Report Summary of Gold and Silver Futures 1. Investment Rating No investment rating is provided in the report. 2. Core Views - **Gold**: The overall trend of Shanghai Gold futures is in an upward channel, possibly at the end of the trend. Short - term gold prices may continue to fluctuate in the range of 910 - 970 yuan/gram, and the price center is expected to gradually rise in the medium - to - long term [7]. - **Silver**: The overall trend of Shanghai Silver futures is in a strong upward stage, currently at the end of the trend. Short - term silver prices may continue to fluctuate in the range of 11,600 - 12,200 yuan/kg, and the price center is expected to gradually rise in the medium - to - long term [33]. 3. Summary by Directory Gold Futures - **Mid - line Market Analysis** - **Trend Judgment**: The overall trend of Shanghai Gold futures is in an upward channel, possibly at the end of the trend. The core driving factors for the range - bound movement last week were fluctuations in US Treasury yields, differences in Fed policy expectations, and repeated market sentiment [7]. - **Trend Logic**: In the short term, gold prices may continue to fluctuate in the range of 910 - 970 yuan/gram. In the medium - to - long term, the price center is expected to gradually rise, supported by the continued trend of central bank gold purchases globally and the expectation of the Fed's interest - rate cut cycle [7]. - **Strategy Suggestion**: It is recommended to wait and see [8]. - **Variety Trading Strategy** - **Last Week's Strategy Review**: The Shanghai Gold contract 2602 was in short - term shock consolidation last week, with the upper pressure level at 960 - 970 yuan/gram and the lower support level at 900 - 910 yuan/gram. It was recommended to wait and see [10]. - **This Week's Strategy Suggestion**: The Shanghai Gold contract 2602 will continue to fluctuate in the short term, with the upper pressure level at 960 - 970 yuan/gram and the lower support level at 910 - 920 yuan/gram. It is recommended to wait and see [11]. - **Related Data Situation** - The report presents data on the price trends of Shanghai Gold and COMEX Gold, SPDR Gold ETF holdings, COMEX Gold inventory, US 10 - year Treasury yields, US dollar index, US dollar against offshore RMB, gold - silver ratio, Shanghai Gold basis, and gold internal - external price difference through charts [20][23][25]. Silver Futures - **Mid - line Market Analysis** - **Trend Judgment**: The overall trend of Shanghai Silver futures is in a strong upward stage, currently at the end of the trend. The core driving factors for the wide - range shock movement last week were differences in Fed policy expectations, the strengthening of the US dollar index, and the game of continuous destocking of spot inventory [33]. - **Trend Logic**: In the short term, silver prices may continue to fluctuate in the range of 11,600 - 12,200 yuan/kg. In the medium - to - long term, the price center is expected to gradually rise, supported by the tight global silver supply - demand situation (low inventory + resilient industrial demand such as photovoltaics) and the expectation of the Fed's interest - rate cut cycle [33]. - **Strategy Suggestion**: It is recommended to wait and see [34]. - **Variety Trading Strategy** - **Last Week's Strategy Review**: The Silver contract 2602 was in short - term shock consolidation last week, with the upper pressure level at 12,000 - 12,600 yuan/kg and the lower support level at 10,900 - 11,500 yuan/kg. It was recommended to wait and see [37]. - **This Week's Strategy Suggestion**: The Silver contract 2602 will continue to be in short - term shock consolidation, with the upper pressure level at 12,000 - 12,200 yuan/kg and the lower support level at 11,600 - 11,800 yuan/kg. It is recommended to wait and see [38]. - **Related Data Situation** - The report presents data on the price trends of Shanghai Silver and COMEX Silver, SLV Silver ETF holdings, COMEX Silver inventory, Shanghai Silver basis, and silver internal - external price difference through charts [45][47][49].

Report Industry Investment Rating - The report gives an overall rating of "Bullish Oscillation" for the electrolytic aluminum industry [4][11] Core Viewpoints - Mid - term (2026): The global supply growth rate of primary aluminum is expected to slow down, while demand is likely to remain resilient due to the global manufacturing recovery. The supply gap is expected to widen compared to 2025, indicating a bullish mid - term supply - demand pattern [4] - Short - term (November 2025): The aluminum price may fluctuate. There is no significant new demand increment, and although the demand is resilient, the exploration above 22,000 yuan/ton for Shanghai aluminum usually requires major supply disruptions. The supply from Guinea is expected to be stable at the end of the year, and domestic bauxite and alumina inventories are abundant [4] Summary by Relevant Catalogs 1. Overall View Supply - Bauxite: The market is in a state of oversupply. Market participants expect an increase in shipments from Guinea at the end of the year, and the cumulative import volume growth rate of bauxite this year is higher than the cumulative production growth rate of alumina [9][12] - Alumina: As of November 21, 2025, the domestic built - in capacity is about 11,255 million tons, the operating capacity is about 9,660 million tons, and the capacity utilization rate is about 85.46%. In 2026, about 1,440 million tons/year of new capacity will be put into production, mainly in the first half of the year in the southwest and northern coastal regions. The supply - demand contradiction is still severe due to high inventory and new capacity [9] - Electrolytic Aluminum: In October 2025, the domestic built - in capacity was about 4,571.65 million tons, and the operating capacity was about 4,455.93 million tons. The domestic smelting profit is high, and the supply is steadily increasing. However, overseas supply may decrease due to power shortages, and the global aluminum supply has entered a low - growth stage [9] Demand - Aluminum Profiles: The weekly industry starting rate decreased by 0.5 percentage points to 52.6%. The construction profile market sentiment is weak, while the automotive profile orders are expected to last until the end of the year. The procurement of photovoltaic component factories has slowed down, and the starting rate is expected to decline slightly [10] - Aluminum Plate, Strip and Foil: The starting rate of leading aluminum plate and strip enterprises increased by 0.4 percentage points to 66.0%, but it will continue to decline due to the off - season, uncertain environmental policies, and lack of order support. The starting rate of leading aluminum foil enterprises decreased by 0.7 percentage points to 70.4%, and the demand in traditional consumption areas is weak [10] - Aluminum Cables: The weekly starting rate increased by 0.4 percentage points to 62.4%. Supported by grid orders, it is expected to continue to recover [10] - Alloys: The starting rate of the primary aluminum alloy industry remained stable at 59.8%, showing a stable supply - demand situation. The starting rate of leading recycled aluminum enterprises remained stable at 60.6%, and it is expected to remain stable in the short term [10] Inventory - Electrolytic Aluminum: The social inventory of electrolytic aluminum ingots is 61.9 million tons, basically stable since November, about 15% higher than the same period last year, and slightly below the mid - axis level since 2023. The in - plant inventory of electrolytic aluminum is at a low level in recent years, and the outbound volume has decreased significantly since the end of October. The inventory of aluminum rods is 13.62 million tons, about 2% lower than last week and about 31% higher than last year. The LME aluminum inventory decreased by about 1% compared to last week and about 23% compared to last year, remaining at a low level in recent years [10] Profit - Alumina: The average full - cost in the past month was about 2,800 yuan/ton, the spot theoretical profit was about 50 yuan/ton, and the futures main - contract theoretical profit was - 70 yuan/ton [11][19] - Electrolytic Aluminum: The current average production cost is about 16,950 yuan/ton, and the theoretical profit is about 4,200 yuan/ton (last week it was 4,800 yuan/ton), with a relatively high profit level [11][19] Market Expectation and Outlook - Market Expectation: The strong US dollar and low interest - rate cut expectations at the macro level suppress the aluminum price. The domestic supply is at a high level, the demand has entered the off - season, the inventory support is limited, the capital sentiment is cautious, and the current spot trading is still weak, so the correction may not be over [11] - Outlook: At the end of November, the macro - guidance is slightly weak. The domestic supply is stable, while the demand has further seasonal contraction pressure. The social inventory may slightly increase, and the price is expected to oscillate under pressure. The main 2601 contract is expected to be in the range of 21,000 - 21,700 yuan/ton in the next week [11] 2. Important Industry Link Price Changes - Bauxite: The import price is under pressure. The price of bauxite SI2 - 3% Guinea decreased by 0.69% week - on - week, and the prices of some other types remained stable [12] - Alumina: It has been oscillating downward since mid - August. The price of Henan first - grade alumina decreased by 0.18% week - on - week [12] - Other: Coal prices have been rising since September, and the supply - demand situation is expected to be strong at the end of the year. The prices of some other raw materials such as pre - baked anodes and ice crystals have also changed to varying degrees [12] 3. Important Industry Link Inventory Changes - Bauxite: The port inventory of imported bauxite decreased slightly, and it has been fluctuating around the annual high of 2,850 million tons since August. The domestic bauxite inventory is abundant [16] - Alumina: It has been accumulating inventory since the end of May and is currently at a high level in recent years. The inventory of alumina plants and ports decreased slightly this week, while the in - plant inventory of electrolytic aluminum continued to accumulate rapidly [16] - Electrolytic Aluminum: The domestic mainstream consumption area inventory of electrolytic aluminum ingots remained stable, and the inventory of aluminum rods decreased [16] 4. Supply - Demand Situation - The off - season characteristics of the aluminum processing industry are more obvious this week, with significant structural differentiation in the sector. The primary aluminum alloy has stable supply and demand; the starting rate of aluminum cables has slightly increased supported by grid orders; the traditional demand for aluminum plates and strips is weak; the construction profiles are sluggish, and the demand for packaging foil has weakened; the recycled aluminum is still restricted by the tight raw material supply [25] 5. Futures - Spot Structure - The current spot - end price is under pressure, and the Shanghai aluminum futures price structure is moderately weak [30] 6. Spread Structure - The spread between aluminum ingots and ADC12 this week is about - 2,040 yuan/ton (pre - holiday was - 1,840 yuan/ton). The current spread of primary aluminum and alloys is at the mid - axis level in recent years and has a neutral impact on electrolytic aluminum [34][36] 7. Market Fund Situation - LME Aluminum: The net long position of funds is near the high level since April 2022. In the latest period, the net long position increased slightly, and both the long and short camps reduced their positions. Overseas funds still have a positive expectation for the aluminum price [38] - SHFE Electrolytic Aluminum: The net long position of the main force significantly reduced this week, with the long camp reducing positions more than the short camp. The net long position of funds with a financial speculation background continued to reduce positions, and funds with a background of mid - downstream enterprises are in a stalemate between long and short. Overall, the main funds still tend to adjust [41]

2025.11.17-11.21 豆粕、豆油 期货品种周报 Contents 中线行情分析 01 P A R T 豆粕期货 目录 01 中线行情分析 02 品种交易策略 03 相关数据情况 中线趋势来看，豆粕主力处于宽幅震荡的阶段。 中线趋势判断 1 趋势判断逻辑 据Mysteel数据：第45周油厂大豆实际压榨量180.57万吨，开机率为 49.67%，豆粕库存99.86万吨。国内大豆到港量维持高位，压榨量虽短期 回落但仍处于相对充裕水平，豆粕整体供应宽松格局未改。下游饲料企 业采购谨慎，养殖利润持续不佳抑制消费积极性，且最新美农供需报告 部分利多预期已提前消化。然而，进口成本抬升及远月备货情绪为市场 提供底部支撑。综合来看，中线趋势预计豆粕期价处于宽幅震荡阶段。 2 关注中美贸易政策变化，南美天气，养殖需求。 中线策略建议 3 品种交易策略 上周策略回顾 豆粕期价整体趋势处于上行通道,资金方面强烈偏空。M2601 短期内或处于震荡调整阶段，预计运行区间：2950-3150。 本周策略建议 | < 豆粕(m) v | | --- | | 品种诊断 机构观点 盈利席位 主力资金 : | | 多空流向: -71. ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The report analyzes the mid - line market, trading strategies, and related data of rebar and iron ore futures. It uses the Great Wall Futures AI intelligent big - data quantitative strategy model to make trend judgments and gives corresponding trading strategy suggestions [7][30]. 3. Summary according to the Directory Rebar Futures Mid - line Market Analysis - The main contract of rebar futures operates in the sideways consolidation range of 2882 - 3330. The weekly output of rebar is 2 million tons, the apparent consumption is 2.16 million tons, the inventory of major steel mills is 1.6 million tons, and the social inventory is 6.2 million tons. A grid trading strategy can be considered during the consolidation stage, with an antenna of 3330, a ground line of 2882, a grid spacing of 32, and a grid number of 14 [7]. Variety Trading Strategy - Last week, the main contract of rebar futures entered the shock consolidation range. This week, according to the model, it enters the sideways consolidation range, and a large - grid trading strategy can be considered. Spot enterprises are advised to wait and see until a new mid - line trend becomes clear [10][11][12]. Related Data Situation No specific data content is summarized in the text other than the above - mentioned production, consumption, and inventory data. Iron Ore Futures Mid - line Market Analysis - The main contract of iron ore futures is in the range consolidation stage of 732 - 872. In terms of supply, the global shipment volume of iron ore last week was 30.69 million tons, the arrival volume at 45 major ports in China was 27.41 million tons, the inventory of steel enterprises was 90.76 million tons, and the inventory of domestic major ports was 151.29 million tons. A grid trading strategy can be considered during the shock consolidation stage [30]. Variety Trading Strategy - Last week, the mid - line price of iron ore was in the shock consolidation stage. This week, the AI intelligent system suggests implementing a grid trading strategy, with an antenna of 872, a ground line of 732, a grid spacing of 10, and a grid number of 14 [33][34]. Related Data Situation No specific data content is summarized in the text other than the above - mentioned supply - related data.

2025.11.17-11.21 纯碱、玻璃 期货品种周报 01 P A R T 纯碱期货 中线行情分析 纯碱期货处于震荡阶段。 中线趋势判断 1 趋势判断逻辑 上周国内纯碱市场稳中偏强，轻质纯碱价格小幅上调5-3 5元/吨， 重质纯碱整体持稳。供应端因部分企业检修而略有收缩，但整体仍 处高位；需求保持平稳，下游按需采购。成本端煤炭价格走强支撑 企业挺价意愿，但供过于求格局限制上涨空间，市场延续窄幅整理。 纯碱期货多空交织，成本支撑与供应收紧形成提振，而高库存和疲 软需求压制反弹，短期维持震荡格局。 2 建议观望 中线策略建议 3 目录 01 中线行情分析 02 品种交易策略 03 相关数据情况 Contents 品种交易策略 上周策略回顾 上周国内纯碱市场窄幅震荡偏弱，供需矛盾持续。周中 部分地区价格承压回落，周末虽受成本支撑局部尝试提 价，但成交仍以低价为主。期货持续走弱创新低，供过 于求格局未改，短期缺乏利好，预计纯碱2601运行区间 1100-1250。 本周策略建议 上周国内纯碱市场稳中偏强，轻碱价格小幅上涨，重碱 持稳。供应收缩但需求平稳，成本支撑明显，供过于 求格局下预计延续窄幅整理。期货多空拉 ...

Report Industry Investment Rating - The report does not provide an explicit industry investment rating. Core Viewpoints of the Report - Mid - term, the global supply - side growth rate of primary aluminum may slow down in 2026 due to capacity constraints in China and slow new capacity and复产 progress overseas, while demand is expected to remain resilient, with the supply gap expanding compared to 2025. The mid - term supply - demand pattern is still strong. In the near term, the aluminum price may fluctuate in late November as there is no significant new demand increase despite sufficient supply and resilient demand [4][11]. - The aluminum market is expected to show a moderately strong and volatile trend. It is recommended to hold long positions lightly and wait for the price to rise. For short - term trading, consider reducing or exiting long positions to avoid risks [4][7]. Summary by Relevant Catalogs Overall View - **Aluminum Ore Market**: Domestic bauxite inventory has reached the same - period high, sufficient for this year's production. Although there are repeated disturbances in the mining end, the short - term impact is limited [9]. - **Alumina Market**: As of November 14, the domestic alumina production capacity is about 112.55 million tons, with an operating capacity of about 96 million tons and a utilization rate of about 85.37%. Alumina supply and demand have been in surplus for some time, and supply flexibility is restricted. The expected increase in imported ore supply also puts downward pressure on ore prices [9]. - **Production of Electrolytic Aluminum**: In October, the domestic electrolytic aluminum production capacity was about 45.7165 million tons, with an operating capacity of about 44.5593 million tons. The global aluminum supply has entered a low - growth stage, and overseas production cuts due to power shortages may reduce future supply increments [9]. - **Import and Export**: In October, the export volume of unwrought aluminum and aluminum products was about 503,000 tons, slightly lower than in September, at the average level in recent years. The theoretical import loss of electrolytic aluminum is about 1,700 yuan/ton, narrowing from last week's 2,100 yuan/ton [9]. - **Demand**: Different aluminum product sectors have different demand situations. The aluminum profile and alloy sectors are relatively stable, while the aluminum plate, strip, and foil sectors may face a downward trend. The aluminum cable sector may see a slight increase, and the overall downstream processing industry shows a differentiated trend [10]. - **Inventory**: The social inventory of electrolytic aluminum ingots is 619,000 tons, basically stable compared to last week, about 10% higher than the same period last year. The in - plant inventory of electrolytic aluminum is at a low level in recent years. The aluminum rod inventory is 139,500 tons, about 2% higher than last week and about 50% higher than last year. The LME aluminum inventory is about 1% higher than last week and about 22% lower than last year, still at a low level in recent years [10][17][18]. - **Profit**: The average full - cost of the Chinese alumina industry in the past month is about 22,800 yuan/ton, with a profit of about 50 yuan/ton. The average production cost of domestic electrolytic aluminum is about 16,950 yuan/ton, with a theoretical profit of about 4,800 yuan/ton, up from 4,400 yuan/ton last week [11]. - **Market Expectation**: The overseas macro - environment is unfavorable due to uncertainties in the US economic data and the Fed's hawkish stance. The aluminum price may fluctuate in the short term, and the mid - term supply - demand pattern is strong [11]. Important Industry Price Changes - The price of bauxite is generally stable, but the market is pessimistic about the future, expecting a further decline in December. The coal price has been rising since September, and the supply - demand is expected to be strong at the end of the year. The alumina price has been falling since mid - August, and the cost support may strengthen after the dry season in the southwest [12]. Important Industry Inventory Changes - The domestic port bauxite inventory has slightly increased, remaining at a high level this year. The alumina inventory has been rapidly accumulating since late May, reaching a high level in recent years. The inventory of electrolytic aluminum ingots in domestic main consumption areas is stable, while the aluminum rod inventory has increased [17]. Supply and Demand Situation - The overall operating rate of domestic aluminum downstream processing enterprises has increased by 0.4 percentage points to 62% this week, showing a differentiated trend. It is expected that the short - term operating rate will continue to show a differentiated pattern [26]. Futures and Spot Structure - The current price structure of Shanghai aluminum futures is moderately weak [29]. Spread Structure - The spread between aluminum ingots and ADC12 is about - 1,840 yuan/ton this week, up from - 2,080 yuan/ton before the holiday. The current spread has a moderately negative impact on electrolytic aluminum [34][36]. Market Capital Situation - **LME Aluminum**: The net long position is near the high since April 2022. The latest net long position has slightly decreased, but the long - side has been increasing positions since June, and the short - side has been slightly increasing since October. The overall market is still strong [38]. - **SHFE Electrolytic Aluminum**: The net long position of the main contract has remained stable this week, at a high level this year. The long - and short - sides have been increasing positions since October. The net long position of financial speculation - based funds has decreased, with large internal differences. The net long position of funds from mid - and downstream enterprises has decreased in the past two weeks. Overall, the main funds are still bullish, but the differences are increasing [41].

2025.11.17-11.21 工业硅期货 目录 01 中线行情分析 02 品种交易策略 03 相关数据情况 Contents 工业硅、碳酸锂 期货品种周报 中线行情分析 01 P A R T 上周策略回顾 工业硅大区间运行，以逢低做多为主。 本周策略建议 工业硅期货目前处于大区间运行。 中线趋势判断 1 趋势判断逻辑 2 上周工业硅现货价格维稳，截至11月14日新疆地区421#价格9150元/吨， 云南地区421#价格9900元/吨，四川地区421#价格10000元/吨。长城期货 AI智能投询品种诊断报告显示工业硅价格日线处在横盘阶段。资金方面， 主力偏多态度较为明显。 预计工业硅2601合约运行区间在7500—10000之中。 中线策略建议 3 品种交易策略 工业硅大区间运行，观望为主。 相关数据情况 截止至2024年04月19日，上海期货交易所阴极铜库存为300,045吨，较上一周增加322吨。从季节性角度分析，当前库存较近五年相比维持在较高水平。 SHF阴极铜库存走势 SHF阴极铜库存季节性分析 本报告数据来源为Wind、Mysteel、长城期货交易咨询部 相关数据情况 截止至2024年04月19日 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The overall trend of Shanghai Gold futures is in an upward channel, possibly at the end of the trend. The short - term gold price may fluctuate within a range, while the medium - and long - term is supported by economic recession risks, fiscal expansion, and weakening US dollar credit. For Shanghai Silver futures, the overall trend is in a strong upward phase, also possibly at the end of the trend. The short - term may consolidate within a range, and the medium - and long - term upward trend remains unchanged under the support of macro - easing, supply - demand gap, and weakening US dollar credit. It is recommended to adopt a wait - and - see approach for both gold and silver futures [7][30]. 3. Summary by Directory Gold Futures 01. Mid - term Market Analysis - Mid - term trend: The overall trend of Shanghai Gold futures is in an upward channel, currently possibly at the end of the trend [7]. - Trend judgment logic: Last week, the gold price showed a pattern of "strengthening in oscillation and then回调". The core logic was driven by the resonance of "signals of weak US economy" and "expectations of Fed easing", along with factors such as the weakening US dollar and central bank gold purchases. The Friday回调 was due to high - level profit - taking pressure. In the future, the short - term gold price may fluctuate within a range, and the medium - and long - term is supported by economic recession risks, fiscal expansion, and weakening US dollar credit. Attention should be paid to the re - issuance of US economic data and Fed policy trends [7]. - Mid - term strategy: It is recommended to wait and see [8]. 02. Variety Trading Strategy - Last week's strategy review: The Shanghai Gold main contract 2512 was expected to fluctuate between 900 - 940 yuan/gram in the short term, with the upper pressure level at 930 - 940 yuan/gram and the lower support level at 900 - 910 yuan/gram. It was recommended to wait and see [10]. - This week's strategy recommendation: The Shanghai Gold contract 2602 will consolidate in a short - term oscillation. The upper pressure level is 960 - 970 yuan/gram, and the lower support level is 900 - 910 yuan/gram. It is recommended to wait and see [11]. 03. Relevant Data Situation - The report presents data on the price trends of Shanghai Gold and COMEX gold, SPDR Gold ETF holdings, COMEX gold inventory, US 10 - year Treasury yield, US dollar index, US dollar against offshore RMB, gold - silver ratio, Shanghai Gold basis, and gold internal - external price difference [18][20][22]. Silver Futures 01. Mid - term Market Analysis - Mid - term trend: The overall trend of Shanghai Silver futures is in a strong upward phase, currently at the end of the trend [30]. - Trend judgment logic: Last week, the silver price showed a pattern of "rising in oscillation and then回调 at a high level", reaching a record high of 12,600 yuan/kg. The core driving logic was the resonance of the strengthened expectations of Fed easing (ending QT and interest - rate cut expectations) and the structural shortage of spot goods, along with the surge in investment demand (increase in ETF holdings) and the resilience of industrial demand (recovery in photovoltaic and Indian imports). The Friday回调 was mainly due to high - level profit - taking and technical resistance, and the continuous decline in open interest indicated cautious market sentiment. In the future, the short - term may consolidate within a range, and the medium - and long - term upward trend remains unchanged under the support of macro - easing, supply - demand gap, and weakening US dollar credit [30]. - Mid - term strategy: It is recommended to wait and see [30]. 02. Variety Trading Strategy - Last week's strategy review: The silver main contract 2512 was expected to oscillate and consolidate, with attention paid to the range of 11,000 - 12,000 yuan/kg. The upper resistance level was 11,800 - 12,000 yuan/kg, and the lower support level was 11,000 - 11,200 yuan/kg. Short - term grid trading was recommended [33]. - This week's strategy recommendation: The silver contract 2602 will consolidate in a short - term oscillation. The upper pressure level is 12,000 - 12,600 yuan/kg, and the lower support level is 10,900 - 11,500 yuan/kg. It is recommended to wait and see [34]. 03. Relevant Data Situation - The report presents data on the price trends of Shanghai Silver and COMEX silver, SLV Silver ETF holdings, COMEX silver inventory, Shanghai Silver basis, and silver internal - external price difference [41][43][46].

Report Summary 1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Report Core View - The report focuses on the weekly analysis of rebar and iron ore futures, including mid - line trend analysis, trading strategies, and related data [2]. 3. Summary by Directory Rebar Futures - **Mid - line行情分析**: The main contract of rebar futures is in a sideways consolidation range of 2882 - 3330. The weekly output is 2080000 tons, apparent consumption is 2180000 tons, major steel mill inventory is 1660000 tons, and social inventory is 6340000 tons. A grid trading strategy can be considered during the consolidation phase, with an antenna of 3330, a ground line of 2882, a grid spacing of 32, and 14 grids [7]. - **品种交易策略**: Last week, the main contract of rebar futures entered an oscillatory consolidation range. This week, it is recommended to implement a large - grid trading strategy. Spot enterprises are advised to wait and see until a new mid - line trend becomes clear [10][11][12]. - **相关数据情况**: The data sources for this report are Wind, Mysteel, and the trading consultation department of Great Wall Futures [21]. Iron Ore Futures - **Mid - line行情分析**: The main contract of iron ore futures is in an interval consolidation stage of 732 - 872. Last week, the global shipment volume was 3218000 tons, the arrival volume at 45 major Chinese ports was 3213000 tons, steel enterprise inventory was 9009000 tons, and domestic major port inventory was 14898000 tons. A grid trading strategy can be considered during the oscillatory consolidation stage [31]. - **品种交易策略**: Last week, the mid - line price of iron ore was in an oscillatory consolidation stage. This week, the AI intelligent system suggests implementing a grid trading strategy, with an antenna of 872, a ground line of 732, a grid spacing of 10, and 14 grids [34][35]. - **相关数据情况**: The data sources for this report are Wind, Mysteel, and the trading consultation department of Great Wall Futures. Some specific trading data of the iron ore 2601 contract are also provided, such as the price, trading volume, and position changes [41][51].

Report Overview - Report Title: "Futures Varieties Weekly Report: Soybean Meal and Soybean Oil" [2] - Report Date: November 10 - 14, 2025 [1] 1. Report Industry Investment Rating - Not provided in the report 2. Report Core Views - **Soybean Meal**: The medium - term trend of soybean meal futures is in a wide - range oscillation phase. Although the optimistic Sino - US trade sentiment boosts the expected import cost, high inventory and weak demand limit the price increase space. In the short - term, the overall trend of soybean meal futures price is in an upward channel, but the capital situation has shifted from strongly bullish to strongly bearish [6][9][10]. - **Soybean Oil**: The medium - term trend of soybean oil futures is also in a wide - range oscillation phase. High oil factory inventory and weak downstream demand suppress the price, while the easing Sino - US trade relationship drives up the cost of imported soybeans, providing bottom support. In the short - term, the overall trend of soybean oil futures price is in a sideways phase, and the capital situation has shifted from relatively bullish to relatively bearish [28][31]. 3. Summary by Directory Soybean Meal 3.1.1 Medium - term Market Analysis - **Trend Judgment**: The soybean meal main contract is in a wide - range oscillation phase. In the 44th week, the actual soybean crushing volume of oil mills was 2.2534 million tons, the startup rate was 61.99%, and the soybean meal inventory was 1.153 million tons. High inventory and weak demand limit price increases, while Sino - US trade sentiment affects import costs [6]. - **Strategy Suggestion**: Pay attention to Sino - US trade policies, South American weather, and aquaculture demand [6]. 3.1.2 Variety Trading Strategy - **Last Week's Strategy Review**: The overall trend of soybean meal futures price was in an upward channel, and the capital was strongly bullish. The M2601 contract was expected to continue the oscillating and strengthening pattern in the short - term, with an expected operating range of 2950 - 3100 [9]. - **This Week's Strategy Suggestion**: The overall trend of soybean meal futures price is in an upward channel, but the capital is strongly bearish. The M2601 contract may be in an oscillating adjustment phase in the short - term, with an expected operating range of 2950 - 3150 [10]. 3.1.3 Relevant Data Situation - Data includes soybean meal weekly output, weekly inventory, apparent consumption, weekly inventory days, basis, and oil - meal ratio. Data sources are Wind, Mysteel, and Great Wall Futures Trading Consultation Department [17][20][23] Soybean Oil 3.2.1 Medium - term Market Analysis - **Trend Judgment**: The soybean oil main contract is in a wide - range oscillation phase. In the 44th week, the actual soybean oil output of 125 oil mills was 42,810 tons, and the commercial inventory of soybean oil in key national regions was 1.2158 million tons. High inventory and weak demand suppress prices, while the cost of imported soybeans provides support [28]. - **Strategy Suggestion**: Pay attention to Sino - US trade trends, US biodiesel progress, and South American weather [28]. 3.2.2 Variety Trading Strategy - **Last Week's Strategy Review**: The overall trend of soybean oil futures price was in a sideways phase, and the capital was relatively bullish. The Y2601 contract was expected to continue the range - bound pattern in the short - term [31]. - **This Week's Strategy Suggestion**: The overall trend of soybean oil futures price is in a sideways phase, and the capital is relatively bearish. The Y2601 contract will maintain the range - bound pattern in the short - term [31]. 3.2.3 Relevant Data Situation - Data includes soybean oil weekly output, weekly inventory, basis, trading volume, soybean weekly arrival volume, weekly inventory, weekly crushing volume, weekly startup rate, weekly port inventory, and Brazilian premium. Data sources are Wind, Mysteel, and Great Wall Futures Trading Consultation Department [41][47][50]