Report Investment Ratings The provided content does not mention the industry investment ratings. Core Views - The "15th Five-Year Plan" draft suggests focusing on key areas for future investment. The recent Sino-US trade talks have reached a phased consensus, which will reduce the impact of tariff policies on the market and increase market risk appetite [2]. - The RMB exchange rate is expected to trade between 7.09 - 7.14 this week, with a potentially stronger trend. Enterprises are advised to manage exchange rate risks [4]. - The stock index is expected to continue its short - term correction, especially for small and medium - cap stocks, but there is support below [6]. - Treasury bonds are recommended to be bought on dips [7]. - The container shipping futures for European routes are expected to remain in a high - level volatile pattern in the short term. Traders are advised to be cautious [12]. - Precious metals are in a short - term adjustment phase, and mid - term buying opportunities on dips can be considered [17]. - Copper prices may test the support around 85000; downstream enterprises can use a combination strategy to reduce procurement costs [19]. - Aluminum is expected to be in a high - level shock; alumina is expected to be weak; cast aluminum alloy is expected to be in a high - level shock [20]. - Zinc is expected to be in a high - level shock [21]. - Nickel and stainless steel are in a weak position with significant downward pressure, and macro factors need to be closely monitored [22]. - Tin is expected to be in a high - level shock, and long - term bullish sentiment remains [23]. - Carbonate lithium presents an opportunity for inventory replenishment [25]. - Industrial silicon and polysilicon are in an oscillatory adjustment phase [27]. - Lead is expected to be in a high - level shock in the short term due to supply shortages [28]. - Rebar and hot - rolled coils may test the previous low support [29]. - Iron ore prices have limited upside potential, and short - selling opportunities after valuation repair can be considered [31]. - Coking coal and coke have seen the third round of price increases. They are suitable for long - positions in the black market [33]. - Ferrosilicon and ferromanganese are expected to oscillate due to high inventory and weak demand [34]. - Crude oil is expected to oscillate between 60 - 65 dollars this week [37]. - LPG is expected to fluctuate with crude oil [39]. - PTA - PX is expected to be relatively strong and oscillate with the cost side [43]. - Ethylene glycol is expected to oscillate widely, and short - selling strategies can be considered [47]. - Methanol 01 may continue to decline [49]. - PP is expected to remain weak due to the supply - demand imbalance [51]. - PE is expected to be weak and oscillate due to high supply and limited demand [54]. - Pure benzene and styrene are likely to be weak and lack upward drivers [57]. - Fuel oil is expected to continue its downward trend [58]. - Low - sulfur fuel oil's valuation has increased [59]. - Asphalt is expected to continue its downward trend, and short - term waiting or short - selling can be considered [62]. - Rubber and 20 - numbered rubber are expected to continue their weak trend and search for a bottom [67]. - Urea is expected to be in a weak and oscillatory pattern [69]. - For glass, soda ash, and caustic soda, attention should be paid to the realization of supply expectations [70]. - Pulp and offset paper are expected to be relatively oscillatory in the short term [74]. - Logs are recommended to be short - sold, and attention should be paid to the 01 - 03 reverse spread opportunity [77]. Summary by Directory Financial Futures - **Macro**: Focus on US employment data. The "15th Five - Year Plan" draft provides investment directions. The Sino - US trade talks have reached a phased consensus, but long - term trade frictions still need attention. The US government shutdown and the Fed's interest rate cut are also key factors [1][2]. - **RMB Exchange Rate**: The USD/CNY spot rate is expected to trade between 7.09 - 7.14 this week. Enterprises are advised to manage exchange rate risks [4]. - **Stock Index**: The stock index is expected to continue its short - term correction, especially for small and medium - cap stocks, but there is support below [6]. - **Treasury Bonds**: Treasury bonds are recommended to be bought on dips. The central bank's bond - buying in October was lower than expected [7]. - **Container Shipping for European Routes**: The futures are expected to remain in a high - level volatile pattern in the short term. Traders are advised to be cautious [12]. Commodities Non - ferrous Metals - **Gold & Silver**: Precious metals are in a short - term adjustment phase. Mid - term buying opportunities on dips can be considered [17]. - **Copper**: Copper prices may test the support around 85000. Downstream enterprises can use a combination strategy to reduce procurement costs [19]. - **Aluminum Industry Chain**: Aluminum is expected to be in a high - level shock; alumina is expected to be weak; cast aluminum alloy is expected to be in a high - level shock [20]. - **Zinc**: Zinc is expected to be in a high - level shock [21]. - **Nickel & Stainless Steel**: They are in a weak position with significant downward pressure. Macro factors need to be closely monitored [22]. - **Tin**: Tin is expected to be in a high - level shock, and long - term bullish sentiment remains [23]. - **Carbonate Lithium**: It presents an opportunity for inventory replenishment [25]. - **Industrial Silicon & Polysilicon**: They are in an oscillatory adjustment phase [27]. - **Lead**: Lead is expected to be in a high - level shock in the short term due to supply shortages [28]. Black Metals - **Rebar & Hot - Rolled Coils**: They may test the previous low support. The market is affected by production restrictions, raw material prices, and macro factors [29]. - **Iron Ore**: Iron ore prices have limited upside potential. Short - selling opportunities after valuation repair can be considered [31]. - **Coking Coal & Coke**: The third round of price increases has been implemented. They are suitable for long - positions in the black market [33]. - **Ferrosilicon & Ferromanganese**: They are expected to oscillate due to high inventory and weak demand [34]. Energy & Chemicals - **Crude Oil**: Crude oil is expected to oscillate between 60 - 65 dollars this week [37]. - **LPG**: LPG is expected to fluctuate with crude oil [39]. - **PTA - PX**: They are expected to be relatively strong and oscillate with the cost side [43]. - **Ethylene Glycol**: It is expected to oscillate widely, and short - selling strategies can be considered [47]. - **Methanol**: Methanol 01 may continue to decline [49]. - **PP**: PP is expected to remain weak due to the supply - demand imbalance [51]. - **PE**: PE is expected to be weak and oscillate due to high supply and limited demand [54]. - **Pure Benzene & Styrene**: They are likely to be weak and lack upward drivers [57]. - **Fuel Oil**: Fuel oil is expected to continue its downward trend [58]. - **Low - Sulfur Fuel Oil**: Its valuation has increased [59]. - **Asphalt**: Asphalt is expected to continue its downward trend. Short - term waiting or short - selling can be considered [62]. - **Rubber & 20 - numbered Rubber**: They are expected to continue their weak trend and search for a bottom [67]. - **Urea**: Urea is expected to be in a weak and oscillatory pattern [69]. - **Glass, Soda Ash & Caustic Soda**: Attention should be paid to the realization of supply expectations [70]. - **Pulp & Offset Paper**: They are expected to be relatively oscillatory in the short term [74]. - **Logs**: Logs are recommended to be short - sold, and attention should be paid to the 01 - 03 reverse spread opportunity [77].

走进湖北屈姑国际农业集团的浓缩橙汁加工车间，全自动化生产线正高速运转，一颗颗橙子在传送带上 翻滚，经过清洗、榨汁、蒸发浓缩等工序，最终变成金黄透亮的浓缩橙汁。 这条年产万吨浓缩橙汁的智能化生产线，从立项到投产仅用了不到半年时间。顺利投产的背后，离不开 湖北省秭归县纪委监委强化监督推动解决产业发展"绊脚石"所做的努力。 此前，该项目因审批流程长等问题陷入停滞，秭归县纪委监委在"联企问需"走访中了解到这一情况后， 立即启动"护航脐橙产业"监督工作，成立由党风政风监督室牵头、派出纪检监察组参与的监督小组。监 督小组深入剖析遇到的"中梗阻"问题，理清相关部门职责，督促县科技经信局、市场监管局等部门研究 合规的解决方案，将原本需要30个工作日的审批时间压缩至10个工作日。 如今，这条拥有12台杯式榨汁机的生产线每年可高效"吞下"10万吨脐橙鲜果，不仅有效缓解了季节性销 售压力，更让脐橙附加值提升了3倍以上。 脐橙深加工产业是秭归县的特色产业，该县在"一年四季有鲜橙"的基础上，让脐橙变身为橙醋、橙皮精 油等高附加值产品，其中23项专利产品远销欧美、东南亚等148个国家和地区。目前，秭归脐橙种植面 积达到40万亩，年产量突 ...

Core Insights - The modern agricultural industrial park model aims to enhance agricultural productivity and value through a combination of production, processing, technology, sustainability, and branding [1] - As of the end of 2024, the average output value of these parks is projected to be nearly 9 billion yuan, demonstrating significant industrial agglomeration effects [1] Group 1: Achievements - A total of 400 modern agricultural industrial park projects have been approved by the Ministry of Agriculture and Rural Affairs and the Ministry of Finance [1] - The ratio of agricultural processing value to total agricultural output in these parks averages 3.2:1, surpassing the national average [1] - Nearly 60 agricultural brands, such as Wuchang rice and Anhua black tea, have been developed, each valued over 10 billion yuan [1] - The parks have established 1,830 research and innovation platforms, including expert workstations and technology institutes, leading to innovations like autonomous high-power agricultural machinery [1] - Over 10 million people have found employment in these parks, with more than 70% of farmers establishing benefit-sharing relationships with new agricultural operators [1] - The average disposable income for farmers in these parks is 33,000 yuan, which is higher than the national average [1] Group 2: Challenges and Future Directions - The construction of these parks faces challenges such as insufficient extension of the industrial chain, inadequate resource aggregation, and low levels of specialized management [2] - The "14th Five-Year Plan" emphasizes the need for high-quality development of modern agricultural industrial parks, focusing on integrating technological, green, quality, and brand agriculture [2] - There is a call to strengthen the industrial chain and promote the integration of resources to enhance overall agricultural production capacity and quality [2]

11月4日，第138届中国进出口商品交易会（以下简称"广交会"）在广州圆满落幕。根据广交会官方微信 公众号内容，本届广交会共有来自223个国家和地区的超31万名境外采购商到会，较第137届广交会增长 7.5%，再创历史新高。 其中，共建"一带一路"国家采购商21.4万人，增长9.4%，占比69%。欧盟、中东、美国、巴西采购商增 长明显，增幅分别为32.7%、13.9%、14%、33.2%。158家工商机构组团参会，增长12%。550个采购团 中，美国塔吉特、法国家乐福、日本似鸟等406家头部企业组团参会，增长7.9%。 不少采购商表示，广交会既是一站式采购平台，也是洞察行业趋势的风向标。 本届广交会现场意向出口成交256.5亿美元，保持增长势头。与共建"一带一路"国家出口成交占比超六 成，传统市场成交保持稳定。展位前涌动的不仅是采购商的"流量"，也是订单的"增量"与合作的"留 量"，洽谈区座无虚席，全球采购商穿梭于各展位，寻觅心仪产品与合作机遇。 第138届广交会上，中国制造正以多元、立体的形象，向世界展示其不仅拥有突破创新的硬核科技实 力，也兼备深入生活细节的"精细"基因。广交会的火热见证着中国智造从"跟跑 ...

Report Summary 1) Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2) Report's Core View The report presents a comprehensive tracking of the soybean and soybean meal industry, including data on CBOT soybeans, domestic soybean meal, and the import soybean industry chain. It shows various indicators such as prices, yields, production, inventory, and consumption, and their week - on - week changes to reflect the current market situation of the soybean and soybean meal industry. 3) Summary by Related Catalogs CBOT Soybeans and Domestic Soybean Meal Data Tracking - Brazilian soybean near - month CNF premium dropped 4.08% to 235 cents per bushel [1] - Domestic crushing profit of Brazilian soybeans decreased by 36.25% to - 327 yuan per ton [1] - The short - position of managed funds in CBOT soybean futures increased by 18.03% to 124,277 contracts [1] - The long - position of managed funds in CBOT soybean futures decreased by 5.64% to 99,535 contracts [1] - The basis of the soybean meal main contract decreased by 133.33% to - 6 yuan per ton [1] - The landed duty - paid price of Brazilian soybeans increased by 2.92% to 4,018 yuan per ton [1] - The crushing profit of the main producing country (US) decreased by 7.73% to 2.15 dollars per bushel [1] - The crushing profit of the main producing country (Brazil) increased by 2.08% to 467.42 reais per ton [1] Imported Soybean Industry Chain Tracking Data - Soybean meal production was 161.83 million tons, a week - on - week decrease of 4.42% [7] - The oil mill operation rate was 61.99%, a week - on - week decrease of 4.82% [7] - The oil mill soybean inventory was 665.69 million tons, a week - on - week decrease of 4.01% [7] - The soybean arrival volume was 162.5 million tons, a week - on - week decrease of 18.03% [7] - The duty - paid cost of Brazilian soybeans was 3,974 yuan per ton, a week - on - week increase of 1.11% [7] - The near - month crushing profit of Brazilian soybeans on the domestic market was - 307 yuan per ton, a week - on - week increase of 6.51% [7] - The oil mill soybean meal inventory was 94.03 million tons, a week - on - week decrease of 8.74% [7] - The feed enterprise soybean meal inventory days were 8.02 days, a week - on - week increase of 0.88% [7] - The oil mill's unfulfilled contracts were 372.1 million tons, a week - on - week decrease of 3.01% [7] - The apparent consumption of soybean meal was 153.14 million tons, a week - on - week decrease of 4.56% [7] Brazilian Soybean Delivery Month Data - For December 2025 delivery, the CBOT price was 1134.25 cents per bushel, CNF premium was 235, duty - paid price was 4018 yuan per ton, and crushing profit was - 327 yuan per ton [8] - For February 2026 delivery, the CBOT price was 1134.25 cents per bushel, CNF premium was 130, duty - paid price was 3718 yuan per ton, and crushing profit was - 27 yuan per ton [8] - For March 2026 delivery, the CBOT price was 1140.25 cents per bushel, CNF premium was 108, duty - paid price was 3648 yuan per ton, and crushing profit was 44 yuan per ton [8] - For April 2026 delivery, the CBOT price was 1149 cents per bushel, CNF premium was 95, duty - paid price was 3628 yuan per ton, and crushing profit was 139 yuan per ton [8] - For May 2026 delivery, the CBOT price was 1149 cents per bushel, CNF premium was 110, duty - paid price was 3667 yuan per ton, and crushing profit was 100 yuan per ton [8] - For June 2026 delivery, the CBOT price was 1149 cents per bushel, CNF premium was 115, duty - paid price was 3697 yuan per ton, and crushing profit was 70 yuan per ton [8] - For July 2026 delivery, the CBOT price was 1156 cents per bushel, CNF premium was 135, duty - paid price was 3750 yuan per ton, and crushing profit was 17 yuan per ton [8]

Core Viewpoint - The domestic import price of rapeseed oil is expected to decline in November due to low demand and increased supply from Canada and Russia [2][10]. Group 1: Supply and Price Dynamics - Domestic rapeseed oil production is low due to reduced inventory of imported rapeseed, but there is an expectation of increased imports [2]. - Canadian rapeseed prices have decreased, with an average price of 616 CAD/ton in October, down 1.12% from September [3]. - The slow export pace and rising inventory pressure in Canada are contributing to the downward trend in rapeseed prices [3]. - The cost of imported rapeseed has decreased to an average of 3991 CNY/ton in October, a reduction of 1.99% from September [5]. Group 2: Import Expectations - Russia's new rapeseed crop is expected to increase by 14.89% to 5.4 million tons, leading to higher domestic rapeseed oil production [7]. - Domestic rapeseed oil imports are projected to rise to 226,000 tons in November, an increase of 26.26% month-on-month and 13.57% year-on-year [7]. Group 3: Demand Trends - The downstream market has not yet initiated pre-holiday stocking, leading to a decrease in rapeseed oil demand [8]. - November's domestic rapeseed oil demand is expected to be 237,000 tons, a decrease of 26.85% month-on-month and 44.76% year-on-year [8]. Group 4: Market Outlook - Overall, the increase in import supply coupled with reduced demand is expected to negatively impact the domestic rapeseed oil market, with prices projected to average around 10,050 CNY/ton in November, down 2.32% [10].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The overall trend of the domestic soybean meal market is expected to be oscillatingly stronger, but the rebound height of the futures price is limited by the current loose supply of nearby soybean meal and the expected loose global soybean supply in the long - term. Attention should be paid to the policy changes between China and the US, adjustments in the US Department of Agriculture reports, and changes in South American weather [9]. 3. Summary by Related Contents a. Basis and Spread Data - For 43% soybean meal spot basis (against the main contract), on November 3rd, the basis in Dalian was 74 with a rise of 15; in Tianjin, it was 54 with a rise of 25; in other regions like Rizhao, Zhangjiagang, etc., specific basis and changes are also provided. The spot basis of rapeseed meal in Guangdong was 67 with a decline of 11. The spot price difference between soybean meal and rapeseed meal in Guangdong was 483 with a rise of 13, and the futures price difference of the main contract was 535 with a decline of 98 [6][7]. b. Supply Situation - The USDA currently estimates the US soybean inventory - to - consumption ratio for the 2025/2026 season at 6.9%. The expected yield per acre of 53.5 bushels may be lowered, while the export forecast has room for an upward adjustment, and the supply - demand balance of US soybeans is expected to be tight. As of October 25th, according to CONAB data, the Brazilian soybean sowing rate was 34.4%, compared with 21.1% last week, 37.7% in the same period last year, and a five - year average of 42.5%. The far - month soybean purchase and shipping progress is slow [7][8]. c. Demand Situation - In the short term, livestock and poultry are expected to maintain a high inventory, and the reduction in production capacity is not obvious, which supports feed demand. However, the current farming profit is in a loss state, and national policies tend to control the inventory and weight of pigs, which may affect the long - term supply. Recently, the downstream transactions of soybean meal have been cautious, but the提货 performance has been good [9]. d. Inventory Situation - Domestic soybean and soybean meal inventories are at historical highs for the same period, and it is expected that the inventory will start to decline in November. The number of days of soybean meal inventory in feed enterprises has dropped to a low level [9].

Core Viewpoint - Xunlong Technology, the world's largest caviar company, has officially submitted its IPO application to the Hong Kong Stock Exchange on October 30, 2025, aiming to become a benchmark case for the globalization of high-end agricultural products in China [1] Company Summary - Xunlong Technology delisted from the New Third Board in August 2025 to pave the way for its listing on the Hong Kong Stock Exchange [1] - The company is currently in the material review stage before the hearing [1] - If the IPO is successful, it will highlight the potential for high-end agricultural products from China in the global market [1] Industry Summary - The global caviar market is currently experiencing a supply-demand imbalance, with demand exceeding supply [1] - Xunlong Technology is expected to benefit from industry expansion due to its scale effects and technological barriers [1]

Report Industry Investment Ratings No industry investment ratings are provided in the report. Report's Core View The report provides a comprehensive analysis of various commodity futures and industries, including base metals, black industries, agricultural products, and energy chemicals. It assesses market performance, fundamentals, and offers trading strategies for each sector, considering factors such as supply and demand, inventory levels, and macroeconomic conditions. Summary by Related Catalogs Base Metals - **Copper**: Market showed weak oscillation yesterday. With a four - day increase in the US dollar index and China's manufacturing PMI under expectation, domestic weekly inventory rose by 175 tons and wire - cable operating rate declined. The trading strategy is to maintain a view of weak - upward oscillation [1]. - **Electrolytic Aluminum**: Yesterday, the main contract's closing price rose 1.41%. Supply side saw an increase in operating capacity, while demand side had a slight decline in weekly aluminum product operating rate. The price is expected to oscillate strongly, and domestic aluminum ingot destocking should be monitored [1]. - **Alumina**: Yesterday, the main contract's closing price fell 0.14%. Affected by pollution warnings, northern production capacity decreased, while electrolytic aluminum plants maintained high - load production. The market is in surplus, and the price is expected to oscillate weakly [1]. - **Zinc**: Yesterday, the main contract's closing price rose 0.74%. Supply side had a decline in zinc concentrate processing fees, and consumption was in the off - season. LME inventory formed a bottom support, and the Fed's hawkish stance pressured the price. The trading strategy is to wait and see [1]. - **Lead**: Yesterday, the main contract's closing price rose 0.46%. Supply side was marginally loose, and consumption had mixed factors. The price is expected to oscillate at a high level, and the trading strategy is range - based operation [2]. - **Industrial Silicon**: Monday's main contract rose. Supply side had a reduction in furnace - opening numbers in the southwest, and both social and warehouse - receipt inventories decreased slightly. Demand was supported by high - operating - rate industries. The price is expected to oscillate between 8600 - 9400 yuan/ton, and the trading strategy is to wait and see [2]. - **Lithium Carbonate**: Yesterday, the main contract rose. Supply decreased last week, and demand was strong. The price is expected to oscillate strongly, and the trading strategy is to take small - position long positions and sell put options [2]. - **Polysilicon**: Monday's main contract fell. Domestic photovoltaic installation growth in Q4 is under pressure. The trading strategy is to hold previous long positions [2]. - **Tin**: Yesterday, the price oscillated weakly. Supply side was slowly recovering, and demand was based on needs. The trading strategy is to take an oscillation view in the short - term [3]. Black Industry - **Rebar**: The main contract closed at 3077 yuan/ton, down 11 yuan. Building material inventory decreased, and the supply - demand contradiction was limited. The trading strategy is to wait and see, with a reference range of 3030 - 3100 yuan/ton [4]. - **Iron Ore**: The main contract closed at 782 yuan/ton, down 16 yuan. Supply increased, and demand decreased. The trading strategy is to hold short positions, with a reference range of 760 - 790 yuan/ton [4]. - **Coking Coal**: The main contract closed at 1287.5 yuan/ton, down 0.5 yuan. Supply - side inventory was divided, and there was an expectation of production reduction. The trading strategy is to wait and see, with a reference range of 1260 - 1310 yuan/ton [4]. Agricultural Products - **Soybean Meal**: Overnight, CBOT soybeans continued to rise. Supply side had a slight US soybean reduction and a South American increase expectation. Demand side had improved export and crushing. The US soybeans are short - term strong, and domestic prices follow the cost side [5][6]. - **Corn**: Futures prices oscillated narrowly, and spot prices were expected to be weak due to new - crop pressure. The trading strategy is that futures prices will oscillate weakly [6]. - **Oils and Fats**: The Malaysian market was weak. Supply in Malaysia was higher than expected, and demand had a slight increase in exports. The trading strategy is that oils and fats are weak with differentiation, and the structure is suitable for reverse arbitrage [6]. - **Sugar**: Zhengzhou sugar 01 contract rose. Internationally, the price was expected to be weak, while domestically, it was strong. The trading strategy is to short in the futures market and sell call options [6]. - **Cotton**: Overnight, US cotton prices rebounded. Internationally, production was expected to decline, and domestically, the price oscillated down. The trading strategy is to wait and see within the 13400 - 13700 yuan/ton range [6]. - **Eggs**: Futures prices oscillated narrowly, and spot prices were expected to oscillate strongly due to supply - demand growth. The trading strategy is that futures prices will oscillate within a range [6]. - **Pigs**: Futures prices were weak, and supply pressure remained large. The trading strategy is that futures prices will be weak [6]. - **Apples**: The main contract fell. Different regions had different situations, and the price rose due to concerns about the future market. The trading strategy is to wait and see [7]. Energy Chemicals - **LLDPE**: Yesterday, the main contract fell slightly. Supply pressure increased but at a slower pace, and demand was weakening. The short - term is expected to oscillate weakly, and long - term, it is advisable to short at high prices [8]. - **PVC**: The main contract closed at 4682 yuan/ton, down 1.1%. Supply increased, and demand had a slight recovery. The trading strategy is to short or do reverse arbitrage [8]. - **PTA and PX**: PX supply was balanced, and PTA had a slight destocking. PX is expected to be strong, and PTA should be shorted at high prices in the long - term [8][9]. - **Rubber**: Monday, the main contract oscillated widely. Raw materials were under pressure, and inventory accumulation exceeded expectations. The price is expected to find a bottom under pressure [9]. - **Glass**: The main contract closed at 1094 yuan/ton, up 0.1%. Supply - demand was weak, and the trading strategy is reverse arbitrage [9]. - **PP**: Yesterday, the main contract fell slightly. Supply increased, and demand was in the off - season. The short - term is expected to oscillate weakly, and long - term, it is advisable to short at high prices [9]. - **MEG**: Supply pressure was large, and inventory was at a low level. The trading strategy is to short at high prices [9]. - **Crude Oil**: Oil prices oscillated. Supply pressure was increasing, and demand was seasonally weak. The short - term is expected to oscillate, and if Russian oil reduction is less than 500,000 barrels/day, it can be shorted at high prices [10]. - **Styrene**: Yesterday, the main contract fell slightly. Supply - demand was weak, and the short - term is expected to oscillate weakly, and long - term, it is advisable to short at high prices [10]. - **Soda Ash**: The main contract closed at 1200 yuan/ton, down 2.5%. Supply - demand was balanced, and the trading strategy is to wait and see [10].

Core Points - The meeting between Zhengzhou officials and Nicaraguan representatives highlights the strengthening bilateral relations and cooperation between China and Nicaragua, particularly in the context of economic development and trade opportunities [1][2] - Zhengzhou aims to expand its international cooperation, especially with Latin American countries, focusing on industries such as agricultural processing, equipment manufacturing, and new energy vehicles [1] - Nicaragua expresses a strong interest in establishing a long-term and stable partnership with China, emphasizing the importance of collaboration for mutual prosperity [2] Summary by Sections Bilateral Relations - The meeting signifies the rapid development of relations between China and Nicaragua under the leadership of President Xi Jinping and President Ortega [1] - Both parties are committed to deepening cooperation and enhancing bilateral exchanges [1][2] Economic Cooperation - Zhengzhou is actively promoting its advantageous industries to international markets, particularly in Latin America [1] - The city is working to create a mutually beneficial framework for cooperation, referred to as the "Two Countries, Double Parks" model [1] Future Prospects - There is a mutual desire to expand cooperation in various fields, aiming for a win-win development scenario [1] - Nicaragua is keen to welcome more investments from Zhengzhou, promising to create favorable conditions for Chinese enterprises [2]