Group 1 - The core viewpoint of the article indicates that the majority of domestic commodity futures closed lower on November 4, with significant declines in various contracts [2] Group 2 - The main contracts that experienced declines include red dates, which fell over 5%, lithium carbonate, which dropped over 4%, and polysilicon, which decreased over 3% [2] - Other commodities such as apples, ethylene glycol, coke, coking coal, and industrial silicon also saw declines exceeding 2% [2] - On the upside, European shipping rates increased by over 3%, and soybean meal rose by over 1% [2]

Report Overview - Report Title: "European Line Container Shipping Monthly Report" [1] - Date: November 3, 2025 [2] - Research Team: Macro Financial Research Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The year - end peak season is approaching, market expectations are turning positive. Although actual demand may not support a large price increase, a bottom - up recovery trend is likely to form, and the annual freight rate bottom may have been reached. - The conflict in the Middle East is frequent and repeated, and it is expected to be difficult to resolve within the year. The Red Sea may still be difficult to reopen in the short term. - It is recommended to maintain the idea of buying on dips [8][24] 3. Summary by Directory 3.1 10 - Month Market Review - Shipping companies raised quotes for late October and November, and the container shipping index stopped falling and rebounded. The SCFIS, the underlying index of container shipping futures, began to rise in late October after 13 consecutive weeks of decline. - Multiple factors supported the strengthening of futures, especially far - month contracts. In early October, Sino - US frictions escalated, and the cease - fire in Gaza was in turmoil. The EC futures main contract 12 in October fluctuated strongly [11] 3.2 Freight Spot Quotation Situation - Quotes for November and December continue to rise. As the long - term contract season approaches, shipping companies are raising freight rates. For example, Maersk's large - container quotes for the Shanghai - Rotterdam route in the first and second weeks of November are $2380 and $2210 respectively. Mainstream shipping companies' quotes in November are concentrated in the range of $2100 - $2800, while CMA CGM has the highest increase, with November quotes ranging from $2520 - $3546 and December quotes rising to $3752 - $4008. However, the prices may not fully materialize [14] 3.3 Container Shipping Supply - Demand Analysis 3.3.1 Demand Side - China's exports in September exceeded expectations, but the forward - looking indicators in October weakened. In September, China's total foreign exports were $328.57 billion, a year - on - year increase of 8.2%. The decline in exports to the US narrowed significantly, and exports to Africa increased substantially. However, due to the end of the seasonal peak shipping demand and uncertainties in Sino - US tariffs, exports still face risks. In October, the new export order index of PMI dropped significantly by 1.9 percentage points to 45.9% [15] - The eurozone is facing pressure from both weakening exports and domestic demand. Multiple economic indicators in the eurozone have slowed down. In August, the EU's industrial production index decreased month - on - month and year - on - year, and commodity exports slowed down significantly year - on - year. The inflation level in Europe is showing a downward trend, while economic growth is under continuous pressure due to geopolitical conflicts and trade frictions [17] 3.3.2 Supply Side - In terms of potential capacity, since July 2024, global new orders for container ships have increased significantly. The order backlog and completion volume of shipbuilding are significantly higher than the same period in previous years. The order backlog of container ships has continued to grow at a high rate this year, and the growth rate accelerated further in August. - In terms of actual capacity, the capacity in November increased compared with October, with the weekly average capacity increasing to about 290,000 TEU, and it is initially estimated to increase to 310,000 TEU in December. - In the Red Sea, after a brief cease - fire, the conflict between Hamas and Israel has escalated again. It is likely that the Red Sea will continue to be bypassed within the year, and there will be no additional capacity supply pressure [22] 3.4 Outlook for the Future - The year - end peak season is approaching, and the market is more optimistic. Although actual demand may not support a large price increase, the freight rate is likely to bottom out and recover. - The conflict in the Middle East is difficult to resolve within the year, and the Red Sea may remain closed in the short term. It is recommended to maintain the strategy of buying on dips [24]

Core Viewpoint - Henan Jindan Lactic Acid Technology Co., Ltd. has approved a proposal to engage in commodity hedging to mitigate risks associated with price fluctuations of raw materials, products, and shipping costs [1][2]. Group 1: Hedging Business Overview - The primary objective of the hedging business is to address multiple price fluctuation pressures in production and operations, particularly due to the high cost share of key raw materials like corn and coal [2]. - The company plans to hedge against price volatility in various commodities, including corn, starch, wheat, soybean meal, soybeans, thermal coal, coking coal, PTA, and shipping costs [2]. Group 2: Financial and Operational Details - The maximum investment in the hedging business will not exceed 15 million yuan, with a cap of 50 million yuan on the value of contracts held on any trading day [3]. - The funding for this hedging initiative will come from the company's own and self-raised funds, excluding any fundraising or bank credit [3]. Group 3: Risk Management and Compliance - A comprehensive risk management system has been established, including an internal audit department to monitor compliance and ensure that the hedging activities align with operational needs [4]. - The company has received validation from Guojin Securities, which recognizes the necessity of the hedging business to mitigate price volatility impacts and enhance overall risk resilience [4]. Group 4: Approval Process and Strategic Intent - The proposal for the hedging business has been approved by the company's board and supervisory committee, eliminating the need for a shareholder meeting [5]. - The initiative is aimed at strengthening financial stability and supporting long-term development without adversely affecting the main business operations or funding arrangements [5].

Core Viewpoint - Domestic futures opened mixed, with significant movements in various commodities, indicating volatility in the market [1] Group 1: Commodity Performance - European shipping rates increased by over 3%, reflecting strong demand in that sector [1] - Gold and live pig prices rose by more than 1%, suggesting positive trends in these commodities [1] - Crude oil, low-sulfur oil, and glass prices fell by more than 1%, indicating potential challenges in these markets [1]

Group 1 - The stock of Shangwei New Materials hit the daily limit down, opening at a significant decline after a nearly 19-fold increase in its cumulative gain this year. The company announced that it has no plans or arrangements for a backdoor listing through the listed company in the next 36 months [1] - Major stock indices opened significantly lower, with the Shanghai Composite Index down 2.49%, the Shenzhen Component Index down 3.88%, and the ChiNext Index down 4.44%. Sectors such as consumer electronics and computing hardware experienced the largest declines [1][2] Group 2 - The Hong Kong stock market opened lower, with the Hang Seng Index down 2.5% and the Hang Seng Tech Index down 2.43%. Most tech stocks fell, including Bilibili down over 5%, NIO down nearly 5%, and Baidu down over 2% [6] - The Taiwan Weighted Stock Index decreased by 3% to 26,470.44 points [6] - Domestic futures opened mostly lower, with glass prices dropping over 4%. Other commodities like rubber and fuel also saw declines exceeding 2%, while gold rose over 1% [6]

Group 1 - The European shipping index decreased by 2.86% [1] - Glass prices fell by 0.99% [1] - Soybean futures (No. 2) dropped by 0.3% [1] - Shanghai gold increased by 0.37% [1] - Soda ash prices declined by 0.16% [1] - Soybean meal rose by 0.34% [1]

1. Report Information - Report Title: European Line Container Shipping Monthly Report [1] - Date: October 9, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] 2. Investment Rating - No investment rating information is provided in the report. 3. Core View - September to October is the traditional off - season, and the capacity regulation is limited with supply pressure remaining. However, shipping companies are starting to support prices for the year - end long - term contract season, raising freight rates in the second half of October. Although the announced price increase may not be fully implemented, a bottom - up recovery trend is likely to form. The escalating Middle East situation is also expected to support far - month contracts, and there should be low - buying opportunities in December [7][26]. 4. Summary by Directory 4.1 9 - month Market Review - Spot freight rates were still in a downward channel in September, but there were signs of price support. Due to the off - season for shipments and sufficient capacity supply, shipping companies faced greater pressure to attract cargo and continuously lowered freight rates. The online spot freight rate for large containers dropped to a low of $1400 in late September. Futures prices followed the decline, with the October contract hitting a low of 1046 points. However, at the end of the month, shipping companies began to promote long - term contracts for the end of the year and announced price increases for late October, boosting the expectations of far - month futures contracts, and the December contract showed obvious recovery. Overall, EC futures first declined and then recovered, with significantly improved expectations for far - month contracts [10]. - The trading data of European line container shipping futures in September shows that different contracts had different price trends and trading volumes. For example, the EC2510 contract had a monthly decline of 12.34%, while the EC2512 contract had a monthly increase of 12.40% [11]. 4.2 Freight Spot Quote Situation - Most freight rates for the second half of October were raised to over $2000. As the long - term contract season approaches, shipping companies are raising freight rates. Taking the Shanghai - Rotterdam route as an example, Maersk's large - container price in the third week of October started at $1810 and reached a maximum of $1911. Mainstream shipping companies such as CMA CGM, OOCL, Evergreen, ONE, and HMM had large - container quotes in the range of $1400 - $1620 in the first half of the month and $2000 - $2220 in the second half, with an increase of about $600. However, the overall loading forecast rate after the National Day holiday was low, and the price increase may not be implemented. Attention should be paid to whether other shipping companies will follow to form a price - increasing force [15]. 4.3 Container Shipping Supply - Demand Analysis 4.3.1 Demand Side - China's exports showed marginal slowdown in August, but leading indicators improved in September. In August, China's total exports were $321.81 billion, with a year - on - year growth of 4.4%, and the growth rate slowed by 2.8 percentage points compared with the previous month. The main reasons for the weakening of exports were the implementation of tariffs and the cooling of "rush - to - export." In September, the new export order index rebounded by 1 percentage point, and the BDI index increased significantly compared with August, indicating the resilience of external demand [16]. - The economic sentiment in Europe improved in September but was severely differentiated in structure, with potential downward risks in long - term demand. The EU economic sentiment index rose by 0.6 percentage points to 95.5% in September, and the preliminary value of the S&P Eurozone composite PMI improved to 51.2%. However, the manufacturing PMI preliminary value dropped to 49.5, back below the boom - bust line. Germany's service industry grew rapidly, but the manufacturing industries in Germany and France declined significantly. Overall, although the current comprehensive demand in Europe has improved, the structural differentiation may lead to the unsustainability of the improvement, and the support from the demand side for freight rate increases is limited [18]. 4.3.2 Supply Side - In terms of potential capacity, since July 2024, new container ship orders globally have increased significantly. The number of shipbuilding orders on hand and the completion volume are significantly higher than the same period in previous years, and the number of container ship orders on hand has continued to grow at a high rate this year, with the growth rate accelerating in August. It is expected that container shipping capacity will continue to grow at a relatively high rate with the continuous delivery of new ships [20]. - In terms of actual capacity, the number of blank sailings increased in October, with the weekly average capacity dropping to about 250,000 TEU, but it was still at a relatively high level in the off - season. The capacity regulation was not strong, and the weekly average capacity in November is expected to rise to about 286,000 TEU, indicating long - term supply pressure. Attention should be paid to whether shipping companies will further increase blank sailings to support prices for the year - end long - term contract season [20]. - The Israel - Palestine conflict in the Red Sea is intensifying. The military confrontation between Israel and the Houthi rebels continued in September. The probability of continued detours in the Red Sea this year is high, and it is unlikely to bring additional capacity supply pressure [22]. 4.4 Outlook - September to October is the traditional off - season, and the capacity regulation is limited with supply pressure remaining. However, shipping companies are starting to support prices for the year - end long - term contract season, raising freight rates in the second half of October. Although the announced price increase may not be fully implemented, a bottom - up recovery trend is likely to form. The escalating Middle East situation is also expected to support far - month contracts, and there should be low - buying opportunities in December [26].

Group 1 - The State Council is researching standards and policies for government procurement of domestic products, which is seen as an important measure to improve the procurement system and ensure fair competition [1] - The People's Bank of China announced adjustments to the 14-day reverse repurchase operations to maintain liquidity and meet funding needs, with operations determined by liquidity management [1] - In the steel industry, there has been an increase in the scale of maintenance at steel mills, with 12 provinces involved, affecting production by approximately 29.96 million tons this week [1] Group 2 - In the soybean meal sector, actual soybean crushing volume reached 2.4275 million tons with an operating rate of 67.76%, which is 30,100 tons higher than estimated [1] - The lithium carbonate price index for battery-grade lithium carbonate is reported at 73,534 yuan per ton, reflecting a week-on-week increase of 70 yuan [1] - The PVC industry shows a capacity utilization rate of 76.96%, down 2.98% from the previous period, with specific methods showing varying declines [1] Group 3 - The styrene industry reported a daily profit of -411 yuan per ton for non-integrated units, indicating an increase in losses compared to the previous working day [1] - As of September 19, the Shanghai export container freight index was reported at 1,198.21 points, a decrease of 199.90 points from the previous period [1] - Citigroup forecasts that Brent crude oil prices will drop to $60 per barrel by the end of 2025, with an average of $62 per barrel in the second to fourth quarters of 2026 [1]

Metal Market - As of the midday close, domestic base metals showed positive performance with Shanghai aluminum up 0.48%, copper up 0.59%, zinc up 0.36%, lead up 0.24%, while nickel fell 0.17% and tin rose 0.56% [1] - In the futures market, casting aluminum main contract rose 0.47%, alumina main contract rose 0.41%, lithium carbonate main contract rose 0.29%, and industrial silicon main contract continued its previous day's upward trend with a rise of 1.64% [1] - The black metal sector experienced a general decline, with iron ore down 1.18%, rebar down 0.71%, and stainless steel down 0.39% [1] Foreign Metal Market - As of 11:39, LME metals showed mixed results with copper down 0.16%, nickel down 0.3%, and tin down 0.31%, while aluminum rose 0.13% [1] - In precious metals, COMEX gold fell 0.27% and silver fell 0.06%, while Shanghai gold main contract fell 0.26% and Shanghai silver main contract rose 0.2% [1] Futures Market - The Euro line shipping main contract fell 4.08%, closing at 1219 points [2][3] - Various futures showed specific price movements, such as industrial silicon main contract up 1.64% and copper main contract up 0.59% [3] Spot Market and Fundamentals - In the copper market, Guangdong 1 electrolytic copper spot price showed a premium of 0-60 CNY/ton against the current month contract, with an average premium of 30 CNY/ton, down 10 CNY/ton from the previous trading day [4] - The People's Bank of China conducted a net injection of 794 billion CNY through reverse repos, maintaining the operation rate at 1.40% [4] Oil Market - As of 11:39, both WTI and Brent crude oil futures showed slight declines, with WTI down 0.11% and Brent down 0.1% [7] - The EIA reported an increase in U.S. crude oil inventories by 3.9 million barrels, contrary to analyst expectations of a decrease [7]

Report Information - Report Title: Weekly Report - Risk Management: Futures Technical Analysis Weekly Report (Week 36, 2025) - Report Date: September 7, 2025 Industry Investment Ratings The report does not explicitly provide an overall industry investment rating. However, it offers specific technical analysis and signal summaries for different sectors, which can be used to infer potential investment trends for each sector. Core Views - Different sectors in the futures market show diverse trends. Some sectors have clear bullish signals, while others are in a state of oscillation. The volatility of each sector and variety also varies significantly, with some showing high volatility and others more stable [1][2][3][4]. Sector Summaries 1. Non - ferrous and Precious Metals Sector - **Technical Indicator Signal Summary**: Non - ferrous metals such as copper, aluminum, lead, tin, nickel, industrial silicon, and polycrystalline silicon show bullish signals, while most precious metals are in an oscillating state. Gold shows a bullish signal, and silver is oscillating. For example, aluminum, tin, and nickel have strong bullish signals [10][11]. - **Analysis of Specific Varieties**: - **Copper (CU2510)**: The adjustment is not over yet. Although the moving average shows a bullish arrangement and the risk of decline is weak, it is necessary to wait for price signals. The price has the potential to break through, but it needs volume - price driving signals [12]. - **Lithium Carbonate (LC2511)**: The downward momentum has weakened, and it has temporarily found support at the MA60 moving average. However, there is a need to be vigilant about the risk of a callback, especially the support effectiveness in the range of 66,800 - 69,600 [17]. - **Weekly Pivot Analysis**: New energy and high - tech metals represented by lithium carbonate and polycrystalline silicon have a wide price fluctuation range, indicating high market volatility. Traditional industrial metals and precious metals have relatively more stable price trends [21]. 2. Black and Shipping Sector - **Technical Indicator Signal Summary**: The black sector mainly has bullish and oscillating signals. Rebar, wire rod, iron ore, coking coal, and ferrosilicon show bullish signals, while other black varieties are oscillating. The European line shipping shows a bullish signal [26][27]. - **Analysis of Specific Varieties**: - **Rebar (RB2601)**: The price has been oscillating and falling this week, but the support around 3,050 - 3,070 yuan/ton is effective. The MACD shows a potential golden cross. If the price breaks below this range, it may fall to the 2,950 - 3,000 range [30]. - **Weekly Pivot Analysis**: Coking coal, coke, ferrosilicon, manganese silicon, and European line shipping have a wide range of support and resistance levels, indicating high market volatility. Rebar, hot - rolled coils, and iron ore have relatively more stable price trends [35]. 3. Energy and Chemical Sector - **Technical Indicator Signal Summary**: The energy sector is in an oscillating state. In the chemical sector, glass, methanol, synthetic rubber, and pure benzene show bullish signals, while other varieties are oscillating [37][38][39]. - **Analysis of Specific Varieties**: - **Soda Ash (SA601)**: The downward trend has stabilized, but it needs volume - price signals to confirm a rebound. The short - term support range of 1,230 - 1,250 yuan/ton is effective [43]. - **Weekly Pivot Analysis**: Paraxylene (PX), styrene, short - fiber, and bottle chips have a wide range of support and resistance levels, with high market volatility. Crude oil, methanol, and other varieties have relatively more stable price trends [45]. 4. Agricultural Products Sector - **Technical Indicator Signal Summary**: In the agricultural products sector, soybean oil, peanuts, rapeseed oil, and the corn series show bullish signals. Eggs have changed from a bullish to a bearish signal, and cotton shows a bearish signal. Other varieties are oscillating [50][51][52]. - **Analysis of Specific Varieties**: - **Soybean Meal (M2601)**: The price has shown signs of stabilizing in the range of 2,980 - 3,020 yuan/ton, and the MA60 moving average provides effective support. However, it needs increased volume to confirm bullish momentum [56]. - **Weekly Pivot Analysis**: Palm oil, cotton, and other varieties have a wide range of support and resistance levels, with high market volatility. Corn, corn starch, and logs have relatively more stable price trends [59].