Group 1: Energy and Metals Crude Oil - International oil prices rebounded last week, with Brent's December contract rising 7.09%. Short - term crude oil is expected to be volatile and slightly stronger, but the rebound height is limited [1] Precious Metals - Gold and silver continued to fluctuate and adjust. The market maintains the expectation of two more interest rate cuts this year. Precious metals are in a high - level shock phase, and it is recommended to wait and see [2] Copper - Both domestic and foreign copper prices continued to rise. Copper has the potential to hit a record high, but high prices are affecting domestic consumption. It is advisable to trade on dips and be cautious about chasing highs [3] Aluminum - Shanghai aluminum was volatile and slightly stronger on Friday. Although it is breaking through the previous high and showing a strong - side shock, the fundamental driving force is limited, and the upside space should be viewed with caution [4] Cast Aluminum Alloy - The spot price of Baotai ADC12 is 20,700 yuan. It continues to follow the aluminum price and is unlikely to have an independent market for now [5] Alumina - Alumina's operating capacity is at a historical high, and the industry inventory is rising. It is mainly in a weak operation [6] Zinc - LME zinc rebounded to the $3,000 integer mark. The domestic and foreign fundamentals are different, and the short - term rebound height of Shanghai zinc is determined by zinc ingot exports and downstream consumption [7] Lead - The domestic lead market has tight supply. After the lead price rises, downstream purchasing sentiment drops. Further upward movement requires the joint drive of inventory and funds [8] Nickel and Stainless Steel - Shanghai nickel is in a low - level shock. The downstream demand recovery is limited during the peak consumption season, and the overall price of the nickel industry chain may be dragged down [9] Tin - The price of tin fluctuated and declined last Friday night. Pay attention to the supply rhythm after the maintenance and shipment of leading smelters, and wait for the entry opportunity [10] Carbonate Lithium - The lithium price rebounded, and the market trading warmed up. Technically, it is strengthening in the short term, and attention should be paid to the pressure around 80,000 yuan [11] Industrial Silicon - In November, the power price in the southwest production area is rising, and production cuts in Sichuan and Yunnan are highly likely. The short - term spot price is under pressure, and the futures market is expected to remain volatile [12] Polysilicon - The spot price of polysilicon is stable. The market is mainly driven by policy expectations and maintains a volatile trend [13] Iron Ore - The iron ore futures market was volatile last week. Supply is strong, and demand has a downward pressure. The short - term trend is expected to be mainly volatile [15] Coke - The coke price rose during the day. The overall carbon element supply is abundant, and the steel profit is average. The coke price may be prone to rise and difficult to fall [16] Coking Coal - The coking coal price rose during the day. Affected by factors such as political instability in Mongolia and safety inspections, the price may be prone to rise and difficult to fall [17] Manganese Silicon - The price fluctuated downward during the day. The demand is good, and the inventory has slightly decreased. Attention should be paid to the impact of external trade frictions [18] Silicon Iron - The price fluctuated downward during the day. The overall demand is okay, and the inventory is continuously decreasing. Attention should be paid to the impact of external trade frictions [19] Group 2: Building Materials and Chemicals Rebar and Hot - Rolled Coil - Steel prices strengthened on Friday night. Demand is picking up, but the overall domestic demand is still weak. The futures market is expected to continue the rebound trend in the short term [14] Asphalt - BU continued to rise. The supply and demand both decreased this week, and the market is in a tight - balance pattern. The rising cost helps to consolidate the upward trend [21] Liquefied Petroleum Gas - The external price stabilized and rebounded. The fundamentals have improved marginally, and the strengthening of crude oil has boosted LPG [22] Urea - The demand for urea in agriculture has increased, and the supply has decreased slightly. The short - term market is expected to fluctuate strongly within a range [23] Methanol - The port inventory has increased slightly. In the short term, it may fluctuate within a range, and in the long - term, it may be volatile and slightly stronger [24] Pure Benzene - The price of benzene rebounded last week. Supply and demand both decreased. In the medium - term, high imports are the main pressure [25] PVC and Caustic Soda - The inventory accumulation of PVC has slowed down, and it may operate in the bottom - range. Caustic soda may operate at a low level within a range [26] PX and PTA - PX and PTA follow the oil price trend. The terminal situation is improving, but if the oil price weakens, PTA may face inventory accumulation [27] Ethylene Glycol - Domestic production has decreased, but the output has increased. In the short - term, the negative factors in the fundamentals have eased, and in the medium - term, inventory accumulation is expected [28] Short - Fiber and Bottle Chip - Short - fiber may accumulate inventory again. The demand for bottle chips has weakened seasonally, and the long - term pressure is over - capacity [29] Glass - The glass spot price continued to decline. The industry is still accumulating inventory. The decline range is expected to be limited, and attention can be paid to selling out - of - the - money put options [30] 20 - Number Rubber, Natural Rubber, and Butadiene Rubber - The demand is slowly recovering, the supply pressure is large, and the strategy is to rebound from oversold conditions [31] Soda Ash - Soda ash is operating in a low - level range. It is advisable to be cautious when the price is near the cost and prefer to short at high levels after a rebound [32] Group 3: Agricultural Products Soybeans and Soybean Meal - The overall soybean supply in the fourth quarter is not a big problem. If Sino - US trade relations deteriorate, the supply in the first quarter of next year may be tight. It is recommended to wait and see and look for long - entry opportunities [33] Soybean Oil and Palm Oil - In the short - term, be cautious about the callback of palm oil prices and the adjustment risk of the oil - meal ratio. In the long - term, it is advisable to allocate vegetable oils on dips [34] Rapeseed and Rapeseed Oil - The main contract of rapeseed products is expected to fluctuate. It is recommended to pay attention to the cross - competitor strategy with rapeseed products as the short side [35] Domestic Soybeans - The price of domestic soybeans fluctuated. The auction results were good. Pay attention to the impact of the spread between domestic and imported soybeans and policy guidance [36] Corn - Corn futures were weakly volatile on Friday night. The supply is loose, and Dalian corn may continue to operate weakly at the bottom [37] Live Pigs - The spot price of live pigs rebounded over the weekend. Although there is still supply pressure, consumption is expected to improve in the fourth quarter. After the rebound, it is advisable to short on rallies [38] Eggs - Egg futures rebounded. In the short - term, pay attention to risk avoidance, and in the medium - term, there may still be a decline [39] Cotton - US cotton is expected to have weak demand. Domestic cotton futures rebounded. It is recommended to wait and see [40] Sugar - US sugar is oscillating. The international sugar supply is sufficient. The domestic market focuses on the new - season output estimate [41] Apples - Apple futures are strongly operating. The market focuses on the cold - storage inventory. It is recommended to wait and see [42] Wood - Wood futures are oscillating. The supply and demand situation has improved, and it is advisable to maintain a long - biased thinking [43] Pulp - Pulp rebounded last week. The port inventory is relatively high, and the demand is average. It is recommended to wait and see [44] Group 4: Financial Products Stock Index - The stock market rose, and the futures index contracts all closed up. The market style should focus on the technology - growth sector [45] Treasury Bonds - Treasury bond futures oscillated upward. The yield curve steepening is expected to end for now [46]

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]

1. Report Industry Investment Ratings - Crude oil: ★☆★, indicating a slightly bullish trend with limited trading opportunities on the market [1] - Fuel oil: ★☆☆, suggesting a bullish bias but with low market operability [1] - Low - sulfur fuel oil: ☆☆☆, meaning the short - term long/short trend is in a relatively balanced state, and it's advisable to wait and see [1] - Asphalt: ★★★, representing a clearer bullish trend with appropriate investment opportunities [1] - Liquefied petroleum gas: ★☆☆, showing a bullish drive but low market operability [1] 2. Core View of the Report - Geopolitical risks, especially the escalation of sanctions on Russia, are driving the short - term upward volatility of the oil market. The short - term trends of various energy products are greatly affected by macro events, while the medium - term trends are related to supply - demand fundamentals [1][2] 3. Summary by Related Catalogs Crude Oil - Overnight international oil prices rebounded for the second consecutive day, with the SC12 contract rising 2.4% intraday. The sharp escalation of the Russia - Ukraine geopolitical risk led to the oil price rebound. The EU's 19th round of sanctions on Russia involves 4 Chinese enterprises, and supply - chain risks have emerged in the trade and unloading ports of Chinese purchases of Russian oil. Geopolitical risks drive the short - term upward volatility of the oil market. Attention should be paid to the progress of Sino - US - Malaysian talks from the 24th to 27th and subsequent Russia - US dialogues [1] Fuel Oil & Low - sulfur Fuel Oil - The escalation of sanctions on Russia by Europe and the US and geopolitical factors drive the upward trend of the crude - oil system. The sanctions on Russia, a major producer of high - sulfur raw materials, have a stronger upward driving force for high - sulfur fuel oil than for low - sulfur fuel oil. In the short term, the trend depends on the outcome of macro events. In the medium term, as the power - generation peak season ends and supply becomes looser, the upward pressure on high - sulfur fuel oil will gradually appear. The fundamentals of low - sulfur fuel oil remain weak with abundant overseas supply. The recovery of the RFCC unit of the Dangote refinery has led to a decline in shipments, but its operational stability remains to be observed. In the fourth quarter, the increase in heating and power - generation demand in the Northern Hemisphere may bring marginal improvement to low - sulfur fuel oil and support the crack spread [2] Asphalt - The BU contract continued its upward trend, with the near - month contract rising relatively strongly. This week, both supply and demand of asphalt decreased. The scheduled production of local refineries in November decreased significantly month - on - month and year - on - year. The weekly shipments of 54 asphalt sample enterprises decreased month - on - month. Social inventories continued to be destocked steadily, while the destocking of refinery inventories was slow, and the overall commercial inventory decreased slightly. In the short term, the asphalt market maintains a tight - balance pattern, and the strengthening of the cost side helps the BU contract consolidate its upward trend [2] Liquefied Petroleum Gas - All LPG futures contracts rose today. The external market price stabilized and rebounded. The commercial volume of liquefied gas and the volume of imported vessels both decreased. The improvement of chemical profit promoted the increase in demand, and the significant cooling in many places led to a sign of improvement in the combustion - end demand. The inventories of Chinese refineries and ports continued to decline. The marginal improvement of fundamentals and the strengthening of crude oil prices boosted the LPG market [2]

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]

Report Industry Investment Ratings - Copper: ★★★, indicating a clearer long - trend and a relatively appropriate investment opportunity currently [1] - Aluminum: ☆☆☆, suggesting the short - term long/short trend is in a relatively balanced state with poor operability on the current market, advising to wait and see [1] - Alumina: ☆☆☆, same as aluminum [1] - Zinc: ★☆☆, representing a long - bias, with a driving force for price increase but poor operability on the market [1] - Nickel and Stainless Steel: ★☆☆, long - bias with limited market operability [1] - Tin: ☆☆☆, short - term long/short balance with poor operability [1] - Lithium Carbonate: ☆☆☆, short - term long/short balance with poor operability [1] - Industrial Silicon: ☆☆☆, short - term long/short balance with poor operability [1] - Polysilicon: ☆☆☆, short - term long/short balance with poor operability [1] Core Views - The overall non - ferrous metals market is affected by multiple factors such as macro - economic events, supply - demand changes, and inventory levels. Different metals show different trends and investment opportunities [1][2][3] Summary by Metal Copper - Friday saw a significant increase in positions and an expanded upward trend in Shanghai copper. Gold and silver prices corrected during the week, attracting funds to allocate copper based on the high gold - copper ratio. The market is concerned about Sino - US business negotiations and the confirmed summit between the two leaders at the end of the month. High copper prices are suppressing demand, and there is a risk of testing previous highs. It is recommended to trade at low prices and wait and see for now [1] Aluminum & Alumina & Aluminum Alloy - Shanghai aluminum followed the non - ferrous metals to oscillate strongly. The overseas aluminum plant's 200,000 - ton production cut due to an accident and the slight destocking in both domestic and overseas markets are factors. Short - term upward breakthroughs need demand feedback, and the upside space is viewed cautiously. Casting aluminum alloy follows the aluminum price to oscillate strongly. Alumina has a high operating capacity and rising inventory, showing a weak operation [2] Zinc - Overseas currency credit pressure leads to a strong long - bias in funds for non - ferrous metals and precious metals. The zinc export window is open, and the fourth - quarter support for Shanghai zinc is strong. The LME zinc inventory is at a low level, which is beneficial for long - term contract negotiations. Attention should be paid to overseas production data, and the domestic refining industry's profitability may lead to normal exports [3] Nickel and Stainless Steel - Shanghai nickel oscillates at a low level. The downstream demand recovery in the peak season is limited, and the market is light. The support from the upstream price rebound is weakening, and the overall nickel industry chain price may be dragged down. Technically, Shanghai nickel is weak and expected to oscillate [6] Tin - Shanghai tin increases in positions and rises. Technically, London tin breaks through the MA20 moving average, and the short - term upward trend will continue. Low imports of tin concentrates in China in September and limited复产 of Myanmar mines support the price. Wait for the social inventory data this week [7] Lithium Carbonate - The lithium price rebounds, and the market trading warms up. The overall inventory decreases, and the downstream seizes the opportunity to buy after the price cut. Technically, it is strong in the short term, and the pressure around 80,000 yuan should be watched [8] Industrial Silicon - The industrial silicon futures decline slightly. There is a high probability of production cuts in Sichuan and Yunnan in November due to rising electricity prices. The inventory accumulation situation is expected to be alleviated, and the spot price is under pressure while the futures are expected to oscillate [9] Polysilicon - The polysilicon futures decline slightly after changing the main contract. The spot price of N - type re -投料 is stable. The production cuts in October were less than expected, and there is a risk of inventory accumulation in November - December. The market oscillates driven by policy expectations [10]

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core Viewpoints of the Report - The LME lead inventory has decreased from a high level, but the overall inventory is still high. With the news of Citigroup's plan to extract a large amount of lead from Singapore warehouses, the market sentiment has shifted from the weak reality of LME lead oversupply to the strong expectation of inventory reduction. The lead ingot spot import window has opened, and overseas lead ingots can be smoothly transferred to China, alleviating the overseas inventory accumulation pressure, leading to a rebound in LME lead [2]. - After the National Day in China, the downstream consumption of lead has been good. The production reduction of primary and secondary lead smelters has led to a shortage of market supply, and the low lead price has stimulated downstream purchasing. The battery enterprises' inventory has decreased, and their production has recovered after the holiday, with good orders and a slight increase in battery prices. The domestic lead ingot inventory accumulation is less than expected. The cost - side support of lead has strengthened, and the actual resumption of secondary lead production is slower than expected, not exerting much downward pressure on Shanghai lead. The news of environmental inspections in Hebei has further stimulated the entry of long - position funds, breaking the previous stalemate and causing Shanghai lead to break through the previous consolidation range [3]. - In the future, the shift of capital sentiment should be closely monitored. Against the backdrop of the US disrupting the global supply chain and the government shutdown, funds are flowing into precious metals and non - ferrous metals. The news of Citigroup's extraction of lead from Singapore warehouses has opened up upward space for LME lead. The external market may drive the domestic market to rise. Technically, Shanghai lead is expected to break through the previous high of 17,800 yuan/ton. However, due to factors such as the competitiveness of lithium batteries, pre - consumption caused by "trade - in" in China, and the impact of tariffs on battery exports, as well as the expected increase in secondary lead production after the lead price rises, the high - price range of Shanghai lead in the fourth quarter is expected to be 18,300 - 18,500 yuan/ton [4]. 3) Summary by Related Contents News - Citigroup plans to extract a large amount of lead from LME - approved Singapore warehouses as it seeks other rent - sharing transactions [2]. - Hebei will control incoming vehicles, and vehicles of China V emission standard and below are not allowed to enter factories. The transportation of waste materials and lead ingots in local secondary lead enterprises and lead - acid battery enterprises is affected, and the transportation cycle is extended [2]. Market Situation Analysis - As of October 23, 2025, the LME lead inventory has decreased to 239,750 tons, with a high proportion of cancelled warrants (68.1%). The opening of the lead ingot import window has alleviated the overseas inventory pressure [2]. - After the National Day in China, the downstream consumption of lead is good. The reduction in primary and secondary lead production has led to a shortage of supply, and the low lead price has stimulated purchasing. Battery enterprises' production has recovered, and the inventory accumulation of lead ingots is less than expected [3]. - In the primary lead sector, some enterprises have复产 and减产, and the pre - winter storage of some smelters has intensified the shortage of lead concentrates, leading to a decrease in lead concentrate TC and stronger cost - side support [3]. - In the secondary lead sector, the actual resumption of production is slower than expected, and the price difference between refined and scrap lead fluctuates in the range of 50 - 75 yuan/ton, not exerting much downward pressure on Shanghai lead [3]. Future Price Forecast - The shift of capital sentiment is crucial. Funds are flowing into precious metals and non - ferrous metals. The news of Citigroup's lead extraction has opened up upward space for LME lead, and the external market may drive the domestic market to rise [4]. - Technically, Shanghai lead is expected to break through the previous high of 17,800 yuan/ton. However, due to various factors, the high - price range of Shanghai lead in the fourth quarter is expected to be 18,300 - 18,500 yuan/ton [4].