1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - Through macro - fundamental and technical analysis, the report predicts the trend of various futures on October 28, 2025, including股指期货,国债 futures, precious metals futures, base metals futures, energy futures, and agricultural futures [2]. - It also analyzes the performance of various futures on October 27, 2025, and gives the expected trend and price range of the main continuous contracts in October 2025 [14]. 3. Summary by Relevant Catalogs 3.1 Futures Market Outlook - **Stock Index Futures**: Expected to be strong and volatile on October 28, 2025. For example, IF2512 has resistance at 4715 and 4730 points, and support at 4684 and 4668 points [2]. - **Treasury Bond Futures**: The ten - year T2512 and thirty - year TL2512 are likely to have wide - range fluctuations on October 28, 2025 [2]. - **Precious Metals Futures**: Gold futures AU2512 will be weak and have wide - range fluctuations, while silver futures AG2512 will be weak and volatile on October 28, 2025 [2][3]. - **Base Metals Futures**: Copper, aluminum, nickel, etc. have different trends. For example, copper futures CU2512 will have wide - range fluctuations, and aluminum futures AL2512 will be weak and volatile on October 28, 2025 [3]. - **Energy Futures**: Crude oil, PVC, etc. will be weak and volatile on October 28, 2025 [1][6]. - **Agricultural Futures**: Palm oil will be weak and volatile, while soybean meal will be strong and volatile on October 28, 2025 [1][6][7]. 3.2 Macro News and Trading Tips - Various domestic and international macro - events are reported, such as government meetings, policy announcements, and economic data releases. For example, the State Council leaders' participation in important meetings, central bank's monetary policy operations, and national economic data like industrial enterprise profits and social logistics costs [8][9][10]. 3.3 Commodity Futures - related Information - On October 27, 2025, international precious metals futures generally declined, and the prices of some base metals and energy futures had different changes. For example, COMEX gold futures fell 3.40%, and COMEX silver futures fell 3.61% [12]. - Some industry - related news is also reported, such as LBMA considering changing the frequency of silver inventory announcements and OPEC +'s plan to increase crude oil production [13]. 3.4 Futures Market Analysis and Outlook - **Stock Index Futures**: On October 27, 2025, various stock index futures showed an upward trend, with support from moving averages. For example, IF2512 rose 1.24% (1.07% based on the closing price) [14]. - **Treasury Bond Futures**: On October 27, 2025, treasury bond futures closed higher across the board. The central bank conducted 3373 billion yuan of 7 - day reverse repurchase operations, with a net investment of 1483 billion yuan [36]. - **Precious Metals Futures**: Gold futures AU2512 had a slight decline on October 27, 2025, while silver futures AG2512 had a slight increase [41][48]. - **Base Metals Futures**: Copper, aluminum, etc. showed an upward trend on October 27, 2025, with support from moving averages [52][57]. - **Other Futures**: Other futures such as polycrystalline silicon, lithium carbonate, etc. also had different trends on October 27, 2025 [69][73].

资料来源：同花顺 iFinD，隆众资讯，CCF，国泰君安期货 贺晓勤 投资咨询从业资格号：Z0017709 hexiaoqin024367@gtjas.com 钱嘉寅（联系人） 从业资格号：F03124480 Qianjiayin028310@gtjas.com 所 【基本面跟踪】 | | | 昨日 | 前日 | 变化 | | 昨日 | 前日 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 短纤2511 | 6228 | 6108 | 120 | PF11-12 | -14 | -32 | 18 | | PF | 短纤2512 | 6242 | 6140 | 102 | PF12-01 | -30 | -48 | 18 | | | 短纤2601 | 6272 | ୧188 | 84 | PF主力基差 | 93 | 180 | -87 | | | 短纤主力持仓量 | 151701 | 216025 | -64324 | 短纤华东现货价格 | 6. 335 | 6. 320 | 15 | | | 短纤主力成交量 | 205119 ...

商 品 研 究 2025 年 10 月 28 日 豆粕：美豆偏强，或带动连粕反弹 泰 君 安 期 货 研 究 所 | | | 【基本面跟踪】 【宏观及行业新闻】 10 月 27 日 CBOT 大豆日评：受中美协议预期提振，大豆期货创四个月新高。北京德润林 2025 年 10 月 28 日消息：周一，芝加哥期货交易所（CBOT）大豆期货收盘上涨，创下四个多月来的最高水平，因为 市场预期中国将恢复购买美国大豆。此前，美国总统唐纳德·特朗普表示，他希望在本周亚洲之行期间与 请务必阅读正文之后的免责条款部分 1 期货研究 豆一：震荡 国 豆粕/豆一基本面数据 | | | 收盘价 （日盘） | 涨 跌 收盘价 （夜盘） | 涨 跌 | | --- | --- | --- | --- | --- | | | DCE豆一2601 （元/吨） | 4077 | -33（-0.80%） 4086 | -2 （-0.05%） | | 期 货 | DCE豆粕2601 （元/吨） | 2932 | -8（-0.27%） 2973 | +39 （+1.33%） | | | CBOT大豆01 （美分/蒲） | 1083.5 | +23（ ...

期 货 研 究 2025 年 10 月 28 日 对二甲苯：短期偏强 PTA：市场关注潜在反内卷政策，短期反弹 MEG：多套装置检修，供应收缩，短期有反弹 贺晓勤 投资咨询从业资格号：Z0017709 hexiaoqin@gtht.com | 所 | PX PTA MEG 基本面数据 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 期货 | PX 主力 | PTA 主力 | MEG 主力 | PF 主力 | SC 主力 | | | 昨日收盘价 | 6626 | 4616 | 4109 | 6242 | 468.9 | | | 涨跌 | 104 | 98 | 32 | 102 | 4 | | | 涨跌幅 | 1.59% | 2.17% | 0.78% | 1.66% | 0.86% | | | 月差 | PX1-5 | PTA1-5 | MEG1-5 | PF12-1 | SC11-12 | | | 昨日收盘价 | -26 | -60 | -83 | -30 | -3.4 | | | 前日收盘价 | -18 | -66 | -76 | -3 ...

商 品 研 究 2025 年 10 月 28 日 铜：市场情绪偏多，支撑价格 季先飞 投资咨询从业资格号：Z0012691 jixianfei@gtht.com 【基本面跟踪】 铜基本面数据 | | | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | | | 沪铜主力合约 | 88,370 | 0.74% | 88130 | -0.27% | | | 伦铜3M电子盘 | 11,001 | 0.49% | - | - | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | 期 货 | 沪铜指数 | 397,173 | 95,594 | 613,133 | 29,521 | | | 伦铜3M电子盘 | 24,511 | -1,154 | 321,000 | 1,413 | | | | 昨日期货库存 | 较前日变动 | 注销仓单比 | 较前日变动 | | | 沪铜 | 35,392 | 321 | - | - | | | 伦铜 | 135,975 | -375 | 7.34% | -0.25% | | ...

期 货 研 究 2025 年 10 月 28 日 铝：区间震荡 氧化铝：底部反弹 铸造铝合金：跟随电解铝 王蓉 投资咨询从业资格号：Z0002529 wangrong2@gtht.com 王宗源（联系人） 期货从业资格号：F03142619 wangzongyuan@gtht.com 所 铝、氧化铝、铸造铝合金基本面数据更新 | | | | T | T-1 | T-5 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 沪铝主力合约收盘价 | 21360 | 135 | 450 | 570 | 725 | | | | 沪铝主力合约夜盘收盘价 | 21255 | l | l | ー | l | | | | LME铝3M收盘价 | | 22 | | 257 | | | | | | 2879 209248 | | 112 102026 | 115999 | 281 94877 | | | | 沪铝主力合约成交量 沪铝主力合约持仓量 | 311269 | 2686 9063 | 79596 | 114829 | 39082 | ...

商 品 研 究 2025 年 10 月 28 日 鸡蛋：维持调整 吴昊 投资咨询从业资格号：Z0018592 wuhao8@gtht.com 【基本面跟踪】 趋势强度：0 注：趋势强度取值范围为【-2,2】区间整数。强弱程度分类如下：弱、偏弱、中性、偏强、强，-2 表示最看空，2 表示最看多。 请务必阅读正文之后的免责条款部分 1 期货研究 国 泰 君 安 期 货 研 究 所 鸡蛋基本面数据 | | 合 约 | 收盘价 | 日涨跌 （%） | 成交变动 | 持仓变动 | | --- | --- | --- | --- | --- | --- | | 期 货 | 鸡蛋2511 | 2,918 | 2.10 | -15,247 | -21,543 | | | 鸡蛋2601 | 3,327 | 2.18 | 4,235 | -2,656 | | | | | 最新日 | | 前一日 | | 价 差 | 鸡蛋11-12价差 | | -216 | | -210 | | | 鸡蛋11-1价差 | | -409 | | -426 | | | | | 最新日 | | 前一日 | | | 辽宁现货价格 | | 3.00 | | ...

2025 年 10 月 28 日 硅铁：现货市场交易情绪一般，宽幅震荡 锰硅：现货市场交易情绪一般，宽幅震荡 李亚飞 投资咨询从业资格号：Z0021184 liyafei2@gtht.com 金园园（联系人） 期货从业资格号：F03134630 jinyuanyuan2@gtht.com 【基本面跟踪】 硅铁、锰硅基本面数据 | | 期货合约 | 收盘价 | 较前一交易日 | 成交量 | 持仓量 | | --- | --- | --- | --- | --- | --- | | | 硅铁2601 | 5542 | -32 | 139,738 | 174,287 | | 期 货 | 硅铁2605 | 5612 | -20 | 1,484 | 6,735 | | | 锰硅2601 | 5772 | -46 | 217,588 | 350,893 | | | 锰硅2605 | 5814 | -46 | 7,653 | 30,992 | | | 项 目 | | 价 格 | 较前一交易日 | 单 位 | | --- | --- | --- | --- | --- | --- | | 货 | 硅铁:FeSi75-B:汇总 ...

2025 年 10 月 28 日 螺纹钢：淡季讲预期，钢价关注反弹机会 热轧卷板：淡季讲预期，钢价关注反弹机会 李亚飞 投资咨询从业资格号：Z0021184 liyafei2@gtht.com 金园园（联系人） 期货从业资格号：F03134630 jinyuanyuan2@gtht.com 【基本面跟踪】 螺纹钢、热轧卷板基本面数据 | | | 昨日收盘价 （元/吨） | 涨跌 （元/吨） | 涨跌幅 （%） | | --- | --- | --- | --- | --- | | | RB2601 | 3,100 | 47 | 1.54 | | 期 货 | HC2601 | 3,299 | 47 | 1.45 | | | | 昨日成交 （手） | 昨日持仓 （手） | 持仓变动 （手） | | | RB2601 | 1,696,201 | 1,953,001 | -97,544 | | | HC2601 | 595,934 | 1,482,730 | -18,766 | | | | 昨日价格 （元/吨） | 前日价格 （元/吨） | 涨跌 （元/吨） | | | 上海 杭州 | 3210 3280 | 320 ...

2025 年 10 月 28 日 生猪：短期现货偏强，再累库格局 | 周小球 | | 投资咨询从业资格号：Z0001891 | | | zhouxiaoqiu@gtht.com | | | --- | --- | --- | --- | --- | --- | --- | | 吴昊 | | | 投资咨询从业资格号：Z0018592 | | wuhao8@gtht.com | | | 【基本面跟踪】 | | | | | | | | 生猪基本面数据 | | | | | | | | | | 单 位 | | 价 格 | 同 | 比 | | 价 格 | 河南现货 | 元/吨 | | 12480 | | 500 | | | 四川现货 | 元/吨 | | 11900 | | 200 | | | 广东现货 | 元/吨 | | 12060 | | 400 | | | | 单 位 | | 价 格 | 同 | 比 | | | 生猪2511 | 元/吨 | | 12065 | | 575 | | | 生猪2601 | 元/吨 | | 12330 | | 155 | | 期 货 | 生猪2603 | 元/吨 | | 11725 | | ...