Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The steel market is affected by multiple factors, with steel prices in a downward cycle, and the market is expected to continue to fluctuate. The terminal demand is weakening, and the supply side is expected to shrink [3][6]. - The five major steel products are in a state of inventory reduction, with increased production and apparent demand this week. The price of raw materials has increased, and it is expected that rebar will continue to fluctuate within a range [3][17]. 3. Summary by Related Catalogs Steel and Ore Market Analysis - **Macro Environment**: The 14th Five - Year Plan and other policies create a loose macro - environment, which is beneficial to the market. The Ministry of Industry and Information Technology has issued a document to prohibit the addition of new production capacity [3][15]. - **Supply Side**: The production of rebar and hot - rolled coils has increased slightly this week. The main steel - producing areas such as Hebei and Shanxi have implemented crude steel production control plans, with a 30% production limit in Tangshan. The 1 - 9 month crude steel production in China has continued to decline year - on - year, and the iron water production is expected to continue to decrease [3][15]. - **Demand Side**: The peak season for steel terminal demand in October was lackluster, and it is expected to gradually shift to the off - season. Downstream new construction is mainly concentrated in the first quarter of next year, with slow current new construction. Mechanical steel use has increased, but the expected decline in household appliance steel use is significant, and automobile steel use remains stable [3][15]. - **Inventory Situation**: This week, the inventory of the five major steel products decreased by 2.64% week - on - week to 1.51376 billion tons, but increased by 22.58% compared with the same period last year. The production increased by 1.15% week - on - week, and the apparent demand increased by 2.65% week - on - week to 9.164 million tons, reaching a six - month high [17]. Raw Material Market - The upstream coal mine safety inspection has led to an increase in coke prices. The 47 - port iron ore inventory has continued to accumulate, and the global iron ore shipment has reached a high level in the same period in recent years [3][22]. Price Forecast and Trading Strategy - **Rebar**: It is expected to continue to fluctuate within a range, with a pressure level of 3230 and a support level of 3000. When approaching 3000, it is recommended to try to go long, and stop loss if it effectively breaks through [3][4]. - **Hot - Rolled Coils**: The pressure level is 3450, and the support level is 3200 [3]. - **Iron Ore**: It is expected to continue to fluctuate. The pressure level of the main 2601 contract is 833, and close attention should be paid to the support level of 750. Short - term operations with stop - loss settings are recommended [4]. Important News - At the 2025 Financial Street Forum Annual Conference, the central bank will resume open - market treasury bond trading operations, improve the monetary policy framework, and combat virtual currency operations and speculation [5]. - According to the production scheduling report of three major white goods, the total production scheduling in November 2025 decreased by 17.7% compared with the actual production in the same period last year [5]. - The Ministry of Ecology and Environment will use the carbon market to promote green and low - carbon emissions reduction in the steel, cement, and aluminum smelting industries [5]. - Henan Province has issued a plan to complete the technological transformation or elimination of steel production capacity below the energy efficiency benchmark level by the end of 2025 and optimize the industrial layout by 2027 [5].

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - In October, the manufacturing PMI continued to be below the boom - bust line for the seventh consecutive month, with a larger - than - seasonal decline due to holiday disruptions and external factors. The new export order index was affected by trade frictions but is expected to rebound in November. The service industry's business activity index showed a mild expansion, and the new policy - based financial instruments are expected to promote economic development [2][3][10]. 3. Summary by Related Contents Manufacturing Industry - **Overall PMI**: In October, the manufacturing PMI was 49.0%, down from 49.8% in the previous month. The decline had some seasonal factors but was larger due to holiday and external impacts. Large - scale enterprises' PMI dropped below the boom - bust line after 5 - month expansion, medium - sized enterprises remained stable, and small - sized enterprises faced greater pressure [2][5]. - **Production and Demand**: The production index was 49.7% (previous 51.9%), and the new order index was 48.8% (previous 49.7%), indicating a slowdown in production and a decline in market demand. The new export order index was 45.9% (previous 47.8%), pulling down the overall new order index. It is expected to rebound in November due to Sino - US trade talks [2][5][6]. - **Industry Performance**: New - energy - related industries such as equipment manufacturing, high - tech manufacturing, and consumer goods manufacturing remained in the expansion range. The basic raw material industry's PMI continued to decline. Some industries like农副 food processing and automotive were active, while others like textile and chemical fiber had weak supply and demand [2][5]. - **Price and Inventory**: The main raw material purchase price index was 52.5% (previous 53.2%), and the ex - factory price index was 47.5% (previous 48.2%), squeezing corporate profits. The raw material inventory index was 47.3% (previous 48.5%), and the finished - product inventory index was 48.1% (previous 48.2%), showing cautious inventory increase [3][6][7]. - **Employment and Expectation**: The manufacturing employment index was 48.3% (previous 48.5%), with little change. The production and business activity expectation index was 52.8% (previous 54.1%), with a slight decline in expectations [8]. Non - manufacturing Industry - **Overall Non - manufacturing**: In October, the non - manufacturing business activity index was 50.1%, up slightly from 50.0% in the previous month [4][8]. - **Construction Industry**: The construction business activity index was 49.1% (previous 49.3%), with a slight decline. The new order index was 45.9% (previous 42.2%), and the employment index was 39.9% (previous 39.7%). The business activity expectation index was 56.0% (previous 52.4%). The real - estate market continued to drag down the construction industry [8]. - **Service Industry**: The service business activity index was 50.2% (previous 50.1%), showing a mild expansion. The new order index was 46.0% (previous 46.7%), the employment index was 46.1% (previous 45.9%), and the business activity expectation index was 56.1% (previous 56.3%). Some industries like railway and aviation were in a high - level boom range, while insurance and real - estate were weak [9]. Policy Impact As of the end of October, 500 billion yuan of new policy - based financial instruments were fully invested, and the supported projects are expected to be implemented intensively from October to December, driving over 7 trillion yuan in total project investment and promoting economic development [4][10].

Report Summary 1. Report Industry Investment Rating - The investment rating for the macro and financial (treasury bond) sector is "oscillation" [1] 2. Core View of the Report - The Fed cut the federal funds target rate by 25 basis points to 3.75%-4.00% on October 29, but Powell's hawkish speech lowered the market's expectation of a December rate cut. On October 30, the leaders of China and the United States held a meeting, and the Chinese Ministry of Commerce introduced the consensus reached by the China-US economic and trade teams in Kuala Lumpur. The specific consensus on China-US economic and trade is beneficial for China to increase exports to the US and stabilize growth in the fourth quarter and next year. The easing of China-US economic and trade disputes is also conducive to stabilizing the global trade environment and the global industrial chain and supply chain. Treasury bond futures may oscillate in the short term [2] 3. Summary by Relevant Catalogs 3.1 Market Review - On Thursday, most of the opening prices of the main contracts of treasury bond futures were flat, and they fluctuated slightly upwards throughout the day. As of the close, the main contract of 30-year treasury bond futures TL2512 rose 0.19%, the 10-year T2512 rose 0.05%, the 5-year TF2512 was flat, and the 2-year TS2512 fell 0.01% [1] - The Wande All A stock index closed with a small negative line on Thursday, with a total trading volume of 2.46 trillion yuan, a slight increase from the previous trading day's 2.29 trillion yuan [2] 3.2 Important Information - Open market: On Thursday, the central bank conducted 342.6 billion yuan of 7-day reverse repurchase operations, with 212.5 billion yuan of reverse repurchases maturing on the same day, resulting in a net investment of 130.1 billion yuan [1] - Money market: On Thursday, the overnight interest rate in the inter-bank money market declined compared with the previous trading day. The weighted average of DR001 throughout the day was 1.31% (1.40% the previous day), and the weighted average of DR007 was 1.50% (1.55% the previous day) [1] - Cash bond market: On Thursday, the closing yields of inter-bank treasury bonds mostly declined compared with the previous trading day. The yield to maturity of 2-year treasury bonds rose 3.45 basis points to 0.04%, the 5-year declined 1.74 basis points to 1.56%, the 10-year declined 1.10 basis points to 1.81%, and the 30-year declined 1.45 basis points to 2.16% [1] - On October 30, the Bank of Japan announced to keep the policy interest rate unchanged at 0.50%, in line with expectations [1] - As of the end of October, 500 billion yuan of new policy-based financial instruments had been fully invested, which is expected to drive the total project investment to exceed 7 trillion yuan [1] - On October 30, the European Central Bank announced to keep interest rates unchanged, with the deposit rate remaining at 2%, the main refinancing rate at 2.15%, and the marginal lending rate at 2.4% [2] 3.3 China-US Economic and Trade Consensus - The US will cancel the 10% so-called "fentanyl tariff" on Chinese goods (including those from Hong Kong and Macau), and the 24% reciprocal tariff on Chinese goods will be suspended for another year. China will adjust its countermeasures accordingly. Both sides agree to extend some tariff exclusion measures [2] - The US will suspend the implementation of the 50% penetration rule for export controls announced on September 29 for one year. China will suspend the implementation of relevant export control measures announced on October 9 for one year and study and refine specific plans [2] - The US will suspend the implementation of its Section 301 investigation measures against China's maritime, logistics, and shipbuilding industries for one year. After the US suspends relevant measures, China will also suspend its countermeasures against the US for one year [2] - The two sides also reached consensus on fentanyl anti-drug cooperation, expanding agricultural product trade, and handling individual cases of relevant enterprises. They further confirmed the results of the Madrid economic and trade consultations, and the US made positive commitments in the field of investment. China will properly resolve issues related to TikTok with the US [2] 3.4 Market Logic - On October 29, the Fed announced a 25-basis-point cut in the federal funds target rate to 3.75%-4.00%, in line with market expectations. However, Powell's hawkish speech lowered the market's expectation of a December rate cut. On October 30, the leaders of China and the United States held a meeting, and the Chinese Ministry of Commerce introduced the consensus reached by the China-US economic and trade teams in Kuala Lumpur [2] 3.5 Trading Strategy - Traders are advised to conduct band operations [2]

Report Core View - After five rounds of high - level trade consultations this year and the meeting between the Chinese and US heads of state, the two sides have withdrawn from the escalating trade frictions. The consensus reached is beneficial for the US to control inflation and for China's exports to the US to grow [2] Key Points from the Meeting and Consultations 1. Meeting between Chinese and US Heads of State - On the noon of October 30 local time, the Chinese President met with the US President in Busan, South Korea, lasting about 1 hour and 40 minutes. The Chinese side emphasized that the two countries' economic and trade teams exchanged in - depth views on important economic and trade issues and reached a consensus on solving problems. The two teams should refine and finalize follow - up work. The two heads of state agreed to strengthen cooperation in economic, trade, energy and other fields and promote people - to - people exchanges [1] 2. Results of the Consultations Tariff - related - The US will cancel the 10% so - called "fentanyl tariff" on Chinese goods (including those from Hong Kong and Macao Special Administrative Regions). The 24% reciprocal tariff on Chinese goods will be suspended for another year. China will adjust its counter - measures accordingly. Both sides agreed to extend some tariff exclusion measures [1] Export Control - The US will suspend the implementation of the 50% penetration rule for export controls announced on September 29 for one year. China will suspend the implementation of relevant export control measures announced on October 9 for one year and study and refine specific plans [1] Industry - related Investigation - The US will suspend the implementation of its Section 301 investigation measures against China's maritime, logistics and shipbuilding industries for one year. After the US suspends relevant measures, China will also suspend its counter - measures against the US for one year [2] Other Consensus - The two sides reached consensus on fentanyl anti - drug cooperation, expanding agricultural product trade, and handling individual cases of relevant enterprises. They further confirmed the results of the Madrid economic and trade consultations. The US made positive commitments in investment and other fields, and China will properly resolve the TikTok - related issue with the US [2]

Group 1: Report Industry Investment Rating - The investment rating for the energy and chemical industry (specifically for bottle chips) is "oscillating and slightly strong" [1] Group 2: Core View of the Report - The supply of bottle chips this week has changed little, downstream factories mainly conduct rigid restocking, and the market is cautious about the later - stage demand. The export volume of bottle chips in September decreased month - on - month. Recently, stimulated by the news of the anti - involution meeting in the chemical fiber polyester industry, the price of bottle chips is oscillating and slightly strong, with the reference range of the main contract being 5620 - 5800 yuan/ton. The recommended trading strategy is to wait and see for now [1] Group 3: Summary by Relevant Catalogs Market Review - On Wednesday, the PR2601 contract of bottle chips rose 34 yuan to 5744 yuan/ton. The price of East China water - grade bottle chips fell 20 yuan to 5740 yuan/ton, and the price of South China bottle chips fell 20 yuan to 5780 yuan/ton. In terms of positions, long positions decreased by 4168 lots to 51,400 lots, and short positions decreased by 3764 lots to 50,700 lots [1] Important Information - In terms of supply, cost, and profit, the domestic production of polyester bottle chips was 335,100 tons, with a flat week - on - week change. The weekly average capacity utilization rate of polyester bottle chips was 73.3%, also flat week - on - week. The production cost of polyester bottle chips was 5122 yuan/ton, a week - on - week decrease of 49 yuan/ton, and the weekly production gross profit of polyester bottle chips was - 67 yuan/ton, a week - on - week increase of 33 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] - U.S. commercial crude oil inventories declined, and the market was optimistic about the prospects of economic and trade negotiations, leading to a rise in international oil prices. The December contract of NYMEX crude oil futures rose 0.33 dollars to 60.48 dollars/barrel, a week - on - week increase of 0.55%; the December contract of ICE Brent crude oil futures rose 0.52 dollars to 64.92 dollars/barrel, a week - on - week increase of 0.81%. The 2512 contract of China INE crude oil futures fell 7.2 yuan to 459.2 yuan/ton, and rose 5.9 yuan to 465.1 yuan/ton in the night session [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] Market Logic - The supply of bottle chips has little change this week, downstream factories mainly conduct rigid restocking, and the market is cautious about the later - stage demand. The export volume of bottle chips in September decreased month - on - month. Recently, stimulated by the news of the anti - involution meeting in the chemical fiber polyester industry, the price of bottle chips is oscillating and slightly strong [1] Trading Strategy - The recommended trading strategy is to wait and see for now [1]

1. Report Industry Investment Rating - The investment rating for the iron ore in the black building materials sector is "Oscillating Bullish" [3] 2. Core View of the Report - The iron ore market is expected to be oscillating bullish in the short - term, but the upside potential should be viewed with caution due to the expected decline in hot metal production later [3] 3. Summary by Relevant Contents Market Review - Iron ore prices closed higher on Wednesday and continued to rise in the night session [3] Important Information - The Ministry of Ecology and Environment plans to use carbon market measures to promote green and low - carbon emissions reduction in the steel, cement, and aluminum smelting industries [3] - As of October 29, 27 provinces had announced their GDP data for the first three quarters of 2025. Guangdong, Jiangsu, and Shandong ranked top three, with GDP of 10,517.698 billion yuan, 10,281.1 billion yuan, and 7,711.5 billion yuan respectively. 23 provinces had GDP exceeding 1 trillion yuan, and Guangdong and Jiangsu exceeded 10 trillion yuan [3] - The Ministry of Transport completed 2.6 trillion yuan in transportation fixed - asset investment in the first three quarters [3] - President Xi Jinping will meet with US President Trump in Busan, South Korea on October 30 to exchange views on Sino - US relations and common concerns [3] - The Federal Reserve cut interest rates by 25 basis points as expected, lowering the federal funds rate to 3.75% - 4.00%, the second rate cut this year, and will end the balance - sheet reduction starting from December 1 [3] Market Logic - The macro sentiment has improved, and there are significant changes on the supply side. The global iron ore shipments this period reached 3,388.4 tons, the highest level in the same period in recent years, which is expected to result in a strong arrival volume later. The arrival of iron ore decreased this period, and the supply of imported ore decreased marginally in the short - term [3] - From October 20 - 26, the total iron ore inventory at seven ports in Australia and Brazil was 1,158.3 tons, a decrease of 14.7 tons compared to the previous period, continuing the destocking trend, and the inventory level has dropped to the lowest level since the second half of the year [3] - The daily hot metal output in the previous period was 239.9 tons, a weekly decrease of 1.05 tons, still at a relatively high level. Steel mills in some areas of Hebei are under production restrictions, and the hot metal output is expected to decline, likely falling below 230 tons later [3] Trading Strategy - It is expected to be oscillating bullish in the short - term. The pressure level for the main 2601 contract is 833, and the support level is 750. Short - term operations are recommended with stop - losses set [3]

Group 1: Report Industry Investment Rating - The investment rating for the black (coking coal and coke) sector is "oscillating with a bearish bias" [1] Group 2: Core View of the Report - The coking coal spot auction price continues to be strong, and after the second - round price increase of coke spot was finalized, a third - round price increase was initiated. Although the Sino - US trade relations eased this week and the market sentiment improved, the demand growth points in the fourth quarter are limited, and the steel mill's hot metal output is already at a high level with little room for growth. Technically, coking coal has strong short - term bottom support and may break through upwards today after a period of range - bound trading. The near - month contract has broken through the previous high and the range resistance level, so short positions are advised to stop losses reasonably according to the position, and long positions can continue to hold. The next resistance level is 1330 [1] Group 3: Summary According to the Catalog Market Quotes - Yesterday, the main coking coal contract Jm2601 closed at 1302.0, up 4.83% compared with the opening of the day session; the main coke contract J2601 closed at 1801.0, up 3.06% compared with the opening of the day session. Last night, Jm2601 closed at 1303.5, up 0.12% compared with the close of the day session; the J2601 contract closed at 1801.0, flat compared with the close of the day session [1] Important News - The Chinese President Xi Jinping will hold a meeting with US President Trump in Busan, South Korea on October 30th to exchange views on Sino - US relations and issues of common concern. The Federal Reserve cut interest rates by 25 basis points as expected, lowering the federal funds rate to 3.75% - 4.00%, the second rate cut this year, and announced the end of the balance - sheet reduction starting from December 1st. This week, the capacity utilization rate of 314 independent coal washing plants was 36.5%, a decrease of 0.41% compared with the previous period; the daily output of clean coal was 26.5 tons, a decrease of 0.2 tons compared with the previous period; the clean coal inventory was 284.4 tons, a decrease of 5.2 tons compared with the previous period [1] Market Logic - The coking coal spot auction price is strong, and coke spot initiates a third - round price increase after the second - round increase. Macroscopically, Sino - US trade relations have eased, but the fourth - quarter demand growth is limited, and steel mill's hot metal output has little room for growth. Attention should be paid to the traffic and inventory situation of Mongolian coal at Ganqimaodu Port to see if it can recover in the short term. Technically, coking coal has strong short - term bottom support and may break through upwards today after range - bound trading [1] Trading Strategy - The near - month contract has broken through the previous high and the range resistance level. Short positions are advised to stop losses reasonably according to the position, and long positions can continue to hold. The next resistance level is 1330 [1]

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View of the Report - The short - term tops of gold and silver formed last week are confirmed. COMEX gold broke below $4000 per ounce this week, rebounded above $4000 on the 29th, and investors should wait for stabilization and stay on the sidelines [2]. 3. Summary by Relevant Content Market Performance - COMEX gold futures fell 1.04% to $3941.7 per ounce, and COMEX silver futures fell 0.1% to $47.275 per ounce. Shanghai gold rose 0.69% to 910.92 yuan per gram, and Shanghai silver rose 0.64% to 11265 yuan per kilogram [1]. Important Information - As of October 29, the holdings of the world's largest gold ETF, SPDR Gold Trust, decreased by 2.87 tons to 1036.05 tons, and the holdings of the world's largest silver ETF, iShares Silver Trust, remained unchanged at 15209.57 tons [1]. - On the 28th, after Hamas fired on Israeli troops in the Gaza Strip, Israeli Prime Minister Netanyahu instructed the Israeli army to launch a strong strike on the Gaza Strip. On the 29th, the Israeli army resumed the cease - fire agreement after the attack [1]. - Chinese President will meet with the US President in Busan, South Korea on October 30 to exchange views on China - US relations and common concerns [1]. - The Fed announced a 25 - basis - point cut in the federal funds target rate to 3.75% - 4.00%, ending the balance - sheet reduction from December 1. Fed Chair Powell said a further rate cut in December is "far from a foregone conclusion" [1]. Market Logic - The news of the China - US summit on the 30th is conducive to easing global trade tensions. The resumption of firing between Israel and Hamas on the 28th may trigger risk - aversion sentiment. The US government shutdown continues. Technical factors and profit - taking led to the sharp decline of COMEX gold and silver last week, followed by a short - term stabilization. COMEX gold broke below $4000 per ounce this week, and silver also pulled back [1]. Trading Strategy - Wait for gold and silver to stabilize and stay on the sidelines as the short - term tops are confirmed and COMEX gold broke below $4000 per ounce this week [2].

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core Viewpoints - The photovoltaic and battery sectors soared, driving the ChiNext Index and CSI 500 Index higher, while the Shanghai Composite Index fluctuated around 4000 points. There's a need for consolidation at this level, and sector rotation may accelerate. Short - term index trends require caution, and long positions in stock index futures should mainly focus on the CSI 300 Index [1][2][3] - Betting on AI remains correct as the current AI boom differs fundamentally from historical bubbles in terms of spread speed, low leverage, and valuation levels. Nvidia anticipates that the Blackwell and Rubin chips will generate $500 billion in GPU sales over five quarters [2][3] - Stable stock markets can inject capital into the real economy and drive consumption through wealth, psychological, and expectation effects. China's stock market is expected to have a more sustained upward trend [2][3] 3) Summary by Directory Market Review - The trading volume of the two markets was 2.25 trillion yuan, slightly increasing. The CSI 300 Index closed at 4747 points, up 55 points or 1.19%; the SSE 50 Index closed at 3063 points, up 12 points or 0.41%; the CSI 500 Index closed at 7480 points, up 139 points or 1.91%; the CSI 1000 Index closed at 7569 points, up 89 points or 1.20% [1] - Among industry and theme ETFs, photovoltaic ETFs, battery 50 ETFs, etc. led the gains, while bank ETFs, science - innovation pharmaceutical ETFs, etc. led the losses. Among the two - market sector indices, photovoltaic equipment, consumer electronics, etc. led the gains, and small and medium - sized banks, ground military equipment, etc. led the losses [1] - The settlement funds of CSI 500 and CSI 300 index futures had net inflows of 5.2 billion and 1.2 billion yuan respectively [1] Important Information - On October 28, the central parity rate of the RMB against the US dollar was reported at 7.0856, up 25 basis points from the previous trading day, reaching the highest since October 15, 2024. The central parity rate has risen 1023 basis points this year [1] - In the Q3 market rally, Central Huijin firmly held multiple broad - based ETFs. Since October, hundreds of billions of funds have flowed into equity ETFs, and the new fund issuance market is booming [1] - On October 28, the domestic robot "Kuafu" with an open - source Hongmeng system was unveiled, breaking foreign technology monopolies [1] - Nvidia held the GTC conference. It has shipped 6 million Blackwell GPUs in the past four quarters, with strong demand. It expects the Blackwell and Rubin chips to bring $500 billion in GPU sales over five quarters [1][2] - Nvidia announced cooperation with partners to build the first AI - native wireless stack for 6G in the US and launched new applications for next - generation wireless technology. It also demonstrated NVQLink for connecting traditional GPUs and quantum computers [1] - In the field of "physical AI", Huang Renxun's speech focused on Omniverse digital twin technology. The robot startup Figure announced cooperation with Nvidia to accelerate the R & D of next - generation humanoid robots [2] - Nvidia will invest $1 billion to acquire a 2.9% stake in Nokia, becoming its second - largest shareholder, and they will cooperate on AI network solutions and 6G - related technologies [2] - OpenAI has committed to building over 30GW of infrastructure, with an expected investment of about $1.4 trillion in the coming years. It aims to achieve certain AI research goals by 2026 and 2028 [2] - Uber plans to deploy a 100,000 - vehicle Robotaxi fleet driven by Nvidia technology starting in 2027 and will invest in the Hong Kong IPOs of Pony.ai and WeRide [2] - Sunshine Power's revenue in the first three quarters was 66.4 billion yuan (up 33%), and net profit was 11.9 billion yuan (up 56%). Its overseas energy storage business had a large number of orders, with a high gross margin of 34%, and its operating cash flow increased by over 1100% to 9.9 billion yuan. It also reduced debt by 5.2 billion yuan and is exploring new businesses such as AI data center power supplies [2] - SK Hynix's Q3 revenue was $17.1 billion, and operating profit was $8 billion, up 62% year - on - year, both hitting record highs. It holds a 64% market share in the high - bandwidth memory HBM market, has locked in all 2026 production orders, and will start shipping HBM4 in Q4 2025 [2] - The Dutch government froze the operating rights of Nexperia under Wingtech Technology, causing a global automotive supply - chain crisis [2] Market Logic - The rise of the photovoltaic and battery sectors, Central Huijin's firm holding of broad - based ETFs, and the influx of funds into equity ETFs since October contributed to the market's performance. The debut of the "Kuafu" robot and positive market sentiment also played roles. High - end institutions expect a more sustained upward trend in China's stock market [1][2] Future Outlook - The photovoltaic and battery sectors' strength will continue to influence the market. There's a need for the Shanghai Composite Index to consolidate around 4000 points, and sector rotation may speed up. Short - term index trends require caution, and long positions in stock index futures should focus on the CSI 300 Index [3] Trading Strategies - Stock index futures directional trading: Due to market caution and the need for the Shanghai Composite Index to consolidate around 4000 points, short - term index trends need careful consideration. Long positions in stock index futures should mainly be on the CSI 300 Index [3] - Stock index option trading: Wait and see as the Shanghai Composite Index needs to consolidate around 4000 points [3]

更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2025 年 10 月 29 日星期三 研究员： 纪晓云 从业资格： F3066027 交易咨询资格：Z0011402 联系方式：010-56711796 | | | | | | | 铁矿: 【行情复盘】 周二铁矿收涨。夜盘继续收涨。 | | --- | --- | --- | --- | | | | | 【重要资讯】 | | | | | 1、上周（10 月 20 日-10 月 26 日），10 个重点城市新建商品房成交（签约）面积 | | | | | 总计 169.26 万平方米，环比增长 3.3%，同比下降 25.2%。 | | | | | 2、从水利部规划计划司获悉，今年以来，水利部坚持稳中求进工作总基调，统筹 | | | | | 推进"硬投资"与"软建设"，加快推动水利基础设施建设。前三季度，全国水利 | | | | | 建设完成投资 8797.9 亿元。 | | | | | 3、据产业在线最新发布的三大白电排产报告显示，2025 年 11 月空冰洗排产合计总 | | 黑色建材 | 铁矿 | 震 荡 偏 | ...