(原油) 昨日布伦特12合约涨0.09%，有消息称本周日0PEC+会议将决定在12月进一步增产，此前原油因俄罗 斯制裁升级及中美贸易谈判积极信号而引发的乐观情绪受到抑制。原油市场中期供需宽松压力不 变，且考虑到近期中美博弈风险的缓和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,策略方面再次关注原油空头逢高入场与虚值看涨期权相结合的组合。 【责金属】 隔夜贵金属延续下跌。周末中美就稳妥解决多项重要经贸议题形成初步共识,短期风险偏好向好, 贯金属或将构筑高位震荡平台，耐心等待企稳后参与机会。本周重点关注美联储议息会议和APEC领 导人峰会。 gtaxinstitute@essence.com.cn (锌) 外盘低库存，伦锌继续偏强运行，锌锭现货出口窗口打开，国内贸易商和炼厂积极寻求出口，外盘 带动内盘跟涨。国内炼厂冬储在即,海外炼厂利润修复后存增产预期，11月内外矿TC齐转降，四季 度沪锌不做空头配置。短期消费偏弱，反弹动力来自出口和成本支撑，沪锌上方暂看2.3万元/吨压 力位。 【铜】 隔夜铜价收复盘中跌幅，在中美商务谈判乐观气氛引导下，内外铜价逼近纪录位置。同时，联储再 次兑现降息动 ...

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CPI—(1)美国劳工部数据称,美国9月 CPI同比上涨3.0%,环比上涨0.3%,核心CPI同比上涨3.0%,环 比上涨0.2%。②美国白宫国家经济委员会主任哈塞特:数据"非常出色"，通胀正在放缓，美联储压力减 轻。③美国白宫:下个月可能无法公布通胀数据,为史上首次。 ★贸易协议——1美国与泰国签署关键矿物协议,并将维持对泰国19%的关税;②特朗普与巴西总统会晤,双 方将进行经贸谈判,巴方要求在谈判过程中暂停关税;3美国与马来西亚签署贸易协议和关键矿产协议; ...

Report Industry Investment Ratings - Crude oil: Short - term volatile and bullish, but the rebound height is limited, with a strategy of combining short positions on crude oil when prices are high and out - of - the - money call options [1] - Fuel oil: High - sulfur fuel oil is driven by geopolitical factors but its upside space may be limited; low - sulfur fuel oil should not be overly bearish as its crack spread may be supported [2] - Asphalt: Short - term boost but upside space is restricted by weak demand and slow de - stocking in the medium and long term [3] - Liquefied petroleum gas: Short - term boost from fundamental improvement and strong crude oil [4] Core Views - Geopolitical risks and trade - war risk changes affect the oil market, and the short - term oil market is generally bullish but with limited upside [1] - Different products in the oil - related industry have different supply - demand situations, and their prices are affected by factors such as geopolitics, production plans, and seasonal demand [1][2][3][4] Summary by Related Catalogs Crude Oil - Last week, international oil prices rebounded from a low level, with Brent 12 contract up 7.09% and SC12 contract up 0.58% intraday [1] - Geopolitical risks have a turning point, and trade - war risk cooling adds to market optimism, but the impact of geopolitical fluctuations is limited [1] - Short - term crude oil is volatile and bullish, but the rebound height is limited, and a strategy of combining short positions on crude oil when prices are high and out - of - the - money call options is recommended [1] Fuel Oil & Low - Sulfur Fuel Oil - Geopolitical factors drive the upward trend of the crude - oil system, and high - sulfur fuel oil is relatively strong due to concerns about Russian exports [2] - High - sulfur fuel oil's price is dominated by macro - events, and its supply is expected to be more abundant, limiting the upside space [2] - Low - sulfur fuel oil has a weak fundamental situation, but supply - side geopolitical factors and seasonal demand may support its crack spread [2] Asphalt - In November, the planned production of refineries nationwide decreased significantly year - on - year and month - on - month [3] - Terminal demand is affected by temperature in the north and weather in the south, and the overall commercial inventory decreased month - on - month [3] - The short - term boost to BU is limited by weak "peak - season" demand and slow de - stocking in the medium and long term [3] Liquefied Petroleum Gas - Today, LPG futures fluctuated and were bullish [4] - External prices stabilized and rebounded, and supply decreased while demand increased [4] - The decline in port and refinery storage rates, along with strong crude oil, provides a short - term boost to LPG [4]

Report Industry Investment Ratings - Cotton: ★★★, indicating a clear upward trend and relatively appropriate investment opportunities [1] - Pulp: ★★★, suggesting a clear upward trend and relatively appropriate investment opportunities [1] - Sugar: ★★★, showing a clear upward trend and relatively appropriate investment opportunities [1] - Apple: ☆☆☆, meaning the short - term long/short trend is in a relatively balanced state, and the current market is not very operable, with a focus on waiting and seeing [1] - Timber: ★★★, indicating a clear upward trend and relatively appropriate investment opportunities [1] - Natural Rubber: ★☆☆, representing a bullish bias, with a driving force for price increase but limited market operability [1] - 20 - rubber: ★☆★, the meaning is not clearly defined in the given content [1] - Butadiene Rubber: ★☆☆, showing a bullish bias, with a driving force for price increase but limited market operability [1] Core Views - The prices of different soft commodities show different trends, affected by factors such as supply, demand, cost, and weather. Overall, the market is complex, and most commodities are recommended for temporary waiting and seeing or short - term operations [2][3][4] Summary by Commodity Cotton & Cotton Yarn - Zhengzhou cotton rose slightly, and the spot sales basis was mostly stable. Xinjiang seed cotton purchase prices were stable with a slight increase, raising new cotton costs and supporting the market. The purchase by ginneries was cautious, and the price increase space was limited. As of October 26, the national cumulative cotton inspection volume was 135.55 million tons. The peak season was weak, with insufficient new orders for yarn spinning enterprises and cautious purchasing by traders. The short - term rise of Zhengzhou cotton was a rebound with limited space, and it was recommended to wait and see [2] Sugar - Last week, US sugar was weak. Brazilian production data in the second half of September was bearish, with increased cane crushing and sugar production. In China, Zhengzhou sugar was weakly volatile, and the market focused on the next season's output estimate. The expected sugar output in Guangxi for the 25/26 season was good, and sugar prices were expected to remain weakly volatile [3] Apple - The futures price was strong. In Shandong, the purchase price of new - season bagged Fuji increased by 0.5 - 0.7 yuan per catty, but the purchase progress was slow, and the volume was small. In Shaanxi, good - quality apples were mostly pre - ordered, and the current supply was of lower quality. The market focused on cold - storage inventory. The national apple bagging volume decreased slightly, and the output might be adjusted downwards. The initial cold - storage inventory might be higher than expected, and it was recommended to wait and see [4] 20 - rubber, Natural Rubber & Synthetic Rubber - After the Sino - US economic and trade consultations in Malaysia, the futures market sentiment was divided. The price of domestic natural rubber was stable with a slight increase, and the price of synthetic rubber decreased slightly. The global natural rubber supply was in a high - yield period. The domestic butadiene rubber plant operating rate increased slightly, and the upstream butadiene plant operating rate decreased slightly. The domestic tire operating rate rebounded slightly, and the inventory of finished products increased. The natural rubber inventory in Qingdao decreased, while the social inventory of butadiene rubber increased. The strategy was to consider rebound opportunities after a sharp decline [5] Pulp - Pulp futures rose slightly, and the spot prices were stable. As of October 23, the inventory in Chinese ports decreased by 1.9 million tons to 205.5 million tons. In September, the imported pulp volume increased by 27.25 million tons year - on - year. The port inventory was relatively high, and the demand was average. The overseas broad - leaf pulp price increased, narrowing the price difference between coniferous and broad - leaf pulp and supporting the coniferous pulp. It was recommended to wait and see or conduct short - term operations [6] Logs - The log futures price decreased significantly with position reduction, but the fundamentals changed little. In October, the price of New Zealand radiata pine increased, and the domestic spot price was weak, reducing traders' import willingness. The domestic supply was expected to remain low. The port delivery volume was over 60,000 cubic meters, supporting the price. The low inventory also supported the price, and it was recommended to wait and see [7]

1. Report Industry Investment Ratings - Urea: Not specified in the report [1] - Methanol: Not specified in the report [1] - Pure Benzene: Not specified in the report [1] - Styrene: ★☆★, indicating a short - term multi/empty trend in a relatively balanced state with poor operability on the current disk [1][9] - Polypropylene: ★☆☆, representing a bullish bias but with limited operability on the disk [1] - Plastic: ★☆★, suggesting a short - term multi/empty trend in a relatively balanced state with poor operability on the current disk [1] - PVC: Not specified in the report [1] - Caustic Soda: ☆☆☆, indicating a bearish trend [1] - PX: ★☆★, suggesting a short - term multi/empty trend in a relatively balanced state with poor operability on the current disk [1] - PTA: ★☆★, suggesting a short - term multi/empty trend in a relatively balanced state with poor operability on the current disk [1] - Ethylene Glycol: ★☆☆, representing a bullish bias but with limited operability on the disk [1] - Short - fiber: ★☆★, suggesting a short - term multi/empty trend in a relatively balanced state with poor operability on the current disk [1] - Glass: Not specified in the report [1] - Soda Ash: ☆☆☆, indicating a bearish trend [1] - Bottle Chip: ★☆☆, representing a bullish bias but with limited operability on the disk [1] - Propylene: ☆☆☆, indicating a bearish trend [1] 2. Core Views - The prices of various chemical products are affected by multiple factors such as supply - demand relationship, cost, and market sentiment. For example, short - term oil price fluctuations affect the cost of some products, and supply - side changes and downstream demand trends determine the price trends of different products [2][3][5] - Different products have different price trends and investment suggestions. Some products are expected to have long - term downward pressure due to over - supply, while others may have short - term rebounds due to certain events but still face long - term challenges [5][6][7] 3. Summary by Related Catalogs 3.1 Olefins - Polyolefins - Propylene futures fluctuate narrowly. Short - term oil price increases support costs, but supply pressure is difficult to relieve due to expected increases in supply [2] - Plastic and polypropylene futures close slightly higher. For polyethylene, domestic supply increases, demand has both positive and negative factors, and cost and macro - news support the market. For polypropylene, supply is abundant, and downstream demand provides limited support [2] 3.2 Pure Benzene - Styrene - The price of traditional benzene is weak. Port inventory is decreasing, but mid - term import pressure is high. The focus is on port inventory accumulation [3] - Styrene futures fluctuate around the 5 - day moving average. Short - term oil price rebounds relieve cost pressure, but long - term price is suppressed by high inventory [3] 3.3 Polyester - PX and PTA prices are weak in the morning and rebound in the afternoon. Downstream demand is currently okay but is expected to weaken. Supply pressure is high. Based on the industry meeting news, there is an expectation of "anti - involution" [5] - Ethylene glycol production increases. The polyester industry chain rebounds, driving ethylene glycol up. Short - term negatives weaken, but mid - term inventory accumulation is expected [5] - Short - fiber has a good spot pattern, but may accumulate inventory again. Bottle - chip demand is weak, and long - term pressure comes from over - capacity [5] 3.4 Coal Chemical Industry - Methanol futures remain at a low level. Port inventory increases slightly, and the market is likely to maintain low - level fluctuations [6] - Urea price increase lacks momentum. Supply - demand imbalance persists, but there may be a phased rebound at low prices [6] 3.5 Chlor - alkali - PVC price rises slightly at a low level. The supply - demand pattern is weak, and it may operate in a bottom - range [7] - Caustic soda price fluctuates at a low level. Supply pressure is high, and downstream demand is average, so the price is expected to remain low [7] 3.6 Soda Ash - Glass - Soda ash price fluctuates strongly. Cost increases, supply is high, and it is recommended to be cautious when short - selling near the cost of traditional soda ash [8] - Glass price fluctuates narrowly. Inventory is increasing, and the price decline may be limited due to low valuation [8]

Report Industry Investment Ratings - Thread: ★☆☆ [1] - Hot Rolled: ★☆☆ [1] - Iron Ore: ★☆☆ [1] - Coke: ★☆☆ [1] - Coking Coal: ★☆☆ [1] - Manganese Silicon: ★☆☆ [1] - Ferrosilicon: ★☆☆ [1] Core Views - The steel market is expected to continue its short - term rebound, with attention on demand changes and domestic demand stimulus policies [1] - Iron ore is expected to mainly fluctuate at a high level [2] - Coke and coking coal prices may be more likely to rise than fall [3][5] - Manganese silicon and ferrosilicon prices mainly follow the trend of steel [6][7] Summary by Related Categories Steel - The futures market rebounded significantly today. Thread apparent demand continued to pick up but was still weak year - on - year, production increased, and inventory continued to decline. Hot - rolled demand continued to rise, production was basically flat, and inventory declined [1] - Iron - making water production remained high overall, downstream carrying capacity was insufficient, and the negative feedback pressure in the industrial chain needed to be alleviated [1] - From September data, real estate investment continued to decline significantly, infrastructure and manufacturing investment growth rates continued to fall, domestic demand was still weak overall, and steel exports remained high [1] - Positive progress in Sino - US economic and trade consultations and increased environmental protection restrictions in Tangshan improved market sentiment [1] Iron Ore - On the supply side, global shipments increased at a high level and were stronger than the same period last year. Brazilian shipments increased significantly, Australian shipments to China decreased, and domestic arrivals fell below the annual average [2] - On the demand side, iron - making water production gradually declined from a high level, the steel mill profitability rate shrank to a low level for the year, and there was still pressure for production cuts due to factors such as Tangshan's production restrictions [2] - Positive progress in the new round of Sino - US economic and trade consultations and the convening of important domestic meetings led to some policy - friendly expectations and improved market sentiment [2] Coke - The price rose during the day. The second round of coke price increases was fully implemented. Coking coal prices rose faster, resulting in average coking profits and a slight decrease in daily production [3] - Coke inventory hardly changed. Downstream buyers made small - scale on - demand purchases and mainly consumed inventory, and traders' purchasing willingness was average [3] - Overall, the supply of carbon elements was abundant, steel profit levels were average, and there was strong pressure to reduce raw material prices [3] Coking Coal - The price rose during the day. Tangshan carried out about 4 days of strict environmental protection - related production restrictions this week, and there was still some room for a decline in iron - making water production, but the impact duration was short [5] - Coking coal mine production decreased slightly, spot auction transactions improved, transaction prices rose, and terminal inventory increased [5] - Total coking coal inventory increased slightly month - on - month, production - end inventory decreased slightly, and production cuts due to self - inspections by coking coal mines increased slightly as safety inspections approached in major coal - producing areas [5] Manganese Silicon - The price fluctuated during the day. On the demand side, iron - making water production remained above 239, but Tangshan's production restrictions this week might lead to a further decline [6] - Weekly manganese silicon production decreased slightly, production remained at a high level, inventory decreased slightly, and both futures and spot demand were still good [6] - The forward quotation of manganese ore increased slightly month - on - month, and spot ore was boosted by the futures market. Manganese ore inventory decreased slightly, and the contradiction was not prominent [6] Ferrosilicon - The price fluctuated during the day. On the demand side, iron - making water production remained above 239, but Tangshan's production restrictions this week might lead to a further decline [7] - Export demand remained at about 30,000 tons, with a small marginal impact. The production of magnesium metal increased slightly month - on - month, and secondary demand increased marginally. Overall demand was acceptable [7] - Ferrosilicon supply remained at a high level, and on - balance - sheet inventory continued to decline [7]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - From October 20 to October 24, 2025, the U.S. September CPI year - on - year growth rate was lower than expected, and China - U.S. economic and trade consultations reached a basic consensus on arrangements to address respective concerns. Globally, stocks and commodities rose, while the bond market declined. In terms of U.S. dollar - denominated assets, commodities > stocks > bonds. In China, stocks and commodities closed higher, and the bond market was weakly volatile. Overall, stocks > commodities > bonds. The impact of previous risk events on the market has weakened, and risk sentiment has improved. Attention should be paid to the overall performance of the Fed's interest - rate meeting this week [3][6]. 3. Summary by Related Catalogs 3.1 Global Major Asset Performance 3.1.1 Global Stock Market Overview - From October 20 to October 24, 2025, the market sentiment was relatively stable, and major global stock markets generally closed higher. U.S. stocks had the highest gains, and emerging markets outperformed developed markets. The VIX index had a significant weekly decline [8]. - In the Asia - Pacific market, the MSCI Asia - Pacific region rose 1.87% in a week, the Shanghai Composite Index rose 2.88%, and the Hang Seng Index rose 3.62%. In the American market, the MSCI USA rose 1.93%, and the S&P 500 rose 1.92%. In other markets, the Istanbul ISE100 rose 7.18% [11][12]. 3.1.2 Global Bond Market Overview - From October 20 to October 24, 2025, the lower - than - expected September inflation data supported the Fed to further cut interest rates. The yield of the 2 - year U.S. Treasury bond increased by 2BP weekly, and the yield of the 10 - year U.S. Treasury bond remained flat at 4.02%. The bond market weakened weekly. Globally, high - yield bonds > credit bonds > government bonds [13]. - The global bond index fell 0.19% in a week, the global government bond index fell 0.37%, the global credit bond index rose 0.05%, and the global high - yield bond index rose 0.36% [13]. 3.1.3 Global Foreign Exchange Market Overview - From October 20 to October 24, 2025, recent U.S. data showed economic resilience, and the U.S. dollar index closed higher weekly. Major non - U.S. currencies had mixed performances against the U.S. dollar, and the RMB exchange rate fluctuated within a narrow range. The U.S. dollar index rose 0.39% weekly [14]. 3.1.4 Global Commodity Market Overview - The U.S. government announced sanctions on Russia's two largest oil companies, causing international oil prices to soar weekly. The market's risk - aversion sentiment cooled recently, and precious metal prices declined weekly. Major industrial and agricultural products prices generally rose [17]. - The RJ/CRB commodity price index rose 3.28%, and the S&P Goldman Sachs Commodity Total Return Index rose 3.65%. Brent crude oil rose 5.84%, and WTI crude oil rose 7.32%. The S&P Goldman Sachs Precious Metals Total Return Index fell 1.83% [17][19]. 3.2 Domestic Major Asset Performance 3.2.1 Domestic Stock Market Overview - Policy boosted market confidence, and major A - share broad - based indexes generally rose. The average daily trading volume of the two markets decreased compared with the previous week. In terms of style, the growth style had the highest gains. In terms of sectors, communications, electronics, etc. had high gains, while agriculture, forestry, animal husbandry, and fishery performed poorly. The Shanghai Composite Index rose 2.88% weekly [21]. 3.2.2 Domestic Bond Market Overview - From October 20 to October 24, 2025, the central bank's net injection in the open - market operations was 198.1 billion yuan. The capital market remained stable. The bond market was weakly volatile weekly. Overall, corporate bonds > credit bonds > government bonds [23]. - The ChinaBond Aggregate Total Return Index fell 0.07% in a week, the ChinaBond Corporate Bond Total Return Index rose 0.14%, the ChinaBond Treasury Bond Total Return Index fell 0.13%, and the ChinaBond Credit Bond Total Return Index rose 0.12% [24]. 3.2.3 Domestic Commodity Market Overview - The domestic commodity market closed higher weekly. Among major commodity sectors, energy had the highest gains, and precious metals performed poorly [25]. 3.3 Major Asset Price Outlook - The impact of previous risk events on the market has weakened, and risk sentiment has improved. Attention should be paid to the overall performance of the Fed's interest - rate meeting this week [27].

Report Industry Investment Ratings - **Buy Recommendations**: Soybean No. 1, Egg [1] - **Sell Recommendations**: None - **Hold Recommendations**: Soybean Meal, Soybean Oil, Palm Oil, Live Pig [1] - **Neutral Recommendations**: Rapeseed Meal, Rapeseed Oil, Corn [1] Core Views - The overall supply of soybeans in the fourth quarter is not a major issue, but if the Sino-US trade relationship deteriorates and persists, the supply may tighten in the first quarter of next year [3]. - The prices of rapeseed oil are expected to face pressure due to the risk of inventory accumulation, while rapeseed meal may be boosted by the increase in oilseed prices in the short term [7]. - Corn prices are expected to continue their weak performance at the bottom, and the timing of the inflection point remains unclear [8]. - After the rebound of pig prices, a short - selling strategy is recommended, and there is a high probability of a second bottoming in the first half of next year [9]. - Egg prices may experience a decline in the medium term, and short - term risk avoidance is necessary [10]. Summary by Category Soybean No. 1 - The price of domestic soybeans has pulled back from its high, and there has been some profit - taking after the recent rebound. The spot market has active participants in acquisitions, and the price difference between domestic and imported soybeans has decreased. Short - term attention should be paid to the performance of domestic soybean spot and policies at home and abroad [2]. Soybean & Soybean Meal - Last week, the futures contract of Dalian soybeans rebounded from the bottom with a large reduction in positions. The price of US soybeans jumped on Monday. The domestic supply of soybeans is sufficient in the fourth quarter, but there may be a supply shortage in the first quarter of next year if the Sino - US trade relationship deteriorates. Attention should be paid to the APEC meeting at the end of the month [3]. Soybean Oil & Palm Oil - After the Sino - US economic and trade consultations in Kuala Lumpur, the market sentiment for US agricultural product exports has improved. The price of US soybean futures has risen, and the import cost has increased slightly. The crushing profit of Brazilian soybeans is poor. The price of soybean oil is stronger than that of soybean meal and palm oil. Attention should be paid to the performance of the Brazilian soybean premium market [4]. - The futures price of soybean oil is expected to fluctuate, and the price of palm oil may face pressure in the short term. In the long term, there is still support for palm oil prices, and medium - to long - term investors can consider buying vegetable oils at low prices [6]. Rapeseed Meal & Rapeseed Oil - The Sino - US and Sino - Canadian relationships are the most important variables in the oilseed market. The inventory of rapeseed in coastal oil mills is expected to remain low, and the inventory of rapeseed oil in East China may increase. Rapeseed oil prices are expected to face pressure, while rapeseed meal may be boosted in the short term [7]. Corn - The futures price of Dalian corn decreased by 1.03% with an increase in positions. The new corn supply in the Northeast is stable, and the price rebound has ended. New grain in Jilin may be concentrated on the market again, and the price in Shandong continues to weaken. The downstream demand remains at a rigid level [8]. Live Pig - The spot price of live pigs has rebounded, and the futures price has followed suit. Although the supply pressure is still high, the price difference between fattening pigs has promoted second - round fattening and pen - holding behavior. After the rebound, a short - selling strategy is recommended [9]. Egg - The spot price of eggs has increased significantly, and the near - month futures contract has followed suit. The short - term risk of further price increases should be avoided, and in the medium term, the industry needs to accelerate the elimination of old chickens. There is also potential pressure from cold - stored eggs on the spot market [10].

| 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].