Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints - Today, all stock indices showed a trend of hitting bottom and rebounding. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets throughout the day was 1660.7 billion yuan, a decrease of 29.7 billion yuan compared to the previous day. The shrinking trading volume in the stock market indicates that market sentiment is cautious. On the news front, China and the United States will hold economic and trade consultations in Malaysia from October 24th to 27th, which has reduced risk aversion and improved market sentiment. As the valuation of some stocks has increased significantly, the marginal expectation of incremental policy benefits at the end of the year has slowed down, and there is still a need for profit - taking in the capital market. In the short term, the changing rhythm of the game between the profit - taking intention of funds and the expectation of policy benefits will dominate the trend of stock indices within the year. In general, stock indices are expected to fluctuate widely in the short term [3]. - Currently, the implied volatility of options remains relatively stable. Considering that the stock indices are expected to rise in the medium and long term, investors can continue to hold bull spreads or covered calls [3]. Group 3: Summary of Related Catalogs 1 Option Indicators - On October 23, 2025, the 50ETF rose 0.60% to close at 3.167; the 300ETF (Shanghai Stock Exchange) rose 0.38% to close at 4.713; the 300ETF (Shenzhen Stock Exchange) rose 0.23% to close at 4.855; the CSI 300 Index rose 0.30% to close at 4606.34; the CSI 1000 Index fell 0.06% to close at 7308.10; the 500ETF (Shanghai Stock Exchange) rose 0.35% to close at 7.249; the 500ETF (Shenzhen Stock Exchange) rose 0.24% to close at 2.893; the GEM ETF fell 0.03% to close at 3.038; the Shenzhen 100ETF rose 0.14% to close at 3.498; the SSE 50 Index rose 0.56% to close at 3026.90; the STAR 50ETF fell 0.20% to close at 1.47; and the E Fund STAR 50ETF fell 0.35% to close at 1.42 [5]. - The trading volume PCR and position PCR of various options on October 23, 2025, and their changes compared to the previous trading day are provided in detail, including 50ETF options, 300ETF options (Shanghai and Shenzhen Stock Exchanges), CSI 300 Index options, CSI 1000 Index options, 500ETF options (Shanghai and Shenzhen Stock Exchanges), GEM ETF options, Shenzhen 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options [6]. - The implied volatility of at - the - money options in November 2025 and the 30 - trading - day historical volatility of the underlying assets for various options are presented, such as 50ETF options, 300ETF options (Shanghai and Shenzhen Stock Exchanges), CSI 300 Index options, CSI 1000 Index options, 500ETF options (Shanghai and Shenzhen Stock Exchanges), GEM ETF options, Shenzhen 100ETF options, SSE 50 Index options, STAR 50ETF options, and E Fund STAR 50ETF options [7][8]. 2 Related Charts - **SSE 50ETF Options**: Include charts of the SSE 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [9][10][11][13][16]. - **Shanghai Stock Exchange 300ETF Options**: Include charts of the Shanghai Stock Exchange 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [20][22][24][30]. - **Shenzhen Stock Exchange 300ETF Options**: Include charts of the Shenzhen Stock Exchange 300ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [33][36][38][40]. - **CSI 300 Index Options**: Include charts of the CSI 300 Index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [41][43][45][51]. - **CSI 1000 Index Options**: Include charts of the CSI 1000 Index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [54][56][58][64]. - **Shanghai Stock Exchange 500ETF Options**: Include charts of the Shanghai Stock Exchange 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [67][69][70][76]. - **Shenzhen Stock Exchange 500ETF Options**: Include charts of the Shenzhen Stock Exchange 500ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [80][84][85][91]. - **GEM ETF Options**: Include charts of the GEM ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [94][96][98][103]. - **Shenzhen 100ETF Options**: Include charts of the Shenzhen 100ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [107][109][111][117]. - **SSE 50 Index Options**: Include charts of the SSE 50 Index trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [120][122][124][130]. - **STAR 50ETF Options**: Include charts of the STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [133][135][137][141]. - **E Fund STAR 50ETF Options**: Include charts of the E Fund STAR 50ETF trend, option volatility, trading volume PCR, position PCR, implied volatility curve, and at - the - money implied volatility of different tenors [144][146][148][154].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The main contract price of rebar fluctuated higher, with a daily increase of 0.43%, volume increased and positions decreased. The demand for rebar has a seasonal rebound, while the supply also increases. Under the situation of both supply and demand increasing, the improvement of the fundamentals is limited, the pressure of inventory reduction remains, and steel prices are still prone to pressure. The relative positive factor is cost support. It is expected that the trend will continue the low - level oscillation pattern, and attention should be paid to the demand performance [4][39]. - The main contract price of hot - rolled coil fluctuated higher, with a daily increase of 0.65%, volume increased and positions were stable. Currently, the demand for hot - rolled coil is performing well, which improves the supply - demand pattern. However, the supply pressure remains, and there are concerns about demand. The fundamentals are unlikely to improve substantially, and the price of hot - rolled coil is under continuous pressure. The relative positive factor is cost support. Subsequently, the trend will continue the pattern of finding the bottom through oscillation, and attention should be paid to the demand performance [4][39]. - The main contract price of iron ore fluctuated, with a daily increase of 0.39%, volume and positions expanded. At present, the supply of iron ore is at a high level, and industrial concerns remain. The demand for ore is weakening, the fundamentals of the ore market are weakening, and the over - valued ore price continues to be under pressure. However, because the rigid demand is still at a high level, there is resistance to the downward movement. It is expected that the ore price will continue the downward oscillation pattern, and attention should be paid to the production situation of steel mills [4][40]. Summary by Directory Industry Dynamics - China and the US will hold economic and trade consultations in Malaysia from October 24th to 27th [6]. - In September, the total social electricity consumption was 888.6 billion kWh, a year - on - year increase of 4.5%. From January to September, the cumulative total social electricity consumption was 7,767.5 billion kWh, a year - on - year increase of 4.6% [7]. - In September 2025, China's rebar production was 14.75 million tons, a year - on - year decrease of 2.9%; from January to September, the cumulative production was 143.387 million tons, a year - on - year decrease of 0.1% [8]. Spot Market - The table shows the spot quotes of black metals, including rebar, hot - rolled coil, Tangshan billet, Zhangjiagang heavy scrap, and the price differences of main varieties, as well as the prices of 61.5% PB powder, Tangshan iron concentrate powder, freight rates, SGX swaps, and the Platts Index [9]. Futures Market - The table presents the main contract futures prices, including the closing price, change rate, highest price, lowest price, trading volume, volume difference, open interest, and position difference of rebar, hot - rolled coil, and iron ore [12]. Related Charts - The report includes charts on steel inventory (rebar and hot - rolled coil inventory), iron ore inventory (45 - port iron ore inventory, 247 steel mills' iron ore inventory), and steel mill production (247 sample steel mills' blast furnace operating rate, capacity utilization rate, and the proportion of profitable steel mills) [13][18][28]. Market Outlook - For rebar, both supply and demand have increased. The weekly output of rebar increased by 59,100 tons, and the inventory is relatively high. The demand has a seasonal rebound but is still at a low level in the same period in recent years. The fundamentals improvement is limited, and steel prices are still under pressure. It is expected to continue the low - level oscillation pattern [39]. - For hot - rolled coil, the supply - demand pattern has improved, but the supply pressure remains, and there are concerns about demand. The price is under continuous pressure. It is expected to continue the pattern of finding the bottom through oscillation [39]. - For iron ore, the supply - demand pattern has weakened. The terminal consumption of ore has declined from a high level, and the supply pressure has increased. The high - valued ore price continues to be under pressure. It is expected to continue the downward oscillation pattern [40].

Group 1: Report Summary - The report is a daily report on rubber, methanol, and crude oil futures, released on October 23, 2025, by Baocheng Futures [4][6][8] - The overall sentiment in the energy and chemical sector is bullish, with prices expected to oscillate and trend higher [5] Group 2: Core Views - **Rubber**: On Thursday, the Shanghai rubber futures contract 2601 showed a trend of increasing volume, decreasing open interest, stabilizing, and rebounding, with a slight increase. The price closed up 0.86% at 15,245 yuan/ton. The 1 - 5 month spread widened to 55 yuan/ton. Stronger demand driven by better - than - expected vehicle production and sales in the domestic market is conducive to the valuation repair of the contract [6] - **Methanol**: On Thursday, the domestic methanol futures contract 2601 showed a trend of increasing volume, decreasing open interest, oscillating, and rebounding slightly. The price closed up 1.19% at 2,292 yuan/ton. The 1 - 5 month spread widened to 37 yuan/ton. Driven by the sharp rise in domestic coal futures prices, the cost - driven logic is prominent, supporting the rebound of domestic methanol futures prices, and the contract 2601 may maintain a stable and oscillating trend in the future [6] - **Crude Oil**: On Thursday, the domestic crude oil futures contract 2512 showed a trend of decreasing volume, decreasing open interest, rising steadily, and closing sharply higher. The price closed up 4.05% at 459.7 yuan/barrel. After the correction of the previously weak macro - factors and the prominent geopolitical risks in South America, crude oil futures have regained premium support [7] Group 3: Industry Dynamics Rubber - As of October 19, 2025, the total inventory of natural rubber in bonded and general trade in Qingdao was 437,500 tons, a decrease of 18,600 tons (4.07%) from the previous period. The bonded area inventory decreased by 1.70% to 69,600 tons, and the general trade inventory decreased by 4.51% to 367,900 tons. The inbound rate of bonded warehouses decreased by 2.14 percentage points, and the outbound rate increased by 1.01 percentage points. The inbound rate of general trade warehouses decreased by 1.97 percentage points, and the outbound rate increased by 2.21 percentage points [9] - As of the week of October 17, 2025, the capacity utilization rate of China's semi - steel tire sample enterprises was 71.07%, a week - on - week increase of 28.92 percentage points and a year - on - year decrease of 8.57 percentage points. The capacity utilization rate of China's full - steel tire sample enterprises was 63.96%, a week - on - week increase of 22.43 percentage points and a year - on - year increase of 4.98 percentage points. Most enterprises' capacity utilization rates have returned to pre - holiday levels, but the overall shipment performance varies [9] - In September 2025, China's logistics industry prosperity index was 51.2%, an increase of 0.3 percentage points from the previous month. The new order index was 53.3%, an increase of 1 percentage point from the previous month, remaining in the high - prosperity range above 52% for four consecutive months. In September, China's automobile production and sales were 3.276 million and 3.226 million vehicles respectively, with year - on - year increases of 17.1% and 14.9%. In the first three quarters of 2025, China's cumulative automobile production and sales were 24.333 million and 24.363 million vehicles respectively, with year - on - year increases of 13.3% and 12.9% [10] - In September 2025, China's heavy - truck market sold 105,000 vehicles, a year - on - year increase of about 82% and a month - on - month increase of 15%, achieving six consecutive months of growth. From January to September 2025, the cumulative sales of the heavy - truck market were about 821,000 vehicles, a year - on - year increase of 20%, laying a foundation for the annual total sales target of 1.1 million vehicles [10] Methanol - As of the week of October 17, 2025, the average domestic methanol operating rate was 84.38%, a week - on - week increase of 4.00%, a month - on - month increase of 4.99%, and a year - on - year increase of 2.95%. The average weekly methanol production was 1.9837 million tons, a week - on - week decrease of 49,300 tons, a month - on - month increase of 64,400 tons, and a year - on - year increase of 118,600 tons [11] - As of the week of October 17, 2025, the domestic formaldehyde operating rate was 30.95%, a slight week - on - week decrease of 0.03%. The dimethyl ether operating rate was 6.68%, a week - on - week decrease of 1.52%. The acetic acid operating rate was 71.61%, a week - on - week decrease of 10.04%. The MTBE operating rate was 54.89%, a week - on - week decrease of 3.00%. The average operating load of domestic coal (methanol) to olefin plants was 88.36%, a week - on - week increase of 0.39 percentage points and a month - on - month increase of 5.48% [11] - As of the week of October 17, 2025, the methanol inventory in ports in East and South China was 1.2589 million tons, a week - on - week decrease of 14,100 tons, a month - on - month decrease of 70,900 tons, and a year - on - year increase of 324,600 tons. As of the week of October 16, 2025, the total inland methanol inventory was 359,900 tons, a week - on - week increase of 20,400 tons, a month - on - month increase of 19,400 tons, and a year - on - year decrease of 109,700 tons [12][13] Crude Oil - As of the week of October 10, 2025, the number of active oil drilling rigs in the United States was 418, a week - on - week decrease of 4 and a year - on - year decrease of 83. The average daily crude oil production in the United States was 13.636 million barrels, a week - on - week increase of 0.7 million barrels per day and a year - on - year increase of 1.36 million barrels per day [14] - As of the week of October 10, 2025, the U.S. commercial crude oil inventory (excluding strategic petroleum reserves) was 424 million barrels, a week - on - week increase of 3.524 million barrels and a year - on - year increase of 3.235 million barrels. The crude oil inventory in Cushing, Oklahoma was 22.001 million barrels, a week - on - week decrease of 703,000 barrels. The U.S. strategic petroleum reserve (SPR) inventory was 407.7 million barrels, a week - on - week increase of 760,000 barrels. The U.S. refinery operating rate was 85.7%, a week - on - week decrease of 6.7 percentage points, a month - on - month decrease of 7.6 percentage points, and a year - on - year decrease of 2.0 percentage points [14] - As of September 23, 2025, the average non - commercial net long position of WTI crude oil was 102,958 contracts, a week - on - week increase of 4,249 contracts and a significant decrease of 19,105 contracts (15.65%) compared with the August average. As of October 14, 2025, the average net long position of Brent crude oil futures funds was 110,311 contracts, a week - on - week decrease of 31,345 contracts and a significant decrease of 106,044 contracts (49.01%) compared with the September average [15] Group 4: Spot Price Table | Variety | Spot Price | Change from Previous Day | Futures Main Contract | Change from Previous Day | Basis | Change | | --- | --- | --- | --- | --- | --- | --- | | Shanghai Rubber | 14,400 yuan/ton | +100 yuan/ton | 15,245 yuan/ton | +95 yuan/ton | - 845 yuan/ton | +5 yuan/ton | | Methanol | 2,310 yuan/ton | +25 yuan/ton | 2,292 yuan/ton | +31 yuan/ton | +18 yuan/ton | - 1 yuan/ton | | Crude Oil | 420.0 yuan/barrel | +8.0 yuan/barrel | 459.7 yuan/barrel | +12.0 yuan/barrel | - 39.7 yuan/barrel | - 4.0 yuan/barrel | [16] Group 5: Related Charts - **Rubber**: The report includes charts of rubber basis, 1 - 5 month spread, Shanghai Futures Exchange rubber futures inventory, Qingdao bonded area rubber inventory, full - steel tire operating rate trend, and semi - steel tire operating rate trend [17][19][21][25][27][31] - **Methanol**: The report includes charts of methanol basis, 1 - 5 month spread, domestic port inventory, inland social inventory, methanol - to - olefin operating rate change, and coal - to - methanol cost accounting [33][36][39][41][43][46] - **Crude Oil**: The report includes charts of crude oil basis, Shanghai Futures Exchange crude oil futures inventory, U.S. crude oil commercial inventory, U.S. refinery operating rate, WTI crude oil net position change, and Brent crude oil net position change [50][52][54][56][58][61]

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 黑色金属 | 日报 2025 年 10 月 23 日 煤焦日报 专业研究·创造价值 强预期支撑，煤焦强势运行 核心观点 焦炭：10 月 23 日，焦炭主力合约报收于 1768 元/吨，日内录得 4.21%的 涨幅。截至收盘，主力合约持仓量为 4.01 万手，较前一交易日仓差为 +1289 手。现货市场方面，日照港准一级湿熄焦平仓价格指数最新报价为 1520 元/吨，周环比持平；青岛港准一级湿熄焦出库价为 1470 元/吨，周 环比上涨 1.38%。近期，焦炭供需双降，其中供应端减量较为明显，且产 业链库存整体下降，基本面相对中性，向上驱动主要来自焦煤供应端和中 美贸易谈判预期。 焦煤：10 月 23 日，焦煤主力合约报收 1258.5 点，日内上涨 5.14%。截至 收盘，主力合约持仓量为 68.40 万手，较前一交易日仓差为+86290 手。 现货市场方面，甘其毛都口岸蒙煤最新报价为 1310.0 元/吨，周环比上涨 3.97%。整体来看，强预期支撑焦煤期货日内走强，后续关注中美贸易措 施结果以及主产区供应变化。 （仅供参考，不构成任何投资建 ...

运筹帷幄 决胜千里 周安王十三年（公元前 389 年），秦惠公举全国之力，征发五十万大军，浩浩荡荡东出，直逼魏国西 河重镇阴晋。秦军声势滔天，旌旗蔽日，战车千乘，骑兵数万，势要一举夺回河西失地。魏国朝野震动， 人心惶惶。然而吴起镇定自若，察敌情而知其虚实：秦军虽众，然多为仓促征召之农夫，未经训练，且器 械不齐，士无斗志，不过是乌合之众。反观"魏武卒"：装备精良，训练有素，皆为百里挑一之锐士。 吴起遂上奏魏武侯，请求以五万未立功之武卒为先锋，亲自率兵出击。武侯允之，更增派战车五百、 骑兵三千。战前，吴起誓师三军："车兵若不能缴获敌车，骑兵若不能擒获敌骑，步卒若不能斩杀敌兵， 纵然击溃敌军，亦不得记功！"三军闻令，斗志昂扬，如猛虎出柙。 阴晋城外，两军对垒。五十万秦军如黑云压城，而五万"魏武卒"则如利刃在手。吴起亲率精锐，直冲 秦军中军。"魏武卒"阵形严整，进退有序，长戟如林，箭雨如蝗。秦军虽众，然一触即溃，阵脚大乱。魏 军反复冲杀，数度击穿秦阵，秦军自相践踏，死伤无数。最终，五十万秦军竟被六万魏国精锐击溃，仓皇 西逃，尸横遍野，阴晋城下，血流成河。此战之后，秦国元气大伤，数十年不敢东向，魏国威名远扬，天 下始知 ...

Report Industry Investment Rating - Not provided Core View of the Report - The plastic market is in a triple dilemma of "supply pressure, demand constraints, and cost collapse." Without strong policy intervention or explosive demand growth, the plastic futures 2601 contract will maintain a weak and volatile trend, and its price center of gravity will continue to decline [2][7] Summary by Related Contents Crude Oil Price Decline - Recently, due to OPEC+ continuous production increase, intensifying global economic concerns, and weakening geopolitical risks, domestic and foreign crude oil futures prices have continued to decline. The US WTI crude oil futures price dropped to a low of $56.63 per barrel, and the Brent crude oil futures price fell to $60.11 per barrel, both hitting new lows since the second quarter of this year. As of the week of October 17, 2025, the domestic oil - based linear cost was 7,176 yuan/ton, a weekly drop of 390 yuan/ton; the coal - based linear cost was 6,507 yuan/ton, a weekly decline of 94 yuan/ton. It is expected that the support of oil - based cost will weaken, while the coal - based cost will change little [4] Supply - Side Pressure - From the supply side, the inertia of domestic polyethylene (PE) capacity expansion continues. New device launches and the resumption of maintenance have jointly led to a marginal increase in supply. Last week, multiple petrochemical enterprise devices in China restarted, including Dushanzi Petrochemical's 300,000 - ton/year device, Sinochem Quanzhou's 400,000 - ton/year device, Yulin Chemical's 400,000 - ton/year device, Jilin Petrochemical's 280,000 - ton/year device, and Maoming Petrochemical's 250,000 - ton/year device. In the long - term, deeper structural pressure comes from overcapacity, and the "price - for - volume" strategy of enterprises has further increased market supply pressure [5] Demand - Side Weakness - Demand is far less than expected, which is the core factor suppressing plastic futures prices. In October, although it is the traditional peak season for agricultural films, the "peak season effect" is insufficient. After the National Day holiday, downstream demand is mainly rigid, and the overall PE downstream operating rate is at the lowest level in the same period in recent years. The "Double 11" promotion has a weakening marginal effect on packaging film demand. The cautious market sentiment has led to a "price - decline - demand - wait - price - decline - again" negative feedback loop. As of the week of October 17, domestic polyethylene social sample warehouse inventory was 545,600 tons, a weekly increase of 21,200 tons, or 4.03%. Among them, the LLDPE social sample warehouse inventory increased by 1.63% week - on - week and 47.55% year - on - year [6]

Report Summary 1. Report Industry Investment Rating There is no information provided about the report industry investment rating in the given content. 2. Report Core View - The overall view for both coking coal and coke is a sideways trading approach. Coking coal shows a slight upward trend in the short - term, while coke is slightly stronger in the intraday period, and both are expected to move in a range in the short and medium - term [1][5][6]. 3. Summary by Variety Coking Coal (JM) - **Price and Market**: The latest quotation of Mongolian coking coal at the Ganqimao Port is 1300.0 yuan/ton, with a week - on - week increase of 3.17%. In the domestic market, the coking coal auction in Linfen, Shanxi yesterday mostly saw price increases, with a good atmosphere [5]. - **Market Outlook**: In the short - term, it is expected to rise; in the medium - term, it will be in a sideways trend. The overall view is a sideways trading approach. Although the fundamental support for coking coal is insufficient at present, recent weather in major production areas and anti - involution factors have caused the coking coal futures main contract to maintain a range - bound operation [1][5]. Coke (J) - **Price and Market**: The latest quotation of the warehouse - receipt price index of quasi - first - grade wet - quenched coke at Rizhao Port is 1520 yuan/ton, with a week - on - week flat. The ex - warehouse price of quasi - first - grade wet - quenched coke at Qingdao Port is 1450 yuan/ton, also with a week - on - week flat. Some domestic coke enterprises initiated a second price increase last week, but due to the recent shrinkage of steel mill profits, the price increase has not been implemented yet, and the upstream and downstream of the industrial chain continue to be in a game state [6]. - **Market Outlook**: In the intraday period, it is expected to be slightly stronger; in the medium - term, it will be in a sideways trend. The overall view is a sideways trading approach. Recently, both supply and demand of coke have decreased, with a more obvious reduction on the supply side and an overall decline in inventory. The fundamentals are relatively neutral, and there is no obvious positive news from the policy side, driving the coke main contract to maintain a range - bound operation [1][6].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View The report presents the daily arbitrage data of various futures varieties on October 23, 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 - variety spreads. 3. Summary by Category Power Coal - Basis data from October 16 - 22, 2025, shows that the basis on October 22 was - 39.4 yuan/ton, gradually increasing from - 60.4 yuan/ton on October 16 [2]. - The 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month spreads were all 0 during this period [2]. Energy Chemicals Energy Commodities - Basis data for fuel oil, INE crude oil, and crude oil/asphalt from October 16 - 22, 2025, are presented, with values such as - 45.52 yuan/ton for fuel oil on October 22 [7]. - The ratio data for these commodities are also provided, e.g., the ratio of INE crude oil was 0.1397 on October 22 [7]. Chemical Commodities - Basis data for rubber, methanol, PTA, LLDPE, V, and PP from October 16 - 22, 2025, are given. For example, the basis of rubber was - 750 yuan/ton on October 22 [9]. - Inter - period spreads for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are provided. For instance, the 5 - month minus 1 - month spread of rubber was - 10 yuan/ton [10]. - Inter - variety spreads for LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from October 16 - 22, 2025, are shown. For example, the LLDPE - PVC spread was 2208 yuan/ton on October 22 [10]. Black Metals - Basis data for rebar, iron ore, coke, and coking coal from October 16 - 22, 2025, are presented. For example, the basis of rebar was 162.0 yuan/ton on October 22 [20]. - Inter - period spreads for rebar, iron ore, coke, and coking coal are provided. For example, the 5 - month minus 1 - month spread of rebar was 53 yuan/ton [19]. - Inter - variety spreads for rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot - rolled coil from October 16 - 22, 2025, are shown. For example, the rebar/iron ore ratio was 3.95 on October 22 [19]. Non - Ferrous Metals Domestic Market - Domestic basis data for copper, aluminum, zinc, lead, nickel, and tin from October 16 - 22, 2025, are given. For example, the basis of copper was - 450 yuan/ton on October 22 [28]. London Market - LME data for copper, aluminum, zinc, lead, nickel, and tin on October 22, 2025, including LME premium/discount, Shanghai - London ratio, CIF, domestic spot price, and import profit/loss, are presented. For example, the LME premium/discount of copper was (6.36) [31]. Agricultural Products - Basis data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from October 16 - 22, 2025, are provided. For example, the basis of soybeans No.1 was - 77 yuan/ton on October 22 [39]. - Inter - period spreads for soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are given. For example, the 5 - month minus 1 - month spread of soybeans No.1 was 42 yuan/ton [38]. - Inter - variety spreads for 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 16 - 22, 2025, are shown. For example, the soybeans No.1/corn ratio was 1.90 on October 22 [38]. Stock Index Futures - Basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from October 16 - 22, 2025, are presented. For example, the basis of CSI 300 was 29.17 on October 22 [50]. - Inter - period spreads for CSI 300, SSE 50, CSI 500, and CSI 1000, including next - month minus current - month and next - quarter minus current - quarter, are provided. For example, the next - month minus current - month spread of CSI 300 was - 37.8 [52].

Group 1: Report Investment Rating - There is no clear report industry investment rating provided in the content [1][5] Group 2: Core Viewpoints - The short - term view of crude oil 2512 is weak, the medium - term view is weak, the intraday view is strong, and the overall is expected to run strongly with an increasing bullish atmosphere [1] - The intraday view of crude oil (SC) is strongly volatile, the medium - term view is weakly volatile, and it is expected to run strongly. The domestic crude oil futures 2512 contract may maintain a strongly volatile trend on Thursday [5] Group 3: Summary by Core Logic - The macro - bearish sentiment has weakened as US President Trump actively released a signal to ease the situation. However, the macro and industrial factors in the crude oil market still maintain a weak pattern [5] - Eight 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] - After the previous weak macro - factors were corrected and the geopolitical risks in South America became prominent, crude oil futures regained premium support [5] - On Wednesday night, the domestic crude oil futures 2512 contract maintained a strongly volatile trend, with the futures price rising slightly by 1.65% to 449.1 yuan per barrel [5]

Report Summary 1) Report Industry Investment Rating No industry investment rating is provided in the report. 2) Core Viewpoints of the Report - The short - term, medium - term, and intraday views of soybean meal, palm oil, and soybean oil are all "oscillating weakly" [5][6][7]. - The market for these commodities is affected by multiple factors such as Sino - US relations, policies, production, exports, and inventories [5][6][7]. 3) Summary by Variety Soybean Meal (M) - **Views**: Short - term: oscillating; Medium - term: oscillating; Intraday: oscillating weakly; Reference view: oscillating weakly [5][6]. - **Core Logic**: Market focus is on Sino - US negotiations. The domestic market is hesitant to buy forward - delivery soybeans due to uncertain import costs. The current soybean meal market has a pattern of both weak supply and demand, with the core contradiction being the combined effect of loose supply and weak demand. Short - term futures prices will continue to oscillate [5]. - **Influencing Factors**: Sino - US relations, import arrival rhythm, oil mill operation rhythm, and inventory pressure [6]. Palm Oil (P) - **Views**: Short - term: oscillating; Medium - term: oscillating; Intraday: oscillating weakly; Reference view: oscillating weakly [6][7]. - **Core Logic**: Tightening supply in Indonesia and improved export data in the first half of October support the price of Malaysian palm oil. The expected slowdown in Indian purchases and high domestic inventories in Malaysia suppress market sentiment. In China, position adjustments by funds and weekly increases in palm oil inventories also put pressure on prices. The short - term market oscillation intensifies, and futures prices are mainly oscillating weakly [7]. - **Influencing Factors**: Biodiesel properties, Malaysian palm production and exports, Indonesian exports, tariff policies of major producing countries, domestic arrival and inventory, and substitution demand [6]. Soybean Oil (Y) - **Views**: Short - term: oscillating; Medium - term: oscillating; Intraday: oscillating weakly; Reference view: oscillating weakly [6]. - **Influencing Factors**: Sino - US relations, US biofuel policy, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil mill inventory [6].