Report Investment Ratings - Crude Oil: Not explicitly rated, but from the star description, it's inferred to be in a short - term equilibrium state [1][4] - Fuel Oil: ★★★, indicating a clear short - term upward trend and a relatively appropriate investment opportunity [1] - Low - Sulfur Fuel Oil: ★★★, indicating a clear short - term upward trend and a relatively appropriate investment opportunity [1] - Asphalt: ★☆☆, suggesting a bullish trend but with low operability on the trading floor [1] - Liquefied Petroleum Gas: Not explicitly rated, but from the star description, it's inferred to be in a short - term equilibrium state [1][4] Core Views - The crude oil market had a weak and volatile performance last week. OPEC+ suspending production increases in Q1 next year and the U.S. Senate's move to end the government shutdown provided short - term support. However, there are still supply - demand surplus pressures in Q4 and Q1 next year. Attention should be paid to short - selling strategies after the oil price rebounds [1] - For fuel oil and low - sulfur fuel oil, the weekly shipment volume has weakened, and social inventories have turned from lower to higher year - on - year. Multiple negative signals have increased the bearish sentiment in the market, and the decline continues. The destocking of factories and social warehouses in East China is good, and the basis has strengthened significantly [2] - For asphalt, similar to fuel oil, the weekly shipment volume has weakened, and social inventories have turned from lower to higher year - on - year. Multiple negative signals have increased the bearish sentiment in the market, and the decline continues. The destocking of factories and social warehouses in East China is good, and the basis has strengthened significantly [2] - LPG has shown strong performance in the oil product futures. The latest week saw a decrease in both the commercial volume and arrival volume of liquefied gas. The chemical demand for propane and butane has increased, and the combustion demand has improved due to significant cooling in many places. The inventory rates of refineries and ports have decreased, and the improved fundamentals support the LPG trading floor [2] Summary by Industry Crude Oil - Market performance last week: Weak and volatile [1] - Support factors: OPEC+ suspending production increases in Q1 next year, the U.S. Senate's move to end the government shutdown [1] - Future pressure: Supply - demand surplus pressures in Q4 and Q1 next year [1] - Strategy: Pay attention to short - selling strategies after the oil price rebounds [1] Fuel Oil & Low - Sulfur Fuel Oil - Shipment volume: The weekly shipment volume has weakened, and it dropped below 400,000 tons in mid - October [2] - Inventory: Social inventories turned from lower to higher year - on - year in late October [2] - Market sentiment: Multiple negative signals have increased the bearish sentiment [2] - Regional performance: Good destocking in East China, strong resistance of the lowest spot price, and significant strengthening of the basis [2] Asphalt - Shipment volume: The weekly shipment volume has weakened, and it dropped below 400,000 tons in mid - October [2] - Inventory: Social inventories turned from lower to higher year - on - year in late October [2] - Market sentiment: Multiple negative signals have increased the bearish sentiment [2] - Regional performance: Good destocking in East China, strong resistance of the lowest spot price, and significant strengthening of the basis [2] Liquefied Petroleum Gas - Market performance: Strong performance in oil product futures [2] - Supply: Decrease in commercial volume and arrival volume in the latest week [2] - Demand: Increased chemical demand for propane and butane, and improved combustion demand due to cooling [2] - Inventory: Decrease in inventory rates of refineries and ports, and fundamental improvement supports the trading floor [2]

Report Industry Investment Ratings - Thread: ★★★, indicating a clear upward trend and a relatively appropriate investment opportunity [1] - Hot Roll: ★★★, indicating a clear upward trend and a relatively appropriate investment opportunity [1] - Iron Ore: ★☆☆, indicating a bullish bias, with a driving force for price increase but limited operability on the trading floor [1] - Coke: ☆☆☆, with the short - term long/short trend in a relatively balanced state and poor operability on the trading floor, suggesting waiting and seeing [1] - Coking Coal: ☆☆☆, with the short - term long/short trend in a relatively balanced state and poor operability on the trading floor, suggesting waiting and seeing [1] - Silicon Manganese: ★★★, indicating a clear upward trend and a relatively appropriate investment opportunity [1] - Silicon Ferrosilicon: ★★★, indicating a clear upward trend and a relatively appropriate investment opportunity [1] Core Viewpoints - The steel industry has weak domestic demand, and although the macro - sentiment has improved, the rebound momentum of the futures market is insufficient. The iron ore market is expected to be in a weak and volatile state. Coke and coking coal are expected to be in a strong and volatile state. Silicon manganese has strong price support at the bottom, and silicon ferrosilicon is likely to rise [2][3][4][6][7][8] Summaries by Commodity Steel - Today's futures market rebounded slightly. In the off - season, the apparent demand for thread decreased month - on - month, production declined, and the inventory reduction slowed. The demand for hot roll dropped significantly, production decreased, and inventory increased slightly. The high - level iron - making water production declined, and the downstream's ability to absorb was insufficient. With the decline in steel mill profits, the negative feedback pressure in the industrial chain remains to be alleviated. Domestic demand is weak, and steel exports have declined from the high level. The futures market has gradually stabilized in the short term, but the rebound momentum is still insufficient [2] Iron Ore - Today's futures market fluctuated, and the basis has strengthened recently. The global shipment decreased month - on - month, with Australia and Brazil both showing declines. The domestic arrival volume decreased significantly month - on - month but remained at a high level for the same period. Due to the decline in steel demand in the off - season and increased losses of steel mills, iron - making water production continued to decrease last week. The futures market is expected to be in a weak and volatile state [3] Coke - The price fluctuated during the day. After the third round of price increases was quickly implemented, there is an expectation of a fourth round. Coke production decreased slightly, and inventory decreased slightly. Downstream demand is weak, and the steel industry has a strong desire to suppress raw material prices. The futures price is at a premium, and it is expected to be in a strong and volatile state [4] Coking Coal - The price fluctuated during the day. Recently, Mongolian coal imports have increased, and the customs clearance volume has remained high. Coking coal mine production decreased slightly, and the total inventory increased slightly. With the approaching safety inspection in major coal - producing areas, its impact should be noted. The futures price is at a discount to Mongolian coal, and it is expected to be in a strong and volatile state [6] Silicon Manganese - The price was in a strong and volatile state during the day. The demand side shows a continuous decline in iron - making water production. Silicon manganese production decreased slightly but remained at a high level, and inventory gradually increased. The price of manganese ore has a strong bottom - support, and the price is expected to be stable [7] Silicon Ferrosilicon - The price was in a strong and volatile state during the day. The demand side shows a continuous decline in iron - making water production, but export demand has increased to about 40,000 tons, and the secondary demand has increased marginally. Supply remains high, and inventory has been decreasing. Due to the increase in electricity and blue - carbon prices, the price is likely to rise [8]

1. Report Industry Investment Rating - No information provided in the given content 2. Core Viewpoints of the Report - Last week, the overall market showed a trend of falling first and then rising. Except for the CSI 500 Index, most major indices closed higher, with the SSE 50 Index leading the gains with a weekly increase of 0.89%. The power equipment and coal sectors performed well, with weekly increases of 4.98% and 4.52% respectively, while the computer sector was weak with a weekly decline of about 2.54%. The market focus was on the US dollar liquidity issue. After the Fed's interest - rate meeting, there were signs of marginal tightening of US dollar liquidity, putting pressure on US stocks. On Friday, news of the end of the US government shutdown improved market risk appetite, driving a rebound in US stocks and a decline in the US dollar. The impact of US dollar liquidity shocks on the domestic market was limited, and Chinese asset prices showed resilience. The short - term external disturbances had limited impact on the domestic market, and it is expected that the domestic market will mainly fluctuate at a high level in the medium term. Continue to monitor subsequent changes in US dollar liquidity and domestic policy signals [1]. - In the options market last week, the implied volatility (IV) of various financial options generally declined. The IV of the Sci - Tech Innovation 50 Index options (IV = 32%) and ChiNext Index options (IV = 28%) has been falling since September but remains at a relatively high level above the median of the past year. The IV of 50 and 300 options is currently in the range of 12% - 14%, and the IV of CSI 500 and CSI 1000 options is about 18%. The position PCR of most financial options is in the range of 75% - 110%, slightly higher than the previous week [2]. - The market may continue to show a relatively strong oscillating pattern, and the IV of most options varieties continues to decline. The impact of factors such as US dollar liquidity on domestic asset prices is limited. It is expected that the market may continue to oscillate strongly, and sectors such as power equipment will perform relatively strongly. The current domestic liquidity environment remains positive, and inflation data has stabilized and rebounded. One can continue to hold indices with relatively reasonable valuations, such as the SSE 300 and CSI A500. Since the current option IV has declined, one can also buy out - of - the - money call options with a long - term maturity on the corresponding indices. For the Sci - Tech Innovation 50 Index, which has experienced large fluctuations recently and still has a relatively high static valuation, if one holds the underlying asset, one can consider buying out - of - the - money put options or selling out - of - the - money call options to reduce exposure risk. If one has accumulated a large amount of spot gains, one can also consider taking profits on the spot and keeping a small amount of long - term call options to cope with the irrational rise of the market, such as the ChiNext Index. The CSI 1000 - 2603 stock index futures still have a high discount, and one can consider continuing to hold the covered call strategy of buying the index futures and selling out - of - the - money call options [3]. 3. Summaries According to Relevant Catalogs 3.1 Overview - The overall market last week showed a trend of falling first and then rising. Most major indices closed higher, with the SSE 50 Index leading the gains. The power equipment and coal sectors performed well, while the computer sector was weak. The market focused on US dollar liquidity. After the Fed's meeting, US dollar liquidity tightened marginally, affecting US stocks. The end of the US government shutdown improved market sentiment. The impact on the domestic market was limited, and the domestic market is expected to oscillate at a high level in the medium term [1]. 3.2 Options Market - The IV of various financial options generally declined last week. The IV of the Sci - Tech Innovation 50 Index and ChiNext Index options has been falling but remains high. The IV of 50 and 300 options is in the 12% - 14% range, and that of CSI 500 and CSI 1000 options is about 18%. The position PCR of most financial options is in the 75% - 110% range and slightly increased [2]. 3.3 Strategy Outlook - The market may continue to oscillate strongly, and the IV of most options varieties continues to decline. Hold indices with reasonable valuations and consider buying long - term out - of - the - money call options. For high - volatility indices, manage risk through option strategies. Consider the covered call strategy for CSI 1000 - 2603 stock index futures [3]. 3.4 Market Data of Each Index - Detailed data on the closing prices, price changes, IV, IV changes, historical quantiles, option trading volumes, and position PCR of various indices such as the SSE 50, SSE 300, CSI 500, CSI 1000, ChiNext Index, Sci - Tech Innovation 50 Index, and Shenzhen 100 Index are provided [5]. - Data on the price, IV, and related quantiles of each index over different time periods (recently, in the past year, and in the past three years) are presented, along with the IV term structure, intraday IV trends, and option smile curves of each index [8][19][27][34][43][48][52][64][70][77][86][93].

Report Industry Investment Ratings - Cotton: ★★★, indicating a clear upward trend and relatively appropriate investment opportunities [1] - Pulp: ★☆☆, suggesting a bullish bias but limited operability on the market [1] - Sugar: ★★★, suggesting a clear upward trend and relatively appropriate investment opportunities [1] - Apple: ★☆☆, indicating a bearish bias but limited operability on the market [1] - Timber: ★☆☆, suggesting a bearish bias but limited operability on the market [1] - 20 - number rubber: ★☆☆, indicating a bearish bias but limited operability on the market [1] - Natural rubber: ★☆☆, indicating a bearish bias but limited operability on the market [1] - Butadiene rubber: ★☆☆, indicating a bearish bias but limited operability on the market [1] Core Views - The report analyzes the market conditions of various soft commodities including cotton, sugar, apple, rubber, pulp, and timber, and provides corresponding investment suggestions based on supply - demand, cost, and inventory factors [2][3][4] Summaries by Commodity Cotton & Cotton Yarn - Zhengzhou cotton showed a volatile trend today, and the basis of cotton spot sales remained stable. The cost of new cotton provides some support to the futures price, but there is hedging pressure for significant price increases. As of November 6, the cumulative national cotton processing was 319.3 million tons, a year - on - year increase of 59.5 million tons. The cotton yarn market changed little, with demand remaining stable. The improvement in Sino - US relations also supports cotton prices. Operationally, it is advisable to wait and see [2] Sugar - Last week, US sugar was weak. In Brazil, although the sugarcane crushing volume and sugar yield decreased, the increased sugar - making ratio compensated for the loss in sugar production, and sugar production will remain high. In the Northern Hemisphere, India and Thailand are about to start crushing, and sugar production is expected to increase year - on - year. Domestically, Zhengzhou sugar was weak. There are rumors of syrup import control, which provides some support. The market is focusing on the next season's production estimate. Based on remote sensing data, the sugar production in Guangxi in the 25/26 season is expected to be good. Overall, sugar prices are expected to remain weak [3] Apple - The futures price rebounded. In the Shandong apple production area, the apple acquisition is nearing the end. The price of high - quality apples remained stable, while the price of general and semi - first - grade apples declined slightly. As of November 6, the national cold - storage apple inventory was 682.74 million tons, a year - on - year decrease of 17%. The market trading logic has shifted to sales expectations. Due to the high acquisition price and the reluctance of traders and farmers to sell, the de - stocking speed may be affected. Apple prices are high, and there may be inventory pressure later. An overall bearish approach is recommended [4] 20 - number Rubber, Natural Rubber, and Synthetic Rubber - Today, the futures prices of natural rubber RU, 20 - number rubber NR, and butadiene rubber BR all rose. The domestic natural rubber spot price was stable, and the synthetic rubber spot price rose slightly. The global natural rubber supply has entered the high - yield period, but the Yunnan production area in China has entered the low - yield period. The domestic butadiene rubber plant operating rate increased slightly last week. The domestic tire operating rate continued to rise slightly, and the inventory of Shandong tire enterprises increased. Rubber inventories increased, and cost support was weak. The market sentiment improved. An oversold rebound strategy is recommended, and attention should be paid to cross - variety arbitrage opportunities such as NR and BR [6] Pulp - Today, the pulp futures continued to rise, and the spot prices followed suit. As of November 6, the inventory of mainstream pulp ports in China was 200.8 million tons, a decrease of 5.3 million tons from the previous period, a month - on - month decrease of 2.6%. Overseas阔叶浆 quotes are strong, and some traders are reluctant to sell at low prices, but downstream procurement willingness is average. The pulp valuation is still low, with medium - to - long - term improvement expectations. Recently, the willingness of funds to push up prices is strong. Buying on dips is recommended [7] Logs - The futures price was weak. The spot price in Taicang Port decreased by 10 yuan. In November, the price of New Zealand radiata pine continued to rise, and domestic traders' import willingness declined. The external quote is still high, and the domestic spot price is difficult to improve. The demand from port shipments is above 60,000 cubic meters, which supports prices. The log inventory is low, and the inventory pressure is relatively small. Operationally, it is advisable to wait and see [8]

Industry Investment Ratings - Soybean (bean No. 1): ★☆☆, indicating a slightly bullish trend with limited trading opportunities on the market [1] - Soybean oil: ★★★, suggesting a clear bullish trend and relatively appropriate investment opportunities [1] - Palm oil: ★☆☆, showing a slightly bearish trend with limited trading opportunities on the market [1] - Soybean meal: ★☆☆, meaning a slightly bullish trend with limited trading opportunities on the market [1] - Rapeseed oil: ★☆☆, indicating a slightly bullish trend with limited trading opportunities on the market [1] - Rapeseed meal: ★☆☆, showing a slightly bullish trend with limited trading opportunities on the market [1] - Corn: ★☆☆, suggesting a slightly bullish trend with limited trading opportunities on the market [1] - Live pigs: ★★★, indicating a clear bullish trend and relatively appropriate investment opportunities [1] - Eggs: ★★★, suggesting a clear bullish trend and relatively appropriate investment opportunities [1] Core Views - The prices of various agricultural products show different trends, affected by factors such as policies, trade negotiations, supply - demand relationships, and seasonal factors. Investors should pay attention to relevant information and changes in the market to find potential investment opportunities and avoid risks [2][3][4] Summary by Category Soybean (bean No. 1) - The price of soybean No. 1 shows high - level fluctuations. The resumption of soybean auction by CGSCO has cooled market sentiment. The purchase of high - protein soybeans has price advantages. The warehouse receipts of domestic soybeans are increasing, and the price difference between domestic and imported soybeans is consolidating. Short - term attention should be paid to policies and market sentiment [2] Soybean & Soybean Meal - The main contract of soybean meal futures M2601 fluctuates strongly. After the Sino - US trade negotiation eases, the price of US soybeans is in a wide - range shock. The domestic soybean crushing volume in October was about 8.6 million tons, and it is expected to be about 8.7 million tons in November. The soybean meal inventory has rebounded slightly. The import cost has increased, and the crushing profit has been repaired. It is expected that the soybean supply will be basically sufficient in the fourth quarter, and there may be inventory reduction in the first quarter of next year. Pay attention to the opportunity of buying on dips [3] Soybean Oil & Palm Oil - The ratio of soybean oil to soybean meal rebounds from a low level. The domestic soybean crushing volume decreased last week, and the soybean oil inventory decreased. The crushing profit of near - month shipment of soybeans is not good. Soybean oil is stronger than palm oil, and the domestic palm oil inventory has increased slightly. The MPOB report in November is bearish. The high - frequency data in early November shows that the palm oil production in Malaysia increased from November 1 - 5, and the export demand declined from November 1 - 10. Short - term attention should be paid to the high - inventory pressure of palm oil [4] Rapeseed Meal & Rapeseed Oil - The positions and trading volumes of domestic rapeseed futures' main contracts have decreased. It is a pattern of strong oil and weak meal today. The price increase of rapeseed meal is mainly due to the increase in overseas oilseed prices and the improvement of import expectations. The demand for rapeseed meal is expected to be poor. The inventories of rapeseed meal and granulated powder are slowly decreasing, and the rapeseed oil inventory has declined more than expected. The short - term strategy for domestic rapeseed products is to wait and see [6] Corn - The Dalian corn futures continue to fluctuate strongly at the bottom. The new corn in the Northeast has a small increase in volume, and the price is slightly stronger. The on - site volume of Shandong has decreased, and the spot price is strong. The import of US corn still has no price advantage. The new corn in the Northeast will continue to be listed, and the 01 contract of Dalian corn futures may continue to be weak at the bottom [7] Live Pigs - The spot price of live pigs is consolidating. The futures price has rebounded after reaching the bottom. The technical chart shows that the downward momentum is insufficient. The overall slaughter rhythm may slow down, and the seasonal demand is increasing. The pig price may enter a seasonal rebound stage. In the long - term, the pig price may form a second bottom in the first half of next year [8] Eggs - The near - month contracts of egg futures led the rise before, but the spot sentiment weakened over the weekend, and the near - month contracts led the decline on Monday. The follow - up trading idea can be to try shorting on rallies. The industry's production capacity is still at a high level, and the sentiment of culling is increasing marginally. Attention should be paid to the performance of egg spot and vegetable prices [9]

1. Report Industry Investment Ratings - Urea: One star, representing a bullish bias, but with limited operability on the trading floor [1] - Methanol: One star, representing a bearish bias, but with limited operability on the trading floor [1] - Pure Benzene: One star, representing a bullish bias, but with limited operability on the trading floor [1] - Styrene: Three stars, indicating a clearer bullish trend and relatively appropriate investment opportunities [1] - Polypropylene: One star, representing a bearish bias, but with limited operability on the trading floor [1] - Plastic: One star, representing a bearish bias, but with limited operability on the trading floor [1] - PVC: One star, representing a bearish bias, but with limited operability on the trading floor [1] - Caustic Soda: No stars, indicating a relatively balanced short - term trend and poor operability on the trading floor [1] - PX: Three stars, representing a bullish trend [1] - PTA: No stars, indicating a relatively balanced short - term trend and poor operability on the trading floor [1] - Ethylene Glycol: One star, representing a bearish bias, but with limited operability on the trading floor [1] - Short Fiber: No stars, indicating a relatively balanced short - term trend and poor operability on the trading floor [1] - Glass: Three stars, representing a bullish trend [1] - Soda Ash: No stars, indicating a relatively balanced short - term trend and poor operability on the trading floor [1] - Bottle Chip: Three stars, representing a bullish trend [1] - Propylene: One star, representing a bullish bias, but with limited operability on the trading floor [1] 2. Core Views - The overall chemical industry shows a complex situation with different trends in various sub - sectors. Some products are facing supply - demand imbalances, while others are affected by factors such as cost, inventory, and downstream demand [2][3][5] 3. Summary by Relevant Catalogs Olefins - Polyolefins - Propylene futures rose slightly, with improved short - term demand but overall supply remaining loose [2] - Plastic and polypropylene futures were weak. Demand is expected to decline slightly, and supply pressure is hard to ease [2] Pure Benzene - Styrene - Pure benzene prices were in a low - level shock. There are short - term consolidations and medium - term negatives. Attention should be paid to port inventory accumulation [3] - Styrene futures were narrowly sorted. It maintains a tight supply - demand balance, but there are concerns about future supply and demand [3] Polyester - PX supply increased, PTA load decreased, and polyester load slightly increased. There are uncertainties in the mid - term demand and production reduction rhythm [5] - Hexanediol supply has a large growth pressure, and the mid - term demand is weak [5] - Short fiber has a good spot pattern, but the profit is slightly squeezed. The demand will weaken in mid - to late November [5] - Bottle chip demand fades, with over - capacity as a long - term pressure [5] Coal Chemical Industry - Methanol may continue to be weak in the short term, but it is easily affected by positive news due to low valuation [6] - Urea's upward momentum is insufficient, and the market is expected to fluctuate within a range [6] Chlor - Alkali - PVC is in a pattern of high supply and weak demand, and may run at a low level [7] - Caustic soda is running weakly, and attention should be paid to cost and profit changes [7] Soda Ash - Glass - Soda ash is oscillating strongly in the short term, but a high - supply pattern remains in the long term [8] - Glass prices are under pressure, but the decline space is limited due to low valuation and cost support [8]

Report Investment Ratings - Index futures: ☆☆☆ [1] - Treasury bond futures: ☆☆☆ [1] Core Views - As of the week ending November 7, index futures showed divergence, with IH2511 down 0.89%, IC2511 up 1.47%, and IM2511 up 1.31%. The average daily trading volume in the entire market was 2.01 trillion yuan, a decrease of 313 billion yuan from the previous week, indicating a decline in market trading activity [1]. - From the perspective of high - frequency macro - fundamental factor scores, for index futures, the inflation indicator scored 8 points, the liquidity indicator 9 points, the valuation indicator 11 points, and the market sentiment indicator 9 points. For Treasury bond futures, the inflation indicator scored 7 points, the liquidity indicator 10 points, and the market sentiment indicator 8 points [1]. - In terms of the term structure, the basis of each index futures contract declined collectively. The weighted annualized basis rates (after dividend adjustment) of the ending positions of IH, IF, IC, and IM were 0.28%, - 3.16%, - 11.12%, and - 14.41% respectively [1]. - The net value of the financial derivatives quantitative CTA strategy remained unchanged last week. In the long - term, inflation data outperformed expectations, which had a certain boosting effect on IC and IM, while Treasury bond futures were under pressure. In the short - term, the fundamentals of real estate and consumption were still weak, the exchange rate was in a low range, and the capital market remained relatively loose, showing a short - term low - level recovery. In terms of positions, IM showed a marginal recovery, IF and IH remained relatively neutral, and IC was relatively at a cross - sectional low. The overall comprehensive signal was in a neutral oscillation. For Treasury bond futures, the capital market remained loose, the market risk preference was conducive to the recovery of the bond market, the stock - bond seesaw effect was significant. Due to the unexpected inflation recovery, the position factor declined, and institutions were still cautious about allocation, with the comprehensive signal in a neutral oscillation [1]. Summary by Related Catalogs Macro - fundamental Medium - and High - Frequency Factor Scores - Some economic kinetic indicators showed different changes in the week, such as the blast furnace operating rate increasing by 1.41%, the PTA operating rate increasing by 1.41%, etc. The index futures scored 8 points, and the Treasury bond futures scored 0 points [2]. Inflation Indicators - Various inflation - related indicators had different weekly changes, such as the vegetable basket product wholesale price index rising 0.29%, the coking coal index rising 1.54%, etc. The index futures scored 8 points, and the Treasury bond futures scored 7 points [3]. Liquidity - Liquidity - related indicators like DR007 decreased by 0.40%, DR001 increased by 1.48%, etc. The index futures scored 9 points [4]. Index Valuation - Valuation indicators such as PE (TTM) increased by 0.33%, PS (TTM) increased by 0.33%, etc. The index futures scored 10 points [5]. Market Sentiment: Index - In terms of index market sentiment, the margin trading balance increased by 0.27%, the short - selling balance increased by 3.91%, etc. The Treasury bond futures scored 9 points [6]. Market Sentiment: Bond - Bond market sentiment indicators such as the 10 - year CDB bond yield increased by 0.77%, the S&P 500 volatility index increased by 9.40%, etc. The Treasury bond futures scored 8 points [7]. Strategy Introduction - The product pool includes index futures and Treasury bond futures. The short - term model focuses on market style, external factors, and capital market high - frequency financial data, while the long - term model focuses on market expectations and macro - economic low - frequency indicators. Positions are synthesized considering institutional long and short positions [16]. Forecast Signals - The short - term, long - term, and comprehensive signals of different futures contracts (IF, IH, IC, IM, T, TF) are provided, and the rules for determining long and short positions are given [17]. Treasury Bond Futures Cross - Variety Arbitrage Strategy - The cross - variety arbitrage strategy is based on the signal resonance of the fundamental three - factor model and the trend regression model. The fundamental three - factor model decomposes the interest rate term structure into three parts: level, slope, and curvature. The actual operation uses a 1:1.8 ratio for the 10 - 5Y spread adjustment [20]. Market Quotes and Trading Signals - The trading signals of TF and T main contracts from November 3 to November 7 are provided, including the signals from the N - S model and the trend regression model [23].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints No clear core viewpoints are presented in the given content. The report mainly provides detailed data on various financial products such as ETFs and indices, including price, volatility, and skew index information. 3. Summary by Related Catalogs 3.1 50ETF - From November 6 - 10, 2025, the price fluctuated, with a 1.27% increase on the 6th, a 0.13% decrease on the 7th, and a 0.47% increase on the 10th. The current month IV ranged from 12.51% - 12.80%, and the next - month IV from 14.78% - 14.89% [1]. - The near - 1 - year current month IV quantile was 21.60% - 22.00%, and the near - 2 - year quantile was 20.00% - 22.00%. The near - 1 - year next - month IV quantile was 35.40% - 40.00%, and the near - 2 - year quantile was 45.40% - 48.60% [1]. - The skew index today was 92.65, compared to 102.82 yesterday [2]. 3.2 Shanghai 300ETF - From November 6 - 10, 2025, the price fluctuated, with a 1.48% increase on the 6th, a 0.21% decrease on the 7th, and a 0.25% increase on the 10th. The current month IV ranged from 14.37% - 14.53%, and the next - month IV from 15.94% - 16.28% [3]. - The near - 1 - year current month IV quantile was 28.90% - 30.20%, and the near - 2 - year quantile was 37.80% - 39.60%. The near - 1 - year next - month IV quantile was 46.80%, and the near - 2 - year quantile was 53.90% - 57.70% [3]. - The skew index today was 102.05, compared to 104.72 yesterday [5]. 3.3 Shenzhen 300ETF - From November 6 - 10, 2025, the price fluctuated, with a 1.54% increase on the 6th, a 0.30% decrease on the 7th, and a 0.38% increase on the 10th. The current month IV ranged from 14.58% - 14.95%, and the next - month IV from 16.41% - 16.74% [6]. - The near - 1 - year current month IV quantile was 31.40% - 34.20%, and the near - 2 - year quantile was 40.80% - 46.00%. The near - 1 - year next - month IV quantile was 47.40% - 50.40%, and the near - 2 - year quantile was 59.40% - 61.90% [6]. - The skew index today was 99.49, compared to 104.41 yesterday [12]. 3.4 Shanghai CSI 500ETF - From November 6 - 10, 2025, the price fluctuated, with a 1.89% increase on the 6th, a 1.50% increase on the 7th, and a 0.04% decrease on the 10th. The current month IV ranged from 18.55% - 18.71%, and the next - month IV from 19.92% - 20.13% [16]. - The near - 1 - year current month IV quantile was 34.20% - 35.50%, and the near - 2 - year quantile was 38.40% - 40.20%. The near - 1 - year next - month IV quantile was 46.80% - 57.00%, and the near - 2 - year quantile was 48.10% - 56.20% [16]. - The skew index today was 102.88, compared to 106.34 yesterday [21]. 3.5 Shenzhen CSI 500ETF - From November 6 - 10, 2025, the price fluctuated, with a 1.67% increase on the 6th, a 0.37% decrease on the 7th, and a 0.17% increase on the 10th. The current month IV ranged from 18.65% - 18.98%, and the next - month IV from 20.12% - 20.31% [26]. - The near - 1 - year current month IV quantile was 34.20%, and the near - 2 - year quantile was 39.80% - 40.40%. The near - 1 - year next - month IV quantile was 45.10% - 56.60%, and the near - 2 - year quantile was 54.30% - 56.40% [26]. - The skew index today was 102.13, compared to 106.11 yesterday [31]. 3.6 ChiNext ETF - From November 6 - 10, 2025, the price decreased, with a 1.88% increase on the 6th, a 0.50% decrease on the 7th, and a 0.85% decrease on the 10th. The current month IV ranged from 28.49% - 29.04%, and the next - month IV from 30.04% - 30.61% [32]. - The near - 1 - year current month IV quantile was 57.10% - 58.30%, and the near - 2 - year quantile was 69.30% - 71.50%. The near - 1 - year next - month IV quantile was 59.90% - 73.70%, and the near - 2 - year quantile was 73.70% - 75.60% [32]. - The skew index today was 98.35, compared to 102.10 yesterday [37]. 3.7 Shenzhen 100ETF - From November 6 - 10, 2025, the price fluctuated, with a 1.82% increase on the 6th, a 0.64% decrease on the 7th, and a 0.22% increase on the 10th. The current month IV ranged from 19.96% - 20.37%, and the next - month IV from 21.33% - 22.33% [41]. - The near - 1 - year current month IV quantile was 49.70% - 51.80%, and the near - 2 - year quantile was 60.90% - 62.50%. The near - 1 - year next - month IV quantile was 52.30% - 56.50%, and the near - 2 - year quantile was 66.30% - 69.70% [41]. - The skew index today was 101.73, compared to 104.78 yesterday [44]. 3.8 Science and Technology Innovation 50ETF - From November 6 - 10, 2025, the price decreased, with a 3.36% increase on the 6th, a 1.46% decrease on the 7th, and a 0.61% decrease on the 10th. The current month IV ranged from 31.64% - 32.60%, and the next - month IV from 33.27% - 34.03% [50]. - The near - 1 - year current month IV quantile was 50.20% - 67.40%, and the near - 2 - year quantile was 59.00% - 73.90%. The near - 1 - year next - month IV quantile was 52.20% - 73.90%, and the near - 2 - year quantile was 59.90% - 74.80% [50]. - The skew index today was 93.39, compared to 96.47 yesterday [52]. 3.9 Star 50ETF - From November 6 - 10, 2025, the price decreased, with a 3.39% increase on the 6th, a 1.37% decrease on the 7th, and a 0.69% decrease on the 10th. The current month IV ranged from 31.37% - 32.95%, and the next - month IV from 32.71% - 34.12% [55]. - The near - 1 - year current month IV quantile was 53.80% - 70.10%, and the near - 2 - year quantile was 56.50% - 75.40%. The near - 1 - year next - month IV quantile was 50.60% - 73.30%, and the near - 2 - year quantile was 56.50% - 72.00% [55]. - The skew index today was 93.79, compared to 97.75 yesterday [58]. 3.10 300 Index - From November 6 - 10, 2025, the price fluctuated, with a 1.43% increase on the 6th, a 0.31% decrease on the 7th, and a 0.35% increase on the 10th. The current month IV ranged from 13.35% - 13.87%, and the next - month IV from 16.42% - 16.54% [63]. - The near - 1 - year current month IV quantile was 21.20% - 30.60%, and the near - 2 - year quantile was 21.40% - 31.00%. The near - 1 - year next - month IV quantile was 42.80% - 57.40%, and the near - 2 - year quantile was 54.80% - 57.40% [63]. - The skew index today was 104.41, compared to 105.33 yesterday [66]. 3.11 1000 Index - From November 6 - 10, 2025, the price fluctuated, with a 1.17% increase on the 6th, a 0.13% decrease on the 7th, and a 0.28% increase on the 10th. The current month IV ranged from 17.52% - 17.98%, and the next - month IV from 19.98% - 20.18% [67]. - The near - 1 - year current month IV quantile was 14.20% - 22.00%, and the near - 2 - year quantile was 16.30% - 19.40%. The near - 1 - year next - month IV quantile was 23.20% - 25.70%, and the near - 2 - year quantile was 19.20% - 25.70% [67]. - The skew index today was 113.60, compared to 117.24 yesterday [70]. 3.12 Shanghai 50 Index - From November 6 - 10, 2025, the price fluctuated, with a 1.22% increase on the 6th, a 0.21% decrease on the 7th, and a 0.51% increase on the 10th. The current month IV ranged from 12.91% - 13.21%, and the next - month IV from 49.93% - 62.00% [71]. - The near - 1 - year current month IV quantile was 15.10% - 20.20%, and the near - 2 - year quantile was 15.90% - 20.20%. The near - 1 - year next - month IV quantile was 91.00% - 91.40%, and the near - 2 - year quantile was 95.50% - 95.70% [71]. - The skew index today was 101.83, compared to 101.00 yesterday [76].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - From November 3rd to November 7th, due to the U.S. federal government shutdown exceeding the historical record and the deadlock in the U.S. Supreme Court tariff hearing, the U.S. dollar index declined weekly. Overall, stocks, bonds, and commodities all fell to varying degrees, with bonds > commodities > stocks in terms of performance when priced in U.S. dollars [3][6]. - During the same period in China, the stock market rose while the bond market and commodities declined. With the 10 - year RatingDog manufacturing PMI at 50.6% and the service PMI at 52.6% in October, exports turned negative year - on - year, import growth slowed, the decline in PPI narrowed, and CPI turned positive year - on - year. Overall, stocks > bonds > commodities [3]. - As the U.S. government shutdown nears its end and key data is expected to be released, market uncertainty may decline. Attention should be paid to the impact of market sentiment changes on the prices of major asset classes [3][27]. 3. Summary by Directory 3.1 Global Major Asset Performance 3.1.1 Global Stock Market - From November 3rd to November 7th, due to increased market risk - aversion, most major global stock markets fell. U.S. stocks performed poorly, and emerging markets were slightly more resilient than developed markets. The VIX index rose weekly [8]. - The MSCI Asia - Pacific region fell 1.28% in the past week, the MSCI U.S. fell 1.71%, and the CI Europe fell 0.91% [8][11][14]. 3.1.2 Global Bond Market - The yield of the 10 - year U.S. Treasury bond remained at 4.11% the same as last week. The bond market declined weekly, with government bonds > credit bonds > high - yield bonds globally [12]. - The global bond index fell 0.06% in the past week, the global government bond index fell 0.05%, and the global credit bond index fell 0.13% [12]. 3.1.3 Global Foreign Exchange Market - The U.S. dollar index declined weekly by 0.18%. Although the U.S. ADP employment in October was better than expected, most major non - U.S. currencies against the U.S. dollar declined, and the RMB exchange rate fluctuated within a narrow range [13]. 3.1.4 Global Commodity Market - International oil prices declined weekly due to supply pressure and the easing of short - term Russian oil sanction risks. Precious metal prices continued to fluctuate at high levels, and most major agricultural and non - ferrous metal prices fell [17]. - The RJ/CRB commodity price index fell 0.54% in the past week, and the S&P GSCI commodity total return index also fell 0.54% [18]. 3.2 Domestic Major Asset Performance 3.2.1 Domestic Stock Market - The A - share market sentiment was stable, and most major broad - based indexes rose. The average daily trading volume of the two markets decreased compared with the previous week. The BeiZheng 50 performed poorly, and sectors such as new energy and steel led the gains, while pharmaceuticals and computers performed poorly. The Shanghai Composite Index rose 1.08% weekly [20]. 3.2.2 Domestic Bond Market - From November 3rd to November 7th, the central bank's open - market operations had a net withdrawal of 157.22 billion yuan. The money market remained generally loose, and the bond market oscillated weakly. Overall, corporate bonds > credit bonds > government bonds [23]. - The ChinaBond Total Wealth (Aggregate) Index fell 0.07% in the past week, and the ChinaBond Corporate Bond Total Wealth (Aggregate) Index rose 0.07% [24]. 3.2.3 Domestic Commodity Market - The domestic commodity market declined weekly. Among major commodity sectors, oils and fats led the gains, while the black metal sector performed poorly [24]. - The Nanhua Commodity Index fell 0.47% in the past week, and the Nanhua Black Metal Index fell 2.62% [25]. 3.3 Outlook for Major Asset Prices - As the U.S. government shutdown nears its end and key data is expected to be released, market uncertainty may decline. Attention should be paid to the impact of market sentiment changes on major asset prices [27].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - The commodity market declined last week and then rebounded, with an overall decline of 0.47%. The black sector led the decline, while precious metals and agricultural products rose. The market is expected to fluctuate in the short - term due to factors such as the possible end of the US government shutdown and mixed macro - economic indicators [1]. - Different commodity sectors, including precious metals, non - ferrous metals, black metals, energy, chemicals, and agricultural products, are expected to have short - term fluctuations based on their respective fundamentals and macro - economic factors [1][2][3]. Group 3: Summary by Related Catalogs 1. Market Review - The commodity market fell 0.47% last week. The black sector dropped 2.62%, energy and chemicals fell 0.41% and 0.06% respectively, while precious metals and agricultural products rose 0.11% and 0.57% [1]. - Among specific varieties, rapeseed meal, pulp, and eggs had the highest increases of 6.32%, 3.49%, and 2.32% respectively, while asphalt, iron ore, and methanol had the largest declines of 6.04%, 4.94%, and 3.12% [1]. - The 20 - day average volatility of the commodity market decreased, and the market scale increased by nearly 10 billion, with only the precious metals sector showing net capital outflows [1]. 2. Outlook for Different Sectors - **Precious Metals**: Officials' hawkish remarks and the uncertainty of the US government shutdown situation may keep the sector in high - level fluctuations in the short - term [1]. - **Non - ferrous Metals**: With a neutral macro - environment and mixed fundamentals, the sector is expected to fluctuate in the short - term [2]. - **Black Metals**: With weakening demand, falling production, and increasing raw material pressure, the sector may continue to be supported by costs and fluctuate [2]. - **Energy**: The oversupply of crude oil and the impact of the US government shutdown on demand may lead to short - term oil price fluctuations [2]. - **Chemicals**: Cost support from coal and mixed demand expectations may result in short - term fluctuations and mid - term anti - arbitrage opportunities [3]. - **Agricultural Products**: The reduction of US soybean tariffs and the weak rebound of palm oil may lead to different trends in different agricultural products, with some under pressure [3]. 3. Commodity Fund Overview - Gold ETFs generally had negative weekly returns, with a total scale increase of 0.81%. Energy - chemical, soybean meal, non - ferrous metal, and silver ETFs also had different return and scale changes [35].