Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints The report presents the trading data of various stock index options on September 30, 2025, including trading volume, PCR (Put-Call Ratio), and VIX (Volatility Index), to reflect the market conditions of these options. 3. Summary by Directory Option Trading Volume - On September 30, 2025, the trading volume of Shanghai Stock Exchange 50 ETF options was 1473700 contracts; the trading volume of Shanghai Stock Exchange 300 ETF options was 1447200 contracts; the trading volume of Shanghai Stock Exchange 500 ETF options was 1529500 contracts; the trading volume of Shenzhen 100 ETF options was 127900 contracts; the trading volume of ChiNext ETF options was 1374900 contracts; the trading volume of Shanghai Stock Exchange 50 stock index options was 51800 contracts; the trading volume of Shanghai Stock Exchange 300 stock index options was 176000 contracts; the total trading volume of China Securities 1000 options was 267700 contracts [1]. - The detailed trading volume data of call and put options for each type of option are also provided. For example, the call trading volume of Shanghai Stock Exchange 50 ETF options was 453800 contracts, and the put trading volume was 365700 contracts, with a total trading volume of 819500 contracts [20]. Option PCR - The PCR data of various options show the changes in the ratio of put option trading volume or open interest to call option trading volume or open interest. For example, the trading volume PCR of Shanghai Stock Exchange 50 ETF options was reported at 0.45, with a month-on-month change of -0.03; the open interest PCR was reported at 0.80, with a month-on-month change of +0.01 [2]. Option VIX - The VIX data of various options reflect the implied volatility of the options. For example, the VIX of Shanghai Stock Exchange 50 ETF options was reported at 18.30%, with a month-on-month change of -0.43%; the VIX of Shanghai Stock Exchange 300 ETF options was reported at 19.02%, with a month-on-month change of -0.66% [3].

2025-09-30，股指板块成交7051.01亿元，较上一交易日变动-25.68%；持仓金额13314.95亿元，较上一交易日变动 -4.98%；成交持仓比为52.48%。 国债板块成交4171.98亿元，较上一交易日变动+4.17%；持仓金额7755.38亿元，较上一交易日变动+0.29%；成交持 仓比为54.47%。 基本金属板块成交3846.08亿元，较上一交易日变动+4.34%；持仓金额4876.23亿元，较上一交易日变动-0.71%；成 交持仓比为77.85%。 贵金属板块成交5059.59亿元，较上一交易日变动-35.09%；持仓金额5037.93亿元，较上一交易日变动-3.25%；成交 持仓比为139.97%。 能源化工板块成交3401.70亿元，较上一交易日变动-16.61%；持仓金额3921.06亿元，较上一交易日变动-4.16%；成 交持仓比为68.83%。 农产品板块成交2339.14亿元，较上一交易日变动-15.89%；持仓金额5042.08亿元，较上一交易日变动-4.38%；成交 持仓比为41.07%。 黑色建材板块成交2107.36亿元，较上一交易日变动-22.19%；持仓金额3 ...

Report Industry Investment Rating - Not provided in the content Core Views Manufacturing PMI - Supply: Manufacturing production picked up. In September, the production index was 51.9, up 1.1 from the previous month, and the supplier delivery time index was 50.8, up 0.3 from the previous month [3]. - Demand: Manufacturing demand rebounded. In September, the new order index was 49.7, up 0.2 from the previous month; the new export order index was 47.8, up 0.6 from the previous month; and the back - order index was 45.2, down 0.3 from the previous month [3]. - Supply - demand balance: The supply - demand relationship needs improvement. In September, the supply - demand index (demand - supply) was - 2.2, down 0.9 from the previous month, down 0.9 from the same period last year, and down 0.5 from the average of the past three years [3]. - Price: Manufacturing profitability contracted. In September, the raw material price index was 53.2, down 0.1 from the previous month; the ex - factory price index was 48.2, down 0.9 from the previous month. The difference between ex - factory price and raw material price was - 5.0, down 0.8 from the previous month [3]. - Inventory: De - stocking slowed down. In September, the finished goods inventory index was 48.2, up 1.4 from the previous month; the raw material inventory index was 48.5, up 0.5 from the previous month. The difference between new orders and finished goods inventory was 1.5, down 1.2 from the previous month [3]. Non - manufacturing PMI - Supply: Non - manufacturing employment slowed down. In September, the employment index was 45, down 0.6 from the previous month; among them, the construction industry was 39.7, down 3.9 from the previous month, and the service industry was 45.9, unchanged from the previous month. The supplier delivery time index was 51.1, down 0.2 from the previous month [4]. - Demand: Non - manufacturing domestic demand declined. In September, the new order index was 46, down 0.6 from the previous month; among them, the construction industry was 42.2, up 1.6 from the previous month, and the service industry was 46.7, down 1.0 from the previous month. The new export order index was 49.8, up 1.0 from the previous month, and the back - order index was 44.4, up 1.0 from the previous month [4]. - Price: Non - manufacturing industries exchanged price for volume. In September, the input price index was 49, down 1.3 from the previous month; among them, the construction industry was 47.2, down 7.4 from the previous month, and the service industry was 49.3, down 0.2 from the previous month. The sales price index was 47.3, down 1.3 from the previous month; among them, the construction industry was 48.1, down 1.6 from the previous month, and the service industry was 47.2, down 1.3 from the previous month [4]. - Inventory: De - stocking continued. In September, the inventory index was 44.9, down 0.8 from the previous month and down 0.2 from the same period last year [5] Summary by Directory Overview - Manufacturing PMI: Manufacturing sentiment improved, and enterprise production expansion accelerated. In September, the manufacturing PMI was 49.8, up 0.4 percentage points from the previous month [11]. - Non - manufacturing PMI: The non - manufacturing business activity index was 50.0, down 0.3 percentage points from the previous month, and the composite PMI output index was 50.6, up 0.1 percentage points from the previous month [11]. Demand: Manufacturing Demand Improved, Non - manufacturing Demand Weakened - Manufacturing: Driven by the continuous release of policies such as the "Two New" policies, in September, the new order index was 49.7, up 0.2 from the previous month; the new export order index was 47.8, up 0.6 from the previous month; and the back - order index was 45.2, down 0.3 from the previous month [19]. - Non - manufacturing: In September, the new order index was 46, down 0.6 from the previous month, indicating a continued contraction in non - manufacturing order demand. The new export order index was 49.8, up 1.0 from the previous month, indicating a recovery in export demand. The back - order index was 44.4, up 1.0 from the previous month, indicating an accumulation of existing orders [19]. Supply: Manufacturing Production Recovered, Non - manufacturing Sentiment Declined - Manufacturing: In September, the production index was 51.9, up 1.1 from the previous month; the production and business activity expectation index was 54.1, up 0.4 from the previous month; the supplier delivery time index was 50.8, up 0.3 from the previous month; and the employment index was 48.5, up 0.6 from the previous month [23]. - Non - manufacturing: In September, the employment index was 45, down 0.6 from the previous month; the supplier delivery time index was 51.1, down 0.2 from the previous month; and the business activity expectation index was 55.7, down 0.5 from the previous month [23]. Price: Manufacturing Profitability Contracted, Non - manufacturing Price Cuts Continued - Manufacturing: In September, the raw material price index was 53.2, down 0.1 from the previous month; the ex - factory price index was 48.2, down 0.9 from the previous month; and the difference between ex - factory price and raw material price was - 5.0, down 0.8 from the previous month [31]. - Non - manufacturing: In September, the input price index was 49, down 1.3 from the previous month; the sales price index was 47.3, down 1.3 from the previous month [31]. Inventory: Manufacturing De - stocking Slowed Down, Non - manufacturing De - stocking Continued - Manufacturing: In September, the finished goods inventory index was 48.2, up 1.4 from the previous month; the raw material inventory index was 48.5, up 0.5 from the previous month; and the difference between new orders and finished goods inventory was 1.5, down 1.2 from the previous month [39]. - Non - manufacturing: In September, the inventory index was 44.9, down 0.8 from the previous month and down 0.2 from the same period last year [39]. - Comprehensive: In September, the composite PMI index was 50.6, up 0.1 from the previous month and up 0.2 from the same period last year, indicating an improvement in overall economic sentiment [39]

Report Industry Investment Rating - The rating for both unilateral and arbitrage strategies is neutral [6] Core Viewpoints - Overseas zinc inventory reduction trend remains unchanged; domestic supply pressure persists, and long - term inventory accumulation is expected. However, overseas factors support zinc prices, and attention should be paid to post - balance changes [1][5] Summary by Directory Important Data - **Spot**: LME zinc spot premium is $39.84 per ton. SMM Shanghai zinc spot price dropped by 320 yuan/ton to 21,630 yuan/ton, with a spot premium of - 25 yuan/ton. SMM Guangdong zinc spot price dropped by 330 yuan/ton to 21,660 yuan/ton, with a spot premium of - 50 yuan/ton. Tianjin zinc spot price dropped by 330 yuan/ton to 21,620 yuan/ton, with a spot premium of - 35 yuan/ton [2] - **Futures**: On September 29, 2025, the SHFE zinc main contract opened at 21,930 yuan/ton, closed at 21,800 yuan/ton (down 235 yuan/ton from the previous trading day), with a trading volume of 180,545 lots and a position of 142,400 lots. The highest price was 21,950 yuan/ton, and the lowest was 21,665 yuan/ton [3] - **Inventory**: As of September 29, 2025, the total inventory of SMM seven - region zinc ingots was 141,400 tons, a decrease of 90,000 tons from the previous period. LME zinc inventory was 41,950 tons, a decrease of 825 tons from the previous trading day [4] Market Analysis - During the long holiday, downstream开工率 decreased. Before the holiday, with the decline of absolute prices, downstream actively purchased, and the spot discount was repaired, especially in Guangdong. The supply pressure in China remains. The TC of domestic zinc mines in October continued to decline, while the TC of imported zinc mines was as high as $140 per ton. The smelting profit of the industry was maintained, and the short - term replenishment behavior could not change the long - term inventory accumulation expectation. Overseas inventory problems remained unresolved, the export window was not opened, and the hawkish attitude overseas supported the zinc price [5] Strategy - **Unilateral**: Neutral [6] - **Arbitrage**: Neutral [6]

Group 1: Report Core Information - The report provides a liquidity overview of various market sectors on September 29, 2025, including trading volume, holding amount, and trading - holding ratio [1][2] Group 2: Sector - by - Sector Liquidity Details 1. Overall Sector Liquidity - Figures related to each sector's trading - holding ratio, trading volume change rate, holding amount, etc., are presented, with data sources from Flush and Huatai Futures Research Institute [5][8] 2. Stock Index Sector - On September 29, 2025, the trading volume was 948.773 billion yuan, a + 25.70% change from the previous trading day; the holding amount was 1401.24 billion yuan, a + 6.08% change; the trading - holding ratio was 68.18% [1] 3. Treasury Bond Sector - The trading volume was 400.508 billion yuan, a + 8.44% change; the holding amount was 773.263 billion yuan, a - 0.32% change; the trading - holding ratio was 52.68% [1] 4. Base Metal and Precious Metal (Metal) Sector - Base metal trading volume was 368.626 billion yuan, a - 3.78% change; holding amount was 491.108 billion yuan, a - 2.99% change; trading - holding ratio was 89.33%. Precious metal trading volume was 779.433 billion yuan, a + 31.74% change; holding amount was 520.729 billion yuan, a - 2.21% change; trading - holding ratio was 214.33% [1] 5. Energy and Chemical Sector - The trading volume was 407.915 billion yuan, a + 0.29% change; the holding amount was 409.107 billion yuan, a - 3.31% change; the trading - holding ratio was 77.94% [1] 6. Agricultural Product Sector - The trading volume was 278.101 billion yuan, a - 7.58% change; the holding amount was 527.324 billion yuan, a - 3.33% change; the trading - holding ratio was 47.06% [1] 7. Black Building Materials Sector - The trading volume was 270.845 billion yuan, a - 8.72% change; the holding amount was 326.976 billion yuan, a - 7.76% change; the trading - holding ratio was 87.88% [2]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Relevant Catalogs Option Trading Volume - On September 29, 2025, the trading volumes of various options were as follows: 788,200 contracts for SSE 50 ETF options, 937,300 contracts for SSE 300 ETF options (Shanghai market), 1,443,500 contracts for CSI 500 ETF options (Shanghai market), 124,500 contracts for Shenzhen 100 ETF options, 1,787,700 contracts for ChiNext ETF options, 117,400 contracts for SSE 50 index options, 106,400 contracts for SSE 300 index options, and 306,600 contracts for CSI 1000 options [1]. - The detailed trading volumes (including call, put, and total) of different index ETF options on a recent day are presented in a table, with specific values for each type of option [20]. Option PCR - The PCR data of different options on a recent day are as follows: for SSE 50 ETF options, the turnover PCR is 0.48 (with a -0.19 change compared to the previous period), and the open - interest PCR is 0.79 (with a +0.01 change); for SSE 300 ETF options (Shanghai market), the turnover PCR is 0.47 (-0.16 change), and the open - interest PCR is 1.08 (-0.03 change); for CSI 500 ETF options (Shanghai market), the turnover PCR is 0.63 (-0.25 change), and the open - interest PCR is 1.28 (-0.04 change); for Shenzhen 100 ETF options, the turnover PCR is 0.73 (+0.03 change), and the open - interest PCR is 1.16 (-0.02 change); for ChiNext ETF options, the turnover PCR is 0.59 (-0.15 change), and the open - interest PCR is 1.33 (+0.14 change); for SSE 50 index options, the turnover PCR is 0.28 (-0.07 change), and the open - interest PCR is 0.70 (+0.04 change); for SSE 300 index options, the turnover PCR is 0.30 (-0.19 change), and the open - interest PCR is 0.92 (+0.05 change); for CSI 1000 index options, the turnover PCR is 0.67 (-0.42 change), and the open - interest PCR is 0.99 (+0.02 change) [2][28]. Option VIX - The VIX data of different options on a recent day are as follows: for SSE 50 ETF options, the VIX is 18.73% (with a +1.92% change compared to the previous period); for SSE 300 ETF options (Shanghai market), the VIX is 19.68% (+1.54% change); for CSI 500 ETF options (Shanghai market), the VIX is 24.28% (-0.15% change); for Shenzhen 100 ETF options, the VIX is 27.23% (-0.07% change); for ChiNext ETF options, the VIX is 36.65% (-1.00% change); for SSE 50 index options, the VIX is 18.54% (+1.01% change); for SSE 300 index options, the VIX is 19.17% (+0.95% change); for CSI 1000 index options, the VIX is 24.70% (-0.16% change) [3][43].

Report Industry Investment Rating No information provided. Core Viewpoints - It is necessary to do a good job in pre - holiday risk management. During the National Day holiday, there are risks of pre - holiday adjustments in the stock index and pre - holiday depreciation of the RMB exchange rate, while there are opportunities in certain commodity sectors after the holiday. The domestic situation shows a greater gap between strong expectations and weak reality, and attention should be paid to post - holiday policy expectations and the correction of the current off - peak season expectation. The inflation outlook in the US is clearer, and the Fed has restarted the interest rate cut cycle. Different commodity sectors have different characteristics and investment opportunities [1]. - For commodities and stock index futures, it is recommended to allocate industrial products and precious metals on dips [2]. Summary by Related Catalogs Market Analysis - **Holiday Risk and Policy Expectations**: From October 1st to 8th is the National Day holiday in China, with 6 overseas trading days. Historically, the stock index may adjust before the holiday and rise after it, and the RMB exchange rate may depreciate before the holiday and recover after it. After the holiday, there may be opportunities in commodity sectors such as coking coal, steel ore, and non - metallic building materials. The domestic economic pressure increased marginally in August, with weak industrial, investment, and consumption data, and increased external tariff pressure. Recently, the government has frequently mentioned pro - growth policies. The central bank also proposed to strengthen monetary policy regulation. Six departments issued a steady - growth plan for the machinery industry, aiming for an average annual revenue growth rate of about 3.5% from 2025 - 2026. The scale of new policy - based financial instruments is 500 billion yuan [1]. - **US Economic Situation**: In August, the US ISM manufacturing index contracted for the sixth consecutive month, the new order improved, and the price index declined again. The CPI increased year - on - year, the PPI growth slowed down, and the new non - farm employment and unemployment rate were worse than expected, supporting the Fed's interest rate cut. The retail sales and new home sales increased. The Fed cut interest rates by 25 basis points, and the federal funds rate target range is now 4.00% - 4.25%. The risk of a US government shutdown has increased, and the US has imposed additional tariffs [1]. - **Commodity Analysis**: The black and new energy metal sectors are most sensitive to the domestic supply - side; precious metals and agricultural products can be concerned due to overseas inflation expectations. The black sector is still dragged down by downstream demand expectations, and the "anti - involution" situation should be focused on. The long - term supply limitation in the non - ferrous sector has not been alleviated, but the marginal supply has increased recently. The energy supply is expected to be relatively loose in the medium - term. In the chemical industry, the "anti - involution" space of some varieties is worthy of attention. Agricultural products are driven by tariffs and inflation expectations in the short - term. Precious metals, especially gold, are expected to continue to strengthen [1]. Strategy - Allocate industrial products and precious metals on dips for commodities and stock index futures [2]. To - do News - The six - department plan aims for the machinery industry to achieve an average annual revenue growth rate of about 3.5% from 2025 - 2026 and break through 10 trillion yuan in revenue. The NDRC will continue to implement macro - policies. The Fourth Plenary Session of the 20th Central Committee will be held from October 20th to 23rd. On September 29th, the A - share market rose, and the financial stocks such as securities firms exploded. The risk of a US government shutdown is high, and the EU will resume sanctions on Iran. Spot gold reached a new high, standing at $3,820 per ounce with a 1.6% intraday increase [4]. Macro - economy No detailed analysis provided, only some relevant charts are mentioned, including the Citi Economic Surprise Index, 30 - city commercial housing transaction area, etc. [5][7][10] Interest Rates No detailed analysis provided, only some relevant charts are mentioned, including the 10Y and 2Y China - US Treasury bond spreads, the US dollar exchange rate, etc. [5][14][16]

Report Industry Investment Rating No information provided. Core Viewpoints - Big funds drive up the financial sector, making the market prone to rising and difficult to fall. New news about DeepSeek will push the technology sector's market to spread and extend to the software application end, and the market is expected to continue in October [3] Summary by Directory Market Analysis - Domestically, the Political Bureau meeting emphasized high - quality development in the "15th Five - Year Plan" period, including new development concepts, reform, opening - up, and risk prevention. Overseas, Trump threatened to impose high tariffs on overseas - made movies and furniture from non - US countries [1] - In the spot market, A - share major indices strengthened, with the Shanghai Composite Index rising 0.9% to 3862.53 and the ChiNext Index rising 2.74%. The trading volume of the Shanghai and Shenzhen stock markets was about 2.1 trillion yuan. The scale of new policy - based financial instruments is 500 billion yuan. Overseas, US major indices also rose, with the Nasdaq up 0.48% [2] - In the futures market, the basis of stock index futures rebounded rapidly, and the IF and IH contracts were at a premium. Both trading volume and open interest increased [2] Strategy - Big funds drive the financial sector up, and the market is likely to keep rising. New news of DeepSeek will expand the technology sector's market to software applications, and the market is expected to continue in October [3] Macro - economic Charts - Include charts on the relationship between the US dollar index, US Treasury yields, RMB exchange rate and A - share trends, as well as the relationship between US Treasury yields and A - share styles [5][6][8] Spot Market Tracking Charts - Show the daily performance of major domestic stock indices, such as the Shanghai Composite Index rising 0.9%, the Shenzhen Component Index rising 2.05%, etc. Also include charts on the trading volume of the Shanghai and Shenzhen stock markets and margin trading balance [5][6][13] Futures Market Tracking Charts - Provide data on the trading volume and open interest of stock index futures (IF, IH, IC, IM), basis, and inter - delivery spreads. For example, the trading volume and open interest of all contracts increased, and the basis of each contract changed [5][6][17]

Industry Investment Rating No information provided regarding the industry investment rating. Core Viewpoints - The Ministry of Industry and Information Technology and five other departments issued the "Work Plan for Steady Growth of the Machinery Industry (2025 - 2026)", aiming for the machinery industry to maintain a stable and positive development trend from 2025 to 2026, with an average annual revenue growth rate of about 3.5% and revenue exceeding 10 trillion yuan [1]. - The National Development and Reform Commission will focus on the science - technology and AI industries, formulating development guidelines for smart terminals and agents, opening up industry scenarios, and providing computing power subsidies. A new policy - based financial instrument worth 500 billion yuan will be used to supplement project capital [1]. Summary by Directory 1. Industry Overview Upstream - Black: Glass prices have rebounded significantly [2]. - Energy: International oil prices have rebounded [2]. Midstream - Chemical: The polyester operating rate is at a medium level [3]. - Energy: Coal consumption by power plants has remained stable [3]. Downstream - Real Estate: The sales of commercial housing in second - tier cities have slightly rebounded [4]. - Services: The number of domestic flights has increased [4]. 2. Key Industry Price Indicators | Industry Name | Indicator Name | Price on 9/29 | YoY Change | | --- | --- | --- | --- | | Agriculture | Spot price of corn | 2288.6 yuan/ton | 0.00% | | | Spot price of eggs | 7.4 yuan/kg | - 4.77% | | | Spot price of palm oil | 9248.0 yuan/ton | 3.08% | | | Spot price of cotton | 14982.5 yuan/ton | - 1.17% | | | Average wholesale price of pork | 19.3 yuan/kg | - 1.28% | | Non - ferrous Metals | Spot price of copper | 82271.7 yuan/ton | 2.54% | | | Spot price of zinc | 21618.0 yuan/ton | - 1.48% | | | Spot price of aluminum | 20700.0 yuan/ton | - 0.61% | | | Spot price of nickel | 122050.0 yuan/ton | 0.04% | | | Spot price of aluminum | 16856.3 yuan/ton | - 1.14% | | Ferrous Metals | Spot price of rebar | 3176.0 yuan/ton | 0.27% | | | Spot price of iron ore | 806.7 yuan/ton | - 1.51% | | | Spot price of wire rod | 3357.5 yuan/ton | - 1.54% | | | Spot price of glass | 15.4 yuan/square meter | 7.90% | | Non - metals | Spot price of natural rubber | 14775.0 yuan/ton | - 0.73% | | | China Plastic City price index | 790.0 | - 0.17% | | | Spot price of WTI crude oil | 65.7 dollars/barrel | 5.32% | | Energy | Spot price of Brent crude oil | 69.2 dollars/barrel | 4.82% | | | Spot price of liquefied natural gas | 3828.0 yuan/ton | 0.90% | | | Coal price | 793.0 yuan/ton | 1.02% | | | Spot price of PTA | 4612.5 yuan/ton | - 0.30% | | Chemical | Spot price of polyethylene | 7345.0 yuan/ton | - 0.14% | | | Spot price of urea | 1621.3 yuan/ton | - 2.04% | | | Spot price of soda ash | 1262.5 yuan/ton | 0.00% | | Real Estate | National cement price index | 135.1 | 0.63% | | | Building materials composite index | 113.3 points | - 1.19% | | | National concrete price index | 91.7 points | - 0.01% | [36]

Report Industry Investment Rating - The investment rating for both gold and silver is cautiously bullish [8][9] Core Viewpoints - The market tends to price in consecutive interest rate cuts by the Federal Reserve. With the expectation of monetary easing and risk - aversion sentiment due to the potential U.S. federal government shutdown, gold prices are expected to remain in a relatively strong oscillation. The Au2512 contract may oscillate between 860 yuan/gram and 880 yuan/gram [8] - Silver shares the same macro - level logic as gold. The easing cycle promotes the recovery of silver's industrial demand, and the gold - silver ratio is expected to narrow. Silver prices are also expected to maintain a relatively strong oscillation, with the Ag2512 contract oscillating between 10500 yuan/kilogram and 11500 yuan/kilogram [10] - The strategy for arbitrage is to short the gold - silver ratio at high levels, and the option strategy is to postpone [10] Summary by Related Catalogs Market Analysis - In terms of interest rates, Fed's Williams supported the interest rate cut at the last meeting due to signs of labor market weakness, and estimated the real neutral interest rate at 0.75%. Musalem is open to future rate cuts but advocates caution, expecting inflation to remain high in the next two to three quarters [1] - Regarding tariffs, U.S. President Trump threatened to impose a 100% tariff on all movies made outside the U.S. and large tariffs on countries that do not manufacture furniture in the U.S. to boost domestic industries [1] - On the fiscal front, U.S. Senate Republicans will vote again on Tuesday on a bill to avoid a government shutdown, while Democrats rejected the short - term temporary spending bill [1] - Geopolitically, Trump and Israeli Prime Minister Netanyahu held a bilateral meeting. Trump said Netanyahu accepted his Gaza peace plan, which could end the war immediately if both sides agree, and requires Gaza to be temporarily governed by a non - political Palestinian technical bureaucracy [1] Futures Quotes and Volumes - On September 29, 2025, the Shanghai gold main contract opened at 857.70 yuan/gram and closed at 866.52 yuan/gram, a 1.22% change 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 866.88 yuan/gram and closed at 870.42 yuan/gram, a 0.45% increase from the afternoon close [2] - On September 29, 2025, the Shanghai silver main contract opened at 10651.00 yuan/kilogram and closed at 10939.00 yuan/kilogram, a 2.89% change from the previous trading day's close. The trading volume was 1527083 lots, and the open interest was 508967 lots. In the night session, it opened at 10883 yuan/kilogram and closed at 10907 yuan/kilogram, a 0.29% decrease from the afternoon close [2] U.S. Treasury Yield and Spread Monitoring - On September 29, 2025, the U.S. 10 - year Treasury yield closed at 4.137%, unchanged from the previous trading day. The 10 - 2 year spread was 0.521%, up 0.41 BP from the previous trading day [3] Changes in Positions and Volumes of Gold and Silver on the SHFE - On the Au2508 contract, long positions decreased by 86 lots and short positions decreased by 108 lots compared to the previous day. The total trading volume of Shanghai gold contracts on the previous trading day was 471378 lots, a 4.54% decrease from the previous trading day [4] - On the Ag2508 contract, long positions increased by 2 lots and short positions decreased by 2 lots. The total trading volume of silver contracts on the previous trading day was 2294694 lots, a 45.70% increase from the previous trading day [4] Precious Metals ETF Position Tracking - The gold ETF position was 1,005.72 tons, unchanged from the previous trading day. The silver ETF position was 15,521 tons, an increase of 159 tons from the previous trading day [5] Precious Metals Arbitrage Tracking - On September 29, 2025, the domestic gold premium was - 13.84 yuan/gram, and the domestic silver premium was - 1233.70 yuan/kilogram. The ratio of the main gold and silver contracts on the SHFE was about 79.21, a 1.93% decrease from the previous trading day, and the overseas gold - silver ratio was 83.31, a 0.23% decrease from the previous trading day [6] Fundamentals - On September 29, 2025, the trading volume of gold on the Shanghai Gold Exchange's T + d market was 61916 kilograms, a 5.38% decrease from the previous trading day. The silver trading volume was 538718 kilograms, a 43.68% increase from the previous trading day. The gold delivery volume was 32380 kilograms, and the silver delivery volume was 12450 kilograms [7]