Group 1: Natural Rubber Report Industry Investment Rating Not provided. Core View Short - term macro environment is favorable, and strong raw material prices support rubber prices. Follow - up attention should be paid to raw material output during the peak season in major producing areas and macro changes. If raw material supply is smooth, there is further downward space; if not, the rubber price is expected to run around 15,000 - 15,500 [2]. Summary by Directory - **Spot Price and Basis**: On October 28, the price of Yunnan state - owned standard rubber (SCRWF) in Shanghai remained unchanged at 14,750. The basis of whole - milk rubber increased by 20 to - 610, with a 3.17% increase. The price of Thai standard mixed rubber remained at 15,000. The price of cup rubber in the international market increased by 0.75 to 53.15 Thai baht/kg, with a 1.43% increase. The raw material price in Hainan increased by 300 to 13,100, with a 2.34% increase [2]. - **Monthly Spread**: The 9 - 1 spread decreased by 10 to 120, with a - 7.69% decrease; the 5 - 9 spread increased by 10 to - 22, with a 15.38% increase [2]. - **Fundamental Data**: In August, Thailand's production decreased by 2.0 to 458.8 (in ten - tons), with a - 0.43% decrease; Indonesia's production decreased by 8.5 to 189.0 (in ten - tons), with a - 4.30% decrease; India's production increased by 5.0 to 50.0 (in ten - tons), with an 11.11% increase; China's production increased by 12.2 to 113.7 (in ten - tons). The weekly operating rate of semi - steel tires and all - steel tires increased. In August, domestic tire production increased by 859.0 to 10,295.4 (in ten - thousands), with a 9.10% increase. In September, tire export volume decreased by 671.0 to 5,630.0, with a - 10.65% decrease. In August, the total import volume of natural rubber increased by 7.5 to 59.59 (in ten - thousands of tons), with a 14.41% increase. In September, the import volume of natural and synthetic rubber increased by 8.0 to 74.0 (in ten - thousands of tons), with a 12.12% increase [2]. - **Inventory Change**: Bonded area inventory decreased by 5,254 to 432,229 tons, with a - 1.20% decrease. The factory - warehouse futures inventory of natural rubber on the SHFE increased by 2,521 to 42,640, with a 6.28% increase [2]. Group 2: Glass and Soda Ash Report Industry Investment Rating Not provided. Core View For soda ash, the overall supply - demand pattern is still bearish, but previous phased negative factors are basically exhausted. It is recommended to stop profit on previous short positions and wait for opportunities to short on rebounds. For glass, the long - term industry needs capacity clearance, but previous negative factors are basically realized. It is recommended to exit previous short positions and look for short - term long opportunities [4]. Summary by Directory - **Glass - related Price and Spread**: On October 29, the prices in North China, East China, Central China, and South China remained unchanged. The price of glass 2505 increased by 17 to 1263, with a 1.36% increase; the price of glass 2509 increased by 9 to 1343, with a 0.67% increase [4]. - **Soda Ash - related Price and Spread**: The prices in North China, East China, Central China, and Northwest China remained unchanged. The price of soda ash 2505 decreased by 6 to 1331, with a - 0.45% decrease; the price of soda ash 2509 decreased by 6 to 1384, with a - 0.45% decrease [4]. - **Supply Volume**: On October 24, the operating rate of soda ash increased by 2.88 percentage points to 88.41%, with a 3.37% increase; the weekly output of soda ash increased by 2.5 to 77.08 (in ten - thousands of tons), with a 3.37% increase; the daily melting volume of float glass increased by 0.2 to 16.13 (in ten - thousands of tons), with a 1.16% increase [4]. - **Inventory**: On October 24, glass factory inventory increased by 346.9 to 6,282.4 (in ten - thousands of weight - products), with a 5.84% increase; soda ash factory inventory increased by 6.0 to 165.98 (in ten - thousands of tons), with a 3.74% increase; soda ash delivery - warehouse inventory increased by 2.7 to 69.91 (in ten - thousands of tons), with a 4.05% increase [4]. - **Real Estate Data**: The year - on - year growth rates of new construction area, construction area, completion area, and sales area changed to - 0.09%, 0.05%, - 0.22%, and - 6.55% respectively [4]. Group 3: Logs Report Industry Investment Rating Not provided. Core View The log futures market is expected to maintain a weak and volatile trend. Follow - up attention should be paid to the impact of China - US economic and trade consultations on import cost expectations and changes in spot prices [5]. Summary by Directory - **Futures and Spot Prices**: On October 28, the price of log 2601 decreased by 1 to 786 yuan/cubic meter. The prices of 3.9A small, medium, and large radiata pine in Rizhao Port and 4A small, medium, and large radiata pine in Taicang Port remained unchanged [5]. - **Supply**: From October 27 to November 2, 2025, the number of pre - arriving ships of New Zealand logs at 13 Chinese ports increased by 4 to 16, with a 33% week - on - week increase; the arrival volume increased by 8.5 to about 53.3 (in ten - thousands of cubic meters), with a 19% week - on - week increase [5]. - **Demand**: As of October 24, the national total inventory of coniferous logs decreased by 8 to 284 (in ten - thousands of cubic meters), and the daily average outbound volume increased by 0.12 to 6.44 (in ten - thousands of cubic meters) [5]. Group 4: Industrial Silicon Report Industry Investment Rating Not provided. Core View Industrial silicon supply increase pressures prices, but there is also cost support. It is expected to be in a low - level volatile state, with the main price fluctuation range at 8,500 - 9,500 yuan/ton. If the price of the 2601 contract drops to around 8,300 - 8,500 yuan/ton, consider going long at low prices [6]. Summary by Directory - **Spot Price and Main Contract Basis**: On October 28, the prices of East China oxygen - passing SI5530 and SI4210 industrial silicon remained unchanged. The basis of SI5530 increased by 10 to 395, with a 2.60% increase; the basis of SI4210 increased by 10 to - 105, with an 8.70% increase [6]. - **Monthly Spread**: The 2512 - 2601 spread increased by 10 to 25, with a 66.67% increase; the 2601 - 2602 spread decreased by 20 to - 25, with a - 400.00% decrease [6]. - **Fundamental Data**: Nationally, industrial silicon production increased by 3.51 to 42.08 (in ten - thousands of tons), with a 9.10% increase; the operating rate increased by 6.07 to 61.94, with a 10.86% increase. Organic silicon DMC production decreased by 1.29 to 21.02 (in ten - thousands of tons), with a - 5.78% decrease; polysilicon production decreased by 0.17 to 13.00 (in ten - thousands of tons), with a - 1.29% decrease [6]. - **Inventory Change**: As of a certain period, Xinjiang's factory - warehouse inventory decreased by 0.01 to 10.84 (in ten - thousands of tons), with a - 0.09% decrease; Yunnan's factory - warehouse inventory decreased by 0.02 to 3.41 (in ten - thousands of tons), with a - 0.58% decrease; social inventory decreased by 0.30 to 55.90 (in ten - thousands of tons), with a - 0.53% decrease [6]. Group 5: Polysilicon Report Industry Investment Rating Not provided. Core View Polysilicon spot prices are stable, and futures prices fluctuate downward. It is mainly in a high - level volatile state. Attention should be paid to the establishment of platform companies, production control, and whether there is an increase in demand - side orders. After the futures rise sharply, the discount is repaired, and further significant increases need to consider the hedging and arbitrage space of upstream enterprises [7]. Summary by Directory - **Spot Price and Basis**: On October 28, the average prices of N - type re -投料 and N - type granular silicon remained unchanged. The basis of N - type material increased by 145 to - 1375, with a 9.54% increase [7]. - **Futures Price and Monthly Spread**: The price of the main contract decreased by 145 to 54,355, with a - 0.27% decrease. The spread between the current month and the first - continuous contract increased by 260 to - 2090, with an 11.06% increase [7]. - **Fundamental Data**: Weekly polysilicon production decreased by 0.15 to 2.95 (in ten - thousands of tons), with a - 4.84% decrease; monthly polysilicon production decreased by 0.17 to 13.00 (in ten - thousands of tons), with a - 1.29% decrease. Monthly polysilicon import volume increased by 0.03 to 0.13 (in ten - thousands of tons), with a 28.46% increase; export volume decreased by 0.08 to 0.21 (in ten - thousands of tons), with a - 28.16% decrease [7]. - **Inventory Change**: Polysilicon inventory increased by 0.5 to 25.80 (in ten - thousands of tons), with a 1.98% increase; silicon wafer inventory increased by 1.16 to 18.47 (in GW), with a 6.70% increase [7].

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views - **Natural Rubber**: Short - term rubber prices are rebounding due to macro - sentiment and产区 rainfall. It is recommended to wait and see how raw material prices change after the weather in the main producing areas improves [1]. - **Glass and Soda Ash**: For soda ash, the supply - demand pattern is in excess, and inventory is accumulating. The short - term policy and news cause significant price fluctuations, so it is advisable to wait and see. For glass, the current market is affected by the summer off - season, and the fundamental demand is under pressure. It is necessary to wait for more cold - repair to bring a real turnaround, and it is also recommended to wait and see [3]. - **Log**: The log futures have risen sharply recently, but the current demand is in the off - season, and the follow - up supply will gradually recover. The short - term upward sustainability of the 09 contract needs to be observed, and attention should be paid to market sentiment and policy expectations [4]. - **Industrial Silicon**: Although the fundamentals of industrial silicon have not changed much, the futures price increase has opened the arbitrage window, driving up the spot price. The supply is expected to increase. It is recommended to try short positions and pay attention to position control and risk management [5]. - **Polysilicon**: The polysilicon futures have risen sharply and then fallen back. It is necessary to pay attention to whether the price increase can be transmitted downstream and whether it can be digested by terminal installations. With the approaching delivery month, attention should be paid to position control and risk management [7]. 3. Summaries by Related Catalogs Natural Rubber - **Spot Prices and Basis**: On July 18, the price of Yunnan state - owned standard rubber (SCRWF) in Shanghai was 14,800 yuan/ton, up 250 yuan/ton from July 17, with a increase rate of 1.72%. The full - milk basis (switched to the 2509 contract) was - 10 yuan/ton, up 105 yuan/ton from July 17, with a increase rate of 91.30% [1]. - **Monthly Spreads**: On July 18, the 9 - 1 spread was - 790 yuan/ton, up 55 yuan/ton from July 17, with a increase rate of 6.51% [1]. - **Fundamentals**: In May, Thailand's natural rubber production was 272.20 thousand tons, an increase of 166.50 thousand tons from the previous period, with a increase rate of 157.52%. The weekly开工 rate of semi - steel tires was 75.99%, up 3.07 percentage points from the previous period [1]. Glass and Soda Ash - **Glass - related Prices and Spreads**: On July 18, the glass 2505 contract was 1240 yuan/ton, up 4 yuan/ton from the previous value, with a increase rate of 0.32%. The glass 2509 contract was 1081 yuan/ton, down 11 yuan/ton from the previous value, with a decrease rate of 1.01% [3]. - **Soda Ash - related Prices and Spreads**: On July 18, the soda ash 2505 contract was 1306 yuan/ton, down 1 yuan/ton from the previous value, with a decrease rate of 0.08%. The soda ash 2509 contract was 1216 yuan/ton, down 9 yuan/ton from the previous value, with a decrease rate of 0.69% [3]. - **Output and Inventory**: On July 18, the soda ash开工率 was 84.10%, up 3.42 percentage points from July 11. The soda ash plant inventory was 190.56 million tons, up 4.2 million tons from July 11, with a increase rate of 2.26% [3]. Log - **Futures and Spot Prices**: On July 18, the log 2507 contract was 808.0 yuan/cubic meter, up 4.5 yuan/cubic meter from July 17, with a increase rate of 0.56%. The price of 3.9A medium - sized radiata pine in Rizhao Port remained stable at 740 yuan/cubic meter [4]. - **Supply, Inventory, and Demand**: As of July 11, the national coniferous log total inventory was 3.22 million cubic meters, a decrease of 10,000 cubic meters from the previous period. The daily average log出库量 was 58,800 cubic meters, a decrease of 8100 cubic meters from the previous period [4]. Industrial Silicon - **Spot Prices and Main Contract Basis**: On July 18, the price of oxygen - containing S15530 industrial silicon in East China was 9350 yuan/ton, up 150 yuan/ton from July 17, with a increase rate of 1.63%. The basis (based on oxygen - containing SI5530) was 655 yuan/ton, up 200 yuan/ton from July 17, with a increase rate of 43.96% [5]. - **Monthly Spreads**: On July 18, the 2508 - 2509 spread was - 10 yuan/ton, down 15 yuan/ton from July 17, with a decrease rate of 300.00% [5]. - **Fundamentals**: In April, the national industrial silicon production was 300,800 tons, a decrease of 41,400 tons from the previous period, with a decrease rate of 12.10%. In May, the organic silicon DMC production was 209,300 tons, an increase of 25,300 tons from the previous period, with a increase rate of 13.75% [5]. Polysilicon - **Spot Prices and Basis**: On July 18, the average price of N - type recycled material was 46,000 yuan/ton, down 750 yuan/ton from July 17, with a decrease rate of 1.60%. The N - type material basis (average price) was 2150 yuan/ton, up 1100 yuan/ton from July 17, with a increase rate of 104.76% [7]. - **Futures Prices and Monthly Spreads**: On July 18, the PS2506 - PS2507 spread was 370 yuan/ton, down 30 yuan/ton from July 17, with a decrease rate of 7.50% [7]. - **Fundamentals**: In May, the polysilicon production was 101,000 tons, an increase of 4900 tons from the previous period, with a increase rate of 5.10%. In April, the polysilicon import volume was 1100 tons, an increase of 200 tons from the previous period, with a increase rate of 16.59% [7].