Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - Copper prices may be on the stronger side. The concentrate supply remains tight, and smelting profits are at the break - even point, yet smelting output continues to grow rapidly. 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. Short - term zinc concentrate processing fees have generally increased, and smelting profits have turned positive, with smelting output expected to continue rising. Due to different inventory situations at home and abroad, domestic zinc prices may be weaker than foreign ones, and overall supply - demand differences are not significant [2]. 3. Summary by Related Catalog Copper - Market performance: Copper prices closed slightly lower at night. - Supply and demand factors: Concentrate supply is tight, smelting profits are at the break - even point, but smelting output has high growth. 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 sector remains weak. An Indonesian mine accident is likely to lead to a supply - demand deficit in the global copper market [2]. - Strategy: Pay attention to changes in the US dollar, copper smelting output, and downstream demand [2]. Zinc - Market performance: Zinc prices closed slightly higher at night. - Supply and demand factors: Short - term zinc concentrate processing fees have generally increased, smelting profits are positive, and smelting output is expected to rise. Galvanized sheet inventory increased weekly. Infrastructure investment growth has slowed down, automobile production and sales are growing, home appliance production scheduling is in negative growth, and the real estate sector remains weak. Domestic and foreign inventory situations are different, with domestic zinc prices potentially weaker than foreign ones [2]. - Strategy: Pay attention to changes in the US dollar, smelting output, and downstream demand [2]. Market Data - **Domestic Futures and Basis**: Copper's previous closing price was 88,390 yuan/ton with a basis of - 60 yuan/ton; aluminum's was 21,305 yuan/ton with a basis of - 60 yuan/ton; zinc's was 22,310 yuan/ton with a basis of - 105 yuan/ton; nickel's was 122,060 yuan/ton with a basis of - 1,540 yuan/ton; lead's was 17,525 yuan/ton with a basis of - 215 yuan/ton; tin's was 286,150 yuan/ton with a basis of - 1,540 yuan/ton [2]. - **LME Data**: Copper's LME 3 - month forward closing price is not provided, with a spot premium of - 23.84 dollars/ton and an inventory of 136,350 tons (a daily decrease of 575 tons); aluminum had a spot premium of 3.28 dollars/ton and an inventory of 473,125 tons (a daily decrease of 4,550 tons); zinc had a spot premium of 212.89 dollars/ton and an inventory of 37,600 tons (a daily increase of 2,900 tons); nickel had an LME 3 - month forward closing price of 15,335 dollars/ton, a spot premium of - 205.18 dollars/ton, and an inventory of 250,854 tons (no daily change); lead had an LME 3 - month forward closing price of 2,024 dollars/ton, a spot premium of - 33.80 dollars/ton, and an inventory of 235,375 tons (a daily decrease of 4,375 tons); tin had a spot premium of 100.00 dollars/ton and an inventory of 2,750 tons (a daily increase of 30 tons) [2].

Report Industry Investment Rating - No information provided Core Views of the Report - After the high - level oscillation in September, the stock index is expected to enter a phase of direction selection 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 cuts and RMB appreciation, external funds are also expected to flow into the domestic market. In terms of market style, although technology growth has been the core theme of the current upward market trend, considering the possible intensification of Q4 growth - stabilization policies and the potential resonance of global monetary and fiscal policies, the market style in Q4 may shift towards value and become more balanced compared to Q3 [2] Summary by Relevant Catalogs 1. Stock Index Futures Market - **IF Contracts**: The previous day's closing prices of 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 interests were 40441.00, 153415.00, 55843.00, and 5714.00 respectively, with changes of - 2317.00, - 6793.00, - 1216.00, and 1074.00 [1] - **IH Contracts**: The previous day's closing prices of IH contracts were 3067.40, 3066.80, 3069.20, and 3067.40 respectively, with increases of 23.40, 22.40, 23.60, and 24.40, and increases of 0.77%, 0.74%, 0.77%, and 0.80% respectively. The trading volumes were 11960.00, 37476.00, 5043.00, and 1819.00, and the open interests were 15335.00, 65887.00, 14472.00, and 2468.00 respectively, with changes of 218.00, 1268.00, 850.00, and 497.00 [1] - **IC Contracts**: The previous day's closing prices of IC contracts were 7310.40, 7254.40, 7083.00, and 6903.40 respectively, with increases of 125.00, 125.20, 121.20, and 126.40, and increases of 1.74%, 1.76%, 1.74%, and 1.87% respectively. The trading volumes were 27275.00, 87202.00, 16929.00, and 5288.00, and the open interests were 49174.00, 140233.00, 51880.00, and 11298.00 respectively, with changes of 1344.00, 5789.00, 409.00, and 1439.00 [1] - **IM Contracts**: The previous day's closing prices of IM contracts were 7399.40, 7322.60, 7105.20, and 6891.60 respectively, with increases of 55.80, 54.80, 54.80, and 58.60, and increases of 0.76%, 0.75%, 0.78%, and 0.86% respectively. The trading volumes were 45173.00, 137585.00, 23471.00, and 8513.00, and the open interests were 72266.00, 187588.00, 78846.00, and 20144.00 respectively, with changes of 2184.00, 4103.00, 2254.00, and 1214.00 [1] - **Inter - month Spreads**: The current values of IF next month - IF current month, IH next month - IH current month, IC next month - IC current month, and IM next month - IM current month were - 13.60, - 0.60, - 56.00, and - 76.80 respectively, compared with previous values of - 12.80, 0.20, - 52.00, and - 71.20 [1] 2. Stock Index Spot Market - **Major Indexes**: The previous values of the CSI 300, SSE 50, CSI 500, and CSI 1000 indexes were 4716.02, 3045.82, 7258.53, and 7495.38 respectively, with increases of 1.19%, 0.62%, 1.62%, and 1.03% respectively. The trading volumes (in billions of shares) were 6726.70, 1554.40, 3660.62, and 4581.70 respectively [1] - **Industry Indexes**: Among different industries, the raw materials, telecommunications services, and information technology industries had relatively high increases of 2.24%, 3.72%, and 2.63% respectively, while the major consumer industry had a slight decline of - 0.03% [1] 3. Futures - Spot Basis - The previous values of IF current month - CSI 300, IF next month - CSI 300, IF next quarter - CSI 300, and IF far - quarter - CSI 300 were - 12.28, - 25.88, - 56.68, and - 93.28 respectively; those of IH current month - SSE 50, IH next month - SSE 50, IH next quarter - SSE 50, and IH far - quarter - SSE 50 were 2.58, 2.78, 4.18, and 5.98 respectively; those of IC current month - CSI 500, IC next month - CSI 500, IC next quarter - CSI 500, and IC far - quarter - CSI 500 were - 68.99, - 124.99, - 296.39, and - 475.99 respectively; and those of IM current month - CSI 1000, IM next month - CSI 1000, IM next quarter - CSI 1000, and IM far - quarter - CSI 1000 were - 95.98, - 172.78, - 390.18, and - 603.78 respectively [1] 4. Other Domestic and Overseas Indexes - **Domestic Indexes**: The previous values of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index were 3996.94, 13489.40, 8272.63, and 3234.45 respectively, with increases of 1.18%, 1.51%, 1.63%, and 1.98% respectively [1] - **Overseas Indexes**: The previous values of the Hang Seng Index, Nikkei 225, S&P 500, and DAX Index were 26433.70, 49299.65, 6875.16, and 24308.78 respectively, with increases of 1.05%, 1.35%, 1.23%, and 0.28% respectively [1] 5. Macroeconomic Information - Diplomatic Minister Wang Yi had a phone call with US Secretary of State Rubio, expressing the hope that both sides would work towards each other to prepare for high - level interactions and create conditions for bilateral relations. Spokesperson Guo Jiakun said that China and the US were in close communication regarding the possible meeting of the two heads of state [2] - The 2025 Financial Street Forum Annual Conference opened. Central Bank Governor Pan Gongsheng stated that the central bank would maintain a supportive monetary policy stance, resume open - market treasury bond trading, and take other measures. Financial Regulatory Administration Director Li Yunze said that a financial service model emphasizing both investment in things and people would be constructed. CSRC Chairman Wu Qing said that reforms of the ChiNext would be deepened [2] - Premier Li Qiang attended the 5th RCEP Leaders' Meeting, calling on all parties to collaborate more closely to address challenges and support the accession of applicants such as Hong Kong, China. Vice - Premier He Lifeng emphasized that the financial system should prevent risks, strengthen supervision, and promote high - quality development and opening - up [2] 6. Industry Information - Domestic gasoline and diesel prices were lowered on October 27th. The prices per ton were reduced by 265 yuan and 255 yuan respectively [2] - Relevant authorities were considering a new document to standardize the naming of "semi - solid - state batteries" as "solid - liquid batteries" [2] - Shandong Province issued the first provincial - level special plan for low - altitude information infrastructure, aiming to build a low - altitude communication network infrastructure in ten years [2] - The Bank of Korea stated that stablecoins should be issued by traditional banks under national supervision, and the South Korean government was considering launching a won - linked stablecoin [2]

Report Industry Investment Rating - No relevant information provided Core Viewpoints - The protein meal market: The night - session of soybean and rapeseed meal showed a strong and volatile trend. The latest export inspection report indicated that the U.S. soybean export inspection volume in the week ending October 16, 2025, was higher than the market - expected range, up 45% from the previous week. Brazil's new - season soybean sowing is progressing orderly. The domestic soybean meal futures are expected to fluctuate in the short term due to poor domestic crushing margins and subdued buying enthusiasm [2]. - The oil market: The night - session of oils showed a weak trend. The MPOA estimated a 10.77% increase in Malaysia's palm oil production from October 1 - 20, and AmSpec data showed a 2.5% month - on - month increase in palm oil exports during the same period. The expected reduction in palm oil production has not materialized, and the expectation of inventory accumulation in October has strengthened. The supply - side expectation of loosening is suppressing the short - term oil market [2]. Summary by Related Catalogs Domestic Futures Market - **Prices and Changes**: The previous day's closing prices of domestic futures for soybean oil, palm oil, rapeseed oil, soybean meal, rapeseed meal, and peanuts were 8234, 9100, 9748, 2932, 2400, and 8844 respectively. The price changes were 40, - 22, - 13, - 1, - 40, and 26, with corresponding percentage changes of 0.49%, - 0.24%, - 3.15%, - 0.03%, - 1.64%, and 0.29% [1]. - **Spreads and Ratios**: The current spreads and ratios of various varieties have changed compared to the previous values, such as the Y9 - 1 spread of soybean oil changing from - 288 to - 290 [1]. International Futures Market - **Prices and Changes**: The previous day's closing prices of international futures for BMD palm oil, CBOT soybeans, CBOT soybean oil, and CBOT soybean meal were 4381 (ringgit/ton), 1084 (cents/bu), 51 (cents/lb), and 298 (dollars/ton) respectively. The price changes were - 20, 42, 0, and 4, with corresponding percentage changes of - 0.45%, 4.01%, 0.76%, and 1.29% [1]. Domestic Spot Market - **Prices and Changes**: The current spot prices of various oils and meals in different regions have different percentage changes. For example, the spot price of Tianjin first - grade soybean oil increased by 0.47%, while the spot price of Dongguan soybean meal decreased by 0.67% [1]. - **Basis**: The current spot basis of various varieties also shows different values, such as the spot basis of Tianjin first - grade soybean oil being 236 [1]. Import and Crushing Profit - The current import and crushing profits of various varieties have changed compared to the previous values. For example, the import and crushing profit of near - month Malaysian palm oil has changed from - 528 to - 417 [1]. Warehouse Receipts - The current warehouse receipts of soybean oil, palm oil, rapeseed oil, soybean meal, rapeseed meal, and peanuts are 27144, 600, 7540, 42382, 4050, and 0 respectively, with some changes compared to the previous values [1]. Industry Information - As of last Thursday, Brazil's 2025/26 soybean sowing rate reached 36% of the expected level, and the sowing area of the first - crop corn in 2025/26 in the central - southern region reached 55% of the planned area [2]. - As of the week ending October 23, 2025, the U.S. soybean export inspection volume was 1061375 tons, down from the previous week [2].

Report Industry Investment Rating - Not provided in the content Report Core Viewpoints - The central bank will resume open - market treasury bond trading operations, and the prices of precious metals, crude oil, and stock index futures show different trends affected by various factors such as geopolitics, economic data, and policies [1] - Precious metals have experienced a continuous decline after a rapid rise due to the weakening of driving factors, while the long - term trend of gold as a safe - haven asset remains [2] - Crude oil prices are under a downward trend despite geopolitical tensions, and the situation is still unclear [3] - Stock index futures are in a direction - selection stage, and the market style may shift towards value in the fourth quarter [4] Summary by Relevant Parts 1.当日主要新闻关注 International News - Mexican President Sinbaum said that US President Trump agreed to extend the deadline for the agreement on trade, security, and immigration issues between the two countries, and Trump will not impose additional tariffs [6] Domestic News - Chinese Foreign Minister Wang Yi talked with US Secretary of State Rubio, hoping that both sides would work together to prepare for high - level interactions and create conditions for bilateral relations. The Chinese Foreign Ministry also responded to multiple hot issues such as a possible meeting between the two heads of state [7] Industry News - In September, the profits of China's industrial enterprises above a designated size increased by 21.6% year - on - year, accelerating by 1.2 percentage points compared with August, with the profits of high - tech and equipment manufacturing industries growing rapidly [8] 2.外盘每日收益情况 - The US S&P 500 index decreased by 0.79%, the German DAX index decreased by 0.13%, the UK FTSE 100 index decreased by 0.70%, and the FTSE A50 futures bond decreased by 1.33% from October 24th to October 27th. The US dollar index decreased by 0.15%, and the 10 - year US Treasury bond futures decreased by 0.20%. ICE Brent crude oil decreased by 1.58%, London gold decreased by 0.25%, and London silver decreased by 0.44%. LME aluminum decreased by 0.30%, LME copper increased by 1.20%, LME zinc decreased by 0.10%, and LME nickel decreased by 0.07%. ICE No. 11 sugar decreased by 1.77%, ICE No. 2 cotton increased by 0.25%, CBOT soybeans decreased by 0.07%, CBOT soybean meal increased by 0.65%, CBOT soybean oil decreased by 1.12%, and CBOT wheat remained unchanged [10] 3.主要品种早盘评论 Financial - Stock index futures continued to rise after the Sino - US tariff negotiation released positive news. After the high - level shock in September, they are in a direction - selection stage. The domestic liquidity environment is expected to remain loose, and the market style may shift towards value in the fourth quarter [4][11] - Treasury bond futures rose slightly. The central bank carried out large - scale MLF operations, but the short - term Shibor increased. With the easing of risk - aversion sentiment and the market's expectation of the Fed's interest - rate cut, the market liquidity is expected to remain reasonable and abundant, which supports the price of treasury bond futures [12][13] Energy and Chemical - SC crude oil futures decreased by 0.75% at night. The US and the EU imposed sanctions on Russian oil companies, but the downward trend of crude oil prices is difficult to change [3][14] - Methanol futures decreased by 0.53% at night. The operating rate of coal - to - olefin plants decreased, and the coastal methanol inventory increased slightly. The market is volatile due to various uncertainties [15] - Rubber supply may face pressure as the tapping season progresses, and the demand support is limited. The short - term trend is expected to be strong due to the expected smooth progress of Sino - US trade negotiations [16] - Polyolefin futures declined slightly. The spot prices were stable. With the easing of the external environment and the rebound of crude oil prices, and the high demand from downstream industries, the market may fluctuate and rebound in the short term [17] - Glass futures were in a low - level consolidation, and soda ash futures rebounded slightly. Both are in the process of inventory digestion, and the market is cautious. Attention should be paid to consumption in autumn and policy changes [18] Metal - Precious metals continued to decline. Geopolitical risks have cooled down, and the driving factors have weakened. However, the long - term trend of gold as a safe - haven asset remains [2][19] - Copper prices decreased slightly at night. The concentrate supply is tight, and the smelting profit is at the break - even point, but the smelting output continues to grow. The Indonesian mine accident may lead to a supply - demand gap and support copper prices in the long term [20] - Zinc prices increased slightly at night. The zinc concentrate processing fee has increased, and the smelting output is expected to rise. The domestic zinc price may be weaker than the foreign one, and the market may fluctuate within a range [21] Black - Coking coal and coke futures fluctuated narrowly at night. The output of five major steel products increased slightly, and the inventory decreased. The high iron - water output provides support for coking coal and coke, but the possible reduction of blast - furnace production due to shrinking profits is a risk. The short - term trend is expected to be a high - level shock [22] Agricultural Products - Protein meal futures fluctuated strongly at night. The US soybean export inspection volume was higher than expected, and the Brazilian soybean planting progress was good. The domestic market is expected to fluctuate in the short term [23] - Oil futures were weak at night. The palm oil production in Malaysia is expected to increase in October, and the supply - side expectation is loose, which suppresses the short - term market [24] - International sugar prices are in a downward trend due to the increase in Brazilian sugar supply. The domestic sugar price may be supported by the cost of the new crushing season, and there is a possibility of an upward trend in the short term [25] - Cotton futures continued to be strong in a volatile manner. The US cotton market is in a short - term shock due to the government shutdown. The domestic new cotton purchase is in the peak season, and the price supports the market in the short term [26] Shipping Index - The container shipping index for European routes (EC) declined. The SCFIS European route index rebounded for the second consecutive period. The market is still gambling on the year - end peak season, and the shipping companies are relatively positive in price - holding at the end of the year, but the market operation is not smooth [27][28]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Report Core View - Polyolefin futures declined slightly. Spot prices of linear LL and拉丝PP from Sinopec and PetroChina remained stable. Fundamentally, polyolefins have gradually stopped falling. With the easing of the external environment, crude oil has stopped falling and rebounded, and polyolefins have followed 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, and the market may maintain a short - term oscillating rebound trend [2] Group 3: Summary by Related Catalogs Futures Market - **Prices**: For LL, the previous day's closing prices for January, May, and September contracts were 7024, 7090, and 7119 respectively, up 55, 69, and 69 from the day before, with increases of 0.79%, 0.98%, and 0.98%. For PP, the previous day's closing prices for January, May, and September contracts were 6699, 6768, and 6770 respectively, up 37, 49, and 42, with increases of 0.56%, 0.73%, and 0.62% [2] - **Trading Volume**: The trading volumes of LL for January, May, and September contracts were 241446, 30216, and 144 respectively. For PP, they were 262100, 37290, and 1332 [2] - **Open Interest**: The open interests of LL for January, May, and September contracts were 523862, 66492, and 1155 respectively, with changes of - 5325, 3904, and 19. For PP, they were 608347, 130837, and 6741, with changes of 247, 3976, and 600 [2] - **Spreads**: For LL, the current spreads of January - May, May - September, and September - January were - 66, - 29, and 95 respectively, compared to previous values of - 52, - 29, and 81. For PP, the current spreads were - 69, - 2, and 71, compared to previous values of - 57, - 9, and 66 [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, and mulch film were 2274 yuan/ton, 6025 yuan/ton, 537 dollars/ton, 5600 yuan/ton, 6480 yuan/ton, and 8800 yuan/ton respectively. The previous values were 2271 yuan/ton, 6025 yuan/ton, 542 dollars/ton, 5600 yuan/ton, 6500 yuan/ton, and 8800 yuan/ton [2] - **Mid - stream Spot**: For LL, the current prices in the East China, North China, and South China markets were 7000 - 7450 yuan/ton, 6900 - 7150 yuan/ton, and 7200 - 7500 yuan/ton respectively. For PP, they were 6550 - 6650 yuan/ton, 6500 - 6600 yuan/ton, and 6500 - 6650 yuan/ton [2] Market News - On Monday (October 27), the settlement price of WTI crude oil futures for December 2025 on the New York Mercantile Exchange was $61.31 per barrel, down $0.19 or 0.31% from the previous trading day, with a trading range of $60.67 - $62.17. The settlement price of Brent crude oil futures for December 2025 on the London Intercontinental Exchange was $65.62 per barrel, down $0.32 or 0.49% from the previous trading day, with a trading range of $65.06 - $66.64 [2]

| | | | | 申银万国期货研究所 唐广华（从业资格号：F3010997；交易咨询号：Z0011162） | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | tanggh@sywgqh.com.cn 021-50586292 | | | | | | | | | TS2512 | TS2603 | TF2512 | TF2603 | T2512 | T2603 | TL2512 | TL2603 | | | 昨日收盘价 | 102.332 | 102.254 | 105.615 | 105.505 | 108.005 | 107.675 | 115.01 | 114.7 | | | 前日收盘价 | 102.336 | 102.260 | 105.645 | 105.540 | 108.035 | 107.690 | 115.21 | 114.94 | | | 涨跌 | -0.004 | -0.006 | -0.030 | -0.035 | -0.030 | -0.015 | -0.200 | ...

Report Industry Investment Rating - Not provided in the report Core View of the Report - After the high - level oscillation in September, the stock index is expected to enter a direction - selection phase again. The domestic liquidity environment is expected to remain loose, and residents may increase their allocation of equity - based assets. With the Fed's interest rate cut and RMB appreciation, external funds are also expected to flow into the domestic market. In terms of market style, although technology growth has been the core theme in the current upward market trend, considering the potential increase in Q4's growth - stabilizing policies and the resonance of global monetary and fiscal policies, the market style in Q4 may shift towards value and become more balanced compared to Q3 [2] Summary by Relevant Catalogs 1. Stock Index Futures Market - **Futures Price and Volume**: For IF contracts, the previous day's closing prices of IF 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%. Similar data are provided for IH, IC, and IM contracts. The trading volumes and open interests of each contract are also presented, along with the changes in open interests [1] - **Inter - month Spread**: The current values of the inter - month spreads of IF next month - IF current month, IH next month - IH current month, IC next month - IC current month, and IM next month - IM current month are - 13.60, 0.20, - 52.00, and - 71.20 respectively, compared with previous values of - 12.80, - 0.80, - 51.40, and - 69.80 [1] 2. Stock Index Spot Market - **Index Performance**: The previous value of the CSI 300 index was 4660.68, with a previous two - day value of 4606.34 and an increase of 1.18%. Similar data are provided for the SSE 50, CSI 500, and CSI 1000 indices. The total trading amounts and trading volumes are also given [1] - **Industry Performance**: Different industries showed different growth rates. For example, the energy industry decreased by 0.42%, while the telecommunications business increased by 5.50% [1] 3. Futures - Spot Basis - The previous values of the basis of IF current month - CSI 300, IF next month - CSI 300, IF next quarter - CSI 300, and IF far - quarter - CSI 300 were - 12.28, - 25.88, - 56.68, and - 93.28 respectively, compared with previous two - day values of - 12.74, - 25.54, - 52.54, and - 89.54. Similar data are provided for IH, IC, and IM contracts [1] 4. Other Domestic and Overseas Indices - **Domestic Indices**: The Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index had previous values of 3950.31, 13289.18, 8139.58, and 3171.57 respectively, with increases of 0.71%, 2.02%, 1.81%, and 3.57% [1] - **Overseas Indices**: The Hang Seng Index, Nikkei 225, S&P, and DAX Index had certain previous values and growth rates, such as the Hang Seng Index increasing by 0.74% [1] 5. Macroeconomic Information - **Sino - US Economic and Trade Consultation**: From October 25th to 26th, Sino - US economic and trade consultations were held in Kuala Lumpur, Malaysia. The two sides reached a basic consensus on important economic and trade issues [2] - **Central Bank Operations**: The People's Bank of China carried out 900 billion yuan of MLF operations on October 27th, with a net investment of 200 billion yuan this month. It also conducted 1.7 trillion yuan of outright reverse repurchases, resulting in a net investment of 400 billion yuan after hedging the matured ones. The total net investment of medium - term liquidity this month is 600 billion yuan [2] - **APEC Meeting**: President Xi Jinping will attend the 32nd APEC Economic Leaders' Meeting in South Korea from October 30th to November 1st [2] 6. Industry Information - **Fund Industry**: The draft regulatory guidelines for the performance comparison benchmarks of public funds may be released soon. As of October 26th, 176 funds have adjusted their performance comparison benchmarks this year [2] - **Banking Industry**: Since October, many banks have raised the minimum investment threshold for gold accumulation. Short - term gold price fluctuations may become the norm [2] - **Power Industry**: As of the end of September, the cumulative installed power generation capacity in China was 3.72 billion kilowatts, with solar power and wind power showing significant year - on - year growth [2]

Report Summary 1. Investment Rating of the Reported Industry No investment rating for the industry is provided in the report. 2. Core Views of the Report - The China - US economic and trade consultations reached a basic consensus on addressing respective concerns, and both sides agreed to further determine specific details and complete domestic approval procedures [1][6]. - The US CPI data in September showed a certain trend, with the year - on - year and month - on - month growth rates of CPI and core CPI having different performances compared to expectations and previous values [1]. - For key varieties: - Copper prices are under short - term pressure, but the Indonesian mine accident may lead to a supply - demand gap in the global copper market, supporting copper prices in the long term [2][20]. - Gold prices have experienced a sharp adjustment after a rapid rise, but the long - term narrative of gold as the ultimate safe - haven asset remains strong [2][19]. - The stock index is in a direction - selection stage. With a loose domestic liquidity environment and expected inflows of external funds, the market style may shift towards value in the fourth quarter [3][10]. 3. Summary by Category News - **International News**: The US and Vietnam reached a framework for a reciprocal, fair, and balanced trade agreement, and the US will maintain a 20% tariff on Vietnam while working to address obstacles for US agricultural products in the Vietnamese market [5]. - **Domestic News**: China and the US held economic and trade consultations in Kuala Lumpur, reaching a basic consensus on multiple important issues [1][6]. - **Industry News**: As of the end of September, the national cumulative power generation installed capacity was 3.72 billion kilowatts, with significant growth in solar and wind power. The average utilization hours of power generation equipment decreased compared to the previous year [7]. Outer - Market Daily Returns - The S&P 500 rose 0.79%, the European STOXX 50 fell 0.06%, the FTSE China A50 futures rose 1.33%, and the US dollar index rose 0.01%. Among commodities, LME copper rose 1.20%, while ICE Brent crude oil fell 0.41% [9]. Morning Comments on Major Varieties - **Financial Products** - **Stock Index**: Positive news from China - US tariff negotiations led to a rise in US stock indices and the domestic stock index. After a high - level shock in September, the stock index is in a direction - selection stage. The domestic liquidity environment is expected to remain loose, and the market style may shift towards value in the fourth quarter [3][10]. - **Treasury Bonds**: Treasury bonds fell slightly. The central bank's monetary policy is expected to remain moderately loose, which provides some support for treasury bond futures prices. However, the easing of risk - aversion sentiment may put pressure on prices [11][12]. - **Energy and Chemical Products** - **Crude Oil**: SC crude oil rose 0.3% at night. Geopolitical tensions pushed up oil prices, but the overall downward trend is difficult to reverse due to limited impact on Russian crude oil transportation [13]. - **Methanol**: Methanol rose 0.04% at night. The operating load of coal - to - olefin and methanol plants decreased, and the coastal methanol inventory increased. The market is volatile [14]. - **Rubber**: Natural rubber prices rose last week. Supply pressure may increase later, but weather conditions in rubber - producing areas and the progress of China - US trade negotiations will affect prices [15]. - **Polyolefins**: Polyolefin futures fell slightly. With the easing of the external environment and the rebound of crude oil prices, polyolefins may have a short - term oscillatory rebound [16]. - **Glass and Soda Ash**: Glass and soda ash futures had a slight decline. Both are in the process of inventory digestion, and attention should be paid to consumption in autumn and policy changes [17][18]. - **Metals** - **Precious Metals**: Gold and silver prices fell from high levels. Geopolitical risks decreased, and although the long - term bullish logic for gold remains, short - term adjustments occurred [2][19]. - **Copper**: Copper prices fell slightly at night. Concentrate supply is tight, but smelting output is growing. The Indonesian mine accident may support copper prices in the long term [2][20]. - **Zinc**: Zinc prices fell at night. Smelting output is expected to increase, and domestic zinc prices may be weaker than foreign ones. The market may fluctuate within a range [21]. - **Black Metals** - **Coking Coal and Coke**: Coking coal and coke prices rose slightly on Friday night. The market is expected to fluctuate at a high level in the short term, and attention should be paid to steel inventory reduction, hot metal production, and policy guidance [22]. - **Agricultural Products** - **Protein Meal**: Bean and rapeseed meal prices were strongly volatile at night. US soybean export inspection volume increased, and Brazilian soybean planting progressed well. The domestic market is expected to fluctuate in the short term [23][24]. - **Oils and Fats**: Bean and rapeseed oil prices rose, while palm oil prices fell slightly at night. Palm oil production and export data showed an increase, and the market is expected to oscillate in the short term [25]. - **Sugar**: Zhengzhou sugar prices were weakly volatile. The global sugar market is in a stock - building stage, and domestic sugar prices are expected to be weak in the short term [26]. - **Cotton**: Zhengzhou cotton prices were strongly volatile. The US cotton market is oscillating, and the domestic cotton market is expected to be strongly volatile in the short term [27]. - **Shipping Index** - **European Container Shipping**: The European container shipping index opened higher and oscillated. Shipowners are actively supporting prices at the end of the year, but the market is cautious about the peak - season space. The far - month contract is slowly recovering, and attention should be paid to the progress of the Israel - Palestine cease - fire negotiations [28].

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Report's Core View - Copper prices may be on the strong side. The supply of copper concentrates remains tight, with smelting profits on the verge of profit and loss, but smelting output continues to grow at a high rate. The Indonesian mine accident is likely to lead to a global copper supply - demand gap, providing long - term support for copper prices [2]. - Zinc prices may fluctuate within a range. Short - term zinc concentrate processing fees have generally increased, smelting profits have turned positive, and smelting output is expected to continue to rise. Due to different inventory situations at home and abroad, domestic zinc prices may be weaker than foreign ones, and overall, the supply - demand difference for zinc is not obvious [2]. 3. Summary by Related Content Copper - Market performance: Night - session copper prices closed slightly lower. The previous domestic futures closing price was 87,700 yuan/ton, with a basis of - 20 yuan/ton; the previous LME 3 - month closing price was 10,947 dollars/ton, and the LME spot premium was - 25.97 dollars/ton. LME copper inventory was 136,925 tons, with a daily increase of 75 tons [2]. - Supply and demand factors: Concentrate supply is tight, smelting output is growing, power grid investment is growing positively, power source investment is slowing down, automobile production and sales are growing positively, home appliance production scheduling is negative, and the real estate market is weak. The Indonesian mine accident may lead to a supply - demand gap [2]. Zinc - Market performance: Night - session zinc prices closed lower. The previous domestic futures closing price was 22,315 yuan/ton, with a basis of - 85 yuan/ton; the previous LME 3 - month closing price was 3,020 dollars/ton, and the LME spot premium was 187.37 dollars/ton. LME zinc inventory was 34,700 tons, with a daily decrease of 600 tons [2]. - Supply and demand factors: Short - term zinc concentrate processing fees have increased, smelting profits are positive, smelting output is expected to rise, galvanized sheet inventory has increased weekly, infrastructure investment growth has slowed down, automobile production and sales are growing positively, home appliance production scheduling is negative, and the real estate market is weak [2]. Other Metals - Aluminum: The previous domestic futures closing price was 21,205 yuan/ton, with a basis of - 40 yuan/ton; the previous LME 3 - month closing price was 2,857 dollars/ton, and the LME spot premium was 3.19 dollars/ton. LME aluminum inventory was 477,675 tons, with a daily decrease of 4,850 tons [2]. - Nickel: The previous domestic futures closing price was 121,860 yuan/ton, with a basis of - 1,390 yuan/ton; the previous LME 3 - month closing price was 15,325 dollars/ton, and the LME spot premium was - 194.12 dollars/ton. LME nickel inventory was 250,854 tons, with a daily decrease of 24 tons [2]. - Lead: The previous domestic futures closing price was 17,635 yuan/ton, with a basis of - 215 yuan/ton; the previous LME 3 - month closing price was 2,017 dollars/ton, and the LME spot premium was - 36.64 dollars/ton. LME lead inventory was 239,750 tons, with a daily decrease of 4,375 tons [2]. - Tin: The previous domestic futures closing price was 283,810 yuan/ton, with a basis of - 2,470 yuan/ton; the previous LME 3 - month closing price was 35,650 dollars/ton, and the LME spot premium was 143.00 dollars/ton. LME tin inventory was 2,720 tons, with a daily decrease of 25 tons [2].

Report Industry Investment Rating - Not provided in the report Core View - Polyolefin futures declined slightly. Spot prices of linear LL and拉丝PP remained stable for Sinopec and PetroChina. Fundamentally, polyolefins have gradually stopped falling. With the easing of the external environment and the stop - fall and rebound of crude oil, polyolefins follow the crude oil trend. Currently, the supply - demand pressure is temporarily limited, and the market may maintain a short - term oscillatory rebound trend [2] Summary by Relevant Catalogs Futures Market - **LL Futures**: The previous day's closing prices for January, May, and September contracts were 6969, 7021, and 7050 respectively, with changes of - 30, - 23, and - 8, and corresponding percentage changes of - 0.43%, - 0.33%, and - 0.11%. The trading volumes were 229753, 23556, and 105, and the open interests were 529187, 62588, and 1136, with changes of - 2302, 182, and 7 respectively. The current spreads of 1 - 5 months, 5 - 9 months, and 9 - 1 months were - 52, - 29, and 81, compared to previous values of - 45, - 14, and 59 [2] - **PP Futures**: The previous day's closing prices for January, May, and September contracts were 6662, 6719, and 6728 respectively, with changes of - 29, - 21, and - 6, and corresponding percentage changes of - 0.43%, - 0.31%, and - 0.09%. The trading volumes were 229145, 19734, and 517, and the open interests were 608100, 126861, and 6141, with changes of - 10384, 281, and 106 respectively. The current spreads of 1 - 5 months, 5 - 9 months, and 9 - 1 months were - 57, - 9, and 66, compared to previous values of - 49, 6, and 43 [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, and mulch film were 2274 yuan/ton, 6025 yuan/ton, 537 dollars/ton, 5600 yuan/ton, 6500 yuan/ton, and 8800 yuan/ton respectively, compared to previous values of 2295 yuan/ton, 6010 yuan/ton, 542 dollars/ton, 5600 yuan/ton, 6510 yuan/ton, and 8800 yuan/ton [2] - **Spot Market**: For LL, the current prices in East China, North China, and South China markets were 6500 - 6650 yuan/ton, 7000 - 7450 yuan/ton, and 6900 - 7150 yuan/ton respectively, compared to previous values of 6450 - 6600 yuan/ton, 6900 - 7450 yuan/ton, and 6850 - 7150 yuan/ton. For PP, the current prices in East China, North China, and South China markets were 7150 - 7500 yuan/ton, 6550 - 6650 yuan/ton, and 6500 - 6600 yuan/ton respectively, compared to previous values of 7100 - 7500 yuan/ton, 6450 - 6650 yuan/ton, and 6450 - 6550 yuan/ton [2] News - On Friday (October 24), the settlement price of WTI crude oil futures for December 2025 on the New York Mercantile Exchange was $61.5 per barrel, down $0.29 or 0.47% from the previous trading day, with a trading range of $61.21 - $62.59. The settlement price of Brent crude oil futures for December 2025 on the London Intercontinental Exchange was $65.94 per barrel, down $0.05 or 0.08% from the previous trading day, with a trading range of $65.41 - $66.78 [2]