Report Industry Investment Rating - No relevant content provided Core Viewpoints - The main contract price of rebar declined weakly with a daily decline of 1.42%, showing a pattern of shrinking volume and increasing open interest. In the current situation of increasing supply and demand, the fundamentals of rebar have not improved, and steel prices continue to be under pressure. The relatively positive factor is the strong cost support. It is expected that rebar will continue the trend of oscillating to find the bottom, and attention should be paid to the demand performance [4]. - The main contract price of hot-rolled coil plate was running weakly with a daily decline of 1.03%, showing a pattern of shrinking volume and open interest. At present, the situation of high supply and high inventory of hot-rolled coils remains unchanged, and the concerns about demand have not subsided. The fundamentals have not improved substantially. Under the dominance of industrial logic, hot-rolled coils are under pressure to weaken, and attention should be paid to the steel mill production restriction situation [4]. - The main contract price of iron ore declined weakly with a daily decline of 1.71%, showing a pattern of shrinking volume and increasing open interest. At present, the supply of iron ore is high, while the demand continues to weaken, and the weak fundamentals of iron ore remain unchanged. Under the dominance of the real logic, the high-valued iron ore price is prone to decline under pressure, and attention should be paid to the performance of steel [4]. Summary by Related Catalogs Industry Dynamics - In October, China's logistics industry prosperity index was 50.7%, remaining in the expansion range. Although the logistics business volume index had a slight correction, the overall demand maintained an expansion trend. Industrial logistics demand represented by bulk commodities declined to some extent, while consumer logistics demand showed an accelerating growth trend [6]. - Affected by the decline in output and weak demand, the manufacturing activity in the United States shrank for the eighth consecutive month in October. The manufacturing index of the Institute for Supply Management (ISM) dropped 0.4 to 48.7. The output and employment indicators also declined [7]. - On October 31, 2025, Malaysia's Ministry of Investment, Trade and Industry issued an announcement, making a positive final anti-dumping ruling on galvanized sheets originating from or imported from China, South Korea, and Vietnam. Anti-dumping duties will be levied on the涉案 products from these countries at the cost, insurance, and freight (CIF) price. The anti-dumping duty rate for China is 0% - 26.80% [8]. Spot Market - For rebar, the Shanghai price was 3,180 yuan/ton, down 10 yuan/ton; the Tianjin price was 3,190 yuan/ton, unchanged; the national average price was 3,234 yuan/ton, down 11 yuan/ton. For hot-rolled coil plate, the Shanghai price was 3,290 yuan/ton, down 20 yuan/ton; the Tianjin price was 3,210 yuan/ton, down 20 yuan/ton; the national average price was 3,338 yuan/ton, down 14 yuan/ton. The price of Tangshan billet was 2,950 yuan/ton, unchanged; the price of Zhangjiagang heavy scrap was 2,170 yuan/ton, unchanged. The spread between hot-rolled coil and rebar was 110 yuan/ton, down 10 yuan/ton; the spread between rebar and scrap was 1,010 yuan/ton, down 10 yuan/ton [9]. - The price of 61.5% PB powder at Shandong ports was 783 yuan/ton, down 4 yuan/ton; the price of Tangshan iron concentrate powder (wet basis) was 817 yuan/ton, unchanged. The ocean freight from Australia was 9.19 US dollars/ton, down 0.30 US dollars/ton; the ocean freight from Brazil was 23.11 US dollars/ton, down 0.21 US dollars/ton. The SGX swap price (current month) was 105.65 US dollars/ton, down 0.18 US dollars/ton; the Platts index (CFR, 62%) was 105.85 US dollars/ton, down 1.55 US dollars/ton [9]. Futures Market - The closing price of the rebar futures active contract was 3,044 yuan/ton, down 1.42%. The highest price was 3,084 yuan/ton, the lowest price was 3,040 yuan/ton. The trading volume was 1,016,465 lots, a decrease of 134,111 lots; the open interest was 1,966,544 lots, an increase of 47,527 lots [13]. - The closing price of the hot-rolled coil plate futures active contract was 3,265 yuan/ton, down 1.03%. The highest price was 3,299 yuan/ton, the lowest price was 3,260 yuan/ton. The trading volume was 375,271 lots, a decrease of 137,680 lots; the open interest was 1,396,130 lots, a decrease of 26,705 lots [13]. - The closing price of the iron ore futures active contract was 775.5 yuan/ton, down 1.71%. The highest price was 784.0 yuan/ton, the lowest price was 773.0 yuan/ton. The trading volume was 276,598 lots, a decrease of 130,128 lots; the open interest was 547,754 lots, an increase of 12,824 lots [13]. Related Charts - The report includes charts on steel inventories (rebar inventory, hot-rolled coil plate inventory), iron ore inventories (national 45-port iron ore inventory, 247 steel mills' iron ore inventory), steel mill production situation (blast furnace operating rate, electric furnace operating rate, steel mill profitability), etc., but specific data analysis is not provided in the text [15][20][29] 后市研判 - Rebar: Both supply and demand continue to rise. The production of construction steel mills is active, and the weekly output of rebar increased by 5.52 tons week-on-week, reaching a relatively high level this year. The inventory is high, and the pressure has increased. At the same time, the demand for rebar has improved seasonally, with the weekly apparent demand increasing by 6.17 tons week-on-week, and the high-frequency daily trading volume has also increased. However, both supply and demand are still at relatively low levels in recent years, and the downstream industry has not improved, so the improvement space is limited. The fundamentals of rebar have not improved in the current situation of increasing supply and demand, and steel prices continue to be under pressure. The relatively positive factor is the strong cost support. It is expected that rebar will continue the trend of oscillating to find the bottom, and attention should be paid to the demand performance [37]. - Hot-rolled coil plate: The supply-demand pattern has not changed much. The production of plate steel mills is stable, and the weekly output of hot-rolled coils increased by 1.10 tons week-on-week, remaining at a high level this year. The inventory reduction at a high level is limited, and the supply pressure is still relatively large, continuing to put pressure on the price of hot-rolled coils. At the same time, the demand for hot-rolled coils is acceptable, with the weekly apparent demand increasing week-on-week and remaining at a high level in the same period. However, the high-frequency trading volume is relatively weak, and the fundamentals of the main downstream cold-rolled products have not improved, so the demand concerns have not subsided. The relatively positive factor is the marginal improvement in external demand, but it needs to be tracked after the price rebounds. At present, the situation of high supply and high inventory of hot-rolled coils remains unchanged, and the demand concerns have not subsided. The fundamentals have not improved substantially. Under the dominance of industrial logic, hot-rolled coils are under pressure to weaken, and attention should be paid to the steel mill production restriction situation [37]. - Iron ore: The supply-demand pattern continues to weaken. Under the influence of production restrictions, the terminal demand for iron ore continues to decline. Last week, the average daily hot metal output of sample steel mills and the daily consumption of imported ore decreased week-on-week, and the decline continued to expand. The demand is clearly in a weakening trend. Considering that the industrial contradictions in the steel market have not been alleviated, coupled with frequent seasonal production restriction disturbances, the demand for iron ore is expected to continue to decline, and the weak demand is likely to drag down the iron ore price. At the same time, the arrival of goods at domestic ports has rebounded as expected, while the shipments of overseas miners have declined, but both are at relatively high levels. Coupled with the increase in domestic iron ore supply, the supply pressure of iron ore has increased. In general, the supply of iron ore is high, while the demand continues to weaken. The weak fundamentals of iron ore remain unchanged. Under the dominance of the real logic, the high-valued iron ore price is prone to decline under pressure, and attention should be paid to the performance of steel [38].

Group 1: Report's Investment Rating - No information provided Group 2: Core Viewpoints - The net short position of the plastic futures 2601 contract has expanded to 70,759 lots, and it is expected that the contract may maintain a weak and volatile trend in the future [7] Group 3: Summary of Specific Content Market Performance - The plastic futures 2601 contract showed a trend of increasing volume and open interest, weakening in oscillation, and closing slightly lower. The intraday price center moved slightly below the 6,900 yuan/ton line, with a minimum drop to 6,885 yuan/ton. At the close, the price closed down 0.85% to 6,888 yuan/ton, and the open interest increased slightly by 8,195 lots to 532,585 lots, an increase of 1.56% [2] Position Changes of Top 20 Long and Short Seats - The positions of the top 20 long and short seats in the plastic futures 2601 contract both increased. The long positions increased by 4,847 lots to 326,503 lots, and the short positions increased by 9,999 lots to 397,262 lots [2] Long Position Changes - Among the top 20 long seats, 13 increased their long positions. Three seats increased by more than 1,000 lots, and eight seats increased between 100 and 1,000 lots [3] Short Position Changes - Among the top 20 short seats, 10 increased their short positions. Four seats increased by more than 1,000 lots, and five seats increased between 100 and 1,000 lots [4] Position Reversal Operations - Three seats carried out long-to-short operations, indicating that they believe the power for the plastic to stabilize and rebound in the future is insufficient. Six seats carried out short-to-long operations, indicating that they believe the plastic is expected to stabilize and strengthen after a short adjustment [6][7]

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View of the Report - The domestic crude oil futures contract 2512 is expected to run strongly, with an intraday view of oscillating strongly and a medium - term view of oscillating weakly [1][5]. 3. Summary by Related Content Time - period Views - Short - term (within a week): The crude oil 2512 contract is expected to oscillate [1]. - Medium - term (two weeks to a month): The crude oil 2512 contract is expected to oscillate weakly [1]. - Intraday: The crude oil 2512 contract is expected to oscillate strongly [1][5]. Driving Logic - Macro factor: After the meeting between Chinese and US leaders in Busan, South Korea, the positive progress in economic and trade tariffs was slightly lower than market expectations. After the digestion of macro - positive sentiment, the driving force of macro factors weakened, and there was profit - taking in the market [5]. - Geopolitical factor: The US increased troops in the Caribbean Sea over the weekend, threatening Venezuela, which escalated the South American geopolitical conflict, boosting the international crude oil premium and hedging geopolitical risks to some extent [5]. - Market performance: On the night session of Monday this week, the domestic crude oil futures 2512 contract maintained an oscillating and strongly - biased trend, with the futures price closing slightly up 0.41% to 467.1 yuan per barrel. It is expected to maintain an oscillating and strongly - biased trend on Tuesday [5].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - The short - term view of the stock index is wide - range oscillation, with the mid - term view being upward. The core logic is the game between the policy - driven bullish expectations and the profit - taking intention of funds. In the short term, the stock index will mainly fluctuate and consolidate [1][4] Group 3: Summary by Related Catalogs Variety View Reference - Financial Futures Stock Index Sector - For IH2512, the short - term view is oscillation, the mid - term view is upward, the intraday view is oscillation with a slight upward bias, and the overall view is wide - range oscillation. The core logic is the game between the profit - taking intention of funds and the policy - driven bullish expectations [1] Main Variety Price Quotation Driving Logic - Financial Futures Stock Index Sector - The intraday view of IF, IH, IC, and IM is oscillation with a slight upward bias, the mid - term view is upward, and the reference view is wide - range oscillation. Yesterday, each stock index bottomed out and rebounded, with the whole - day trading volume of the Shanghai, Shenzhen, and Beijing stock markets being 2132.9 billion yuan, a decrease of 216.9 billion yuan compared to the previous day. The policy - driven bullish expectations from the "15th Five - Year Plan" form strong support for the stock index. However, as it enters November, the incremental expectations of domestic policies decrease, the marginal impact of the mitigation of external risks diminishes, and the upward driving force weakens in the short term. With the increase in stock valuation, the profit - taking intention of profitable funds rises, and there is still a need for short - term technical adjustment of the stock index [4]

Report Summary 1. Report Industry Investment Rating - No relevant content provided. 2. Report's Core View - 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 same for the intraday view [1]. 3. Summary According to Related Catalogs Shanghai Rubber (RU) - **Market Performance**: On the night session of this Monday, the domestic Shanghai rubber futures 2601 contract maintained a weakly oscillatory trend, with the futures price slightly down 0.27% to 15,050 yuan/ton [5]. - **Core Logic**: After the meeting between Chinese and US leaders 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 saw profit - taking. The rubber market returned to being dominated by supply - demand fundamentals, putting pressure on rubber prices. It is expected that the Shanghai rubber 2601 contract may maintain a weakly oscillatory trend on Tuesday [5]. Synthetic Rubber (BR) - **Market Performance**: On the night session of this Monday, the domestic synthetic rubber futures 2601 contract showed a weak downward trend, with the futures price down 1.73% to 10,195 yuan/ton [7]. - **Core Logic**: After the meeting between Chinese and US leaders, the results in economic and trade tariffs were slightly lower than expected. With the digestion of macro - positive sentiment, the market shifted from "expectation - driven" to "reality - dominated", and investor sentiment became cautious. It is expected that the domestic synthetic rubber futures 2601 contract may maintain a weakly oscillatory trend on Tuesday [7].

Group 1: Report Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - The short - term view of Iron Ore 2601 is weak oscillation, the medium - term view is oscillation, and the intraday view is weak oscillation. It is recommended to pay attention to the pressure at the MA5 line. The core logic is that the real - world logic dominates, and the ore price is under pressure to fall [2]. - The supply - demand pattern of iron ore continues to weaken. The terminal consumption of ore is continuously decreasing, and the demand in the steel market remains weak. The supply of iron ore is high, and the high - valued ore price is prone to fall under the pressure of the real - world logic. Attention should be paid to the performance of steel [3]. Group 3: Summary by Relevant Content Variety View Reference - For Iron Ore 2601, the short - term view is weak oscillation, the medium - term view is oscillation, and the intraday view is weak oscillation. The reference view is to pay attention to the pressure at the MA5 line, and the core logic is that the real - world logic dominates, and the ore price is under pressure to fall [2]. Market Driving Logic - The supply - demand pattern of iron ore continues to weaken. The terminal consumption of ore is decreasing, and the demand in the steel market remains weak. The arrival of ore at domestic ports has increased significantly, and although overseas miners' shipments have decreased, both remain at high levels. The supply of domestic ore has also increased. Overall, the supply of iron ore is high, and the high - valued ore price is prone to fall under the pressure of the real - world logic. Attention should be paid to the performance of steel [3].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The short - term, medium - term, and intraday trends of rebar 2601 are expected to be volatile, volatile, and weakly volatile respectively. Attention should be paid to the pressure at the MA5 line. The fundamental situation has not improved, and steel prices are seeking a bottom through oscillation [2]. - The supply - demand pattern of rebar has not changed significantly. With increased production by construction steel mills, rebar output has been rising continuously, and the high inventory level has increased supply pressure. Although rebar demand has improved seasonally and high - frequency demand indicators have rebounded, it is still at a low level compared to the same period in previous years, and the sustainability of the improvement is questionable. In the current situation of increasing supply and demand, the fundamentals of rebar have not improved, and steel prices continue to face pressure. However, strong cost support is a positive factor. It is expected that rebar will continue to oscillate and seek a bottom, and attention should be paid to the demand performance [3]. 3. Summaries by Relevant Catalogs Variety Viewpoint Reference - For rebar 2601, the short - term, medium - term, and intraday trends are respectively volatile, volatile, and weakly volatile. The reference view is to focus on the pressure at the MA5 line, and the core logic is that the fundamentals have not improved and steel prices are oscillating to find a bottom [2]. Market Driving Logic - The supply - demand situation of rebar has little change. Steel mill production has increased, leading to a continuous rise in output and high inventory, increasing supply pressure. Demand has seasonally improved but remains at a low level in recent years, and the sustainability is uncertain. In the context of increasing supply and demand, the fundamentals have not improved, and steel prices are under pressure. Cost support is strong, and rebar is expected to continue to oscillate and seek a bottom, with demand performance being a key factor [3].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints - The short - term view of TL2512 is "oscillation", the medium - term view is "oscillation", and the intraday view is "oscillation with a weak bias", with an overall view of "oscillation" due to a decline in short - term interest rate cut expectations and the existence of long - term easing expectations [1]. - For major Treasury bond futures varieties (TL, T, TF, TS), the intraday view is "oscillation with a weak bias", the medium - term view is "oscillation", and the overall view is "oscillation". In the long - run, there is still an expectation of loose domestic monetary policy, but the possibility of a comprehensive interest rate cut in the short - term is low. Treasury bond futures will mainly oscillate and consolidate in the short - term [5]. 3. Summary by Relevant Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - For TL2512, short - term: oscillation; medium - term: oscillation; intraday: oscillation with a weak bias; overall view: oscillation. The core logic is a decline in short - term interest rate cut expectations and the existence of long - term easing expectations [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - Yesterday, Treasury bond futures oscillated and consolidated. In the long - run, there is an expectation of loose domestic monetary policy, but the possibility of a comprehensive interest rate cut in the short - term is low. The price index and employment index sub - items of the latest manufacturing PMI data are weak, indicating insufficient effective domestic demand. A loose monetary environment is needed in the long - run to stabilize the demand side, which strongly supports Treasury bond futures. However, it is not difficult to achieve this year's growth target, and monetary policy usually cooperates with fiscal and industrial policies. So, the possibility of a short - term comprehensive interest rate cut is low, and the upward momentum of Treasury bond futures is limited. In general, Treasury bond futures will mainly oscillate and consolidate in the short - term [5].

Group 1: Report Industry Investment Rating - No information provided on report industry investment rating Group 2: Core Viewpoints of the Report - For gold, the short - term and mid - term outlooks are both "oscillation", the intraday view is "oscillation with a slight upward bias", and the reference view is "wait and see" due to Sino - US trade easing and the Fed's hawkish stance [1] - For copper, the short - term and mid - term outlooks are both "rising", the intraday view is "oscillation with a slight upward bias", and the reference view is "bullish in the long - term" because of macro - economic easing, mine production cuts, and a rapid increase in capital attention [1] Group 3: Summary by Variety Gold (AU) - The intraday view is "oscillation with a slight upward bias", the mid - term view is "oscillation", and the reference view is "wait and see" [3] - After the Fed's interest - rate meeting, the gold price stabilized in oscillation. The Fed cut interest rates by 25 basis points as expected, but internal policy differences and Powell's cautious attitude towards future rate cuts were interpreted as hawkish, reducing the market's expectation of a December rate cut. The gold price rebounded despite the Fed's hawkishness and the rising US dollar index, possibly due to short - term market reaction to the exhaustion of negative news. Technically, short - term attention should be paid to the tug - of - war at the $4000 mark [3] Copper (CU) - The intraday view is "oscillation with a slight upward bias", the mid - term view is "rising", and the reference view is "bullish in the long - term" [4] - The copper price weakened in the overnight session, with the main contract price falling below 87,000 and the open interest slightly decreasing. After the October Fed's interest - rate meeting, LME copper dropped significantly. The Fed's hawkish stance cooled the rate - cut expectation, the US dollar index rebounded, which was negative for the copper price. Attention should be paid to the resistance at the 100 mark of the US dollar index. Also, the copper price has risen significantly since late September, facing historical high - level pressure in the short term, and long - position holders have a strong willingness to close positions. Technically, continuous attention should be paid to the support of the 10 - day moving average [4]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Report's Core View - 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 [1][5]. - After the Sino - US leaders' meeting, the macro - positive sentiment has been digested, and the driving force of macro factors has weakened. The domestic methanol market has high production and import pressure, high port inventories, and poor olefin profits, resulting in a weak demand situation that needs improvement. The methanol 2601 contract is likely to maintain an oscillatory - weak trend on Tuesday [5]. 3. Summary by Related Contents Price and Trend - On Monday night, the domestic methanol futures 2601 contract showed a weak downward trend, with the futures price dropping 2.09% to 2,110 yuan/ton [5]. Market Conditions - The domestic methanol operating rate and weekly output remain at relatively high levels, and the external import pressure continues to increase. The methanol inventories at ports in East and South China are high [5]. - Although the downstream demand is gradually improving, the olefin profit on the futures market is not good, and the weak demand situation still needs to be improved [5]. Macro Factors - After the Sino - US leaders' meeting in Busan, South Korea, the two sides made positive progress in economic and trade tariffs, but the overall results 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].