1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core Viewpoints - On November 6, the adjustment of the vegetable oil sector was basically in place, and the liquidation of short - positions led to a stop in the decline and a stabilization of vegetable oils. The protein sector was running strongly at a high level due to cost - push and capital aggregation [1][2]. - For the vegetable oil sector, it showed a stable recovery. Aggressive investors could hold long - positions. Rapeseed oil was the strongest, followed by palm oil, and soybean oil was relatively weak. For the double - meal sector, the external market was weak, domestic spot traders were not willing to follow the price increase, and the market might experience a correction. Aggressive investors could try short - positions [2][3]. 3. Summary by Relevant Catalogs 3.1 Vegetable Oil Sector 3.1.1 Market Quotes - On November 6, the soybean oil main contract Y2601 closed at 8,188 yuan/ton, up 0.61% day - on - day, with a daily reduction of 6,026 lots; the secondary main contract Y2605 closed at 8,006 yuan/ton, up 0.70% day - on - day, with a daily increase of 4,532 lots. The palm oil main contract P2601 closed at 8,732 yuan/ton, up 1.65% day - on - day, with a daily reduction of 2,776 lots; the secondary main contract P2605 closed at 8,798 yuan/ton, up 1.17% day - on - day, with a daily reduction of 234 lots. The rapeseed oil main contract OI2601 closed at 9,564 yuan/ton, up 1.67% day - on - day, with a daily reduction of 2,830 lots; the secondary main contract OI2605 closed at 9,173 yuan/ton, up 1.22% day - on - day, with a daily reduction of 2,280 lots [1]. 3.1.2 Important Information - On November 5, international crude oil futures fell more than 1%, closing at a two - week low. The NYMEX most - actively traded December crude oil futures contract fell 96 cents, or 1.59%, to settle at $59.60 per barrel [1]. - The Indonesian Palm Oil Association (GAPKI) said that Indonesia's palm oil production in 2025 was expected to increase by 10% to about 56 million tons, higher than the previous estimate of 53.63 million tons [1]. - The Brazilian government might not be able to increase the biodiesel blending ratio from 15% to 16% before March 2026, which might reduce the industrial demand for international soybean oil and have a certain drag on CBOT soybean oil [1]. - The shipping survey agency ITS showed that Malaysia's palm oil exports in October were 1,639,089 tons, a 5.2% increase from September. Exports to China were 15,000 tons, a decrease of 31,000 tons from the previous month [1]. - The Malaysian Palm Oil Association (MPOA) estimated that Malaysia's palm oil production in October 2025 was 2.07 million tons, a 12.31% increase month - on - month [1]. - As of the 44th weekend of 2025, the total inventory of the three major domestic edible oils was 2.5728 million tons, a weekly decrease of 58,200 tons, a month - on - month decrease of 2.21%, and a year - on - year increase of 16.71% [1]. 3.1.3 Spot Market - As of November 6, the average spot price of soybean oil in Zhangjiagang was 8,360 yuan/ton, a month - on - month increase of 10 yuan/ton; the basis was 172 yuan/ton, a month - on - month decrease of 40 yuan/ton. The average spot price of palm oil in Guangdong was 8,540 yuan/ton, a month - on - month decrease of 10 yuan/ton; the basis was - 192 yuan/ton, a month - on - month decrease of 152 yuan/ton. The import profit of palm oil was - 419.2 yuan/ton. The spot price of fourth - grade rapeseed oil in Jiangsu was 9,780 yuan/ton, with no month - on - month change; the basis was 373 yuan/ton, a month - on - month increase of 6 yuan/ton [2]. 3.1.4 Market Logic - Externally, the US soybean futures price rose significantly again, driving a slight rebound in US soybean oil. The previous market speculation about inventory, exports, and production pressures had basically materialized, and Malaysian palm oil showed resistance to decline technically. Domestically, after reaching a new consensus between China and the US, China began to purchase US soybeans, narrowing the supply shortage gap in the first quarter of next year. The domestic oilseed supply in the fourth quarter was sufficient, the oil mill operating rate increased, and consumption entered a seasonal off - season. The overall domestic oil inventory increased, palm oil was still accumulating inventory, and the rapeseed oil price further declined [2]. 3.1.5 Trading Strategies - Unilateral trading: The vegetable oil sector showed a stable recovery. Aggressive investors could hold long - positions. Rapeseed oil and palm oil were relatively strong, while soybean oil was relatively weak. The pressure level of the Y2601 contract was 9,000, and the support level was 8,000; the pressure level of the Y2605 contract was 8,400, and the support level was 7,840; the pressure level of the P2601 contract was 10,000, and the support level was 8,570; the pressure level of the P2605 contract was 10,000, and the support level was 8,580; the pressure level of the OI2601 contract was 12,000, and the support level was 9,299; the pressure level of the OI2605 contract was 12,000, and the support level was 9,000. No arbitrage strategies were provided [2]. 3.2 Double - Meal Sector 3.2.1 Market Quotes - On November 6, the soybean meal main contract M2601 closed at 3,068 yuan/ton, down 0.16% day - on - day, with a daily reduction of 44,479 lots; the secondary main contract M2605 closed at 2,827 yuan/ton, up 0.11% day - on - day, with a daily increase of 13,829 lots. The rapeseed meal main contract RM2601 closed at 2,549 yuan/ton, up 0.47% day - on - day, with a daily increase of 34,202 lots; the secondary main contract RM2605 closed at 2,416 yuan/ton, up 0.46% day - on - day, with a daily reduction of 5,978 lots [2]. 3.2.2 Important Information - Since November 10, 2025, at 13:01, the additional tariff measures on US - originated imported goods would be adjusted, and the 24% additional tariff rate on US goods would continue to be suspended for one year, while the 10% additional tariff rate would be retained [2]. - As of October 30, Brazilian soybean planting was 47% complete, higher than 36% a week ago but 7 percentage points lower than the same period last year [2]. - The consulting firm StoneX predicted that Brazil's soybean production in the 2025/26 season might reach 178.9 million tons, higher than the previous estimate of 175 million tons by the US Department of Agriculture [2]. - After the recent meeting between China and Canada in South Korea, Canada could not immediately cancel tariffs on China, meaning that the export channels of Canadian rapeseed and its by - products to China remained closed [2]. - There were market rumors that COFCO had purchased 9 ships of Australian rapeseed for shipment between November and January [2]. 3.2.3 Inventory Status - As of the 44th weekend of 2025, the total inventory of imported soybeans in China was 7.733 million tons, a decrease of 179,000 tons from the previous week. The total inventory of imported rapeseed was 0 tons, a decrease of 0.6 tons from the previous week. The domestic soybean meal inventory was 1.208 million tons, an increase of 156,000 tons from the previous week, a month - on - month increase of 14.77%; the contract volume was 4.662 million tons, a decrease of 177,000 tons from the previous week, a month - on - month decrease of 3.64%. The inventory of imported and crushed rapeseed meal was 0.7 tons, a decrease of 0.1 tons from the previous week, a month - on - month decrease of 6.67% [3]. 3.2.4 Spot Market - As of November 6, the spot price of soybean meal was 3,104 yuan/ton, a month - on - month increase of 16 yuan/ton, with a trading volume of 35,000 tons; the basis of soybean meal was 3,091 yuan/ton, a month - on - month decrease of 1 yuan/ton, with a trading volume of 4,000 tons; the basis of the soybean meal main contract was - 8 yuan/ton, a month - on - month increase of 35 yuan/ton. The spot price of rapeseed meal was 2,565 yuan/ton, a month - on - month increase of 79 yuan/ton, with a trading volume of 0 tons; the basis was 2,478 yuan/ton, a month - on - month decrease of 124 yuan/ton; the basis of the rapeseed meal main contract was 161 yuan/ton, a month - on - month decrease of 12 yuan/ton [3]. 3.2.5 Market Logic - Externally, as China had not clearly stated whether to purchase 1.2 million tons of US soybeans, the US soybean price was under pressure and declined. Domestically, the oil mill quotes increased with the market, but the near - month basis decreased, and the market trading atmosphere was dull. Feed enterprises mainly made rigid - demand purchases, and traders mostly chose to sell at a small profit. The domestic rapeseed raw material inventory dropped to zero, causing a sharp rise in the rapeseed meal market [3]. 3.2.6 Trading Strategies - Unilateral trading: For the double - meal sector, the previous long - positions should be liquidated, and aggressive investors could try short - positions. The pressure level of the M2601 contract was 3,190, and the support level was 2,685; the pressure level of the M2605 contract was 3,000, and the support level was 2,549; the pressure level of the RM2601 contract was 2,620, and the support level was 2,280; the pressure level of the RM2605 contract was 2,500, and the support level was 2,270. No arbitrage strategies were provided [3].

1. Report Industry Investment Rating - The report recommends a long position in steel products [1] 2. Core Viewpoints - On Thursday, rebar and hot-rolled coils closed higher, with rebar rising and hot-rolled coils falling during the night session. The supply of the five major steel products decreased by 2.1% week-on-week, total inventory dropped by 0.67%, and weekly consumption fell by 5.4%. The production of rebar and hot-rolled coils decreased this week, inventory of rebar decreased while that of hot-rolled coils increased, and the apparent demand for both declined. With blast furnace production cuts and maintenance in some areas, partial enterprise production cuts, and full losses in electric arc furnace steel, the supply of crude steel is expected to continue to shrink, while the demand side remains weak. The pressure level for the main rebar contract is 3230, and the support level is 3000. It is recommended to continue holding long positions around 3000 and stop loss if it effectively breaks below 3000 [1] 3. Summary by Relevant Catalogs Market Review - On Thursday, rebar and hot-rolled coils closed higher, with rebar rising and hot-rolled coils falling during the night session [1] Important Information - In October, the bond financing of the real estate industry was 51.24 billion yuan, a year-on-year increase of 76.9%. The new loans in October may be less than the same period last year, and the slowdown in government bond issuance may lead to a decline in social financing. The supply of the five major steel products this week was 8.5674 million tons, a week-on-week decrease of 185,500 tons, a decline of 2.1%; the total inventory was 15.0357 million tons, a week-on-week decrease of 101,900 tons, a decline of 0.67%; the weekly consumption was 8.6693 million tons, a decline of 5.4%, among which the consumption of building materials decreased by 7.2% month-on-month, and the consumption of plates decreased by 0.2% month-on-month [1] Market Logic - The production of rebar and hot-rolled coils decreased this week, inventory of rebar decreased while that of hot-rolled coils increased, and the apparent demand for both declined. With blast furnace production cuts and maintenance in Shanxi, Tangshan in Hebei and other places, partial enterprise production cuts, and full losses in electric arc furnace steel, the supply of crude steel is expected to continue to shrink, while the demand side remains weak. The pressure level for the main rebar contract is 3230, and the support level is 3000 [1] Trading Strategy - The 3000 level of rebar still has strong resilience. It is recommended to continue holding long positions around 3000 and stop loss if it effectively breaks below 3000 [1]

Group 1: Report Industry Investment Rating - The investment rating for iron ore in the black building materials industry is "long" [1] Group 2: Core View of the Report - The report analyzes the iron ore market, including its price trends, important news, market logic, and trading strategies. It notes that iron ore prices rose on Thursday and fell at night. With the decline in steel production and consumption and the change in the supply - demand relationship of iron ore, it is recommended to hold existing long positions cautiously and set stop - losses [1] Group 3: Summary by Relevant Catalogs 1. Market Review - Iron ore prices rose on Thursday and fell at night [1] 2. Important News - In October, the bond financing of the real estate industry was 51.24 billion yuan, a year - on - year increase of 76.9% [1] - According to the C50 Wind Index survey, new loans in October may decrease year - on - year, and the slowdown in government bond issuance may lead to a decline in social financing [1] - President Xi Jinping emphasized the construction goals of Hainan Free Trade Port, including expanding institutional opening - up and improving trade and investment liberalization and facilitation [1] - This week, the supply of five major steel products was 8.5674 million tons, a week - on - week decrease of 185,500 tons (2.1%); the total inventory was 15.0357 million tons, a week - on - week decrease of 101,900 tons (0.67%); the weekly consumption was 8.6693 million tons, a decrease of 5.4%, with a 7.2% decrease in building material consumption and a 0.2% decrease in plate consumption [1] - This week, the total inventory of imported sinter powder of 114 steel mills was 27.8092 million tons, a week - on - week increase of 974,600 tons, and the total daily consumption of imported sinter powder was 1.1292 million tons, a week - on - week increase of 218,000 tons [1] 3. Market Logic - The arrival of imported ore increased week - on - week, while the global iron ore shipping volume decreased week - on - week. The daily output of molten iron was 2.3422 million tons, a week - on - week decrease of 214,000 tons. The profitability rate of steel mills was 39.83%, a decrease of 5.19%. Blast furnaces in Shanxi, Tangshan and other places reduced production and carried out maintenance, and the molten iron output is likely to further decline to 2.2 - 2.3 million tons [1] 4. Trading Strategy - The 750 level has strong support. Be cautious about the downside space. Hold existing long positions cautiously and set stop - losses. The resistance level of the main 2601 contract is 833, and the support level is 750 [1]

Report Summary 1. Report Industry Investment Rating - Not provided 2. Core View - The short - term price of bottle chips is expected to be volatile and slightly stronger, with the main contract reference range of 5,650 - 5,800 yuan/ton. The trading strategy is to wait and see or go short - term long on dips [1] 3. Summary by Relevant Catalogs 3.1 Market Review - On Thursday night, the PR2601 contract rose 50 yuan to 5,722 yuan/ton. The price of East China water - grade bottle chips rose 40 yuan to 5,730 yuan/ton, and the price of South China bottle chips rose 20 yuan to 5,750 yuan/ton. Long - position holdings increased by 1,738 lots to 58,500 lots, and short - position holdings increased by 1,999 lots to 56,700 lots [1] 3.2 Important Information - Supply and cost - profit: Domestic polyester bottle chip production was 341,900 tons, a week - on - week increase of 6,800 tons. The weekly average capacity utilization rate was 74.8%, a week - on - week increase of 1.49%. The production cost was 5,234 yuan/ton, a week - on - week decrease of 33 yuan/ton. The weekly production gross profit was - 119 yuan/ton, a week - on - week increase of 15 yuan/ton [1] - In September 2025, China's polyester bottle chip exports were 467,700 tons, a decrease of 53,000 tons from the previous month. The cumulative export volume in 2025 was 4.8091 million tons [1] - International oil prices fell due to the increase in US commercial crude oil inventories and market concerns about oversupply. NYMEX crude oil futures December contract fell 0.96 dollars/barrel to 59.60 dollars/barrel, a month - on - month decrease of 1.59%. ICE Brent crude oil futures January contract fell 0.92 dollars/barrel to 63.52 dollars/barrel, a month - on - month decrease of 1.43%. China's INE crude oil futures 2512 contract fell 3.1 yuan to 462.1 yuan/ton, and fell 4.4 yuan to 457.7 yuan/ton at night [1] - The Federal Reserve cut the benchmark interest rate by 25 basis points to 3.75% - 4.00%, the second consecutive meeting to cut interest rates, in line with market expectations and the fifth rate cut since September 2024 [1] 3.3 Market Logic - This week, the supply of bottle chips changed little, downstream factories mainly replenished stocks rigidly, and the market was cautious about future demand expectations. The export volume of bottle chips in September decreased month - on - month. Affected by the news of the anti - involution meeting in the chemical fiber and polyester industry, the price soared. The market is waiting for the details of the anti - involution policy to be finalized. The fundamentals may limit the upside space [1] 3.4 Trading Strategy - The trading strategy is to wait and see or go short - term long on dips [1]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View The report analyzes the market conditions of precious metals, including gold and silver. It points out that there are fluctuations in the prices of COMEX gold and silver futures, as well as Shanghai gold and silver. The market is affected by factors such as the Fed's interest - rate decisions, the change of ETF holdings, and the performance of the US economic data. The short - term trend of gold and silver is uncertain, and it is recommended to wait and see. [1] 3. Summary by Related Contents Market Performance - COMEX gold futures fell 0.20% to $3984.8 per ounce, and COMEX silver futures fell 0.37% to $47.85 per ounce. Shanghai gold rose 0.06% to 915.24 yuan per gram, and Shanghai silver rose 0.11% to 11359 yuan per kilogram. [1] Important Information - As of November 6, the holdings of the world's largest gold ETF, SPDR Gold Trust, increased by 1.72 tons to 1040.35 tons, while the holdings of the world's largest silver ETF, iShares Silver Trust, decreased by 36.68 tons to 15114.03 tons. [1] - In October, global gold ETFs had five consecutive months of capital inflows, and the average daily trading volume reached a record high. [1] - According to CME's "FedWatch", the probability of the Fed cutting interest rates by 25 basis points in December is 70.6%, and the probability of keeping the interest rate unchanged is 29.4%. By January next year, the probability of a cumulative 25 - basis - point rate cut is 54.2%, the probability of keeping the interest rate unchanged is 17.7%, and the probability of a cumulative 50 - basis - point rate cut is 28.2%. [1] Market Logic - On October 29, the Fed cut the federal funds target rate by 25 basis points to 3.75% - 4.00%, in line with market expectations. But Powell's hawkish speech reduced the market's expectation of a December rate cut. [1] - The US government shutdown continued, breaking the historical record. On November 7, the US dollar index fell to 99.70. [1] - The US ADP employment in October increased by 42,000, exceeding the expected increase of 30,000. The US ISM services PMI in October was 52.4, rebounding more than expected. [1] - The US NASDAQ index led the decline in overnight US stocks, the volatility of the financial market increased, and the night - session prices of Shanghai gold and silver both fell slightly. [1] Trading Strategy - After the short - term peaks of gold and silver were confirmed, last week COMEX gold broke below $4000 per ounce and then rebounded back above $4000. On Tuesday this week, it broke below 4000 again. In the short - term, it may fluctuate around 4000, and it is recommended to wait and see. [1]

Report Industry Investment Rating - No specific industry investment rating is provided in the report. Core Viewpoints - The main indices of the two stock markets rose rapidly after the opening on Thursday, with the Shanghai Composite Index returning to above 4,000 points, and the chip sector leading the gains. The trading volume increased as the market rose, indicating strong market sentiment. [1] - China is expected to win the AI competition due to a more favorable regulatory environment and lower energy costs, according to NVIDIA CEO Jensen Huang. The US is planning or building data center projects with a total capacity of over 45 gigawatts and an expected investment of over $2.5 trillion, which will drive up demand for energy and related equipment. [1][2][3] - The structural migration of Chinese capital into stocks may have begun, driven by potential asset reallocation of trillions of dollars. Chinese stocks are becoming more attractive to global investors due to the need for asset diversification. [3] - A stable stock market can inject more capital into the real economy and boost consumption through wealth, psychological, and expectation effects, strengthening the internal circulation of the economy. [3] Summary by Directory Market Review - On Thursday, the trading volume of the two markets reached 2.05 trillion yuan. The CSI 300 Index closed at 4,693 points, up 66 points or 1.43%; the SSE 50 Index closed at 3,044 points, up 36 points or 1.22%; the CSI 500 Index closed at 7,345 points, up 116 points or 1.61%; and the CSI 1000 Index closed at 7,551 points, up 86 points or 1.17%. [1] - Among industry and theme ETFs, semiconductor - related ETFs led the gains, while film and television, tourism, and building materials ETFs led the losses. Among sector indices, home appliance parts, industrial metals, and semiconductors led the gains, while forestry, radio and television, and tourism led the losses. [1] Important Information - The Central Financial Office stated that finance should increase support for major strategies, key areas, and weak links to achieve the key strategic tasks of the 15th Five - Year Plan. A science and technology finance system needs to be established to support innovation. [1] - The capital market should enhance its inclusiveness for new industries, new business models, and new technologies to promote the development of new productive forces and build a capital market ecosystem that encourages long - term investment. [1] - NVIDIA CEO Jensen Huang believes China will win the AI competition due to a more favorable regulatory environment and lower energy costs. [1][2][3] - The US EIA expects US electricity consumption to reach record highs in 2025 and 2026, driven by AI and data center expansion. Goldman Sachs predicts that by 2030, AI data centers will increase global electricity demand by 175% compared to 2023. [1] - AMD's Instinct MI308 AI chip has obtained an export license to China, strengthening the logic of domestic substitution in data center construction. [1] - XPeng's humanoid robot features a bionic structure and is equipped with a self - developed physical world large - model. [2] - Grid investment is increasing, and power equipment companies have stable orders. Overseas power infrastructure is upgrading, and some companies are accelerating the layout of new power equipment. [2] - 17 silicon material enterprises plan to form a consortium in 2025 to acquire the production capacity of other silicon material enterprises. [2] - A price increase storm of storage chips is sweeping Shenzhen Huaqiangbei due to the shift of global storage giants' production capacity to more profitable products, leading to a sharp decline in the supply of traditional DDR4. [2] - US data centers are purchasing solid oxide fuel cells, small natural gas turbines, and reciprocating engines. [2] - The US Treasury is considering increasing the auction scale of interest - bearing and floating - rate Treasury bonds. [2] - Deutsche Bank is evaluating options to hedge risks, including short - selling AI - related stocks and using synthetic risk transfer derivatives. [2] - New York City elected a "democratic socialist" mayor, which may lead to corporate out - migration due to wealth redistribution policies. [2] Market Logic - The main indices of the two markets rose rapidly on Thursday, with the Shanghai Composite Index returning to above 4,000 points and the chip sector leading the gains. ETFs have seen significant growth in scale this year. [1][2][3] - The US is actively developing data centers, and China is expected to win the AI competition. Goldman Sachs is optimistic about Chinese stocks. [2][3] 后市展望 - The Shanghai Composite Index quickly returned to above 4,000 points, exceeding expectations. The market is in a large - scale oscillation range, with a slow - bull trend. Caution is needed around the previous high of 4,025 points. [3] - China's capital may be migrating to stocks, and Chinese stocks are attracting overseas investors. A stable stock market can boost the economy and consumption. [3] Trading Strategies - For futures direction trading, due to the market being in a large - scale oscillation range with a slow - bull trend, be cautious around the previous high of 4,025 points. Allocate long positions in stock index futures mainly based on the CSI 300 Index. [3] - For stock index option trading, as the stock index is in a large - scale oscillation range, take a wait - and - see attitude towards long - term deep - out - of - the - money call options. [3]

Report Industry Investment Rating - No industry investment rating information is provided in the given content. Core Viewpoints of the Report - The global economy is approaching the top region due to the continuous wrong - policies in the United States. The U.S. economic situation shows some concerning signs such as high - level Shiller P/E, consumer slowdown, and large - scale corporate layoffs. Meanwhile, China has advantages in the AI field with a more favorable regulatory environment and lower energy costs [2]. Summary According to Related Catalogs Global Economic News in Macro and Finance - NVIDIA CEO Huang Renxun believes China will win the AI competition because of a more favorable regulatory environment and lower energy costs [1]. - The U.S. Energy Information Administration (EIA) expects U.S. electricity consumption to reach record highs in 2025 and 2026, driven by factors like AI and data - center expansion. Goldman Sachs predicts that by 2030, AI data centers will increase global electricity demand by 175% compared to 2023 [1]. - XPeng's first humanoid robot features a female form with a "skeleton - muscle - skin" bionic structure and is equipped with XPeng's self - developed physical world large - scale model [1]. - U.S. data centers are purchasing Bloom Energy's solid oxide fuel cells and other small natural - gas - powered devices for power supply needs [1]. - Global bond sales reached a record $5.94 trillion on November 5, 2025, exceeding the 2024 annual high [1]. - The U.S. Treasury is considering increasing the auction size of coupon - bearing and floating - rate Treasury bonds [1]. - Deutsche Bank is evaluating options to hedge risks, including short - selling AI - related stocks and using "synthetic risk transfer" derivatives [1]. - New York City elected its first "democratic socialist" mayor, which may lead to corporate out - flow due to wealth - redistribution policies [1]. Global Economic Logic - The situation of Sino - U.S. economic and trade relations has eased. Goldman Sachs CEO is optimistic about the stock markets in Hong Kong and the Chinese mainland [2]. - The total capacity of U.S. data - center projects under planning or construction exceeds 45 gigawatts, with an expected investment of over $2.5 trillion. There is a shortage of relevant labor in the data - center construction process [2]. - Apollo Global Management warns that there is a huge gap between AI's energy demand and the current global power supply [2]. - The Shiller P/E of the U.S. stock market has reached 40 for the second time in history, similar to the 1999 Internet bubble period [2]. - Goldman Sachs experts point out that consumer slowdown has spread to the middle - income group, especially 25 - 35 - year - old consumers, and large - scale corporate layoffs may be an economic warning signal [2].

Report Summary 1. Report Industry Investment Rating - The report gives a "Oscillating Bullish" rating for the steel products in the black building materials sector [1] 2. Core Viewpoints - Steel prices are affected by factors such as production reduction and maintenance of steel mills, policy adjustments, and supply - demand relationships. Although the demand side is weak, the marginal reduction of crude steel supply and the release of negative risks may lead to a short - term rebound in steel prices [1] 3. Summary by Related Catalogs 3.1 Market Review - On Wednesday, rebar and hot - rolled coils continued to decline. At night, rebar closed down and hot - rolled coils closed up [1] 3.2 Important Information - Some steel mills in Shanxi have proposed production suspension and maintenance plans. One steel mill's blast furnace is planned to be shut down for maintenance this weekend, with a daily output impact of about 0.7 million tons. Three steel mills are tentatively planned for maintenance in December, with a daily output impact of about 1.35 million tons [1] - The Dalian Commodity Exchange publicly solicited opinions on adjusting the coking coal delivery quality standard [1] - The Tariff Commission of the State Council announced that starting from 13:01 on November 10, 2025, it will adjust the tariff - imposing measures on imported goods originating from the United States, continuing to suspend the implementation of the 24% tariff rate on the United States for one year and retaining the 10% tariff rate [1] - According to data from the China Iron and Steel Association, in late October 2025, key steel enterprises produced 19.99 billion tons of crude steel, with an average daily output of 1.817 billion tons, a 9.8% decrease from the previous ten - day period. The steel inventory was 14.63 billion tons, a decrease of 1.95 billion tons or 11.8% from the previous ten - day period [1] 3.3 Market Logic - On Wednesday, the price of 61.5% Australian PB iron ore powder was 775 yuan/ton (- 10). The price of first - class metallurgical coke at Rizhao Port was 1680 yuan/ton, unchanged; the price of second - class metallurgical coke was 1580 yuan/ton, unchanged. The price of Shanghai rebar was 3190 yuan/ton (- 20) [1] - Blast furnaces in Tangshan are reducing production and undergoing maintenance, some enterprises are reducing production, and electric - arc furnace steel is in full - scale loss. The marginal supply of crude steel is shrinking, while the demand side remains weak. Rebar has declined again, approaching the 3000 - point mark, and negative risks have been released. The resistance level of the rebar main contract is 3230, and the support level is 3000 [1] 3.4 Trading Strategy - The 3000 - point level of rebar still has strong resilience and may rebound in the short term. It is recommended to try to lay out long positions around 3000, and stop loss if it effectively breaks below 3000 [1]

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - The recent correction in the market has basically ended, and the market is expected to fluctuate upwards and return above 4000 points. It is recommended to mainly allocate long positions in stock index futures based on the CSI 300 Index. For stock index options, in a range - bound market, investors should observe more and trade less on far - month deep out - of - the - money call options [3] Summary by Relevant Catalogs Morning Session Notice - **Market Performance**: On Wednesday, affected by external markets, the major domestic stock market indices opened significantly lower and then fluctuated upwards to close higher. The trading volume of the two markets was 1.87 trillion yuan, slightly decreasing. The CSI 300 Index closed at 4627 points, up 8 points or 0.19%; the SSE 50 Index closed at 3007 points, down 5 points or - 0.17%; the CSI 500 Index closed at 7229 points, up 18 points or 0.26%; the CSI 1000 Index closed at 7464 points, up 29 points or 0.39%. The CSI 1000, CSI 500, CSI 300, and SSE 50 index futures saw net inflows of 16, 15, 6, and 4 billion yuan respectively [1] - **Industry and Theme ETFs**: The top - performing ETFs included Photovoltaic ETF Leader, Power Grid Equipment ETF, etc., while the under - performing ones included China - South Korea Semiconductor ETF, Software 50ETF, etc. Among the sector indices, forestry, power grid equipment, etc. led the gains, and digital media, passenger cars, etc. led the losses [1] Important Information - **Regulatory Policy**: The CSRC will improve the quality and efficiency of overseas listing filings, expand the scope of Shanghai - Shenzhen - Hong Kong Stock Connect targets, and support the inclusion of RMB stock trading counters and REITs in the Hong Kong Stock Connect. It will also support Hong Kong in launching treasury bond futures [1] - **Central Bank Liquidity**: The central bank's net investment in open - market treasury bond trading was 20 billion yuan in October 2025, indicating the resumption of treasury bond trading operations [1] - **Market Outlook**: Goldman Sachs CEO gave an optimistic outlook on the Hong Kong and mainland Chinese stock markets, believing that many Chinese stocks are "very attractive" [1][3] - **Service Industry PMI**: China's RatingDog service industry PMI in October slightly decreased to 52.6 from 52.9 in September, with service demand remaining in expansion [1] - **US Market**: The US government shutdown led to a sharp increase in the US Treasury's general account balance, equivalent to withdrawing over 700 billion US dollars from the market. If the financing situation deteriorates further, the market may repeat the 2019 repo crisis. Once fiscal liquidity returns, it may trigger a new round of "melt - up" in risk assets. The Shiller P/E of the US stock market has reached 40, and future returns of large - cap growth stocks may be negative. Consumption in the US has slowed down, and the recruitment index has reached a new low [1][2] - **Technology Companies**: Microsoft plans to invest over 60 billion US dollars in data centers, and AMD CEO expects the data center AI business to reach a scale of "hundreds of billions of dollars" by 2027 [2] Market Logic - The domestic stock market was affected by external markets, opening lower and then rising. The scale of ETFs has increased by 2 trillion yuan this year. The US is planning or building data centers with a total capacity of over 45 gigawatts and an expected investment of over 2.5 trillion US dollars. The recovery of the stock market has boosted investors' confidence and residents' property income [2][3] 后市展望 - The market is expected to fluctuate upwards after the end of the correction, with photovoltaic and battery sectors leading the gains. Betting on AI is still considered correct, and the data center and energy industries have large investment demands. The stable stock market can drive consumption and enhance the economic cycle [3] Trading Strategy - For stock index futures, long positions should be mainly allocated based on the CSI 300 Index. For stock index options, in a range - bound market, far - month deep out - of - the - money call options should be observed more and traded less [3]

Report Summary 1. Core View - The new coking coal delivery standard released by the Dalian Commodity Exchange on November 4, 2025, raises the quality requirements for delivery products and reduces the premium for low - sulfur alternative delivery products. The increase in Mongolian coal delivery cost is greater than that of Shanxi medium - sulfur main coking coal [1]. 2. Key Changes in Delivery Standards - **Indicator Adjustment**: Adjust the expression of the moisture (Mt) indicator to total moisture (Mt), round ash and volatile matter to two decimal places, and strength to one decimal place [1]. - **Sulfur Content**: Lower the premium reward for sulfur content from 2.5 yuan/ton for every 0.01% reduction to 1.5 yuan/ton, while keeping the deduction standard unchanged [1]. - **Post - reaction Strength**: Increase the post - reaction strength delivery standard from 60% to 65%, and deduct 50 yuan/ton for products with a post - reaction strength of 60% or more but less than 65% [1]. 3. Changes in Premium and Discount for Main Delivery Products - **Shanxi Medium - sulfur Main Coking Coal**: Reduce the premium from 110 yuan/ton to 30 yuan/ton, a decrease of 80 yuan/ton [1]. - **Mongolian No. 5 Clean Coal in Wubulang Jinquan Industrial Park**: Change from a premium of 70 yuan/ton to a discount of 40 yuan/ton, a decrease of 110 yuan/ton [1].