by the Vice Chairman of the China Securities Regulatory Commission (CSRC), Li Ming, at the 2025 International Financial Leaders Investment Summit emphasized China's commitment to deepening institutional openness in its capital markets and introduced a series of new measures aimed at enhancing cross-border investment and cooperation [1][2]. Group 1: Key Measures for Capital Market Openness - The first major initiative is to enhance the convenience of cross-border investment and financing. The CSRC has launched an optimization plan for the Qualified Foreign Institutional Investor (QFII) system, focusing on improving access management, investment efficiency, and support services for foreign investors [3]. - The second initiative involves deepening practical cooperation between the mainland and Hong Kong capital markets, including improving the efficiency of overseas listing filings and expanding the scope of stocks eligible for the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect programs [4]. - The CSRC is also supporting Hong Kong in launching government bond futures to enrich offshore RMB risk management tools, aiming to strengthen Hong Kong's position as an international financial center [5]. Group 2: Strengthening Regulatory Capacity and Risk Prevention - Alongside promoting openness, the CSRC will enhance regulatory capacity and risk prevention, emphasizing a balanced approach to development and security. This includes strengthening cross-border regulatory cooperation with the Hong Kong Securities and Futures Commission [6]. - The CSRC aims to establish a regulatory mechanism that includes information sharing, policy consultation, and coordinated response to risks, ensuring effective monitoring of capital flows to prevent cross-border risk transmission [6]. Group 3: Achievements and Future Outlook - During the 14th Five-Year Plan period, significant achievements in capital market openness were noted, including the complete removal of foreign ownership limits for securities, fund, and futures institutions, attracting more foreign financial institutions to operate in China [7]. - The optimization of the overseas listing regulatory framework has facilitated 269 companies to successfully list abroad in the past five years, with foreign investors currently holding A-shares valued at 3.4 trillion yuan [7]. - Looking ahead, Li Ming proposed three cooperation initiatives for international financial institutions: becoming "discoverers of investment value," "contributors to reform and development," and "maintainers of market stability," encouraging international institutions to engage in the Chinese market [8].