Report Summary Core Viewpoints - On November 10, 2025, the three major A-share indices showed mixed performance. The Shanghai Composite Index regained the 4000-point mark, rising 0.53% to close at 4018.60 points; the Shenzhen Component Index rose 0.18% to close at 13427.61 points; the ChiNext Index fell 0.92% to close at 3178.83 points. The trading volume of the Shanghai and Shenzhen stock markets reached 2174.5 billion yuan, an increase of 175.4 billion yuan from the previous trading day [1]. - The CSI 300 index showed a strengthening trend on November 10, closing at 4695.05, a环比 increase of 16.26 [2]. - The weighted index of coke was weak on November 10, closing at 1774.0, a环比 decrease of 20.2. The weighted index of coking coal showed a weak and volatile trend, closing at 1277.1 yuan, a环比 decrease of 14.9 [2][3]. - The third round of price increase of 50 - 55 yuan/ton for coke has been implemented. Some coke enterprises proposed a fourth - round price increase of 50 - 55 yuan/ton starting from 0:00 on November 10. The total inventory of coke decreased by 129,700 tons last week [4]. - After the third - round price increase of coke, the production profit loss of coke enterprises decreased slightly, but the production enthusiasm of independent coke enterprises declined. The terminal demand was weak, and the steel mill's profit had a negative feedback on the molten iron output [5]. - Affected by the expectation of the US government's potential restart and strong Brazilian export data in October, the Zhengzhou Sugar 2601 contract and Shanghai Rubber showed an upward trend on November 10 [5][6]. - On November 10, the palm oil futures maintained a low - level volatile trend, with the main contract P2601 closing at 8690, a 0.35% increase from the previous day. As of November 7, the commercial inventory of palm oil in key regions across the country increased [6]. - After the US Senate advanced a measure to reopen the federal government, industrial metals, including Shanghai Copper, rose. China's CPI turned from a decline to an increase in October 2025, and the decline of PPI narrowed. The social inventory of refined copper decreased slightly [6]. - On the night of November 10, the main contract of Zhengzhou Cotton closed at 13,595 yuan/ton, and the inventory increased by 281 lots compared with the previous trading day. The cotton picking in northern and eastern Xinjiang has ended, and southern Xinjiang is in the late stage of picking [6]. - On November 10, the 2601 main contract of logs opened at 778, with a minimum of 772.5, a maximum of 785, and closed at 782.5, with a decrease of 866 lots in positions. The spot price of logs in Shandong remained flat, while that in Jiangsu decreased. From January to October, the import of logs and sawn timber decreased year - on - year [6][7]. - On November 10, the 2601 main contract of iron ore closed down 0.07% at 765 yuan. The iron ore shipment decreased环比, while the domestic arrival volume increased significantly. The molten iron output decreased for 5 consecutive periods [7]. - On November 10, the 2601 main contract of asphalt closed down 1.17% at 3036 yuan. The capacity utilization rate of asphalt decreased环比, and the inventory continued to decline. The terminal demand remained weak [8]. - On November 10, rb2601 of steel closed at 3044 yuan/ton, and hc2601 closed at 3252 yuan/ton. The coking coal market remained tight, and coke started the fourth - round price increase. The demand for steel in the off - season was weak, and the supply - demand situation was weak on both sides [8]. - On November 10, ao2601 of alumina closed at 2829 yuan/ton. The supply of caustic soda was disrupted, driving up the cost of alumina. However, the demand for alumina was expected to weaken [8]. - On November 10, al2512 of Shanghai Aluminum closed at 21,725 yuan/ton. The high aluminum price suppressed the downstream procurement willingness. There were risks on the supply side, and there was a risk of inventory accumulation in November [8]. Industry Investment Ratings There is no information about industry investment ratings in the report.

Report Summary 1. Market Performance on November 7, 2025 - A-shares: The three major A-share indices declined slightly. The Shanghai Composite Index fell 0.25% to 3997.56, the Shenzhen Component Index dropped 0.36% to 13404.06, and the ChiNext Index decreased 0.51% to 3208.21. The trading volume in the Shanghai and Shenzhen stock markets was 1999.1 billion yuan, a decrease of 56.2 billion yuan from the previous day [1]. - Index Futures: The CSI 300 index fluctuated narrowly, closing at 4678.79, a decrease of 14.61 from the previous day [2]. 2. Commodity Futures 2.1 Coke and Coking Coal - Coke: The weighted coke index trended weakly, closing at 1785.9, a decrease of 12.2. The third round of price increases has been implemented, and there is an expectation of a fifth - round increase. Demand is stable with active replenishment from coke enterprises and most steel mills purchasing as needed [2][4]. - Coking Coal: The weighted coking coal index was weak, closing at 1283.5 yuan, a decrease of 15.1. Prices have reached new highs this year. Supply is tight due to production cuts in some mines, and inventories are at low levels [3][4]. 2.2 Zhengzhou Sugar - Global sugar supply surplus expectations continue to pressure sugar prices. The Zhengzhou sugar 2601 contract closed slightly higher at night due to bargain - hunting. Pakistan will start the sugar - cane crushing season on November 15, 2025, and the Northern Region government has raised the sugar - cane price [4]. 2.3 Rubber - Shanghai rubber closed slightly lower at night. As of October 7, the Shanghai Futures Exchange's natural rubber inventory increased by 135 tons, while the futures warehouse receipts decreased by 1930 tons. The EU has launched an anti - subsidy investigation on Chinese tires [5]. 2.4 Palm Oil - On November

Group 1: Overall Market Performance - On November 6, 2025, A-share major indices strengthened collectively, with the Shanghai Composite Index reclaiming the 4000-point mark, rising 0.97% to close at 4007.76; the Shenzhen Component Index rising 1.73% to 13452.42; the ChiNext Index rising 1.84% to 3224.62; and the STAR 50 Index rising 3.34% to 1436.86. The trading volume of the two markets reached 2055.2 billion yuan, an increase of 182.9 billion yuan from the previous day [1] - The CSI 300 Index was strong on November 6, closing at 4693.40, up 66.15 from the previous day [2] Group 2: Coal Futures - On November 6, the coke weighted index fluctuated within a range, closing at 1806.6, up 35.0 from the previous day. The third round of price increases for coke has been fully implemented, with an increase of 50 - 55 yuan/ton. The current iron - water production has dropped significantly, and subsequent复产 amplitude is limited [2][4] - On November 6, the coking coal weighted index fluctuated and consolidated, closing at 1305.2 yuan, up 27.9 from the previous day. The supply of coking coal remains tight, and the auction failure rate remains low. Some coal varieties have seen large price increases [3][4] Group 3: Sugar Futures - Affected by the expectation of a global sugar market surplus, the US sugar futures fluctuated slightly lower on Wednesday. The Zhengzhou sugar 2601 contract fluctuated and consolidated on Thursday due to a large short - term decline and technical factors. Czarnikow raised its forecast for the global sugar surplus in the 2025/26 season by 1.2 million tons to 8.7 million tons [4] Group 4: Rubber Futures - Affected by technical factors, the Shanghai rubber futures fluctuated and closed slightly higher at night. Most tire enterprises' device operations were stable this week, with narrow fluctuations in capacity utilization rates. The capacity utilization rate of semi - steel tire sample enterprises was 72.89%, a 0.77 - percentage - point increase; that of full - steel tire sample enterprises was 65.37%, a 0.03 - percentage - point increase [5] Group 5: Soybean Meal Futures - On November 6, the CBOT soybean futures closed lower, with the January soybean futures contract down 2.34% at 1108 cents per bushel. The US soybean harvest is nearing completion. In the domestic market, the M2601 main contract closed at 3068 yuan/ton on November 6, down 0.16%. The supply of imported soybeans is abundant, and the soybean meal supply is sufficient, limiting the upside space for prices [5] Group 6: Live Pig Futures - On November 6, the LH2601 main contract closed at 11940 yuan/ton, up 0.04%. The supply of live pigs in the fourth quarter is expected to be sufficient, and the "supply exceeds demand" pattern in the live pig market has not fundamentally changed [5] Group 7: Copper Futures - The main contract of Shanghai copper closed at 86320 yuan/ton on November 6, up 890 yuan or 1.04%. Macroeconomic data was stronger than expected. The supply of domestic electrolytic copper is tight due to maintenance, and the demand side has limited acceptance of high prices. The copper price has entered an adjustment period [5] Group 8: Iron Ore Futures - On November 6, the iron ore 2601 main contract fluctuated and closed up 0.65% at 777.5 yuan. The current iron ore shipping volume has decreased, and the domestic arrival volume has increased significantly. The iron ore price will fluctuate in the short term [5] Group 9: Asphalt Futures - On November 6, the asphalt 2601 main contract fluctuated and fell 2.05% to close at 3109 yuan. The asphalt capacity utilization rate has increased slightly, and the inventory is being depleted, but the downstream demand is weakening, and the price will fluctuate in the short term [5] Group 10: Log Futures - On November 6, the log 2601 contract opened at 777, with a low of 776.5, a high of 781, and closed at 779, with an increase of 89 lots in positions. The supply - demand relationship has no major contradictions, and the market is gradually depleting inventory [7] Group 11: Cotton Futures - On the night of November 6, the main contract of Zhengzhou cotton closed at 13585 yuan/ton. The cotton inventory increased by 17 lots compared with the previous day. The cotton purchase in Xinjiang is 80% complete [7] Group 12: Palm Oil Futures - On November 6, the palm oil futures price rebounded from the bottom, with some short - sellers taking profits. The main contract P2601 closed with a large positive line, up 1.65% from the previous day. From November 1 - 5, 2025, the palm oil yield in Malaysia increased by 5.12% month - on - month, the oil extraction rate increased by 0.32% month - on - month, and the production increased by 6.80% month - on - month [7] Group 13: Steel Futures - On November 6, rb2601 closed at 3037 yuan/ton, and hc2601 closed at 3256 yuan/ton. This week, the production, inventory, and apparent demand of the five major steel products all decreased. The apparent demand for finished products decreased significantly, and the hot - rolled inventory is still increasing [7] Group 14: Alumina Futures - On November 6, ao2601 closed at 2787 yuan/ton. The supply of alumina is sufficient, and the demand is stable. The cost support is limited. The market will continue to have a loose supply - demand pattern in the short term, and the price increase pressure is high [7] Group 15: Aluminum Futures - On November 6, al2512 closed at 21665 yuan/ton. The high aluminum price and environmental protection policies have suppressed demand, and the export demand for aluminum products has weakened. The aluminum price is at a high level, and the downstream is mainly depleting inventory. The short - term fundamental driving force for the aluminum price is limited [7]

Report Summary 1. Market Performance on November 4, 2025 - A-shares: The three major A-share indices declined. The Shanghai Composite Index fell 0.41% to 3960.19 points, the Shenzhen Component Index dropped 1.71% to 13175.22 points, and the ChiNext Index decreased 1.96% to 3134.09 points. The trading volume in the two markets was 1915.8 billion yuan, a decrease of 191.4 billion yuan from the previous day [1]. - Stock Index: The CSI 300 Index was weak, closing at 4618.70, down 34.70 [2]. 2. Futures Market 2.1 Energy and Chemicals - **Coke and Coking Coal**: On November 4, the weighted coke index returned to a weak trend, closing at 1759.2, down 41.2; the weighted coking coal index trended weakly, closing at 1268.3 yuan, down 32.8. The port coke spot market price was stable, while the coking enterprises' losses increased due to rising raw coal prices, and the supply was tight. The coal enterprise复产 was slower than expected, supporting the spot coal price [3][4][5]. - **Palm Oil**: The palm oil futures price hit a new low since July. The main contract P2601 closed at 8616, down 0.55%. Malaysia's palm oil inventory in October reached a two - year high, with an expected increase of 3.5% to 2.44 million tons [7]. - **Asphalt**: The asphalt 2601 main contract closed down 2% at 3193 yuan. The capacity utilization rate increased slightly, inventory decreased, but demand was slow to release, and the price followed the cost of crude oil [13]. 2.2 Agricultural Products - **Sugar**: Affected by the previous day's reaction and spot price cuts, the Zhengzhou sugar 2601 contract declined. As of the end of October 2025, Yunnan's cumulative sugar sales were 2.3115 million tons, with a sales rate of 95.57%, and the industrial inventory was 107,200 tons [5]. - **Rubber**: Due to increased raw material supply in Southeast Asia and lower spot prices, as well as a decline in heavy - truck sales in October, the Shanghai rubber futures price fell [6][7]. - **Soybean Meal**: Internationally, the CBOT soybean futures price fell on November 4. StoneX lowered the US 2025 soybean yield forecast. Domestically, the M2601 main contract closed at 3015 yuan/ton, down 0.36%. The supply of imported soybeans was abundant, and the inventory of soybean meal increased [8]. - **Pork**: The LH2601 main contract closed at 11685 yuan/ton, down 0.43%. The supply of pigs in the fourth quarter was sufficient, and the short - term support for pig prices weakened. Attention should be paid to factors such as the reduction of breeding sows and terminal consumption [9]. 2.3 Metals - **Copper**: The Shanghai copper main contract (2512) closed at 85740 yuan/ton, down 1.54%. The short - term demand was insufficient, and attention should be paid to the macro - policy and inventory changes [10]. - **Iron Ore**: The iron ore 2601 main contract fell 1.71% to 775.5 yuan. The shipping volume decreased, the arrival volume in China reached a new high, and the iron - making output decreased [13]. - **Aluminum**: The al2512 contract closed at 21465 yuan/ton. Overseas supply was expected to tighten, and domestic prices were supported by environmental protection restrictions and inventory decline. The demand in emerging fields was strong [15]. - **Alumina**: The ao2601 contract closed at 2770 yuan/ton. The supply of domestic bauxite was tight, but the market was resistant to high - priced bauxite, and the long - term contract price of bauxite decreased in the fourth quarter [14]. 2.4 Others - **Log**: The 2601 log contract opened at 785, closed at 776.5, and increased in positions by 773 lots. The spot price in Shandong decreased, and the market was gradually destocking [11][13]. - **Steel**: The rb2601 contract closed at 3044 yuan/ton, and the hc2601 contract closed at 3265 yuan/ton. The supply and demand of steel were both weak, and the short - term price was expected to be weakly volatile [14]. - **Cotton**: The Zhengzhou cotton main contract closed at 13480 yuan/ton at night. The inventory increased by 76 lots, and the purchase price of machine - picked cotton in Xinjiang decreased [13].

Variety Views Stock Index Futures - On November 3, 2025, the three major A-share indexes closed slightly higher. The Shanghai Composite Index rose 0.55% to 3976.52 points, the Shenzhen Component Index rose 0.19% to 13404.06 points, and the ChiNext Index rose 0.29% to 3196.87 points. The trading volume of the two markets was 2.1071 trillion yuan, a decrease of 210.7 billion yuan from the previous trading day [1]. - The CSI 300 Index trended stronger on November 3, closing at 4653.40, a rise of 12.73 [2]. Coke and Coking Coal - On November 3, the coke weighted index fluctuated within a range, closing at 1800.0, a decrease of 20.6 [3]. - The coking coal weighted index had a narrow consolidation on November 3, closing at 1299.8 yuan, a decrease of 11.6 [4]. - Coke: Supply recovery is limited due to environmental protection, maintenance, and limited profits. Demand is strong as coke enterprises are actively replenishing stocks, and most steel mills are purchasing as needed. Inventory is at a low level. The fundamentals are strong [5]. - Coking coal: The second round of price increases for coke has been partially implemented, and the third round is expected to be implemented strongly. The price of coking coal has risen to a new high this year. Supply is tight [5]. Zhengzhou Sugar - Affected by technical factors, ICE sugar stopped falling and rebounded slightly on Friday. The new sugar of Mengpeng Sugar Factory of Yunnan Yingmao Sugar Industry is on the market, with a price of 5700 yuan/ton in the Kunming market. Supported by factors such as the rebound of ICE sugar and the strong price of new sugar, the Zhengzhou Sugar 2601 contract fluctuated upward on Monday [5]. Rubber - Affected by technical factors, Shanghai rubber fluctuated and closed slightly lower on Monday. Affected by the significant increase in the total inventory of rubber in Qingdao Port last week, the bears pressured the night - session of Shanghai rubber to fluctuate slightly lower. As of November 2, 2025, the total inventory of natural rubber in Qingdao was 447,700 tons, a rise of 3.57% [6]. Soybean Meal - On November 3, the international CBOT soybean reached a 16 - month high. In the domestic market, the M2601 main contract closed at 3026 yuan/ton, a rise of 0.71%. The current strength of the domestic soybean meal futures market is mainly due to the rising import cost driven by the continuous rise of US soybeans. The upward momentum may weaken in the future [8]. Live Pigs - On November 3, the LH2601 main contract closed at 11735 yuan/ton, a decrease of 0.68%. The supply of live pigs in the fourth quarter is sufficient, and the short - term support for pig prices has weakened. The situation of "supply exceeding demand" has not changed fundamentally [9]. Palm Oil - On November 3, the palm oil futures continued to be under selling pressure, and the main contract P2601 closed down 1.14%. As of October 31, 2025, the commercial inventory of palm oil in key regions decreased by 2.36% week - on - week but increased by 17.29% year - on - year [9]. Shanghai Copper - The Shanghai Copper 2512 main contract oscillated. The trading volume and open interest decreased, indicating that the bulls' willingness to close positions increased. The macro - face and fundamentals are both weak, and it is under pressure at a historical high [10]. Cotton - The main contract of Zhengzhou Cotton closed at 13585 yuan/ton on the night of Monday. The cotton inventory increased by 80 lots compared with the previous trading day. The new cotton warehousing has accelerated, and the inventory at ports has increased. The average purchase price of machine - picked cotton in Xinjiang on November 3 was 6.30 yuan/kg [11][12]. Logs - The 2601 contract of logs opened at 788, closed at 782, and increased in positions by 1243 lots on November 3. The supply - demand relationship has no major contradictions, and the market is gradually destocking. Attention should be paid to the spot price, import data, inventory changes, and macro - expectations [13]. Iron Ore - On November 3, the iron ore 2601 main contract oscillated and fell by 1.82%, closing at 782.5 yuan. The supply pressure has eased, but the iron - making output has decreased, and the price is in an oscillating trend [13]. Asphalt - On November 3, the asphalt 2601 main contract oscillated and closed down 0.58%, at 3233 yuan. The utilization rate of asphalt production capacity increased slightly, and the inventory continued to decline. The demand is slowly released, and the price mainly follows the cost of crude oil and oscillates [13]. Steel - On November 3, rb2601 closed at 3079 yuan/ton, and hc2601 closed at 3295 yuan/ton. The demand for steel is difficult to rise further in early November, and the supply and demand are both weak. The steel price may oscillate weakly in the short term [14]. Shanghai Aluminum - On November 3, al2512 closed at 21600 yuan/ton. The supply is limited by capacity policies, and the demand is stable. The supply - demand pattern is tight, and the price center of electrolytic aluminum is expected to move up steadily [14]. Alumina - On November 3, ao2601 closed at 2789 yuan/ton. The domestic alumina supply is in a "surplus" state, and the procurement demand has declined. The price is under pressure [15].

Report Summary 1. Investment Ratings - No investment ratings are provided in the report. 2. Core Views - On October 31, 2025, the A - share market declined, with the Shanghai Composite Index down 0.81%, the Shenzhen Component Index down 1.14%, and the ChiNext Index down 2.31%. The trading volume of the two markets was 2317.8 billion yuan, a decrease of 103.9 billion yuan from the previous day [1]. - The prices of various futures products showed different trends. For example, the CSI 300 index continued to adjust, and the prices of some commodities like iron ore and asphalt declined slightly [1][2][10]. - The supply - demand fundamentals of different industries are changing. For instance, the steel market is facing a shift from macro - driven sentiment to industry reality, and the alumina industry is in a stage of slightly converging supply and relatively stable demand [11][12]. 3. Summary by Product Stock Index Futures - On October 31, the A - share market saw a collective decline. The Shanghai Composite Index closed at 3954.79 points (down 0.81%), the Shenzhen Component Index at 13378.21 points (down 1.14%), and the ChiNext Index at 3187.53 points (down 2.31%). The trading volume of the two markets was 2317.8 billion yuan, a decrease of 103.9 billion yuan from the previous day. The CSI 300 index closed at 4640.67, a decrease of 69.24 [1][2]. Coke and Coking Coal Futures - Coke's second - round price increase has fully landed, and a third - round increase may start. The steel mills in some areas have production - limiting plans, and the finished product prices have slightly increased. The supply of raw materials may face pressure as the peak season for steel is ending. The daily consumption of coke is 107.96 million tons (- 0.47), and the blast furnace operating rate of 247 steel mills is 84.71% (0.44) [5]. - Coking coal's supply increase is limited due to environmental protection and safety inspections, supporting its price. The spot prices of some coking coal varieties have changed, and the inventory of coking coal in different sectors also shows different trends [6]. Sugar Futures - Due to a large short - term decline, the US sugar stopped falling and rebounded slightly on October 31. The night - session of the Zhengzhou sugar 2601 contract closed slightly lower due to long - position liquidation [7]. Rubber Futures - The Shanghai rubber futures had a slight decline in the night - session on October 31 due to technical factors. The 20 - number rubber futures had a larger decline due to an increase in inventory. The natural rubber inventory in the Shanghai Futures Exchange decreased by 1425 tons, and the 20 - number rubber inventory increased by 2217 tons [7]. Soybean Meal Futures - Internationally, on October 31, the CBOT soybeans were strong, reaching a 15 - month high. After the China - US summit, the market expects China to increase its purchase of US agricultural products including soybeans. Domestically, the M2601 main contract closed at 3021 yuan/ton on October 31, up 0.9%. The supply of imported soybeans is abundant, and the inventory pressure of soybean meal still exists [8]. Live Pig Futures - On October 31, the LH2601 main contract closed at 11815 yuan/ton, down 0.55%. The secondary fattening activity has cooled down significantly, and the market supply has increased. The demand has a seasonal warming expectation, but the consumption recovery is limited. The "supply exceeds demand" situation in the live pig market remains unchanged [9]. Copper Futures - The Sino - US trade situation has eased, and the Fed cut interest rates slightly in October. However, the market risk appetite has weakened, and the copper price is suppressed. But overseas mine disruptions and low non - US inventories still support the copper price [9]. Cotton Futures - On the night of October 31, the main contract of Zhengzhou cotton closed at 13555 yuan/ton. The cotton inventory decreased by 20 lots compared with the previous day, and the price of machine - picked cotton is concentrated at 6.15 - 6.45 yuan/kg [9]. Iron Ore Futures - On October 31, the 2601 main contract of iron ore closed down 0.56% at 800 yuan. The iron ore shipment volume increased slightly, and the domestic arrival volume decreased significantly for two consecutive periods. The supply pressure has been relieved, but the iron ore price is in a volatile trend due to the decline in the steel mill profitability rate and environmental protection control in Hebei [10]. Asphalt Futures - On October 31, the 2601 main contract of asphalt closed down 0.58% at 3244 yuan. The asphalt production capacity utilization rate increased slightly, and the inventory continued to decline. The demand is slowly released due to cooling and rainfall, and the asphalt price follows the cost - end crude oil and shows a volatile trend [10]. Log Futures - On October 31, the 2601 log contract opened at 785, with the lowest at 783, the highest at 796.5, and closed at 787.5, with a daily reduction of 844 lots. The supply - demand relationship has no major contradictions, and the market is in a de - stocking pattern [11]. Steel Futures - After the China - US summit, the market sentiment driven by macro - expectations has cooled down, and the steel price is returning to the industrial reality. In early November, the steel demand may not continue to grow, and the steel price may show a volatile trend [11]. Alumina Futures - The supply of alumina is still relatively large, but the output may be forced to converge as the spot price approaches the cost line. The demand for alumina is stable as the domestic electrolytic aluminum capacity is close to the industry upper limit and has a high operating rate [12]. Aluminum Futures - The supply of alumina is relatively large, and the electrolytic aluminum smelting plants have good profits. The domestic electrolytic aluminum supply is expected to increase slightly, and the demand is boosted by the warming of the domestic macro - sentiment and the development of new energy vehicles and photovoltaic industries [12].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - On October 30, 2025, the A-share market and some futures markets showed various trends influenced by multiple factors such as supply - demand relationships, policy news, and international events [1][4][6]. Summary by Variety Stock Index Futures - On October 30, A - share major indices collectively declined. The Shanghai Composite Index fell 0.73% to 3986.90, the Shenzhen Component Index dropped 1.16% to 13532.13, and the ChiNext Index decreased 1.84% to 3263.02. The trading volume reached 24217 billion yuan, an increase of 1656 billion yuan from the previous day. The CSI 300 Index also adjusted, closing at 4709.91, a decrease of 37.93 [1]. Coke and Coking Coal - Coke: On October 30, the coke weighted index fluctuated and closed at 1814.9, a rise of 11.8. Supply tightened due to environmental protection and maintenance, while demand remained strong with high - level iron - making. A third round of price increases has started [2][4]. - Coking Coal: The coking coal weighted index fluctuated on October 30, closing at 1304.1 yuan, up 20.3. Supply was tight due to various factors, and the daily vehicle - passing number at the Mongolian coal 288 port recovered to over 1200 [3][4]. Zhengzhou Sugar - The US sugar stabilized and rose slightly on Wednesday after a large short - term decline. The Zhengzhou Sugar 2601 contract decreased slightly on Thursday due to long - position liquidation. India's sugar production in the 2025/26 season is expected to reach 3490 million tons, a 19% year - on - year increase [4]. Rubber - Shanghai rubber adjusted on October 30 due to factors like the previous day's large increase, a decline in tire factory operating rates, and the realization of Sino - US trade negotiation benefits. The night - session also closed slightly lower [5]. Soybean Meal - Internationally, US soybeans showed strength on October 30 due to positive export expectations. Domestically, the M2601 contract closed at 2994 yuan/ton, up 0.84%. Imported soybean supply was abundant, but the price lacked continuous upward momentum [6]. Live Pigs - The LH2601 contract closed at 11880 yuan/ton on October 30, down 2.5%. The market was oversupplied, and the entry of secondary fattening could only change the supply rhythm [7]. Palm Oil - On October 30, palm oil fluctuated slightly after breaking through the 9000 - integer mark. The import price of near - term palm oil showed an increased inversion [7]. Shanghai Copper - Copper prices first rose and then fell on October 30. The short - term trend was high - level volatility, while the long - term was supported by fundamentals [8]. Cotton - On Thursday night, the Zhengzhou cotton main contract closed at 13640 yuan/ton. Cotton inventory decreased, and the 24% reciprocal tariff was suspended for another year [8]. Logs - The 2601 log contract opened at 788, closed at 786, and decreased by 104 lots on October 30. The spot price in Shandong remained stable, while that in Jiangsu decreased [9]. Iron Ore - The iron ore 2601 contract rose 0.38% to 802.5 yuan on October 30. The price was in an oscillating trend affected by shipping volume, production, and macro - sentiment [11]. Asphalt - The asphalt 2601 contract fell 0.4% to 3254 yuan on October 30. The price followed the cost of crude oil and was in an oscillating state [11].

Report Summary 1. Investment Ratings No investment ratings for the industries are provided in the report. 2. Core Views - On October 29, 2025, the A - share market had a significant rise, with the Shanghai Composite Index closing above 4000 points, and trading volume approaching 2.3 trillion yuan [1]. - Multiple commodity futures showed different trends. For example, the weighted indices of coke and coking coal strengthened, while palm oil hit a three - month low [2][3][6]. - The supply and demand situation of various commodities is complex. For instance, the sugar market is affected by increased supply and reduced demand expectations, and the pig market has a supply - surplus situation that is difficult to reverse in the short term [4][8]. 3. Summary by Variety Stock Index Futures - On October 29, the major A - share indices rose collectively. The Shanghai Composite Index rose 0.70% to 4016.33, the Shenzhen Component Index rose 1.95% to 13691.38, the ChiNext Index rose 2.93% to 3324.27, and the Beijing Stock Exchange 50 Index rose 8.41% to 1573.71. The trading volume of the three markets was nearly 2.3 trillion yuan, an increase of over 100 billion yuan compared to the previous day. The CSI 300 Index closed at 4747.84, up 55.87 [1]. Coke and Coking Coal - On October 29, the weighted index of coke rebounded strongly, closing at 1828.6, up 36.7; the weighted index of coking coal trended stronger in shock, closing at 1318.5 yuan, up 47.0 [2][3]. - For coke, the second - round price increase was implemented. The iron - making output decreased seasonally, and the total coke inventory was higher than the same period. The average profit per ton of coke in 30 independent coking plants was - 41 yuan/ton. For coking coal, the "West - to - East Coal Transport" artery, the Datong - Qinhuangdao Railway, completed its autumn maintenance. The mine - end operating rate dropped due to safety inspections, the inventory was neutral, and the operating rate of coal - washing plants increased for two consecutive weeks [4]. Zhengzhou Sugar - Six different institutions expect Brazil's sugar production in the 2026/27 season to reach 4,228 million tons, higher than 4,052 million tons in the 2025/26 season. The US sugar futures fell on Tuesday due to concerns about increased supply and reduced demand. The Zhengzhou sugar 2601 contract oscillated and closed slightly higher on Wednesday [4]. Rubber - Affected by heavy rainfall in central Vietnam, the spot quotes in Southeast Asia have been rising slightly in shock recently. Supported by factors such as strong EU passenger car sales data in September and the expectation of the Fed's interest rate cut, the Shanghai rubber futures rose significantly on Wednesday [5]. Palm Oil - On October 29, palm oil broke through the lower edge of the range, hitting a three - month low. The main contract P2601 closed at 8842, down 1.29% from the previous day. The benchmark palm oil contract for January delivery on the Malaysia Derivatives Exchange closed down 65 ringgit, or 1.51%, at 4,252 ringgit per metric ton [6]. Soybean Meal - Internationally, on October 29, CBOT soybean futures oscillated. The market expects Sino - US soybean trade to resume. Brazilian soybean planting rate reached 36% as of October 23, and the expected output is 1.767 billion tons. Domestically, the M2601 main contract closed at 2969 yuan/ton, down 0.2%. The domestic soybean meal inventory was 105.2 million tons, up 13.48% from the previous week [7]. Live Pigs - On October 29, the LH2601 main contract closed at 12185 yuan/ton, up 0.21%. The widening of the price difference between standard and fat pigs attracted second - round fattening, providing short - term support for pig prices. However, the oversupply situation in October has not changed fundamentally, and the rebound space of pig prices is limited [8]. Shanghai Copper - The main contract of Shanghai copper trended stronger in shock. Supported by China's "15th Five - Year Plan" suggestions, the easing of Sino - US trade tariffs, and the expectation of the Fed's interest rate cut, the market risk appetite increased. Fundamentally, Indonesia's mine accident and the shutdown of overseas mines led to a tight supply - demand balance, and the ICSG predicted a shortage of refined copper in 2026 [8]. Cotton - On Wednesday night, the main contract of Zhengzhou cotton closed at 13650 yuan/ton. The cotton inventory decreased by 11 lots compared to the previous day. The prices of machine - picked cotton in southern and northern Xinjiang were in the ranges of 6.3 - 6.5 yuan/kg and 6.2 - 6.3 yuan/kg respectively, and the cotton harvest progress in Xinjiang was faster than in previous years [9]. Iron Ore - On October 29, the 2601 main contract of iron ore rose 1.96% to 804.5 yuan. The shipment volume of iron ore increased slightly, and the domestic arrival volume decreased significantly for two consecutive periods. The iron - making output continued to decline, but the positive macro - atmosphere at home and abroad boosted market sentiment, and the iron ore price oscillated in the short term [9]. Asphalt - On October 29, the 2601 main contract of asphalt closed down 0.21% to 3274 yuan. The asphalt supply decreased, and the inventory continued to decline. As the temperature dropped, the demand entered the end of the peak season, and the asphalt price followed the cost - end crude oil price and oscillated in the short term [10][11]. Logs - On October 29, the 2601 contract of logs opened at 786.5, with a minimum of 786, a maximum of 790.5, and closed at 787, with an increase of 41 lots in positions. The spot prices of logs in Shandong and Jiangsu remained unchanged. There is no major contradiction in the supply - demand relationship, and the market is gradually reducing inventory [11].

Report Industry Investment Rating No relevant content provided. Core View of the Report On October 28, 2025, the A-share market and various futures markets showed different trends. The A-share market had a slight decline, while different futures varieties were affected by various factors such as supply and demand, policy, and international market trends [1]. Summary by Related Catalogs Stock Index Futures - On October 28, A-share major indices declined slightly, with the Shanghai Composite Index dropping 0.22% to 3988.22, the Shenzhen Component Index down 0.44% to 13430.10, and the ChiNext Index falling 0.15% to 3229.58. The trading volume of the two markets was 2147.9 billion yuan, a decrease of 192.3 billion yuan from the previous day [1]. - The CSI 300 Index encountered resistance and fluctuated on October 28, closing at 4691.97, a decrease of 24.05 [2]. Coke and Coking Coal - On October 28, the weighted index of coke fluctuated weakly, closing at 1772.0, a decrease of 16.2 [3]. - On October 28, the weighted index of coking coal was weak, closing at 1256.1 yuan, a decrease of 8.5 [4]. - The second round of coke price increase was fully implemented, but the weakening steel demand and potential negative feedback risk will restrict the short - term rebound of coal and coke prices. The inventory structure of coking coal has improved, and the spot market shows a tight supply pattern [5]. Zhengzhou Sugar - The expectation of increased global sugar supply put pressure on the futures price. The Zhengzhou sugar 2601 contract oscillated and rose on October 28 due to short - covering, and oscillated and sorted at night [5]. Rubber - Due to the expected decrease in US auto sales in October, the Shanghai rubber futures oscillated and adjusted slightly lower on October 28, and fluctuated slightly at night. The total inventory in Qingdao Port decreased last week [6]. Soybean Meal - On October 28, CBOT soybean futures oscillated strongly. Sino - US soybean trade is expected to resume. The US soybean harvest progress is normal, and the Brazilian soybean planting starts well. The domestic soybean meal inventory increased, and there is still inventory pressure [7]. Live Pigs - On October 28, live pig futures oscillated strongly. The widening price difference between standard and fat pigs attracted second - round fattening, and the terminal demand improved marginally, but the supply - exceeding - demand pattern remained unchanged, and the price rebound space was limited [8]. Palm Oil - On October 28, palm oil prices continued to decline, breaking through the 9000 mark. Indonesia's palm oil inventory decreased slightly in August, and its production is expected to increase by 10% in 2025 [9]. Shanghai Copper - The Shanghai copper main contract 2512 first rose and then declined on October 28. The downstream demand was weak, but the supply disturbances and low inventory provided long - term support. It is expected to oscillate at a high level in the short term [10]. Cotton - The main contract of Zhengzhou cotton closed at 13575 yuan/ton at night on October 28, and the inventory decreased by 17 lots [10]. Logs - The 2601 log contract on October 28 had an opening price of 789, a lowest price of 785, a highest price of 791.5, and a closing price of 786, with an increase of 28 lots in positions. The market has good expectations for Sino - US trade negotiations, and shipping prices have fallen. The spot market prices in Shandong and Jiangsu remained unchanged [10][12]. Iron Ore - On October 28, the iron ore 2601 main contract oscillated and rose, with a gain of 1.93% and a closing price of 792.5 yuan. The iron ore shipping volume rebounded slightly, the domestic arrival volume decreased significantly, and the iron ore price will oscillate in the short term [12]. Asphalt - On October 28, the asphalt 2601 main contract oscillated and closed down, with a decline of 0.79% and a closing price of 3279 yuan. The asphalt supply decreased, the inventory continued to decline, and the price will oscillate in the short term following the cost of crude oil [12].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - On October 27, 2025, the A - share market showed strong performance, with the Shanghai Composite Index approaching 4000 points, and the trading volume of the two markets increased significantly. Different futures varieties had different price trends affected by various factors such as supply - demand relationships, policies, and international market conditions [1]. 3. Summary by Variety Stock Index Futures - On October 27, the three major A - share indexes continued their strong performance. The Shanghai Composite Index rose 1.18% to 3996.94 points, the Shenzhen Component Index rose 1.51% to 13489.40 points, and the ChiNext Index rose 1.98% to 3234.45 points. The trading volume of the two markets reached 2340.1 billion yuan, an increase of 365.9 billion yuan compared with the previous trading day. The CSI 300 index also showed strength, closing at 4716.02, a ring - up of 55.34 [1][2]. Coke and Coking Coal - Coke: On October 27, the weighted index of coke fluctuated strongly, closing at 1803.5, a ring - up of 14.2. Coke enterprises had difficulty replenishing stocks, intermediate - link purchases increased, and steel mills had a strong rigid demand for coke. Coal mine inventories decreased to the lowest point of the year, and coke inventories in coke enterprises and ports also decreased [3][5]. - Coking Coal: On October 27, the weighted index of coking coal fluctuated and sorted out, closing at 1276.4 yuan, a ring - up of 11.9. The domestic coking coal market was in a pattern of tight supply, supported demand, rising prices, and low inventory. Coal mines in Shanxi and Inner Mongolia had production cuts, and Mongolian coal prices rose due to reduced port clearance [4][5]. Zhengzhou Sugar - Affected by factors such as the decline of US sugar on Friday and the reduction of spot prices, the Zhengzhou Sugar 2601 contract fluctuated slightly lower on Monday. At night, it fluctuated slightly higher supported by bargain - hunting buying. Sugar - making enterprises in Yunnan and Guangxi were preparing to start the new crushing season [5]. Rubber - Affected by factors such as the easing of Sino - US trade relations and the expectation of the Fed's interest rate cut, Shanghai rubber fluctuated slightly higher on Monday. In September 2025, China's rubber tire outer tube production increased year - on - year, and the synthetic rubber production also increased significantly [6]. Soybean Meal - Internationally, on October 27, CBOT soybean futures fluctuated strongly. The market expected a downward adjustment of US soybean yield, and Brazilian soybean sowing progress exceeded expectations. Domestically, on October 27, the M2601 main contract closed at 2932 yuan/ton, a decline of 0.03%. The supply pressure was obvious, and the inventory was at a high level [6][7]. Live Pigs - On October 27, the live pig futures price fluctuated strongly, with the LH2601 main contract closing at 12330 yuan/ton, a rise of 1.27%. The widening of the standard - fat price difference attracted secondary fattening, and the government's reserve meat purchase plan and positive statements supported the market. However, the oversupply situation in October remained unchanged, and the room for continuous price increase was limited [8]. Palm Oil - On October 27, palm oil continued to fluctuate slightly at the lower edge of the range. From October 1 - 25, 2025, Malaysia's palm oil production increased, and the export volume also increased significantly compared with the same period last month [9]. Shanghai Copper - The macro - environment was favorable, the supply was tight, and the technical form was good, so Shanghai copper was expected to continue its strong operation. However, high prices might suppress demand, and attention should be paid to the Fed's interest rate meeting [10]. Cotton - On Monday night, the main contract of Zhengzhou cotton closed at 13580 yuan/ton. The cotton inventory decreased, and the Xinjiang cotton picking progress had completed 70% [10]. Iron Ore - On October 27, the 2601 main contract of iron ore fluctuated and rose, with a rise of 1.94% and a closing price of 786.5 yuan. The iron ore shipment volume rebounded, and the domestic arrival volume declined. The iron water output continued to decline, and the short - term price was in a fluctuating trend [10]. Asphalt - On October 27, the 2601 main contract of asphalt fluctuated and closed down, with a decline of 0.03% and a closing price of 3295 yuan. The production pressure in November decreased, the inventory was reduced, and the short - term price was in a fluctuating state [11][12]. Logs - On October 27, the log futures price plummeted by 5%. The market expected an improvement in Sino - US trade negotiations, and the shipping price declined. The spot price was stable, and the supply - demand relationship was relatively balanced [12]. Steel - On October 27, the rb2601 closed at 3100 yuan/ton, and the hc2601 closed at 3299 yuan/ton. The macro - expectation was good, but the traditional peak season was coming to an end, and the demand was difficult to increase. The short - term steel price was expected to fluctuate strongly [13]. Alumina - On October 27, the ao2601 closed at 2829 yuan/ton. The supply in November was expected to be sufficient, and the price might decline slightly, but the decline space was limited [13]. Shanghai Aluminum - On October 27, the al2512 closed at 21360 yuan/ton. The Sino - US trade negotiation released positive signals, and the Fed's interest rate cut expectation supported the non - ferrous market. The demand showed a cooling trend, and the downstream mainly met the rigid demand [14].