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].

Report Summary 1. Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints - Both Shanghai rubber 2601 and synthetic rubber 2601 are expected to run weakly, with short - term and medium - term trends being oscillatory and weakly oscillatory respectively, and the intraday view also being weakly oscillatory [1][5][7] 3. Summary by Related Catalogs Shanghai Rubber (RU) - **Price Performance**: On Wednesday night, the domestic Shanghai rubber futures 2601 contract maintained an oscillatory and stable trend, with the futures price slightly rising 0.57% to 14,905 yuan/ton, but the continued rise was blocked by the 5 - day moving average [5] - **Driving 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 was digested, the driving force of macro factors weakened, and the market showed profit - taking. After the rubber market returned to the market dominated by supply - demand fundamentals, the rubber price was under pressure. It is expected that on Thursday, the Shanghai rubber 2601 contract may maintain a weakly oscillatory trend [5] Synthetic Rubber (BR) - **Price Performance**: On Wednesday night, the domestic synthetic rubber futures 2601 contract showed an oscillatory and stable trend, with the futures price slightly rising 0.59% to 10,145 yuan/ton, but the continued rise was blocked by the 5 - day moving average [7] - **Driving 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 was digested, the driving force of macro factors weakened, and the market showed profit - taking. The market has shifted from "expectation - driven" to "reality - dominated", and investors' sentiment has become cautious. It is expected that on Thursday, the domestic synthetic rubber futures 2601 contract may maintain a weakly oscillatory trend [7]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The short - term view of rebar 2601 is weakly oscillating, the medium - term view is oscillating, and the intraday view is weakly oscillating. Attention should be paid to the pressure at the MA5 line. The core logic is that the fundamentals are poor and steel prices are weakly seeking the bottom [2]. - Rebar fundamentals are weak. Steel prices are under pressure and are expected to continue the oscillating bottom - seeking trend, with cost support being a relative positive factor. Attention should be paid to the production and sales data released by Steel Union today [3]. Group 3: Summary by Related Catalogs Variety Viewpoint Reference - For rebar 2601, the short - term is weakly oscillating, the medium - term is oscillating, and the intraday is weakly oscillating. The view is to pay attention to the MA5 line pressure, with the core logic of poor fundamentals and steel prices seeking the bottom weakly. There are also explanations for time - cycle and amplitude calculation [2]. Market Driving Logic - Rebar fundamentals are weak. Production is increasing, inventory is high, supply pressure is growing. Although demand has a seasonal improvement, it is still at a low level in the same period in recent years and will weaken at the end of the peak season. In the situation of increasing supply and demand, the fundamentals have not improved, and steel prices are under pressure. Cost support is a positive factor, and the trend is expected to continue to oscillate and seek the bottom. Attention should be paid to the production and sales data released by Steel Union today [3].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The methanol 2601 contract is expected to run weakly, with short - term and medium - term trends being oscillatory and oscillatory - weak respectively, and the intraday trend also being oscillatory - weak. The weak supply - demand situation dominates the market [1][5]. 3. Summary by Related Content Price and Trend - On Wednesday night, the domestic methanol futures 2601 contract maintained an oscillatory - weak trend, with the futures price slightly down 0.57% to 2108 yuan/ton. It is expected that on Thursday, the contract will maintain an oscillatory - weak trend [5]. Core Logic - After the meeting between Chinese and US leaders, the overall results in economic and trade tariffs were slightly lower than market expectations. As the macro - positive sentiment was digested, the driving force of macro factors weakened, and there was a profit - taking phenomenon in the market [5]. - Currently, the domestic methanol operating rate and weekly output remain at relatively high levels, the external import pressure continues to increase, and the methanol inventories at ports in East and South China are high [5]. - Although downstream demand is gradually improving, the olefin futures profit is not good, and the situation of weak demand still needs to be improved [5].

Report Summary 1. Report Industry Investment Rating - No information provided on industry investment rating 2. Report's Core View - The crude oil 2512 contract is expected to run weakly, with short - term and medium - term trends being oscillatory and oscillatory - weak respectively, and the intraday trend also being oscillatory - weak [1][5] 3. Summary by Related Catalogs 3.1 Time - period Views - **Short - term**: The crude oil 2512 contract shows an oscillatory trend [1] - **Medium - term**: The crude oil 2512 contract shows an oscillatory - weak trend [1] - **Intraday**: The crude oil 2512 contract shows an oscillatory - weak trend [1][5] 3.2 Price and Driving Logic - After the meeting between the leaders of China and the US, the overall results were slightly lower than market expectations. As the macro - bullish sentiment was digested, the driving force of macro factors weakened, and there was a profit - taking phenomenon. The escalation of the South American geopolitical conflict due to the US troop increase in the Caribbean Sea last weekend boosted the international crude oil premium, which hedged geopolitical risks to some extent. On Wednesday night, the domestic crude oil futures 2512 contract maintained an oscillatory - weak trend, with the futures price slightly down 0.95% to 457.7 yuan/barrel. It is expected that on Thursday, the contract will maintain an oscillatory - weak trend [5]

Group 1: Report's Industry Investment Rating - No relevant content Group 2: Report's Core View - For the TL2512 variety, the short - term, medium - term, and overall view is "oscillation", with an intraday view of "oscillation on the weak side". The core logic is that short - term interest rate cut expectations have declined, while medium - and long - term easing expectations still exist [1]. - For varieties TL, T, TF, TS, the intraday view is "oscillation on the weak side", the medium - term view is "oscillation", and the overall reference view is "oscillation". Due to the persistent problem of insufficient effective demand in the macro - aspect, a moderately loose monetary environment is needed in the long - term to stabilize the demand side, which strongly supports bond futures. However, the pressure to achieve the annual economic growth target is not high, so the possibility of an overall interest rate cut in the short - term is low, and the upward momentum of bond futures is limited. In general, bond futures will mainly oscillate and consolidate in the short - term [5]. Group 3: Summary by Related Catalogs Variety View Reference - Financial Futures Index Sector - For the TL2512 variety, short - term is "oscillation", medium - term is "oscillation", intraday is "oscillation on the weak side", overall view is "oscillation", and the core logic is that short - term interest rate cut expectations have declined, while medium - and long - term easing expectations still exist [1]. Main Variety Price and Market Driving Logic - Financial Futures Index Sector - For varieties TL, T, TF, TS, intraday view is "oscillation on the weak side", medium - term view is "oscillation", overall reference view is "oscillation". Bond futures oscillated and consolidated yesterday. Due to insufficient effective demand in the macro - aspect, a moderately loose monetary environment is needed in the long - term to support bond futures. But the pressure to achieve the annual economic growth target is not high, so short - term overall interest rate cut possibility is low, and bond futures' upward momentum is limited. In the short - term, bond futures will mainly oscillate and consolidate [5].

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - The report expects the price increase of thermal coal to slow down and may remain in a high - level shock in the future, with an overall view of "shock" [5]. Group 3: Summary by Core Logics Supply Side - Although the import volume of foreign 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 Assessment and Inspection Team will be stationed in the main production areas in November. The market anticipates a supply contraction at the end of the year, which supports the coal price to run strongly [5]. Demand Side - Recently, many places in the north have continued to cool down and entered the winter mode ahead of schedule. After the temperature drop in southern coastal cities in October, the demand in the off - season declined. However, the coal inventory level of coastal city power plants is low, and there is still a need for replenishment later, which will support the coal market atmosphere [5]. 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 80,000 tons and 2.729 million tons lower than the same period last year. The potential replenishment demand of downstream users supports the port coal price [5].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The soybean meal futures market shows a pattern of "strong futures, weak spot". The price of soybean meal futures has risen significantly, driven by policy incentives, market sentiment, and the strong price - holding intention of oil mills. The short - term strength of soybean meal futures prices will continue [5]. - The palm oil futures price has continued to decline, reaching a new low in nearly four months. Affected by supply pressure and poor export data in Malaysia, as well as high domestic inventory, the short - term palm oil futures price will remain weak [7]. Summary by Related Catalogs Soybean Meal (M) - **Price Trend**: The intraday view is oscillating strongly, the medium - term view is oscillating, and the reference view is oscillating strongly [5][6]. - **Core Logic**: The soybean market shows a "strong futures, weak spot" pattern. The soybean meal futures price is boosted by policy incentives (the suspension of the 24% additional tariff on US soybean imports), market sentiment, and the strong price - holding intention of oil mills due to losses in crushing profits. Although the tariff - adjusted US soybean import tax rate drops to 13%, it is still less competitive than Brazilian soybeans. The short - term strength of soybean meal futures prices will continue [5]. Palm Oil (P) - **Price Trend**: The intraday view is oscillating weakly, the medium - term view is oscillating, and the reference view is oscillating weakly [7][6]. - **Core Logic**: The palm oil futures price has continued to decline, reaching a new low in nearly four months. It is dragged down by the supply pressure during the high - yield season of Malaysian palm oil and poor export data. The market expects the Malaysian palm oil inventory at the end of October to reach a two - year high of 2.44 million tons, with a year - on - year increase of nearly 30%. Domestically, the total inventory of the three major edible oils remains relatively high, indicating a pattern of loose supply. The short - term palm oil futures price will remain weak [7].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The short - term view of the stock index is range - bound, with the mid - term view being upward and the intraday view being strongly oscillating. The core logic is the mutual game between the fermentation rhythm of policy - benefit expectations and the profit - taking rhythm of funds, and the driving forces for the index to rise or fall are both insufficient [1][4] Group 3: Summary According to the Catalog Variety Viewpoint Reference - Financial Futures Stock Index Sector - For the IH2512 variety, the short - term view is oscillating, the mid - term view is upward, the intraday view is strongly oscillating, and the overall view is range - bound. The core logic is the mutual game between the profit - taking willingness of funds and the policy - benefit expectations [1] Driving Logic of Main Variety Price Quotes - Financial Futures Stock Index Sector - The varieties include IF, IH, IC, and IM. The intraday view is strongly oscillating, the mid - term view is upward, and the reference view is range - bound. The previous day, each stock index oscillated and consolidated throughout the day. The total turnover of the Shanghai, Shenzhen, and Beijing stock markets was 1894.3 billion yuan, a decrease of 44.1 billion yuan from the previous day. The main market logic is the game between the two rhythms, and the driving forces for the index to rise or fall are both insufficient. In November, the incremental policy signals weakened, and external risk factors, although eased, still had uncertainties, so the upward driving force of the index was limited. As the stock valuation increased significantly, investors' enthusiasm for chasing high was not strong, and the profit - taking willingness of profitable funds rose. The logic of valuation repair gradually changed to the logic of performance fundamentals, and there was still a need for short - term technical consolidation of the index. In general, the stock index will mainly be range - bound in the short term [4]

Group 1: Investment Ratings - No investment ratings provided in the report Group 2: Core Views - The short - term view of Iron Ore 2601 is weak and volatile, the medium - term view is volatile, and the intraday view is also weak and volatile. It is recommended to pay attention to the pressure at the MA5 line. The core logic is the accumulation of supply - demand contradictions, which put pressure on the ore price [2]. - The supply - demand contradiction of iron ore is accumulating. The port inventory is increasing rapidly, steel mill production is weakening, and the terminal consumption of ore is declining rapidly. The steel market's industrial contradictions remain unresolved, and the weak demand pattern persists, dragging down the ore price. The supply pressure is increasing as both domestic and overseas ore supplies are rising. The high - valued ore price will continue to be under pressure and run weakly, and attention should be paid to the performance of steel [3]. Group 3: Summary by Related Contents Variety View Reference - For Iron Ore 2601, the short - term trend is weak and volatile, the medium - term is volatile, and the intraday is weak and volatile. The reference view is to focus on the pressure at the MA5 line, with the core logic of supply - demand contradiction accumulation and ore price under pressure [2]. Market Driving Logic - The supply - demand contradiction of iron ore is intensifying. Port inventory is piling up quickly, steel mill production is getting weaker, and ore consumption at the terminal is dropping fast. The unresolved contradictions in the steel market and weak demand continue to affect the ore price. The supply from both domestic and overseas mines is increasing, leading to a situation of increasing supply and decreasing demand, and the high - valued ore price will keep running weakly [3].