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].

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]