Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The yield of treasury bonds has reached a short - term peak, and the 10 - year treasury bond yield at 1.85% may be the top in the future. Treasury bond futures are likely to fluctuate with a slight upward bias in the short term [6][37]. - The overall economic situation in October shows that the manufacturing PMI is below the boom - bust line, the non - manufacturing business activity index is slightly above the boom - bust line, and the real estate market is still at the bottom, which is generally favorable for the bond market [9][24][32]. 3. Summary by Related Content Treasury Bond Futures Market - This week, treasury bond futures rose continuously throughout the week. After the central bank governor announced the resumption of open - market treasury bond trading on October 27, treasury bond futures jumped significantly higher on Tuesday. The 30 - year treasury bond rose 1.43%, the 10 - year treasury bond rose 0.62%, the 5 - year treasury bond rose 0.43%, and the 2 - year treasury bond rose 0.21% [4]. - The yield curve of treasury bond cash bonds shifted downward in parallel. The 2 - year, 5 - year, 10 - year, and 30 - year treasury bond yields decreased by 9BP, 5BP, 5BP, and 7BP respectively from October 24 to October 31 [6]. Manufacturing PMI - In October, the official manufacturing PMI was 49.0%, remaining below the boom - bust line for the seventh consecutive month. Affected by the double - holiday and external factors, the decline was larger than the seasonal factor. The PMI of large, medium, and small enterprises showed different trends, with large enterprises slightly below the boom - bust line, medium - sized enterprises remaining stable, and small enterprises facing greater pressure [9]. - The production index in October was 49.7%, and the new order index was 48.8%, indicating a slowdown in production and a decline in market demand. However, new - energy - related industries such as equipment manufacturing, high - tech manufacturing, and consumer goods manufacturing remained in the expansion range [12]. - The new export order index in October was 45.9%, and the import index was 46.8%, both showing a decline. It is expected that the new export order index will rebound significantly in November due to the Sino - US summit [14]. - The purchase price index of major raw materials in October was 52.5%, and the ex - factory price index was 47.5%. It is expected that the PPI in October will decline by about 2.3% year - on - year, the same as in September [17]. - The raw material inventory index in October was 47.3%, and the finished product inventory index was 48.1%. Manufacturing enterprises continued to be cautious about increasing inventory [20]. - The manufacturing employment index in October was 48.3%, and the production and business activity expectation index was 52.8%, showing a slight decline in the expectation of future prosperity [22]. Non - manufacturing Business Activity Index - In October, the non - manufacturing business activity index was 50.1%. The construction business activity index was 49.1%, and the service business activity index was 50.2%, showing a mild expansion [24]. - The new order index of the construction industry in October was 45.9%, and the employment index was 39.9%. The business activity expectation index was 56.0%, indicating a slight decline in the construction industry's prosperity [27]. - The new order index of the service industry in October was 46.0%, and the employment index was 46.1%. The business activity expectation index was 56.1%. Some industries such as railway transportation and aviation transportation were in a high - level prosperity range, while industries such as insurance and real estate were below the critical point [29]. Real Estate Market - The average daily transaction area of commercial housing in 30 large - and medium - sized cities in October decreased by 25% year - on - year, and the decline widened. The national commercial housing sales are still at the bottom, and it is expected that the real estate development investment in October will still contract significantly, dragging down the construction industry [32]. Capital Market - This week, the short - term capital interest rate first rose and then fell, and the one - year AAA inter - bank certificate of deposit issuance rate also declined [35].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - Corn: Short - term, new grain harvest brings supply pressure, focus on North China's weather impact; mid - term, conduct band trading around new - season drivers; long - term, follow import substitution + planting cost pricing logic. Consider low - buying opportunities for the 2601 contract [5]. - Pig: Short - term, supply exceeds demand, near - month contracts focus on basis repair; mid - term, pig prices may enter a bottom - grinding stage; long - term, pig production capacity will continue to be realized. Suggest waiting and seeing for near - month contracts and being cautious about far - month contracts [11][12]. - Egg: Short - term, egg prices are under pressure and supported; mid - term, supply exceeds demand, prices may run in a low - level range; long - term, wait for the de - capacity process driven by over - culling [17][18]. 3. Summary by Commodity Corn - **Important Information**: On October 31, deep - processing enterprise purchase prices in the Northeast rose by 4 yuan/ton to 2001 yuan/ton, and were stable in North China at 2169 yuan/ton; port prices in Jinzhou rose by 10 yuan/ton to 2060 - 2090 yuan/ton, and were stable in Shekou at 2285 yuan/ton; the number of futures warehouse receipts was 63966; the wheat - corn price difference in Shandong widened to + 380 yuan/ton [5]. - **Market Logic**: Short - term, new grain supply pressure exists, spot is weakly stable, pay attention to North China's weather. Mid - term, trade in a wide range. Long - term, follow import substitution + planting cost pricing and focus on policies [5]. - **Trading Strategy**: Adopt a mid - long - term range trading strategy. Focus on low - buying opportunities for the 2601 contract after callback, with the first support at 2100, the second at 2050 - 2080; the first pressure at 2150, the second at 2160 - 2170. For the 2603 contract, support is at 2120 - 2130 [6]. Pig - **Important Information**: On October 31, the national average pig price was 12.44 yuan/kg, down 0.04 yuan/kg. In September, the number of fertile sows was 40.35 million, a quarterly decrease of 0.2%. As of October 30, the average slaughter weight was 124.66 kg, up 0.06 kg from the previous week. The price difference between fat and standard pigs was 0.36 yuan/jin [11]. - **Market Logic**: Short - term, supply exceeds demand, near - month contracts focus on basis repair. Mid - term, pig prices may enter a bottom - grinding stage. Long - term, pig production capacity will continue to be realized [12]. - **Trading Strategy**: For near - month contracts, wait and see after closing short positions. For far - month contracts, pay attention to sow inventory changes. For the 2601 contract, the pressure at 12500 is verified, and support is at 11500 - 11600; for the 2603 contract, the pressure at 11800 - 12000 is verified, and support is at 11000 - 11200; for the 2605 contract, the pressure at 12200 - 12300 is verified, and support is at 11500 - 11600; for the 2607 contract, support is at 12000 [13]. Egg - **Important Information**: On October 31, the average egg price in the main production areas was 2.88 yuan/jin, stable; in the main sales areas, it was 3.34 yuan/jin, up 0.01 yuan/jin. On October 30, the production - link inventory was 1.05 days, stable; the circulation - link inventory was 1.11 days, up 0.01 days. On October 31, the average price of old hens was 4.18 yuan/jin, up 0.02 yuan/jin. In September, the number of laying hens was about 1.368 billion, a month - on - month increase of 0.22% and a year - on - year increase of 6.05%. The estimated number of laying hens in October is 1.36 billion, a month - on - month decrease of 0.56% [17]. - **Market Logic**: Short - term, egg prices are under pressure and supported. Mid - term, supply exceeds demand, prices may run in a low - level range. Long - term, wait for the de - capacity process driven by over - culling [18]. - **Trading Strategy**: Close short positions. Wait and see. If inventory levels continue to rise, consider shorting the 2512 contract with pressure at 3180 - 3200. Mid - long - term, determine the trading direction based on culling behavior [19].

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].