Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - **沪铜**: In the afternoon of the day, the macro - atmosphere warmed up, and the copper price increased with rising positions. The main contract price broke through the high on Monday and approached the 89,000 mark. LME copper also broke through the high in May 2024 during the session. The warming of both domestic and foreign macro - environments, combined with the expected supply contraction, led to the continuous increase in copper price with rising positions [4]. - **沪铝**: In the afternoon, the macro - atmosphere warmed up, and the aluminum price increased with rising positions. As the macro - environment improved and the copper price rose strongly, the aluminum price followed. At the industrial level, the inventory of downstream aluminum rods decreased, while the inventory reduction of intermediate electrolytic aluminum slowed down due to the high aluminum price. Technically, attention should be paid to the pressure at the previous high [5]. - **沪镍**: In the afternoon, the position of Shanghai nickel decreased while the price rebounded, especially at the end of the session. Previously, when the macro - environment improved and non - ferrous metals prices rose, nickel rebounded with a decreasing position but lacked strength. With the improvement of the macro - environment today, the nickel price rebounded again with a decreasing position. Technically, attention should be paid to the pressure at the high on Monday [6]. 3. Summary by Directory 3.1 Industry Dynamics - **Copper**: The Trump administration in the United States on Friday overturned an air - pollution regulation of the previous administration, which imposed stricter restrictions on the emissions of copper smelters. The copper rule finalized in May 2024 required smelters to control pollutants such as lead, arsenic, mercury, benzene, and dioxins according to the latest US federal air standards. The US announcement provided a two - year exemption for affected fixed sources, aiming to promote US mineral security by reducing the regulatory burden on domestic copper producers [8]. - **Nickel**: On October 29, the price of SMM1 electrolytic nickel was 120,400 - 123,400 yuan/ton, with an average price of 121,900 yuan/ton, a decrease of 250 yuan/ton compared to the previous trading day. The mainstream spot premium quotation range of Jinchuan 1 electrolytic nickel was 2,300 - 2,500 yuan/ton, with an average premium of 2,400 yuan/ton, an increase of 100 yuan/ton compared to the previous trading day. The spot premium and discount quotation range of domestic mainstream brand electrowinning nickel was - 300 - 100 yuan/ton [9]. 3.2 Relevant Charts - **Copper**: The report presents multiple charts related to copper, including domestic visible inventory (social inventory + bonded area inventory), LME copper cancelled warrant ratio, overseas copper exchange inventory, SHFE warrant inventory, copper monthly spread, etc. These charts show the inventory and price spread trends of copper from different aspects [10][11][12]. - **Aluminum**: The charts for aluminum include the aluminum basis, electrolytic aluminum domestic social inventory, alumina inventory, aluminum monthly spread, electrolytic aluminum overseas exchange inventory (LME + COMEX), and aluminum rod inventory, which reflect the market situation of aluminum [20][22][24]. - **Nickel**: The nickel - related charts cover the nickel basis, LME inventory, LME nickel price trend, SHFE inventory, nickel ore port inventory, and nickel monthly spread, providing information on the nickel market [32][34][36].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The "15th Five-Year Plan" period is of great significance in the process of basically realizing socialist modernization. Boosting consumption and technological innovation will be the main drivers on the demand and supply sides respectively during the "15th Five-Year Plan" period. Policies conducive to expanding domestic demand and supporting technological innovation will continue to be promoted, and the relevant industries are expected to benefit from the policy advantages [3][4][20]. 3. Summary According to the Directory 3.1 "15th Five-Year Plan" 《Suggestions》 Main Content - The "15th Five-Year Plan" 《Suggestions》 has 15 parts and 61 articles, divided into three major sections. It positions the "15th Five-Year Plan" period as an important stage with a connecting role in the process of basically realizing socialist modernization [7]. - The development environment is characterized by both strategic opportunities and risks, with many uncertain and unpredictable factors. Internationally, the relationship between China and the United States is complex, but China has many favorable factors for shaping the external environment. Domestically, China has advantages such as a stable economic foundation, but also faces challenges such as unbalanced and insufficient development [7][8]. - The main goals include achieving significant results in high - quality development, greatly improving the level of technological self - reliance, and continuously improving people's living standards [9]. 3.2 Industry Construction - Prioritize optimizing and upgrading traditional industries to maintain the competitiveness of industries such as mining, metallurgy, and chemical engineering in the global division of labor. Cultivate and strengthen 4 strategic emerging industry clusters and 6 future industries [11]. - Expand the opening - up of the service industry to attract international capital and advanced business models, and moderately and ahead of time build new infrastructure to reserve development space [11]. 3.3 Technological Innovation - Strengthen original innovation and key core technology research in fields such as integrated circuits and industrial mother machines. Increase the proportion of basic research investment to achieve technological self - control [12]. - Promote the in - depth integration of technological innovation and industrial innovation, accelerate the transformation of scientific and technological achievements into productivity, and create new industries [12]. - Implement the "Artificial Intelligence +" action to lead the transformation of scientific research paradigms and empower various industries [12]. 3.4 Domestic Market - Adhere to the strategic basis of expanding domestic demand, combine improving people's livelihood and promoting consumption, and investment in objects and people. Promote the positive interaction between consumption and investment, supply and demand [13]. - Specific measures include boosting consumption (improving consumption scenarios and promoting residents' consumption ability), expanding effective investment (optimizing government investment and stimulating private investment), and removing obstacles to the construction of a unified national market [13][14]. 3.5 Macroeconomic Governance - Strengthen the coordination of fiscal and monetary policies, and maintain the continuity, effectiveness, and consistency of policies. Promote an economic development model driven by domestic demand and consumption [15]. - In fiscal and tax reform, improve the local tax and direct tax systems, and adjust the central - local fiscal relationship [15]. 3.6 Livelihood Security - Solve structural employment problems by strengthening the coordination between industry and employment, and promoting the healthy development of flexible employment [16]. - Improve the income distribution system to increase the income of low - income groups, expand the middle - income group, and form an olive - shaped distribution pattern [17]. - Improve the social security system, including pension and medical insurance, and focus on reducing the high - cost expenditures of residents in education, housing, etc. [17]. 3.7 Green Transformation - With the goal of achieving carbon peak by 2030, accelerate the construction of a new energy system and implement energy - saving and carbon - reduction reforms. The construction of the electricity market and carbon emission trading market is expected to accelerate [18]. - Reduce pollution emissions, strengthen pollution control, and promote the formation of a green production and lifestyle [18]. 3.8 Summary The "15th Five-Year Plan" 《Suggestions》 deploys strategic tasks and major measures in multiple fields. Boosting consumption and technological innovation will be the main focuses, and relevant industries are expected to benefit from policy support [19][20].

Report Investment Rating - No specific industry investment rating provided in the report. Core View - The report anticipates that on Wednesday, October 29, 2025, both the Shanghai Rubber Futures 2601 contract and the Synthetic Rubber Futures 2512 contract will likely exhibit a weak and volatile trend [1][5][7]. Summary by Variety Shanghai Rubber (RU) - **Short - term, Medium - term, and Intraday Views**: Short - term and intraday views are "volatile", and the medium - term view is "weakly volatile". The reference view is "weakly running" [1][5]. - **Core Logic**: Positive policies were released after the Fourth Plenary Session of the 20th Central Committee, and the China - US economic and trade talks sent positive signals, improving the macro - sentiment. The better - than - expected domestic new car production and sales data in September also supported the industry factors. However, as the previous positive factors were digested, the upward momentum of rubber prices weakened. On Tuesday night, the 2601 contract of Shanghai rubber futures showed a volatile and stable trend, with the price slightly rising 0.06% to 15,395 yuan/ton [5]. Synthetic Rubber (BR) - **Short - term, Medium - term, and Intraday Views**: Short - term and intraday views are "volatile", and the medium - term view is "weakly volatile". The reference view is "weakly running" [1][7]. - **Core Logic**: The supply pressure of synthetic rubber continued to increase. In 2025, the planned new capacity of domestic butadiene was 980,000 tons, and the total capacity was expected to reach 7.677 million tons/year, a year - on - year increase of 14.6%. The rapid expansion of butadiene supply provided sufficient raw materials for synthetic rubber production but also exacerbated the over - supply pressure in the industry chain. Even during the period of the strongest demand expectation this year, synthetic rubber prices did not rebound significantly, indicating fundamental weakness. On Tuesday night, the 2512 contract of domestic synthetic rubber futures showed a weak downward trend, with the price dropping 2.62% to 10,585 yuan/ton [7].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoint of the Report - The steel price of rebar is expected to continue the volatile and stable trend, and attention should be paid to the demand performance. Market sentiment is positive, and the strong raw materials provide cost support, but the improvement of the rebar fundamentals is limited under the situation of increasing supply and demand, and the pressure of inventory reduction remains [1][2]. 3. Summary According to Relevant Catalogs Variety Viewpoint Reference - For the rebar 2601 contract, the short - term (within one week) and medium - term (two weeks to one month) trends are both volatile, and the intraday trend is weakly volatile. It is recommended to pay attention to the support at the MA5 line. The core logic is that market sentiment is positive, and the steel market is volatile and stable [1]. Market Driving Logic - Both the supply and demand sides of rebar have increased. The production of construction steel mills has increased, and the weekly output has rebounded with relatively high inventory, increasing the supply pressure. The demand for rebar has continued to improve seasonally, but it is still at a low level in the same period in recent years, and the downstream situation has not improved, so the quality of the peak season is questionable. Under the situation of increasing supply and demand, the improvement of the rebar fundamentals is limited, the pressure of inventory reduction remains, and the steel price is still prone to pressure [2].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The iron ore market sentiment is currently warming, and the futures price has returned to a high level. However, with high supply and weakening demand, the fundamentals have not improved, and the upward driving force is not strong. The subsequent trend will mainly shift to high - level volatile operation, and attention should be paid to the performance of finished steel products [2] 3. Summary by Relevant Catalogs 3.1 Variety Viewpoint Reference - For the iron ore 2601 contract, the short - term and medium - term trends are expected to be volatile, while the intraday trend is expected to be weakly volatile. Attention should be paid to the support at the MA5 line. The core logic is that the bullish factors are dominant, and the ore price has returned to a high level [1] 3.2 Market Driving Logic - The supply - demand pattern of iron ore has changed little. Steel mill production is weakening, terminal consumption is continuously declining, and the contradictions in the steel market are not alleviated, so the demand for ore will continue to weaken, dragging down the steel price. Due to weather factors, the arrival of ore at domestic ports has unexpectedly decreased, but overseas ore shipments remain high. According to the shipping schedule, the subsequent arrival will return to a high level. Coupled with stable domestic ore production, the supply pressure of ore is relatively large [2]

Report Summary 1) Report Industry Investment Rating No specific industry investment rating is provided in the report. 2) Core Views - The overall view for the agricultural commodity futures sector is a mix of weak - side oscillations and no clear trends in the short - to - medium term for most of the main varieties [5][6][7]. - For the short - to - medium term, the market trends of these varieties will be affected by factors such as Sino - US relations, import and supply rhythms, policies, and inventory levels [6]. 3) Summary by Variety **Soybean Meal (M)** - **Views**: Short - term: oscillatory; Medium - term: oscillatory; Intraday: oscillatory and weak. The reference view is oscillatory and weak [5][6]. - **Core Logic**: Driven by the expectation of China resuming US soybean purchases, the far - month contracts of US soybeans fell after hitting the $11 mark. The future market trend depends on details of the Sino - US trade agreement, South American weather, and China's actual purchase rhythm. The cost - driven logic has replaced the supply logic in the short - term soybean meal market, and there is a risk of decline after the futures price rebounds close to the upper limit of the oscillation range [5]. **Palm Oil (P)** - **Views**: Short - term: weak; Medium - term: oscillatory; Intraday: oscillatory and weak. The reference view is oscillatory and weak [6][7]. - **Core Logic**: The overall weakness in the oil market is due to high inventory pressure and weak demand. Malaysian palm oil futures have fallen for three consecutive days, hitting a near - four - week low. The core contradiction in the palm oil market is the significant inventory pressure in Malaysia and weak domestic demand. The macro - level positive of eased Sino - US economic and trade relations cannot reverse the weak fundamentals. The short - term market shows a pattern of strong meal and weak oil, and palm oil futures prices remain under pressure [7]. **Soybean Oil (Y)** - **Views**: Short - term: oscillatory; Medium - term: oscillatory; Intraday: oscillatory and weak. The reference view is oscillatory and weak [6]. - **Core Logic**: Influenced by Sino - US relations, US biofuel policies, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil refinery inventory [6].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The crude oil market is expected to be in a weak and volatile trend in the short - to - medium term. With the weakening of previous macro - positive driving factors and geopolitical factors, the market has returned to being dominated by supply - and - demand fundamentals. Currently, both macro and industrial factors in the crude oil market remain weak. The production increase measures of OPEC+ countries will add to the supply pressure, and the domestic crude oil futures 2512 contract is likely to maintain a weak and volatile trend on Wednesday [1][5] 3. Summary by Relevant Content Price and Trend - The domestic crude oil futures 2512 contract is in a state of "weak operation". In the short term, the view is "volatile", in the medium term it is "weak and volatile", and on the day it is also "weak and volatile". The core logic is that the geopolitical premium has faded, and the market has returned to supply - and - demand fundamentals [1][5] Market Driving Factors - After the weakening of previous macro - positive driving factors and geopolitical factors, the crude oil market has returned to being driven by supply - and - demand fundamentals. The current macro and industrial factors in the crude oil market are still weak [5] Supply - Side Situation - Eight OPEC+ oil - producing countries have decided to increase production in November, with an additional output of 137,000 barrels per day, which is seen as an attempt to seek a larger market share, and this has increased the supply pressure in the oil market [5] Market Performance - On Tuesday night, the domestic crude oil futures 2512 contract returned to a weak state, with the futures price closing down 1.78% to 458.1 yuan per barrel [5]

Group 1: Report Industry Investment Ratings - No relevant content provided Group 2: Core Views of the Report - For gold, short - term is expected to decline, medium - term to oscillate, and the reference view is to wait and see due to the expected easing of Sino - US trade and Russia - Ukraine cease - fire, along with strong profit - taking intention of funds [1][3] - For copper, short - term and medium - term are expected to rise, and the reference view is to be strong in the long - run because of macro - economic easing, mine - end production cuts, and a rapid increase in capital attention [1][4] Group 3: Summary by Variety Gold - **Short - term**: Expected to decline, with the short - term strong pattern broken as the price fell below the 10 - day moving average [1][3] - **Medium - term**: Expected to oscillate [1][3] - **Core Logic**: The decline is due to the expected easing of Sino - US trade and Russia - Ukraine cease - fire, and strong profit - taking intention after a large increase since September. The price has fallen below $4000 and $3900. Attention should be paid to the APEC meeting and the Fed's interest - rate meeting at the end of the month [3] Copper - **Short - term and Medium - term**: Expected to rise [1][4] - **Core Logic**: The price dropped yesterday following the weakening of the macro - environment and the sharp decline of gold price, but rebounded quickly at night. The gold - copper ratio has dropped significantly. Attention should be paid to the long - short game at the $11000 level of LME copper [4]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - The short - term view of TL2512 is volatile, the medium - term view is volatile, and the intraday view is weakly volatile, with an overall view of volatility due to a decline in short - term interest rate cut expectations and the existence of medium - to - long - term easing expectations [1]. - For the main varieties (TL, T, TF, TS) in the financial futures stock index sector, the intraday view is weakly volatile, the medium - term view is volatile, and the reference view is volatile. In the long run, due to insufficient effective domestic demand, a relatively loose monetary environment is needed to stabilize the demand side, providing strong support for Treasury bond futures. However, the internal economic data is resilient, and external uncertainties have eased, so there is no strong need for an immediate full - scale interest rate cut, resulting in limited upward momentum for Treasury bond futures. Overall, the short - term upside and downside of Treasury bond futures are limited, and they will mainly fluctuate and consolidate [5]. Group 3: Summary by Relevant Catalogs Variety View Reference - Financial Futures Stock Index Sector - For TL2512, the short - term, medium - term, and overall views are volatile, and the intraday view is weakly volatile. The core logic is that short - term interest rate cut expectations have declined, while medium - to - long - term easing expectations still exist [1]. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - For varieties TL, T, TF, TS, the intraday view is weakly volatile, the medium - term view is volatile, and the reference view is volatile. Yesterday, Treasury bond futures fluctuated and closed higher. Macroscopically, due to persistent insufficient effective domestic demand, a relatively loose monetary environment is needed in the long run to stabilize the demand side, strongly supporting Treasury bond futures. However, the internal economic data is resilient, and external uncertainties have eased, reducing the short - term necessity for a full - scale interest rate cut and limiting the upward momentum of Treasury bond futures. In the short term, the upside and downside of Treasury bond futures are limited, and they will mainly fluctuate and consolidate [5].

Group 1: Report on Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The short - term view of the financial futures stock index sector is wide - range oscillation, the medium - term view is upward, and the intraday view is oscillating strongly [1][5] - The core logic is the game between the profit - taking intention of funds and the expectation of policy benefits. With the easing of external uncertainties and the release of the communiqué of the Fourth Plenary Session of the 20th CPC Central Committee, the expectation of policy benefits rises, driving up the risk preference of the stock market. Meanwhile, as the stock valuation rises, the profit - taking intention of profitable funds still exists [1][5] Group 3: Summary by Relevant Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2512, the short - term is oscillating, the medium - term is upward, the intraday is oscillating strongly, and the reference view is wide - range oscillation. The core logic is the game between the profit - taking intention of funds and the expectation of policy benefits [1] Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - For IF, IH, IC, IM, the intraday view is oscillating strongly, the medium - term view is upward, and the reference view is wide - range oscillation. The core logic is the same as above. The total trading volume of the Shanghai, Shenzhen and Beijing stock markets was 2165.3 billion yuan yesterday, a decrease of 191.3 billion yuan from the previous day [5]