Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - **沪铜**: Today, Shanghai copper showed a significant increase in positions and prices, especially in the afternoon, with a gain of over 1,000 yuan/ton, approaching the post - holiday high of 88,000 yuan. After the Fourth Plenary Session in China, the macro - environment has clearly improved. Against the background of supply contraction in the industry and continuous improvement in domestic and international macro - environments, copper prices continue to rise with increasing positions. Attention should be paid to the technical pressure at the previous high [6]. - **沪铝**: Today, Shanghai aluminum first declined and then rebounded. The afternoon rebound was largely affected by the improved macro - environment. The inventories of domestic electrolytic aluminum and downstream aluminum rods have decreased, providing industrial support for aluminum prices. In the short term, aluminum prices have broken through the 21,000 - yuan mark with increasing positions. Continuous attention should be paid to the pressure at the previous high [7]. - **沪镍**: Today, Shanghai nickel first declined and then rebounded, standing above the 122,000 - yuan mark at the close. The afternoon rebound was largely affected by the improved macro - environment. Nickel prices are at a low level since September, but there is still industrial pressure, and the rebound of nickel prices is weak. Continuous attention should be paid to the low - level technical support [8]. 3. Summary by Related Catalogs 3.1 Industry Dynamics - **Copper**: From the perspective of downstream industries of copper cable enterprises, the State Grid has released scattered orders, with limited scale and mainly for rigid demand; new orders for automobile wiring harnesses are suppressed by high copper prices. In terms of inventory, due to insufficient orders, enterprises only maintain rigid - demand procurement, and the raw material inventory ratio has decreased by 1.78 percentage points; enterprises have slowed down production and adopted a production - on - sales model, and the finished - product inventory ratio has decreased by 2.84 percentage points [10]. - **Nickel**: On October 24, the price of SMM1 electrolytic nickel was 121,400 - 124,400 yuan/ton, with an average price of 122,900 yuan/ton, a rise of 750 yuan/ton compared with the previous trading day. The mainstream spot premium quotation range of Jinchuan 1 electrolytic nickel was 2,500 - 2,600 yuan/ton, with an average premium of 2,550 yuan/ton, remaining the same as the previous trading day. The spot premium and discount quotation range of domestic mainstream brand electrowon nickel was - 100 - 200 yuan/ton [11]. 3.2 Related Charts - **Copper**: The report includes charts of copper basis, domestic visible inventory of electrolytic copper (social inventory + bonded area inventory), LME copper cancelled warrant ratio, overseas copper exchange inventory, SHFE warrant inventory, etc. [12][13][14] - **Aluminum**: The report includes charts of aluminum average price premium and discount, domestic social inventory of electrolytic aluminum, overseas exchange inventory of electrolytic aluminum (LME + COMEX), alumina inventory, aluminum rod inventory, etc. [26][27][31] - **Nickel**: The report includes charts of nickel basis, LME nickel inventory and cancelled warrant ratio, LME nickel trend, SHFE inventory, nickel ore port inventory, etc. [37][39][40]

投资咨询业务资格：证监许可【2011】1778 号 钢材&铁矿石 | 日报 2025 年 10 月 24 日 钢材&铁矿石日报 专业研究·创造价值 宏观预期兑现，钢矿偏弱震荡 核心观点 螺纹钢：主力期价震荡下行，录得 0.75%日跌幅，量仓扩大。现阶段， 螺纹需求季节性回升，而供应同样增加，供需双增局面下基本面改善有 限，库存去化压力未退，钢价仍将承压，相对利好则是成本支撑，预计 走势延续低位震荡运行态势，关注需求表现情况。 热轧卷板：主力期价震荡运行，录得 0.03%日涨幅，量缩仓稳。目前来 看，热卷需求表现尚可，带来供需格局改善，但供应压力未退，且需求 存有隐忧，基本面料难实质性好转，热卷价格持续承压，相对利好则是 成本支撑，后续走势延续震荡寻底态势，关注需求表现情况。 铁矿石：主力期价震荡走弱，录得 0.58%日跌幅，量仓扩大。现阶 段，矿石需求持续走弱，而供应居高不下，供强需弱局面铁矿石基本面 持续走弱，叠加高估值修复驱动，预计矿价走势延续震荡偏弱运行态 势，重点关注钢厂生产情况。 （仅供参考，不构成任何投资建议） 期货研究报告 姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨 ...

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core View of the Report The fundamentals of iron ore continue to exert downward pressure. The supply remains high, and the demand is weakening. The iron ore market is expected to continue to be under pressure, and attention should be paid to the production situation of steel mills [3][5][6]. 3) Summary According to Relevant Catalogs Supply Situation - After the National Day holiday, the iron ore futures and spot prices declined. The main contract dropped from 809.5 yuan/ton to 760 yuan/ton, a cumulative decline of 6.11%. The spot price also decreased, with the Platts price index falling 4.30% to $104.5/ton, and the mainstream spot price at Qingdao Port dropping by 10 - 20 yuan/ton [2]. - The high - level decline of ore prices is due to factors such as weakened market sentiment, reduced demand from steel mills, and a weakened supply - demand pattern. Currently, the supply - demand pattern of iron ore is still weakening, mainly pressured by the supply side [3]. - Overseas ore supply is active. As of the week of October 19, the arrival volume at 47 domestic ports was 26.763 million tons, still at a high level this year. The arrival volume in the third quarter increased significantly compared with the same period last year, making up for the reduction in the first quarter [3]. - The increase in domestic port arrivals is due to the active shipments of miners. The latest global iron ore shipment volume is 33.335 million tons, with a year - on - year increase of 15.45%. The shipment volume in October was 88.8319 million tons, with month - on - month and year - on - year increases of 2.06% and 10.34% respectively. The cumulative annual shipment volume increased by 14.34 million tons, with significant increases in Australia and Brazil [3]. - In October, the average value of the Platts iron ore price index (CFR, 62% FE) was $105/ton. High ore prices encourage overseas miners to ship actively. With a high inventory of floating cargoes at sea, the subsequent arrival volume at domestic ports will remain high. Domestic mine supply has also increased, which will further suppress the iron ore price [4]. Demand Situation - Iron ore demand has weakened. The poor performance of steel demand during the peak season has led to steel mills reducing production, and the consumption of iron ore has declined. As of the week of October 17, the daily average pig iron output and imported ore consumption of 247 steel mills decreased by 0.59 million tons and 1.79 million tons respectively [5]. - Although the decline in iron ore demand is not large, the steel market's supply - demand pattern remains weak. After the holiday, steel demand has recovered slightly, but most varieties have not returned to pre - holiday levels, and some varieties have the lowest demand in the same period in the past five years [5]. - The downstream industries of steel have not improved, and the "Silver October" peak season may be lackluster. The steel inventory increased significantly during the holiday, and the subsequent de - stocking pressure is large. The profitability of steel mills is deteriorating, with the proportion of profitable steel mills among 247 steel mills at 55.41%, having decreased for 10 consecutive weeks, a cumulative decline of 12.99 percentage points. Most steel products in North China are in a loss - making state, and only those in East China maintain a small profit. Therefore, the subsequent production enthusiasm of steel mills will decline, and iron ore demand is expected to continue to weaken [5][6].

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core View of the Report The PVC market is currently in a pattern of strong supply and weak demand. With continuous release of new production capacity, weak real - estate demand, high inventory, and weak cost support, the PVC futures 2601 contract is expected to maintain a weak and volatile trend in the future [2][6]. 3. Summary by Related Content Cost Support Weakening - The price of calcium carbide, the main raw material for calcium carbide - based PVC, is continuously low, and the international crude oil market is weak, which weakens the cost support for ethylene - based PVC [2]. - Although some enterprises are in a loss state, the "alkali - for - chlorine" model of chlor - alkali integrated enterprises maintains production, and the cost's regulatory effect on supply is limited [3]. High Supply Pressure - In 2025, domestic PVC new production capacity features large - scale, technology switching, and concentrated production. The annual planned/expected new capacity is 2.5 - 3.5 million tons, and the actual new capacity is about 2.5 million tons, pushing the total domestic PVC capacity close to or exceeding 30 million tons [3]. - As of now, 1.45 million tons of new PVC capacity have been added this year, and another 0.5 million tons are to be fully released in the fourth quarter [3]. - After the holiday, the overall operating rate of PVC enterprises remains high, and the supply pressure has not been significantly relieved [4]. - The new PVC capacity is mainly ethylene - based, which has a cost - squeezing effect on calcium carbide - based PVC and intensifies industry competition [4]. Persistent Weak Demand - PVC is a typical post - real - estate cycle product, and the real - estate market has been weak since 2025. In the first three quarters of 2025, real - estate development investment decreased by 13.9%, new commercial housing sales area decreased by 5.5%, and sales volume decreased by 7.9%, which directly suppresses the procurement demand in the hard - product fields such as pipes and profiles [4]. - Although the operating rate of some downstream enterprises has slightly increased after the weather turns cool, orders are generally insufficient, and enterprises mainly replenish inventory based on low - price rigid demand [5]. - The traditional peak seasons of "Golden September and Silver October" did not arrive as expected, and the demand improvement expectation after the holiday was disappointed [5]. High Inventory Pressure - As of the week of October 17, PVC social inventory reached 1.0338 million tons, a year - on - year increase of 33.52%. The PVC futures warehouse receipt volume also reached a historical peak, indicating strong hedging willingness in the industry and difficult spot sales [6].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The 4th Plenary Session of the 20th CPC Central Committee put forward the main goals for economic and social development during the 15th Five - Year Plan period, aiming for significant achievements in high - quality development, a substantial increase in scientific and technological self - reliance, and new breakthroughs in comprehensive deep - seated reforms [2][16]. - Amid global geopolitical risks, sanctions on Russia's oil industry are likely to reshape the global energy trade and drive up oil prices, while OPEC is prepared to increase production to fill potential shortages [9]. - The new policy - based financial tools have reached over half of the 500 billion yuan quota, expected to drive over 4 trillion yuan in total project investment and stimulate credit and social financing growth [19]. 3. Summary by Relevant Catalogs 3.1 Macro Data Quick View - In September 2025, GDP growth at constant prices was 4.8% year - on - year, down from 5.2% in the previous quarter but up from 4.6% in the same period last year [1]. - The manufacturing PMI was 49.8%, slightly up from 49.4% in the previous month, and the non - manufacturing PMI was 50.0%, down from 50.3% [1]. - The year - on - year growth rates of M0, M1, and M2 were 11.5%, 7.2%, and 8.4% respectively, with M1 showing a significant increase compared to the previous month and the same period last year [1]. - The CPI decreased by 0.3% year - on - year, and the PPI decreased by 2.3% year - on - year [1]. - Fixed - asset investment (excluding rural households) decreased by 0.5% year - on - year on a cumulative basis, while the cumulative year - on - year growth rate of total retail sales of consumer goods was 4.46% [1]. - Exports and imports increased by 8.3% and 7.4% year - on - year respectively [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - The 4th Plenary Session of the 20th CPC Central Committee set long - term economic and social development goals, and China and the US will hold economic and trade consultations [2][16]. - Anshi China refuted the false remarks of the current management of Anshi Netherlands, and the Dutch Anshi may face delivery problems, affecting the global production of Japanese auto parts manufacturers [3]. - Multiple banks have raised the minimum investment amount for gold accumulation products to adapt to the rising gold prices [3]. 3.2.2 Metals - Gold prices have corrected, leading investors to "buy the dip". JPMorgan Chase maintains a bullish view on gold, predicting an average price of $5,055 per ounce in Q4 2026 [4][5]. - Russia's central bank's gold and foreign exchange reserves increased to $742.4 billion as of October 17 [5]. - London Metal Exchange inventories of most metals decreased, except for copper which increased slightly [5]. 3.2.3 Coal, Coke, Steel, and Minerals - China's Mineral Resources Appraisers Association joined the CRIRSCO on October 16 [7]. - Global crude steel production in September 2025 was 141.8 million tons, a 1.6% decrease from September 2024 [7]. - Coal transportation is expected to exceed 2024 levels due to the forecast of natural gas prices [7]. 3.2.4 Energy and Chemicals - In September, total social electricity consumption was 888.6 billion kWh, a 4.5% year - on - year increase, with the second and third industries showing significant growth [8][9]. - US crude oil futures rose 5.56% due to sanctions on Russia's oil industry and a decrease in US EIA crude oil inventories [9]. - New sanctions on Russia's oil industry may reshape the global energy trade and drive up oil prices, and OPEC is prepared to increase production [9]. 3.2.5 Agricultural Products - The Ministry of Commerce issued a notice on the second - round allocation of agricultural product export quotas in 2025 [12]. - US President Trump plans to increase tax - free beef imports from Argentina, which has caused controversy [12]. - The Starbucks Workers Union has initiated a strike authorization vote [13]. - On October 23, the price of New York Arabica coffee futures reached a record high [14]. 3.3 Financial News Compilation 3.3.1 Open Market - On October 23, the central bank conducted 212.5 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 23.5 billion yuan [15]. - The Ministry of Finance and the central bank conducted a 120 - billion - yuan central treasury cash management commercial bank time - deposit auction on October 23 [15]. 3.3.2 Important News - The 4th Plenary Session of the 20th CPC Central Committee emphasized building a strong domestic market and achieving the annual economic and social development goals [16][17]. - China and the US will hold economic and trade consultations, and the APEC Finance Ministers' Meeting was held in South Korea [17][18]. - The EU's sanctions on Chinese enterprises in the 19th round of sanctions on Russia have been strongly opposed by China [18][19]. - The new policy - based financial tools have been put into use, and the scale of bank wealth management has increased [19]. 3.3.3 Bond Market Summary - China's bond market was weak and volatile, with mixed changes in bond yields and a decline in treasury bond futures [23]. - In the exchange - traded bond market, some bonds rose while others fell, and the money market remained stable [23][24]. - European and US bond yields generally increased [26][27]. 3.3.4 Foreign Exchange Market Express - The on - shore RMB against the US dollar rose 24 points to 7.1221 at the 16:30 close, and the central parity rate rose 36 points [28]. - The US dollar index rose slightly, and most non - US currencies showed mixed trends [29]. 3.3.5 Research Report Highlights - Citic Construction Investment believes that the Five - Year Plan reflects evolving policy concepts, with more emphasis on quality and new productivity [30]. - Huatai Fixed Income suggests that the supply of Chinese dollar - denominated bonds may increase in elasticity, and investors should pay attention to different types of bonds [30]. - CITIC Securities expects the RMB exchange rate to appreciate moderately in 2026 under normal export conditions [31]. - CITIC Securities analyzes that Japan's new Prime Minister's economic policies focus on curbing inflation and improving fiscal efficiency [31]. 3.4 Stock Market Important News - On Thursday, A - shares closed higher, with the Shanghai Composite Index up 0.22%, the Shenzhen Component Index up 0.22%, and the ChiNext Index up 0.09%, and the trading volume reached 1.66 trillion yuan [34]. - The Hong Kong Hang Seng Index rose 0.72%, ending a 5 - day losing streak, and the Southbound funds had a net purchase of HK$5.345 billion [34].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report presents the daily arbitrage data of various futures varieties on October 24, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, inter - period spreads, and inter - commodity spreads. 3. Summary by Directory 3.1 Power Coal - The basis data of power coal from October 17 to October 23, 2025, shows that the basis on October 23 was - 31.4 yuan/ton, gradually increasing from - 53.4 yuan/ton on October 17 [1][2] 3.2 Energy Chemicals - **Energy Commodities**: Basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from October 17 to October 23, 2025, are provided, along with the basis data of energy products [7] - **Chemical Commodities**: - Basis data of rubber, methanol, PTA, LLDPE, PVC, and PP from October 17 to October 23, 2025, are presented [9] - Inter - period spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given, including 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads [10] - Inter - commodity spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol from October 17 to October 23, 2025, are provided [10] 3.3 Black Metals - Basis data of rebar, iron ore, coke, and coking coal from October 17 to October 23, 2025, are shown [20] - **Inter - period Spreads**: Inter - period spreads of rebar, iron ore, coke, and coking coal are provided, including 5 - 1 month, 9(10) - 1 month, and 9(10) - 5 month spreads [19] - **Inter - commodity Spreads**: Inter - commodity spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from October 17 to October 23, 2025, are presented [19] 3.4 Non - ferrous Metals - **Domestic Market**: Domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from October 17 to October 23, 2025, are provided [29] - **London Market**: LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin on October 23, 2025, are given [33] 3.5 Agricultural Products - Basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from October 17 to October 23, 2025, are shown [41] - **Inter - period Spreads**: Inter - period spreads of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are provided, including 5 - 1 month, 9 - 1 month, and 9 - 5 month spreads [40] - **Inter - commodity Spreads**: Inter - commodity spreads of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch from October 17 to October 23, 2025, are presented [40] 3.6 Stock Index Futures - Basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from October 17 to October 23, 2025, are provided [53] - Inter - period spreads of CSI 300, SSE 50, CSI 500, and CSI 1000, including next - month - current - month and next - quarter - current - quarter spreads, are given [55]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Report's Core View - For the 2601 contract of coking coal, the short - term view is oscillatory, the medium - term view is oscillatory, the intraday view is upward, and the reference view is an oscillatory approach. The coking coal is running strongly under the influence of an optimistic atmosphere [1][5]. - For the 2601 contract of coke, the short - term view is oscillatory, the medium - term view is oscillatory, the intraday view is strongly oscillatory, and the reference view is an oscillatory approach. The coke is oscillating strongly with a mix of long and short factors [1][6]. Group 3: Summary by Variety Coking Coal (JM) - The latest quotation of Mongolian coking coal at the Ganqimao Port is 1310.0 yuan/ton, with a week - on - week increase of 3.97%. In the domestic market, the auction of coking coal in Linfen, Shanxi yesterday mostly saw price increases, with a good atmosphere. Although the fundamental support for coking coal is insufficient at present, recent disturbances from weather in major production areas and anti - involution, along with the upcoming Sino - US trade consultations, drive the main coking coal futures contract to run strongly due to strong expectations [5]. Coke (J) - The latest quotation of the flat - price index of quasi - first - grade wet - quenched coke at Rizhao Port is 1520 yuan/ton, remaining unchanged week - on - week; the ex - warehouse price of quasi - first - grade wet - quenched coke at Qingdao Port is 1470 yuan/ton, with a week - on - week increase of 1.38%. Recently, both the supply and demand of coke have decreased, with a more obvious reduction on the supply side, and the overall inventory in the industrial chain has declined. The fundamental situation is relatively neutral, and the upward drive mainly comes from the coking coal supply side and the expectation of Sino - US trade negotiations [6].

Group 1: Report's Investment Rating - There is no specific report industry investment rating provided in the content [1][5] Group 2: Core Viewpoints - The short - term view of IH2512 is volatile, the medium - term view is upward, and the intraday view is slightly bullish, with an overall view of wide - range volatility due to the game between capital profit - taking willingness and policy - driven positive expectations [1] - For IF, IH, IC, and IM, the intraday view is slightly bullish, the medium - term view is upward, and the reference view is wide - range volatility. In the short term, the stock index is expected to be mainly in wide - range volatility as the game between capital profit - taking willingness and policy - driven positive expectations will dominate the intraday stock index trend [5] Group 3: Summary by Related Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2512, the short - term is volatile, the medium - term is upward, the intraday is slightly bullish, with a wide - range volatility view, and the core logic is the game between capital profit - taking willingness and policy - driven positive expectations [1] Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The intraday view of IF, IH, IC, and IM is slightly bullish, the medium - term view is upward, and the reference view is wide - range volatility. Yesterday, each stock index showed a trend of hitting the bottom and then rebounding. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1660.7 billion yuan, a decrease of 29.5 billion yuan from the previous day, indicating cautious market sentiment. The upcoming China - US economic and trade consultations from October 24th to 27th in Malaysia have reduced risk - aversion sentiment and improved market sentiment. Due to the significant increase in the valuation of some stocks and the marginal slowdown of the expected incremental policy benefits at the end of the year, there is still a need for capital to take profits. The game between capital profit - taking willingness and policy - driven positive expectations will dominate the intraday stock index trend [5]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The crude oil 2512 contract is expected to run strongly, with a short - term view of oscillation, a medium - term view of oscillation and weakening, and an intraday view of oscillation and strengthening [1][5] 3. Summary by Related Contents 3.1 Price Movement and Reference Views - The opening price and closing price calculation methods for varieties with and without night trading are specified [2] - Criteria for defining rising, falling, oscillating strongly, and oscillating weakly are provided [3] - Oscillation strength or weakness is only applicable to intraday views, not short - term and medium - term views [4] - The intraday view of crude oil (SC) is oscillating strongly, the medium - term view is oscillating weakly, and the reference view is strongly running. The 2512 contract of domestic crude oil futures closed up 3.48% to 469.8 yuan/barrel on Thursday night and is expected to maintain an oscillating and strong trend on Friday [5] 3.2 Driving Logic - Geopolitical premiums are prominent as the US President Trump cancelled the recent meeting plan between the US and Russian leaders, the US imposed sanctions on Russian oil producers, and South American geopolitical risks emerged. The supply - side expectations are also disturbed, giving support to the prices of domestic and foreign crude oil futures [5] - The current supply - demand situation of the crude oil market is weak. Supply surplus pressure is increasing, demand has entered a seasonal off - peak, and the crude oil inventory accumulation cycle has arrived [5]

投资咨询业务资格：证监许可【2011】1778 号 日内观点：震荡偏强 中期观点：震荡 期货研究报告 宝城期货豆类油脂早报（2025 年 10 月 24 日） 品种观点参考 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为偏弱，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为偏强。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货农产品板块 品种：豆粕（M） 参考观点：震荡偏强 核心逻辑：随着中美贸易谈判公布时间表，豆类市场情绪发生转变。目前国内 12 月份和 1 月份船期 尚有大量采购缺口未完成，随着中美贸易关系的缓和预期渐强，美豆出口前景预期改善推动美豆期价 迎来反弹，进口大豆成本攀升预期影响市场交易情绪。随着前期空头资金出现部分获利了结，期价反 弹压力减轻，豆类期价迎来止跌反弹走势。但现货市场跟涨幅度有限，市场尚未全面回暖，短期期价 反弹空间受到制约。 专业研究·创造价值 1 / 3 请务必阅读文末免责条款 时间周期说明：短期为一周以内、中 ...