1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoint of the Report - The methanol 2601 contract is expected to show a weakening trend in the short - term and a fluctuating trend in the medium - term. It is likely to maintain a weakening trend on Friday, November 8, 2025 [1][5] 3. Summary by Related Content 3.1 Short - term, Medium - term, and Intraday Views - The short - term view of methanol 2601 is weak, the medium - term view is fluctuating, and the intraday view is weak, with an overall reference view of weakening operation. The core logic is that weak supply - demand conditions dominate, leading to a weakening and fluctuating trend [1] 3.2 Price and Driving Logic - After the positive progress in Sino - US economic and trade tariffs, the macro - driving force has weakened, and there has been profit - taking in the market. Currently, domestic methanol production and imports are high, port inventories are high, downstream demand is gradually improving but olefin profit is poor, and weak demand persists. On Thursday night, the domestic methanol futures 2601 contract closed slightly up 0.28% at 2122 yuan/ton but lacked the momentum to continue rising [5]

Group 1: Report's Industry Investment Rating - The short - term rating for the crude oil 2512 contract is weak, the medium - term rating is volatile, and the intraday rating is weak [1]. Group 2: Report's Core View - The crude oil market is dominated by weak supply - demand fundamentals and is expected to run weakly. The 2512 contract of domestic crude oil futures may maintain a weak trend on Friday [1][5]. Group 3: Summary by Related Content Price and Performance - On Thursday night, the 2512 contract of domestic crude oil futures maintained a weak trend, with the futures price closing down 1.32% to 454.4 yuan per barrel [5]. Driving Factors - After the meeting between Chinese and US leaders in Busan, South Korea, the positive macro - sentiment has been digested, and the driving force of macro - factors has weakened, leading to profit - taking in the market. As geopolitical sentiment fades, the crude oil futures market returns to a supply - demand - driven market [5].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - For the TL2512 variety, the short - term view is oscillatory, the medium - term view is oscillatory, the intraday view is weak, and the overall view is oscillatory consolidation. The core logic is that the short - term expectation of interest rate cuts decreases, while the long - term expectation of a loose monetary policy still exists [1]. - For varieties such as 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, due to the strong resilience of macro - economic indicators, there is no strong need for a comprehensive interest rate cut, and the upward momentum of treasury bond futures is limited. In the long term, a relatively loose monetary environment is needed to stabilize the demand side, which strongly supports treasury bond futures. Overall, treasury bond futures will mainly oscillate and consolidate in the short term [5]. Group 3: Summary According to Related Catalogs 1. Variety Viewpoint Reference - Financial Futures Stock Index Sector - The time - cycle definitions are: short - term is within one week, and medium - term is from two weeks to one month. For the TL2512 variety, the short - term is oscillatory, the medium - term is oscillatory, the intraday is weak, and the view is oscillatory consolidation. The core logic is the change in interest rate cut expectations [1]. 2. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties include TL, T, TF, and TS. The intraday view is weak, the medium - term view is oscillatory, and the reference view is oscillatory consolidation. The short - term and long - term driving logics are based on macro - economic indicators and the need for a monetary environment [5].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The short - term view of the stock index futures is range - bound. Although the market sentiment has risen with the stock market's volume - increasing rebound, it is still in a stage of game between the fermentation rhythm of policy - benefit expectations and the profit - taking rhythm of funds. The upward driving force of the stock index is limited in the short term, and there is still a demand for technical consolidation, but the policy - benefit expectations strongly support the stock index, limiting its downward space [5]. 3. Summary by Related Sections 3.1 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 "range - bound". The core logic is the game between the profit - taking willingness of funds and the policy - benefit expectations [1]. 3.2 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 "range - bound". Yesterday, all stock indexes rose comprehensively, and the trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2075.9 billion yuan, an increase of 181.6 billion yuan from the previous day. However, the stock index still has a demand for short - term oscillation and consolidation due to limited upward driving force and technical consolidation needs, while the policy - benefit expectations limit its downward space [5].

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report [1] 2. Report's Core View - The report suggests a volatile trading approach for both coking coal and coke futures. For coking coal, the market is influenced by a mix of factors, resulting in a volatile trend. For coke, after the third round of price increases, it is expected to trade in a high - level volatile range [1][5][6] 3. Summary by Related Catalogs 3.1 Variety View Reference - **Coking Coal (JM2601)**: Short - term view is volatile, medium - term view is volatile, and intraday view is slightly bullish. The overall view is a volatile trading approach due to a balance of long and short factors [1] - **Coke (J2601)**: Short - term view is volatile, medium - term view is volatile, and intraday view is slightly bullish. The overall view is a volatile trading approach as the third round of price increases has been implemented, leading to high - level volatility [1] 3.2 Price and Market Analysis - **Coking Coal**: On the night of November 6, coking coal futures traded in a narrow range with a decrease in open interest. The latest price of Mongolian coking coal at the Ganqimao Port is 1435.0 yuan/ton, a week - on - week increase of 3.24%. The upward drive comes from anti - cut - throat competition and improved Sino - US trade relations. After the macro - level positive factors are realized, the market shows more long - short competition, and the futures are trading near the upper limit of the volatile range [5] - **Coke**: The third round of price increases for coke was fully implemented on November 5. The latest price index of quasi - first - grade wet - quenched coke at Rizhao Port is 1620 yuan/ton, a week - on - week increase of 3.18%, and the ex - warehouse price at Qingdao Port is 1570 yuan/ton, a week - on - week increase of 0.64%. Overall, coke supply is stable, demand is declining, and the fundamentals are weakening. After the previous macro - level positive factors are realized, the market sentiment has cooled, and the futures are trading within the volatile range since the end of July [6]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The steel price of rebar continues to be under pressure and is expected to continue the trend of oscillating to find the bottom, with the cost still providing support, and attention should be paid to the production situation of steel mills [3] 3. Summary by Relevant Catalogs 3.1 Variety Viewpoint Reference - For rebar 2601, the short - term, medium - term, and intraday trends are oscillating, oscillating, and oscillating weakly respectively. It is recommended to pay attention to the pressure at the MA5 line, and the core logic is that the industrial contradictions are unresolved and the steel price is oscillating to find the bottom [2] 3.2 Market Driving Logic - The supply and demand of rebar have both weakened. The output has slightly declined, the inventory reduction is limited, and the supply pressure has not been alleviated. At the same time, the demand has weakened as expected, with high - frequency indicators falling and remaining at a low level in recent years. As the off - season approaches, the demand is likely to weaken, continuing to put pressure on the steel price. Overall, the industrial contradictions are unresolved under the situation of weak supply and demand, and the steel price is under pressure [3]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report suggests that the domestic thermal coal price is stabilizing, and the coastal terminal restocking demand is driving the port thermal coal market to operate strongly. The market is expected to continue to be influenced by the safety inspection situation in the main production areas [5]. 3. Summary by Relevant Catalog 3.1 Price and Market Conditions - The domestic thermal coal price is stabilizing, but the optimistic atmosphere in the coal market has not been reversed. There are still many coal mines raising prices, and traders' purchasing enthusiasm is good [5]. 3.2 Supply Side - Although the import volume of foreign trade coal is stable, more coal mines will stop production after completing their production targets at the end of the month. In addition, the Central Safety Production Inspection and Inspection Team will enter the main production areas in November, leading to market expectations of supply contraction at the end of the year, which supports the coal price to operate strongly [5]. 3.3 Demand Side - Recently, many places in the north have continued to cool down and have entered the winter mode ahead of schedule. The demand in southern coastal cities has declined in the off - season after the cooling in October. However, the coal inventory level of coastal power plants is low, and there is still restocking demand, which will support the coal market atmosphere [5]. 3.4 Inventory - As of October 31, the total coal inventory of 9 ports in the Bohai Rim was 23.169 million tons, a week - on - week decrease of 800,000 tons and 2.729 million tons lower than the same period last year. The potential restocking demand of downstream users supports the port coal price [5].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The short - term and intraday view of Iron Ore 2601 is oscillating weakly, and the medium - term view is oscillating. Attention should be paid to the pressure at the MA5 line. The core logic is that the supply - demand pattern has weakened, and the ore price is under pressure [2]. - The supply - demand pattern of iron ore continues to weaken, with a significant increase in inventory. Under the disturbance of production restrictions, steel mill production weakens, the terminal consumption of ore continues to decline, and the weak demand in the steel market suppresses the ore price. The supply pressure continues to increase, and the ore price is under pressure to run weakly [3]. 3. Summary by Relevant Catalogs 3.1 Variety Viewpoint Reference - For Iron Ore 2601, the short - term view is oscillating weakly, the medium - term view is oscillating, and the intraday view is oscillating weakly. The reference view is to pay attention to the pressure at the MA5 line, and the core logic is the weakening supply - demand pattern and the ore price under pressure [2]. 3.2 Market Driving Logic - The supply - demand pattern of iron ore continues to weaken, with a large inventory build - up. Steel mill production weakens under production restrictions, and ore terminal consumption declines. The weak demand in the steel market restrains the ore price. The arrival of ore at domestic ports has recovered as expected, and the overseas miners' shipments have declined but are still at a high level this year. The supply pressure continues to increase, and the ore price is under pressure [3].

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Report's Core View - The short - term and intraday views of both Shanghai rubber (RU) 2601 and synthetic rubber (BR) 2601 are weak, and the medium - term view is oscillatory, with an overall outlook of weak operation [1][5][7]. 3. Summary by Related Catalogs Shanghai Rubber (RU) - **Price Performance**: On Thursday night, the domestic Shanghai rubber futures 2601 contract maintained an oscillatory and stable trend, with the futures price slightly rising 0.57% to 15,035 yuan/ton, but the continued rise was blocked by the 10 - day moving average [5]. - **Core Logic**: After the meeting between the Chinese and US presidents in Busan, South Korea, the positive progress in economic and trade tariffs was slightly lower than market expectations. As the macro - positive sentiment faded, the driving force of macro factors weakened, and the market saw profit - taking. After the rubber market returned to being dominated by supply - demand fundamentals, the rubber price was under pressure. It is expected that the Shanghai rubber 2601 contract may maintain a weak trend on Friday [5]. Synthetic Rubber (BR) - **Price Performance**: On Thursday night, the domestic synthetic rubber futures 2601 contract showed an oscillatory and stable trend, with the futures price slightly rising 0.34% to 10,230 yuan/ton, but there was resistance to continued rise [7]. - **Core Logic**: Similar to Shanghai rubber, after the meeting between the Chinese and US presidents, the positive progress in economic and trade tariffs was slightly lower than market expectations. As the macro - positive sentiment faded, the market shifted from "expectation - driven" to "reality - dominated", and investors' sentiment became cautious. It is expected that the domestic synthetic rubber futures 2601 contract may maintain a weak trend on Friday [7].

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The stock market had a volume - increasing rebound, indicating a rise in market sentiment. However, the market is still in a stage of game between the fermentation rhythm of policy -利好 expectations and the profit - taking rhythm of funds. The Shanghai Composite Index is near the 4000 - point integer mark, and there is still a need for short - term shock consolidation of stock indices. [3] - In November, the incremental signals on the policy side weakened, and although external risk factors eased, uncertainties still remained, so the upward driving force of stock indices was limited. [3] - With the significant increase in the stock valuation, there is still a need for technical consolidation of stock indices. But the policy -利好 expectations strongly support the stock indices, and the downward space of stock indices is limited. In general, stock indices will mainly fluctuate within a range in the short term. [3] - Currently, the implied volatility of options is at a relatively low historical quantile level. Considering the long - term upward trend of stock indices, the idea of bull spreads or covered calls is maintained. [3] Summaries by Related Catalogs 1 Option Indicators - On November 6, 2025, 50ETF rose 1.27% to 3.190; 300ETF (Shanghai Stock Exchange) rose 1.48% to 4.805; 300ETF (Shenzhen Stock Exchange) rose 1.54% to 4.956; the CSI 300 Index rose 1.43% to 4693.40; the CSI 1000 Index rose 1.17% to 7551.83; 500ETF (Shanghai Stock Exchange) rose 1.65% to 7.451; 500ETF (Shenzhen Stock Exchange) rose 1.67% to 2.979; the GEM ETF rose 1.88% to 3.201; the Shenzhen 100ETF rose 1.82% to 3.590; the SSE 50 Index rose 1.22% to 3044.74; the STAR 50ETF rose 3.36% to 1.51; and the E Fund STAR 50ETF rose 3.39% to 1.46. [5] - The trading volume PCR and position PCR of various options on November 6, 2025, and their changes compared with the previous trading day are provided, including 50ETF options, SSE 300ETF options, SZSE 300ETF options, CSI 300 Index options, CSI 1000 Index options, SSE 500ETF options, SZSE 500ETF options, GEM ETF options, Shenzhen 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options. [6] - The implied volatility of at - the - money options in November 2025 and the 30 - trading - day historical volatility of the underlying assets of various options are given, such as 50ETF options, SSE 300ETF options, SZSE 300ETF options, CSI 300 Index options, CSI 1000 Index options, SSE 500ETF options, SZSE 500ETF options, GEM ETF options, Shenzhen 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options. [7][8] 2 Related Charts - **SSE 50ETF Options**: Include charts of SSE 50ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of various tenors. [9][11][13][17] - **SSE 300ETF Options**: Include charts of SSE 300ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of various tenors. [20][22][24][30] - **SZSE 300ETF Options**: Include charts of SZSE 300ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of various tenors. [33][35][37][41] - **CSI 300 Index Options**: Include charts of CSI 300 index trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of various tenors. [45] - **CSI 1000 Index Options**: Include charts of CSI 1000 index trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of various tenors. [47] - **SSE 500ETF Options**: Include charts of SSE 500ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of various tenors. [61] - **SZSE 500ETF Options**: Include charts of SZSE 500ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of various tenors. [74] - **GEM ETF Options**: Include charts of GEM ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of various tenors. [87] - **Shenzhen 100ETF Options**: Include charts of Shenzhen 100ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of various tenors. [100] - **SSE 50 Index Options**: Include charts of SSE 50 index trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of various tenors. [113] - **STAR 50ETF Options**: Include charts of STAR 50ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of various tenors. [127] - **E Fund STAR 50ETF Options**: Include charts of E Fund STAR 50ETF trends, option volatility, trading volume PCR, position PCR, implied volatility curves, and at - the - money implied volatility of various tenors. [136]