Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - Last week, the gold price rose first and then fell, dropping by more than 7% from the high during the week and then stabilizing and rebounding. The decline was due to the easing of Sino-US trade tensions, the expectation of a ceasefire in Russia-Ukraine, and strong profit-taking intentions after the significant increase since September. The short - term easing of Sino - US trade friction reduced the safe - haven demand and increased market risk appetite, which was negative for the gold price. The lower - than - expected US CPI in September made the market expect a steady progress of US interest rate cuts, which was positive for the gold price. The sharp decline in the gold price increased the profit - taking intention of previous long positions, breaking the short - term strong pattern. Attention should be paid to the support of the 20 - day moving average [5][23] Group 3: Summary by Relevant Catalog 1. Market Review 1.1 Weekly Trend - The report presents a graph showing the linkage between the US dollar index and COMEX gold futures closing price [9] 1.2 Indicator Changes | Indicator | 10/24 | 10/17 | Weekly Change | | --- | --- | --- | --- | | COMEX Gold | 4,126.90 | 4,267.90 | -3.30% | | COMEX Silver | 48.41 | 50.63 | -4.38% | | SHFE Gold Main Contract | 938.10 | 999.80 | -6.17% | | SHFE Silver Main Contract | 11,332.00 | 12,249.00 | -7.49% | | US Dollar Index | 98.94 | 98.55 | 0.39% | | USD/CNH | 7.13 | 7.13 | -0.02% | | 10 - Year US Treasury Real Yield | 1.73 | 1.75 | -0.02 | | S&P 500 | 6,791.69 | 6,664.01 | 1.92% | | WTI Crude Oil Continuous | 61.44 | 57.64 | 6.59% | | COMEX Gold - Silver Ratio | 85.25 | 84.30 | 1.12% | | SHFE Gold - Silver Ratio | 82.78 | 81.62 | 1.42% | | SPDR Gold ETF | 1,046.93 | 1,047.21 | -0.28 | | iShare Gold ETF | 484.26 | 487.19 | -2.93% | [10] 2. Gold Price Rise and Fall - Last week, the US dollar index and Treasury yields stabilized and rebounded, and the gold price fell from a high level. The overall market risk appetite increased, and the risk - aversion sentiment decreased significantly [14][15] 3. Tracking of Other Indicators - Last week, international gold ETFs showed outflows. Precious metals rose and then fell, silver had a larger decline, and the gold - silver ratio fluctuated and rebounded [18][22] 4. Conclusion - The conclusion is consistent with the core viewpoints, emphasizing the reasons for the rise and fall of the gold price, the impact of Sino - US trade and US economic data on the gold price, and the change of the short - term pattern of the gold price, as well as suggesting to pay attention to the support of the 20 - day moving average [23]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The main contract price of rebar strengthened again, with a daily increase of 1.54%. The demand for rebar has a seasonal rebound, but the supply has also increased. The fundamentals have not improved under the situation of both supply and demand increasing, and the pressure of inventory reduction remains. Supported by market sentiment and cost, the rebar price is expected to stabilize in a volatile manner. Attention should be paid to the demand performance [4]. - The main contract price of hot - rolled coil oscillated upwards, with a daily increase of 1.45%. The market sentiment has improved, and the price of hot - rolled coil has rebounded from a low level. However, the supply pressure remains, and there are concerns about demand. With cost support, the price is expected to continue the volatile and stable trend, and attention should be paid to the demand performance [4]. - The main contract price of iron ore strengthened, with a daily increase of 1.94%. The market sentiment has improved, and the iron ore price has rebounded from a low level. However, the supply of iron ore is at a high level, while the demand continues to weaken. The fundamentals of iron ore are not good under the situation of strong supply and weak demand. The high - valued iron ore price is still prone to pressure. The iron ore price is expected to continue to oscillate, and attention should be paid to the performance of finished steel [4]. Summary by Relevant Catalogs Industrial Dynamics - Regarding the Sino - US economic and trade consultations, the two sides agreed to further determine specific details and fulfill their respective domestic approval procedures [6]. - From January to September, the total profit of industrial enterprises above the national scale reached 5373.2 billion yuan, a year - on - year increase of 3.2%. Among them, the state - owned holding enterprises, joint - stock enterprises, foreign - invested and Hong Kong, Macao and Taiwan - invested enterprises, and private enterprises had different profit growth rates [7]. - Tangshan Fengnan District launched a level II emergency response for heavy pollution weather from 12:00 on October 27, 2025, due to expected adverse diffusion conditions [8]. Spot Market - Rebar: The spot prices in Shanghai, Tianjin, and the national average were 3180 yuan, 3140 yuan, and 3232 yuan respectively, with price changes of 10 yuan, 30 yuan, and 13 yuan [9]. - Hot - rolled coil: The spot prices in Shanghai, Tianjin, and the national average were 3330 yuan, 3220 yuan, and 3349 yuan respectively, with price changes of 40 yuan, 20 yuan, and 16 yuan [9]. - Other: The price of Tangshan steel billet was 2960 yuan, with a change of 30 yuan; the price of Zhangjiagang heavy scrap was 2160 yuan, with a change of 20 yuan. The price of 61.5% PB powder at Shandong ports was 793 yuan, with a change of 13 yuan; the price of Tangshan iron concentrate was 813 yuan, with no change [9]. Futures Market - Rebar: The closing price of the active contract was 3100 yuan, with a daily increase of 1.54%. The trading volume was 1,696,201 lots, an increase of 614,508 lots, and the open interest was 1,953,001 lots, a decrease of 97,544 lots [14]. - Hot - rolled coil: The closing price of the active contract was 3299 yuan, with a daily increase of 1.45%. The trading volume was 595,934 lots, an increase of 165,988 lots, and the open interest was 1,482,730 lots, a decrease of 18,766 lots [14]. - Iron ore: The closing price of the active contract was 786.5 yuan, with a daily increase of 1.94%. The trading volume was 363,294 lots, an increase of 52,955 lots, and the open interest was 558,846 lots, a decrease of 6,796 lots [14]. Relevant Charts - Steel inventory: There are charts showing the weekly changes and total inventory (steel mills + social inventory) of rebar and hot - rolled coil [15][16][18]. - Iron ore inventory: There are charts showing the inventory of 45 ports in China, the inventory of 247 steel mills, etc. [20][21][26]. - Steel mill production: There are charts showing the blast furnace operating rate, capacity utilization rate, independent electric furnace operating rate, and profitability of steel mills [29][31][32]. Future Outlook - Rebar: The supply and demand have both increased. The weekly output of rebar has increased by 5.91 tons, and the demand has a seasonal rebound. However, the fundamentals have not improved, and the inventory reduction pressure remains. With market sentiment and cost support, the price is expected to stabilize in a volatile manner [36]. - Hot - rolled coil: The supply and demand pattern has improved slightly. The weekly output has increased by 0.62 tons, and the demand has performed well. However, there are concerns about demand. With cost support, the price is expected to continue the volatile and stable trend [36]. - Iron ore: The supply - demand pattern has continued to weaken. The demand for iron ore is expected to continue to decrease, while the supply is at a high level. The iron ore price is expected to continue to oscillate [37].

Group 1: Investment Rating - Not provided Group 2: Core View - On October 27, 2025, treasury bond futures fluctuated and closed up. Due to the persistent lack of effective domestic demand, a moderately loose monetary environment is needed in the medium to long term to stabilize the demand side, providing strong support for treasury bond futures. However, there is no strong need for a comprehensive interest rate cut in the short term. With the easing of external uncertainties, the warming of domestic policy benefits, and the rising risk appetite in the stock market, the demand for treasury bonds is suppressed. Overall, the upside and downside of treasury bond futures are limited in the short term, mainly fluctuating and consolidating [4]. Group 3: Summary by Directory 1. Industry News and Related Charts - On October 27, the People's Bank of China conducted 337.3 billion yuan of 7 - day reverse repurchase operations at a fixed - rate and quantity - tendered method, with an operating interest rate of 1.40%, a bid volume of 337.3 billion yuan, and a winning volume of 337.3 billion yuan. On the same day, 189 billion yuan of reverse repurchases matured, resulting in a net investment of 148.3 billion yuan [6].

Report Overview The report is the Baocheng Futures Variety Arbitrage Data Daily Report for October 27, 2025, covering multiple sectors including thermal coal, energy and chemicals, black metals, non-ferrous metals, agricultural products, and stock index futures. 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Report's Core View The report mainly presents the basis, inter - period spreads, and inter - variety spreads data of various futures products from October 20 to October 24, 2025, without a clear core view statement. 3. Summary by Category Thermal Coal - **Basis Data**: The basis data for thermal coal from October 20 to October 24, 2025, shows values ranging from - 45.4 to - 31.4 yuan/ton, and the inter - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) are all 0 [1][2]. Energy and Chemicals - **Energy Commodities Basis**: For energy commodities such as fuel oil, INE crude oil, and crude oil/asphalt, the basis data from October 20 to October 24, 2025, is presented, along with their respective ratios [7]. - **Chemical Commodities Basis**: The basis data for rubber, methanol, PTA, LLDPE, PVC, and PP from October 20 to October 24, 2025, shows different values. For example, the basis of rubber ranges from - 850 to - 585 yuan/ton [9]. - **Chemical Commodities Inter - period Spreads**: The inter - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) for rubber, methanol, PTA, etc., are provided. For instance, the 5 - 1 month spread of rubber is 70 yuan/ton [10]. - **Chemical Commodities Inter - variety Spreads**: The inter - variety spreads such as LLDPE - PVC, LLDPE - PP, etc., from October 20 to October 24, 2025, are given. For example, on October 24, 2025, the LLDPE - PVC spread is 2266 yuan/ton [10]. Black Metals - **Black Metals Inter - period Spreads**: The inter - period spreads (5 - 1 month, 9(10) - 1 month, 9(10) - 5 month) for rebar, iron ore, coke, and coking coal are presented. For example, the 5 - 1 month spread of rebar is 61 yuan/ton [19]. - **Black Metals Inter - variety Spreads**: The inter - variety spreads such as rebar/iron ore, rebar/coke, etc., from October 20 to October 24, 2025, are provided. For example, on October 24, 2025, the rebar/iron ore ratio is 3.96 [19]. Non - Ferrous Metals - **Domestic Market Basis**: The domestic basis data for copper, aluminum, zinc, lead, nickel, and tin from October 20 to October 24, 2025, is shown. For example, the basis of copper ranges from 250 to - 1300 yuan/ton [28]. - **London Market Data**: The LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data for LME non - ferrous metals (copper, aluminum, etc.) on October 24, 2025, are provided [31]. Agricultural Products - **Agricultural Products Basis**: The basis data for soybeans (first - grade and second - grade), soybean meal, soybean oil, corn, etc., from October 20 to October 24, 2025, is presented. For example, the basis of first - grade soybeans ranges from - 133 to - 124 yuan/ton [37]. - **Agricultural Products Inter - period Spreads**: The inter - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) for soybeans, soybean meal, etc., are provided. For example, the 5 - 1 month spread of first - grade soybeans is 30 yuan/ton [37]. - **Agricultural Products Inter - variety Spreads**: The inter - variety spreads such as soybeans (first - grade)/corn, soybean oil/soybean meal, etc., from October 20 to October 24, 2025, are given. For example, on October 24, 2025, the soybean oil/soybean meal ratio is 2.78 [36]. Stock Index Futures - **Stock Index Futures Basis**: The basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from October 20 to October 24, 2025, is shown. For example, the basis of CSI 300 ranges from 25.54 to 31.42 [48]. - **Stock Index Futures Inter - period Spreads**: The inter - period spreads (next month - current month, next quarter - current quarter) for CSI 300, SSE 50, etc., are provided. For example, the next month - current month spread of CSI 300 is - 41.6 [50].

Report Summary 1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Report's Core View - The domestic crude oil futures contract 2512 is expected to maintain a slightly bullish and volatile trend on Monday. The market sentiment is a bit bullish, but the macro and industrial factors in the crude oil market still remain weak [1][5]. 3. Summary by Relevant Content Price and Trend - The short - term view of crude oil 2512 is volatile, the medium - term view is weakly volatile, and the intraday view is slightly bullish, with a reference view of bullish operation [1]. - On the night of last Friday, the domestic crude oil futures 2512 contract maintained a volatile and stable trend, with the futures price slightly rising 0.30% to 467.6 yuan/barrel [5]. Driving Factors - The macro - bearish sentiment has weakened as US President Trump actively sent signals to ease the situation, and the positive signals from the China - US economic and trade talks over the weekend have further improved the macro sentiment [5]. - 8 OPEC+ oil - producing countries decided to increase production by 137,000 barrels per day in November, increasing the supply pressure in the oil market [5]. - The geopolitical situation in the Middle East has shown signs of easing, and the "war premium" that previously supported oil prices has faded [5].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The steel price is expected to show a stable and fluctuating trend, and attention should be paid to the demand performance [1][2] - The short - term, medium - term, and intraday trends of rebar 2601 are fluctuating, fluctuating, and fluctuating with a slight upward bias respectively, and attention should be paid to the pressure at the MA20 line [1] Group 3: Summary by Related Catalogs Variety Viewpoint Reference - For rebar 2601, the short - term view is fluctuating, the medium - term view is fluctuating, and the intraday view is fluctuating with a slight upward bias. The reference view is to pay attention to the pressure at the MA20 line, and the core logic is that market sentiment has improved and steel prices have stabilized after fluctuations [1] Market Driving Logic - After the China - US trade negotiation was completed, market sentiment improved, and steel spot prices rose slightly over the weekend. The supply - demand pattern of rebar has not changed much. The weekly output of rebar has rebounded from a low level, but the inventory is high, so the supply positive effect is limited [2] - Rebar demand has continued to improve, but high - frequency indicators are still at a low level in the same period in recent years, and the downstream has not improved, so the peak season is expected to be lackluster [2] - Currently, the seasonal increase in rebar demand is accompanied by an increase in supply. Under the situation of both supply and demand increasing, the fundamentals have not improved, and the pressure of inventory reduction remains, so steel prices are still under pressure [2]

1. Report Industry Investment Rating - There is no content about the report industry investment rating in the provided documents. 2. Core Viewpoints of the Report - The iron ore market has a weak supply - demand pattern, with high - level supply and weakening demand. The high - valued ore price is under pressure, but market sentiment has improved. The ore price is expected to continue the oscillatory trend, and attention should be paid to the performance of finished steel products [2]. 3. Summary According to Relevant Catalogs 3.1 Variety Viewpoint Reference - For the iron ore 2601 contract, the short - term and medium - term trends are oscillatory, and the intraday trend is weakly oscillatory. It is recommended to pay attention to the pressure at the MA60 line. The core logic is the weak supply - demand pattern, which makes the ore price under pressure [1]. 3.2 Market Driving Logic - The iron ore supply - demand pattern is weak. Steel mill production is weakening, terminal ore consumption is continuously declining with an expanding decline rate, and the industrial contradictions in the steel market are only slightly alleviated. With the reappearance of production restrictions, the demand weakening trend remains unchanged. Meanwhile, domestic port ore arrivals and miners' shipments are at a high level, overseas ore supply is active, and domestic ore supply has recovered, resulting in large supply pressure. The high - level supply and weakening demand lead to a poor fundamental situation for iron ore, and the high - valued ore price is under pressure [2].

Group 1: Report Summary - The report is the Baocheng Futures' morning report on beans and oils on October 27, 2025, covering the price, market trend, and driving logic of varieties such as soybean meal, palm oil, and soybean oil [1][5][7] Group 2: Investment Ratings - Not provided in the report Group 3: Core Views - The domestic soybean meal market maintains a loose supply - demand pattern. The futures price will oscillate until the quantity and time of China's purchase of US soybeans are announced. Palm oil has short - term pressure but also long - term demand support, and its futures price is oscillating weakly [5][7] Group 4: Variety Summaries Soybean Meal - **Time - frame Views**: Short - term (within a week) and medium - term (two weeks to one month) views are oscillating, and the intraday view is weakly oscillating. The reference view is weakly oscillating [5][6] - **Driving Factors**: The supply - demand pattern is affected by Sino - US relations, import arrival rhythm, oil mill operation rhythm, and inventory pressure. The futures price is affected by the possible supply gap in the fourth quarter and China's purchase of US soybeans [5][6] Palm Oil - **Time - frame Views**: Short - term and medium - term views are oscillating, and the intraday view is weakly oscillating. The reference view is weakly oscillating [6][7] - **Driving Factors**: Affected by its biodiesel attribute, Malaysian palm production and exports, Indonesian exports, tariff policies of major producing countries, domestic arrival and inventory, and substitution demand [6][7] Soybean Oil - **Time - frame Views**: Short - term and medium - term views are oscillating, and the intraday view is weakly oscillating. The reference view is weakly oscillating [6] - **Driving Factors**: Influenced by Sino - US relations, US biofuel policies, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil mill inventory [6]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The short - term view of TL2512 is oscillatory, the medium - term view is oscillatory, and the intraday view is weakly oscillatory, with an overall oscillatory outlook. The short - term expectation of interest rate cuts has declined, while the medium - and long - term expectation of monetary easing still exists [1]. - For the TL, T, TF, and TS varieties, the intraday view is weakly oscillatory, the medium - term view is oscillatory, and the overall reference view is oscillatory. In the short term, treasury bond futures will mainly oscillate and consolidate [5]. 3. Summary by Related Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - For the TL2512 variety, the short - term is oscillatory, the medium - term is oscillatory, the intraday is weakly oscillatory, and the overall view is oscillatory. The core logic is that the short - term expectation of interest rate cuts has declined, while the medium - and long - term expectation of monetary easing still exists [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties include TL, T, TF, and TS. The intraday view is weakly oscillatory, the medium - term view is oscillatory, and the reference view is oscillatory. The core logic is that last Friday, treasury bond futures oscillated and consolidated within a narrow range. After the news of China - US economic and trade consultations was released, although no substantial agreement was reached, external uncertainty risks decreased. With the release of the communiqué of the Fourth Plenary Session of the 20th Central Committee, the expectation of policy benefits increased, the risk appetite of the stock market rebounded significantly, and the demand for treasury bonds was suppressed. From a macro perspective, the problem of insufficient effective domestic demand still exists, and a relatively loose monetary environment is needed in the medium and long term to stabilize the demand side, which strongly supports treasury bond futures. However, due to the strong resilience of the macro - economy, the necessity of a comprehensive interest rate cut in the short term is insufficient, and the upward momentum of treasury bond futures is lacking [5].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The short - term view of thermal coal spot is that short - term bullish factors resonate, and port coal prices are operating strongly. The short - term, medium - term, and intraday views are all "oscillation". In October, domestic coal prices ran strongly, but in the second half of the month, coastal electricity coal demand declined rapidly, and the upward trend of coal prices is expected to slow down in November. The relative bullish factors are "policy disturbances on the supply side" and "restocking demand of coastal power plants" [1][4] Group 3: Summary by Related Catalog Variety Viewpoint Reference - For thermal coal spot, the short - term, medium - term, and intraday views are all "oscillation". The core logic is that short - term bullish factors resonate, and port coal prices are operating strongly [1] Main Variety Price Market Driving Logic - Commodity Futures Black Sector - The reference view of thermal coal spot is "oscillation". In October, domestic coal prices ran strongly. As of October 21, the quotation of 5500K thermal coal at Qinhuangdao Port was 755 yuan/ton, a rise of 54 yuan/ton compared with the end - of - September price. In October, multiple bullish factors in the coal market resonated. Some weather and policy factors drove coal prices to rise beyond expectations. However, in the second half of the month, the temperature in coastal areas dropped sharply, electricity coal demand declined rapidly, and with the recovery of coal logistics and transportation, the upward trend of coal prices is expected to slow down in November. The relative bullish factors are "policy disturbances on the supply side" and "restocking demand of coastal power plants" [4]