Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - On November 6, 2025, the coke main contract closed at 1,776.5 yuan/ton, up 2.07% intraday. The position of the main contract was 38,200 lots, with a difference of -248 lots from the previous trading day. The coke supply stabilized while the demand declined, and the fundamentals weakened marginally. After the previous macro - positive factors were realized, the market sentiment cooled down, and the coke futures adjusted at a high level, running within the oscillation range since the end of July [6][34]. - On November 6, 2025, the coking coal main contract closed at 1,290.5 points, up 2.38% intraday. The position of the main contract was 674,603 lots, with a difference of +30,130 lots from the previous trading day. Recently, the supply - demand pattern of coking coal had no obvious change, and the upward driving force mainly came from the emotional support brought by anti - involution and the easing of Sino - US trade relations. As the macro - positive factors were realized, the long - short game in the market intensified, and the coking coal futures ran near the upper edge of the oscillation range. The subsequent focus was on the actual impact of safety supervision and anti - involution on coking coal supply [6][34]. Group 3: Summary According to Related Catalogs 1. Industry News - In October 2025, the bond financing of the real estate industry was 51.24 billion yuan, a year - on - year increase of 76.9%. Affected by the low base in the same period of the previous year, the total bond financing of real estate enterprises in October increased significantly, with only 28.97 billion yuan in the same period of the previous year [8]. - On November 6, the online auction price of coking coal in the Lvliang Xiaoyi market increased slightly. The starting price of high - sulfur main coking coal in Xiaoyi was 1,220 yuan/ton, with 25,000 tons listed and all sold. The average transaction price was 1,366 yuan/ton, up 1 yuan/ton compared with November 3 [9]. 2. Spot Market - For coke, the current price of Rizhao Port's quasi - first - class flat - closing coke was 1,620 yuan/ton, with a weekly increase of 3.18%, a monthly increase of 3.18%, an annual decrease of 4.14%, and a year - on - year decrease of 14.29%. The current price of Qingdao Port's quasi - first - class outbound coke was 1,570 yuan/ton, with a weekly increase of 0.64%, a monthly increase of 1.29%, an annual decrease of 3.09%, and a year - on - year decrease of 10.80% [10]. - For coking coal, the current price of Mongolian coking coal at the Ganqimaodu Port was 1,435 yuan/ton, with a weekly increase of 3.24%, a monthly increase of 3.24%, an annual increase of 21.61%, and a year - on - year decrease of 1.03%. The current price of Australian - produced coking coal at Jingtang Port was 1,670 yuan/ton, with a weekly increase of 0.60%, a monthly increase of 0.60%, an annual increase of 12.08%, and a year - on - year decrease of 1.18%. The current price of Shanxi - produced coking coal at Jingtang Port was 1,800 yuan/ton, with a weekly increase of 3.45%, a monthly increase of 3.45%, an annual increase of 17.65%, and a year - on - year increase of 2.27% [10]. 3. Futures Market - The closing price of the coke active contract was 1,776.5 yuan/ton, up 2.07%, with a maximum price of 1,785.0 yuan/ton, a minimum price of 1,746.5 yuan/ton, a trading volume of 18,410 lots, a volume difference of -697 lots, a position of 38,200 lots, and a position difference of -248 lots [13]. - The closing price of the coking coal active contract was 1,290.5 points, up 2.38%, with a maximum price of 1,294.5 points, a minimum price of 1,265.0 points, a trading volume of 915,849 lots, a volume difference of 107,901 lots, a position of 674,603 lots, and a position difference of 30,130 lots [13]. 4. Related Charts - The report presented various charts related to coke and coking coal inventories, including those of 230 independent coking plants, 247 steel - mill coking plants, ports, and total inventories, as well as other charts such as domestic steel - mill production, Shanghai terminal wire - rod procurement, and coking - plant and coal - washing - plant operation conditions [14][27][32] 5. Future Outlook - The analysis of coke and coking coal futures was consistent with the core views, emphasizing the current price, position changes, and the impact of supply - demand and macro - factors on the market, and suggesting to focus on the impact of safety supervision and anti - involution on coking coal supply [34]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - **Copper**: Today, Shanghai copper (SHFE Copper) oscillated upward, with the main contract price breaking through the 86,000 RMB mark, and the trading volume remained stable. The domestic macro - environment improved, leading to an upward trend in the non - ferrous sector and the stock index. The social inventory of electrolytic copper was 202,600 tons, a decrease of 3,400 tons from Monday. Technically, attention should be paid to the support at the 86,000 RMB mark [5]. - **Aluminum**: Shanghai aluminum (SHFE Aluminum) increased in volume and price, breaking through Monday's high. The domestic macro - environment improved, leading to an upward trend in the non - ferrous sector and the stock index. The strong performance of aluminum prices was partly due to the "anti - involution" expectation. At the industrial level, the inventory of downstream aluminum rods and mid - stream electrolytic aluminum decreased. Technically, attention should be paid to the support of the 5 - day moving average [6]. - **Nickel**: Shanghai nickel (SHFE Nickel) oscillated and rebounded, with the main contract price approaching the 120,000 RMB mark at the end of the session. The domestic macro - environment improved, leading to an upward trend in the non - ferrous sector and the stock index. The rebound of SHFE Nickel was weak due to significant industrial pressure. Technically, continuous attention should be paid to the long - short game at the 120,000 RMB mark [7]. 3. Industry Dynamics - **Copper**: On November 6th, the social inventory of electrolytic copper was 202,600 tons, a decrease of 3,400 tons from Monday [9]. - **Nickel**: On November 6th, the price of SMM1 electrolytic nickel was in the range of 118,900 - 122,100 RMB/ton, with an average price of 120,500 RMB/ton, a decrease of 450 RMB/ton from the previous trading day. The mainstream spot premium of Jinchuan 1 electrolytic nickel was in the range of 2,700 - 3,000 RMB/ton, with an average premium of 2,850 RMB/ton, an increase of 50 RMB/ton from the previous trading day. The spot premium of domestic mainstream brand electrowon nickel was in the range of - 150 - 300 RMB/ton [10]. 4. Related Charts - **Copper**: The report includes charts of copper basis, electrolytic copper domestic visible inventory (social inventory + bonded area inventory), LME copper cancelled warrant ratio, overseas copper exchange inventory, and SHFE warrant inventory [11][12][13]. - **Aluminum**: The report includes charts of aluminum basis, aluminum monthly spread, electrolytic aluminum domestic social inventory, electrolytic aluminum overseas exchange inventory (LME + COMEX), alumina inventory, and aluminum rod inventory [24][30][26]. - **Nickel**: The report includes charts of nickel basis, LME nickel cancelled warrant ratio, LME nickel trend, SHFE inventory, and nickel ore port inventory [37][39][40].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The main contract price of rebar fluctuated and stabilized, with a daily increase of 0.40%. Currently, rebar supply has declined, but demand has also decreased. In the situation of weak supply and demand, industrial contradictions remain unresolved, inventory reduction is limited, and steel prices continue to be under pressure. The relative positive factor is cost support. It is expected that the subsequent trend will continue to fluctuate and find the bottom. Pay attention to the production situation of steel mills [5]. - The main contract price of hot - rolled coil fluctuated, with a daily increase of 0.22%. Currently, the supply of hot - rolled coil has declined from a high level, but demand is also poor. In the situation of weak supply and demand, industrial contradictions continue to accumulate, and hot - rolled coil prices continue to be under pressure. Given the cost support, the subsequent trend will show a pattern of fluctuating and finding the bottom, and the trend will be weaker than that of building materials. Breaking the deadlock depends on steel mills increasing production cuts [5]. - The main contract price of iron ore fluctuated and stabilized, with a daily increase of 0.65%. Currently, iron ore supply remains high, while demand continues to decline. In the situation of increasing supply and weak demand, industrial contradictions in the ore industry lead to accelerated inventory accumulation, and ore prices continue to be under pressure. The relative positive factor is the short - term market recovery. The subsequent trend will continue to be weakly fluctuating. Pay attention to the performance of steel products [5]. 3. Summary by Relevant Catalogs 3.1 Industry Dynamics - In October 2025, the average monthly working hours of major construction machinery products in China was 80.9 hours, a year - on - year decrease of 9.03% and a month - on - month increase of 3.62%. The monthly average working hours of excavators was 68.6 hours. The monthly start - up rate of major construction machinery products was 55%, a year - on - year decrease of 10.1 percentage points and a month - on - month decrease of 0.16 percentage points. The start - up rate of excavators was 55.1% [7]. - In October 2025, the total bond financing of the real estate industry was 51.24 billion yuan, a year - on - year increase of 76.9%. Affected by the low base in the same period last year, the total bond financing of real estate enterprises increased significantly. From the perspective of financing structure, the credit bond financing of the real estate industry was 32.7 billion yuan, a year - on - year increase of 50.7%, accounting for 63.8%; overseas bond financing was 2.85 billion yuan, accounting for 5.6%; ABS financing was 15.7 billion yuan, a year - on - year increase of 115.8%, accounting for 30.6%. The average bond financing interest rate was 2.56%, a year - on - year decrease of 0.42 percentage points and a month - on - month decrease of 0.13 percentage points. In the first 10 months of this year, the total bond financing of real estate enterprises was 488.24 billion yuan, a year - on - year increase of 8.6% [8]. - In the third quarter of 2025, the iron ore production of Canadian mining company IOC was 4.41 million tons, a year - on - year increase of 15% and a month - on - month decrease of 1%. The year - on - year significant increase was mainly due to the impact of a 11 - day shutdown after forest fires in the third quarter of 2024. The salable iron ore production (concentrate + pellets) was 4 million tons, a year - on - year increase of 11% and a month - on - month decrease of 6% [9]. 3.2 Spot Market - The spot prices of rebar in Shanghai, Tianjin, and the national average were 3,160 yuan, 3,190 yuan, and 3,220 yuan respectively; the spot prices of hot - rolled coil in Shanghai, Tianjin, and the national average were 3,270 yuan, 3,190 yuan, and 3,318 yuan respectively; the price of Tangshan billet was 2,930 yuan; the price of Zhangjiagang heavy scrap was 2,170 yuan; the coil - rebar price difference was 110 yuan; the rebar - scrap price difference was 990 yuan [10]. - The price of 61.5% PB powder at Shandong ports was 785 yuan; the price of Tangshan iron concentrate was 803 yuan; the sea freight from Australia was 9.63 yuan, and from Brazil was 23.15 yuan; the SGX swap (current month) was 104.33 yuan; the Platts Index (CFR, 62%) was 104.90 yuan [10]. 3.3 Futures Market | Variety | Active Contract | Closing Price | Daily Increase (%) | Highest Price | Lowest Price | Trading Volume | Volume Difference | Open Interest | Open Interest Difference | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Rebar | - | 3,037 | 0.40 | 3,042 | 3,017 | 884,740 | - 264,825 | 2,020,353 | - 11,428 | | Hot - rolled Coil | - | 3,256 | 0.22 | 3,271 | 3,241 | 462,037 | 14,203 | 1,365,348 | - 7,743 | | Iron Ore | - | 777.5 | 0.65 | 779.5 | 771.0 | 259,605 | - 22,010 | 537,495 | - 7,164 | [14] 3.4 Related Charts - **Steel Inventory**: There are charts showing the weekly changes and total inventory (steel mill + social inventory) of rebar and hot - rolled coil [17][23]. - **Iron Ore Inventory**: There are charts showing the inventory of 45 ports in China, including inventory changes, seasonal inventory, and the inventory of 247 steel mills [22][25]. - **Steel Mill Production Situation**: There are charts showing the blast furnace start - up rate, capacity utilization rate, independent electric furnace start - up rate, profitability of steel mills, and the inventory of domestic mine iron concentrate [31][32][35]. 3.5后市研判（Translated as Future Market Judgment） - **Rebar**: Both supply and demand have weakened. The weekly output of rebar decreased by 40,500 tons month - on - month, and the supply has shrunk again but is still at a relatively high level this year, with high inventory levels and supply pressure not relieved. At the same time, rebar demand has weakened as expected, with the weekly apparent demand decreasing by 136,600 tons month - on - month. Speculative demand is weak due to weak steel prices. Both are at low levels in recent years, and downstream conditions have not improved. As the off - season approaches, demand is likely to continue to weaken, putting pressure on steel prices. It is expected that the subsequent trend will continue to fluctuate and find the bottom, and attention should be paid to the production situation of steel mills [38]. - **Hot - rolled Coil**: Both supply and demand are weakening. Affected by production restrictions, the weekly output of hot - rolled coil decreased by 54,000 tons month - on - month, with a limited decline, and it is still at a relatively high level this year. High inventory levels and unrelieved supply pressure continue to suppress hot - rolled coil prices. At the same time, hot - rolled coil demand has begun to weaken, with the weekly apparent demand decreasing by 175,900 tons month - on - month, and high - frequency transactions remaining sluggish. The production of the main downstream cold - rolled products has continued to decline, and industrial contradictions have not been alleviated, continuing to drag down hot - rolled coils. In addition, the improvement in external demand is limited, and the resilience of hot - rolled coil demand is weakening. It is expected that the subsequent trend will show a pattern of fluctuating and finding the bottom, and the trend will be weaker than that of building materials. Breaking the deadlock depends on steel mills increasing production cuts [39]. - **Iron Ore**: The supply - demand pattern continues to weaken. Affected by production restrictions, the terminal demand for ore has continued to decline. Last week, the average daily hot metal output and imported ore consumption of sample steel mills decreased month - on - month, and the decline continued to expand, indicating an obvious trend of weakening demand. Considering that the industrial contradictions in the steel market have not been alleviated, coupled with frequent seasonal production - restriction disturbances, ore demand is expected to continue to decline, and weak demand is likely to drag down ore prices. At the same time, the arrival of goods at domestic ports has rebounded as expected, while the shipments of overseas miners have declined. Both are at relatively high levels, and domestic ore supply has increased, increasing the supply pressure of ore. It is expected that the subsequent trend will continue to be weakly fluctuating, and attention should be paid to the performance of steel products [40].

Report Industry Investment Rating No information provided Core View The supply of coke remains stable at a high level, demand continues to weaken, and the supply-demand pattern is weak, suppressing coke prices. However, the cost support for coke is strong, and the "weak reality" and "high cost" continue to compete. It is expected that coke prices will continue to fluctuate within a range [6] Summary by Relevant Catalogs Price Performance - Since mid - October, coke futures and spot prices have risen synchronously. The futures main contract reached a maximum of 1,818.5 yuan/ton, approaching the annual high. Recently, due to weaker market sentiment, the futures price has declined but remains at a relatively high level. The spot price is also strong, with the third round of price increases by coke enterprises implemented, and the cumulative increase in port spot ex - warehouse prices reaching 150 yuan/ton [2] Supply Situation - Coke supply is stable at a high level. As of the week ending October 31, the daily average coke output of all - sample independent coke enterprises was 64.59 tons, with a capacity utilization rate of 73.44%, down 2.17 tons and 2.48 percentage points respectively compared to mid - September. The daily average coke output of 247 steel mills was 46.21 tons, rising for two consecutive weeks. The combined daily average output of steel mills and coking plants was 110.80 tons, down 2.27% from the previous high. However, due to poor profitability of coke enterprises and production restrictions in some areas, short - term supply is difficult to increase significantly [3] Demand Situation - Coke demand continues to weaken. Although steel demand has rebounded during the peak season, it has not alleviated the contradictions in the steel industry. With production restrictions, steel mills have increased production cuts, and the demand for raw materials such as coke has continued to decline. As of the week ending October 31, the daily average hot metal output of 247 steel mills was 236.36 tons, declining for five consecutive weeks with an expanding decline. The proportion of profitable steel mills among 247 steel mills was 45.02%, declining for 12 consecutive weeks with a cumulative decline of 23.38 percentage points [4] Cost Support - Rising coal prices have continuously increased the production cost of coke, providing strong support for its price. As of the week ending October 31, the approved capacity utilization rate of 523 coking coal mine samples was 84.78%, and the daily average raw coal output was 190.33 tons, down 1.72 percentage points and 3.80 tons respectively compared to the end of September. Low supply has led to continuous depletion of coking coal inventory, and the current raw coal and clean coal inventories have reached new lows. The low - supply state of domestic coking coal is expected to continue, and with low inventory, coking coal prices are relatively firm [5]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoint of the Report - The net short position of the top 20 long - short positions in the fuel oil futures 2601 contract decreased to 25,384 lots, indicating that the short - side advantage has weakened. It is expected that the decline of the fuel oil futures 2601 contract will slow down and maintain a weak trend in the future [7] 3. Summary According to the Content Market Performance of Fuel Oil Futures 2601 Contract - Yesterday, the fuel oil futures 2601 contract showed a pattern of increasing volume and positions, fluctuating weakly, and closing slightly lower. The intraday price center continued to move down below the 2,750 yuan/ton level, reaching a minimum of 2,711 yuan/ton. At the close, the price dropped 0.94% to 2,743 yuan/ton. The positions increased slightly by 2,413 lots to 183,463 lots, with an increase of 1.33% [2] Changes in the Top 20 Long - Short Positions - The positions of the fuel oil futures 2601 contract showed a pattern of both long and short positions increasing. The long positions increased by 3,402 lots to 107,936 lots, and the short positions increased by 1,532 lots to 133,320 lots [2] Details of Long - Position Increases in the Top 20 Long Positions - Among the top 20 long positions of the fuel oil futures 2601 contract, 11 institutions increased their long positions. Two institutions increased their long positions by more than 1,000 lots, namely Guotai Junan Futures and CITIC Futures, with increases of 1,812 lots and 1,571 lots respectively. Nine institutions increased their long positions between 100 and 1,000 lots [3] Details of Short - Position Increases in the Top 20 Short Positions - Among the top 20 short positions, 13 institutions increased their short positions. Two institutions increased their short positions by more than 1,000 lots, namely CITIC Futures and Ruida Futures, with increases of 3,596 lots and 1,744 lots respectively. Seven institutions increased their short positions between 100 and 1,000 lots [4] Multi - to - Short and Short - to - Long Operations - Three institutions carried out multi - to - short operations, including Galaxy Futures, CITIC Construction Investment Futures, and Guotou Futures, indicating that they believe the fuel oil will have insufficient rebound power. Two institutions carried out short - to - long operations, namely Dongzheng Futures and Fangzheng Futures, indicating that they believe the short - term decline of fuel oil is limited and there is a rebound opportunity [6]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - Due to the lack of fundamental support, the pure benzene futures 2603 contract is on a slow bottom - seeking path. Affected by increased external import pressure and weak downstream demand, it is expected to continue its weak trend [2]. - The pure benzene market is facing severe challenges in the short term. With huge pressure from the supply side and intensified negative feedback from the demand side, under the dual pressure of collapsing crude oil costs and a continuously loose fundamental situation, the price trend has evolved from "cyclical fluctuations" to a deep bottom - seeking of "structural surplus" [6]. Group 3: Summary According to Related Catalogs Supply Side - In recent years, the concentrated commissioning of refining and chemical integration projects has led to continuous expansion of pure benzene production capacity. New devices of large - scale projects such as Shandong Yulong Petrochemical and Guangxi Petrochemical will be put into operation in the fourth quarter. It is expected that the annual domestic pure benzene output will increase by 10% year - on - year to reach 23.12 million tons [3]. - From January to September 2025, the domestic pure benzene import volume increased by 40.5% year - on - year. In the first three quarters, the import from South Korea alone reached 4.115 million tons, almost accounting for most of China's total imports. It is expected that the external import volume in November will remain high, further strengthening the supply - loose pattern [3]. Demand Side - From January to September 2025, the total downstream demand for pure benzene increased by 8% year - on - year. The main products such as styrene and caprolactam had a high operating rate of 77% - 96%. However, this "high - operation, negative - profit" situation is an abnormal cycle that will eventually form a negative feedback to the upstream [4]. - In the fourth quarter, the negative feedback effect is accelerating. Styrene, the largest downstream of pure benzene, has seen its production profit drop to the lowest level in the same period of history, and its inventory pressure is increasing. The three major downstream industries of styrene are facing weak demand and insufficient orders. In October, the operating rates of styrene, caprolactam, and adipic acid decreased month - on - month, indicating that the demand is just starting to cool down [5]. Inventory - As of November 3, 2025, the total commercial inventory of pure benzene at the port of Jiangsu, China, was 121,000 tons, an increase of 36,000 tons from the previous week with a week - on - week increase of 42.35%, and an increase of 20,000 tons compared with the same period last year with a year - on - year increase of 19.80%. The domestic pure benzene market has entered a inventory - accumulation cycle, highlighting the weak demand [6].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Macroeconomic indicators show mixed trends, with some signs of slowdown and others indicating growth potential. For example, GDP growth slowed slightly in Q3 2025, while export and import values increased year - on - year [1]. - The commodity market is influenced by various factors such as political events, supply - demand dynamics, and corporate strategies. Gold prices rose due to concerns about the US economy, and oil prices fell on fears of oversupply [4][9]. - The financial market is affected by central bank policies, government debt management, and international economic relations. The bond market continues to be volatile, and the stock market shows different performances in different regions [12][29]. Summary According to Relevant Catalogs 1. Macro Data Overview - GDP growth in Q3 2025 was 4.8% year - on - year, down from 5.2% in the previous quarter [1]. - The manufacturing PMI in October 2025 was 49.0%, lower than the previous month and last year [1]. - The non - manufacturing PMI in October 2025 was 50.1%, slightly higher than the previous month but lower than last year [1]. - Social financing scale and money supply indicators showed different trends, with M1 growth accelerating and M2 growth slowing [1]. - CPI and PPI were both in negative territory in September 2025, indicating weak inflationary pressures [1]. - Fixed - asset investment decreased in September 2025, while social consumption and foreign trade showed growth [1]. 2. Commodity Investment Reference Comprehensive - China's October S&P services PMI was 52.6, and the composite PMI was 51.8, both slightly lower than the previous month [2]. - China announced measures to implement the consensus of the China - US economic and trade consultations in Kuala Lumpur, including tariff adjustments and relaxation of export controls [2]. - The US Supreme Court debated the legality of Trump's large - scale tariff policy, and a decision may be announced in December [2]. - On November 5, 2025, 34 domestic commodity varieties had positive basis, and 35 had negative basis [3]. Metals - International precious metal futures generally rose on November 5, 2025, due to concerns about the US government shutdown and economic outlook [4]. - Industrial and Commercial Bank of China plans to open a precious metal warehouse at Hong Kong International Airport [5]. - Anhui Province released a draft plan for the high - quality development of the gold industry from 2025 - 2027 [5]. - London Metal Exchange inventory data on November 4 showed changes in tin, lead, zinc, and other metal inventories [6]. Coal, Coke, Steel, and Minerals - The Shanghai Futures Exchange adjusted the trading limits and margin ratios for alumina futures contracts [7]. - Tongling Nonferrous Metals Group won the exploration rights for a copper - gold - molybdenum mine [7]. - The EU will investigate the sale of a nickel mine business to China Minmetals [7]. Energy and Chemicals - On November 5, 2025, US and Brent crude oil futures fell due to concerns about oversupply and increased US crude oil production [9]. - Libya plans to increase oil and gas production and is in talks with Chevron and Egyptian companies [9]. - Poland is negotiating to import more US LNG for Ukraine and Slovakia [9]. - Saudi Aramco set the official selling price for Arabian Light crude oil to Asia in December [9]. Agricultural Products - Chinese and US officials discussed agricultural trade, and China hopes the US will create a favorable environment for cooperation [10]. - The pig industry is facing challenges such as low prices, overcapacity, and high debt, and industry self - regulation is needed [10][11]. 3. Financial News Compilation Open Market - On November 5, 2025, the central bank conducted 655 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 4922 billion yuan [12]. Key News - China announced measures to implement the China - US economic and trade consultation consensus [13]. - The US Supreme Court debated the legality of Trump's tariff policy [13]. - China's October S&P services and composite PMIs decreased [13]. - Premier Li Qiang emphasized China's commitment to high - quality development and opening - up [13]. - Chinese and US officials discussed agricultural trade cooperation [14]. - The Chinese Foreign Ministry responded to the US Treasury Secretary's remarks [14]. - China and Russia agreed to strengthen macro - economic policy coordination [14]. - The central bank's 10 - month bond - buying operation resumed but was lower than expected [15]. - The Ministry of Finance established a Debt Management Department [16]. - The US Treasury announced its quarterly refinancing plan [17]. - Indonesia issued offshore RMB bonds in Hong Kong [17]. - Global bond sales reached a record high in 2025 [17]. - The US government shutdown continued, potentially affecting the economy [17]. - US ADP employment data was better than expected in October [18]. - There were various bond - related events, including debt restructuring, rating changes, and issuance cancellations [18][19]. Bond Market Summary - The Chinese bond market continued to fluctuate weakly, with limited impact from the central bank's bond - buying [20]. - Bond prices in the exchange market showed different trends, and interest rates in the money market had mixed changes [20][21]. - Yields of European and US bonds generally rose [24]. Foreign Exchange Market - The on - shore RMB against the US dollar depreciated slightly, while the offshore RMB appreciated [25]. - The US dollar index fell slightly, and non - US currencies showed different performances [25]. Research Report Highlights - Shenwan Fixed - Income believes that the probability of interest rate cuts may marginally increase, and the bond market may shift from a duration strategy to a carry - trade strategy [26]. - Yangtze River Fixed - Income expects the bond market to continue its recovery in Q4, with 10 - year Treasury bond yields likely to decline [27]. Today's Reminders - On November 6, 2025, a large number of bonds will be listed, issued, paid, and have their principal and interest repaid [28]. 4. Stock Market Key News - A - shares opened lower and closed higher, with the energy storage and new energy sectors leading the gains [29]. - The Hong Kong Hang Seng Index fell slightly, and the Southbound funds had a large net purchase [29][30].

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 6, 2025, including basis, inter - period spreads, and inter - commodity spreads for different sectors such as power coal, energy and chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. 3. Summary by Related Catalogs 3.1 Power Coal - Basis data for power coal from October 30 to November 5, 2025, shows changes in the basis value, with values ranging from - 31.4 to - 24 on different dates [1][2] 3.2 Energy and Chemicals 3.2.1 Energy Commodities - Basis data for fuel oil, INE crude oil, and crude oil/asphalt from October 30 to November 5, 2025, shows fluctuations in basis values and ratios [7] 3.2.2 Chemical Commodities - Basis data for rubber, methanol, PTA, LLDPE, V, and PP from October 30 to November 5, 2025, shows different basis values on each date [9] - Inter - period spreads for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are presented, including 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads [10] - Inter - commodity spreads for LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from October 30 to November 5, 2025, show changes in the spreads [10] 3.3 Black Metals - Basis data for rebar, iron ore, coke, and coking coal from October 30 to November 5, 2025, shows different basis values on each date [20] - Inter - period spreads for rebar, iron ore, coke, and coking coal are presented, including 5 - 1 month, 9(10) - 1 month, and 9(10) - 5 month spreads [19] - Inter - commodity spreads for rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from October 30 to November 5, 2025, show changes in the spreads [19] 3.4 Non - Ferrous Metals 3.4.1 Domestic Market - Domestic basis data for copper, aluminum, zinc, lead, nickel, and tin from October 30 to November 5, 2025, shows different basis values on each date [28] 3.4.2 London Market - LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit/loss for copper, aluminum, zinc, lead, nickel, and tin on November 5, 2025, are presented [33] 3.5 Agricultural Products - Basis data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from October 30 to November 5, 2025, shows different basis values on each date [38] - Inter - period spreads for soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are presented, including 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads [38] 3.6 Stock Index Futures - Basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from October 30 to November 5, 2025, shows different basis values on each date [49] - Inter - period spreads for CSI 300, SSE 50, CSI 500, and CSI 1000, including next - month - current - month and next - quarter - current - quarter spreads, are presented [51]

Report Summary 1. Report Industry Investment Ratings - Not provided in the report 2. Core Views - For gold, the short - term view is to observe the 4000 - dollar mark's long - short game due to short - term pressure from a strong dollar index and a 10% high - level retracement, with a mid - term view of oscillation and a reference view of waiting and seeing [1][3] - For copper, the long - term view is positive, considering the tight supply situation after the price correction. The mid - term view is upward, and the short - term is to pay attention to overseas COMEX copper inventory and domestic policy implementation [1][4] 3. Summary by Variety Gold - **Price Situation**: Last week, the gold price dropped to $4000 and then oscillated, with the domestic Shanghai gold stabilizing around 900 yuan. The short - term gold price has retreated about 10% from its high [3] - **Driving Factors**: The short - term strengthening of the US dollar index has significantly pressured the gold price. After the October Fed meeting, the market's expectation of interest rate cuts decreased, leading to the continuous strengthening of the US dollar index [3] Copper - **Price Situation**: At the end of October, the main copper contract reached a record high of 89,000 yuan/ton and then declined. The price has fallen back to around the key support level of 85,000 yuan/ton [4] - **Driving Factors for the Correction**: - Macro - sentiment change: The previous macro - level positives such as Fed rate cuts and new Sino - US tariff agreements have been digested by the market, and the sentiment has returned to rationality [4] - US dollar strengthening: The rebound of the US dollar index has made copper more expensive for holders of other currencies, suppressing demand [4] - Technical pressure: After the price reached a record high, it triggered profit - taking by long - position holders [4] - **Future Outlook**: The tight supply situation has limited further price drops. It is necessary to continue to monitor overseas COMEX copper inventory and the implementation of domestic "anti - involution" policies [4]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For both coking coal and coke 2601, the short - term and medium - term views are "oscillation", and the intraday view is "oscillation with a slight upward bias", with an overall "oscillation" reference view [1]. - The coking coal market has a divergence between bulls and bears, and the coking coal price moves in an oscillatory range. The coke market has a strong wait - and - see sentiment, and the coke price also moves in an oscillatory manner [1]. 3. Summary by Related Catalogs Coking Coal (JM) - **Price and Change**: The latest quotation of Mongolian coking coal at the Ganqimaodu Port is 1415.0 yuan/ton, with a week - on - week increase of 1.80% [5]. - **Market Logic**: The supply - demand pattern of coking coal has no obvious change recently. The upward driving force comes from anti - involution and the emotional support brought by the easing of Sino - US trade relations. After the macro - level positive factors are realized, the market atmosphere has cooled down, and the coking coal futures have pulled back at the upper limit of the oscillatory range. Future attention should be paid to the actual impact of safety supervision and anti - involution on coking coal supply [5]. Coke (J) - **Price and Change**: The latest quotation of the ex - warehouse price index of quasi - first - grade wet - quenched coke at Rizhao Port is 1570 yuan/ton, with a week - on - week flat. The ex - warehouse price of quasi - first - grade wet - quenched coke at Qingdao Port is 1570 yuan/ton, with a week - on - week increase of 0.64% [6]. - **Market Logic**: Overall, the coke supply is stable, the demand is declining, and the fundamentals are weakening marginally. After the previous macro - level positive factors are realized, the market atmosphere has cooled down. The coke futures have pulled back from the high level and are moving within the oscillatory range since the end of July [6].