Report Summary Investment Rating - No specific investment rating for the industry is provided in the report Core Viewpoints - As the effective date of Russian oil sanctions approaches (November 21), buyers are cutting Russian oil purchases, with India and Turkey recently stating they will reduce imports. The physical market is generally loose except for a local tightness in the Middle East, and the sanctions will increase the divergence between sour and sweet oil and between the East and West markets [2] - Oil prices will fluctuate in the short - term and a short - position allocation is recommended for the medium - term [3] Summary by Directory Market News and Key Data - The price of light crude oil futures for December delivery on the New York Mercantile Exchange rose 7 cents to $61.05 per barrel, a 0.11% increase; the price of Brent crude oil futures for January delivery rose 12 cents to $64.89 per barrel, a 0.19% increase. The SC crude oil main contract closed up 0.41% at 467 yuan per barrel [1] - After the US imposed sanctions on two major Russian oil producers, Turkish refiners started to cut Russian crude purchases and seek additional oil sources from countries like Iraq, Libya, Saudi Arabia, and Kazakhstan. Turkey, the third - largest buyer of Russian oil, was pressured by the Trump administration before September and now decides to join Western allies to pressure Russia to end the Ukraine conflict, but won't fully stop importing Russian oil [1] - US EIA data showed that US crude oil production increased by 86,000 barrels per day in August, reaching a record high of 13.8 million barrels per day, and the total natural gas production in the 48 contiguous states also climbed to a record 122.8 billion cubic feet per day in August [1] Investment Logic - As the Russian oil sanctions approach, buyers are reducing purchases. The physical market is loose except in the Middle East, and the sanctions will widen the gap between different types of oil and different regional markets [2] Strategy - Oil prices will have short - term range - bound fluctuations, and a medium - term short - position allocation is recommended [3] Other Statements - ExxonMobil CEO said the demand outlook for oil, gas, and chemicals is good; Abu Dhabi National Oil CEO said oil demand will remain above 100 million barrels per day after 2040 [3]

Group 1: Report Industry Investment Rating - The investment rating for the industry is neutral [4] Group 2: Core Viewpoints of the Report - The price of rapeseed oil fluctuates due to the ongoing China - Canada trade friction, and the future trend depends on the changes in China - Canada tariff policies [1][3] Group 3: Market Analysis Futures - The closing price of the palm oil 2601 contract was 8664.00 yuan/ton, with a change of - 100 yuan and a decline of - 1.14% [1] - The closing price of the soybean oil 2601 contract was 8110.00 yuan/ton, with a change of - 18.00 yuan and a decline of - 0.22% [1] - The closing price of the rapeseed oil 2601 contract was 9470.00 yuan/ton, with a change of + 48.00 yuan and an increase of + 0.51% [1] Spot - The spot price of palm oil in Guangdong was 8550.00 yuan/ton, with a change of - 70.00 yuan and a decline of - 0.81%, and the spot basis was P01 + - 114.00, with a change of + 30.00 yuan [1] - The spot price of first - grade soybean oil in Tianjin was 8260.00 yuan/ton, with a change of - 30.00 yuan/ton and a decline of - 0.36%, and the spot basis was Y01 + 150.00, with a change of - 12.00 yuan [1] - The spot price of fourth - grade rapeseed oil in Jiangsu was 9840.00 yuan/ton, with a change of + 50.00 yuan and an increase of + 0.51%, and the spot basis was OI01 + 370.00, with a change of + 2.00 yuan [1] Group 4: Recent Market Information Summary India's Edible Oil Imports - India's total edible oil imports in the 2024/25 fiscal year increased slightly by 0.3% year - on - year to 16 million tons [2] - India's palm oil imports in the 2024/25 fiscal year decreased by 16% year - on - year to 7.56 million tons, the lowest level in five years [2] - India's soybean oil imports in the 2024/25 fiscal year increased by 61.6% year - on - year to a record 5.56 million tons [2] Brazil's Crop Planting - As of October 30, the planting rate of Brazil's 2025/26 soybean crop reached 47% of the expected sown area, lower than 54% in the same period last year, affected by irregular rainfall [2] - In the Brazilian Central - South region, the planting rate of the first - season corn in the 2025/26 season was 60%, basically the same as 59% in the same period last year [2] US Government Shutdown - Goldman Sachs economist Alec Phillips pointed out that the current US government shutdown may have an unprecedented economic impact, with a longer duration and a wider scope of affected government departments [2] - If the US government shutdown lasts for six weeks, it may reduce the US economic growth in the fourth quarter by 1.15 percentage points, and a rebound is expected by early 2026 [2]

Report Industry Investment Ratings - The investment ratings for cotton, sugar, and pulp are all neutral [2][5][7] Core Views - **Cotton**: In the short term, the upper limit of the cotton futures market is under significant hedging pressure, and there is a possibility of a callback to test previous lows after cost solidification. In the long - term, the beginning inventory of the new year is low, consumption is resilient, and the current cotton price is undervalued. After the seasonal pressure, the cotton price can be optimistically viewed [2] - **Sugar**: Before the end of the year, the sugar market is expected to fluctuate. Next year, the situation is not optimistic, and there is a possibility of new lows [5] - **Pulp**: The fundamental improvement of the pulp market is insufficient, and the pulp price is likely to remain in the bottom - range fluctuation. Attention should be paid to the actual implementation of demand during the peak season in the fourth quarter [7] Summary by Related Catalogs Cotton Market News and Important Data - Futures: The closing price of the cotton 2601 contract yesterday was 13,600 yuan/ton, up 5 yuan/ton (+0.04%) from the previous day [1] - Spot: The Xinjiang arrival price of 3128B cotton was 14,656 yuan/ton, down 18 yuan/ton; the national average price was 14,859 yuan/ton, down 1 yuan/ton [1] - US Cotton: From October 24 to 30, 2025, 202,500 tons of US 2025/26 cotton were graded and inspected, with 80.7% meeting the ICE cotton futures delivery requirements [1] Market Analysis - International: Sino - US negotiations have made progress, pushing up US cotton prices, but the amount of US cotton China will purchase is unclear. The US government shutdown has delayed key data release, and the short - term upside of the outer market is limited due to supply and demand pressure [2] - Domestic: The new cotton year starts with low inventory, but new cotton is being listed. The purchase price of seed cotton is rising, and the expected decline in production supports the post - holiday market. However, the short - term upside of cotton prices is limited due to hedging and weak demand [2] Strategy - Neutral. In the short term, there is a high hedging pressure on the market, and in the long - term, the cotton price can be optimistically viewed after seasonal pressure [2] Sugar Market News and Important Data - Futures: The closing price of the sugar 2601 contract yesterday was 5499 yuan/ton, up 16 yuan/ton (+0.29%) from the previous day [2] - Spot: The spot price of sugar in Nanning, Guangxi was 5750 yuan/ton, unchanged; in Kunming, Yunnan, it was 5695 yuan/ton, down 15 yuan/ton [2] - New Sugar: On October 30, 2025, Yingmao Sugar Industry's Mengpeng Sugar Mill started production, and the new sugar is priced at 5700 yuan/ton, 710 yuan lower than the same period last year [3] Market Analysis - International: The global sugar market is in a bearish cycle due to oversupply from Brazil and India. Although the sugar - making ratio in Brazil has decreased recently, the long - term rebound of raw sugar is limited [4] - Domestic: The new sugar season in China is expected to have increased production, but the price is near the production cost, and the tightening of syrup control policies supports the price, limiting the downside [4] Strategy - Neutral. The market will fluctuate before the end of the year, and there may be new lows next year [5] Pulp Market News and Important Data - Futures: The closing price of the pulp 2601 contract yesterday was 5306 yuan/ton, up 94 yuan/ton (+1.80%) from the previous day [5] - Spot: The spot price of Chilean Silver Star softwood pulp in Shandong was 5500 yuan/ton, up 25 yuan/ton; the price of Russian softwood pulp was 5045 yuan/ton, up 55 yuan/ton [5] - Market: The price of imported wood pulp in the spot market is rising moderately, with different price increases in various regions and pulp types [5] Market Analysis - Supply: Overseas pulp mills' price increases, production cuts, and conversion plans have limited impact on the overall supply. Domestic imports have increased, and port inventories remain high [6] - Demand: Weak consumption in Europe and the United States and insufficient domestic demand are suppressing pulp prices. Despite new production capacity, effective demand is lacking, and paper mills' raw material procurement is cautious [6] Strategy - Neutral. The pulp price is likely to fluctuate at a low level, and attention should be paid to the peak - season demand in the fourth quarter [7]

Report Industry Investment Rating - The investment rating for soybeans is neutral [3] - The investment rating for peanuts is also neutral [6] Core Viewpoints - The soybeans market is currently in a state of oversupply, and there is a risk of price correction during the concentrated selling period. The price increase in the short - term is limited due to high prices and competition from the Huanghuaihai region [1][3] - The peanut market shows large variety and regional price differences. Attention should be paid to farmers' subsequent shipping enthusiasm and the acquisition intention of major oil mills [3][5] Market Analysis Soybeans - Futures: The closing price of the soybeans 2601 contract yesterday was 4076.00 yuan/ton, a change of - 26.00 yuan/ton (- 0.63%) from the previous day [1] - Spot: The edible soybean spot basis was A01 + 4, a change of + 26 (+ 32.14%) from the previous day. The warehouse capacity is saturated, the acquisition is difficult, and the price is high. Some grain merchants are shifting their focus from acquisition to sales [1][2] - Market information: The price of new - season soybeans in the Northeast market is stable. Farmers' willingness to hold prices has loosened, and the atmosphere of panic buying has cooled [1] Peanuts - Futures: The closing price of the peanut 2601 contract yesterday was 7800.00 yuan/ton, a change of - 12.00 yuan/ton (- 0.15%) from the previous day [3] - Spot: The average spot price of peanuts was 7950.00 yuan/ton, a change of + 120.00 yuan/ton (+ 1.53%) from the previous day. The spot basis was PK01 + 0.00, a change of - 88.00 (- 100.00%) from the previous day [3] - Market information: The national average price of common peanuts is basically stable, with large variety and regional price differences. The contract purchase price of oil mills is 7800 - 8200 yuan/ton for common peanuts and 7750 - 7800 yuan/ton for oil peanuts, with strict quality control and general arrival volume [3] Strategy Soybeans - The new - season soybeans in the Hubei and Hunan regions are gradually on the market, and downstream demand is picking up. However, due to high prices and competition, the short - term market will be stable, and the price increase space is limited. The unilateral strategy is neutral [3] Peanuts - The strategy is neutral, and the risk is weakening demand [6]

流动性日报 | 2025-11-03 市场流动性概况 2025-10-31，股指板块成交8376.90亿元，较上一交易日变动-3.06%；持仓金额13659.29亿元，较上一交易日变动 -1.86%；成交持仓比为60.94%。 国债板块成交3562.93亿元，较上一交易日变动-9.69%；持仓金额8838.78亿元，较上一交易日变动+0.42%；成交持 仓比为39.77%。 基本金属板块成交5171.26亿元，较上一交易日变动+4.88%；持仓金额5904.28亿元，较上一交易日变动-2.86%；成 交持仓比为89.71%。 贵金属板块成交7630.99亿元，较上一交易日变动+3.06%；持仓金额4378.70亿元，较上一交易日变动+2.05%；成交 持仓比为198.74%。 能源化工板块成交3734.23亿元，较上一交易日变动-8.12%；持仓金额4335.22亿元，较上一交易日变动-1.56%；成 交持仓比为69.86%。 农产品板块成交3079.71亿元，较上一交易日变动+2.58%；持仓金额5640.64亿元，较上一交易日变动-0.63%；成交 持仓比为56.32%。 黑色建材板块成交2599.62亿 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report No clear core view is presented in the given content. It mainly provides data on the options market, including trading volume, PCR, and VIX. 3. Summary by Directory Option Trading Volume - On October 31, 2025, the trading volume of Shanghai Stock Exchange 50 ETF options was 873,400 contracts; the trading volume of Shanghai Stock Exchange 300 ETF options was 1,160,800 contracts; the trading volume of Shanghai Stock Exchange 500 ETF options was 1,513,500 contracts; the trading volume of Shenzhen 100 ETF options was 42,200 contracts; the trading volume of ChiNext ETF options was 1,926,400 contracts; the trading volume of Shanghai Stock Exchange 50 index options was 41,800 contracts; the trading volume of Shanghai Stock Exchange 300 index options was 146,700 contracts; and the total trading volume of China Securities 1000 options was 266,300 contracts [1]. - The table shows the call, put, and total trading volumes of each type of index ETF option on the previous day, such as the total trading volume of Shanghai Stock Exchange 50 ETF options being 1,060,000 contracts [19]. Option PCR - The turnover PCR of Shanghai Stock Exchange 50 ETF options was reported at 0.90, with a sequential change of +0.29; the position PCR was reported at 0.91, with a sequential change of -0.05. Similar data is provided for other types of options [2]. - The table presents the turnover PCR, sequential change, position PCR, and sequential change of each type of index ETF option on the previous day [32]. Option VIX - The VIX of Shanghai Stock Exchange 50 ETF options was reported at 17.26%, with a sequential change of +0.15%. Similar data is provided for other types of options [3]. - The table shows the VIX and sequential change values of each type of index ETF option on the previous day [50].

Report Industry Investment Rating - Not provided in the content Core Views Manufacturing PMI - Supply: Manufacturing production contracted. In October, the production index was 49.7, a change of -2.2 from the previous month. The supplier delivery time index was 50, a change of -0.8 from the previous month [3]. - Demand: Manufacturing demand declined. In October, the new order index was 48.8, a change of -0.9 from the previous month. The new export order index was 45.9, a change of -1.9 from the previous month. The backlog of orders index was 44.5, a change of -0.7 from the previous month [3]. - Supply - demand balance: The supply - demand relationship still needs improvement. In October, the supply - demand index (demand - supply) was -0.9, a change of 1.3 from the previous month, 1.1 from the same period last year, and 0.7 from the average of the past three years [3]. - Price: Manufacturing profitability contracted. In October, the raw material price index was 52.5, a change of -0.7 from the previous month. The ex - factory price index was 47.5, a change of -0.7 from the previous month. The difference between ex - factory price and raw material price was -5.0, a change of 0.0 from the previous month [3]. - Inventory: Pressure eased. In October, the finished goods inventory index was 48.1, a change of -0.1 from the previous month. The raw material inventory index was 47.3, a change of -1.2 from the previous month. The difference between new orders and finished goods inventory was 0.7, a change of -0.8 from the previous month [3]. Non - manufacturing PMI - Supply: Employment improved. In October, the employment index was 45.2, a change of 0.2 from the previous month. Among them, the construction industry was 39.9, a change of 0.2 from the previous month, and the service industry was 46.1, a change of 0.2 from the previous month. The supplier delivery time index was 50.9, a change of -0.2 from the previous month [4]. - Demand: Construction industry demand increased. In October, the new order index was 46, a change of 0.0 from the previous month. Among them, the construction industry was 45.9, a change of 3.7 from the previous month, and the service industry was 46.0, a change of -0.7 from the previous month. The new export order index was 46.2, a change of -3.6 from the previous month. The backlog of orders index was 43.6, a change of -0.8 from the previous month [4]. - Price: Prices rebounded. In October, the input price index was 49.4, a change of 0.4 from the previous month. Among them, the construction industry was 49.6, a change of 2.4 from the previous month, and the service industry was 49.4, a change of 0.1 from the previous month. The sales price index was 47.8, a change of 0.5 from the previous month. Among them, the construction industry was 48.4, a change of 0.3 from the previous month, and the service industry was 47.7, a change of 0.5 from the previous month [4]. - Inventory: Inventory increased. In October, the inventory index was 46, a change of 1.1 from the previous month and 0.3 from the same period last year [5]. Summary by Directory Macro Event - In October, China's manufacturing PMI was 49.0 (-0.8pct MoM); non - manufacturing PMI was 50.1 (+0.1pct MoM) [2] Overview - Affected by holidays, in October, the manufacturing PMI was 49.0, a decline of 0.8 percentage points from the previous month. The non - manufacturing business activity index was 50.1, an increase of 0.1 percentage points from the previous month. The composite PMI output index was 50.0, a decline of 0.6 percentage points from the previous month [9] Demand - Manufacturing: Affected by holidays, in October, the new order index was 48.8, a change of -0.9 from the previous month; the new export order index was 45.9, a change of -1.9 from the previous month; the backlog of orders index was 44.5, a change of -0.7 from the previous month [17] - Non - manufacturing: In October, the new order index was 46, a change of 0.0 from the previous month, indicating that non - manufacturing order demand still needs improvement. Among them, the construction industry was 45.9, a change of 3.7 from the previous month, indicating that the demand in the construction industry began to improve; the service industry was 46.0, a change of -0.7 from the previous month, indicating that the demand in the service industry declined significantly. The new export order index was 46.2, a change of -3.6 from the previous month, indicating a decline in export demand. The backlog of orders index was 43.6, a change of -0.8 from the previous month, indicating that the inventory of existing orders began to be reduced [17] Supply - Manufacturing: In October, the production index was 49.7, a change of -2.2 from the previous month, indicating a decline in manufacturing activities; the production and business activity expectation index was 52.8, a change of -1.3 from the previous month, indicating a decline in expectations; the supplier delivery time index was 50, a change of -0.8 from the previous month, indicating a decline in supply chain response; the employment index was 48.3, a change of -0.2 from the previous month, indicating a contraction in employment [19] - Non - manufacturing: In October, the employment index was 45.2, a change of 0.2 from the previous month, indicating a slight improvement in the employment contraction; among them, the construction industry was 39.9, a change of 0.2 from the previous month, indicating an improvement in employment, and the service industry was 46.1, a change of 0.2 from the previous month, indicating a slight improvement in employment. The supplier delivery time index was 50.9, a change of -0.2 from the previous month, indicating a slight decline in supply chain response. The business activity expectation index was 56.1, a change of 0.4 from the previous month, indicating an improvement in activity sentiment; among them, the construction industry was 56.0, a change of 3.6 from the previous month, indicating an expansion in the construction industry, and the service industry was 56.1, a change of -0.2 from the previous month, indicating a contraction in the service industry [19] Price - Manufacturing: In October, the raw material price index was 52.5, a change of -0.7 from the previous month, indicating a decline in manufacturing upstream costs; the ex - factory price index was 47.5, a change of -0.7 from the previous month, indicating continued price cuts for sales at the consumer end; the difference between ex - factory price and raw material price was -5.0, a change of 0.0 from the previous month, indicating that the contraction of corporate profit expectations still needs improvement [26] - Non - manufacturing: In October, the input price index was 49.4, a change of 0.4 from the previous month, indicating an increase in non - manufacturing costs. Among them, the construction industry was 49.6, a change of 2.4 from the previous month, indicating a rebound in construction industry costs; the service industry was 49.4, a change of 0.1 from the previous month, indicating a slight rebound in service industry costs. The sales price index was 47.8, a change of 0.5 from the previous month, indicating a price increase at the non - manufacturing consumer end. Among them, the construction industry was 48.4, a change of 0.3 from the previous month, indicating a price increase at the construction industry consumer end; the service industry was 47.7, a change of 0.5 from the previous month, indicating a price increase at the service industry consumer end [26] Inventory - Manufacturing: In October, the finished goods inventory index was 48.1, a change of -0.1 from the previous month, indicating a reduction in manufacturing de - stocking pressure; the raw material inventory index was 47.3, a change of -1.2 from the previous month, indicating de - stocking in the manufacturing upstream; the difference between new orders and finished goods inventory was 0.7, a change of -0.8 from the previous month, indicating a suspension of the improvement in manufacturing momentum during the de - stocking process [35] - Non - manufacturing: In October, the inventory index was 46, a change of 1.1 from the previous month and 0.3 from the same period last year, indicating an increase in non - manufacturing inventory [35] - Comprehensive: In October, the composite PMI index was 50, a change of -0.6 from the previous month and -0.8 from the same period last year, indicating a decline in the overall economic sentiment [35]

Report Summary 1. Report Industry Investment Rating No information regarding the report industry investment rating is provided in the content. 2. Core Viewpoints - **Manufacturing**: In October, the manufacturing PMI's five - year percentile was at 6.7%, with a change of - 44.1%. Supply contracted (3 - month average: the production index was 50.8, down 0.3 percentage points month - on - month), demand declined (new orders were 49.3, down 0.2 percentage points month - on - month), and inventory increased (finished - product inventory up 0.2 percentage points to 47.7, raw - material inventory down 0.1 percentage points to 47.9) [3]. - **Non - manufacturing**: In October, the non - manufacturing PMI's five - year percentile was at 16.9%, with a change of 5.1%. Supply slowed (3 - month average: the employee index was 45.3, down 0.1 percentage points month - on - month), demand increased (new orders were 46.2, up 0.1 percentage points month - on - month), and inventory increased (inventory was 45.5, up 0.2 percentage points month - on - month) [4]. 3. Summary According to the Table of Contents 3.1 Overview - Manufacturing PMI: In October, the five - year percentile was 6.7%, with a change of - 44.1%. Eight industries were in the expansion range, unchanged month - on - month and 3 less year - on - year [9]. - Non - manufacturing PMI: In October, the five - year percentile was 16.9%, with a change of 5.1%. Thirteen industries were in the expansion range, 5 more month - on - month and 1 more year - on - year [9]. 3.2 Demand: Focus on the Improvement of Automobile and Textile Industries - Manufacturing: The 3 - month average of new orders in October was 49.3, down 0.2 percentage points month - on - month. Eight industries improved month - on - month, and 7 declined [16]. - Non - manufacturing: The 3 - month average of new orders in October was 46.2, up 0.1 percentage points month - on - month. Service new orders decreased 0.1 percentage points month - on - month, while construction new orders increased 1.1 percentage points month - on - month. Nine industries improved month - on - month, and 6 declined [16]. 3.3 Supply: Focus on the Decline of Civil Engineering and the Improvement of Automobile and Pharmaceutical Industries - Manufacturing: The 3 - month average of the production index in October was 50.8, down 0.3 percentage points month - on - month. Seven industries improved month - on - month, and 8 declined. The employee index was 48.2, up 0.1 percentage points month - on - month. Eleven industries improved month - on - month, and 4 declined [24]. - Non - manufacturing: The 3 - month average of the employee index in October was 45.3, down 0.1 percentage points month - on - month. Service decreased 0.1 percentage points month - on - month, and construction decreased 0.3 percentage points month - on - month. Ten industries improved month - on - month, and 3 declined [24]. 3.4 Price: Focus on the Decline of Ferrous Metals and the Improvement of Aviation - Manufacturing: The 3 - month average of the ex - factory price index in October was 48.3, down 0.3 percentage points month - on - month. Nine industries' ex - factory prices improved month - on - month, and 6 declined. The profit trend in March decreased 0.5 percentage points month - on - month, continuing to converge [32]. - Non - manufacturing: The 3 - month average of the non - manufacturing charge price index in October was 47.9, unchanged month - on - month. Service was unchanged, and construction decreased 0.3 percentage points month - on - month. Ten industries improved month - on - month, and 5 declined. The profit in March increased 0.4 percentage points month - on - month, with service unchanged and construction increasing 2.7 percentage points month - on - month [32]. 3.5 Inventory: Focus on the De - stocking of Non - ferrous Metals, Postal, and Construction Decoration Industries - Manufacturing: The 3 - month average of the finished - product inventory in October increased 0.2 percentage points to 47.7. Nine industries' inventory increased month - on - month, and 6 declined. The raw - material inventory decreased 0.1 percentage points to 47.9. Eight industries' inventory increased month - on - month, and 6 declined [39]. - Non - manufacturing: The 3 - month average of the non - manufacturing inventory in October was 45.5, up 0.2 percentage points month - on - month. Service increased 0.2 percentage points month - on - month, and construction increased 0.5 percentage points month - on - month. Four industries' inventory increased month - on - month, and 11 declined [39]. 3.6 Main Manufacturing Industry PMI Charts The report provides detailed data on various manufacturing industries' PMI, including specific values, month - on - month, year - on - year, and three - year average changes for multiple indicators such as new orders, production, and inventory in industries like special equipment, general equipment, automobiles, computers, and others [47][49][54].

1. Report Industry Investment Rating - Gold: Neutral [8] - Silver: Neutral [9] - Arbitrage: Short the gold-silver ratio at high levels [9] - Options: On hold [9] 2. Core View of the Report - After the Sino-US summit in Busan, market risk sentiment may subside, reducing the short - term safe - haven demand for gold investment. Gold prices are expected to be in a slightly stronger oscillation pattern, with the Au2512 contract oscillating between 900 yuan/gram and 950 yuan/gram. Silver has a similar macro - logical relationship with gold. Due to the recovery of risk sentiment, silver prices are slightly stronger than gold, and the Ag2512 contract is expected to oscillate between 11200 yuan/kilogram and 11700 yuan/kilogram [8][9] 3. Summary According to Relevant Catalogs Market Analysis - After the meeting between Chinese President Xi Jinping and US President Trump, the two economic and trade teams reached a consensus on important economic and trade issues. The US will cancel the 10% so - called "fentanyl tariff" on Chinese goods, and the 24% reciprocal tariff on Chinese goods will be suspended for another year. The US will also suspend the implementation of the 50% penetration rule for export controls and the 301 investigation measures against China's maritime, logistics, and shipbuilding industries for one year. China will adjust or suspend relevant counter - measures accordingly. The US Treasury Secretary mentioned the second - round interview of the Federal Reserve Chairman and his view on the Fed's interest rate cut [1] - The European Central Bank maintained the benchmark interest rate at 2% for the third consecutive time, believing that inflation has reached the 2% target level. Although the euro - zone economy shows certain resilience, geopolitical tensions and US tariff uncertainties still pose risks [1] Futures Quotes and Trading Volumes - On October 30, 2025, the Shanghai Gold main contract opened at 919.70 yuan/gram and closed at 912.16 yuan/gram, a change of 0.14% from the previous trading day's close. The trading volume was 41087 lots, and the open interest was 129725 lots. In the night session, it opened at 910.00 yuan/gram and closed at 920.40 yuan/gram, a 0.90% increase from the afternoon close. The Shanghai Silver main contract opened at 11427.00 yuan/kilogram and closed at 11253.00 yuan/kilogram, a - 0.75% change from the previous trading day's close. The trading volume was 820874 lots, and the open interest was 283230 lots. In the night session, it opened at 11245 yuan/kilogram and closed at 11448 yuan/kilogram, a 1.73% increase from the afternoon close [2] US Treasury Yield and Spread Monitoring - On October 30, 2025, the US 10 - year Treasury yield closed at 4.097%, unchanged from the previous trading day. The spread between the 10 - year and 2 - year Treasury yields was 0.49%, a change of - 2BP from the previous trading day [3] Changes in Positions and Trading Volumes of Gold and Silver on the Shanghai Futures Exchange - On the Au2512 contract, the long positions decreased by 902 lots compared with the previous day, and the short positions increased by 708 lots. The total trading volume of the Shanghai Gold contract on the previous trading day was 412100 lots, a 13.45% change from the previous trading day. On the Ag2512 contract, the long positions decreased by 8579 lots, and the short positions decreased by 8236 lots. The total trading volume of the silver contract on the previous trading day was 820874 lots, a 9.76% change from the previous trading day [4] Precious Metal ETF Position Tracking - The gold ETF position was 1036.05 tons, unchanged from the previous trading day. The silver ETF position was 15210 tons, also unchanged from the previous trading day [5] Precious Metal Arbitrage Tracking - On October 30, 2025, the domestic premium for gold was 11.46 yuan/gram, and the domestic premium for silver was - 753.64 yuan/kilogram. The price ratio of the main gold and silver contracts on the Shanghai Futures Exchange was about 81.06, a 0.90% change from the previous trading day. The overseas gold - silver ratio was 83.53, a - 0.79% change from the previous trading day [6] Fundamentals - On October 30, 2025, the trading volume of gold on the Shanghai Gold Exchange T + d market was 57302 kilograms, a 9.92% change from the previous trading day. The trading volume of silver was 1294530 kilograms, a 113.81% change from the previous trading day. The gold delivery volume was 11872 kilograms, and the silver delivery volume was 112200 kilograms [7]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - The market shows a co - existence of shrinking - volume rise and expanding - volume adjustment, indicating heavy selling pressure and potential short - term adjustment pressure. Investors are advised to avoid chasing high and wait for re - entry opportunities. As the performance disclosure window nears the end, stocks and sectors with under - expected performance should be avoided [2]. Summary by Related Catalogs Market Analysis - Sino - US meeting reached a consensus. The US will cancel the 10% so - called "fentanyl tariff" on Chinese goods, continue to suspend the 24% reciprocal tariff on Chinese goods for one year, and suspend the implementation of the 50% penetration rule of export control and the 301 investigation measures on China's maritime, logistics and shipbuilding industries for one year. China will adjust or suspend relevant counter - measures accordingly [1]. - Index callback: In the spot market, A - share major indices showed mixed performance. The Shanghai Composite Index fell 0.73% to 3986.9 points, and the ChiNext Index fell 1.84%. Sector indices mostly declined, with steel, non - ferrous metals, and public utilities leading the gains, while communication, electronics, national defense and military industry, and media sectors leading the losses. The trading volume of the Shanghai and Shenzhen stock markets was 2.4 trillion yuan. Overseas, the three major US stock indices all closed lower, with the Nasdaq falling 1.57% to 23581.144 points [1]. - Futures index position increase: In the futures market, the basis of IC and IM continued to rise. There was a divergence in trading volume and open interest, with both the trading volume and open interest of stock index futures increasing [1]. Strategy - The market presents a situation where shrinking - volume rise and expanding - volume adjustment co - exist, suggesting heavy selling pressure and potential short - term adjustment pressure. Investors should avoid chasing high and wait for re - entry opportunities. As the performance disclosure window nears the end, stocks and sectors with under - expected performance should be avoided [2]. Macro - economic Charts No specific chart analysis content provided, only chart names such as the relationship between the US dollar index and A - share trends, the relationship between US Treasury yields and A - share trends, etc. [4][5] Spot Market Tracking Charts - The daily performance of major domestic stock indices on October 30, 2025: The Shanghai Composite Index was 3986.90 (down 0.73% from the previous day), the Shenzhen Component Index was 13691.38 (up 1.95% from the previous day), the ChiNext Index was 3263.02 (down 1.84% from the previous day), the CSI 300 Index was 4709.91 (down 0.80% from the previous day), the SSE 50 Index was 3046.61 (down 0.54% from the previous day), the CSI 500 Index was 7385.71 (down 1.27% from the previous day), and the CSI 1000 Index was 7485.08 (down 1.11% from the previous day) [11]. Futures Index Tracking Charts - Futures index trading volume and open interest: For IF, the trading volume was 137376 (up 36443 from the previous day), and the open interest was 270734 (up 12176 from the previous day); for IH, the trading volume was 63949 (up 18844 from the previous day), and the open interest was 102044 (up 7069 from the previous day); for IC, the trading volume was 168288 (up 33521 from the previous day), and the open interest was 260211 (up 7396 from the previous day); for IM, the trading volume was 248653 (up 61017 from the previous day), and the open interest was 369079 (up 20311 from the previous day) [13][14]. - Futures index basis: The basis of IF, IH, IC, and IM in different contracts (monthly, quarterly) showed different changes. For example, the current - month contract basis of IF was - 8.51 (down 4.07 from the previous day) [36]. - Futures index inter - period spreads: The spreads between different periods (such as next - month minus current - month, next - quarter minus current - month, etc.) of IF, IH, IC, and IM showed different changes. For example, the next - month minus current - month spread of IF was - 11.40 (down 0.60 from the previous day) [43][44].