Report Industry Investment Rating No relevant content provided. Core Viewpoints - The sentiment in the steel market remains positive, with prices rising. However, the demand lacks explosive power, and it is necessary to observe the evolution of contradictions. Carbon elements are expected to outperform iron elements in the fourth quarter [2]. - The market sentiment for ferrosilicon and silicomanganese is warm, and prices are strong, but there are still concerns in the fundamentals, and more supply - demand changes should be monitored [2]. - The spot price of coking coal and coke is rising, and the coking coal 05 contract has reached a new high. Consider going long on the coking coal contract if the price retraces to the previous high and holds [4]. - For iron ore, the supply is stable, but there are risks of supply - demand imbalance in the fourth quarter. Short - term observation is recommended [5]. Summary by Related Catalogs Steel - On October 29, the far - month contract closing prices of RB2605, HC2605, JM2605, and J2605 were 7000, 12605, 6000, and 5000 yuan/ton respectively. The near - month contract closing prices of HC2601, RB2601, J2601, and JM2601 were 3133.00, 3345.00, 804.50, and 1302.00 yuan/ton respectively [1]. - On October 29, the prices of steel products showed different degrees of increase. The sentiment in the market may be supported by the upcoming leaders' meeting. The steel inventory is decreasing seasonally, but there is still a high - output dilemma. It is recommended to observe the evolution of contradictions. Consider going long on the 01 contract when the spread between hot - rolled coil and rebar is below 150, and take rolling profit for the futures - cash reverse arbitrage [2][5]. Ferrosilicon and Silicomanganese - The market sentiment is warm, and prices are strong. However, there are hidden concerns in the fundamentals, and negative feedback pressure may occur. It is recommended to go long at low prices [2][5]. Coking Coal and Coke - On the spot side, the trading atmosphere in the port market has improved, and the prices of coking coal and coke are rising. The coking coal 05 contract has broken through the previous high. Fundamentally, the supply of coking coal is low, and the demand from steel mills is strong. It is recommended to go long at low prices on the futures side, and industrial customers can consider selling part of the spot due to the premium of the coke futures [4][5]. Iron Ore - The supply of iron ore is within a reasonable range. There are risks of supply - demand imbalance in the fourth quarter due to high pig iron production. The expected increase in supply from Simandou restricts the price ceiling. Short - term observation is recommended [5].

Group 1: Core View - The report predicts that Zhengzhou sugar will mainly fluctuate weakly as the new crops in the Northern Hemisphere and domestic cane sugar are approaching the market. The large current import volume of raw sugar and the gradual release of the pressure of imported sugar arriving at ports, along with an import cost of 5300 - 5400, are suppressing the market. With the recent start of sugar - cane crushing in Yunnan and the upcoming concentrated start in Guangxi in mid - to - late November, new selling pressure may form. However, as the current market price is close to the domestic sugar - making cost, the market is expected to show a resistant decline before the new domestic sugar hits the market [3] Group 2: Sugar Price Data Domestic Spot Prices - In Nanning Warehouse, Guangxi, the price per ton is 5780, with no change, and the basis with SR01 is 286, a decrease of 11 [3] - In Kunming, Yunnan, the price is 5720, no change, with a basis of 326 and a decrease of 11 compared to SR01 [3] - In Dali, Yunnan, the price is 5565, no change, with a basis of 211 and a decrease of 11 compared to SR01 [3] - In Rizhao, Shandong, the price is 5850, no change, with a basis of 256 and a decrease of 11 compared to SR01 [3] Futures Prices - SR01 is at 5494, an increase of 11, and the spread between SR01 and SR05 is 64, a decrease of 1 [3] - SR05 is at 5430, an increase of 12 [3] International Prices - The ice raw sugar main contract is at 14.39, with no change [3] - The London white sugar main contract is at 573, an increase of 3 [3] - The Brent crude oil main contract is at 63.86, with no change [3] Group 3: Exchange Rate and Other Data - The exchange rate of RMB against the US dollar is 7.1164, a decrease of 0.0076 [3] - The exchange rate of the Brazilian real against the RMB is 1.2818, an increase of 0.0212 [3] - The exchange rate of the Indian rupee against the RMB is 0.084, a decrease of 0.0004 [3]

Report Summary 1) Report Industry Investment Rating - No information provided 2) Core Viewpoints - PTA prices saw a rapid afternoon rally due to rumors of an "anti-involution" policy in the PTA industry. Despite rising crude oil prices, PTA prices had only rebounded slightly. With cost support from rising crude oil and policy expectations, PTA prices rebounded after long - term low - level operation. The downstream polyester industry's demand is slightly better than expected, and overseas demand for Chinese textile and clothing products may recover after positive signals from China - US economic and trade negotiations [2]. - For ethylene glycol, the inventory at East China ports remains low, and the arrival volume at ports is limited. However, domestic device production and the return of coal - based ethylene glycol devices are pressuring prices. As the polyester peak season is ending and the crude oil fundamentals are weakening, the polyester industry is expected to operate weakly [2]. 3) Summary by Relevant Catalogs Market Data - **INE Crude Oil**: Price dropped from 462.7 yuan/barrel on October 28, 2025, to 462.6 yuan/barrel on October 29, 2025, a decrease of 0.10 yuan/barrel [2]. - **PTA - SC**: Price increased from 1251.5 yuan/ton to 1274.2 yuan/ton, an increase of 22.73 yuan/ton [2]. - **PX**: CFR China PX price rose from 814 to 818, an increase of 4; PX - naphtha spread widened from 236 to 249, an increase of 13 [2]. - **PTA**: The main futures price rose from 4614 yuan/ton to 4636 yuan/ton, an increase of 22 yuan/ton; the spot price remained unchanged at 4535 yuan/ton; the spot processing fee decreased from 180.7 yuan/ton to 170.1 yuan/ton, a decrease of 10.6 yuan/ton; the disk processing fee increased from 259.7 yuan/ton to 261.1 yuan/ton, an increase of 1.4 yuan/ton; the main basis improved from (81) to (76), an increase of 5; the number of PTA warehouse receipts remained unchanged at 48579 [2]. - **MEG**: The main futures price rose from 4069 yuan/ton to 4100 yuan/ton, an increase of 31 yuan/ton; the MEG - naphtha spread decreased from (121.59) yuan/ton to (121.78) yuan/ton, a decrease of 0.2 yuan/ton; the MEG domestic price decreased from 4167 to 4152, a decrease of 15; the main basis decreased from 83 to 78, a decrease of 5 [2]. - **Industry Chain Operating Rates**: PX operating rate remained at 86.21%, PTA operating rate increased from 79.46% to 80.09%, an increase of 0.63%, MEG operating rate remained at 64.41%, and polyester load remained at 89.28% [2]. - **Polyester Product Data**: For polyester filament, POY150D/48F, FDY150D/96F, and DTY150D/48F prices remained unchanged; POY, FDY, and DTY cash flows increased by 5; the filament sales rate decreased from 63% to 48%, a decrease of 15%. For polyester staple fiber, the price of 1.4D direct - spun polyester staple fiber decreased from 6445 to 6440, a decrease of 5; the staple fiber cash flow remained at 272; the staple fiber sales rate remained at 43%. For polyester chips, the semi - bright chip price increased from 5560 to 5565, an increase of 5; the chip cash flow increased from (63) to (53), an increase of 10; the chip sales rate decreased from 57% to 37%, a decrease of 20% [2]. Device Maintenance - A 2.2 - million - ton PTA device in East China slightly reduced its load, and the recovery time is to be tracked [2]

Report Summary 1. Report Industry Investment Rating - Not mentioned 2. Core Views - The central bank will resume open - market treasury bond trading operations as the bond market is running well [4] - With positive signals in Sino - US economic and trade negotiations and policy support, the stock index may return to the upward channel in the short term, and there is still room for growth in the long term. It is recommended to take long positions opportunistically [8] 3. Summary by Relevant Catalogs 3.1 Macro - Financial Data - **Interest Rates**: DRO01 closed at 1.40% with a - 6.42bp change, DR007 at 1.55% with a - 1.28bp change, GC001 at 1.56% with a - 11.50bp change, GC007 at 1.59% with a - 5.50bp change, SHBOR 3M at 1.60% with no change, LPR 5 - year at 3.50% with no change, 1 - year treasury at 1.32% with a - 3.20bp change, 5 - year treasury at 1.54% with a - 2.90bp change, 10 - year treasury at 1.76% with a - 0.10bp change, and 10 - year US treasury at 3.97% with a - 1.70bp change [3] - **Central Bank Operations**: The central bank conducted 5577 billion yuan of 7 - day reverse repurchase operations, with an operating rate of 1.40%. With 1382 billion yuan of reverse repurchases maturing, the net daily investment was 4195 billion yuan [3] 3.2 Stock Index Market - **Index Performance**: The CSI 300 rose 1.19% to 4748, the SSE 50 rose 0.41% to 3063, the CSI 500 rose 1.91% to 7481, and the CSI 1000 rose 1.20% to 7569. The trading volume of the Shanghai, Shenzhen, and Beijing stock exchanges was close to 2.3 trillion yuan, an increase of over 100 billion yuan from the previous day. Energy metals, photovoltaic equipment, and other sectors led the gains, while the banking and shipbuilding sectors led the losses [5][7] - **Futures Volume and Open Interest**: IF trading volume was 100933 with a - 10.6% change, and open interest was 258558 with a 0.2% change; IH trading volume was 45105 with a - 11.8% change, and open interest was 94975 with a - 0.8% change; IC trading volume was 134767 with a 6.6% change, and open interest was 252815 with a 4.0% change; IM trading volume was 187636 with a - 11.2% change, and open interest was 348768 with a - 1.5% change [5][7] - **Futures Premium and Discount**: IF had a premium of 1.48% for the current - month contract, 2.30% for the next - month contract, 2.58% for the current - quarter contract, and 2.79% for the next - quarter contract; IH had a discount of - 1.34% for the current - month contract, - 0.42% for the next - month contract, - 0.25% for the current - quarter contract, and - 0.08% for the next - quarter contract; IC had a premium of 8.56% for the current - month contract, 8.70% for the next - month contract, 8.73% for the current - quarter contract, and 9.25% for the next - quarter contract; IM had a premium of 10.38% for the current - month contract, 11.60% for the next - month contract, 11.28% for the current - quarter contract, and 11.30% for the next - quarter contract [9]

Report Information - Report Title: Stock Index Options Data Daily Report [2] - Date: October 29, 2025 [3] - Author: Li Zeju, Financial Derivatives Center, Guomao Futures Research Institute [3] - Data Sources: Wind and Guomao Futures Research Institute [3] Market Review Index Performance - Shanghai Composite Index declined 0.22% to 3988.22 points, Shenzhen Component Index dropped 0.44%, ChiNext Index fell 0.15%, Northbound 50 Index decreased 1.2%, STAR 50 Index declined 0.84%, Wind All A Index dropped 0.34%, Wind A500 Index decreased 0.6%, and CSI A500 Index declined 0.54% [5][6] - A-share trading volume was 2.17 trillion yuan, compared to 2.36 trillion yuan the previous day [6] Index Volume and Price | Index | Volume (billion) | Closing Price | Change (%) | Turnover (billion yuan) | | --- | --- | --- | --- | --- | | SSE 50 | 54.63 | 3050.4162 | -0.62 | 1487.20 | | CSI 300 | 220.91 | 4691.973 | -0.51 | 5715.63 | | CSI 1000 | 251.80 | 7479.221 | -0.22 | 4310.16 | [3] CFFEX Stock Index Options Trading Option Volume and Open Interest | Index | Call Option Volume (million contracts) | Put Option Volume (million contracts) | Volume PCR | Call Option Open Interest (million contracts) | Put Option Open Interest (million contracts) | Open Interest PCR | Total Open Interest (million contracts) | | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 50 | 2.26 | 3.34 | 0.69 | 3.80 | 2.61 | 0.48 | 6.41 | | CSI 300 | 11.39 | 6.51 | 0.75 | 8.60 | 7.43 | 0.86 | 16.02 | | CSI 1000 | 21.93 | 11.76 | 0.87 | 13.81 | 10.18 | 1.02 | 27.83 | [3] Volatility Analysis Historical Volatility and Volatility Smile Curve - The report presents historical volatility cones and volatility smile curves for SSE 50, CSI 300, and CSI 1000, including historical volatility at different time intervals (5-day, 20-day, 40-day, 60-day, 120-day) and implied volatility of at-the-money options for the next month [3][4]

Report Summary 1. Industry Investment Rating No information provided. 2. Core View The EC market is in a volatile state. The weak volatility this week is due to some airlines starting to lower their quotes for the first ten days of November. The European line is in the regular year - end price - holding stage. The first round of defensive price - holding in late October has initially stopped the decline, and it has now entered the second round in early November. Future price - holding actions are expected in the next two months. However, attention should be paid to changes in Sino - US relations, end - of - month loading conditions, and empty flights in November. The recommended strategy is to wait and see [6][7]. 3. Summary by Related Content China Export Container Freight Rates - **Rate Index**: The present values of SCFI - US West, SCFI - US East, SCFIS - US West, SCFI - Northwest Europe, and the comprehensive index SCFI are 1403, 2153, 3032, 1107, and 1246 respectively, with corresponding increases of 2.02%, 6.27%, 7.11%, 11.21%, and 28.42%. The present values of SCFI - Mediterranean and SCFIS - Northwest Europe are 1312 and 1746 respectively, with increases of 15.09% and 8.25% [3]. Contracts - **Contract Price**: For contracts EC2506, EC5602, EC2608, EC2510, EC2512, the present values are 1482.0, 1374.0, 1788.3, 1548.7, 1162.7 respectively, with changes of - 0.94%, 0.11%, VALUE!, 0.75%, - 1.46% [3][4]. - **Contract Position**: The present positions of EC2606, EC2608, EC2510, EC2512, EC2602, EC2604 are 1402, 1313, N/A, 28900, 13910, 14279 respectively, with changes of 31, 64, VALUE!, 905, 772, 133 [4]. - **Monthly Spread**: The present values of the 10 - 12, 12 - 2, 12 - 4 monthly spreads are VALUE!, 239.6, 625.6 respectively, with changes of VALUE!, 36.2, 29.4 [4]. Market News - The US Treasury Secretary has reached a framework agreement with China's vice - premier to avoid 100% US tariffs on Chinese products and extend China's rare - earth export controls. The US President is confident of reaching an agreement with China's leader [5]. - Some shipping companies like CMA CGM, Maersk, and Mediterranean Shipping are re - flagging their vessels to India. The Suez Canal Authority expects its 2026 revenue to reach about $8 billion, up from the current $4 billion. The US and Vietnam have agreed on a trade framework agreement [5]. EC Market - **Spot Prices**: In late October, Maersk quoted 1800 - 1900, HPL 1900, 00CL 2600, CMA 2100, EMC 2050, NSC 2050, YML 1350, ONE 1450. In early November, ISK quoted 2400, HEJ 2500, CME 2700, OOCJ 2300, EMC 2700, MSC 2250, YML 2250, ONE 2550, HMM 1900 [6]. - **Logic and Strategy**: The European line is in the year - end price - holding stage. The recommended strategy is to wait and see [6][7].

Report Industry Investment Ratings - No clear industry investment ratings are provided in the report. Core Views - With the gradual alleviation of unfavorable factors in trade frictions, stock index may return to the upward channel. Under the circumstances of policy support and abundant macro - liquidity, the adjustment space of stock index is expected to be limited, and the strategy is to go long on stock index when opportunities arise [1]. - Asset shortage and weak economy are beneficial to bond futures, but the central bank's short - term reminder of interest - rate risks suppresses the upward space [1]. - The initial consensus between China and the US has improved market risk appetite, suppressing precious metal prices. However, factors such as the upcoming Fed rate cut and the ongoing US government shutdown still support the gold price, so the short - term gold price is expected to fluctuate [1]. - The London lease rate has dropped significantly, and silver is in a volatile adjustment [1]. - The short - term prices of copper, aluminum, and other non - ferrous metals are expected to fluctuate due to factors such as improved macro - sentiment, high prices suppressing downstream demand, and limited industrial - side drivers [1]. - The short - term prices of some agricultural products, energy, and chemical products are also affected by various factors such as supply - demand relationships, policies, and international situations, showing different trends of fluctuation, rise, or fall [1]. Summary by Related Catalogs Macro - Finance - Stock Index: With the alleviation of trade frictions, it may return to the upward channel. Adjustment space is limited under policy and liquidity support. Strategy: go long when opportunities arise [1]. - Bond Futures: Asset shortage and weak economy are beneficial, but central bank's interest - rate risk reminder suppresses upward space [1]. Precious Metals - Gold: Market risk appetite improvement suppresses price, but Fed rate cut and government shutdown support it. Short - term price may fluctuate [1]. - Silver: London lease rate drop leads to volatile adjustment [1]. Non - Ferrous Metals - Copper: Global trade friction alleviation and approaching Fed meeting improve risk appetite, high price suppresses demand, short - term price may fluctuate [1]. - Aluminum: Macro - sentiment is good, but industrial - side drivers are limited, price may fluctuate [1]. - Alumina: Domestic production capacity is released, output and inventory increase, weak fundamentals pressure spot price, focus on cost support [1]. - Zinc: LME zinc 0 - 3 spread hits a record high, export expectation strengthens, short - term Shanghai zinc may maintain high level [1]. - Nickel: US inflation data and trade situation affect it. Under the RKAB policy, short - term price may be macro - dominated and fluctuate strongly, but high inventory still suppresses it [1]. - Stainless Steel: Macro - sentiment improves, steel mills' price - holding operations increase. Short - term futures may rebound in a volatile way, and short - term operation is recommended [1]. - Tin: Macro - sentiment improves and semiconductor sector rebounds. Short - term price may be affected by macro - sentiment and fluctuate strongly [1]. Industrial Metals - TV Silicon: Northwest capacity resumes production, southwest start - up is weaker than before, and the impact of dry season weakens [1]. - Polysilicon: October production is expected to increase unexpectedly, and there is an expectation of capacity reduction in the long - term [1]. - Carbonate Lithium: New energy vehicle peak season is coming, energy storage demand is strong, and overall demand is large although supply production increases [1]. - Steel Products: The industrial drive of rebar and hot - rolled coil is not clear, and the futures valuation is low. Directional trading is not recommended [1]. - Iron Ore: Near - month contracts are restricted by production cuts, but commodity sentiment is good, and far - month contracts still have upward opportunities [1]. - Manganese Silicon: Short - term production profit is poor, cost support is strong, direct demand is good, and macro - factors are beneficial [1]. - Glass: Supply surplus pressure is large, and price is under pressure [1]. - Soda Ash: Follows glass, with large supply surplus pressure and pressured price [1]. - Coking Coal: It challenges the previous high, but there is uncertainty in breaking through, and it is recommended to wait and see [1]. - Coke: The futures price is at a premium. Industrial customers can consider selling hedging for part of the spot [1]. Agricultural Products - Palm Oil: There is an expectation of B50 implementation in Indonesia next year, but high inventory in Malaysia in September and expected inventory accumulation in October put pressure on the price. It is recommended to wait and see [1]. - Soybean Oil: The upcoming Sino - US leaders' meeting may bring new guidance. There is an expectation of inventory reduction, but there is a lack of new drivers. It is recommended to wait and see [1]. - Rapeseed Oil: The expectation of improved Sino - Canadian relations puts pressure on the price. Domestic rapeseed is in short supply, and inventory is decreasing. It is recommended to wait and see [1]. - Cotton: The contradiction between Xinjiang's capacity expansion and reduced spinning profit makes the new - year cotton demand uncertain. The downside space of the futures price is limited, but the new - crop basis and futures price may be under pressure [1]. - Sugar: Typhoons affect sugarcane harvest, and there is seasonal upward momentum in the short - term. However, good growth conditions in the south may limit the rebound space after new sugar is listed [1]. - Corn: North - south port inventories are low, short - term production area supply decreases, and the north - port price is firm. There is expected selling pressure in the future, but the downside space is limited [1]. - Soybean Meal: Under the expectation of Sino - US talks, the US market rises strongly. The domestic market has low valuation and is expected to rebound. Pay attention to policies and weather [1]. - Pulp: The trading logic is related to old warehouse receipts of the 11 - contract. With weak downstream demand, it is recommended to do a 11 - 1 reverse spread [1]. - Logs: The fundamentals decline, but the spot price is firm. It is not recommended to short after the futures price drops. It is recommended to wait and see [1]. - Live Pigs: The spot price stabilizes, but the futures price is at a premium. Wait for changes in slaughter volume and weight. Short - term price may fluctuate [1]. Energy and Chemicals - Crude Oil: OPEC+ may maintain a small increase in production in November, geopolitical speculation cools down, and the US softens its attitude towards China's tariffs. Price may fluctuate [1]. - Fuel Oil: Similar to crude oil, price may fluctuate [1]. - Asphalt: Short - term supply - demand contradiction is not prominent, following crude oil. The probability of "14th Five - Year Plan" rush - work demand is falsified, and supply of Ma瑞 crude oil is sufficient [1]. - Shanghai Rubber: Raw material cost support is strong, mid - stream inventory decreases, and the commodity market atmosphere is positive. It is recommended to go long [1]. - BR Rubber: Crude oil weakens, cost support of butadiene drops, supply is loose, and the main price is continuously adjusted down [1]. - PTA: The news of "anti - involution" policy and device problems drive the price up [1]. - Ethylene Glycol: Crude oil price drops, coal price rises, and the cost support of domestic ethylene glycol strengthens slightly [1]. - Short - Fiber: Follows the cost of PTA, and the basis strengthens with the rise of PTA price [1]. - Styrene: Asian benzene price is weak, device operation rate drops, and profit decreases [1]. - Urea: Export sentiment eases, domestic demand is insufficient, but there is support from "anti - involution" and cost [1]. - Other Chemicals: Some chemicals have different trends due to factors such as maintenance, demand changes, and policy impacts [1]. Others - Container Shipping (European Line): The price has fallen to a low level, may rebound, and is expected to stop falling and stabilize [1].

1. Report Industry Investment Rating - The report does not provide an overall investment rating for the industry [4] 2. Core Viewpoints of the Report - The steel market shows a pattern of futures prices rising and then falling, with spot prices slightly increasing. There are positive factors in the macro - level, but the industry faces challenges such as high production and insufficient demand. The resolution of high - production issues requires time to accumulate contradictions [4] - The rebound space of ferrosilicon and silicomanganese is limited, and the prices tend to fluctuate. They are affected by factors such as downstream demand, supply - demand balance, and cost [4] - For coking coal and coke, the spot procurement sentiment has slowed down, and the futures are challenging the "anti - involution" trading high. The supply - demand tightness may ease in the future [4] - For iron ore, industrial contradictions are gradually accumulating, and it is necessary to pay attention to the overall sentiment of commodities. There may be an oversupply situation in the fourth quarter [4] 3. Summary by Related Catalogs Steel - Futures prices rose and then fell on Tuesday, with spot prices slightly increasing and trading volume shrinking. The macro - level has positive factors, and the industry is in a seasonal destocking phase. However, demand lacks explosive power, and it will take time to resolve high - production problems. It is recommended to take a wait - and - see or oscillatory approach for single - side trading, and observe the opportunity to go long on the spread between hot rolled coils and rebar when the 01 - contract spread is below 150 for arbitrage. Also, perform rolling stop - profit for cash - and - carry arbitrage [4] Ferrosilicon and Silicomanganese - Due to weak downstream demand, the black sector is under pressure. Although they rebounded under factors such as good supply - demand, cost support, low valuation, and a warm macro - environment, the rebound space is narrowing. The prices may fluctuate in the short term, and it is recommended to wait and see [4] Coking Coal and Coke - On the spot side, the trading atmosphere is average, and a northwest coking enterprise has initiated the third price increase, but the mainstream coking enterprises have not responded. The procurement sentiment has slowed down. On the futures side, the sector is oscillating, and the prices of coking coal and coke on the disk are weakening. The supply - demand tightness may ease in the future. It is recommended to wait and see, and industrial customers can consider selling hedging for part of the spot when the coke disk is at a premium [4] Iron Ore - There are many trade disputes, and it is necessary to pay attention to the impact of negotiation results on commodities. The supply side has no major problems, but there may be an oversupply situation in the fourth quarter. It is recommended to wait and see [4]

Group 1: Report Investment Rating - No investment rating information provided in the report Group 2: Core Viewpoints - After the initial consensus was reached in the economic and trade consultations between China, the US, and Malaysia, and Wang Yi's phone call with US Secretary of State Rubio, market uncertainty was further alleviated, leading to a significant decline in safe - haven demand and continuous profit - taking by investors, which was negative for precious metal prices. The easing of physical tightness in London also put pressure on silver prices. In the short term, precious metal prices may still be under pressure due to the cooling of safe - haven demand, but the further decline space is relatively limited as the Fed is likely to cut interest rates in October and the US government shutdown continues. In the long term, the long - term upward logic of precious metals has not reversed, and investors can consider buying on dips [6]. - In the medium - to - long term, the Fed still has room to cut interest rates this year, global geopolitical uncertainties persist, the US debt is unsustainable, and great - power competition intensifies, which will increase the credit risk of the US dollar in the long run. With the continuation of central bank gold purchases, the medium - to - long - term center of gold prices is likely to continue to rise. Long - term investors are advised to buy on dips [7] Group 3: Summary by Relevant Catalogs Market Price Tracking - **Precious Metal Price Changes**: On October 28, 2025, compared with October 27, 2025, London gold spot price dropped 3.4% to $3939.85 per ounce, London silver spot price fell 3.6% to $46.58 per ounce, COMEX gold price decreased 3.3% to $3955.70 per ounce, and COMEX silver price declined 3.6% to $46.60 per ounce. In the domestic market, AU2512 dropped 3.5% to 901.38 yuan per gram, AG2512 fell 3.0% to 11049 yuan per kilogram, AU (T + D) decreased 3.7% to 898.14 yuan per gram, and AG (T + D) declined 3.0% to 11035 yuan per kilogram [4]. - **Spread and Ratio Changes**: From October 27 to October 28, 2025, the spread of gold TD - SHFE active price increased 107.7% to - 3.24 yuan per gram, the spread of silver TD - SHFE active price decreased 22.2% to - 14 yuan per kilogram, the spread of gold internal - external market (TD - London) decreased 80.5% to 0.61 yuan per gram, and the spread of silver internal - external market (TD - London) decreased 10.6% to - 845 yuan per kilogram. The SHFE gold - silver ratio decreased 0.5% to 81.58, and the COMEX gold - silver ratio increased 0.3% to 84.90 [4]. Position and Inventory Data - **Position Data**: From October 24 to October 27, 2025, the position of gold ETF - SPDR decreased 0.77% to 1038.92 tons, and the position of silver ETF - SLV decreased 0.51% to 15340.79428 tons. The non - commercial long position of COMEX gold increased 1.85% to 332808 contracts, the non - commercial short position increased 9.43% to 66059 contracts, and the non - commercial net long position increased 0.13% to 266749 contracts. The non - commercial long position of COMEX silver increased 0.97% to 72318 contracts, the non - commercial short position decreased 0.21% to 20042 contracts, and the non - commercial net long position increased 1.43% to 52276 contracts [4]. - **Inventory Data**: On October 28, 2025, compared with October 27, 2025, SHFE gold inventory remained unchanged at 87015 kilograms, and SHFE silver inventory increased 1.51% to 657427 kilograms. COMEX gold inventory decreased 0.49% to 38687475 troy ounces, and COMEX silver inventory decreased 0.88% to 492557282 troy ounces [4]. Other Related Market Data - **Other Market Index Changes**: From October 27 to October 28, 2025, NYMEX crude oil price decreased 0.04%, the US dollar index remained unchanged, the 2 - year US Treasury yield decreased 0.25%, the 10 - year US Treasury yield decreased 3.54%, the VIX index decreased 0.12%, the S&P 500 index increased 1.23%, and the US dollar/Chinese yuan central parity rate increased 0.18% [5]. Market Analysis and Outlook - **Short - term Outlook**: After the recent significant adjustment of precious metal prices, in the short term, they may still be under pressure due to the cooling of safe - haven demand, but the further decline space is relatively limited. The Fed is likely to cut interest rates in October, and the US government shutdown continues. In the long term, the long - term upward logic of precious metals has not reversed, and investors can consider buying on dips [6]. - **Medium - to - Long - term Outlook**: In the medium - to - long term, the Fed still has room to cut interest rates this year, global geopolitical uncertainties persist, the US debt is unsustainable, and great - power competition intensifies, which will increase the credit risk of the US dollar in the long run. With the continuation of central bank gold purchases, the medium - to - long - term center of gold prices is likely to continue to rise. Long - term investors are advised to buy on dips [7]

Group 1: Market Interest Rates and Central Bank Operations - DR001 closed at 1.47 with a 1.62bp increase, DR007 at 1.56 with a 2.34bp decrease, GC001 at 1.67 with a 26.00bp increase, and GC007 at 1.64 with a 0.50bp increase. SHBOR 3M was at 1.60 with a 0.40bp increase, and LPR 5 - year remained at 3.50 with no change. 1 - year, 5 - year, 10 - year Chinese treasury bonds closed at 1.43 (-0.50bp), 1.54 (-4.75bp), and 1.81 (1.75bp) respectively, while 10 - year US treasury bonds closed at 3.97 with a 1.70bp decrease [4] - The central bank conducted 4753 billion yuan of 7 - day reverse repurchase operations at an interest rate of 1.40% yesterday. With 1595 billion yuan of reverse repurchases maturing, the net daily investment was 3158 billion yuan [4] Group 2: Central Bank's Policy Announcement - Central Bank Governor Pan Gongsheng said on October 27 that the central bank suspended treasury bond trading at the beginning of this year due to supply - demand imbalance and accumulated market risks in the bond market. Now that the bond market is operating well, it will resume open - market treasury bond trading operations [5] Group 3: Stock Index Performance - The CSI 300, SSE 50, CSI 500, and CSI 1000 closed at 4692 (-0.51%), 3050 (-0.62%), 7341 (-0.52%), and 7479 (-0.22%) respectively. The trading volume of the two stock markets was 21479 billion yuan, a decrease of 1923 billion yuan from the previous day. Shipbuilding, shipping ports, automotive services, aerospace, railways, and airports led the gains, while precious metals, energy metals, wind power equipment, steel, non - ferrous metals, and beauty care led the losses [6] - The stock index rose and then fell yesterday. The Shanghai Composite Index briefly broke through the 4000 - point mark but entered a volatile phase due to lack of significant volume. In the short term, with the easing of Sino - US trade frictions, the stock index may return to an upward trend. In the medium - to - long - term, there is still room for growth, and the strategy is to buy on dips and use the discount structure of stock index futures to enhance long - term long - position strategies [7] Group 4: Stock Index Futures Premium and Discount - The premium and discount rates of IF, IH, IC, and IM contracts vary across different delivery months. For example, IF's current - month contract has a 3.10% premium, IH's current - month contract has a 0.39% discount, IC's current - month contract has an 11.11% premium, and IM's current - month contract has a 14.08% premium [8]