1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The precious metals market regained upward momentum during intraday trading as the meeting between the top leaders of China and the US and the FOMC meeting approached. The London gold price rebounded after a sharp correction, and the London silver price regained the $48 mark. The tariff news was optimistic, causing market risk aversion to recede and increasing market volatility. Trump's tariff negotiations with Southeast Asian countries and the initial optimistic Sino - US tariff consultations were short - term negative for the gold price. The US September CPI was lower than expected, and the market fully priced in two interest rate cuts this year. Affected by the previous sharp correction, the trading sentiment was cautious, with strong profit - taking sentiment among bulls, but there was also strong buying demand at key support levels. Most Fed voting members supported restarting the easing path, and two 25 - basis - point interest rate cuts this year were the market's general expectation. Before the meeting between the top leaders of China and the US, the long - short game in the market intensified. The Fed's interest rate cut expectation and the continued US government shutdown provided bottom support. However, if the Sino - US talks achieved substantial results, the gold price might continue to correct. It is recommended to focus on range - bound trading. The recommended trading range for the Shanghai Gold 2512 contract is 880 - 920 yuan/gram, and for the Shanghai Silver 2512 contract is 11000 - 11600 yuan/kilogram [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - Shanghai Gold main contract closing price: 910.88 yuan/gram, up 9.5 yuan; Shanghai Silver main contract closing price: 11338 yuan/kilogram, up 289 yuan - Shanghai Gold main contract open interest: 168691 lots, down 7225 lots; Shanghai Silver main contract open interest: 304414 lots, down 17462 lots - Shanghai Gold main contract top 20 net open interest: 110656 lots, up 2063 lots; Shanghai Silver main contract top 20 net open interest: 85919 lots, up 3368 lots - Gold warehouse receipts: 87816 kilograms, up 801 kilograms; Silver warehouse receipts: 653828 kilograms, down 3599 kilograms [2] 3.2现货市场 - Shanghai Non - ferrous Metals Network gold spot price: 904.7 yuan/gram, down 6.71 yuan; Shanghai Non - ferrous Metals Network silver spot price: 11272 yuan/kilogram, up 109 yuan - Shanghai Gold main contract basis: - 6.18 yuan/gram, up 0.53 yuan; Shanghai Silver main contract basis: - 66 yuan/kilogram, down 175 yuan [2] 3.3 Supply and Demand Situation - Gold ETF holdings: 1038.92 tons, unchanged; Silver ETF holdings: 15209.57 tons, down 131.22 tons - Gold CFTC non - commercial net open interest (weekly): 266749 contracts, up 339 contracts; Silver CTFC non - commercial net open interest (weekly): 52276 contracts, up 738 contracts - Gold total supply (quarterly): 1313.01 tons, up 54.84 tons; Silver total supply (yearly): 987.8 million troy ounces, down 21.4 million troy ounces - Gold total demand (quarterly): 1313.01 tons, up 54.83 tons; Silver global total demand (yearly): 1195 million ounces, down 47.4 million ounces [2] 3.4 Option Market - 20 - day historical volatility of gold: 36.03%, up 2.69 percentage points; 40 - day historical volatility of gold: 26.86%, up 1.96 percentage points - At - the - money call option implied volatility of gold: 26.17%, down 1.51 percentage points; At - the - money put option implied volatility of gold: 26.18%, down 1.51 percentage points [2] 3.5 Industry News - The US Senate, with a 54 - to - 45 vote, failed again in a procedural vote to advance the "2025 Fiscal Year Continuing Appropriations and Extension Act" aimed at ending the government shutdown. The bill, passed by the House of Representatives, proposed to temporarily resume government operations at the current funding level and needed 60 votes in the Senate to proceed. This was the 13th vote on the bill, and it still failed to reach the required threshold, meaning the government shutdown would continue - On October 28, Japanese Prime Minister Hayasuna Kōichi and US President Trump signed an agreement to promote Japan's $550 billion investment plan in the US - ADP, the "small non - farm" data publisher, announced that it would launch weekly employment data from this week to track the US labor market dynamics more frequently. The first report showed that in the four weeks ending October 11, the average number of private - sector jobs in the US increased by 14,250 - The Conference Board data showed that the US consumer confidence index in October declined for the third consecutive month, falling from 95.6 in September to 94.6, the lowest level since April this year. The expectation index dropped to 71.5, the lowest since June [2]

Investment Rating - No investment rating for the industry is provided in the report. Core Viewpoints - A - share major indices closed with collective gains. The three major indices opened and closed higher, with the Shanghai Composite Index regaining the 4000 - point mark. The overall equity market's bullish sentiment remains relatively high due to the double expectations of the Fed's further interest - rate cut and the Sino - US summit. It is recommended to buy on dips with a light position and prioritize allocating to IC and IM [2]. Summary by Relevant Contents Futures Market - **Contract Prices and Changes**: The latest prices of IF, IH, IC, and IM main and secondary contracts all increased compared to the previous period. For example, the latest price of the IF main contract (2512) is 4732.6, up 57.6 [2]. - **Contract Spreads**: Most of the contract spreads between different varieties increased, such as the IF - IH spread which rose by 46.6. However, the IM - IC spread decreased by 43.6 [2]. - **Quarter - to - Month Spreads**: Some quarter - to - month spreads changed, with the IF and IH quarter - to - month spreads mostly decreasing, while the IC and IM quarter - to - month spreads showed mixed trends [2]. - **Net Positions of Top 20 Holders**: The net positions of the top 20 holders of IF and IC decreased, while those of IH and IM increased [2]. Spot Market - **Spot Index Prices**: The prices of the CSI 300, SSE 50, CSI 500, and CSI 1000 all increased, with the CSI 300 rising to 4747.84, up 55.9 [2]. - **Basis**: The basis of the IF, IH, IC, and IM main contracts all increased [2]. Market Sentiment - **Trading Volume and Margin Trading**: The A - share trading volume and margin trading balance increased, with the A - share trading volume reaching 22906.74 billion yuan, up 1253.67 billion yuan [2]. - **Options and Volatility**: The closing price of the IO at - the - money call option increased, while that of the put option decreased. The implied volatility of the call option increased, and that of the put option decreased [2]. Industry News - **International Events**: Chinese President Xi Jinping will meet with US President Trump in Busan, South Korea on October 30 to exchange views on Sino - US relations and common concerns. The Fed is expected to cut interest rates by 25 basis points [2]. - **Domestic Policies**: The full text of the "15th Five - Year Plan" suggestions was released, aiming to achieve various economic and social development goals, including promoting high - tech self - reliance and strengthening new productive forces [2]. Company Earnings - The net profit growth rate of all A - shares and CSI 500 has accelerated significantly, with the CSI 500's net profit growth rate exceeding 10% [2]. Key Events to Watch - From October 27 - 31, 4347 A - share listed companies will disclose their third - quarter reports. On October 30, there will be interest - rate decisions from the Fed, the Bank of Japan, and the European Central Bank. On October 31, there will be China's PMI data and US economic data such as PCE [3].

1. Report Industry Investment Rating - No information provided in the given content. 2. Report's Core View - On Wednesday, the freight index (European line) futures prices rose significantly, with the main contract EC2512 up 5.08% and the far - month contracts up 1 - 4%. The latest SCFIS European line settlement freight index was 1312.71, up 172.33 points from last week, a 15.1% MoM increase. Spot index gains have expanded, potentially supporting short - term freight rate increases. Mainstream shipping companies have issued price increase notices for November, and Maersk's successful price support in mid - to - late October has boosted market confidence. The suspension of container handling at Rotterdam Port and the easing of the trade war situation, along with the substantial mitigation of geopolitical conflicts and the arrival of the fourth - quarter shipping peak season, have led to a rapid recovery in futures prices. However, the freight rate market is highly influenced by news, and futures prices are expected to fluctuate more severely. Investors are advised to be cautious, control risks, and track geopolitical, capacity, and cargo volume data [1]. 3. Summary by Relevant Catalogs 3.1 Futures Market Data - EC main contract closing price: 1871.000, up 90.5; EC second - main contract closing price: 1606, up 56.7 [1]. - EC2512 - EC2602 spread: 265.00, up 25.40; EC2512 - EC2604 spread: 676.60, up 51.00 [1]. - EC contract basis: - 558.29, down 82.70 [1]. - EC main contract open interest: 31906, up 3006 [1]. 3.2 Spot Market Data - SCFIS (European line) (weekly): 1312.71, up 172.33; SCFIS (US West Coast line) (weekly): 863.46, down 14.34 [1]. - SCFI (composite index) (weekly): 1403.46, up 93.14; Container ship capacity (10,000 TEUs): 1227.97, up 1.66 [1]. - CCFI (composite index) (weekly): 992.74, up 19.63; CCFI (European line) (weekly): 1293.12, up 25.21 [1]. - Baltic Dry Index (daily): 1950.00, up 26.00; Panamax Freight Index (daily): 1904.00, up 17.00 [1]. - Average charter price (Panamax ship): 17564.00, unchanged; Average charter price (Capesize ship): 23479.00, down 1512.00 [1]. 3.3 Industry News - The "15th Five - Year Plan" proposal was released, with economic growth in a reasonable range, improved total factor productivity, and other goals [1]. - On October 28, Japanese Prime Minister Kaoichi Sanae and US President Trump signed an agreement to promote Japan's $550 billion investment plan in the US, with $100 billion for Westinghouse Electric to build nuclear reactors [1]. - The US Senate failed to pass a procedural vote on the "2025 Fiscal Year Continuing Appropriations and Extension Act" for the 13th time, and the government shutdown will continue [1]. 3.4 Key Events to Watch - October 30, 02:00: US Fed interest rate decision (upper limit) as of October 29 [1]. - October 30, 14:30: France's preliminary Q3 GDP annual rate [1]. - October 30, 16:55: Germany's seasonally - adjusted unemployment rate in October [1]. - October 30, 17:00: Germany's preliminary unadjusted Q3 GDP annual rate [1]. - October 30, 18:00: Eurozone's preliminary Q3 GDP annual rate, September unemployment rate, and October industrial sentiment index [1]. - October 30, 21:00: Germany's preliminary October CPI monthly rate [1]. - October 30, 21:15: Eurozone's ECB deposit facility rate as of October 30 [1].

Report Investment Rating - No report industry investment rating is provided in the content [1][2][3] Core Viewpoints - The yield of treasury bond cash bonds on Wednesday was strong in the short - term and weak in the ultra - long - term. The yields of 1 - 7Y maturities declined by about 0.40 - 4.0bp, while the 10Y and 30Y yields changed by about - 0.4 and 0.5bp to 1.81% and 2.17% respectively. Treasury bond futures were also strong in the short - term and weak in the ultra - long - term. The TS, TF, and T main contracts rose by 0.10%, 0.16%, and 0.13% respectively, while the TL main contract fell by 0.27%. The weighted average rate of DR007 fluctuated around 1.54%. [3] - Domestically, in September, the profits of industrial enterprises above designated size continued to recover due to the low - base effect, with a year - on - year increase of 3.2%. In Q3, China's GDP grew by 4.8% year - on - year, with a stable growth rate but a slowdown compared to the previous value. In September, industrial added value increased significantly year - on - year, social retail growth slowed down, and fixed - asset investment continued to shrink. [3] - Policy - wise, the communiqué of the Fourth Plenary Session of the 20th Central Committee pointed out that the current economic development faces a complex environment, emphasizing that the steady - growth policy will continue to exert force, enhancing the endogenous driving force of the economy through expanding domestic demand, promoting consumption, and stabilizing investment, and requiring the firm completion of the annual economic and social development goals. [3] - The central bank governor, Pan Gongsheng, said at the Financial Street Forum that the bond market is currently operating well, and the central bank will resume open - market treasury bond trading operations. Overseas, the US CPI in September was lower than expected; ADP data showed that the employment market in October was recovering. The new round of Sino - US trade consultations ended with positive signals, alleviating market concerns about the escalation of trade frictions. [3] - The central bank's resumption of treasury bond trading will inject stable liquidity into the market, driving down long - term interest rates by lowering short - term rates, boosting the bullish sentiment in the bond market. The weak fundamentals may push the bond market to fluctuate upwards. It is recommended to take a small - position long - trial strategy. [3] Summary by Directory Futures Disk - T main contract closing price was 108.570, up 0.13%; trading volume was 91,358, an increase of 16,290. TF main contract closing price was 106.070, up 0.16%; trading volume was 99,318, an increase of 31,449. TS main contract closing price was 102.576, up 0.1%; trading volume was 56,118, an increase of 16,695. TL main contract closing price was 115.830, down 0.27%; trading volume was 125,436, an increase of 2,105. [2] Futures Spread - TL2512 - 2603 spread was 0.31, up 0.04; T12 - TL12 spread was - 7.26, up 0.28. T2512 - 2603 spread was 0.33, up 0.01; TF12 - T12 spread was - 2.50, up 0.02. TF2512 - 2603 spread was 0.13, up 0.01; TS12 - T12 spread was - 5.99, down 0.04. TS2512 - 2603 spread was 0.09, up 0.00; TS12 - TF12 spread was - 3.49, down 0.06. [2] Futures Positions - T main contract open interest was 246,279, an increase of 7,086. The long positions of the top 20 were 229,274, an increase of 7,125; the short positions of the top 20 were 244,936, an increase of 7,726; the net short positions of the top 20 were 15,662, an increase of 601. [2] - TF main contract open interest was 149,109, an increase of 10,861. The long positions of the top 20 were 134,888, an increase of 11,395; the short positions of the top 20 were 157,956, an increase of 12,895; the net short positions of the top 20 were 23,068, an increase of 1,500. [2] - TS main contract open interest was 71,222, an increase of 2,282. The long positions of the top 20 were 56,899, an increase of 2,394; the short positions of the top 20 were 64,700, an increase of 3,412; the net short positions of the top 20 were 7,801, an increase of 1,018. [2] - TL main contract open interest was 146,041, a decrease of 1,892. The long positions of the top 20 were 141,200, an increase of 914; the short positions of the top 20 were 158,654, a decrease of 1,625; the net short positions of the top 20 were 17,454, a decrease of 2,539. [2] Top Two CTD (Clean Prices) - 220017.IB (4y) was 106.6589, up 0.0971; 250018.IB (4y) was 99.0955, up 0.1290. 250003.IB (4y) was 99.6819, up 0.1426; 240020.IB (4y) was 100.8844, up 0.0843. 220016.IB (1.7y) was 101.9407, up 0.0838; 250012.IB (2y) was 100.1099, up 0.0800. 210005.IB (17y) was 130.7675, down 0.3477; 220008.IB (18y) was 122.7161, down 0.2279. [2] Active Treasury Bonds - The yield of 1 - year bond was 1.4300%, down 0.5bp; 3 - year was 1.4600%, down 5bp; 5 - year was 1.5600%, up 1bp; 7 - year was 1.6725%, down 0.25bp; 10 - year was 1.8130%, up 1.8bp. [2] Short - term Interest Rates - The overnight inter - bank pledged repo rate was 1.3515%, up 5.15bp; Shibor overnight was 1.4140%, down 5.5bp. The 7 - day inter - bank pledged repo rate was 1.5318%, up 5.18bp; Shibor 7 - day was 1.5120%, down 1.8bp. The 14 - day inter - bank pledged repo rate was 1.5900%, unchanged; Shibor 14 - day was 1.5590%, down 8.8bp. [2] LPR Rates - The 1 - year LPR was 3.00%, unchanged; the 5 - year LPR was 3.5%, unchanged. [2] Open Market Operations - The issuance scale was 557.7 billion yuan, the maturity scale was 138.2 billion yuan, and the interest rate was 1.4% for 7 - day. The net investment was 419.5 billion yuan. [2] Industry News - On October 29, the spokesperson of the Ministry of Foreign Affairs announced that Chinese President Xi Jinping will meet with US President Trump in Busan, South Korea on October 30 to exchange views on Sino - US relations and issues of common concern. [2] - Central bank governor Pan Gongsheng said in a report on financial work that the next step is to prevent and resolve financial risks in key areas, strengthen the monitoring and assessment of systemic financial risks, continue to support the debt - to - equity swap of financing platforms, and improve the financing system suitable for the new model of real estate development. [2] - On October 29, the general offices of five departments including the Ministry of Commerce issued the "Action Plan for Improving the Quality of Urban Commerce", aiming to promote the integrated development of online and offline, encourage cooperation between e - commerce and express delivery companies, and improve the efficiency and quality of last - mile delivery. [2] Key Events to Watch - The 2025 Financial Street Forum Annual Conference is held from October 27 to 30. The US Federal Reserve will announce the interest rate decision (upper limit) as of October 29 at 2:00 on October 30. [3]

Report Investment Rating - No investment rating information provided Core Views - For corn, with the U.S. corn harvest advancing, supply pressure will gradually increase, but the expected lower U.S. corn yield and the Sino - U.S. trade agreement expectation support the market. In China, the new corn supply is increasing, leading to a slight decline in purchase prices. Corn futures prices are in a low - level consolidation [2]. - For corn starch, the increasing supply of raw corn weakens cost support, and the substitution of tapioca starch squeezes market demand. However, the lower - than - usual industry operation rate, good order fulfillment, and slightly decreased inventory are positive factors. Starch futures prices move in sync with the corn market and are recommended for short - term observation [2][3]. Section Summaries Futures Market - Corn futures closing price (active contract) is 2116 yuan/ton, down 105 yuan/ton; corn starch futures closing price (active contract) is 2427 yuan/ton, down 11 yuan/ton. Corn futures open interest (active contract) is 925389 hands, and corn starch futures open interest (active contract) is 208744 hands, down 1335 hands [2]. Outer - market - CBOT corn futures closing price (active contract) is 3.75 cents/bushel, and the total open interest is 1543065 contracts, up 13269 contracts. Non - commercial net long positions are - 51186 contracts, down 15017 contracts [2]. Spot Market - The average spot price of corn is 2242.75 yuan/ton, and the ex - factory price of corn starch in Changchun is 2510 yuan/ton, unchanged [2]. Upstream - Forecasted corn planting areas in the U.S., Brazil, Argentina, China, and Ukraine are 427.11, 36.44, 22.6, 44.3, and 32 million hectares respectively, with forecasted yields of 53, 7.5, 295, 44.3, and 32 million tons respectively, all unchanged [2]. Industry - Corn inventories in southern and northern ports are 9.3 and 11 million tons respectively, and the starch enterprise weekly inventory is 112.8 million tons, down 1.2 million tons [2]. Downstream - The monthly output of feed is 201.5 million tons, and the processing profit of corn starch in Shandong is 128 yuan/ton, down 7 yuan/ton [2]. Options Market - The 20 - day historical volatility of corn is 8.48%, down 0.43%, and the implied volatility of at - the - money call options is 10.24%, up 0.74% [2]. Industry News - As of October 26, the U.S. corn harvest was 72% complete, up from 59% a week ago. As of October 25, Brazil's 2025/26 first - season corn planting was 40.0% complete, up from 33.2% last week [2].

Report Industry Investment Rating - Not provided Core Viewpoints - The supply side of the domestic cotton market shows that Xinjiang cotton has entered the large - scale harvesting stage with over 50% progress, faster than last year, and the processing cost of ginning factories has slightly increased. Inland cotton acquisition is slow due to continuous rainfall. The demand side shows that the demand of downstream textile enterprises is relatively weak, and the "Silver October" replenishment has not improved significantly. New cotton is in the listing stage, and the upward space of cotton prices is expected to be limited in the short term due to hedging pressure [2] Summary by Relevant Catalogs Futures Market - Zhengzhou cotton main contract closing price is 13,620 yuan/ton, up 55; cotton futures top 20 net positions are - 113,788 hands, down 3,097; main contract holdings of cotton are 578,488 hands, down 596; cotton warehouse receipts are 2,460, down 11. Cotton yarn main contract closing price is 19,865 yuan/ton, up 95; cotton yarn futures top 20 net positions are - 181 hands, down 40; main contract holdings of cotton yarn are 23,749 hands, down 346; cotton yarn warehouse receipts are 4, down 2 [2] Spot Market - China Cotton Price Index (CCIndex:3128B) is 14,840 yuan/ton, up 10; China Yarn Price Index of pure - combed 32 - count cotton yarn is 20,475 yuan/ton, down 25. China Imported Cotton Price Index (FCIndexM:1% tariff) is 13,116 yuan/ton, up 60; China Imported Cotton Price Index (FCIndexM:sliding - scale duty) is 14,050 yuan/ton. The arrival price of imported cotton yarn price index of pure - combed 32 - count cotton yarn is 21,146 yuan/ton, up 1; the arrival price of imported cotton yarn price index of pure - combed 32 - count combed cotton yarn is 22,493 yuan/ton, up 2 [2] Upstream Situation - The national cotton sowing area is 2,838.3 thousand hectares, up 48.3; the national cotton output is 6.16 million tons, up 540,000 tons [2] Industry Situation - The cotton - yarn price difference is 5,635 yuan/ton, down 10; industrial inventory of cotton is 861,000 tons, down 9,000 tons; cotton import volume is 100,000 tons, up 30,000 tons; cotton yarn import volume is 130,000 tons, unchanged. Imported cotton profit is 780 yuan/ton, down 43; commercial inventory of cotton is 1.0217 million tons, down 460,000 tons [2] Downstream Situation - Yarn inventory days are 25.24 days, up 0.39; grey fabric inventory days are 31.43 days, up 0.31. Cloth output is 2.811 billion meters, up 110 million meters; yarn output is 2.0738 million tons, up 45,900 tons. The monthly export value of clothing and clothing accessories is 12453247000 dollars, down 169265700 dollars; the monthly export value of textile yarns, fabrics and products is 11966516000 dollars, down 42668600 dollars [2] Option Market - The implied volatility of cotton at - the - money call options is 9.08%, up 2.58; the implied volatility of cotton at - the - money put options is 9.08%, up 2.58. The 20 - day historical volatility of cotton is 7.71%, down 0.49; the 60 - day historical volatility of cotton is 7.95%, down 0.02 [2] Industry News - Brazil exported 255,000 tons of cotton in the first four weeks of October, with a daily average of 14,200 tons, 11% more than the daily average in October last year. The total export volume in October last year was 280,900 tons. ICE cotton futures rose on Tuesday, with the December contract up 0.49 cents, or 0.76%, to settle at 65.05 cents per pound [2]

| 项目类别 | 数据指标 数据指标 | 最新 | 环比 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:白糖(日,元/吨) 11 主力合约持仓量:白糖(日,手) | 5494 | | 391035 | -9001 12236 | | | 仓单数量:白糖(日,张) -70 期货前20名持仓:净买单量:白糖(日,手) | 7625 | | -61969 | | | | 有效仓单预报:白糖:小计(日,张) | 586 | 0 | | | | | 进口加工估算价(配额内):巴西糖(日,元/ -25 进口加工估算价(配额内):泰国糖(日,元/ | 3990 | | 4049 | -25 | | 吨) | 吨) 进口巴糖估算价(配额外,50%关税)(日,元 | | | | | | 现货市场 | -33 进口泰糖估算价(配额外,50%关税)(日,元 | 5052 | | 5129 | -33 | | /吨) | /吨) 现货价:白砂糖:昆明(日,元/吨) 0 现货价:白砂糖:南宁(日,元/吨) | 5720 | | 5750 | 0 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The lithium carbonate market is in a stage of increasing supply and demand with inventory depletion. The raw material prices are rising due to overseas miners' price - holding and good demand from lithium salt plants. The supply of domestic lithium carbonate is growing steadily, and the demand is strong, especially in the power battery and energy storage markets. The option market sentiment is bullish, and the technical indicator shows a short - term signal. The operation suggestion is to conduct light - position oscillating trading and control risks [2]. 3. Summary According to the Directory 3.1 Futures Market - The closing price of the main contract is 82,900 yuan/ton, up 1,260 yuan; the net position of the top 20 is - 203,973 hands, down 7,847 hands. The main contract's open interest is 506,882 hands, up 18,079 hands; the spread between near - and far - month contracts is - 660 yuan/ton, down 300 yuan/ton. The Guangzhou Futures Exchange's warehouse receipts are 27,525 hands/ton, up 190 hands [2]. 3.2 Spot Market - The average price of battery - grade lithium carbonate is 79,150 yuan/ton, up 650 yuan; the average price of industrial - grade lithium carbonate is 76,950 yuan/ton, up 650 yuan. The basis of the Li₂CO₃ main contract is - 3,750 yuan/ton, down 610 yuan [2]. 3.3 Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 983 US dollars/ton, up 24 US dollars; the average price of amblygonite is 8,825 yuan/ton, unchanged. The price of lepidolite (2 - 2.5%) is 2,935 yuan/ton, unchanged [2]. 3.4 Industry Situation - The monthly output of lithium carbonate is 47,140 tons, up 1,260 tons; the monthly import volume is 19,596.9 tons, down 2,250.01 tons; the monthly export volume is 150.82 tons, down 218.09 tons. The monthly operating rate of lithium carbonate enterprises is 47%, up 1%. The monthly output of power batteries is 151,200 MWh, up 11,600 MWh. The price of lithium manganate is 33,000 yuan/ton, up 1,000 yuan; the price of lithium hexafluorophosphate is 102,500 yuan/ton, up 10,000 yuan; the price of lithium cobaltate is 343,500 yuan/ton, unchanged. The price of ternary material (811 type) in China is 163,000 yuan/ton, unchanged; the price of ternary material (622 power type) in China is 142,500 yuan/ton, unchanged [2]. 3.5 Downstream and Application Situation - The price of ternary material (523 single - crystal type) in China is 154,000 yuan/ton, unchanged. The monthly operating rate of ternary cathode materials is 53%, down 2%; the monthly operating rate of lithium iron phosphate cathode is 59%, up 2%. The monthly output of new energy vehicles is 1,617,000, up 226,000; the monthly sales volume is 1,604,000, up 209,000. The cumulative sales penetration rate of new energy vehicles is 46.09%, up 0.55%. The cumulative sales volume of new energy vehicles is 11,228,000, up 2,908,000. The monthly export volume of new energy vehicles is 222,000, down 2,000; the cumulative export volume is 1,758,000, up 830,000. The 20 - day average volatility of the underlying is 23.64%, up 0.25%; the 40 - day average volatility is 25.90%, up 0.22% [2]. 3.6 Option Situation - The total subscription open interest is 159,383, up 6,447; the total put open interest is 85,772, up 14,278. The put - call ratio of total open interest is 53.82%, up 7.0674%. The implied volatility of at - the - money IV is 0.34%, down 0.0323% [2]. 3.7 Industry News - Ganfeng Lithium (002460.SZ) announced that its Q3 revenue was 6.249 billion yuan, a year - on - year increase of 44.10%; the net profit was 557 million yuan, a year - on - year increase of 364.02%. The revenue in the first three quarters was 14.625 billion yuan, a year - on - year increase of 5.02%; the net profit was 26 million yuan, turning from loss to profit. The Chinese government issued a proposal to boost consumption, including measures such as promoting employment, increasing income, and expanding service consumption. European car sales in September increased by 11% to 1.24 million, EU car registrations increased by 10% to 889,000, Tesla's new car registrations in the EU in September decreased by 19%, and BYD's increased by 272% [2]. 3.8 View Summary - The main contract of lithium carbonate fluctuated strongly, with an increase of 0.8% at the close. The open interest increased month - on - month, the spot was at a discount, and the basis weakened. Technically, the 60 - minute MACD has double lines above the 0 - axis with the first appearance of green bars. The operation suggestion is to conduct light - position oscillating trading and control risks [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The report suggests a bullish approach in trading. Macro - level factors include the "15th Five - Year Plan" aiming for key technological breakthroughs, implementation of the "AI +" initiative, and efforts to boost consumption. The central bank will implement a moderately loose monetary policy. The "small non - farm" data shows changes in the US labor market [3]. - Fundamentally, the closure of illegal tin mines in Indonesia may tighten supply. Tin ore imports in September decreased month - on - month, and production in Myanmar is slowly recovering. African and Australian production may be affected by the rainy season. On the smelting side, raw material shortages are severe in Yunnan, and the scrap recycling system in Jiangxi is under pressure with low operating rates. On the demand side, most downstream and end - user enterprises are waiting and only making small purchases, with low restocking enthusiasm [3]. - Technically, the reduction in positions and price decline indicate a weakening bullish sentiment, and attention should be paid to the resistance at the 290,000 yuan level [3]. 3. Summary by Related Catalogs Futures Market - The closing price of the main futures contract for Shanghai tin is 286,720 yuan/ton, up 3,550 yuan; the closing price of the November - December contract is down 160 yuan. The LME 3 - month tin price is 36,325 US dollars/ton, up 235 US dollars. The main contract position of Shanghai tin is 41,157 lots, up 721 lots. The net position of the top 20 futures is - 1,558 lots, up 282 lots. LME tin total inventory is 2,700 tons, down 25 tons; LME tin cancelled warrants are 215 tons, down 25 tons. Shanghai Futures Exchange tin inventory is 5,766 tons, up 75 tons; Shanghai Futures Exchange tin warehouse receipts are 5,682 tons, up 73 tons [3]. 现货 Market - The SMM 1 tin spot price is 285,200 yuan/ton, up 900 yuan; the Yangtze River Non - Ferrous Metals Market 1 tin spot price is 285,410 yuan/ton, up 830 yuan. The basis of the Shanghai tin main contract is not clearly given. The LME tin price premium (0 - 3) is - 0.16 US dollars/ton, and the average price of 40% tin concentrate is 269,900 yuan/ton, down 600 yuan [3]. Upstream Situation - The average processing fee for 40% tin concentrate is 10,500 yuan/ton, unchanged; the average price of 60% tin concentrate is 273,900 yuan/ton, up 600 yuan; the average processing fee for 60% tin concentrate is 6,500 yuan/ton, unchanged [3]. Industry Situation - The monthly output of refined tin is 14,000 tons, down 1,600 tons; the monthly import volume of refined tin is 1,501.64 tons, up 63.06 tons [3]. Downstream Situation - The price of 60A solder bars in Gejiu is 184,850 yuan/ton, up 1,050 yuan. The cumulative monthly output of tin - plated sheets (strips) is 110930 tons, up 144,800 tons; the monthly export volume of tin - plated sheets is 197,600 tons, up 31,000 tons [3]. Industry News - The "15th Five - Year Plan" proposes to develop strategic emerging industries and achieve key technological breakthroughs in key areas, implement the "AI +" initiative, and boost consumption. The central bank will implement a moderately loose monetary policy. ADP will launch weekly employment data, and the first report shows an average increase of 14,250 private - sector jobs in the US in the four weeks up to October 11 [3].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The alumina fundamentals may be in a stage of reduced supply and slightly boosted demand, and the alumina price may be supported. It is recommended to conduct light - position short - long trading at low prices, paying attention to controlling the rhythm and trading risks [2]. - The fundamentals of Shanghai aluminum may be in a stage of slight supply increase and strong consumption, with industrial inventory depletion and positive expectations. It is recommended to conduct light - position oscillating trading, paying attention to controlling the rhythm and trading risks [2]. - The fundamentals of cast aluminum may be in a stage of tight supply - demand balance, with inventory depletion and positive expectations. It is recommended to conduct light - position oscillating trading, paying attention to controlling the rhythm and trading risks [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai aluminum main contract was 21,295 yuan/ton, up 155 yuan; the closing price of the alumina futures main contract was 2,879 yuan/ton, up 62 yuan [2]. - The LME electrolytic aluminum three - month quotation was 2,894 US dollars/ton, up 15.5 US dollars; the LME aluminum inventory was 465,650 tons, down 3,625 tons [2]. - The closing price of the cast aluminum alloy main contract was 20,690 yuan/ton, up 115 yuan; the registered warehouse receipts of the cast aluminum alloy on the Shanghai Futures Exchange were 50,636 tons, up 1,800 tons [2]. 3.2 Spot Market - The price of Shanghai Non - ferrous A00 aluminum was 21,170 yuan/ton, up 10 yuan; the spot price of alumina in Shanghai Non - ferrous was 2,790 yuan/ton, unchanged [2]. - The basis of cast aluminum alloy was 510 yuan/ton, down 200 yuan; the basis of electrolytic aluminum was - 125 yuan/ton, down 145 yuan [2]. 3.3 Upstream Situation - The alumina production was 799.90 million tons, up 7.42 million tons; the demand for alumina (electrolytic aluminum part) was 704.31 million tons, down 21.49 million tons [2]. - The import volume of alumina was 6.00 million tons, down 3.44 million tons; the export volume of alumina was 25.00 million tons, up 7.00 million tons [2]. 3.4 Industry Situation - The electrolytic aluminum social inventory was 57.60 million tons, up 0.80 million tons; the total electrolytic aluminum production capacity was 4,523.20 million tons, unchanged [2]. - The primary aluminum import volume was 246,797.10 tons, up 31,034.96 tons; the primary aluminum export volume was 28,969.92 tons, up 3,365.58 tons [2]. 3.5 Downstream and Application - The aluminum product production was 590.00 million tons; the aluminum alloy production was 177.60 million tons [2]. - The automobile production was 322.65 million vehicles, up 47.42 million vehicles [2]. 3.6 Option Situation - The 20 - day historical volatility of Shanghai aluminum was 9.61%, up 0.14%; the 40 - day historical volatility of Shanghai aluminum was 8.25%, up 0.14% [2]. - The implied volatility of the at - the - money IV of the Shanghai aluminum main contract was 10.61%, down 0.0235; the call - put ratio of Shanghai aluminum options was 1.33, down 0.0509 [2]. 3.7 Industry News - The "15th Five - Year Plan" suggestions were released, aiming to develop strategic emerging industries and promote key core technology breakthroughs in key fields [2]. - The central bank governor said that the moderately loose monetary policy would be implemented in detail, and new policy measures would be studied and reserved [2]. - The U.S. Senate failed to pass the procedural vote on the bill to end the government shutdown [2]. - ADP will launch weekly employment data, and the average number of private - sector jobs in the U.S. increased by 14,250 in the four weeks ending October 11 [2].