Core Insights - The ultimate realm of trading is simplicity, as demonstrated by Zhou Chengji over 25 years of experience in the futures market [1] - Zhou emphasizes that the essence of trading lies in merging with the market rather than relying solely on technical skills [4] Trading Career - Zhou began trading in 2001, experiencing a cycle of earning, losing, and working to rebuild capital for 13 years [3] - A turning point occurred in 2014 when he turned a 10,000 yuan investment in silver into 30,000 yuan within a month, leading to a "stair-step profit" strategy [3] - From 2014 to 2019, he focused on short-term trading, and post-2020, he shifted to swing trading, achieving a state of alignment with market movements [3] Core Philosophy - Zhou believes that understanding one's own personality and the market's rhythm is crucial for successful trading [4] - He identifies human emotions, such as greed and fear, as the biggest enemies in trading [4] Trading System - Zhou's trading system is based on wave theory, which he considers a foundational tool rather than a secret technique [5] - He aims to capture the most profitable segments of market waves, using leverage and sound money management to achieve significant profits [5] - For example, he predicted that gold would rise from $3,350 to $4,300 per ounce in 2025, ultimately reaching $4,390 [5] Entry and Risk Management - Zhou advocates for entering trades during pullbacks at support levels, with strict stop-loss measures in place [6] - He employs a multi-account diversification strategy, allocating 20%-30% of capital to each account to mitigate risk [6] Macro and Technical Analysis - Zhou views macroeconomic factors as tools to enhance trading rather than as primary decision-making criteria [7] - He emphasizes trusting technical signals over macro news when they diverge, using macro data as an accelerator only during significant market movements [7] Insights and Mindset - Zhou's ultimate realization is to discard the complexity of indicators and focus on cognitive understanding and market perspective [8] - He encourages traders to reflect on their goals and capacity to manage wealth responsibly [8] - His journey from losing trades to becoming a champion in a global competition illustrates that successful trading relies on long-term skill development and a strong mindset [8]

Core Viewpoint - Zhengzhou Commodity Exchange (ZCE) announced on October 31 that it will revise the "Peanut Kernel Futures Business Rules" to enhance the effectiveness of the futures market in serving the real economy and to promote the functionality of the products [1] Summary by Relevant Sections - **Regulatory Changes**: The revisions include three main changes: 1. Wet peanuts are prohibited from participating in delivery, with specific inspection methods referenced from the "Sensory Inspection Methods for Wet Peanuts" (T/CGTA10-2025) [1] 2. The nature of the standard warehouse receipt will change from general to non-general [1] 3. The delivery process for vehicles (ships) will be improved [1]

Core Viewpoint - The Shanghai Futures Exchange (SHFE) has announced new procedures regarding gold futures warehousing and invoicing, effective from November 2, 2023, in accordance with upcoming tax policies set to be implemented on November 1, 2025 [1] Group 1: Regulatory Changes - The new notification aligns with the Ministry of Finance and the State Administration of Taxation's announcements regarding tax policies related to gold [1] - Existing rules in the SHFE's gold futures business guidelines that conflict with this new notification will no longer be in effect [1] Group 2: Implementation and Future Adjustments - The notification will be implemented immediately upon release, and any unresolved matters regarding gold futures warehousing and invoicing will follow the relevant SHFE business rules [1] - The SHFE will make timely adjustments to its business processes and related requirements in response to any changes in national tax policies [1]

Group 1 - Israeli military conducted a raid in the eastern area of Nablus and Askar refugee camp, using smoke bombs, stun grenades, and tear gas [3] - The Palestinian Islamic Jihad's armed group claimed to have engaged in firefights with the Israeli military, causing casualties to Israeli vehicles and infantry [3] - The death toll in Gaza has risen to 226 since the start of the ceasefire agreement between Hamas and Israel, with over 590 injured [3] Group 2 - OPEC+ members are inclined to slightly increase oil production in December, with discussions indicating a potential increase of approximately 137,000 barrels per day [8][9] - The meeting to finalize this decision is scheduled for Sunday at 5 PM Vienna time [9] Group 3 - Berkshire Hathaway reported a 34% year-on-year increase in operating profit for Q3, with cash reserves reaching a record high of $381.67 billion [11] - Warren Buffett has transferred the responsibility of writing the annual shareholder letter to his successor, Greg Abel, which may impact Berkshire's stock price [12] Group 4 - The A-share market experienced a "rise then fall" trend, with the Shanghai Composite Index briefly surpassing 4000 points before retreating to around 3950 points [14] - Analysts suggest that the market's current trajectory is characterized by a moderate recovery in earnings, with a year-on-year profit increase of 4.5% for listed companies in the Shanghai market [14][15] - The financial sector saw significant profit growth, with the securities industry up 58.9% and the insurance industry up 68.3% year-on-year [15] Group 5 - The market is expected to stabilize around the 4000-point level, with some analysts believing it marks the beginning of a new bull market [16][17] - The inflow of insurance and public funds into the stock market has been increasing, indicating a potential for further growth in A-share valuations [17]

Group 1 - The article outlines key economic indicators and events scheduled for November 2025, including U.S. employment data and manufacturing indices [2][3] - It highlights the release of various economic reports such as the U.S. trade balance for September and the ADP employment report for October [2][3] - The calendar includes significant dates for central bank meetings, including the Reserve Bank of Australia's interest rate decision and the Bank of England's rate announcement [2][3] Group 2 - The article mentions the upcoming release of China's October CPI and PPI, which are critical for assessing inflation trends [2] - It notes the importance of the U.S. non-farm payroll report and unemployment rate for October, which are key indicators of labor market health [2][3] - The article also references the OPEC monthly report and its implications for the oil market, alongside weekly EIA crude oil inventory data [2][3]

Group 1: U.S. Military Actions and Venezuela - U.S. President Trump has not yet decided whether to attack ground targets in Venezuela, despite reports suggesting imminent military action [2] - The Pentagon has increased military deployments in the Caribbean to the largest scale in 30 years, with a target list prepared for potential strikes [2] - Venezuela has been accused by its government of U.S. intentions to instigate regime change through military threats [2] Group 2: Oil Market Reaction - The oil market reacted quickly to the news, with WTI crude oil prices nearing $61.40 per barrel, reflecting a daily increase of over 1.3% [2] - Brent crude oil for January rose above $65.10 per barrel, with a daily increase of 1.2%, although gains later narrowed [2] Group 3: Gold Price Forecast - Morgan Stanley predicts gold prices could rise to $4,500 per ounce by mid-2026, driven by strong demand from ETFs and central banks amid economic uncertainty [3] - Gold has increased over 53% this year, reaching a recent high of $4,381.21 per ounce on October 20, before retreating by over 8% [3] - The report highlights potential downward risks for gold prices, including investor shifts to other asset classes and central banks reducing gold reserves [3] Group 4: Shipping Index Trends - The European shipping index futures experienced a decline of 2.54% after reaching a peak of 1,950 points, influenced by airlines lowering spot rates to attract cargo [4] - The index had been rising since mid-October, supported by improved macro sentiment and expectations of rising spot rates [4][5] - Analysts note that the current trading logic for the shipping index revolves around strong expectations versus weak realities, with supply and demand dynamics creating volatility [6] Group 5: Future Outlook for Shipping - Short-term macroeconomic benefits, capacity adjustments, and multiple price increase expectations are likely to support the shipping index [7] - The market anticipates a potential rise in rates in late November, but the actual improvement in cargo volumes will be crucial for sustaining price increases [7] - Analysts recommend monitoring shipping schedules and airline loading rates to manage risks associated with potential price adjustments [7]

Core Insights - The 20th Central Committee's Fourth Plenary Session has outlined a new blueprint for rural revitalization, emphasizing the acceleration of agricultural modernization and the effective implementation of policies to benefit farmers [1] - The collaboration between government and enterprises is crucial for rural revitalization, with a focus on establishing platforms for discussion and cooperation [2] Group 1: Agricultural Development and Challenges - The agricultural development in Anshun City is highlighted, with local leaders discussing the status of agricultural industries and the challenges faced, such as poor market sales and weak branding [3] - Specific local products like "Duo Bei Tea" and "Huang Niu" are identified as key drivers for agricultural development, but issues like price volatility and market access remain significant obstacles [3] Group 2: Financial Tools and Support - Financial tools, particularly futures contracts, are emphasized as essential for managing price risks in agriculture, with examples provided for various crops [4] - The signing of cooperation agreements between financial institutions and local agricultural departments marks a significant step towards practical support for rural revitalization [4] Group 3: Community Engagement and Education - The importance of community engagement is underscored through visits to local villages, where discussions on brand development and e-commerce channels took place [5] - Educational initiatives are highlighted as vital for breaking the cycle of poverty, with a focus on supporting local children and fostering a culture of learning [6][7] Group 4: Commitment to Long-term Support - The commitment of financial institutions to long-term support for rural areas is evident through the establishment of partnerships and frameworks for ongoing assistance [5][8] - The historical context of community support and the dedication of individuals in the region are recognized as foundational elements for future success in rural revitalization efforts [8][9]

Group 1: Copper Price Trends - In October, copper prices showed a strong overall trend, significantly rising after the National Day holiday due to increased overseas mining disruptions and heightened risk aversion [1] - Following a brief pullback, copper prices entered a phase of high-level fluctuations due to renewed tensions in the external environment [1] Group 2: Inflation Concerns - The Federal Reserve lowered the federal funds rate target range from 4.00%-4.25% to 3.75%-4.00%, marking a 25 basis point cut, which is the second cut of the year [2] - Despite the rate cut, Powell indicated that short-term inflation remains under upward pressure, and there are risks to the job market, leading to mixed expectations regarding further rate cuts in December [2] - The overall macro market has stabilized, but potential negative factors for copper prices remain, influenced by financial attributes and inflation expectations [2] Group 3: Smelter Maintenance - Ongoing maintenance at smelters is expected to impact copper concentrate processing fees and demand, with significant maintenance planned for November affecting both crude and refined copper capacities [3] - The planned maintenance in November will reduce refined copper output by over 130,000 tons, tightening supply further [3] Group 4: End-User Demand Variations - Cable manufacturing companies have been operating below historical levels due to high copper prices, with expectations of stable operations in November [4] - The air conditioning industry typically sees increased production in November, but cautious procurement strategies have limited copper demand [4] - The automotive sector, particularly driven by electric vehicles, is expected to see continued growth in production and sales, boosting demand for copper [4] Group 5: Overall Market Outlook - The copper price is anticipated to maintain a high-level fluctuation trend in November [5]

Group 1: Supply Constraints - The slow recovery of tin production in Myanmar's Wa State and Indonesia's crackdown on illegal tin mining are expected to exacerbate the supply shortage of tin ore [1] - As of October 24, the processing fees for tin concentrate in Yunnan and Jiangxi are at 12,000 CNY/ton and 8,000 CNY/ton respectively, reflecting a tight domestic supply of tin ore [1] Group 2: Consumption Trends - The tin chemical sector accounts for approximately 20% of refined tin consumption, but the real estate market's performance has been weak, limiting the demand for PVC and subsequently refined tin [2] - The tin solder sector represents about 40% of refined tin consumption, with demand expected to rise due to the recovery of the semiconductor industry and strong performance in the automotive market [2] - The photovoltaic industry is also driving demand for tin solder, with China's photovoltaic module output reaching 49.9 GW in September 2025, a year-on-year increase of 1.63% [2] Group 3: Price Outlook - Given the favorable factors in the market, tin prices are expected to break through the 285,000 CNY/ton level in the short term [3]

Group 1: U.S. Tariff Policy - The U.S. Senate voted 51-47 to terminate President Trump's comprehensive tariff policy globally, ending the national emergency declared for this purpose [1] Group 2: Afghanistan and Pakistan Ceasefire Talks - Afghanistan and Pakistan agreed to continue the ceasefire and will hold high-level meetings on November 6 to discuss the implementation of the ceasefire mechanism [3] - The talks were facilitated by Turkey and Qatar, marking a significant step towards reducing tensions between the two nations [3] Group 3: Ukraine's Wartime Status - Ukraine's President Zelensky signed a law extending the wartime status and mobilization order for an additional 90 days, effective from November 5, 2023, to February 3, 2024 [4] Group 4: Polysilicon Market Dynamics - Recent news regarding "stockpiling" has stirred the photovoltaic market, with 17 leading companies forming a consortium to complete this by the end of the year [5][6] - Polysilicon futures showed limited reaction to the news, with the main contract closing at 54,950 yuan/ton, down 0.15% [5] - The market is currently experiencing a supply-demand mismatch, with global polysilicon production expected to increase slightly in October [7] - Despite high supply pressure, there is optimism regarding production cuts in November due to seasonal factors [7][9] - The demand for polysilicon remains weak, but there are expectations for a potential balance between supply and demand in November [9]