1. Report Industry Investment Rating The document does not mention the industry investment rating. 2. Core Viewpoints of the Report - **Soybean**: In the short - term, US soybeans are in a moderately strong oscillation, waiting for further guidance on the follow - up of China - US trade negotiations and the harvest weather in US soybean - producing areas. Domestic soybeans are in a narrow - range oscillation, affected by the US soybean trend, the cost of imported soybeans, and the expected increase in domestic soybean production. They are expected to maintain an oscillatory pattern, influenced by factors such as the implementation of the China - US trade agreement and the arrival of imported soybeans [11]. - **Soybean Meal**: Domestic soybean meal is oscillating and rising, driven by the US soybean trend. However, the short - term demand slump and the spot price discount limit the upward space of the futures price. It is expected to maintain an oscillatory pattern in the short term, affected by factors such as the follow - up of China - US trade negotiations, the harvest weather in the US, and the arrival of imported soybeans [10]. 3. Summary according to the Directory 3.1 Weekly Tips The document does not mention specific weekly tips. 3.2 Recent News - The preliminary agreement of China - US trade negotiations is short - term positive for US soybeans. The US soybean market is oscillating strongly above the 1000 - point mark in the short term, and the domestic soybean meal market is oscillating moderately strongly in the short term and will return to the range - bound pattern in the medium term [13]. - The arrival of imported soybeans in China will decrease in November, and the soybean meal inventory of oil mills will remain high. The demand for soybean meal in November is weak, but the cost of imported soybeans will rise at the end of the year [13]. 3.3 Long and Short Concerns 3.3.1 Soybean Meal - **Positive Factors**: The preliminary agreement of China - US trade negotiations is short - term positive for US soybeans; the soybean meal inventory of domestic oil mills is not under pressure; there are still uncertainties in the weather of US and South American soybean - producing areas [14]. - **Negative Factors**: The total arrival of imported soybeans in China remains high in November; South American soybeans are expected to have a bumper harvest under normal weather conditions [15]. 3.3.2 Soybean - **Positive Factors**: The increase in the cost of imported soybeans supports the domestic soybean market; the expected recovery of domestic soybean demand supports the domestic soybean price [16]. - **Negative Factors**: After the preliminary agreement of China - US trade negotiations, China starts to purchase US soybeans; the expected increase in domestic soybean production suppresses the soybean price [16]. 3.4 Fundamental Data 3.4.1 Global Soybean Supply - Demand Balance Sheet The report provides the global soybean supply - demand balance sheet from 2015 to 2024, including data on harvested area, beginning inventory, production, total supply, total consumption, ending inventory, and inventory - to - consumption ratio [21]. 3.4.2 USDA's Monthly Supply - Demand Report in the Past Six Months It shows the planting area, yield per unit, production, ending inventory, new - bean exports, crushing volume, and the production of Brazilian and Argentine soybeans in the USDA's monthly supply - demand reports from March to September 2025 [22]. 3.4.3 US Soybean Planting and Growth Progress in 2024 The report details the sowing, emergence, flowering, pod - setting, leaf - falling, and harvesting progress of US soybeans in 2024, as well as the comparison with the same period last year and the five - year average [23][24][25]. 3.4.4 Brazilian and Argentine Soybean Planting and Harvesting Progress It includes the planting and harvesting progress of Brazilian soybeans in the 2024/25 and 2025/26 seasons, and the planting progress of Argentine soybeans in the 2024/25 season [26][27][28][30]. 3.5 Position Data The document does not mention position data. 3.6 Soybean and Soybean Meal Fundamentals (Supply - Demand and Inventory Structure) 3.6.1 US Soybean Market Analysis US soybeans are oscillating and rising due to the preliminary agreement of China - US trade negotiations, but the bumper harvest of US soybeans limits the upward space. The short - and medium - term trends are mainly affected by the weather in South American soybean - producing areas and the implementation of the China - US trade agreement [34]. 3.6.2 Domestic Soybean Meal Industry Chain - **Arrival of Imported Soybeans**: The arrival of imported soybeans in November is decreasing from a high level, and the year - on - year overall shows an increase [37]. - **Oil Mill Pressing and Inventory**: The soybean inventory of oil mills remains high, the soybean meal inventory has a slight increase, the soybean crushing volume remains high, and the soybean meal production in September increases year - on - year [38][40]. - **Soybean Meal Transaction**: The downstream procurement has a slight decrease, and the pick - up volume is decreasing from a high level [45]. - **Pig Farming Inventory**: The pig inventory is on the rise, the sow inventory is flat year - on - year and slightly decreasing month - on - month. The pig price has stopped falling and started to rise recently, and the profit of pig farming has improved [47][49][53]. 3.7 Market Structure of Meal Products - **Soybean Meal and Rapeseed Meal Basis Analysis**: The soybean meal futures are oscillating and rising, the spot price is relatively stable, and the spot discount has a slight increase [58]. - **Soybean Meal and Rapeseed Meal Price Difference**: The spot price difference between soybean meal and rapeseed meal fluctuates slightly, and the price difference of the 2601 contract has rebounded from a low level [60]. 3.8 Technical Analysis 3.8.1 Soybean Technical Analysis The soybean futures are in a narrow - range oscillation. Technical indicators such as KDJ and MACD are in an oscillatory state, and the soybean futures are expected to maintain an oscillatory pattern, waiting for new market guidance [65]. 3.8.2 Soybean Meal Technical Analysis The soybean meal futures are oscillating and rising. Technical indicators such as KDJ and MACD show that the soybean meal futures are in an oscillatory and rebound stage, and the upward space is limited. They are expected to maintain an oscillatory pattern, waiting for new guidance from the US and domestic markets [68]. 3.9 Next Week's Concerns - **Most Important**: The harvest weather in US soybean - producing areas, the implementation of the China - US trade agreement, and the arrival and operation of imported soybeans in China [71][72]. - **Second - Most Important**: The domestic demand for soybean meal, the inventory of domestic oil mills, and downstream procurement [73]. - **Less Important**: Macroeconomic factors, the situation of the Russia - Ukraine conflict, and the Israel - Palestine conflict [73].

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - For Treasury bonds, it is expected that there will be no trending market, and caution should be maintained [5][6]. - For stock index futures, the risk of a significant decline is low, and one can choose the right time to go long [8][9]. - For precious metals, the short - term pricing is relatively full. After taking profits on long positions, one can wait and see [11][12]. - For rebar and hot - rolled coils, the prices may remain weak in the medium term. Investors can look for short - selling opportunities at high levels during rebounds and manage their positions carefully [13]. - For iron ore, the supply - demand pattern has weakened. Investors can look for short - selling opportunities at high levels and manage their positions carefully [15]. - For coking coal and coke, the futures may continue to be strong in the short term. Investors can look for buying opportunities during pullbacks and manage their positions carefully [17]. - For ferroalloys, there may be short - term supply surplus. One can consider long positions at low levels when the spot falls into the loss range again [20]. - For crude oil, investors can focus on long - buying opportunities for the main contract [21][22]. - For fuel oil, investors can focus on long - buying opportunities for the main contract [24][25]. - For polyolefins, investors can focus on short - selling opportunities [26][27]. - For synthetic rubber, it is expected to fluctuate [28][29]. - For natural rubber, one can focus on long - buying opportunities [30][31]. - For PVC, one should focus on changes in the supply side [32][33]. - For urea, the downside space is limited [34][35]. - For p - xylene (PX), in the short term, it may fluctuate and adjust. One can participate within the range, control positions, and be vigilant about crude oil changes [36]. - For PTA, in the short term, it may fluctuate. One should view it with caution, control risks, and pay attention to oil price changes [37]. - For ethylene glycol, in the short term, it may fluctuate. One can participate within the range and pay attention to port inventory and import changes [39]. - For short - fiber, in the short term, it may fluctuate following the cost. One should control risks and pay attention to cost changes and macro - policy adjustments [40]. - For bottle chips, in the future, it is expected to fluctuate following the cost. One should control risks [41][42]. - For lithium carbonate, pay attention to the sustainability of consumption [43]. - For copper, it may enter a sideways consolidation phase after the previous rise [44][45]. - For aluminum, it may maintain a high - level oscillation [45][46]. - For zinc, it is expected to continue to oscillate [47][48]. - For lead, be cautious about chasing long positions [48][49]. - For tin, it is expected to oscillate and strengthen [50]. - For nickel, it is expected to oscillate [52]. - For soybean oil and soybean meal, one can consider long - buying opportunities for soybean meal at the support level after adjustment, and temporarily wait and see for soybean oil [53][55]. - For palm oil, one can consider buying on pullbacks [56][57]. - For rapeseed meal and rapeseed oil, one can consider buying rapeseed oil on pullbacks [58][60]. - For cotton, the upside space of cotton prices is expected to be limited [63][64]. - For sugar, there is certain support below the price [65][68]. - For apples, it is expected to run strongly [69][70]. - For live pigs, one can consider short - selling opportunities on rebounds [71][73]. - For eggs, one can continue to hold short positions and look for opportunities to add short positions on rebounds [74][75]. - For corn and starch, it is advisable to wait and see for corn, and starch may follow the corn market [77][78]. Summaries by Related Catalogs Treasury Bonds - On the previous trading day, Treasury bond futures closed with mixed performance. The central bank conducted 355.1 billion yuan of 7 - day reverse repurchase operations, with a net investment of 187.1 billion yuan. China's October official manufacturing PMI declined, while the non - manufacturing PMI rose slightly. The macro - economic recovery momentum needs to be strengthened, and the Treasury bond yield is at a relatively low level [5]. Stock Index Futures - On the previous trading day, stock index futures showed mixed trends. The CSRC and the Asset Management Association of China issued relevant guidelines and rules for public - offering funds. The domestic economy is stable, but the recovery momentum is weak, and corporate profit growth is low. However, domestic asset valuations are low, and the market sentiment has warmed up. It is expected that the risk of a significant decline is low, and one can choose the right time to go long [7][8]. Precious Metals - On the previous trading day, gold and silver futures rose. The eurozone's October CPI and core CPI data were released. The government issued a tax policy on gold. The global trade and financial environment is complex, and the trends of "de - globalization" and "de - dollarization" are favorable for precious metals. However, the recent increase has been large, and the short - term pricing is relatively full [10][11]. Rebar and Hot - Rolled Coils - On the previous trading day, rebar and hot - rolled coil futures slightly corrected. In the medium term, the demand for rebar is still declining year - on - year, but there is a slight improvement in the traditional peak season. The supply side has over - capacity, and the weekly output of rebar has declined. The inventory is higher than last year, and the price may remain weak. The trend of hot - rolled coils may be similar to that of rebar. Investors can look for short - selling opportunities at high levels during rebounds [13]. Iron Ore - On the previous trading day, iron ore futures slightly corrected. The national hot - metal daily output has decreased, the supply of iron ore is expected to increase year - on - year in the fourth quarter, and the port inventory has risen. The supply - demand pattern has weakened, and investors can look for short - selling opportunities at high levels [15]. Coking Coal and Coke - On the previous trading day, coking coal and coke futures slightly declined. The supply of coking coal is slightly tight, and the demand is fair. The third - round price increase of coke procurement has started but has not been fully implemented. The supply of coke has decreased, and it is uncertain whether steel mills will accept the price increase. The futures may continue to be strong in the short term, and investors can look for buying opportunities during pullbacks [17]. Ferroalloys - On the previous trading day, manganese - silicon and silicon - iron futures declined. The supply of manganese ore has increased slightly, and the cost of ferroalloys has risen. The output of ferroalloys remains high, and the demand is weak, with short - term supply surplus. One can consider long positions at low levels when the spot falls into the loss range again [19][20]. Crude Oil - On the previous trading day, INE crude oil fluctuated within a range. The CFTC持仓 report was suspended. The number of US oil and gas rigs decreased. The proportion of Russian crude oil in HPCL's supply has decreased. It is expected that it is difficult for US crude oil production to increase significantly, and market attention has shifted to the OPEC meeting. Investors can focus on long - buying opportunities [21][22]. Fuel Oil - On the previous trading day, fuel oil slightly oscillated. The supply of Singapore fuel oil has recovered, which is negative for prices. Russia being sanctioned and the reduction of Sino - US trade frictions are positive for prices. Investors can focus on long - buying opportunities [23][24][25]. Polyolefins - On the previous trading day, the price of polyolefins declined. In November, the impact of maintenance is expected to be 416,000 tons, and the inventory is low year - on - year. November is the peak season for demand. There is support from maintenance and inventory, and the market is expected to rebound. Investors can focus on short - selling opportunities [26][27]. Synthetic Rubber - On the previous trading day, synthetic rubber futures declined. The cost is weak, the supply has decreased slightly, the demand has declined, and the inventory is expected to decrease. It is expected to oscillate [28][29]. Natural Rubber - On the previous trading day, natural rubber futures declined. The supply in overseas and domestic production areas has been affected by weather, and the demand has declined. The inventory has decreased. One should focus on long - buying opportunities [30][31]. PVC - On the previous trading day, PVC futures declined. The supply is in excess, but the downward space is limited. The production capacity utilization rate has increased, the pre - sales have increased, and the inventory has decreased slightly. One should focus on changes in the supply side [32][33]. Urea - On the previous trading day, urea futures declined. The supply has increased slightly, the demand is affected by the end of autumn fertilizer orders, the cost is stable, and the profit has narrowed. The inventory is lower than expected. The downside space is limited [34][35]. p - Xylene (PX) - On the previous trading day, PX futures declined. The PX load has increased, and the import has decreased. The short - term supply - demand structure has improved, and it may fluctuate and adjust [36]. PTA - On the previous trading day, PTA futures declined. The supply load has decreased slightly, and the demand is stable. The processing fee has slightly recovered, and the inventory is low. In the short term, it may fluctuate, and one should pay attention to oil price changes [37]. Ethylene Glycol - On the previous trading day, ethylene glycol futures declined. The supply load has increased, the port inventory has decreased, and the demand support is limited. In the short term, it may fluctuate, and one should pay attention to port inventory and import changes [38][39]. Short - Fiber - On the previous trading day, short - fiber futures declined. The supply load has decreased, the demand has improved slightly, and the processing fee has adjusted. In the short term, it may fluctuate following the cost, and one should pay attention to cost changes and macro - policy adjustments [40]. Bottle Chips - On the previous trading day, bottle - chip futures declined. The processing fee has decreased, the supply load has increased, and the export growth has slowed down. It is expected to fluctuate following the cost [41][42]. Lithium Carbonate - On the previous trading day, lithium carbonate futures declined. The supply is at a high level, and the consumption in the energy - storage and power - battery sectors has improved. The inventory has decreased, and one should pay attention to the sustainability of consumption [43]. Copper - On the previous trading day, copper futures declined. The Sino - US summit has ended, and the Fed has cut interest rates, but the overall progress is not as optimistic as expected. The supply of copper concentrate is tight, and high copper prices have suppressed consumption. The inventory has increased slightly. It may enter a sideways consolidation phase [44][45]. Aluminum - On the previous trading day, aluminum futures rose, and alumina futures declined. The supply of bauxite in the north has not recovered, and the alumina market is in excess supply. The production of electrolytic aluminum may be affected by winter restrictions, and the consumption is expected to decline. The inventory has increased slightly. It may maintain a high - level oscillation [45][46]. Zinc - On the previous trading day, zinc futures declined. The production of zinc mines is restricted, and the processing fee is under pressure. The demand is weak, and the inventory has decreased slightly. It is expected to continue to oscillate [47][48]. Lead - On the previous trading day, lead futures declined. The production of primary lead is stable, and the production of recycled lead has recovered slowly. High lead prices have suppressed demand, and the inventory has decreased. One should be cautious about chasing long positions [48][49]. Tin - On the previous trading day, tin futures rose. The supply of tin ore is tight, and the demand has certain resilience. The inventory has decreased. It is expected to oscillate and strengthen [50]. Nickel - On the previous trading day, nickel futures rose. The Fed has cut interest rates, and the Sino - US talks have released positive signals. The supply of nickel ore is expected to be affected by policy changes, and the downstream demand is weak. The inventory is relatively stable but at a high level. It is expected to oscillate [51][52]. Soybean Oil and Soybean Meal - On the previous trading day, soybean - meal futures rose, and soybean - oil futures declined. Sino - US trade friction is expected to improve, and Brazilian soybean sowing is progressing smoothly. The soybean - crushing volume remains high, the inventory of soybean meal has decreased, and the inventory of soybean oil is still under pressure. The consumption of soybean oil is affected, and the demand for soybean meal is expected to increase slightly. One can consider long - buying opportunities for soybean meal at the support level after adjustment, and temporarily wait and see for soybean oil [53][55]. Palm Oil - On the previous trading day, palm - oil futures declined. Malaysian palm - oil exports have increased, and China's palm - oil imports have decreased. The inventory is at a medium level. One can consider buying on pullbacks [56][57]. Rapeseed Meal and Rapeseed Oil - On the previous trading day, rapeseed - meal and rapeseed - oil futures were affected by the price of other oils. Sino - US trade negotiations have certain results. The import of rapeseed and rapeseed meal has decreased, and the import of rapeseed oil has increased. The inventory of rapeseed has decreased, and the inventory of rapeseed meal and rapeseed oil is at a high level. One can consider buying rapeseed oil on pullbacks [58][60]. Cotton - On the previous trading day, cotton futures oscillated. Sino - US leaders have met, and textile and clothing exports have shown a stable performance. The domestic cotton harvest is earlier, and the planting area and output have increased. The cotton price is expected to have limited upside space [61][63][64]. Sugar - On the previous trading day, sugar futures declined. Brazil's sugar production has slightly exceeded expectations, and the global sugar supply is expected to be in surplus. China's sugar import has increased year - on - year. The northern region has started sugar production, and the southern region will start in December. There is certain support below the price [65][68]. Apples - On the previous trading day, apple futures oscillated at a high level. The opening price of late - maturing apples is higher than last year, and the quality is poor. It is expected to run strongly [69][70]. Live Pigs - On the previous trading day, live - pig futures declined. The pig price is expected to decline weakly. The supply is expected to increase in the second half of the month, and one can consider short - selling opportunities on rebounds [71][73]. Eggs - On the previous trading day, egg futures declined. The cost of eggs has increased slightly, and the profit is low. The egg - laying hen inventory is at a high level, and the supply is expected to increase. The consumption is weak after the festival. One can continue to hold short positions and look for opportunities to add short positions on rebounds [74][75]. Corn and Starch - On the previous trading day, corn and starch futures rose. The price of corn is affected by the price of soybeans. The new - season corn harvest is almost completed, and the inventory of the northern port is expected to increase. The demand for corn is growing slightly, and the price may be under pressure. The demand for starch has improved slightly, and it may follow the corn market [76][77][78].

1. Report Industry Investment Rating - No relevant content provided. 2. Core Views of the Report - For oils, affected by multiple negative factors such as high - inventory of Malaysian palm oil and potential delay of Indonesia's B50 policy, domestic three major oils have been under pressure and declined. After the reduction in production is realized and Malaysian palm oil starts to destock, oils may stop falling and rebound. For protein meals, the cost side supports soybean meal, but the abundant domestic supply restricts its upward space. Rapeseed meal follows soybean meal with a weak supply - demand situation [8][11]. 3. Summary by Directory 3.1 Viewpoint and Strategy 3.1.1 Oils - **Core Logic**: Multiple negative factors such as high - inventory of Malaysian palm oil and potential delay of Indonesia's B50 policy have led to the decline of Malaysian palm oil, which in turn has pressured domestic oils. However, considering Indonesia's low inventory and approaching low - production period, palm oil is not overly pessimistic. After the negative impact of Malaysian palm oil inventory build - up in October is released, palm oil is expected to rebound [8]. - **Cost and Profit**: As of October 31, the arrival cost of Brazilian soybeans for December delivery was 3923 yuan/ton, with a negative gross profit of 248 yuan/ton on the futures market. The import cost of palm oil (November shipment) was 9251 yuan/ton, with a negative spot profit of 678 yuan/ton and a negative futures profit of 274 yuan/ton for November shipment. The theoretical import cost of Canadian rapeseed (November shipment) was 4459 yuan/ton, with a spot crushing profit of 765 yuan/ton and a futures crushing profit of 497 yuan/ton [8]. - **Supply**: The estimated soybean import volume in November is 955000 tons, rapeseed 19500 tons, and palm oil 39000 tons [8]. - **Demand**: In October, the total transaction volume of bulk soybean oil in key domestic oil mills was 240000 tons, a 29.12% month - on - month decrease. The palm oil trading volume was 22115 tons, a 36.07% month - on - month decrease. The pick - up volume of rapeseed oil in coastal oil mills was 49900 tons, a 51.55% decrease from the previous month [8]. - **Inventory**: As of October 24, 2025, the total commercial inventory of the three major oils (soybean oil, palm oil, and rapeseed oil) in key national regions was 2.3934 million tons, an 18.77% year - on - year increase [8]. - **Strategy**: Temporarily wait and see, and go long at low prices after the fundamentals improve. Pay attention to the reverse spread of soybean oil 1 - 5 contracts [8]. 3.1.2 Protein Meals - **Core Logic**: The improvement in US soybean export expectations supports the cost of soybean meal, but the abundant domestic supply restricts its upward space. Rapeseed meal follows soybean meal, with a weak supply - demand situation due to low inventory in coastal oil mills and reduced demand in the off - season of aquaculture [11]. - **Cost and Profit**: Similar to the oil section, the cost and profit data of soybeans and rapeseed are the same [11]. - **Supply**: The estimated soybean import volume in November is 955000 tons, and rapeseed 19500 tons [11]. - **Demand**: In October, the total transaction volume of soybean meal was 2.0506 million tons, a 34.51% month - on - month and 63.91% year - on - year decrease. The pick - up volume of rapeseed meal in coastal oil mills was 41500 tons, a decrease of 60100 tons from the previous month [11]. - **Inventory**: In the 43rd week, the inventory of soybean meal in oil mills was 1054600 tons, an 8.03% increase from the previous week, basically the same as the same period last year. The inventory days of soybean meal in feed enterprises were 8.02 days, a decrease of 1.58 days from the end of September. The inventory of rapeseed meal in coastal oil mills was 7100 tons, an 8.97% decrease from the previous week and an 88.64% decrease year - on - year. The inventory of imported rapeseed meal was 528800 tons, which has been declining recently but remains at a high level [11]. - **Strategy**: Temporarily wait and see in the short - term for both single - side and arbitrage trading [11]. 3.2 Market Review of Oils and Meals in October 2025 - **Oils**: In October, the three major oils declined unilaterally, mainly due to the negative impact of palm oil. Malaysian palm oil production and inventory in September were higher than expected, and high - frequency data showed an increase in production and weak exports in October. Coupled with the potential delay of Indonesia's B50 policy, Malaysian palm oil fell sharply, leading the decline in the domestic palm oil sector. Although the cost side supported soybean oil and rapeseed oil inventory decreased from a high level, they were still dragged down by palm oil and declined [15]. - **Protein Meals**: In October, soybean meal and rapeseed meal first declined and then rebounded. In the first half of the month, they were weak due to factors such as abundant domestic supply and expected improvement in China - Canada trade relations. In the second half of the month, the improvement in US soybean export expectations supported the cost side, and they rebounded [28]. 3.3 Fundamental Analysis of Oils and Oilseeds 3.3.1 International Situation - **US Soybeans**: The US government shutdown has suspended the release of USDA reports. It is expected that the soybean harvest is nearly complete. The dry weather in the main production areas is conducive to the harvest [36]. - **Brazilian Soybeans**: As of October 25, the planting progress was 34.4%, slightly slower than the same period last year and the five - year average. In October, the CNF premium of Brazilian soybeans fluctuated downward. If China resumes purchasing US soybeans, Brazilian soybean exports are expected to decline [39][43]. - **Indonesian Palm Oil**: In August, the production was 5.06 million tons, and the export volume decreased by 1.8% month - on - month. The inventory decreased slightly to 2.54 million tons. It is expected that the production in 2025 will increase by 10% [47]. - **Malaysian Palm Oil**: In September, the production was 1.8412 million tons, and the inventory reached 2.361 million tons, higher than expected. High - frequency data showed an increase in production in October, and the export data for October increased slightly. The inventory build - up was higher than expected [50][55]. - **Canadian Rapeseed**: From August 1 to October 26, 2025, the cumulative export volume decreased by 62.24% year - on - year. The domestic crushing demand was strong [59]. 3.3.2 Domestic Situation - **Soybeans**: As of October 28, the procurement progress for November was 87.73%. It is estimated that the import volume in November will be large, and the inventory in oil mills remains at a high level. In October, the import cost increased, and the crushing profit was poor. The soybean crushing volume remained high [64][68][75]. - **Palm Oil**: In October, the import cost decreased significantly, and the import loss deepened. The import volume in September was low and rebounded in October. It is estimated that the import volume in November will be 39000 tons [84][89][93]. - **Rapeseed**: In October, the import cost increased, and the crushing profit decreased significantly. The import volume decreased sharply in September and is expected to recover slightly in November. The inventory in oil mills remains at a low level, and the crushing volume remains low [97][101][105]. - **Inventory of Three Major Oils**: As of October 24, 2025, the total inventory was at a high level, with a year - on - year increase of 18.77%. The inventory trends of the three major oils diverged, with soybean oil and palm oil continuing to build up inventory, and rapeseed oil inventory declining from a high level [116][122]. - **Demand for Oils**: In October, the demand for oils weakened after the festival. The transaction volume of soybean oil, palm oil, and the pick - up volume of rapeseed oil all decreased [124]. - **Inventory of Protein Meals**: It is expected that the inventory of soybean meal in oil mills will remain high in November. The inventory of rapeseed meal in coastal oil mills is low, while the inventory of imported rapeseed meal remains at a high level but has been declining recently [128][137]. - **Demand for Protein Meals**: In October, the transaction volume of soybean meal decreased significantly, and the pick - up volume of rapeseed meal also decreased [132][143]. 3.4 Arbitrage Spread Tracking 3.4.1 Inter - period Spread of Oils - For some contracts, historical spread core intervals, means, medians, current spreads, and distances from the mean are provided, and some suggest paying attention to reverse - spread opportunities while others suggest waiting and seeing [148]. 3.4.2 Inter - variety Spread - For different oil varieties, historical spread core intervals, means, medians, current spreads, and distances from the mean are given. Some suggest waiting for opportunities to go long on palm oil and short on soybean oil, while others suggest waiting and seeing [152].

1. Report Industry Investment Ratings - Gold: Short - term bearish, pay attention to decline risks [12][13] - Foreign exchange futures (US dollar index): Short - term volatile [16][17][18] - US stock index futures: Short - term high - level volatile, bullish in the long - term with profit support [20] - Stock index futures: Long - position balanced allocation [24] - Treasury bond futures: Short - term slightly bullish with limited upside, pay attention to rhythm and odds [27] - Palm oil: Short - term expected to open lower, pay attention to long - position opportunities around 8500 yuan [31] - International soybean oil: Short - term bottom - supported, expected to be volatile [31] - Domestic soybean oil: Short - term expected to be volatile [31] - Power coal: Price supported in the fourth quarter, pay attention to weather and policy [32] - Iron ore: Short - term volatile, pay attention to policy changes [34] - Bean粕: Follow import cost, pay attention to US soybean purchase and Brazilian output [36] - Sugar: Short - term expected to be volatile [41] - Cotton: Short - term expected to be volatile, long - term cautiously bullish [46] - Rebar/Hot - rolled coil: Short - term volatile [50][51] - Red dates: Wait - and - see, pay attention to price game and purchase progress [52] - Corn starch: 11 - contract CS - C expected to strengthen further, 01 - contract may have price - difference repair [54][55] - Corn: If government - stored wheat is used for feed, there may be short - selling opportunities [56] - Alumina: Wait - and - see [59] - Copper: Short - term expected to be volatile after reaching a high, recommend buying on dips [63] - Lead: Low - inventory, short - term bullish with high uncertainty, positive spread arbitrage possible [65] - Zinc: Short - term wait - and - see, pay attention to mid - line positive spread arbitrage [70][71] - Polysilicon: Policy and fundamentals in game, long - position holders can hold, consider call options [74] - Industrial silicon: Buying on dips is cost - effective [76] - Lithium carbonate: Short - term range - bound, mid - line short - selling after demand peaks, pay attention to positive spread arbitrage [80][81] - Nickel: Q4 nickel ore price expected to rise, recommend long - position on dips or option strategies [84] - Carbon emissions: Short - term volatile [87] - Crude oil: Volatile [89] - Bottle chips: Short - term supply - demand conflict not prominent, marginal weakening expected [91] - Container freight rates: Volatile, consider long - position on dips [93] 2. Report's Core View The report analyzes multiple financial and commodity markets. In the financial market, factors such as gold tax policy, Fed officials' attitudes towards interest rates, and economic data impact market trends. In the commodity market, supply and demand, policy, and seasonal factors affect prices. Overall, most markets are expected to be volatile in the short - term, and investors need to pay attention to various influencing factors and risks [12][16][30]. 3. Summaries by Relevant Catalogs 3.1 Financial News and Reviews 3.1.1 Macro Strategy (Gold) - New gold tax policy: VAT on standard gold for investment is refunded immediately, and related taxes are exempted. Physical gold demand may be suppressed, and short - term price is bearish [12]. 3.1.2 Macro Strategy (Foreign exchange futures (US dollar index)) - Fed officials oppose December rate cuts due to high inflation, and the US dollar is expected to be volatile [15][16][17]. 3.1.3 Macro Strategy (US stock index futures) - Market expectations for rate cuts are adjusted, and short - term risk appetite declines. The market is volatile at a high level [19][20]. 3.1.4 Macro Strategy (Stock index futures) - October PMI shows production slowdown, and the stock index is expected to be volatile at a high level. Long - position balanced allocation is recommended [22][23][24]. 3.1.5 Macro Strategy (Treasury bond futures) - October manufacturing PMI declines, and November is a policy window period. The bond market is expected to be slightly bullish, but the upside is limited [25][26][27]. 3.2 Commodity News and Reviews 3.2.1 Agricultural Products (Soybean oil/Rapeseed oil/Palm oil) - Indonesian palm oil reference price rises slightly, and Malaysia's October palm oil exports increase. Palm oil price is under pressure in the short - term but may be supported later. Soybean oil is expected to be volatile [29][30][31]. 3.2.2 Black Metals (Power coal) - Indonesian low - calorie power coal price is stable. Coal price is expected to be stable in the short - term and strong in the fourth quarter [32]. 3.2.3 Black Metals (Iron ore) - Third - quarter iron ore sales increase. Demand is affected by environmental protection, and price is expected to be volatile [34]. 3.2.4 Agricultural Products (Bean粕) - Oil mill operation rate is high, and bean粕 price follows import cost. Pay attention to US soybean purchase and Brazilian output [35][36] 3.2.5 Agricultural Products (Sugar) - Brazilian sugar production increases, and Indian sugar industry requests export policy. Zheng sugar is expected to be volatile [40][41] 3.2.6 Agricultural Products (Cotton) - US cotton inspection progress is slow, and drought area decreases. Cotton price is expected to be volatile [42][44][46] 3.2.7 Black Metals (Rebar/Hot - rolled coil) - Iron water output declines, and steel price is affected by Sino - US relations. Price is expected to be volatile [47][50][51] 3.2.8 Agricultural Products (Red dates) - Xinjiang red dates are in the drying period, and inventory increases. Price is expected to be volatile, wait - and - see [51][52] 3.2.9 Agricultural Products (Corn starch) - September starch export declines, and October export may increase. 11 - contract CS - C and 01 - contract may strengthen [53][54][55] 3.2.10 Agricultural Products (Corn) - Domestic corn price is stable with narrow fluctuations. Pay attention to government - stored wheat auction [55][56] 3.2.11 Non - ferrous Metals (Alumina) - Inventory increases, and the market is in oversupply. Wait - and - see [57][58][59] 3.2.12 Non - ferrous Metals (Copper) - Multiple copper projects have new progress. Price is affected by the US dollar and inventory, expected to be volatile [60][63] 3.2.13 Non - ferrous Metals (Lead) - LME lead is in contango. Low - inventory supports price, pay attention to delivery risk [64][65] 3.2.14 Non - ferrous Metals (Zinc) - Some zinc mines' output changes. Price is affected by market sentiment and inventory, expected to be volatile [66][69][70] 3.2.15 Non - ferrous Metals (Polysilicon) - Polysilicon futures rise, and price is in a policy - fundamentals game. Pay attention to policy progress [72][73][74] 3.2.16 Non - ferrous Metals (Industrial silicon) - Southwest production is expected to decrease. Price is expected to be supported, recommend long - position on dips [75][76] 3.2.17 Non - ferrous Metals (Lithium carbonate) - Company negotiates to sell lithium project stake. Price is affected by supply - demand and inventory, expected to be volatile [77][78][81] 3.2.18 Non - ferrous Metals (Nickel) - Company's nickel self - supply increases. Price is affected by inventory, season, and demand, expected to be volatile [82][83][84] 3.2.19 Energy Chemicals (Carbon emissions) - EUA price is volatile. Market trading activity decreases, and signal is neutral [85][86][87] 3.2.20 Energy Chemicals (Crude oil) - OPEC decides to increase production in December and pause in Q1 2026. Price is expected to be volatile [87][88][89] 3.2.21 Energy Chemicals (Bottle chips) - Bottle chip factory price is adjusted, and supply - demand is expected to weaken marginally [90][91] 3.2.22 Shipping Index (Container freight rates) - Shipping company adjusts surcharge. Freight rate is expected to be volatile, consider long - position on dips [92][93]

Core Insights - The article highlights the successful integration of agriculture, tourism, and community services in Dafuku Village, leading to increased income and improved quality of life for residents [1][4][5] Agricultural Development - Dafuku Village has 2,850 acres of arable land primarily used for rice and wheat rotation, with a focus on high-efficiency agriculture and facility farming [4] - The village has established a 400-acre watermelon greenhouse and 100 acres each of grape and peach orchards, contributing significantly to local income [4] - The village's agricultural initiatives have attracted over 10,000 tourists annually, enhancing its status as a leisure destination for nearby urban residents [4] Economic Impact - The village's collective economic income reached 3.52 million yuan in 2024, with per capita income for villagers at 29,000 yuan [5] - The integration of various industries has generated an annual income of 300,000 to 400,000 yuan from seasonal fruit picking and other activities [3] Community Services - The village has established a "Happiness Center" providing services for the elderly, including affordable meals and health consultations [6][7] - A total of 632 residents aged 60 and above benefit from various support services, including free health check-ups and birthday celebrations for seniors [7][8] Youth Engagement - Dafuku Village organizes interest classes for left-behind children during school breaks, with participation from university students and retired teachers [8] - The village has implemented infrastructure improvements, including sports events and facilities, to enhance community engagement and well-being [8]

Core Insights - The "14th Five-Year Plan" emphasizes enhancing agricultural production capacity and quality, promoting the construction of beautiful and livable rural areas, and particularly focusing on increasing farmers' income [1][5]. Group 1: Agricultural Modernization - The strategy for agricultural modernization includes three main areas: advancing agricultural modernization, promoting beautiful rural construction, and increasing farmers' income [5]. - The integration of primary, secondary, and tertiary industries is essential, with a focus on developing processed products that combine agriculture with cultural tourism [9]. Group 2: Farmers' Income Increase - To promote farmers' income, there is a need to enhance the quality and efficiency of the agricultural product processing industry, leveraging local advantages to develop specialty products [7]. - Regions should identify and utilize their unique strengths to cultivate specialized villages and towns, such as apple villages and mushroom towns, to create distinctive agricultural products [7]. Group 3: Agricultural Production Capacity and Quality - Current grain production stands at 1.4 trillion jin, with initiatives aimed at increasing production capacity through technological advancements and policy support [11]. - The focus is on improving the quality of arable land and constructing high-standard farmland, addressing challenges posed by climate change [11]. Group 4: Challenges in Rural Revitalization - The five key areas of rural revitalization include industrial, talent, organizational, cultural, and ecological revitalization, with a critical emphasis on the normal flow of resources [13]. - Talent mobility between urban and rural areas is essential for empowering rural revitalization and breaking down institutional barriers [13].

Core Viewpoint - The A-share market shows signs of structural opportunities despite recent fluctuations, with various institutions providing insights on future trends and investment strategies [2][3][4][5][6]. Group 1: Market Performance - The Shanghai Composite Index rose by 0.11% this week, while the Shenzhen Component increased by 0.67%, and the ChiNext Index gained 0.5% [2]. - The overall A-share market is currently in a phase of consolidation, with significant volatility expected due to various external and internal factors [6]. Group 2: Institutional Insights - CITIC Securities emphasizes the importance of structural opportunities over timing, suggesting a focus on traditional manufacturing upgrades, Chinese enterprises going global, and AI developments [2]. - Zheshang Securities advocates for a "slow bull" strategy, recommending to maintain current positions without making adjustments, while monitoring key indices for signs of stability [3]. - Guotai Junan Securities highlights the fundamental support for the "double innovation bull" market, focusing on sectors with resilient earnings and the "anti-involution" trend [4]. - CICC reports a 5.4% year-on-year increase in A-share company profits for the first three quarters of 2025, with non-financial profits growing by 1.7% [5]. - Huaxin Securities notes that the overall A-share market remains in a consolidation phase, with attention on macroeconomic pressures and policy responses [6]. Group 3: Sector Focus - Key sectors to watch include traditional manufacturing, brokerage firms, and industries with strong fundamentals such as agricultural processing, semiconductors, and industrial metals [4][5]. - The report indicates a shift from a "technology-first" approach to a more balanced sector allocation strategy [3].

Group 1: Agricultural Production - The national autumn grain harvest has surpassed 85%, indicating a potential for another bumper harvest this year [1] - Summer grain production reached 299.48 million tons, with increases in area, yield, and total production [1] - Early rice production increased by 1.2% to 57.03 million tons compared to the previous year [1] - The planting area for high-yield crops like corn has increased, and soybean planting is expected to remain above 15 million acres for the fourth consecutive year [1] Group 2: Market Supply and Prices - The supply of "vegetable basket" products is abundant, with meat production (pork, beef, lamb, poultry) reaching 73.12 million tons, a year-on-year increase of 3.8% [1] - Milk production reached 2.921 million tons, up 0.7%, and egg production was 2.646 million tons, up 0.2% [1] - The supply of vegetables, fruits, and aquatic products is rich, with stable prices and a 97.6% compliance rate in agricultural product quality safety monitoring [1] Group 3: Rural Economy and Investment - Rural residents' per capita disposable income reached 17,686 yuan, a real increase of 6% year-on-year, while per capita consumption expenditure grew by 5.8% [2] - Fixed asset investment in the primary industry reached 734.4 billion yuan, a year-on-year increase of 4.6%, outpacing the national average growth rate [2] - The trade deficit in agricultural products has been narrowing, with a total trade volume of 230.06 billion USD in the first three quarters [2] Group 4: Poverty Alleviation and Employment - Over 7 million individuals have been identified for assistance to prevent poverty, with targeted support measures implemented [2] - More than 33 million people from poverty-stricken backgrounds have found employment, exceeding annual targets [2] Group 5: Rural Development and Reforms - The rural construction project library added 324,000 new projects, with investment funds of 162.39 billion yuan allocated [3] - The second round of land contract extensions is being piloted, and reforms in rural collective property rights are progressing [3] - The number of farmer cooperatives has exceeded 2 million, and nearly 4 million family farms have been established [3]

Core Insights - The overall profitability and revenue of A-share listed companies improved in Q3 2025, driven by low base effects, supply-demand structure improvements, and price increases [1][2][3] Profitability Analysis - The net profit growth rate for A-share companies expanded, with quarterly growth rates of 3.2%, 1.2%, and 11.6% for Q1, Q2, and Q3 respectively, leading to cumulative growth rates of 3.2%, 2.3%, and 5.2% [2] - Non-financial oil and petrochemical sectors showed quarterly net profit growth rates of 4.5%, -0.1%, and 5.3%, with cumulative growth rates of 4.5%, 2.3%, and 3.0% [2] Revenue Trends - A-share companies experienced a continuous improvement in revenue growth, with quarterly growth rates of -0.3%, 0.4%, and 3.6% for Q1, Q2, and Q3 respectively, resulting in cumulative growth rates of -0.3%, 0.1%, and 1.1% [2] - Non-financial oil and petrochemical sectors had quarterly revenue growth rates of 0.5%, 0.9%, and 3.5%, with cumulative growth rates of 0.5%, 0.8%, and 1.6% [2] Sector Performance - The increase in A-share profitability in Q3 2025 was attributed to several factors, including policy-driven supply-demand optimization, stable industrial product prices, strong demand in the technology sector, and robust export growth [3] - The main boards, ChiNext, and STAR Market all showed significant improvements in profitability, with the STAR Market leading in profit growth [4] Key Industry Insights - Resource products, information technology, and financial real estate sectors saw improved profitability, with information technology leading in growth rates [5] - The net asset return (ROE) for non-financial and oil sectors showed marginal recovery, supported by improved total asset turnover and net profit margin [5] Cash Flow and Capacity Expansion - Free cash flow as a percentage of revenue has steadily increased, with operating cash flow showing positive year-on-year growth [6][7] - The capital expenditure growth rate has declined after peaking in Q2 2023, indicating a relatively low willingness for capital expansion [6] Focus Areas for Future Growth - Industries with high or improving performance in Q3 2025 include TMT (telecommunications, semiconductors, consumer electronics), high-end manufacturing, and certain resource products [7]

Core Insights - Ping'an Town is focusing on optimizing the business environment and strengthening talent introduction by actively building bridges between government, enterprises, and educational institutions [2] - The visit by the team from Guangxi Agricultural Vocational and Technical University aimed to diagnose and provide solutions for technical challenges faced by local enterprises, specifically addressing issues related to the purity of hesperidin and high levels of hesperetin in production [2] - The local government emphasizes that addressing the pain points of enterprises is a priority, highlighting the importance of precise services and proactive measures to support business development [2] Company and Industry Summary - The team provided professional guidance on optimizing production processes and separation and purification techniques to help the company overcome technical difficulties [2] - The local government plans to establish a regular mechanism for cooperation between government, enterprises, and educational institutions, which includes forming a "technical service team" to offer ongoing technical consulting, project collaboration, and talent training [2] - The initiative aims to create a favorable ecosystem for attracting, nurturing, utilizing, and retaining talent, ensuring that investment enterprises can develop confidently in Ping'an Town [2]