| Million | >国技期货 | 贵金属日报 | | --- | --- | --- | | | 操作评级 | 2025年10月27日 | | 黄金 | ☆☆☆ | 刘冬博 高级分析师 | | 白银 | ☆☆☆ | F3062795 Z0015311 | | | | 吴江 高级分析师 | | | | F3085524 Z0016394 | | | | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 今日贵金属延续调整。周五美国公布9月CPI和核心CPI均为3%略低于预期,市场维持年内再降息两次预期, 本周降息板上钉钉，关注鲍威尔讲话指引，不排除宣布停止缩表。中美结束新一轮贸易谈判,双方就稳妥解 决多项重要经贸议题形成初步共识,美国财长贝森特在接受美媒采访时表示不再考虑对中国加征100%的关 税。贵金属中长期上涨逻辑稳固,短期风险偏好有所向好,技术面严重超买正在修复,可能形成月线级别的 调整,构建震荡平台为进一步走向提供基础,建议暂时观望等待参与机会。本周聚焦美联储议息会议和APEG 领导人峰会消息指引，此外关注美国政府停摆问题能否得到解决。 ★美国 ...

Report Industry Investment Rating - The operation rating for CITIC Five Styles - Finance is ★☆☆, indicating a bullish bias but with limited operability in the market [3][4]. Core Viewpoints - As of the week ending October 24, 2025, the weekly returns of Tonglian All A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index were 3.42%, -0.03%, and 0.94% respectively. In the public - fund market, enhanced index strategies led the gains with a weekly return of 3.89%. Neutral strategies had more gains than losses. Among commodities, precious - metal ETFs pulled back, while soybean - meal and non - ferrous - metal ETFs had a slight rebound, and energy - chemical ETFs stabilized [4]. - All CITIC five styles closed up last Friday, with the growth style leading in returns. The style rotation chart showed that the cyclical and consumer styles weakened compared to the previous period, and the growth style had a significant increase in the indicator momentum. In the public - fund pool, financial and cyclical style funds had better excess performance in the past week. The deviation of products from the consumer style increased marginally, and the overall market congestion indicator continued to rise this week, with the growth and financial styles in a historically high - congestion range [4]. - In the neutral strategy, the stock - index basis showed a marginal recovery trend during the week. The IC contract recovered to around 0.5 times the standard deviation above the three - month average. The average premium rates of the spot - index ETFs corresponding to IC and IM were relatively high, in the top 80% quantile range of the past three months [4]. - Among Barra factors, the medium - and long - term momentum factor had a better return performance this week, with a weekly excess return of 1.70%. The residual volatility and ALPHA factors retreated, and the winning rates of the dividend and leverage factors improved. The cross - section rotation speed of factors continued to increase this week, currently in the top 80% quantile range of the past year [4]. - According to the latest scoring results of the style timing model, the growth and financial styles recovered marginally this week, while the cyclical and stable styles declined. The current signal favors the financial style. The return of the style timing strategy last week was 1.45%, and the excess return compared to the benchmark balanced allocation was - 0.98% [4]. Summary by Related Catalogs Fund Market Review Recent Market Returns - The weekly, monthly, quarterly, and semi - annual returns of Tonglian All A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond (net), and Nanhua Commodity are presented in a chart [6]. - The maximum drawdowns of the main public - fund strategy indices in the past three months and their weekly returns are also shown in charts [6]. CITIC Style Index - The net - value trends of CITIC style indices (finance, cycle, consumption, growth, stability) from September 24 to October 23, 2025, are presented in a chart [8][9]. - The relative rotation chart of CITIC style indices shows the relative strength and relative - strength momentum of different styles in different time periods (recent week, last week, recent month, recent three months, recent six months, recent year) [10][11]. - The excess - return performance of fund style indices in different time periods is provided in a table [12]. - The fund - style congestion chart shows the congestion levels of cycle, growth, consumption, and finance styles from September 28 to October 26, 2025 [13]. Barra Factors - The style preference of Barra single factors is within the range of 0 - 1, with a higher value indicating a stronger preference. The excess - return performance of Barra single - factor style strategies and the net - value trends of Barra single - factor style excess since this year are presented in charts [14][16][18].

gtaxinstitute@essence.com.cn 综合晨报 国投期货研究院 (原油) 上周国际油价低位反弹，布伦特12合约涨7.09%。欧美对俄罗斯的新一轮制裁令加沙一阶段停火协 议以来的地缘风险降温再次出现转折，而上周中美马来会谈亦就出口管制、对等关税暂停延期、芬 太尼、船舶收费等议题形成初步共识，为本周中美元首的韩国会晤奠定积极基础，贸易战风险降温 进一步增加油市乐观情绪。但考虑到近期中美博弈风险的缓和亦限制了地缘犹动的影响上限，我们 认为短期原油震荡偏强、但反弹高度亦受限。 【贵金属】 近日金银延续震荡调整。周五美国公布9月CPI和核心CPI均为3%咯低于预期，市场维持年内再降息 两次预期。中美结束贸易谈判,就稳妥解决多项重要经贸议题形成初步共识。短期风险偏好有所修 复，贵金属进入阶段性高位震荡，建议暂时观望等待参与机会。本周重点关注美联储议息会议和 APEC领导人峰会。 周五沪铝震荡偏强。中美谈判释放贸易缓和信号，国内外宏观偏积极。全球供应维持低速增长预 期，8月以来铝市表观消费同比基本持平，国庆前后库存表现中性，需求亮点有限，现货反馈一般。 短期沪铝突破前高偏强震荡,但基本面驱动有限,暂时谨 ...

1. Report Industry Investment Rating No relevant information provided in the content. 2. Core Viewpoints of the Report No clear core viewpoints are presented in the content. It mainly provides data on various ETFs and indices, including price, volatility, and related quantile information. 3. Summary by Different ETFs and Indices 3.1 50ETF - The underlying asset price increased from 3.148 on October 22, 2025, to 3.192 on October 24, 2025, with cumulative increases of 0.13%, 0.60%, and 0.79% respectively [1]. - The current month IV was 15.10% on October 22, 15.20% on October 23, and 15.01% on October 24; the next month IV was 16.64%, 16.68%, and 16.45% respectively [1]. - The 1 - year and 2 - year IV quantiles of the current and next months are presented [1]. 3.2 Shanghai 300ETF - The underlying asset price rose from 4.695 on October 22, 2025, to 4.770 on October 24, 2025, with cumulative increases of - 0.32%, 0.38%, and 1.21% respectively [3]. - The current month IV was 16.69% on October 22, 16.91% on October 23, and 16.03% on October 24; the next month IV was 18.05%, 17.95%, and 17.30% respectively [3]. - The 1 - year and 2 - year IV quantiles of the current and next months are provided [3]. 3.3 Shenzhen 300ETF - The underlying asset price increased from 4.844 on October 22, 2025, to 4.916 on October 24, 2025, with cumulative increases of - 0.29%, 0.23%, and 1.26% respectively [6]. - The current month IV was 17.22% on October 22, 17.05% on October 23, and 16.44% on October 24; the next month IV was 18.42%, 18.38%, and 17.76% respectively [6]. - The 1 - year and 2 - year IV quantiles of the current and next months are shown [6]. 3.4 Shanghai CSI 500ETF - The underlying asset price went from 7.224 on October 22, 2025, to 7.369 on October 24, 2025, with cumulative increases of 0.89%, - 0.43%, and 2.01% respectively [15]. - The current month IV was 21.02% on October 22, 21.46% on October 23, and 19.79% on October 24; the next month IV was 21.87%, 22.49%, and 21.25% respectively [15]. - The 1 - year and 2 - year IV quantiles of the current and next months are available [15]. 3.5 Shenzhen CSI 500ETF - The underlying asset price increased from 2.886 on October 22, 2025, to 2.940 on October 24, 2025, with cumulative increases of - 0.69%, 0.24%, and 1.62% respectively [22]. - The current month IV was 21.33% on October 22, 21.72% on October 23, and 20.76% on October 24; the next month IV was 22.15%, 22.53%, and 21.73% respectively [22]. - The 1 - year and 2 - year IV quantiles of the current and next months are given [22]. 3.6 GEM ETF - The underlying asset price rose from 3.039 on October 22, 2025, to 3.147 on October 24, 2025, with cumulative increases of - 0.75%, - 0.03%, and 3.59% respectively [28]. - The current month IV was 29.28% on October 22, 29.10% on October 23, and 28.54% on October 24; the next month IV was 30.07%, 30.00%, and 29.61% respectively [28]. - The 1 - year and 2 - year IV quantiles of the current and next months are presented [28]. 3.7 Shenzhen 100ETF - The underlying asset price increased from 3.493 on October 22, 2025, to 3.569 on October 24, 2025, with cumulative increases of - 0.54%, 0.14%, and 2.03% respectively [37]. - The current month IV was 23.33% on October 22, 23.50% on October 23, and 22.71% on October 24; the next month IV was 24.22%, 23.78%, and 23.80% respectively [37]. - The 1 - year and 2 - year IV quantiles of the current and next months are provided [37]. 3.8 Science and Technology Innovation 50ETF - The underlying asset price went from 1.476 on October 22, 2025, to 1.535 on October 24, 2025, with cumulative increases of - 0.07%, - 0.20%, and 4.21% respectively [46]. - The current month IV was 34.06% on October 22, 34.89% on October 23, and 32.68% on October 24; the next month IV was 35.20%, 35.20%, and 34.18% respectively [46]. - The 1 - year and 2 - year IV quantiles of the current and next months are shown [46]. 3.9 Science and Technology Innovation Board 50ETF - The underlying asset price increased from 1.429 on October 22, 2025, to 1.487 on October 24, 2025, with cumulative increases of - 0.07%, - 0.35%, and 4.42% respectively [51]. - The current month IV was 34.31% on October 22, 34.55% on October 23, and 33.01% on October 24; the next month IV was 34.37%, 34.55%, and 34.64% respectively [51]. - The 1 - year and 2 - year IV quantiles of the current and next months are given [51]. 3.10 300 Index - The underlying asset price rose from 4592.570 on October 22, 2025, to 4660.684 on October 24, 2025, with cumulative increases of - 0.33%, 0.30%, and 1.18% respectively [59]. - The current month IV was 17.00% on October 22, 17.30% on October 23, and 15.88% on October 24; the next month IV was 18.00%, 18.22%, and 17.55% respectively [59]. - The 1 - year and 2 - year IV quantiles of the current and next months are presented [59]. 3.11 1000 Index - The underlying asset price increased from 7312.210 on October 22, 2025, to 7419.235 on October 24, 2025, with cumulative increases of - 0.43%, - 0.06%, and 1.52% respectively [64]. - The current month IV was 22.42% on October 22, 21.95% on October 23, and 20.58% on October 24; the next month IV was 23.26%, 23.33%, and 22.38% respectively [64]. - The 1 - year and 2 - year IV quantiles of the current and next months are provided [64]. 3.12 Shanghai Composite 50 Index - The underlying asset price rose from 3010.095 on October 22, 2025, to 3045.816 on October 24, 2025, with cumulative increases of 0.09%, 0.56%, and 0.62% respectively [73]. - The current month IV was 14.88% on October 22, 15.86% on October 23, and 15.82% on October 24; the next month IV was 52.31%, 54.67%, and 57.72% respectively [73]. - The 1 - year and 2 - year IV quantiles of the current and next months are shown [73].

Report Industry Investment Ratings - Cotton: ★★★ (implies a more definite long - term trend and relatively appropriate investment opportunities currently) [1] - Pulp: ★★★ [1] - Sugar: ★★★ [1] - Apple: ★★★ [1] - Logs: ★☆☆ (represents a bullish/bearish bias, with a driving force for price increase/decrease, but low operability on the market) [1] - 20 - numbered Rubber: ★☆☆ [1] - Natural Rubber: ★☆☆ [1] - Butadiene Rubber: ★☆☆ [1] Core Viewpoints - The report analyzes the market conditions of various soft commodities including cotton, sugar, apple, rubber, pulp, and logs, and provides corresponding investment suggestions based on supply - demand relationships, production expectations, and price trends [2][3][4] Summary by Commodity Cotton & Cotton Yarn - Zhengzhou cotton futures declined slightly today, while spot cotton prices remained mostly stable. Xinjiang machine - picked cotton prices trended slightly higher. As of October 23, the cumulative national cotton inspection volume was 1.09526 million tons. The cotton acquisition by ginneries was cautious, and the acquisition price was expected to remain stable. The peak season of the cotton yarn market was weak, with insufficient new orders for spinning mills and cautious procurement by traders. Considering the follow - up Sino - US economic and trade consultations, short - term Zhengzhou cotton price increases were regarded as rebound, and it was recommended to wait and see [2] Sugar - Overnight, US sugar prices were weak. In Brazil, despite a decline in cane crushing volume and sugar yield, an increase in the sugar - making ratio compensated for the loss in sugar production, keeping output high. In the Northern Hemisphere, India and Thailand were about to start the new crushing season, and sugar production was expected to increase year - on - year due to good weather. In China, Zhengzhou sugar prices remained weak, and the market's focus shifted to the next season's output forecast. With good rainfall in Guangxi since July and an increase in the vegetation index of sugarcane, the sugar output in Guangxi for the 25/26 season was expected to be good. Overall, sugar prices were expected to remain weak [3] Apple - Apple futures prices trended higher. In the spot market, the trading volume in Shandong increased, and high - quality goods were priced higher. In the Northwest production area, most high - quality apples had been pre - ordered. The market was mainly trading on cold - storage inventory volume. The national apple bagging volume decreased slightly year - on - year, and due to smaller fruit sizes, the output might be revised downwards. Meanwhile, the initial cold - storage inventory in the new season might be higher than expected. It was recommended to wait and see [4] 20 - numbered Rubber, Natural Rubber & Synthetic Rubber - Today, RU&MR futures prices continued to rise, and BR futures prices fluctuated. The sentiment in the futures market improved. The domestic natural rubber spot price increased, and the synthetic rubber price was stable with a slight increase. The supply of global natural rubber entered the high - yield period. The operating rate of domestic butadiene rubber plants increased slightly, while the operating rate of upstream butadiene plants decreased slightly. The domestic tire operating rate rebounded slightly, and the finished - product inventory of tire enterprises continued to increase. The total natural rubber inventory in Qingdao decreased to 437,500 tons, and the social inventory of Chinese butadiene rubber increased to 14,000 tons. A rebound strategy after the decline was recommended [5] Pulp - Pulp futures prices declined slightly today. The spot price of coniferous pulp remained stable. As of October 16, 2025, the inventory of mainstream pulp ports in China was 2.074 million tons, a decrease of 0.3 million tons from the previous period. In September, China's pulp imports reached 2.9525 million tons, an increase of 272,500 tons year - on - year. Currently, the port inventory was relatively high, and pulp demand was average. With the continuous increase in the overseas broad - leaf pulp price, the price difference between coniferous and broad - leaf pulp narrowed, providing some support for coniferous pulp. It was recommended to wait and see [6] Logs - Log futures prices fluctuated, and the spot price remained stable. In October, the price of New Zealand radiata pine increased, and domestic spot prices were weak, reducing traders' import willingness. The domestic supply was expected to remain low. The port delivery volume was above 60,000 cubic meters, and the peak - season demand supported the price. The total log inventory was low, and the inventory pressure was relatively small. A bullish investment strategy was recommended [7]

| 11111 | | SDIC FUTURES | | --- | --- | --- | | 18 | 11.00 | | 原油 甘肃省 燃料油 ★☆★ 低硫燃料油 ☆☆☆ 沥青 女女女 液化石油气 ☆☆☆ 能源日报 2025年10月24日 高明宇 首席分析师 F0302201 Z0012038 李海群 中级分析师 F03107558 Z0021515 王盈敏 中级分析师 F3066912 Z0016785 010-58747784 gtaxinstitute@essence.com.cn 【原油】 隔夜国际油价连续第二个交易日反弹,SC12合约日内涨2.4%。俄乌地缘风险的急剧升温继续主导油价反弹，美 国制裁的俄罗斯Rosneft和卢克石油在俄产能和炼能占比分别为46%、40%;周四欧盟正式通过第19轮对俄制裁, 涉及包括2家炼厂、1家国有贸易公司在内的4家中国企业、相关供应链风险在中国购买俄油的贸易环节、卸港环 节已有所显现。她缘风险带动油市短期震荡偏强，关注24-27日中美马来会谈及后续俄美对话的进展。 (沥青) BU延续上行趋势,近月合约涨势相对偏强。本周沥青供需双降。11月地炼排产环比大幅下降, ...

Report Industry Investment Ratings - Two-olefins: ★☆☆ [1] - Polypropylene: ★☆★ [1] - Plastic: ★☆★ [1] - Pure benzene: ★☆★ [1] - Styrene: ★☆★ [1] - PX: ★☆★ [1] - PTA: ★☆☆ [1] - Ethylene glycol: ★☆★ [1] - Short fiber: ★☆☆ [1] - Bottle chips: ★☆★ [1] - Methanol: ★★★ [1] - Urea: ★★★ [1] - PVC: ★★★ [1] - Caustic soda: ★★★ [1] - Pure benzene: ★★★ [1] - Glass: ☆☆☆ [1] Core Views - The chemical market is affected by multiple factors such as oil prices, supply and demand, and policies, showing different trends in various sub - sectors [2][3][5] - Some products are expected to have better performance in the short - term or long - term, while others may face challenges and risks [5][6][7] Summary by Directory Olefins - Polyolefins - Propylene futures fluctuate narrowly, with low - stable prices, and strong market wait - and - see sentiment [2] - Polyethylene has enhanced cost support but faces resistance from downstream factories, and the market is digesting price increases [2] - Polypropylene prices rise slightly at the end of the month, but downstream new orders are not improving significantly, and procurement enthusiasm is low [2] Pure Benzene - Styrene - Pure benzene prices fall with oil prices, and there is a decline in both supply and demand. The focus is on port inventory accumulation [3] - Styrene supply decreases, demand is good, but high inventory limits its rebound space [3] Polyester - PX has cost support for PTA, but there are concerns about PTA inventory accumulation if oil prices stop rising [5] - Ethylene glycol's short - term fundamentals improve, but there is a long - term inventory accumulation expectation [5] - Short fiber has a good spot pattern in the short - term but may face inventory accumulation again [5] - Bottle chips' demand weakens, with inventory accumulation and pressure on processing margins [5] Coal Chemical Industry - Methanol ports may oscillate in the short - term and tend to be stronger in the long - term [6] - Urea is expected to oscillate strongly in the short - term due to improved supply - demand and cost support [6] Chlor - Alkali - PVC's inventory accumulation slows down, and it may operate in the bottom - range [7] - Caustic soda may operate at a low level in the range due to high inventory pressure [7] Soda Ash - Glass - Soda ash is in a low - level range, and it is advisable to short at high prices after a rebound [8] - Glass prices continue to decline, and the downward range may be limited at a low valuation [8]

Report Industry Investment Ratings - Thread: ☆☆☆ [1] - Hot Rolled Coil: ★★★ [1] - Iron Ore: ☆☆☆ [1] - Coke: ★☆☆ [1] - Coking Coal: ★☆★ [1] - Silicomanganese: ★☆★ [1] - Ferrosilicon: ★☆☆ [1] Core Views - The steel market is under pressure with weak domestic demand and fluctuating sentiment, while exports remain high. The iron ore market is expected to be volatile. Coke and coking coal prices are likely to be prone to rise due to certain expectations, despite pressure from steel mills' profit margins. Silicomanganese and ferrosilicon markets are affected by factors such as production, demand, and external trade frictions [2][3][4] Summary by Related Catalogs Steel - Today's steel futures prices declined. This week, the apparent demand for thread steel continued to recover but was still weak year - on - year, production increased, and inventory continued to fall. Hot - rolled coil demand continued to rise, production was basically flat, and inventory decreased. With the decline in steel mill profits, the negative feedback expectation in the industry chain still fermented repeatedly. Domestic demand was weak overall, and steel exports remained high. The market sentiment cooled, and the futures prices were under pressure [2] Iron Ore - Today's iron ore futures prices were weakly volatile. The global supply was strong, and the domestic arrival volume declined from a high level. Port inventory increased significantly this week. On the demand side, molten iron production declined from a high level, and the steel mill profitability rate continued to shrink. With the end of the peak season and the contraction of steel mill profits, there was still pressure for molten iron production cuts. The market had certain expectations for policy benefits, and sentiment improved. It is expected that the short - term trend will be mainly volatile [3] Coke - Coke prices rose today. Molten iron production remained high, and the steel - making profit level was average, suppressing the coke price increase rate. The second round of price increases for coking started. Coking profits were average, and daily production decreased slightly. Coke inventory hardly changed. Downstream buyers purchased on a small - scale as needed and mainly consumed inventory, and traders' purchasing willingness was average. The carbon element supply was abundant, and steel mills had a strong sentiment of pressing down raw material prices. The coke futures prices were at a premium, and the price was likely to be prone to rise [4] Coking Coal - Coking coal prices rose today. Recently, there was political turmoil in Mongolia, and the market was worried about the stability of Mongolian coal customs clearance volume. Coking coal mine production decreased slightly, spot auction transactions improved, and transaction prices increased. Terminal inventory increased. The total coking coal inventory increased slightly month - on - month, and production - end inventory decreased slightly. With safety inspections approaching in major coal - producing areas, production cuts due to self - inspections by coking coal mines increased slightly. The carbon element supply was abundant, and downstream molten iron production remained at a high level, providing support for raw materials. However, steel mills had a strong sentiment of pressing down raw material prices [6] Silicomanganese - Today's silicomanganese prices were in a downward oscillation. On the demand side, molten iron production remained high. Weekly silicomanganese production decreased slightly but remained at a relatively high level. Silicomanganese inventory decreased slightly, and both futures and spot demand were still good. The forward quotation of manganese ore increased slightly month - on - month, and spot ore prices were boosted by the futures market. Manganese ore inventory decreased slightly, and the contradiction was not prominent. The impact of external trade frictions should be continuously monitored [7] Ferrosilicon - Today's ferrosilicon prices were in a downward oscillation. On the demand side, molten iron production remained high. Export demand remained at around 30,000 tons, with a marginal impact. The production of magnesium metal increased slightly month - on - month, and secondary demand increased marginally. Overall demand was acceptable. Ferrosilicon supply remained at a high level, and on - balance inventory continued to decline. The impact of external trade frictions should be concerned [8]

Report Industry Investment Ratings - **Buy**: Beans for domestic consumption, Bean Meal, Soybean Oil, Rapeseed Meal, Rapeseed Oil [1] - **Hold**: Corn, Live Pigs, Eggs [1] Core Views - Uncertainties remain high in the agricultural products market, with significant impact from Sino-US trade relations and policy guidance [3][4][6] - Maintain a wait-and-see attitude due to many uncertain factors, and look for investment opportunities [3] - Long-term, it is advisable to allocate edible oils at low prices, but be cautious about short-term price fluctuations [4] Summary by Related Catalogs Beans for Domestic Consumption - The main contract of domestic soybeans rose and then fell. The trading volume was 52,003 tons, with a trading rate of 79.76% and an average price of 3,910 yuan/ton, providing market guidance [2] - The price difference between domestic and imported soybeans rose and then fell. Pay attention to the impact of short-term profit-taking [2] - Keep an eye on policy guidance in the short term [2] Soybeans & Bean Meal - The main contract of Dalian soybeans rose 0.58% in shock, and domestic bean meal spot prices generally increased by 20 - 30 yuan/ton [3] - Overall, soybean supply in the fourth quarter is not a big problem, but it may tighten in the first quarter of next year if Sino-US trade relations deteriorate [3] - If Sino-US trade relations do not ease, Dalian soybeans are likely to continue to fluctuate. Wait and see for opportunities [3] Soybean Oil & Palm Oil - The oil-to-meal ratio continued to decline [4] - Palm oil enters the production reduction cycle in the fourth quarter. Its price depends on production reduction performance. Pay attention to the adjustment risk of the oil-to-meal ratio [4] - In the long term, allocate edible oils at low prices, but be cautious about short-term price corrections of palm oil [4] Rapeseed Meal & Rapeseed Oil - Rapeseed futures showed small fluctuations. Rapeseed oil slightly reduced positions, and the market was still cautious [6] - Coastal oil mills have low rapeseed inventories, and there is a risk of inventory accumulation for domestic rapeseed oil [6] - The main contract price of rapeseed futures will mainly fluctuate. Pay attention to the trend of economic and trade relations and consider cross-competitor strategies with rapeseed as the short side [6] Corn - Corn futures traded sideways. Northeast corn prices were stable, and Shandong's corn supply increased [7] - Downstream demand is mainly for rigid procurement. Dalian corn may continue to operate weakly at the bottom [7] Live Pigs - Live pig futures' near-term contracts fluctuated, and far-term contracts hit new lows [8] - Spot prices were stable, and second-round fattening sentiment weakened [8] - There is an expectation of improved pork consumption in the fourth quarter, but maintain a short-selling strategy after the price rebounds [8] Eggs - Egg futures rebounded with reduced positions. Spot prices rebounded [9] - Pay attention to short-term risks. There may be a decline in the medium term [9]

Report Industry Investment Rating - Gold: ★★★ [1] - Silver: ★★★ [1] Report's Core View - Today, gold and silver fluctuated with repeated ups and downs. Due to new sanctions on Russia by the US and Europe, upcoming new - round trade negotiations between China and the US, and the US sending bombers over the vicinity of Venezuela, global situation uncertainty is high, and risk sentiment is prone to fluctuate. In the short - term, precious metals may enter a phase of high - level oscillation, and it is recommended to wait and watch for investment opportunities. Attention should be paid to the release of US September CPI data tonight [1] Summary by Related Content Global Situation - The US and Europe announced new sanctions on Russia. It is reported that India's imports of Russian oil will drop to nearly zero, and Kuwait said OPEC is ready to increase production to meet rising demand [1] - Trump said "the ground will be the next target" in his anti - drug operation against Venezuela, which may be a major escalation of US - Venezuela tensions. Maduro ordered the indefinite deployment of troops in five states in September [2] Russia - Ukraine Situation - Zelensky said there are domestic missiles with a range of 300 kilometers and land exchange with Russia is unacceptable [1] - Putin believes the US intention seems more like delaying the summit rather than canceling it, and new sanctions will not have a major impact on the Russian economy [1]