Core Viewpoint - The monitoring of market prices for 50 important production materials across nine categories in the national circulation sector indicates that in early November 2025, 26 products saw price increases, while 23 experienced declines, and 1 remained stable [1]. Price Changes Summary 1. Steel Products - Rebar (Φ20mm, HRB400E) decreased by 3.8 yuan to 3118.5 yuan, a drop of 0.1% - Wire rod (Φ8-10mm, HPB300) fell by 10.0 yuan to 3271.7 yuan, a decrease of 0.3% - Ordinary medium plate (20mm, Q235) dropped by 13.7 yuan to 3411.8 yuan, a decline of 0.4% - Hot-rolled ordinary plate coil (4.75-11.5mm, Q235) decreased by 22.9 yuan to 3296.7 yuan, down 0.7% - Seamless steel pipe (219*6, 20) fell by 17.1 yuan to 4079.2 yuan, a decrease of 0.4% [2]. 2. Non-ferrous Metals - Electrolytic copper (1) decreased by 599.6 yuan to 86209.2 yuan, down 0.7% - Aluminum ingot (A00) increased by 319.5 yuan to 21418.3 yuan, up 1.5% - Zinc ingot (0) rose by 371.7 yuan to 22516.7 yuan, an increase of 1.7% [2]. 3. Chemical Products - Sulfuric acid (98%) increased by 71.0 yuan to 785.3 yuan, up 9.9% - Caustic soda (liquid, 32%) decreased by 11.2 yuan to 858.1 yuan, down 1.3% - Methanol (first grade) fell by 86.9 yuan to 2074.4 yuan, a decline of 4.0% [2]. 4. Energy Products - Liquefied natural gas (LNG) increased by 86.8 yuan to 4323.9 yuan, up 2.0% - Liquefied petroleum gas (LPG) rose by 34.6 yuan to 4275.0 yuan, an increase of 0.8% [2]. 5. Coal - Anthracite (washed medium block) increased by 45.5 yuan to 949.5 yuan, up 5.0% - Ordinary mixed coal (4500 kcal) rose by 24.4 yuan to 611.8 yuan, an increase of 4.2% [2]. 6. Agricultural Products - Rice (Japonica) decreased by 9.9 yuan to 3909.7 yuan, down 0.3% - Wheat (national standard first grade) increased by 17.9 yuan to 2486.5 yuan, up 0.7% [3]. 7. Agricultural Production Materials - Urea (medium and small particles) increased by 3.1 yuan to 1619.8 yuan, up 0.2% - Compound fertilizer (potassium sulfate compound fertilizer, nitrogen-phosphorus-potassium content 45%) rose by 59 yuan to 3148.7 yuan, up 0.2% [3]. 8. Forest Products - Natural rubber (standard rubber SCRWF) decreased by 179.9 yuan to 14476.4 yuan, down 1.2% - Pulp (imported needle leaf pulp) increased by 14.7 yuan to 5520.0 yuan, up 0.3% [3].

Core Insights - The National Bureau of Statistics released data on the price changes of important production materials in the circulation field for early November 2025, indicating that 26 products saw price increases, 23 experienced declines, and 1 remained stable compared to late October 2025 [1]. Group 1: Price Changes Overview - In the black metal category, prices for rebar and wire rod decreased slightly, while angle steel saw a minor increase [3]. - The non-ferrous metals category showed a mixed trend, with aluminum ingots and lead ingots increasing, while electrolytic copper prices fell [3]. - Chemical products experienced significant price fluctuations, with sulfuric acid rising sharply, while several other chemicals like methanol and styrene saw declines [3]. Group 2: Energy and Coal Prices - In the petroleum and natural gas sector, liquefied natural gas (LNG) and liquefied petroleum gas (LPG) prices increased, while gasoline prices decreased [3]. - Coal prices showed an upward trend, particularly for non-caking coal and ordinary mixed coal, reflecting a general increase in energy costs [3]. Group 3: Agricultural Products - Among agricultural products, wheat prices increased slightly, while prices for corn and cotton declined [4]. - Soybean and soybean meal prices rose, indicating a potential increase in demand or supply constraints [4]. - The prices of agricultural production materials like compound fertilizers showed minor increases, while some pesticides experienced price drops [4].

Core Insights - The National Bureau of Statistics reported that in late October 2025, compared to mid-October, 26 out of 50 monitored important production materials saw price increases, while 22 experienced declines, and 2 remained stable. Notably, the price of live pigs (external three yuan) increased by 10.1% [1][3]. Group 1: Price Changes in Major Categories - In the black metal category, rebar (Φ20mm, HRB400E) rose by 0.4% to 3122.3 yuan per ton, while ordinary medium plates (20mm, Q235) fell by 0.6% to 3425.5 yuan per ton [2]. - In the non-ferrous metals category, electrolytic copper (1) increased by 1.6% to 86808.8 yuan per ton, while aluminum ingots (A00) rose by 0.9% to 21098.8 yuan per ton [2]. - In the chemical products category, sulfuric acid (98%) surged by 9.1% to 714.3 yuan per ton, while methanol (first-class) decreased by 2.3% to 2161.3 yuan per ton [2]. - In the petroleum and natural gas category, liquefied natural gas (LNG) saw a significant increase of 10.3% to 4237.1 yuan per ton, while liquefied petroleum gas (LPG) dropped by 3.0% to 4240.4 yuan per ton [2]. - In the coal category, anthracite (washed middle block) rose by 3.4% to 904.0 yuan per ton, while ordinary mixed coal (4500 kcal) increased by 5.9% to 587.4 yuan per ton [2]. - In the agricultural products category, the price of live pigs (external three yuan) increased by 10.1% to 12.0 yuan per kilogram, while corn (yellow corn, second grade) decreased by 0.1% to 2152.8 yuan per ton [3]. Group 2: Summary of Price Movements - The overall trend indicates a mixed performance across various sectors, with notable price increases in agricultural products and certain metals, while other categories like chemicals and petroleum products experienced declines [1][2][3]. - The data reflects ongoing volatility in the market, influenced by supply chain dynamics and demand fluctuations across different industries [1][2].

Core Insights - The National Bureau of Statistics reported that in late July 2025, compared to mid-July, 36 out of 50 monitored important production materials saw price increases, while 8 experienced declines, and 6 remained stable [1] Price Changes in Key Categories - **Metals**: - Rebar (Φ20mm, HRB400E) rose to 3304.1 CNY, up 143.5 CNY (4.5%) - Wire rod (Φ8-10mm, HPB300) increased to 3469.0 CNY, up 141.5 CNY (4.3%) - Copper (1) reached 79474.4 CNY, up 1161.1 CNY (1.5%) [3] - **Chemical Products**: - Sulfuric acid (98%) priced at 704.3 CNY, up 10.2 CNY (1.5%) - Methanol (premium grade) at 2255.5 CNY, up 34.1 CNY (1.5%) - Styrene (first grade) decreased to 7429.1 CNY, down 120.9 CNY (-1.6%) [3] - **Energy Products**: - Liquefied natural gas (LNG) at 4323.7 CNY, down 1.8 CNY (0.0%) - Gasoline (95 National VI) increased to 8590.4 CNY, up 20.7 CNY (0.2%) [4] - **Coal**: - Anthracite (washed lump) decreased to 835.8 CNY, down 29.6 CNY (-3.4%) - Coking coal (qualified first-grade metallurgical coke) rose to 1221.4 CNY, up 108.3 CNY (9.7%) [4] - **Agricultural Products**: - Live pigs (external three yuan) priced at 14.1 CNY/kg, down 0.3 CNY (-2.1%) - Soybeans (yellow soybeans) at 4421.9 CNY, up 23.3 CNY (0.5%) [4] - **Fertilizers**: - Urea (medium and small particles) decreased to 1811.8 CNY, down 10.6 CNY (-0.6%) - Compound fertilizer (potassium sulfate compound fertilizer) rose to 3177.9 CNY, up 28.5 CNY (0.9%) [4] - **Forest Products**: - Natural rubber (standard rubber SCRWF) increased to 14906.3 CNY, up 548.0 CNY (3.8%) - Pulp (imported needle pulp) at 5869.0 CNY, up 32.4 CNY (0.6%) [4]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - China's economy shows resilience, with GDP maintaining stable growth and consumer market gradually recovering [1]. - The central bank implements a moderately loose monetary policy, and experts expect further interest rate cuts and reserve requirement ratio cuts in the second half of the year [2][17]. - The stock market rebounds strongly, and high - profile institutions maintain an overweight recommendation for A - shares and Hong Kong stocks [34][35]. 3. Summary according to Relevant Catalogs 3.1 Macro Data - GDP growth in Q1 2025 was 5.4% year - on - year, showing stability [1]. - In May 2025, the manufacturing PMI was 49.5%, and the non - manufacturing PMI was 50.3%, with different trends [1]. - Social financing scale, M0, M1, M2, and other indicators showed certain changes in May 2025 [1]. 3.2 Commodity Investment 3.2.1 Comprehensive - Six departments jointly issued a guidance on financial support for consumption, setting up a 500 - billion - yuan re - loan [2]. - The central bank's monetary policy is expected to further loosen, with possible interest rate cuts of up to 30 basis points and reserve requirement ratio cuts of up to 0.5 percentage points [2][17]. - Israel and Iran agreed to a full - scale cease - fire [3]. 3.2.2 Metals - Most London base metals declined, and international precious metals futures generally fell [5]. - As of mid - June, the prices of aluminum ingots and electrolytic copper increased, while zinc ingot prices decreased [5]. 3.2.3 Coal, Coke, Steel, and Minerals - As of mid - June, the prices of coking coal, coke, and rebar all declined [6]. 3.2.4 Energy and Chemicals - CNOOC signed an oil and gas exploration and production contract [7]. - International oil prices dropped significantly due to the easing of the Middle East situation [7][8]. 3.2.5 Agricultural Products - As of mid - June, the prices of soybeans, cotton, and corn all increased [11]. - Brazil's soybean meal exports in June are expected to reach 1.92 million tons [12]. 3.3 Financial News 3.3.1 Open Market - On June 24, the central bank conducted 406.5 billion yuan of 7 - day reverse repurchase operations, with a net investment of 209.2 billion yuan [14]. - On June 25, the central bank will conduct 300 billion yuan of MLF operations, with a net investment of 118 billion yuan [14]. 3.3.2 Key News - Six departments jointly issued a guidance on financial support for consumption, aiming to boost and expand consumption [15]. - The 2025 Summer Davos Forum opened, and experts expect China's economic growth to remain above 5% in the second half of the year [16]. - Credit bond ETFs' total scale exceeded 200 billion yuan, becoming a rapidly growing segment in the ETF market [18]. 3.3.3 Bond Market Summary - China's bond market declined, with yields on major interest - rate bonds rising slightly [23]. - Exchange - traded bonds showed mixed performance, with some bonds rising and some falling [23]. 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar rose, and the RMB central parity rate hit a high since November 2024 [28][29]. - The US dollar index fell, and non - US currencies generally rose [29]. 3.3.5 Research Report Highlights - Some amortized bond funds switched their investment styles from "full - rate" to "full - credit" [30]. - It is recommended to increase the allocation of 3 - 5 - year medium - and high - coupon credit bonds [30]. 3.4 Stock Market - The A - share market rebounded strongly, with the Shanghai Composite Index regaining 3400 points [34]. - The Hong Kong stock market also rose, and the southbound capital had net purchases [35]. - High - profile institutions maintain an overweight recommendation for A - shares and Hong Kong stocks [35].