Report Industry Investment Rating - No information provided Core Viewpoints - Since October, continuous rainy weather in major apple - producing areas has led to concerns about the quality and yield of early - ripe Fuji apples, causing a unilateral upward trend in apple futures prices, with the main contract breaking through the 9,000 yuan/ton mark [1]. - New - season apple production is estimated to be 34.23 million tons, a year - on - year decrease of 8.34%, and market concerns about the quality of stored apples are rising [1]. - Considering the general domestic consumption performance, the 01 contract is expected to face pressure above 9,000 yuan/ton, and later attention should be paid to changes in purchase prices and storage conditions [1]. Summary by Relevant Content Market Situation - Apple futures prices have been rising unilaterally due to bad weather in major producing areas, and the main contract has broken through 9,000 yuan/ton [1]. Production - New - season apple production is estimated to be 34.23 million tons, an 8.34% year - on - year decrease [1]. Regional Market Conditions - In the western产区, the transaction is nearly over, and the storage market is stable. In the Gansu产区, it operates smoothly, and fruit farmers are storing apples in an orderly manner. In the Shaanxi产区, the trading of high - quality and general - grade apples is basically over, with prices showing a strong trend, but the price of inferior fruits is chaotic [1]. - In Shandong, trading volume has increased, with high enthusiasm from buyers and storage operators, but the overall quality is slightly poor, and it is difficult to acquire high - quality goods, with prices remaining stable and slightly strong [1]. Price Details - In the Luochuan, Shaanxi产区, the price of semi - commercial late - Fuji apples over 70 is 3.8 - 4.5 yuan/jin, general - grade apples over 70 are 3.4 - 3.8 yuan/jin, and the mainstream order price is 3.5 - 3.8 yuan/jin [1]. - In the Jingning, Gansu产区, the price of commercial apples over 70 is 5 - 6 yuan/jin, the mainstream price is 5 - 5.5 yuan/jin, general - grade apples over 70 are about 4.5 yuan/jin, and the price of damaged apples is 3.5 - 4.5 yuan/jin [1]. - In the Qixia, Shandong产区, the price of second - grade strip - red late - Fuji apples over 80 is about 3.50 yuan/jin, second - grade striped apples over 80 are about 4.00 yuan/jin, general - grade apples over 80 are about 2.80 yuan/jin, and third - grade apples over 80 are about 2.00 yuan/jin [1].

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View - Since October, continuous rainy weather in major apple - producing areas has led to concerns about the quality and yield of early - maturing Fuji apples, causing a unilateral increase in apple futures prices, with the main contract breaking through the 9000 yuan/ton mark [1]. - The estimated output of new - season apples has been reduced to 34.23 million tons, a year - on - year decrease of 8.34%, and market concerns about the quality of stored apples are rising [1]. - Considering the general domestic consumption performance, the 01 contract is expected to face pressure above 9000 yuan/ton, and later attention should be paid to changes in purchase prices and warehousing conditions [1]. 3. Summary by Related Content - **Production and Market Situation** - The current period is the critical verification period for apples to be harvested and stored. The estimated output of new - season apples has been reduced to 34.23 million tons, a year - on - year decrease of 8.34% [1]. - **Regional Market Conditions** - In the western production areas, the transactions are nearly finished, and the warehousing market is generally stable. In the Gansu production area, the market is running smoothly with farmers storing apples in an orderly manner. In the Shaanxi production area, the transactions of high - quality and general - grade apples are basically over, with prices showing a strong trend, but the remaining inferior fruits have a large quantity and chaotic prices [1]. - In Shandong, the trading volume has increased, with high enthusiasm from purchasers and warehousing merchants, but the overall quality is slightly poor, and it is difficult to purchase high - quality apples, and prices remain stable with a slightly strong trend [1]. - Specific price information: In the Luochuan area of Shaanxi, the price of semi - commercial late - Fuji apples above 70 is 3.8 - 4.5 yuan/jin, the price of general - grade apples above 70 is 3.4 - 3.8 yuan/jin, and the mainstream order price is 3.5 - 3.8 yuan/jin. In the Jingning area of Gansu, the price of commercial apples above 70 is 5 - 6 yuan/jin, the mainstream price is 5 - 5.5 yuan/jin, the price of general - grade apples above 70 is about 4.5 yuan/jin, and the price of damaged apples is 3.5 - 4.5 yuan/jin. In the Qixia area of Shandong, the price of second - grade flaky - red bagged late - Fuji apples above 80 is about 3.50 yuan/jin, the price of second - grade striped apples above 80 is about 4.00 yuan/jin, the price of general - grade apples above 80 is about 2.80 yuan/jin, and the price of third - grade apples above 80 is about 2.00 yuan/jin [1].

1. Report Industry Investment Rating - There is no information about the report industry investment rating provided in the content 2. Core Viewpoints - Macro conditions are improving, and the strengthening of external vegetable oils is expected to drive the collective rise of domestic vegetable oils. It is recommended to exit previous short positions and enter long positions. For double - meal products, due to the expected increase in import costs and the rise of US soybeans, double - meal will continue to rebound. Hold existing long positions, do not chase new highs, and wait for short - selling opportunities in the medium - to - long term [2][3] 3. Summary by Related Catalogs 3.1 Vegetable Oil Market 3.1.1 Market Review - On October 27, the vegetable oil market showed a differentiated trend. Soybean oil and rapeseed oil were strong due to Sino - US easing, while palm oil was still under pressure due to poor export data. The main soybean oil contract Y2601 closed at 8,234 yuan/ton, up 0.49% day - on - day, with an increase of 19,494 lots. The main palm oil contract P2601 closed at 9,100 yuan/ton, down 0.24% day - on - day, with an increase of 6,799 lots. The main rapeseed oil contract OI2601 closed at 9,748 yuan/ton, down 0.13% day - on - day, with a decrease of 7,617 lots [1] 3.1.2 Important Information - On October 27, Sino - US economic and trade teams had their fifth face - to - face consultation since May. The two sides reached a "very substantial framework agreement", and the US "no longer considers" imposing 100% tariffs on China. International oil prices closed slightly lower on October 27. Brazil may not be able to increase the biodiesel blending ratio from 15% to 16% by March 2026. If Indonesia implements the B50 policy, the palm oil used for blending will reach about 17 million tons. Malaysia's palm oil exports from October 1 - 25 decreased by 0.4% compared with the same period in September. From October 1 - 20, Malaysia's palm oil production increased by 2.71% month - on - month. As of the 43rd week of 2025, the total inventory of the three major domestic edible oils increased by 2.90% week - on - week [1][2] 3.1.3 Market Logic - Internationally, the continuous rise of crude oil and the Sino - US trade easing are expected to boost vegetable oils. The US - China negotiation results led to a jump in US soybeans and a rebound in US soybean oil. Malaysian palm oil is still under pressure due to increased production and decreased exports, but the decline is expected to be limited. Domestically, the supply of oilseeds in the fourth quarter is sufficient, the oil mill operating rate has rebounded, and consumption is in a seasonal off - season. Macro factors are the main influencing factors [2] 3.1.4 Trading Strategy - For single - side trading, enter new long positions. The pressure and support levels for different contracts are provided, such as the Y2601 contract with a pressure level of 9,000 and a support level of 8,000 [2] 3.2 Double - Meal Market 3.2.1 Market Review - On October 23, domestic oilseeds fell, and the "buy oil, sell meal" arbitrage was unlocked, which supported the double - meal market. The main soybean meal contract M2601 closed at a certain price, down 0.03% day - on - day, with a decrease of 2,932 lots. The main rapeseed meal contract RM2601 closed at a certain price, up 0.43% day - on - day, with a decrease of 2,653 lots [2] 3.2.2 Important Information - The Sino - US economic and trade negotiation reached a "very substantial framework agreement", and the US "no longer considers" imposing 100% tariffs on China. As of October 20, 2025, the soybean sowing progress in Brazil's Parana state was 52%, and the excellent - good rate was 98%. In September, China's soybean imports reached 1.2869 billion tons, a record high. The Trump administration may announce a plan to rescue US farmers with an initial expenditure of up to $15 billion. As of the end of October, Brazil's soybean exports are expected to reach 102.2 million tons. As of the 43rd week of 2025, the domestic imported soybean inventory decreased by 312,000 tons week - on - week, and the domestic soybean meal inventory increased by 13.48% week - on - week [2][3] 3.2.3 Market Logic - The market expects the resumption of US soybean exports to China, driving up US soybeans. The domestic fourth - quarter soybean supply is not in short - supply, but the procurement of Brazilian soybeans is slow due to poor crushing margins. The domestic rapeseed raw material inventory has dropped to zero, causing a sharp rise in the rapeseed meal futures market. Overall, due to the improving macro environment and the rise of US soybeans, the double - meal market continues to rebound [3] 3.2.4 Trading Strategy - For single - side trading, participate in short - term long positions cautiously as the rebound space is limited. Wait for short - selling opportunities in the medium - to - long term. Provide pressure and support levels for different contracts, such as the M2601 contract with a pressure level of 3,250 and a support level of 2,685 [3]

Industry Investment Rating - The investment rating for the cotton industry is bullish [1] Core Viewpoints - ICE US cotton futures have risen again, and the main 12 - contract is quoted at 64.56 cents, up 0.36 cents. Trade negotiations between China and the US have made progress. Xinjiang cotton is concentrated on the market, and commercial inventories are in a seasonal stocking period. The expectation of a new - cotton bumper harvest is gradually verified and digested. Downstream, textile enterprises' inventories are in a tight - balance state, and the growth of orders has slowed down. Overall, Zhengzhou cotton maintains a volatile trend [1] Summary by Relevant Catalogs Market Quotes - Zhengzhou cotton's total trading volume is 260,198 lots, with an open interest of 911,206 lots. The settlement prices of the January, May, and September contracts are 13,575 yuan/ton, 13,575 yuan/ton, and 13,730 yuan/ton respectively. The settlement price of the ICE December contract is 64.56 cents, up 36 points; the March contract is 66.07 cents, up 36 points; the May contract is 67.30 cents, up 35 points, and the trading volume is about 51,000 lots [1] Important Information - On October 24, the settlement price of the ICE December contract was 64.20 cents/pound, up 0.13 cents/pound from the previous day; the March contract was 65.71 cents/pound, up 0.04 cents/pound; the May contract was 66.95 cents/pound, up 0.03 cents/pound, and the total trading volume was about 30,000 lots [1] - On October 24, the settlement price of the January Zhengzhou cotton contract was 13,550 yuan/ton, down 10 yuan/ton from the previous day; the May contract was 13,550 yuan/ton, down 30 yuan/ton; the September contract was 13,720 yuan/ton, down 20 yuan/ton. The total trading volume was 310,939 lots, and the open interest was 914,852 lots [1] - On October 24, the China Cotton Price Index for Grade 3128B was 14,803 yuan/ton, up 19 yuan/ton from the previous day. The prices of Grade 2129B, Grade 2227B, and Grade 3128B Xinjiang machine - picked cotton had different changes. The registered warehouse receipts of Zhengzhou cotton decreased by 23 to 2,503, the effective forecasts increased by 203 to 685, and the total increased by 180 to 3,188 [1] Market Logic - ICE US cotton futures have risen again. Trade negotiations between China and the US have made progress. Xinjiang cotton is concentrated on the market, and commercial inventories are in a seasonal stocking period. The expectation of a new - cotton bumper harvest is gradually verified and digested. Downstream, textile enterprises' inventories are in a tight - balance state, and the growth of orders has slowed down. Overall, Zhengzhou cotton maintains a volatile trend [1] Trading Strategy - For the previous 01 contract, close the at - the - money straddle options, hold the put options and call options. For the 05 contract, hold the call options with an exercise price of 13,500 yuan/ton [1]

Report Summary 1. Report Industry Investment Rating - The investment rating for the iron ore industry is short - term "oscillating bullish", but caution is advised regarding the upside potential [3]. 2. Core View of the Report - Short - term market is dominated by macro - sentiment. The current arrival volume of iron ore decreased month - on - month while the shipping volume increased. The previous hot metal daily output was still at a relatively high level but is expected to decline, and the market is expected to be short - term oscillating bullish with limited upside [3]. 3. Summary by Relevant Catalogs 3.1 Market Review - Iron ore futures closed higher in the night session on Monday [3]. 3.2 Important Information - Premier Li Qiang attended the fifth RCEP leaders' meeting and called on all parties to work together to address challenges [3]. - At the 2025 Financial Street Forum Annual Conference, central bank and regulatory officials made key statements, including resuming open - market Treasury bond trading, improving the monetary policy framework, and cracking down on virtual currency operations [3]. - From October 20th to 26th, the total arrival volume of iron ore at 47 Chinese ports was 20.843 million tons, a month - on - month decrease of 5.92 million tons [3]. - From October 20th to 26th, the global iron ore shipping volume was 33.884 million tons, a month - on - month increase of 0.548 million tons. The shipping volume from Australia and Brazil was 29.259 million tons, a month - on - month increase of 1.008 million tons [3]. 3.3 Market Logic - The short - term market is dominated by macro - sentiment. The current arrival volume of iron ore decreased month - on - month while the shipping volume increased. The previous hot metal daily output was 2.399 million tons, a decrease of 10,500 tons week - on - week, 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 to below 2.3 million tons [3]. 3.4 Trading Strategy - The market is short - term oscillating bullish, but due to the expected decline in hot metal output, caution is advised regarding the upside potential. The resistance level for the main 2601 contract is 833, and the support level is 750. Short - term operations with stop - losses are recommended [3].

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - In the morning session, driven by the smooth progress of China - US economic and trade negotiations, the major indices of the two markets opened higher, with the Shanghai Composite Index approaching 4,000 points. The trading volume increased as the market rose. High - growth industries and the stock market are expected to perform well, and the stability of the stock market is crucial for boosting consumer confidence and promoting economic internal circulation [1][2][3] - High - growth industries such as quantum technology, biomanufacturing, and AI are expected to become new economic growth points in the future, with the potential to double the scale of China's high - tech industry in the next 10 years [3] - Goldman Sachs predicts that Chinese stocks will show a more sustained upward trend in the future, with the MSCI China Index expected to rise by about 30% by the end of 2027 [2] Summary According to the Directory Market Review - The trading volume of the two markets was 2.34 trillion yuan. The CSI 300 Index closed at 4,716 points, up 55 points or 1.18%; the SSE 50 Index closed at 3,069 points, up 23 points or 0.78%; the CSI 500 Index closed at 7,379 points, up 120 points or 1.67%; the CSI 1000 Index closed at 7,495 points, up 76 points or 1.03% [1] - Among industry and theme ETFs, the top gainers were communication equipment ETF, semiconductor equipment ETF, etc., while the top losers were game ETF, real estate ETF, etc. Among the sector indices of the two markets, the top gainers were components, forestry, etc., and the top losers were games, wind power equipment, etc. [1] - The CSI 500, CSI 1000, CSI 300, and SSE 50 index futures saw net inflows of 4.2 billion, 3.8 billion, 3.2 billion, and 700 million yuan respectively in the settled funds [1] Important Information - China - US economic and trade teams had in - depth and constructive exchanges on issues such as 301 measures on the maritime logistics and shipbuilding industries, and reached a basic consensus on resolving concerns [1] - From January to September, the total profit of industrial enterprises above designated size was 5.3732 trillion yuan, a year - on - year increase of 3.2%. In September, the profit of industrial enterprises above designated size increased by 21.6% year - on - year [1] - Global investors' stock allocations are continuously rising, approaching the historical high of the 1990s, driven by factors such as excess global liquidity and technological breakthroughs in AI [1] - Tencent's R & D shows that AI has been deeply integrated into its R & D system, with over 90% of engineers using AI programming assistants and 50% of new code generated by AI, boosting overall R & D efficiency by over 20% [1] - Blue Arrow Aerospace's Zhuque - 3 completed pre - flight fueling and static ignition tests, and is scheduled for an orbital launch in November, aiming to be China's first recyclable launch vehicle [1] - OpenAI completed a $15 trillion chip supply deal, showing high execution efficiency and the urgency of the AI computing power race [2] - The AI data center boom is squeezing the US manufacturing industry, with a 18% increase in data center construction spending and a 2.5% contraction in factory construction this year [2] - Google's cloud business won a major order from AI unicorn Anthropic, posing pressure on its competitor Amazon [2] - After the US sanctions on Russian oil companies, Indian refineries are considering reducing Russian crude oil purchases [2] - A Japanese startup launched the world's first yen - linked stablecoin, marking a change in Japan's financial infrastructure [2] - US quantum computing companies achieved technological breakthroughs, and the industry predicts that the "quantum advantage" may be reached in 3 - 5 years, posing a threat to security [2] - The Fed is expected to cut interest rates for the second consecutive time this week, but extending the easing cycle may face opposition from some officials due to inflation concerns [2] Market Logic - Driven by the smooth progress of China - US negotiations, the major indices of the two markets opened higher. In September, the profit of industrial enterprises above designated size increased significantly year - on - year [1][2] - The "15th Five - Year Plan" proposes to strengthen original innovation and key core technology research in key areas such as integrated circuits and industrial mother machines [2] - As the stock market recovers, investor confidence is increasing, driving up residents' property income, highlighting the importance of stabilizing the stock market [2] - Goldman Sachs predicts that Chinese stocks will have a more sustained upward trend in the future [2] Market Outlook - High - growth industries such as quantum technology and AI are expected to become new economic growth points, with the potential to double the scale of China's high - tech industry in the next 10 years [3] - Chinese stocks are attracting more domestic and foreign investors. Stable stock market can boost consumption and strengthen economic internal circulation [3] - Before the China - US summit on October 30, the uncertainty of the details of the agreement may cause market fluctuations. The Shanghai Composite Index may experience sharp fluctuations around 4,000 points [3] Trading Strategies - For futures index trading, before the China - US summit on October 30, wait for a clearer situation at the end of the month. Long positions in index futures should be mainly based on the CSI 300 Index and the SSE 50 Index [3] - For index option trading, wait and see as there may be sharp fluctuations around the 4,000 - point level of the Shanghai Composite Index [3]

Group 1: Market News - Logs hit the daily limit down during intraday trading on October 27, 2025 [1] Group 2: Trade Negotiation - China and the US held economic and trade consultations in Kuala Lumpur, Malaysia, achieving positive progress on multiple key issues and sending a clear signal to stabilize bilateral economic and trade relations [3] Group 3: Market Impact - Positive signals from China-US trade consultations over the weekend weakened market expectations for future freight rate support, offsetting the bullish effect on log prices [4] - New Zealand is entering the shipping peak season, with domestic arrivals remaining at a normal to high level since October. From mid - to late - October, weekly arrivals have been 12 ships or more. On October 26, arrivals are expected to reach 13 ships, mainly in Shandong Lanshan; on November 2, it is expected to increase to 14 ships, mainly in Lanshan and Taicang, with weekly arrivals close to 500,000 cubic meters [4] - After the holiday, the shipment volume rebounded compared to the holiday period but decreased significantly year - on - year. As of October 17, the average daily total shipment volume in Lanshan and the Yangtze River Delta was 40,800 cubic meters, a 40.1% year - on - year decrease from 68,200 cubic meters last year [4] - Recently, arrivals are high, increasing both month - on - month and year - on - year. With the end of laminated wood stockpiling, the support for butt log prices has weakened, and spot quotes may be lowered [4]

Report Summary 1. Report Industry Investment Rating - The investment rating for the coking coal and coke in the black sector is short - term bearish [1] 2. Core View - Last week, the coking coal and coke showed overall strong performance. However, with short - term positive factors exhausted and negative news emerging, it is expected that the coking coal and coke futures will fluctuate weakly this week [1] 3. Summary by Related Contents 3.1 Market Review - Last week, the main contract of coking coal Jm2601 closed at 1259.0, up 5.71% from the weekly opening price; the main contract of coke J2601 closed at 1767.0, up 3.97% from the weekly opening price [1] 3.2 Important News - Chinese President Xi Jinping will attend the 32nd APEC Economic Leaders' Meeting in Gyeongju, South Korea from October 30 to November 1 and pay a state visit to South Korea. The Chinese Foreign Ministry spokesman said that China and the US are in close communication about a possible meeting between the two leaders [1] - The Ministry of Industry and Information Technology is soliciting public opinions on the "Implementation Measures for Capacity Replacement in the Iron and Steel Industry (Draft for Comment)". It prohibits increasing the total steel production capacity in key areas and restricts the capacity replacement ratio to at least 1.5:1 [1] - Some cities in Hebei, including Tangshan, launched a level - II emergency response for heavy pollution weather. Some steel mills in Tangshan extended sintering machine production restrictions until the end of October and焖炉30% of blast furnace capacity, which is estimated to affect 409,500 tons of hot metal production in 4.5 days [1] 3.3 Market Logic - Last week, the supply of Mongolian coking coal was affected by multiple factors, and the number of trucks passing through Ganqimaodu declined significantly, causing the domestic coking coal spot price to remain strong. The second round of coke price increase was implemented due to cost support. The steel capacity replacement draft restricts the capacity replacement ratio, and some steel mills in Hebei cut production due to environmental protection requirements. With short - term positive factors exhausted and negative news, the coking coal and coke futures are expected to fluctuate weakly [1] 3.4 Trading Strategy - Close long positions and wait for the market to decline [1]

Report Summary 1. Industry Investment Ratings - The investment ratings for different sectors are as follows: - For the agricultural, forestry, and livestock sector, the rating for sugar is "oscillating", for dates is "oscillating with wide amplitude", and for the rubber series in the energy and chemical sector is "oscillating and slightly bullish" [1][4][5]. 2. Core Views - **Sugar**: The international raw sugar market is weak due to concerns about future supply pressure, with potential for short - term technical rebounds but long - term weakness. The domestic sugar market is relatively resistant to the decline, with a flat short - term fundamental situation. There may be a slight rebound in the short term, but the medium - to - long - term view is bearish [1][3]. - **Dates**: The futures price of dates broke through support and fell back. There is a large dispute over the new - season output and quality, and the market is expected to oscillate widely before large - scale harvesting [4]. - **Rubber Series**: Natural rubber has short - term bullish sentiment due to factors such as macro sentiment and inventory reduction, but the upward space is limited due to expected supply increases. Synthetic rubber is mainly driven by natural rubber, and its own fundamentals lack strong positive support, so it is recommended to view it with an oscillating perspective [5]. 3. Summary by Related Catalogs Sugar - **Market Review**: On Friday, the SR601 contract closed at 5446 yuan/ton, down 0.20% daily, and the SR605 contract closed at 5398 yuan/ton, down 0.18% daily [1]. - **Important Information**: The ICE raw sugar and London white sugar futures prices declined on Friday. The spot price of Guangxi white sugar increased, and the quotes of sugar - making groups were mostly stable. The number of ships and the quantity of sugar waiting to be shipped in Brazilian ports decreased. Datagro predicted an increase in Brazil's sugar production in the next season, and the global sugar market will have a surplus in 2025/26. The number of Zhengzhou Commodity Exchange's white sugar warehouse receipts decreased [1]. - **Market Logic**: The international raw sugar market is affected by expected supply increases from Brazil, India, and Thailand. The domestic sugar market is in the off - season for consumption, and the pricing center will gradually return to the domestic market [1]. - **Trading Strategy**: For the SR601 contract, pay attention to the support around 5400 yuan/ton. Upstream enterprises can consider selling for hedging, and there is no arbitrage strategy for now [3]. Dates - **Market Review**: On Friday, the CJ601 contract closed at 10750 yuan/ton, down 3.72% daily, and the CJ605 contract closed at 10655 yuan/ton, down 3.18% daily [4]. - **Important Information**: The physical inventory of 36 sample points increased slightly, the arrival volume in the market decreased slightly, and the prices in some markets were stable or slightly decreased [4]. - **Market Logic**: The futures price of dates fell back, and there is a large dispute over the new - season output and quality. The market is currently gambling on the opening price [4]. - **Trading Strategy**: For the CJ601 contract, pay attention to the previous low support. If it breaks through, liquidate long positions. It is recommended to operate with a light position, and for the long - term, short the CJ605 contract after the opening - price game ends [4]. Rubber Series - **Market Review**: As of October 24, the RU2601 contract closed at 15335 yuan/ton, up 0.59% daily, the NR2512 contract closed at 12505 yuan/ton, up 0.60% daily, and the BR2512 contract closed at 11120 yuan/ton, with no change [5]. - **Important Information**: The prices of Japanese rubber and new rubber futures increased. The prices of raw materials in Thailand and different regions in China, the capacity utilization rates of tire enterprises, and the prices of various rubber products were reported [5]. - **Market Logic**: For natural rubber, the supply is in the peak season, and short - term factors have affected the supply increase speed. The demand from tire enterprises has increased slightly, and the inventory has decreased. For synthetic rubber, the supply pressure is weak, and it is mainly driven by natural rubber [5]. - **Trading Strategy**: Hold long positions in the RU and NR main contracts and pay attention to the pressure of the upper moving average. Consider taking profits on previous long positions in the BR contract, and those not yet entered the market should wait and see [5].

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - For vegetable oils, with a warming macro - environment and stronger external vegetable oils, domestic vegetable oils are expected to rise. It is recommended to close previous short positions and enter long positions [1][2] - For two types of meal (bean meal and rapeseed meal), macro - conditions are improving and the rise of US soybeans will drive the domestic double - meal to rebound, but the medium - long - term supply pressure increases, so the rebound space is limited, and wait for short - selling opportunities in the medium - long term [3] 3. Summary by Relevant Catalogs 3.1 Vegetable Oils 3.1.1 Market Review - On October 23, domestic vegetable oils were pressured by sufficient supply fundamentals, but showed resistance on the technical side. The closing prices and daily position changes of Y2601, Y2605, P2601, P2605, OI2601, and OI2605 contracts of soybeans, palm oil, and rapeseed oil are provided, along with price changes [1] 3.1.2 Important Information - On October 27, Sino - US economic and trade teams had their fifth face - to - face negotiation since May this year, reaching a "very substantial framework agreement", and the US "no longer considers" imposing a 100% tariff on China - NYMEX crude oil futures fell on October 24, but the weekly increase was the largest since mid - June - Brazil may not be able to increase the biodiesel blending ratio from 15% to 16% before March 2026, which may reduce the industrial demand for international soybean oil and drag down CBOT soybean oil - If Indonesia implements the B50 policy, the palm oil used for blending will reach about 17 million tons, 3 million tons more than the current B40 policy, accounting for about 35% of Indonesia's palm oil production - From October 1 - 25, Malaysia's palm oil exports decreased by 0.4% compared to September 1 - 25 - From October 1 - 20, Malaysia's palm oil production increased by 2.71% month - on - month - As of the 42nd week of 2025, the total inventory of the three major domestic edible oils decreased by 1.45% week - on - week and increased by 14.13% year - on - year [1] 3.1.3 Market Logic - Externally, the continuous sharp rise of international crude oil last week and the Sino - US phased easing are expected to boost vegetable oils. The Sino - US negotiation result made US soybeans jump, driving up US soybean oil. However, Malaysia's palm oil is pressured by increased production and decreased exports. Domestically, the supply of oilseeds in the fourth quarter is sufficient, the oil mill operating rate rises, and consumption enters a seasonal off - season. The main influencing factor at this stage is macro - factors. Macro conditions are warming, and the strength of external vegetable oils will drive up domestic vegetable oils [2] 3.1.4 Trading Strategy - Unilateral: Enter new long positions. Provide pressure and support levels for Y2601, Y2605, P2601, P2605, OI2601, and OI2605 contracts [2] - Arbitrage: No strategy provided 3.2 Two Types of Meal (Bean Meal and Rapeseed Meal) 3.2.1 Market Review - On October 23, domestic oils fell sharply, and the "buy oil and sell meal" arbitrage was decoded, supporting the double - meal. The closing prices, daily position changes, and price changes of M2601, M2605, RM2601, and RM2605 contracts of bean meal and rapeseed meal are provided [2] 3.2.2 Important Information - On October 27, Sino - US economic and trade teams had their fifth face - to - face negotiation since May this year, reaching a "very substantial framework agreement", and the US "no longer considers" imposing a 100% tariff on China - As of October 20, 2025, the soybean sowing progress in Paraná, Brazil was 52%, and the excellent - good rate was 98% - In September, China's soybean imports reached 12.869 million tons, a record high for the month - The Trump administration may announce a plan to rescue American farmers affected by the trade war and price drops, with preliminary expenditures up to $15 billion - As of the end of October, Brazil's soybean exports are expected to reach 102.2 million tons, exceeding the full - year totals of 2024 and 2023 - As of the 42nd week of 2025, the domestic imported soybean inventory increased, while the domestic bean meal inventory and contract volume decreased. The domestic imported rapeseed inventory, imported and pressed rapeseed meal inventory, and contract volume all decreased [2][3] 3.2.3 Market Logic - Externally, Sino - US reached a good agreement, and the market expects an increase in US soybean exports, causing US soybeans to jump. The market is in a wait - and - see mood on Friday, and both long and short positions reduced. The short - term main contract of Dalian meal is consolidating around 2950 yuan. Domestically, the oil mill's one - price increases slightly with the market, the near - month basis weakens locally, and the domestic bean meal inventory continues to decline. Due to poor压榨 profits, oil mills have weak willingness to purchase in the long - term. Feed enterprises adopt a strategy of replenishing inventory at low prices and giving priority to digesting existing inventory; traders face double pressures of cost inversion and slow sales, and the actual transactions are mainly negotiated, with weak willingness to chase the rise. Macro conditions are warming, and the rise of US soybeans will drive the domestic double - meal to rebound, but the medium - long - term supply pressure increases, so the rebound space is limited [3] 3.2.4 Trading Strategy - Unilateral: Cautiously participate in short - term long positions, the rebound space is limited, and wait for short - selling opportunities on rebounds in the medium - long term. Provide pressure and support levels for M2601, M2605, RM2601, and RM2605 contracts [3] - Arbitrage: No strategy provided