1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The industrial silicon market shows a mixed situation. Supply has increased, and demand has also recovered to a certain extent, but demand recovery remains at a low level. Costs have increased, and the 2601 contract is expected to fluctuate in the range of 9070 - 9270 [3][6]. - The polysilicon market has short - term supply increases and medium - term expected adjustments. Demand is in the process of continuous recovery, costs are stable, and the 2601 contract is expected to fluctuate in the range of 54185 - 55795 [7][8]. 3. Summary According to the Directory 3.1 Daily Views Industrial Silicon - **Supply**: Last week, the supply of industrial silicon was 101,000 tons, a 2.02% increase from the previous week [6]. - **Demand**: Last week, the demand for industrial silicon was 94,000 tons, a 27.03% increase from the previous week. Polysilicon inventory is at a high level, silicon wafers and battery cells are in a loss state, while components are profitable. The inventory of organic silicon is at a low level, with a production profit of - 454 yuan/ton and a comprehensive开工率 of 70.05%, which is flat compared to the previous week and lower than the historical average. The inventory of aluminum alloy ingots is at a high level [6]. - **Cost**: In the Xinjiang region, the production loss of sample oxygen - passing 553 is 3141 yuan/ton, and the cost support has increased during the dry season [6]. - **Basis**: On October 29, the spot price of non - oxygen - passing in East China was 9300 yuan/ton, and the basis of the 01 contract was 130 yuan/ton, with the spot at a premium to the futures [6]. - **Inventory**: Social inventory decreased by 0.53% to 559,000 tons, sample enterprise inventory decreased by 0.17% to 167,700 tons, and the inventory of major ports increased by 2.50% to 123,000 tons [6]. - **Disk**: The MA20 is upward, and the futures price of the 01 contract closed above the MA20 [6]. - **Main Position**: The net short position of the main position decreased [6]. - **Expectation**: Supply production scheduling has increased and is near the historical average level. Demand recovery is at a low level, cost support has increased, and the industrial silicon 2601 is expected to fluctuate in the range of 9070 - 9270 [6]. Polysilicon - **Supply**: Last week, the polysilicon production was 29,500 tons, a 4.83% decrease from the previous week. The scheduled production in October is expected to be 134,500 tons, a 3.46% increase from the previous month [8]. - **Demand**: Last week, the silicon wafer production was 14.73GW, a 2.64% increase from the previous week, and the inventory was 184,700 tons, a 6.70% increase from the previous week. Currently, silicon wafer production is in a loss state. The production of battery cells and components has decreased to varying degrees, with battery cell production in a loss state and component production in a profitable state [8]. - **Cost**: The average cost of N - type polysilicon in the industry is 36,050 yuan/ton, and the production profit is 14,950 yuan/ton [8]. - **Basis**: On October 29, the price of N - type dense material was 51,000 yuan/ton, and the basis of the 01 contract was - 2640 yuan/ton, with the spot at a discount to the futures [8]. - **Inventory**: The weekly inventory is 258,000 tons, a 1.97% increase from the previous week, at a high level compared to the same period in history [8]. - **Disk**: The MA20 is upward, and the futures price of the 01 contract closed above the MA20 [8]. - **Main Position**: The net long position of the main position increased [8]. - **Expectation**: Supply production scheduling will increase in the short term and adjust in the medium term. Demand for silicon wafers, battery cells, and components is expected to recover in the medium term, with overall demand showing continuous recovery. Cost support is stable, and the polysilicon 2601 is expected to fluctuate in the range of 54185 - 55795 [8]. 3.2 Market Overview Industrial Silicon - Futures closing prices of various contracts have increased to varying degrees, with the 01 contract rising 2.40% to 9170 yuan/ton [14]. - Spot prices of different grades of industrial silicon in East China remained unchanged [14]. - The basis of most contracts has decreased [14]. - Inventory shows different trends, with social inventory decreasing by 0.53%, sample enterprise inventory decreasing by 0.18%, and major port inventory increasing by 2.50% [14]. - Production and开工率 vary by region, with Xinjiang's production and开工率 increasing, and Sichuan's production and开工率 decreasing [14]. Polysilicon - Futures closing prices of various contracts have increased to varying degrees, with the 01 contract rising 1.17% to 54,990 yuan/ton [16]. - Prices of different types of silicon wafers remained mostly unchanged, and silicon wafer and battery cell production is in a loss state [16]. - The polysilicon inventory has increased by 1.98% to 258,000 tons [16]. - The production and demand of polysilicon in different months show different trends, with production and export showing some fluctuations [16]. 3.3 Price and Inventory Trends - **Industrial Silicon Price - Basis and Delivery Product Spread Trends**: The report presents the historical trends of the basis of the SI main contract and the price spread between 421 and 553 in East China [18][19]. - **Polysilicon Disk Price Trends**: The report shows the price and trading volume trends of the polysilicon main contract, as well as the basis trend [21][22]. - **Industrial Silicon Inventory**: It includes the inventory trends of delivery warehouses, ports, and SMM sample enterprises [24][25][26]. 3.4 Production and Cost Trends - **Industrial Silicon Production and Capacity Utilization Trends**: The report shows the weekly production trends of SMM sample enterprises in different regions, the monthly production by specification, and the开工率 trends [28][29][30][31]. - **Industrial Silicon Cost - Sample Region Trends**: It presents the cost - profit trends of 421 in Sichuan and Yunnan and the cost - profit trends of oxygen - passing 553 in Xinjiang [35][36]. 3.5 Supply - Demand Balance Tables - **Industrial Silicon Weekly Supply - Demand Balance Table**: It shows the weekly supply - demand balance of industrial silicon, including production, import, export, consumption, etc. [37][38]. - **Industrial Silicon Monthly Supply - Demand Balance Table**: It presents the monthly supply - demand balance of industrial silicon from September 2024 to September 2025, including production, consumption, export, and import [40][41]. - **Polysilicon Supply - Demand Balance Table**: No detailed content is provided in the given text, only the title is mentioned [66]. 3.6 Downstream Market Trends Organic Silicon - **DMC Price and Production Trends**: It includes the daily capacity utilization rate of DMC, the profit - cost trends of Shandong organic silicon DMC, and the weekly production trends [43][44]. - **Downstream Price Trends**: It shows the price trends of 107 glue, silicone oil, raw rubber, and D4 [45][46][47]. - **Import - Export and Inventory Trends**: It presents the monthly import - export volume and inventory trends of DMC [50][51]. Aluminum Alloy - **Price and Supply Situation**: It includes the waste aluminum recycling volume, waste aluminum social inventory, aluminum scrap import volume, import - export situation of unwrought aluminum alloy in China, the price trend of SMM aluminum alloy ADC12, and the cost - profit trend of imported ADC12 [53][54]. - **Inventory and Production Trends**: It shows the monthly production trends of primary aluminum - based aluminum alloy ingots and recycled aluminum alloy ingots, the weekly开工率 of primary and recycled aluminum alloys, and the social inventory of aluminum alloy ingots [56][57]. - **Demand (Automobiles and Wheels)**: It presents the monthly production and sales volume of automobiles and the export trend of aluminum alloy wheels [58][59][60]. Polysilicon - **Fundamental Trends**: It includes the cost trend, price trend, total inventory, monthly production, monthly开工率, and monthly demand of the polysilicon industry [63][64].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The core contradictions affecting the propylene trend include sufficient supply but weak demand in the main downstream PP and other weak downstream sectors, lacking upward momentum. Meanwhile, the cost of PDH has rapidly increased due to the rebound of propylene in the external market, providing short - term support, but the November CP price is expected to decline compared to October [3]. - There are both positive and negative factors. The positive factors are the rebound of external propylene prices providing cost support, good Sino - US talks, and government measures to address "involution - style" competition. The negative factors are the overall loose supply of propylene and the weak downstream PP market [7]. 3. Summary by Relevant Catalogs 3.1 Propylene Price Forecast and Hedging Strategies - **Price Forecast**: The monthly price range of propylene is predicted to be between 6000 - 6400 yuan/ton, with a current 20 - day rolling volatility of 0.1262 and a 3 - year historical percentage of 0.6969 [2]. - **Hedging Strategies**: - **Inventory Management**: For enterprises with high finished - product inventory worried about price drops, they can short propylene futures (PL2601) at a 50% hedging ratio when the price is between 6300 - 6400 yuan/ton. They can also sell call options (PL2601C6400) at a 25% hedging ratio when the price is between 60 - 80 to reduce costs [2]. - **Procurement Management**: For enterprises with low regular inventory and aiming to purchase based on orders, they can long propylene futures (PL2601) at a 25% hedging ratio when the price is 5800 yuan/ton. They can also sell put options (PL2601P5900) at a 25% hedging ratio when the price is between 60 - 80 to reduce procurement costs [2]. 3.2 Industry Data Summary - **Upstream Raw Material Prices**: On October 29, 2025, Brent crude was at 64.3 dollars/barrel, WTI at 60.36 dollars/barrel. There were various price changes in other upstream raw materials such as MOPJ, NAP, and propane [9]. - **Mid - stream Propylene Prices**: The price of FOB South Korea was 730 dollars/ton, CFR China was 745 dollars/ton. Domestic propylene prices in different regions also had different degrees of change, with the cheapest delivery product at 5985 yuan/ton [9]. - **Downstream Prices**: The prices of products like polypropylene powder, polypropylene granules, and other downstream products also had certain fluctuations. For example, polypropylene powder was 6470 yuan/ton on October 29, 2025 [9]. - **Profits**: Profits in the mid - upstream and downstream sectors showed different trends. For example, the main refinery profit was 512.62 yuan/ton, and the MTO monomer profit was - 225.00 yuan/ton [9]. - **Price Spreads**: There were various price spreads, such as the spread between MOPJ and propylene, PP powder and propylene, etc. For example, the MOPJ - propylene spread was 1937.21 yuan/ton on October 29, 2025 [9].

Core Insights - The company reported a total revenue of 824 million yuan and a net profit attributable to shareholders of 220 million yuan for Q3 2025 [2] - The operating cash flow showed a net inflow of 132 million yuan [2] Financial Performance - The latest asset-liability ratio stands at 26.38%, ranking 7th among disclosed peers, with an increase of 5.43 percentage points from the previous quarter and 1.49 percentage points from the same period last year [4] - The latest gross profit margin is 41.41%, which is a decrease of 0.76 percentage points compared to the same period last year [5] - The return on equity (ROE) is reported at 13.47% [5] - The diluted earnings per share (EPS) is 0.91 yuan [6] Operational Efficiency - The total asset turnover ratio is 0.39 times, while the inventory turnover ratio is 4.01 times [7] Shareholder Structure - The number of shareholders is 11,000, with the top ten shareholders holding 164 million shares, accounting for 67.77% of the total share capital [7] - The largest shareholder is Guangdong Shengyi Technology Co., Ltd. with a holding of 23.26% [7]

Core Viewpoint - Lianrui New Materials (688300.SH) reported its Q3 2025 results, highlighting significant institutional investor holdings and changes in public fund investments [1][2] Group 1: Institutional Holdings - As of October 29, 2025, 16 institutional investors held a total of 107 million shares of Lianrui New Materials, representing 44.44% of the company's total equity [1] - The top ten institutional investors accounted for 44.33% of the total shares, with a decrease of 1.54 percentage points compared to the previous quarter [1] Group 2: Public Fund Investments - Four public funds increased their holdings this period, including Xin'ao Transformation Innovation Stock A and Agricultural Bank Specialized New Mixed A, with a slight increase in the proportion of holdings [2] - Six public funds reduced their holdings, with a total decrease of 0.19%, including Baoying Basic Industry Mixed A and Xin'ao Craftsmanship Selected Two-Year Holding Period Mixed [2] - A total of 230 public funds did not disclose their holdings this period, including Nuoan Pioneer Mixed A and Hongde Advantage Leading Mixed [2] Group 3: Insurance Capital - One insurance capital, Ruizhong Life Insurance Co., Ltd. - Self-owned funds, reduced its holdings this period, showing a slight decline [2]

Report Summary 1. Report Industry Investment Rating No information provided on the report industry investment rating. 2. Report's Core View - For PTA, the low processing fee has persisted for a long time, and the improvement in terminal data supports the continuation of polyester operation. With limited future production capacity, the processing fee center may gradually recover [3][4]. - For MEG, the inventory is accumulating, but there may be negative feedback on the supply side due to the weakening of coal - based efficiency and comparison. Attention should be paid to the opportunity of selling put options near the coal - based cost [8]. - For polyester staple fiber, the overall efficiency and operation of polyester yarn have not improved significantly. With high exports and good spot efficiency, the inventory pressure is limited. Attention should be paid to the opportunity of expanding the spread at low prices and the situation of warehouse receipts [8]. - For natural rubber and 20 - number rubber, the national explicit inventory is stable at a relatively low level, and the price of Thai cup - lump rubber is stable. The current strategy is to wait and see [8]. 3. Summary by Product PTA - **Price and Data Changes**: From October 23 - 29, 2025, the price of crude oil decreased by $0.5, PTA internal - market spot price increased by $110, and the PTA processing fee increased by $117. The PTA balance load and PTA load remained stable at 80.6% and 78.8% respectively, and the inventory (warehouse receipts + valid forecasts) increased by 5,666 [2]. - **Device and Market Situation**: Dushan Energy's 3 million - ton device was put into production. The operation of proximal TA devices restarted, and the polyester load remained stable. The basis was weak, and the spot processing fee decreased again. The domestic operation of PX increased, and the PXN spread decreased [3]. MEG - **Price and Data Changes**: From October 23 - 29, 2025, the MEG internal - market price decreased by $21, and the coal - based MEG profit decreased by $170. The total MEG load and coal - based MEG load remained stable at 73.3% and 82.2% respectively, and the port inventory remained at 523,000 tons [8]. - **Device and Market Situation**: Fulian's 400,000 - ton device restarted. The domestic oil - based maintenance was implemented, and the load decreased. The overseas operation was stable, and the port inventory increased slightly. The basis strengthened, and the coal - based efficiency and comparison rebounded [8]. Polyester Staple Fiber - **Price and Data Changes**: From October 23 - 29, 2025, the price of 1.4D cotton - type staple fiber remained stable at $6,440, and the short - fiber profit remained at $154. The production and sales ratio improved, and the inventory continued to decline [8]. - **Device and Market Situation**: The proximal device operation was stable, and the operation rate remained at 94.3%. The operation of polyester yarn remained stable, the raw material inventory increased, and the finished - product inventory decreased, with slightly weakened efficiency [8]. Natural Rubber & 20 - number Rubber - **Price and Data Changes**: From October 23 - 29, 2025, the price of Shanghai full - latex rubber increased by $115, and the price of RU main contract increased by $380. The price of Thai cup - lump rubber increased by $2.9, and the price of Yunnan glue increased by $500 [8]. - **Market Situation**: The national explicit inventory remained stable at a relatively low level, and the price of Thai cup - lump rubber remained stable. Rain affected rubber tapping [8]. Styrene - **Price and Data Changes**: From October 23 - 29, 2025, the price of ethylene decreased by $30, the price of pure benzene decreased by $87, and the price of styrene increased by $5. The domestic profit of styrene increased by $46, and the domestic profit of EPS decreased by $15 [11].

Core Viewpoint - Lianrui New Materials (688300.SH) reported a strong performance in the third quarter of 2025, with significant year-on-year growth in both revenue and net profit [1] Financial Performance - The total operating revenue for the first three quarters of 2025 reached 824 million yuan, representing a year-on-year increase of 18.76% [1] - The net profit attributable to shareholders of the parent company was 220 million yuan, showing a year-on-year growth of 19.01% [1] - The basic earnings per share stood at 0.91 yuan [1]

浙江鼎龙科技股份有限公司（以下简称公司）根据《上海证券交易所上市公 司自律监管指引第3号—行业信息披露：第十三号——化工》有关规定和披露要 求，现将2025年第三季度主要经营数据公告如下： 证券代码：603004 证券简称：鼎龙科技 公告编号：2025-053 浙江鼎龙科技股份有限公司 2025 年第三季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 四、其他说明 2025 年第三季度未发生对公司生产经营具有重大影响的其他事项。 注：报告期内，生产量和销售量包括了公司向外采购的成品。 | 主要产品名称 | 销售均价（万元/吨） | | | | 同比变 | 三季度较二 季度环比变 | | --- | --- | --- | --- | --- | --- | --- | | | 2025 年 月 年 | 7-9 | 2024 | 7-9 月 | 动幅度 | 动幅度 | | 染发剂原料 | | 26.65 | | 25.87 | 3.02% | -2.09% | | 特种工程材料单体 | | 28.77 | | ...

证券代码：603351 证券简称：威尔药业 公告编号：2025-032 （一）主要产品销售价格变动情况 单位：元/吨（不含税） | 主要产品 | 2025 年 1-9 月 平均售价 | 2024 年 1-9 月 平均售价 | 变动比例 | | --- | --- | --- | --- | | 1、合成润滑基础油 | 14,838.44 | 15,734.98 | -5.70% | | 其中：机械类 | 16,267.41 | 17,859.70 | -8.92% | | 非机械类 | 11,454.28 | 11,718.61 | -2.26% | | 2、药用辅料 | 27,215.59 | 31,477.51 | -13.54% | | 其中：注射用 | 249,791.39 | 273,647.23 | -8.72% | | 非注射用 | 19,776.42 | 20,158.03 | -1.89% | （二）主要原材料价格波动情况 南京威尔药业集团股份有限公司 关于公司2025年第三季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的 ...

Group 1 - The core viewpoint of the article highlights that Jiahu Energy reported a revenue of approximately 7.731 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 9.33% [1] - The net profit attributable to shareholders of the listed company was approximately 823 million yuan, reflecting a year-on-year growth of 4.05% [1] - As of the report, Jiahu Energy's market capitalization stands at 11.6 billion yuan [1] Group 2 - The article also notes that the A-share market has surpassed 4,000 points, indicating a significant market resurgence after a decade of stagnation [1] - It mentions that the technology sector is reshaping the market dynamics, leading to a new "slow bull" market pattern [1]

1. Report Industry Investment Ratings There is no information about the report industry investment ratings in the provided content. 2. Core Views of the Report - **Treasury Bonds**: Expected to have no trend - based market, maintain a cautious stance [6][7] - **Stock Index Futures**: Low risk of significant decline, consider taking long positions opportunistically [9][10] - **Precious Metals**: Pricing is relatively full, take profit on previous long positions and then wait and see [11][12] - **Rebar and Hot - Rolled Coils**: The mid - term weakness of rebar prices is hard to change, and hot - rolled coils may follow a similar trend. Look for short - selling opportunities at high levels during rebounds [13][14] - **Iron Ore**: The short - term supply - demand pattern supports prices, but it may weaken in the medium term. Look for buying opportunities during pullbacks [16] - **Coking Coal and Coke**: Consider buying during pullbacks [18][19] - **Ferroalloys**: May continue to have oversupply in the short term. Consider long positions at low levels when the spot falls into the loss range again after a decline [21][22] - **Crude Oil**: Temporarily wait and see [24][25] - **Fuel Oil**: Look for long - buying opportunities [26][27] - **Synthetic Rubber**: Oscillate [28][29] - **Natural Rubber**: Look for long - buying opportunities [30][31] - **PVC**: Pay attention to changes on the supply side [32][35] - **Urea**: Limited downside space [36][37] - **Para - Xylene (PX)**: May have an oscillatory adjustment in the short term, with support at the bottom. Consider participating at low levels [38][39] - **PTA**: May oscillate in the short term. Be cautiously bullish and pay attention to oil price changes [40] - **Ethylene Glycol**: May oscillate in the short term. Participate within a range and pay attention to port inventory and import changes [41][42] - **Short - Fiber**: May oscillate following costs. Control risks and pay attention to cost changes and macro - policy adjustments [43] - **Bottle Chips**: Expected to oscillate following the cost side. Control risks [44][45] - **Lithium Carbonate**: Pay attention to the sustainability of consumption [46] - **Copper**: Look for long - buying opportunities [47][48] - **Tin**: May oscillate with an upward bias [49] - **Nickel**: Expected to oscillate [51] - **Soybean Oil and Soybean Meal**: Consider long positions for soybean meal after adjustment; temporarily wait and see for soybean oil [54][55] - **Palm Oil**: Temporarily wait and see [56][58] - **Rapeseed Meal and Rapeseed Oil**: Temporarily wait and see for rapeseed oil [59][60] - **Cotton**: Limited upside space for cotton prices [61][62] - **Sugar**: There is support at the bottom [64][67] - **Apples**: Expected to run strongly [69][71] - **Pigs**: Take profit on short positions in the short term and then wait and see. Wait for opportunities to sell short on rebounds [72][73] - **Eggs**: Hold short positions and look for opportunities to add short positions on rebounds [74][75] - **Corn and Starch**: It is advisable to wait and see for corn; corn starch may follow the corn market [76][77] 3. Summary by Related Catalogs Treasury Bonds - Last trading day, treasury futures closed up across the board. The central bank conducted 475.3 billion yuan of 7 - day reverse repurchase operations, with a net investment of 315.8 billion yuan. ADP will release weekly US employment data. The current macro - data is stable, but the recovery momentum needs strengthening. The yield is relatively low, and the market risk preference has increased. It is expected that there will be no trend - based market [5][6] Stock Index Futures - Last trading day, stock index futures showed mixed performance. 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 economy has sufficient resilience. Market sentiment has warmed up, and incremental funds have entered the market. The uncertainty in Sino - US economic and trade relations has eased, and the risk of significant decline is low [8][9] Precious Metals - Last trading day, gold and silver futures closed down. The US housing price index increased. The complex global trade and financial environment, the trend of "de - globalization" and "de - dollarization", and potential Fed rate cuts are beneficial to precious metals. However, the recent increase has been large, and the pricing is full [11] Rebar and Hot - Rolled Coils - Last trading day, rebar and hot - rolled coil futures rebounded slightly. In the medium term, prices are dominated by industry supply - demand logic. The real - estate industry's downward trend remains unchanged, and rebar demand is declining year - on - year. Although it is the traditional peak demand season, the inventory pressure is obvious. The basic logic of hot - rolled coils is similar to that of rebar [13][14] Iron Ore - Last trading day, iron ore futures rebounded significantly. The national hot - metal daily output remains at around 2.4 million tons, supporting prices. Although the import and domestic production of iron ore have increased quarter - on - quarter since the second quarter, the year - on - year decline in the first 9 months remains unchanged. The port inventory is lower than last year [16] Coking Coal and Coke - Last trading day, coking coal and coke futures declined slightly. Coking coal supply is slightly tight due to safety inspections, and demand is okay. The second - round increase in coke procurement prices is gradually being implemented. Coking profits are stable, and demand remains high [18] Ferroalloys - Last trading day, manganese - silicon futures closed down, and silicon - iron futures closed up. The manganese - ore shipment from Gabon decreased, and the Australian ore supply increased. The port manganese - ore inventory increased slightly, but the level is still low. The cost of ferroalloys has increased, and the supply is in short - term surplus [21] Crude Oil - Last trading day, INE crude oil oscillated downward but remained above the 5 - day moving average. The US government shutdown suspended the CFTC report. The number of US oil and gas rigs increased for the second consecutive week. India's Reliance Industries will comply with sanctions on Russia. The increase in US crude - oil production is difficult, and sanctions on Russia are beneficial to oil prices [23][24] Fuel Oil - Last trading day, fuel oil oscillated downward following crude oil. The sanctions on oil have increased market sentiment. The Asian high - sulfur and ultra - low - sulfur fuel - oil spreads are strong, and the Singapore fuel - oil supply is tight. Sanctions on Russia are beneficial to fuel - oil prices [26] Synthetic Rubber - Last trading day, synthetic rubber futures closed down. The short - and medium - term maintenance is expected to increase, which may drive the market to stop falling and rebound. The raw - material side is bearish, and the private - enterprise supply is expected to increase. The short - term market is weak, and it will oscillate [28] Natural Rubber - Last trading day, natural - rubber futures showed mixed performance. The market should focus on the weather in production areas and demand expectations. The new - rubber production is slow due to weather disturbances, and the raw - material purchase price has increased. The tire - enterprise capacity utilization has increased slightly, and the inventory has decreased significantly [30] PVC - Last trading day, PVC futures closed down. The oversupply situation continues, but the downward space is limited. After the holiday, focus on exports and supply reduction. The PVC production capacity utilization has decreased, and the demand from downstream industries has increased. The cost - profit situation is complex [32][33] Urea - Last trading day, urea futures closed down. In the short term, pay attention to export - policy changes and the seasonal recovery of agricultural demand. The supply pressure has eased, and the demand from the agricultural market has increased. The cost is stable, and the inventory is lower than expected [36] Para - Xylene (PX) - Last trading day, PX futures rose. The PXN spread is relatively strong, and the supply has slightly decreased. The cost - side crude oil has recovered. In the short term, PX may oscillate and adjust, with support at the bottom [38][39] PTA - Last trading day, PTA futures rose. The supply has changed, and the demand from the polyester industry is stable. The processing fee has been significantly under pressure, and the inventory is low. The cost - side crude oil has recovered. In the short term, it may oscillate [40] Ethylene Glycol - Last trading day, ethylene glycol futures closed down. The overall operating load has increased, and the port inventory has decreased. The downstream polyester industry's operating rate is stable, but the terminal demand support is limited. In the short term, it may oscillate [41][42] Short - Fiber - Last trading day, short - fiber futures rose. The device load has decreased, and the demand has improved. The processing fee is around 1,125 yuan/ton. In the short term, it may oscillate following costs [43] Bottle Chips - Last trading day, bottle - chip futures rose. The processing fee has decreased to around 450 yuan/ton. The factory load has increased, and the export growth has slowed down. It is expected to oscillate following the cost side [44][45] Lithium Carbonate - Last trading day, lithium - carbonate futures rose. The production is at a high level, and the supply - side profit is sufficient. The demand from the energy - storage and power - battery sectors has improved, and the social inventory is decreasing [46] Copper - Last trading day, Shanghai copper futures fell significantly. The spot market was mediocre, and the downstream consumption sentiment was low. The Indonesian copper mine has not resumed production, which supports copper prices. There are different views on the Sino - US APEC meeting [47] Tin - Last trading day, tin futures rose. The mining end is tight, the resumption of production in Wa State is slow, and the domestic processing fee is low. The demand shows certain resilience. The refined - tin inventory is decreasing, and the price may oscillate upward [49] Nickel - Last trading day, nickel futures closed down. The change in Indonesia's RKAB approval policy has raised supply concerns. The mining - end price has weakened, and the domestic port inventory is increasing. The high - grade nickel ore is still tight. The stainless - steel consumption is weak, and the refined - nickel market is in surplus [51] Soybean Oil and Soybean Meal - Last trading day, soybean - meal futures rose, and soybean - oil futures fell. Sino - US trade frictions may ease. The soybean - crushing volume of oil mills has recovered to a high level. The soybean - meal inventory has decreased, and the soybean - oil inventory pressure is still large. The consumption of soybean oil may be suppressed, and the demand for soybean meal is expected to grow moderately [53][54] Palm Oil - Malaysian palm - oil futures fell for the third consecutive day. Indonesia's palm - oil production is expected to increase by 10% in 2025. The domestic palm - oil import has decreased, and the inventory is at a medium level in the past 7 years [56] Rapeseed Meal and Rapeseed Oil - Canadian rapeseed prices rose. In China, the import of rapeseed and rapeseed meal decreased in September, while the import of rapeseed oil increased. The inventory of rapeseed, rapeseed meal, and rapeseed oil is at different levels in the past 7 years [59] Cotton - Last trading day, domestic cotton futures oscillated. The market has high expectations for Sino - US negotiations. The export of textile and clothing is relatively stable. The domestic cotton production is expected to be high this year, and the cotton price is under pressure [61][62] Sugar - Last trading day, Zhengzhou sugar futures rebounded significantly, while overseas sugar futures fell to a four - year low. Brazil's sugar production has slightly exceeded expectations, and the global sugar supply is expected to be in surplus. The domestic northern region has started sugar production, and the southern region will start in December [64][66] Apples - Last trading day, domestic apple futures rose significantly due to quality concerns. The opening price this year is higher than last year. The late - maturing apple market is active, but the quality is poor [69][70] Pigs - Yesterday, the national average pig price rose. At the end of the month, the northern market is strengthening, and the southern market is following. The supply from group farms has decreased slightly, and the retail - farmer reluctance to sell remains. The consumption demand has improved. In the second half of the month, the supply from group farms is expected to increase [72] Eggs - Last trading day, the average egg price in the main production and sales areas remained unchanged. The cost per catty has increased slightly, and the farming profit is negative. The number of laying hens in stock is at a high level in the past 9 years. In October, the supply is expected to increase, and the consumption may be lower than expected [74] Corn and Starch - Last trading day, corn futures rose, and corn - starch futures fell. The new - season corn is accelerating to ports, and the inventory is expected to increase. The demand for corn is growing slightly, but the price is under pressure due to the harvest. Corn starch has weak supply and demand, and the inventory is at a high level [76][77]