1. Report Industry Investment Rating No relevant content found. 2. Core Viewpoints of the Report - The macro - economic data shows a mixed picture, with some indicators like GDP growth and consumption having positive trends, while others such as exports face challenges. The monetary policy has space but its marginal efficiency is declining, and there is a need to shift the macro - control approach from over - reliance on investment to promoting consumption and benefiting people's livelihoods. The bond market may have opportunities from December this year to early next year, and the stock market shows certain upward momentum [1][2][16][29]. 3. Summary According to Relevant Catalogs 3.1 Macro Data - In September 2025, GDP growth at constant prices was 4.8% year - on - year, down from 5.2% in the previous quarter but up from 4.6% in the same period last year. In October 2025, the manufacturing PMI was 49%, lower than the previous value of 49.8% and the same - period value of 50.1%. The non - manufacturing PMI for business activities was 50.1%, slightly up from 50% in the previous period but down from 50.2% last year. Social financing scale increment in October was 814.9 billion yuan, significantly lower than 3529.6 billion yuan in the previous month but higher than 1412 billion yuan in the same period last year [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - The cumulative social financing scale increment in the first ten months was 30.9 trillion yuan, an increase of 3.83 trillion yuan compared to the same period last year. At the end of October, the year - on - year growth rates of social financing stock and M2 were 8.5% and 8.2% respectively, both down 0.2 percentage points month - on - month. The 10 - month economic data indicates that offline consumption, infrastructure construction, and industrial production are showing positive trends [2]. 3.2.2 Metals - On November 13, international precious metal futures generally fell. Uncertainty about economic data and the Fed's policy stance affected the market. Gold futures had a large inflow of funds, and the trading volume increased significantly. The inventory of some metals changed, with zinc and aluminum inventories increasing, and lead and copper inventories decreasing [4][5]. 3.2.3 Coal, Coke, Steel, and Minerals - In Liaodong, a large - scale gold deposit, the Dadonggou Gold Mine, was discovered, with a proven gold metal content of 1444.49 tons [8]. 3.2.4 Energy and Chemicals - The "Management Measures" aim to rationalize the investment and construction mechanism of oil and gas pipeline infrastructure. On November 13, the price of US crude oil futures rose. The IEA raised the forecast for global crude oil demand growth in 2025, and concerns about supply tightening also supported the price [9]. 3.2.5 Agricultural Products - In October, the US soybean crushing volume reached a record high, while Brazil's coffee exports decreased. China plans to purchase US soybeans, and Indonesia's palm oil exports may decline in 2026 due to the B50 plan [12][13]. 3.3 Financial News Compilation 3.3.1 Open Market - On November 13, the central bank conducted 190 billion yuan of 7 - day reverse repurchase operations, with a net investment of 9.72 billion yuan [15]. 3.3.2 Key News - The social financing scale and M2 growth rates decreased month - on - month. The US government ended its 43 - day shutdown. China's economic fundamentals are solid, with consumption showing a good trend, especially in lower - tier cities. Some companies have bond - related issues, and overseas credit ratings of some companies have changed [16][18][22]. 3.3.3 Bond Market Summary - The Chinese bond market weakened, with most bond yields rising slightly. The yields of US and European bonds also increased. Some institutions issued bonds, and their yields and subscription multiples are provided [23][27]. 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar rose, and the US dollar index fell. Non - US currencies mostly rose [28]. 3.3.5 Research Report Highlights - Different research institutions have different views on the bond market. CICC believes that the social financing scale may continue to decline, and bond allocation is favorable for interest rate decline. Yangtze River believes that the probability of a comprehensive reserve requirement ratio cut is low, and the interest rate cut window may open from the fourth quarter of this year to the first quarter of next year. Xingzheng suggests a defensive strategy for US bonds [29]. 3.4 Stock Market Key News - The China Securities Regulatory Commission's chairman exchanged views on capital market cooperation with French and Brazilian regulatory authorities. A - shares and the Hong Kong stock market rose, with different sectors performing differently [32][33].

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report The report presents the daily arbitrage data of various futures varieties on November 14, 2025, including basis, inter - period spreads, and inter - commodity spreads of power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. 3. Summary by Category 3.1 Power Coal - **Basis and Inter - period Spreads**: The report shows the basis and inter - period spreads (5 - month - 1 - month, 9 - month - 1 - month, 9 - month - 5 - month) of power coal from November 7 to November 13, 2025. For example, on November 13, the basis was 32.6 yuan/ton [2]. 3.2 Energy Chemicals - **Energy Commodities**: It provides the basis and price ratios of energy commodities such as fuel oil, crude oil, and asphalt from November 7 to November 13, 2025. For instance, on November 13, the basis of fuel oil was - 22.60 yuan/ton [7]. - **Chemical Commodities**: - **Basis**: The basis of rubber, methanol, PTA, LLDPE, V, and PP from November 7 to November 13, 2025 is given. On November 13, the basis of rubber was - 590 yuan/ton [9]. - **Inter - period Spreads**: The inter - period spreads (5 - month - 1 - month, 9 - month - 1 - month, 9 - month - 5 - month) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are presented. For example, the 5 - month - 1 - month spread of rubber was 100 yuan/ton [10]. - **Inter - commodity Spreads**: The inter - commodity spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol from November 7 to November 13, 2025 are shown. On November 13, the LLDPE - PVC spread was 2216 yuan/ton [10]. 3.3 Black Metals - **Basis**: The basis of螺纹钢, iron ore, coke, and coking coal from November 7 to November 13, 2025 is provided. On November 13, the basis of螺纹钢 was 174.0 yuan/ton [21]. - **Inter - period Spreads**: The inter - period spreads (5 - month - 1 - month, 9 - month(10) - 1 - month, 9 - month(10) - 5 - month) of螺纹钢, iron ore, coke, and coking coal are given. For example, the 5 - month - 1 - month spread of螺纹钢 was 57 yuan/ton [20]. - **Inter - commodity Spreads**: The inter - commodity spreads of螺/矿, 螺/焦炭, 焦炭/焦煤, and 螺 - 热卷 from November 7 to November 13, 2025 are presented. On November 13, the 螺/矿 ratio was 3.95 [20]. 3.4 Non - ferrous Metals - **Domestic Market**: The domestic basis of copper, aluminum, zinc, lead, nickel, and tin from November 7 to November 13, 2025 is shown. On November 13, the basis of copper was - 290 yuan/ton [30]. - **London Market**: Information on LME colored metals including LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss on November 13, 2025 is provided. For example, the LME spread of copper was (5.96) [35]. 3.5 Agricultural Products - **Basis**: The basis of soybeans, soybeans No. 2, soybean meal, soybean oil, and corn from November 7 to November 13, 2025 is given. On November 13, the basis of soybeans was - 109 yuan/ton [42]. - **Inter - period Spreads**: The inter - period spreads (5 - month - 1 - month, 9 - month - 1 - month, 9 - month - 5 - month) of soybeans, soybeans No. 2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are presented [42]. - **Inter - commodity Spreads**: The inter - commodity spreads of 豆一/玉米, 豆二/玉米, 豆油/豆粕, 豆粕 - 菜粕, 豆油 - 棕榈油, 菜油 - 豆油, and 玉米 - 玉米淀粉 from November 7 to November 13, 2025 are shown. On November 13, the 豆一/玉米 ratio was 1.89 [41]. 3.6 Stock Index Futures - **Basis**: The basis of CSI 300, SSE 50, CSI 500, and CSI 1000 from November 7 to November 13, 2025 is provided. On November 13, the basis of CSI 300 was 25.07 [53]. - **Inter - period Spreads**: The inter - period spreads (next - month - current - month, next - quarter - current - quarter) of CSI 300, SSE 50, CSI 500, and CSI 1000 are given. For example, the next - month - current - month spread of CSI 300 was - 158 [53].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - **Coke**: On November 13, the main coke contract closed at 1,686 yuan/ton, with an intraday decline of 0.30%. The position of the main contract was 37,800 lots, a decrease of 164 lots from the previous trading day. In the spot market, the latest quoted price of the flat - price index of quasi - first - grade wet - quenched coke at Rizhao Port was 1,620 yuan/ton, unchanged from the previous week; the ex - warehouse price of quasi - first - grade wet - quenched coke at Qingdao Port was 1,540 yuan/ton, a week - on - week decrease of 1.91%. This week, the industrial game intensified, and the fourth round of spot price increase for coke was blocked. Overall, there are still differences on the raw material supply side of coke. Coking coal has seen a correction at the upper edge of the oscillation range, dragging down the coke futures trend. The subsequent focus is on the actual supply of coking coal at the end of the year [6][33]. - **Coking Coal**: On November 13, the main coking coal contract closed at 1,214 points, with an intraday decline of 0.29%. The position of the main contract was 592,100 lots, a decrease of 991 lots from the previous trading day. In the spot market, the latest quoted price of Mongolian coal at the Ganqimaodu Port was 1,385 yuan/ton, a week - on - week decrease of 3.5%. As macro - disturbances ease, coking coal has returned to the fundamental game. Currently, the market still has differences on the end - of - year coking coal supply. On the one hand, safety inspections, anti - involution, and the expectation of production cuts after coal mines reach their annual production targets provide supply - side support for coal prices. On the other hand, the energy supply guarantee during the heating season has raised market concerns. Overall, the market is in a stalemate between bulls and bears. The main coking coal contract has seen a correction at the upper edge of the previous oscillation range, and the subsequent focus remains on the actual supply of coking coal [7][34]. 3. Summary by Directory Industry News - **US Government "Shutdown" Ended**: On November 12, local time, US President Trump signed a federal government temporary appropriation bill, ending the 43 - day federal government "shutdown". The bill will provide continuous funding for the federal government, allowing most government agencies to obtain operating funds until January 30, 2026 [8]. - **Stable Price of Coking Coal in Jinzhong Market**: On November 13, the price of coking coal in the Jinzhong market remained stable. The ex - factory price of coking coal for quasi - first - grade wet - quenched coke in Jiexiu (A≤9.5, S≤0.75, V≤28, G≥65, CSR≥60, MT≤8) was 1,220 yuan/ton, including cash and tax [9]. Spot Market | Variety | Current Value | Weekly Change | Monthly Change | Annual Change | Year - on - Year Change | | --- | --- | --- | --- | --- | --- | | Rizhao Port Quasi - first - grade Coke (Flat - price) | 1,620 yuan/ton | 0.00% | +3.18% | - 4.14% | - 11.96% | | Qingdao Port Quasi - first - grade Coke (Ex - warehouse) | 1,540 yuan/ton | - 1.91% | - 0.65% | - 4.94% | - 10.47% | | Ganqimaodu Port Mongolian Coking Coal | 1,385 yuan/ton | - 3.48% | - 0.36% | +17.37% | - 2.46% | | Jingtang Port Australian - produced Coking Coal | 1,620 yuan/ton | - 2.99% | - 2.41% | +8.72% | - 2.99% | | Jingtang Port Shanxi - produced Coking Coal | 1,830 yuan/ton | +1.67% | +5.17% | +19.61% | +7.65% | [10] Futures Market | Futures | Active Contract | Closing Price | Change Rate | Highest Price | Lowest Price | Trading Volume | Volume Difference | Position | Position Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Coke | | 1,686.0 yuan/ton | - 0.30% | 1,698.0 yuan/ton | 1,674.0 yuan/ton | 13,768 | - 312 | 37,775 | - 164 | | Coking Coal | | 1,214.0 yuan/ton | - 0.29% | 1,224.5 yuan/ton | 1,202.0 yuan/ton | 572,483 | 20,703 | 592,106 | - 991 | [13] Relevant Charts - **Coke Inventory**: Charts show the inventory trends of 230 independent coking plants, 247 steel - mill coking plants, port coke, and total coke inventory from 2020 - 2025 [14][15][16]. - **Coking Coal Inventory**: Charts display the inventory trends of mine - mouth coking coal, port coking coal, 247 sample steel - mill coking coal, and all - sample independent coking plant coking coal from 2019 - 2025 [19][22][24]. - **Other Charts**: Include domestic steel - mill production (blast furnace operating rate and steel - mill profitability), Shanghai terminal wire and screw procurement volume, coal - washing plant production (coal - washing plant clean coal inventory and operating rate), and coking plant operation (ton - coke profit and coke oven capacity utilization rate) [26][27][32]. Market Outlook The analysis and outlook for coke and coking coal are consistent with the core views, emphasizing the importance of the actual supply of coking coal at the end of the year [33][34].

Report Industry Investment Rating No information provided on the report industry investment rating. Core Views - The main contract price of rebar fluctuated at a low level, with a daily increase of 0.23%, and the volume increased while the position decreased. The supply of rebar has shrunk to a low level, but the demand has also weakened. The fundamentals have not improved under the situation of weak supply and demand, and the steel price continues to be under pressure. However, the low valuation and cost support are expected to continue the trend of oscillating to find the bottom, and attention should be paid to the demand changes [5]. - The main contract price of hot-rolled coils fluctuated, with a daily decline of 0.12%, and the volume and position decreased. At present, both the supply and demand sides of hot-rolled coils have weakened, and the industrial contradictions have been alleviated limitedly. The coil price continues to be under pressure, and the relative benefit is that the cost still has support. The subsequent trend will continue the low-level oscillating operation, and attention should be paid to the steel mill production situation [5]. - The main contract price of iron ore fluctuated, with a daily increase of 0.26%, and the volume and position decreased. At present, the departure of arbitrage funds has driven the low-level recovery of the ore price, but the demand for ore has weakened, while the supply remains at a high level. The fundamentals of the ore market have not improved, and the ore price is still prone to weaken under pressure under the guidance of the real logic. Attention should be paid to the performance of steel products [5]. Summary by Directory Industry Dynamics - In the first ten months, RMB loans increased by 14.97 trillion yuan, and M2 increased by 8.2% year-on-year. By the end of October 2025, the stock of social financing scale was 437.72 trillion yuan, a year-on-year increase of 8.5%. Among them, the balance of RMB loans issued to the real economy was 267.01 trillion yuan, a year-on-year increase of 6.3%, etc. [7]. - State-owned shipbuilding enterprises have received more than 30 orders. Dalian Shipbuilding, in cooperation with CSSC Trading, has signed orders for 2 + 2 7100TEU container ships with Vietnam's Hai An Green Shipping Company, etc. [8]. - India's largest iron ore producer, NMDC, announced its performance for the third quarter of 2025. Although the iron ore sector declined quarter-on-quarter due to the monsoon season, it maintained steady year-on-year growth. In the third quarter, the iron ore production was 10.21 million tons, a quarter-on-quarter decrease of 14% and a year-on-year increase of 23%; the sales volume was 10.72 million tons, a quarter-on-quarter decrease of 7% and a year-on-year increase of 10% [9]. Spot Market - The spot prices of rebar in Shanghai, Tianjin, and the national average are 3,170, 3,210, and 3,237 respectively; the spot prices of hot-rolled coils in Shanghai, Tianjin, and the national average are 3,270, 3,200, and 3,307 respectively, etc. [10]. Futures Market - The closing price of the rebar futures contract was 3,046, with a rise of 0.23%, the trading volume was 885,545, and the open interest was 1,857,343; the closing price of the hot-rolled coil futures contract was 3,254, with a decline of -0.12%, the trading volume was 332,809, and the open interest was 1,302,507; the closing price of the iron ore futures contract was 772.5, with a rise of 0.26%, the trading volume was 215,756, and the open interest was 494,127 [12]. Related Charts - The report provides charts on steel inventory (including rebar and hot-rolled coil inventory), iron ore inventory (including port inventory, seasonal inventory, etc.), and steel mill production (including blast furnace operating rate, electric furnace operating rate, etc.) [14][19][27]. 后市研判 - Rebar: The supply and demand continue to weaken. The weekly output of rebar decreased by 85,400 tons month-on-month, and the supply has shrunk to a low level, but the demand has also weakened. The fundamentals have not improved, and the steel price continues to be under pressure. It is expected to continue the trend of oscillating to find the bottom, and attention should be paid to the demand changes [36]. - Hot-rolled coils: The supply and demand pattern has changed little. The weekly output of hot-rolled coils decreased by 45,000 tons month-on-month, and the supply has shrunk but is still at a relatively high level. The demand has also weakened, and the coil price continues to be under pressure. It is expected to continue the low-level oscillating operation, and attention should be paid to the steel mill production situation [36]. - Iron ore: The supply and demand pattern remains weak, and the inventory has increased significantly. The demand for ore has continued to decline, and the supply remains at a high level. The ore price is still prone to weaken under pressure, and attention should be paid to the performance of steel products [37].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The price of lithium carbonate has shown a slight increase. The high production volume has met even higher demand, resulting in a stage - shortage pattern. The futures and spot prices of lithium carbonate have both risen in the past 10 trading days, while the basis has weakened, and the registered warehouse receipts have remained generally stable [4]. 3. Summary by Related Catalogs 3.1 Summary of the Abstract - **Futures Market**: The closing price of the main contract LC2601.GFE was 87,840 yuan/ton, up 1,260 yuan/ton (+1.46%) from the previous day, showing an upward trend in the past 10 trading days [4]. - **Spot Market**: The spot price of lithium carbonate was 84,370 yuan/ton, up 1.26% from the previous day, also showing an upward trend in the past 10 trading days [4]. - **Basis Analysis**: The current basis was - 3,990 points, a negative basis (spot discount), 670 points weaker than the previous day, and the basis has generally weakened in the past 10 trading days [4]. - **Warehouse Receipt Situation**: The registered warehouse receipts of lithium carbonate were 27,508 lots, a decrease of 779 lots (-2.75%) from the previous day, and the warehouse receipts have been generally stable in the past 10 trading days [4]. - **Supply - Demand Relationship**: High production has met even higher demand, resulting in a stage - shortage pattern [4]. 3.2 Summary of Industrial Dynamics - **Futures**: The closing price of the main contract was 87,840 yuan/ton, up 1,260 yuan from the previous day and 7,340 yuan from the previous week; the settlement price was 88,360 yuan/ton, up 1,720 yuan from the previous day and 8,640 yuan from the previous week [6]. - **Lithium Concentrate**: The price of Australian CIF6 Chinese lithium spodumene concentrate was 1,040 - 1,080 US dollars/ton, up 60 - 50 US dollars from the previous day and 140 - 130 US dollars from the previous week; the price of Brazilian CIF6 Chinese lithium spodumene concentrate was 1,020 - 1,060 US dollars/ton, up 80 - 60 US dollars from the previous day and 160 - 140 US dollars from the previous week; etc. [6]. - **Lithium Mica**: The prices of various grades of lithium mica in the Chinese market remained unchanged compared with the previous day and the previous week [6]. - **Lithium Carbonate and Lithium Hydroxide**: The price of domestic 99.5% electric lithium carbonate was 84,370 yuan/ton, up 1,050 yuan from the previous day and 4,030 yuan from the previous week; the price of domestic 56.5% lithium hydroxide was 76,200 yuan/ton, up 160 yuan from the previous day and 580 yuan from the previous week [6]. - **Ternary Materials and Related Products**: The prices of most ternary precursors and ternary materials remained unchanged compared with the previous day and the previous week [6]. 3.3 Summary of Related Charts - **Ore and Lithium Price Charts**: Include lithium mica price change chart, lithium carbonate futures main price chart, lithium carbonate and lithium hydroxide price charts, lithium carbonate basis chart, and lithium hydroxide - lithium carbonate price difference chart [8]. - **Cathode & Ternary Material Charts**: Include manganese - acid lithium price chart, iron - phosphate lithium price chart, cobalt - acid lithium price chart, ternary precursor price chart, and ternary material price chart [11]. - **Other Related Data Charts of Lithium Carbonate Futures**: Include the main contract trading volume change chart, main contract holding volume change chart, and registered warehouse receipt volume chart of lithium carbonate [14].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - **沪铜**: Today, Shanghai copper first declined and then rose, recovering the overnight high at the end of the session, with an increase in open interest. At the macro - level, the market warmed up, and precious metals and non - ferrous metals strengthened collectively. At the industrial level, as copper prices rose, downstream wait - and - see sentiment resurfaced. Sustainable attention can be paid to the pressure at the 88,000 yuan mark [7]. - **沪铝**: Today, Shanghai aluminum maintained a strong upward trend, with continuous increase in open interest. The main contract price of Shanghai aluminum stood above the 22,000 yuan mark, breaking through the high in May 2024. At the macro - level, the market may be trading on demand recovery or inflation expectations, and non - ferrous metals and precious metals generally rose. At the industrial level, the spot discounts of both Shanghai aluminum and LME aluminum continued to decline, indicating that although inventories are currently low, spot goods are not in short supply. In the short term, aluminum prices broke through the 2024 high, showing strong upward momentum [8]. - **沪镍**: Today, Shanghai nickel fluctuated, with little change in open interest. Recently, while the non - ferrous sector was running strongly, nickel prices weakened against the trend, largely reflecting the weakness of the fundamentals. At the industrial level, as nickel prices weakened, the spot premium strengthened, providing some support for the futures price. Technically, attention can be paid to the long - short game at the 119,000 yuan mark [9]. 3. Industry Dynamics - **Copper**: On November 13th, Mysteel's electrolytic copper social inventory was 198,000 tons, a decrease of 300 tons from Monday. SMM reported that the weekly operating rate of the enameled wire industry's machines rebounded 0.87 percentage points to 77.2%. Benefiting from the decline of copper prices to around 85,000 yuan/ton last week, the increase in new orders drove up the operating rate [11]. - **Aluminum**: On November 13th, Mysteel's electrolytic aluminum social inventory was 614,000 tons, a decrease of 2,000 tons from Monday [11]. - **Nickel**: On November 13th, the mainstream reference contract for refined nickel in the Shanghai market was the SHFE nickel 2512 contract. The mainstream premium of Jinchuan electrolytic nickel was +3,800 yuan/ton, with a price of 122,620 yuan/ton; the mainstream premium of Russian nickel was +650 yuan/ton, with a price of 119,470 yuan/ton; the mainstream premium of Norwegian nickel was +2,450 yuan/ton, with a price of 121,270 yuan/ton; the mainstream premium of nickel beans was +2,350 yuan/ton, with a price of 121,170 yuan/ton [12]. 4. Related Charts - **Copper**: The report includes charts such as domestic visible inventory of electrolytic copper (social inventory + bonded area inventory), LME copper cancelled warrant ratio, overseas copper exchange inventory, and SHFE warrant inventory [13][14][15]. - **Aluminum**: The related charts involve aluminum basis, electrolytic aluminum domestic social inventory, SHFE - LME ratio, aluminum monthly spread, electrolytic aluminum overseas exchange inventory (LME + COMEX), and aluminum rod inventory [24][26][28]. - **Nickel**: The charts cover nickel basis, LME nickel inventory and cancelled warrant ratio, LME nickel trend, SHFE inventory, and nickel ore port inventory [36][37][39].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The methanol 2601 contract is expected to run weakly, with a short - term weak trend, a medium - term oscillating trend, and a weak intraday trend. The weak supply - demand situation dominates, and the contract will oscillate weakly. Although the domestic methanol futures 2601 contract showed an oscillating and stable trend on Wednesday night, with the price slightly rising 0.24% to 2107 yuan/ton, it is expected to maintain a weak trend on Thursday [1][5]. 3. Summary by Related Catalog 3.1 Price Trend and View - The short - term view of methanol 2601 is weak, the medium - term view is oscillating, and the intraday view is weak, with a reference view of weak operation [1]. - The domestic methanol futures 2601 contract was oscillating and stable on Wednesday night, with the price slightly rising 0.24% to 2107 yuan/ton, and is expected to be weak on Thursday [5]. 3.2 Core Logic - The US Senate has reached an agreement to end the federal government "shutdown", and market optimism has recovered, boosting investors' risk appetite. However, the domestic methanol operating rate and weekly output remain at a relatively high level, the external import pressure continues to increase, and the methanol inventories at ports in East and South China are high, resulting in a weak supply - demand situation [5].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The short - term and medium - term views of soybean meal, soybean oil, and palm oil futures are all "oscillating", while the intraday and reference views are all "oscillating strongly". The futures prices of these three varieties are expected to run strongly in the short - term [5][7] 3. Summary by Variety Soybean Meal (M) - **Price Trend**: Short - term and medium - term views are "oscillating", intraday and reference views are "oscillating strongly" [5] - **Core Logic**: Analysts expect a slight decrease in US soybean yield but a slight increase in ending stocks, reflecting weak demand. Brazilian weather disturbances and delayed South American sowing support US soybean prices. In China, the supply - demand situation is weak, with high soybean arrivals, low oil mill operating rates, and high - level inventories. Feed mills are cautious in purchasing [5] - **Key Concerns**: Deviations between USDA report data and expectations, the impact of South American weather on sowing, and the pace of domestic soybean meal inventory reduction [6] Soybean Oil (2601) - **Price Trend**: Short - term and medium - term views are "oscillating", intraday and reference views are "oscillating strongly" [5] - **Core Logic**: Influenced by Sino - US relations, US biofuel policies, US soybean oil inventories, domestic soybean cost support, supply rhythm, and oil mill inventories [5] Palm Oil (2601) - **Price Trend**: Short - term and medium - term views are "oscillating", intraday and reference views are "oscillating strongly" [5] - **Core Logic**: Affected by biodiesel attributes, Malaysian palm production and exports, Indonesian exports, main - producing country tariff policies, domestic arrivals and inventories, and substitution demand. After the bearish factors of the Malaysian palm report are realized, the upward pressure on palm oil futures prices is reduced [5][7]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - For the TL2512 variety, it is expected to experience short - term and medium - term oscillations, with a weakening trend in the intraday period, and overall it will be in an oscillatory consolidation state. The short - term expectation of interest rate cuts has declined, while the long - term expectation of monetary policy easing still exists [1]. - For financial futures in the bond index sector including TL, T, TF, and TS, the intraday view is weak, the medium - term view is oscillatory, and the reference view is oscillatory consolidation. In the short term, the macro - economic data remains resilient, and the urgency for a comprehensive interest rate cut is not strong, so the upward momentum of bond futures weakens. The central bank's third - quarter monetary policy report indicates a low possibility of short - term monetary expansion, focusing on implementing previous policies. In the long run, due to the problem of insufficient effective domestic demand, the monetary policy is expected to be loose, providing strong support for bond futures. Overall, bond futures will mainly be in an oscillatory consolidation state in the short term [5]. 3. Summary by Related Catalogs 3.1 Variety View Reference - Financial Futures Index Sector - For the TL2512 variety, the short - term trend is oscillatory, the medium - term trend is oscillatory, the intraday trend is weak, and the overall view is oscillatory consolidation. The core logic is that the short - term expectation of interest rate cuts has declined, while the long - term expectation of monetary policy easing still exists [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Index Sector - For varieties TL, T, TF, and TS, the intraday view is weak, the medium - term view is oscillatory, and the reference view is oscillatory consolidation. The core logic is that bond futures continued to have a narrow - range oscillatory consolidation yesterday. In the short term, the macro - economic data is resilient, reducing the urgency for a comprehensive interest rate cut and weakening the upward momentum of bond futures. The central bank's third - quarter monetary policy report shows a low possibility of short - term monetary expansion, focusing on implementing previous policies. In the long run, due to insufficient effective domestic demand, the monetary policy is expected to be loose, providing strong support for bond futures. Overall, bond futures will mainly oscillate and consolidate in the short term [5].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Report's Core View - The short - term view of the stock index is interval oscillation, with the short - term policy benefit expectation fermentation rhythm and capital profit - taking rhythm in a game. The medium - and long - term view is strong, supported by policy benefit expectations and the trend of capital inflow into the stock market, especially considering the "15th Five - Year Plan" starting next year. However, in the short term, there is a need for technical consolidation as the profit - taking intention of funds rises with the increase in stock valuations [1][5] Group 3: Summary by Related Catalogs Variety View Reference - Financial Futures Stock Index Sector - For IH2512, the short - term view is oscillation, the medium - term view is strong, the intraday view is bullish, and the reference view is interval oscillation. The core logic is the game between the capital profit - taking intention and policy benefit expectations [1] Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - For IF, IH, IC, and IM, the intraday view is bullish, the medium - term view is strong, and the reference view is interval oscillation. Yesterday, each stock index oscillated and consolidated. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1964.8 billion yuan, a decrease of 49.1 billion yuan from the previous day. In the short term, the game between policy benefit expectations and capital profit - taking leads to the oscillation of the stock index. In the medium and long term, policy benefit expectations and capital inflow support the stock index, but in the short term, there is a need for technical consolidation [5]