Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core Viewpoints of the Report - Short - end Treasury bonds rose, and the yield of the active 10 - year Treasury bond remained at 1.8125%. The central bank's open - market reverse repurchase operation had a net injection of 4195 billion yuan, and Shibor short - end varieties declined collectively, easing the tightness of the capital market. The central bank governor stated that it would continue to adhere to a supportive monetary policy stance and implement a moderately loose monetary policy. The Fed cut interest rates by 25 basis points as expected and announced the end of QT, but Powell's hawkish remarks on the prospect of a December interest rate cut led to a decrease in the market's probability of a December rate cut and a rebound in US Treasury yields. The domestic economy showed mixed performance, with the real - estate sector still in adjustment. With the central bank's supportive monetary policy and the resumption of open - market Treasury bond trading operations, market liquidity is expected to remain reasonably abundant, which will support the short - end Treasury bond futures prices [3]. Group 3: Summary by Relevant Catalogs Futures Market - **Price and Yield**: On the previous trading day, Treasury bond futures prices showed mixed trends. For example, the T2512 contract rose 0.14%. The IRR of the CTD bonds corresponding to the main Treasury bond futures contracts was at a low level, with no arbitrage opportunities. The short - term market interest rates generally declined, such as SHIBOR 7 - day rate down 1.8bp, DR007 rate down 2.56bp, and GC007 rate down 2.5bp [2]. - **Volume and Position**: The trading volume and open interest of various Treasury bond futures contracts changed. For instance, the open interest of T2512 increased by 7086, while that of TL2512 decreased by 1892 [2]. - **Spread**: The inter - term spreads of some contracts changed. For example, the inter - term spread of T2512 - T2603 increased from 0.3150 to 0.330 [2]. Spot Market - **Domestic Bond Yields**: The yields of China's key - term Treasury bonds showed mixed trends. The 10 - year Treasury bond yield rose 0.1bp to 1.82%, and the long - short (10 - 2) Treasury bond yield spread was 30.67bp [2]. - **Overseas Bond Yields**: The yields of US and German 10 - year Treasury bonds and Japanese 10 - year Treasury bonds all rose. The US 10 - year Treasury bond yield rose 9bp, the German 10 - year Treasury bond yield rose 1bp, and the Japanese 10 - year Treasury bond yield rose 1bp [2]. Macro News - **Central Bank Operations**: On October 29, the central bank conducted 5577 billion yuan of 7 - day reverse repurchase operations, with a net injection of 4195 billion yuan after deducting the maturing reverse repurchases [3]. - **Sino - US Relations**: 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 [3]. - **Fed Policy**: The Fed cut interest rates by 25 basis points and announced the end of QT. However, Powell's remarks led to a decrease in the market's expectation of a December rate cut [3]. - **Economic Data**: In the first nine months, the total operating income of state - owned enterprises was 61.33 trillion yuan, with a year - on - year increase of 0.9%, and the total profit was 3.17 trillion yuan, with a year - on - year decrease of 1.6%. As of the end of September, the asset - liability ratio of state - owned enterprises was 65.2%, up 0.2 percentage points year - on - year [3]. Industry Information - **Money Market Rates**: Most money market interest rates declined. For example, the weighted average interest rate of the 1 - day inter - bank pledged repurchase fell 6.42bp to 1.4045%, and the 7 - day rate fell 1.28bp to 1.5452% [3]. - **US Treasury Yields**: US Treasury yields rose collectively. The 2 - year US Treasury yield rose 10.62bp to 3.592%, and the 10 - year yield rose 9.82bp to 4.074% [3].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The Federal Reserve cut the benchmark interest rate by 25 basis points to 3.75%-4.00%, and announced to end balance sheet reduction on December 1st. The market had largely priced in these moves, and Fed Chair Powell's post - meeting remarks were hawkish, suggesting that a December rate cut is not guaranteed [1][2][7]. - Against the backdrop of the US fiscal deficit, deteriorating debt situation, and increased global confrontation, central banks around the world are continuously increasing their gold holdings. However, due to the weakening of driving factors, precious metals have experienced continuous adjustments after a rapid rise [2][19]. - The domestic stock market showed an upward trend, with the Shanghai Composite Index breaking through 4000 points. With the expected continuation of a loose domestic liquidity environment and the potential inflow of external funds, the stock market is expected to continue its upward trend in the short term [3][11]. 3. Summary by Related Catalogs 3.1当日主要新闻关注 - **International News**: The Federal Reserve cut the federal funds rate by 25 basis points to 3.75%-4.00% and will end balance sheet reduction on December 1st. Inflation remains high, and the risk of employment decline has increased. Powell said a December rate cut is not certain [1][7]. - **Domestic News**: Chinese President Xi Jinping will meet with US President Trump in Busan, South Korea on October 30th to exchange views on China - US relations and common concerns [8]. - **Industry News**: The Reserve Bank of India has repatriated nearly 64 tons of gold reserves in the first six months of the current fiscal year, and the proportion of domestic gold reserves has nearly doubled compared to four years ago [9]. 3.2外盘每日收益情况 - Different overseas market varieties showed various trends. For example, the S&P 500 was almost flat, the FTSE China A50 futures rose 0.45%, ICE Brent crude oil rose 0.68%, and London gold fell 0.56% [10]. 3.3主要品种早盘评论 - **Financial**: - **Stock Index**: The Fed's rate cut and the expected loose domestic liquidity environment are conducive to the inflow of funds into the stock market. The market style may shift towards value and become more balanced. The stock index is expected to continue rising in the short term [3][11]. - **Treasury Bonds**: Short - term treasury bond futures prices are supported by the central bank's monetary policy and the expected reasonable and sufficient market liquidity. However, the hawkish remarks on the December rate cut by Powell have led to a rise in US bond yields [12][13]. - **Energy and Chemicals**: - **Crude Oil**: Although geopolitical tensions have pushed up oil prices, the overall downward trend is difficult to reverse due to limited impact on Russian oil transportation and unclear market trends [14]. - **Methanol**: The operating load of domestic coal - to - olefin and methanol plants has declined. Coastal methanol inventories have increased slightly, and the market is volatile due to various uncertainties [15]. - **Rubber**: Supply pressure may increase as the rubber - tapping season progresses, but short - term trends are expected to be strong due to expected smooth progress in China - US trade negotiations and the Fed's rate cut [16]. - **Polyolefins**: Polyolefin futures rebounded slightly. The supply - demand pressure is temporarily limited, and the market may start to fluctuate after a short - term rebound [17]. - **Glass and Soda Ash**: Both glass and soda ash futures showed a rebound, but glass futures fell at night. The domestic market is in a process of inventory digestion, and the focus is on autumn consumption and policy changes [18]. - **Metals**: - **Precious Metals**: Precious metals have been adjusting after the Fed's rate cut. Although the long - term narrative of gold as a safe - haven asset is strengthening, short - term driving factors have weakened, leading to price adjustments [2][19]. - **Copper**: The copper price rose at night. The supply of concentrates is tight, and the Indonesian mine accident may lead to a supply - demand gap, providing long - term support for the copper price [20]. - **Zinc**: The zinc price rose slightly at night. The processing fee of zinc concentrates has rebounded, and the supply - demand difference is not obvious. The domestic zinc price may be weaker than the overseas price [21]. - **Black Metals**: - **Coking Coal and Coke**: The coking coal and coke futures oscillated at a high level at night. The production of five major steel products increased slightly, and the demand for coking coal and coke is supported. The market is expected to be strong in the short term [22][23]. - **Agricultural Products**: - **Protein Meal**: The bean and rapeseed meal futures oscillated and rose at night. The sowing of new - season soybeans in Brazil is progressing smoothly, and the export prospects of US soybeans have improved. The domestic market is expected to oscillate in the short term [24]. - **Oils and Fats**: The palm oil futures showed a weak trend at night. The expected increase in palm oil inventory and supply - side pressure are suppressing the short - term market [25]. - **Sugar**: The international sugar market is in a stock - building stage, and the sugar price is expected to decline. The domestic sugar price is affected by import profits but may be supported by the upcoming new - season crushing [26]. - **Cotton**: The cotton futures continued to oscillate strongly. The new - cotton purchase is in full swing, and the short - term market is expected to remain strong [27]. - **Shipping Index**: - **Container Shipping to Europe**: The EC index oscillated strongly. Some shipping companies have adjusted their freight rates downward. The market is in the traditional peak - season price - holding period, and there may be room for price increases [28].

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Views - Copper prices may be on the strong side, and zinc prices may fluctuate within a range [2]. 3. Summary by Related Catalogs Copper - Night - time copper prices rose 0.47%, and the Fed cut interest rates by 25 basis points as expected. Concentrate supply remains tight, and smelting profits are at the break - even point, but smelting output continues to grow rapidly. Grid investment shows positive growth, power source investment slows down, automobile production and sales are growing, home appliance production schedules are in negative growth, and the real estate market remains weak. The Indonesian mine accident is likely to turn the global copper supply - demand situation into a deficit, supporting copper prices in the long term. Attention should be paid to changes in the US dollar, copper smelting output, and downstream demand [2]. Zinc - Night - time zinc prices rose 0.11%, and the Fed cut interest rates by 25 basis points as expected. Zinc concentrate processing fees have generally increased, smelting profits have turned positive, and smelting output is expected to continue to rise. Galvanized sheet inventories increased weekly. Infrastructure investment growth has slowed down, automobile production and sales are growing, home appliance production schedules are in negative growth, and the real estate market remains weak. Due to different inventory situations at home and abroad, domestic zinc prices may be weaker than foreign ones. Overall, zinc supply - demand differences are not obvious, and prices may fluctuate within a range. Attention should be paid to changes in the US dollar, smelting output, and downstream demand [2]. Market Data - **Domestic Futures and Basis**: Copper's previous closing price was 88,680 yuan/ton with a basis of - 65 yuan/ton; aluminum was 21,270 yuan/ton with a basis of - 30 yuan/ton; zinc was 22,380 yuan/ton with a basis of - 85 yuan/ton; nickel was 121,250 yuan/ton with a basis of - 1,520 yuan/ton; lead was 17,370 yuan/ton with a basis of - 210 yuan/ton; tin was 286,170 yuan/ton with a basis of - 470 yuan/ton [2]. - **LME Data**: For copper, the previous LME 3 - month closing price was 11,090 dollars/ton, the LME spot premium was - 19.66 dollars/ton, and the inventory was 134,575 tons with a daily change of - 1,400 tons; for aluminum, it was 2,870 dollars/ton, - 0.99 dollars/ton, 465,650 tons, and - 3,625 tons respectively; for zinc, 3,070 dollars/ton, 132.96 dollars/ton, 35,250 tons, and - 1,800 tons; for nickel, 15,405 dollars/ton, - 203.99 dollars/ton, 251,436 tons, and 198 tons; for lead, 2,019 dollars/ton, - 35.12 dollars/ton, 229,675 tons, and - 2,700 tons; for tin, 36,105 dollars/ton, 10.02 dollars/ton, 2,700 tons, and - 25 tons [2].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - Polyolefin futures rebounded slightly. Spot prices of linear LL and拉丝PP remained stable. Fundamentally, polyolefins follow the crude oil trend. The overall operating rate of the downstream demand side is at a high level, and demand is steadily released. Currently, the supply - demand pressure of polyolefins is temporarily limited. After a short - term rebound in the market, it may start to fluctuate in the future [2] Group 3: Summary According to Related Catalogs Futures Market - **Prices and Changes**: For LL, the previous day's closing prices for January, May, and September contracts were 7009, 7075, and 7105 respectively, with increases of 24, 13, and 4, and percentage increases of 0.34%, 0.18%, and 0.06%. For PP, the previous day's closing prices for January, May, and September contracts were 6685, 6765, and 6762 respectively, with increases of 28, 31, and 25, and percentage increases of 0.42%, 0.46%, and 0.37% [2] - **Trading Volume and Open Interest**: The trading volumes of LL for January, May, and September contracts were 212938, 21224, and 643 respectively, and the open interests were 512269, 66284, and 1678 respectively, with changes of - 7218, - 322, and 309. For PP, the trading volumes for January, May, and September contracts were 201901, 20539, and 557 respectively, and the open interests were 612658, 133945, and 7119 respectively, with changes of 1313, - 468, and 280 [2] - **Spreads**: For LL, the current spreads of January - May, May - September, and September - January are - 66, - 30, and 96 respectively, compared to previous values of - 77, - 39, and 116. For PP, the current spreads of January - May, May - September, and September - January are - 80, 3, and 77 respectively, compared to previous values of - 77, - 3, and 80 [2] Raw Materials and Spot Market - **Raw Materials**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder materials, and mulch film are 2261 yuan/ton, 5985 yuan/ton, 543 dollars/ton, 5600 yuan/ton, 6450 yuan/ton, and 8700 yuan/ton respectively, compared to previous values of 2245 yuan/ton, 6010 yuan/ton, 534 dollars/ton, 5600 yuan/ton, 6480 yuan/ton, and 8700 yuan/ton [2] - **Mid - stream**: In the mid - stream, the current price ranges of LL in the East China, North China, and South China markets are 7000 - 7500 yuan/ton, 6900 - 7150 yuan/ton, and 7200 - 7500 yuan/ton respectively. For PP, the current price ranges in the East China, North China, and South China markets are 6550 - 6650 yuan/ton, 6450 - 6550 yuan/ton, and 6500 - 6650 yuan/ton respectively [2] News - On Wednesday (October 29), the settlement price of West Texas Intermediate crude oil futures for December 2025 on the New York Mercantile Exchange was $60.48 per barrel, up $0.33 or 0.55% from the previous trading day, with a trading range of $59.70 - $61.02. The settlement price of Brent crude oil futures for December 2025 on the London Intercontinental Exchange was $64.92 per barrel, up $0.52 or 0.81% from the previous trading day, with a trading range of $63.92 - $65.37 [2]

Report Industry Investment Rating - The report provides a bias for various varieties, with "偏空" (Bearish) and "偏多" (Bullish) ratings for different financial and commodity instruments such as stock indices, bonds, and commodities [4]. Core Viewpoints - The "15th Five - Year Plan" focuses on economic growth within a reasonable range, improving total factor productivity, and enhancing residents' consumption rate [6]. - The central bank will implement a moderately loose monetary policy, aiming to consolidate the positive momentum of the capital market and improve market - stabilizing mechanisms [7]. - Different commodities have their own market drivers and trends. For example, gold is influenced by factors like geopolitical risks, central bank purchases, and market sentiment, while oil is affected by geopolitical sanctions and market trading trends [2][3]. Summary by Relevant Sections 1. Main News International News - The U.S. Senate failed to pass the "2025 Fiscal Year Continuing Appropriations and Extension Act" for the 13th time, leading to the continuation of the government shutdown [5]. Domestic News - The full - text of the "15th Five - Year Plan" was released, setting goals for economic and social development, including economic growth, technological self - reliance, and reform breakthroughs [6]. Industry News - The central bank governor stated that the central bank will implement a moderately loose monetary policy, execute existing measures, and study new policies to support the capital market [7]. 2. Outer - market Daily Returns - A table shows the daily returns of various outer - market assets, including the S&P 500, European STOXX 50, and different commodities such as oil, gold, and agricultural products [10]. 3. Morning Comments on Major Varieties Financial - **Stock Indices**: After a high - level shock in September, stock indices are entering a direction - selection phase. With a potentially loose domestic liquidity environment and expected inflows of external funds, the market style may shift towards value in the fourth quarter [11]. - **Treasury Bonds**: Treasury bonds opened higher and closed higher. With the central bank's supportive monetary policy and expected market liquidity, the prices of treasury bond futures are expected to be supported [12][13]. Energy and Chemicals - **Crude Oil**: SC crude oil fell at night. Geopolitical sanctions on Russian oil companies have been imposed, but the downward trend of oil prices remains due to unclear market situations and limited impact on Russian oil transportation [3][14]. - **Methanol**: Methanol prices fell at night. The开工 rate of coal - to - olefin and methanol production decreased, and coastal methanol inventories increased. Market uncertainties have intensified price fluctuations [15]. - **Rubber**: As the rubber - tapping season progresses, supply pressure may increase. However, potential weather impacts on production and positive progress in Sino - U.S. trade negotiations may support prices [16]. - **Polyolefins**: Polyolefin futures declined slightly. Following the oil trend and with high downstream demand, the market may start to oscillate after a short - term rebound [17]. - **Glass and Soda Ash**: Glass futures rebounded slightly, and soda ash futures oscillated. Both are in the process of inventory digestion, and market sentiment is cautious. Attention should be paid to autumn consumption and policy changes [18][19]. Metals - **Precious Metals**: Gold and silver prices fell significantly and then rebounded slightly. Geopolitical risks have cooled, and after a rapid rise, prices are adjusting due to weakened driving factors and accumulated profit - taking [2][20]. - **Copper**: Copper prices rose at night. With a tight supply of concentrates and high smelting output, an Indonesian mine accident may lead to a supply - demand gap, supporting long - term prices [21]. - **Zinc**: Zinc prices rose at night. With an increase in zinc concentrate processing fees and expected production growth, the price may fluctuate within a range due to different inventory situations at home and abroad [22]. Black Metals - **Coking Coal and Coke**: The coking coal and coke market oscillated upwards at night. While high iron - water production provides support, the possibility of blast furnace production cuts due to shrinking profits should be considered [23]. Agricultural Products - **Protein Meal**: Bean and rapeseed meal prices oscillated upwards at night. With good progress in Sino - U.S. trade talks and high U.S. soybean export inspections, the domestic market may oscillate in the short term [24]. - **Oils and Fats**: Oil prices were weak at night. With expected increases in palm oil production and exports in Malaysia, and supply - side expectations of relaxation, short - term prices are under pressure [25]. - **Sugar**: Zhengzhou sugar prices oscillated within a range. The global sugar market is in a stock - building phase, and Brazilian factors are dragging down prices. In the domestic market, cost support and import - related rumors may affect prices [26]. - **Cotton**: Zhengzhou cotton prices continued to oscillate. Affected by the U.S. government shutdown and domestic market conditions, prices are expected to be slightly stronger in the short term [27]. Shipping Index - **Container Shipping to Europe**: The EC index oscillated. With multiple shipping companies reducing freight rates and limited capacity control, the market is expected to continue to oscillate in the short term [28].

Report Summary 1. Industry Investment Ratings - No industry investment ratings are provided in the report. 2. Core Views - Copper prices may be on the stronger side as the concentrate supply remains tight, smelting profits are at the break - even point, and an Indonesian mine accident is likely to turn the global copper supply - demand into a deficit, providing long - term support for copper prices [2]. - Zinc prices may fluctuate within a range. Although zinc concentrate processing fees are rising and smelting profits are positive, with smelting output expected to increase, the overall supply - demand difference is not obvious. Also, due to different inventory situations at home and abroad, domestic zinc prices may be weaker than foreign ones [2]. 3. Summary by Related Catalogs Copper - Night - time copper prices rose by over 1%. The concentrate supply is tight, and smelting profits are at the break - even point, yet smelting output continues to grow rapidly. Grid investment shows positive growth, power source investment slows down, automobile production and sales are growing, home appliance production scheduling is in negative growth, and the real estate market remains weak. An Indonesian mine accident is likely to lead to a global copper supply - demand deficit [2]. Zinc - Night - time zinc prices rose by 0.45%. Zinc concentrate processing fees are rising, smelting profits are positive, and smelting output is expected to continue to increase. Galvanized sheet inventory increased weekly. Infrastructure investment growth slowed down, automobile production and sales are growing, home appliance production scheduling is in negative growth, and the real estate market remains weak. Due to different inventory situations at home and abroad, domestic zinc prices may be weaker than foreign ones [2]. Market Data - **Domestic Futures and Basis**: Copper's previous domestic futures closing price was 86,990 yuan/ton with a basis of - 60 yuan/ton; aluminum was 21,120 yuan/ton with a basis of - 40 yuan/ton; zinc was 22,275 yuan/ton with a basis of - 95 yuan/ton; nickel was 120,300 yuan/ton with a basis of - 1,490 yuan/ton; lead was 17,375 yuan/ton with a basis of - 205 yuan/ton; tin was 282,780 yuan/ton with a basis of - 1,930 yuan/ton [2]. - **LME Data**: For copper, the LME 3 - month closing price was 11,030 dollars/ton with a spot premium of - 19.54 dollars/ton and an inventory of 135,975 tons (a daily decrease of 375 tons); for aluminum, it was 2,894 dollars/ton with a spot premium of 2.61 dollars/ton and an inventory of 469,275 tons (a daily decrease of 3,850 tons); for zinc, it was 3,057 dollars/ton with a spot premium of 171.09 dollars/ton and an inventory of 37,050 tons (a daily decrease of 550 tons); for nickel, it was 15,245 dollars/ton with a spot premium of - 207.07 dollars/ton and an inventory of 251,238 tons (a daily increase of 384 tons); for lead, it was 2,025 dollars/ton with a spot premium of - 35.54 dollars/ton and an inventory of 232,375 tons (a daily decrease of 3,000 tons); for tin, it was 36,325 dollars/ton with a spot premium of 40.00 dollars/ton and an inventory of 2,725 tons (a daily decrease of 25 tons) [2].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - After the high - level oscillation in September, the stock index is expected to enter a direction - selection stage again. The domestic liquidity environment is expected to remain loose, and residents may increase their allocation of equity assets. With the Fed's interest rate cut and RMB appreciation, external funds are also expected to flow into the domestic market. In the fourth quarter, the market style may return to value and be more balanced compared to the third quarter [2] Group 3: Summary by Relevant Catalogs 1. Stock Index Futures Market - **IF Contracts**: The previous day's closing prices for IF contracts (current month, next month, next quarter, and far - quarter) were 4648.40, 4634.80, 4604.00, and 4567.40 respectively, with increases of 68.60, 68.00, 62.40, and 66.80 and increases of 1.50%, 1.49%, 1.37%, and 1.48% respectively. The trading volumes were 24392.00, 74172.00, 14177.00, and 3440.00, and the open interest changes were - 2317.00, - 6793.00, - 1216.00, and 1074.00 [1] - **IH Contracts**: The previous day's closing prices for IH contracts (current month, next month, next quarter, and far - quarter) were 3051.20, 3051.60, 3053.00, and 3049.20 respectively, with decreases of - 17.00, - 16.20, - 16.00, and - 18.80 and decreases of - 0.55%, - 0.53%, - 0.52%, and - 0.61% respectively. The trading volumes were 10401.00, 34831.00, 4435.00, and 1454.00, and the open interest changes were - 808.00, - 1601.00, 52.00, and - 68.00 [1] - **IC Contracts**: The previous day's closing prices for IC contracts (current month, next month, next quarter, and far - quarter) were 7287.40, 7231.00, 7068.20, and 6886.60 respectively, with decreases of - 25.60, - 28.40, - 25.40, and - 20.20 and decreases of - 0.35%, - 0.39%, - 0.36%, and - 0.29% respectively. The trading volumes were 24174.00, 82049.00, 15658.00, and 4523.00, and the open interest changes were - 2679.00, - 6265.00, - 377.00, and - 112.00 [1] - **IM Contracts**: The previous day's closing prices for IM contracts (current month, next month, next quarter, and far - quarter) were 7410.00, 7335.60, 7122.60, and 6907.20 respectively, with increases of 2.60, 3.00, 4.20, and 3.00 and increases of 0.04%, 0.04%, 0.06%, and 0.04% respectively. The trading volumes were 38819.00, 141946.00, 22315.00, and 8213.00, and the open interest changes were - 3501.00, - 1434.00, - 1256.00, and 1365.00 [1] - **Inter - month Spreads**: The current values of inter - month spreads for IF (next month - current month), IH (next month - current month), IC (next month - current month), and IM (next month - current month) were - 13.60, 0.40, - 56.40, and - 74.40 respectively, compared to previous values of - 12.80, - 0.60, - 56.00, and - 76.80 [1] 2. Stock Index Spot Market - **CSI 300 Index**: The previous value of the CSI 300 index was 4691.97, with a trading volume of 220.91 billion shares and a total trading value of 5715.63 billion yuan. The previous two - day value was 4716.02, with a trading volume of 262.20 billion shares and a total trading value of 6726.70 billion yuan. The decline was - 0.51% [1] - **SSE 50 Index**: The previous value of the SSE 50 index was 3050.42, with a trading volume of 54.63 billion shares and a total trading value of 1487.20 billion yuan. The previous two - day value was 3069.53, with a trading volume of 70.41 billion shares and a total trading value of 1852.95 billion yuan. The decline was - 0.62% [1] - **CSI 500 Index**: The previous value of the CSI 500 index was 7341.03, with a trading volume of 202.12 billion shares and a total trading value of 4220.69 billion yuan. The previous two - day value was 7379.39, with a trading volume of 232.05 billion shares and a total trading value of 4717.62 billion yuan. The decline was - 0.52% [1] - **CSI 1000 Index**: The previous value of the CSI 1000 index was 7479.22, with a trading volume of 251.80 billion shares and a total trading value of 4310.16 billion yuan. The previous two - day value was 7495.38, with a trading volume of 265.34 billion shares and a total trading value of 4581.70 billion yuan [1] - **Industry Performance**: The declines in energy, raw materials, industry, and optional consumption were - 0.86%, - 2.97%, - 0.31%, and - 0.06% respectively. For other industries like major consumption, medicine and health, real - estate finance, and information technology, the changes were 0.01%, - 1.61%, etc. [1] 3. Futures - Spot Basis - The previous values of the basis for CSI 300, SSE 50, and CSI 1000 futures contracts were provided, showing differences compared to the previous two - day values [1] 4. Other Domestic and Overseas Indexes - Information on the previous values and changes of domestic indexes such as the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - Cap Board Index, and ChiNext Index, as well as overseas indexes like the Hang Seng Index, Nikkei 225, S&P Index, and DAX Index were presented [1] 5. Macroeconomic Information - The "15th Five - Year Plan" proposal was released, with goals including economic growth in a reasonable range, increased total factor productivity, and higher resident consumption rates. It also proposed developing strategic emerging industries and key technology breakthroughs in certain fields. China and ASEAN signed the FTA 3.0 upgrade protocol. There are talks about a China - EU meeting on rare - earth issues. China is committed to opening up its financial sector [2] 6. Industry Information - The 11th batch of national drug procurement was successfully bid. The soybean area in China is expected to remain above 150 million mu for four consecutive years, and the number of breeding sows has decreased. A special campaign against live - streaming reward chaos was launched. The added value of the wholesale and retail industry increased by 5.6% in the first three quarters, and rural road construction progress and investment were reported [2] 7. Stock Index Views - U.S. stock indexes continued to rise, while the domestic stock index adjusted downward the previous day. The market turnover was 2.17 trillion yuan, and the margin trading balance increased. After the high - level oscillation in September, the stock index is expected to enter a direction - selection stage. The market style may return to value in the fourth quarter [2]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - Polyolefin futures declined slightly. Spot prices of linear LL and拉丝PP from Sinopec and PetroChina remained stable. Fundamentally, polyolefins followed the crude oil trend and declined slightly today. The overall operating rate of the downstream demand side is at a high level, and demand is steadily released. Currently, the supply - demand pressure of polyolefins is temporarily limited, and the market may start to fluctuate after a short - term rebound [2] Group 3: Summary by Related Catalogs Futures Market LL Futures - The previous day's closing prices for January, May, and September contracts were 6985, 7062, and 7101 respectively, with price drops of - 39, - 28, and - 18, and percentage drops of - 0.56%, - 0.39%, and - 0.25% compared to two days ago. Trading volumes were 220120, 21981, and 485, and open interests were 519487, 66606, and 1369, with changes of - 4375, 114, and 214 respectively. The spreads of January - May, May - September, and September - January were - 77, - 39, and 116, compared to previous values of - 66, - 29, and 95 [2] PP Futures - The previous day's closing prices for January, May, and September contracts were 6657, 6734, and 6737 respectively, with price drops of - 42, - 34, and - 33, and percentage drops of - 0.63%, - 0.50%, and - 0.49% compared to two days ago. Trading volumes were 228673, 27355, and 1137, and open interests were 611345, 134413, and 6839, with changes of 2998, 3576, and 98 respectively. The spreads of January - May, May - September, and September - January were - 77, - 3, and 80, compared to previous values of - 69, - 2, and 71 [2] Raw Material and Spot Market Raw Materials - The current values of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder materials, and mulch film were 2245 yuan/ton, 6010 yuan/ton, 535 dollars/ton, 5600 yuan/ton, 6480 yuan/ton, and 8700 yuan/ton respectively, compared to previous values of 2271 yuan/ton, 6025 yuan/ton, 534 dollars/ton, 5600 yuan/ton, 6480 yuan/ton, and 8700 yuan/ton [2] Spot Market - For LL, the current prices in the East China, North China, and South China markets were 7000 - 7500 yuan/ton, 6950 - 7150 yuan/ton, and 7200 - 7500 yuan/ton respectively, compared to previous prices of 7000 - 7450 yuan/ton, 6900 - 7150 yuan/ton, and 7200 - 7500 yuan/ton. For PP, the current prices in the East China, North China, and South China markets were 6550 - 6650 yuan/ton, 6450 - 6600 yuan/ton, and 6500 - 6650 yuan/ton respectively, compared to previous prices of 6550 - 6650 yuan/ton, 6500 - 6600 yuan/ton, and 6500 - 6650 yuan/ton [2] News - On Tuesday (October 28), the settlement price of West Texas Intermediate crude oil futures for December 2025 on the New York Mercantile Exchange was $60.15 per barrel, down $1.16 or 1.89% from the previous trading day, with a trading range of $59.76 - $61.50. The settlement price of Brent crude oil futures for December 2025 on the London Intercontinental Exchange was $64.4 per barrel, down $1.22 or 1.86% from the previous trading day, with a trading range of $64 - $65.76 [2]

Report Industry Investment Rating - No relevant content found Core View - The market liquidity is expected to remain reasonably abundant, providing some support for Treasury bond futures prices, given the central bank's supportive monetary policy and the resumption of open - market Treasury bond trading operations [3] Summary by Related Catalogs Futures Market - Treasury bond futures prices generally rose on the previous trading day, with the T2512 contract rising 0.16% and its trading volume increasing [2] - The IRR of CTD bonds corresponding to the main Treasury bond futures contracts was at a low level, indicating no arbitrage opportunities [2] Spot Market - Short - term market interest rates generally increased on the previous trading day, with SHIBOR 7 - day rate up 12.8bp, DR007 rate up 18.02bp, and GC007 rate up 5.4bp [2] - Yields of key - term Treasury bonds in China showed mixed changes, with the 10Y Treasury bond yield down 0.9bp to 1.84%, and the long - short (10 - 2) Treasury bond yield spread at 29.13bp [2] Overseas Market - The 10Y US Treasury bond yield decreased by 1bp, the 10Y German Treasury bond yield increased by 2bp, and the 10Y Japanese Treasury bond yield increased by 1.6bp on the previous trading day [2] Macroeconomic News - The central bank conducted 475.3 billion yuan of 7 - day reverse repurchase operations on October 28, with a net investment of 315.8 billion yuan [3] - The "15th Five - Year Plan" proposal was released, aiming at economic growth within a reasonable range, and promoting the development of strategic emerging industries [3] - The central bank governor said to implement a moderately loose monetary policy and strengthen financial supervision [3] - China and ASEAN signed the FTA 3.0 upgrade protocol, expanding cooperation in emerging fields [3] - The US Senate failed to pass the bill to end the government shutdown, and the government shutdown will continue [3] Industry Information - Most money market interest rates increased, and US Treasury bond yields showed mixed changes [3] Market Comment and Strategy - The 10 - year Treasury bond active bond yield decreased to 1.813%. The central bank's net investment and the expected Fed rate cut are important factors affecting the market [3] - The domestic demand side represented by real estate is still weak, but the market liquidity is expected to support Treasury bond futures prices [3]

Report Industry Investment Rating - No relevant content provided Core View - The market liquidity is expected to remain reasonably abundant, which will support the prices of treasury bond futures. Given the complex and severe external environment and the weak demand side represented by the real estate sector in China, the central bank governor has stated that a supportive monetary policy stance will be maintained, and open - market treasury bond trading operations will be resumed [3]. Summary by Relevant Catalogs Futures Market - On the previous trading day, treasury bond futures prices generally rose. For example, the T2512 contract rose 0.16%, and its position increased. The IRR of the CTD bonds corresponding to the main contracts of various treasury bond futures was at a low level, with no arbitrage opportunities [2]. - The position and trading volume data of different treasury bond futures contracts (TS2512, TS2603, TF2512, etc.) are presented, along with their price changes, position changes, and cross - period spreads [2]. Spot Market - On the previous trading day, short - term market interest rates generally increased. SHIBOR 7 - day rate rose 12.8bp, DR007 rate rose 18.02bp, and GC007 rate rose 5.4bp [2]. - Yields of China's key - term treasury bonds showed mixed changes. The 10Y treasury bond yield decreased by 0.9bp to 1.84%, and the long - short (10 - 2) treasury bond yield spread was 29.13bp [2]. - In overseas markets, the 10Y US treasury bond yield decreased by 1bp, the 10Y German treasury bond yield increased by 2bp, and the 10Y Japanese treasury bond yield increased by 1.6bp [2]. Macro News - The central bank conducted 3373 billion yuan of 7 - day reverse repurchase operations on October 27, with a net investment of 1483 billion yuan after deducting the maturity amount [3]. - At the 2025 Financial Street Forum Annual Conference, central bank governor Pan Gongsheng, Financial Regulatory Administration director Li Yunze, and CSRC chairman Wu Qing made important statements regarding monetary policy, financial service models, and capital market reforms [3]. - Premier Li Qiang attended the fifth RCEP leaders' meeting, emphasizing the need for RCEP parties to collaborate and support the accession of applicants such as Hong Kong, China [3]. - In September, the profits of China's industrial enterprises above a designated size increased by 21.6% year - on - year, accelerating from August. From January to September, the profit growth of these enterprises continued to recover [3]. - By the end of September 2025, the number of national financing platforms and the scale of outstanding operating financial debts decreased by 71% and 62% respectively compared to March 2023. As of now, over 5 trillion yuan of government bonds have been issued to replace hidden debts [3]. Industry Information - Most money market interest rates increased. For example, the 1 - day and 7 - day weighted average interest rates of inter - bank pledged repurchase and inter - bank lending all rose [3]. - US treasury bond yields collectively declined. For instance, the 2 - year yield fell 0.64bp, and the 10 - year yield fell 3.46bp [3]. - The 10 - year treasury bond active bond yield declined to 1.8355%. The central bank conducted 9000 billion yuan of MLF operations, with a net investment of 2000 billion yuan for the month, but the Shibor short - end varieties mostly increased, and the capital market tightened [3].