Group 1: Report Overview - Report Title: Industrial Silicon and Lithium Carbonate Futures Weekly Report [2] - Report Period: November 10 - 14, 2025 [1] Group 2: Industrial Silicon Futures 1. Mid - term Market Analysis - Mid - term Trend: Industrial silicon futures are currently in a wide - range operation. The 2601 contract is expected to operate between 7,500 and 10,000 [8][9]. - Trend Logic: Last week, the spot price of industrial silicon remained stable. As of November 7, the price of 421 in Xinjiang was 9,150 yuan/ton, 9,900 yuan/ton in Yunnan, and 10,000 yuan/ton in Sichuan. The AI intelligent investment consultation variety diagnosis report from Great Wall Futures showed that the daily price of industrial silicon was in a sideways phase, and the main force showed a strong bearish sentiment [8]. 2. Variety Trading Strategy - Last Week's Strategy Review: Industrial silicon was in a wide - range operation, with a focus on buying on dips [12]. - This Week's Strategy Suggestion: Industrial silicon is in a wide - range operation, with a focus on buying on dips [13]. 3. Related Data - As of April 19, 2024, the cathode copper inventory on the Shanghai Futures Exchange was 300,045 tons, an increase of 322 tons from the previous week. Seasonally, the current inventory is at a relatively high level compared to the past five years [15]. - As of April 19, 2024, the LME copper inventory was 122,125 tons, and the proportion of cancelled warrants was 25.73%. Seasonally, the current inventory is at a relatively low level compared to the past five years [19] Group 3: Lithium Carbonate Futures 1. Mid - term Market Analysis - Mid - term Trend: Lithium carbonate futures are currently in a wide - range operation. The 2601 contract is expected to operate between 68,000 and 100,000 [34][35]. - Trend Logic: Last week, the spot price of lithium carbonate declined. As of November 7, the market price of battery - grade lithium carbonate was 80,150 yuan/ton, and the market price of industrial - grade lithium carbonate was 78,750 yuan/ton. The AI intelligent investment consultation variety diagnosis report from Great Wall Futures showed that the daily price of lithium carbonate futures was basically in an upward channel, and the main long - position camp had a slight advantage [35]. 2. Variety Trading Strategy - Last Week's Strategy Review: Lithium carbonate was in a wide - range operation, with a focus on buying on dips. - This Week's Strategy Suggestion: Lithium carbonate is in a wide - range operation, with a focus on buying on dips [38]. 3. Related Data - As of April 19, 2024, the electrolytic aluminum inventory on the Shanghai Futures Exchange was 228,537 tons, a decrease of 3,228 tons from the previous week. Seasonally, the current inventory is at a relatively low level compared to the past five years [41]. - As of April 19, 2024, the LME aluminum inventory was 504,000 tons, and the proportion of cancelled warrants was 66.03%. Seasonally, the current inventory is at a relatively low level compared to the past five years [42]

Group 1: Investment Ratings - There is no information about the report's industry investment rating provided in the content. Group 2: Core Views - For gold futures, the overall trend of Shanghai gold futures is in an upward channel and may be at the end of the trend. The price last week showed a pattern of "first decline, then stability, and oscillatory repair", affected by factors such as the cooling of Fed policy expectations, the high - level consolidation of the US dollar index, and the repeated geopolitical risk - aversion sentiment. In the long - term, global central banks' continuous gold purchases and the "de - dollarization" narrative support the price. It is recommended to wait and see [7][8]. - For silver futures, the overall trend of Shanghai silver futures is in a strong upward stage and may be at the end of the trend. The price last week showed a "first decline, then stability, and oscillatory repair" trend, driven by factors such as the divergence of Fed policy expectations, structural changes in COMEX inventory, and domestic warrant destocking. It is recommended to wait and see in the medium - term and use short - term grid trading this week [32][33][37]. Group 3: Summary by Directory (Gold Futures) 1. Mid - line行情分析 - Mid - line trend: The overall trend of Shanghai gold futures is in an upward channel and may be at the end of the trend [7]. - Trend judgment logic: Last week, the gold price was affected by Fed policy expectations, the US dollar index, and geopolitical sentiment. In the long - term, central bank purchases and "de - dollarization" support the price [7]. - Mid - line strategy: It is recommended to wait and see [8]. 2. 品种交易策略 - Last week's strategy review: The Shanghai gold main contract 2512 was expected to oscillate between 900 - 940 yuan/gram, with a resistance level of 930 - 940 yuan/gram and a support level of 900 - 904 yuan/gram. It was recommended to wait and see [10]. - This week's strategy suggestion: The Shanghai gold main contract 2512 is expected to oscillate between 900 - 940 yuan/gram, with a resistance level of 930 - 940 yuan/gram and a support level of 900 - 910 yuan/gram. It is recommended to wait and see [11]. 3. 相关数据情况 - The report presents data on Shanghai gold and COMEX gold trends, SPDR gold ETF holdings, COMEX gold inventory, US 10 - year Treasury yields, the US dollar index, the US dollar against the offshore RMB, the gold - silver ratio, Shanghai gold basis, and gold domestic - foreign price differences through charts [19][21][23]. Group 4: Summary by Directory (Silver Futures) 1. Mid - line行情分析 - Mid - line trend: The overall trend of Shanghai silver futures is in a strong upward stage and may be at the end of the trend [32]. - Trend judgment logic: Last week, the silver price was affected by Fed policy expectations, COMEX inventory changes, and domestic warrant destocking. In the long - term, it is supported by currency credit risks and industrial demand [32]. - Mid - line strategy: It is recommended to wait and see [33]. 2. 品种交易策略 - Last week's strategy review: The silver main contract 2512 was expected to oscillate between 11,000 - 12,000 yuan/ton, with a resistance level of 11,800 - 12,000 yuan/ton and a support level of 11,000 - 11,200 yuan/ton. It was recommended to wait and see [36]. - This week's strategy suggestion: The silver main contract 2512 is expected to oscillate and consolidate in the range of 11,000 - 12,000 yuan/ton, with a resistance level of 11,800 - 12,000 yuan/ton and a support level of 11,000 - 11,200 yuan/ton. It is recommended to use short - term grid trading [37]. 3. 相关数据情况 - The report presents data on Shanghai silver and COMEX silver trends, SLV silver ETF holdings, COMEX silver inventory, Shanghai silver basis, and silver domestic - foreign price differences through charts [44][47][50].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - **Soda Ash Futures**: The soda ash futures market is in a volatile phase. The domestic soda ash market showed a narrow - range oscillation last week, with a generally weak trend. The supply is sufficient while the demand is weak, and the inventory digestion is slow. The futures price has been weak and hit a new low. It is expected to remain weak in the short - term, and it is recommended to wait and see [6]. - **Glass Futures**: The glass market is in an oscillatory trend. The domestic float glass market showed regional differentiation and narrow - range oscillation last week. The overall supply - demand situation is weak, and the downstream processing orders are insufficient. The futures price is weakly oscillating, and it is recommended to hold an empty position and wait and see [28]. 3. Summary by Catalog Soda Ash Futures - **Mid - term Market Analysis** - **Trend Judgment**: The soda ash futures are in an oscillatory phase, and the market is expected to remain weak in the short - term due to oversupply and weak demand [6]. - **Strategy Suggestion**: It is recommended to wait and see [6]. - **Variety Trading Strategy** - **Last Week's Strategy Review**: The domestic soda ash market had loose supply - demand last week, with prices oscillating weakly. The soda ash futures price fluctuated at a low level, and it was expected to continue to consolidate. The expected operating range of soda ash 2601 was 1100 - 1250 [9]. - **This Week's Strategy Suggestion**: The supply - demand contradiction persists, and the futures price continued to weaken and hit a new low. The expected operating range of soda ash 2601 remains 1100 - 1250 [10]. - **Related Data Situation** - The data includes China's weekly soda ash开工率, production, light and heavy - weight inventory, daily basis, and the weekly ammonia - soda production cost in North China [11][15][17]. - The variety diagnosis shows that the main force is relatively bullish (63.7), the capital outflow amplitude is large (- 66.3), and the risk of market reversal is high (80.6) [20]. Glass Futures - **Mid - term Market Analysis** - **Trend Judgment**: The glass market is in an oscillatory trend. The domestic float glass market showed regional differentiation last week, and the overall supply - demand is weak. The futures price is weakly oscillating [28]. - **Strategy Suggestion**: It is recommended to hold an empty position and wait and see [28]. - **Variety Trading Strategy** - **Last Week's Strategy Review**: The float glass futures oscillated weakly last week. The enterprise's total inventory reached a three - month high, and the deep - processing orders decreased by more than 20% year - on - year. The price is expected to continue to oscillate in the short - term [31]. - **This Week's Strategy Suggestion**: The domestic float glass market showed regional differentiation last week. The price is expected to maintain a consolidation pattern in the short - term [32]. - **Related Data Situation** - The data includes China's weekly float glass production,开工率, production cost and gross profit of the float process using natural gas as fuel, daily basis, and weekly ending inventory [34][38][41].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - For gold futures, the overall trend of Shanghai gold futures is in an upward channel and may be at the end of the trend. It's recommended to wait and see. For silver futures, the overall trend of Shanghai silver futures is in a strong upward stage and is currently at the end of the trend. It's also recommended to wait and see [7][30] 3. Summary by Directory Gold Futures 3.1.1 Mid - term Market Analysis - Mid - term trend: The overall trend of Shanghai gold futures is in an upward channel and is currently at the end of the trend - Trend judgment logic: Last week, the gold price showed a "first decline then rise" trend. It was affected by factors such as the cooling of risk - aversion sentiment, profit - taking, and the rumor of the Philippine central bank's selling in the early stage, and then stabilized and rebounded supported by the Fed's interest - rate cut, technical support, and the continuous gold purchase of the Chinese central bank. In the long - term, the gold - buying trend of global central banks and the risk - aversion demand under the background of de - dollarization are the core drivers, but in the short - term, the uncertainty of the Fed's policy path and market sentiment fluctuations need to be concerned - Mid - term strategy: It is recommended to wait and see [7][8] 3.1.2 Variety Trading Strategy - Last week's strategy review: The gold contract 2512 was expected to fluctuate at a high level, with the upper resistance at 960 - 965 and the lower support at 920 - 925. It was recommended to wait and see - This week's strategy suggestion: The Shanghai gold main contract 2512 may fluctuate between 904 - 920 yuan/gram in the short term, with the upper pressure level at 930 - 940 yuan/gram and the lower support level at 900 - 904 yuan/gram. It is recommended to wait and see [10][11] 3.1.3 Relevant Data Situation - The report presents multiple data charts including 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 3.2.1 Mid - term Market Analysis - Mid - term trend: The overall trend of Shanghai silver futures is in a strong upward stage and is currently at the end of the trend - Trend judgment logic: Last week, the silver price showed a "decline and then stabilization" trend. It was affected by factors such as the cooling of risk - aversion sentiment, the improvement of London market liquidity, and profit - taking in the early stage, and then gradually recovered supported by the Fed's interest - rate cut, continuous reduction of COMEX inventory, and the effectiveness of technical support. The closing price at the end of the week returned to 11,400 yuan/ton (the same as the beginning of the week). In the long - term, the Fed's policy path, the recovery of industrial demand, and the change of global inventory structure need to be concerned - Mid - term strategy: It is recommended to wait and see [30][31] 3.2.2 Variety Trading Strategy - Last week's strategy review: The silver main contract 2512 was expected to fluctuate at a high level, with the upper resistance at 11,785 - 12,085 and the lower support at 10,915 - 11,285. It was recommended to wait and see - This week's strategy suggestion: The silver main contract 2512 may fluctuate between 11,000 - 12,000 yuan/ton in the short term, with the upper resistance level at 11,800 - 12,000 yuan/ton and the lower support level at 11,000 - 11,200 yuan/ton. It is recommended to wait and see [34][35] 3.2.3 Relevant Data Situation - The report presents multiple data charts including 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 [45][47][49]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The main contract of rebar futures is in a sideways consolidation range of 2882 - 3330, and the iron ore futures main contract is in a range - bound consolidation stage of 732 - 872 [7][31]. - For both rebar and iron ore futures in the consolidation stage, grid trading strategies can be considered [7][31]. 3. Summary by Directory Rebar Futures - **Mid - line Market Analysis** - The main contract of rebar futures operates in a sideways consolidation range of 2882 - 3330. Weekly production is 212000 tons, apparent consumption is 218000 tons, major steel mill inventory is 186000 tons, and social inventory is 658000 tons. A grid trading strategy can be considered, with an antenna of 3330, a ground line of 2882, a grid spacing of 32, and 14 grids [7]. - **Variety Trading Strategy** - Last week, the main contract of rebar futures entered an oscillatory consolidation range. This week, it enters a 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 details are provided other than the above - mentioned production, consumption, and inventory data. The data sources are Wind, Mysteel, and the Great Wall Futures Trading Consultation Department [7][26]. Iron Ore Futures - **Mid - line Market Analysis** - The main contract of iron ore futures is in a range - bound consolidation stage of 732 - 872. Last week, the global shipment volume was 33.36 million tons, the arrival volume at 45 major Chinese ports was 25.16 million tons, steel enterprise inventory was 90.73 million tons, and domestic major port inventory was 144.26 million tons. A grid trading strategy can be considered [31]. - **Variety Trading Strategy** - Last week, the mid - line price of iron ore was in an oscillatory consolidation stage. This week, the AI intelligent system suggests a grid trading strategy, with an antenna of 872, a ground line of 732, a grid spacing of 10, and 14 grids [34][35]. - **Related Data Situation** - No specific data details other than the above - mentioned shipment, arrival, and inventory data. The data sources are Wind, Mysteel, and the Great Wall Futures Trading Consultation Department [31][49].

1. Report's Industry Investment Rating - Not provided in the given content 2. Report's Core View - Both industrial silicon and lithium carbonate futures are in a large - range operation, and the trading strategy for both is to go long on dips [12][13][37] 3. Summary by Directory Industrial Silicon Futures 3.1. Mid - line Market Analysis - Industrial silicon futures are currently in a large - range operation. As of October 31, the 421 price in Xinjiang was 9150 yuan/ton, 9900 yuan/ton in Yunnan, and 10000 yuan/ton in Sichuan. The AI intelligent investment consulting variety diagnosis report shows that the daily price is in a sideways phase, and the main short - side camp has a slight advantage. It is expected that the industrial silicon 2601 contract will operate in the range of 7500 - 10000 [8][9] 3.2. Variety Trading Strategy - Last week's strategy was to go long on dips during the large - range operation of industrial silicon, and this week's strategy suggestion remains the same [12][13] 3.3. Relevant Data Situation - As of April 19, 2024, the Shanghai Futures Exchange cathode copper inventory was 300,045 tons, an increase of 322 tons from the previous week, and it is at a relatively high level compared to the past five years. The LME copper inventory was 122,125 tons, with a cancelled warrant ratio of 25.73%, and it is at a relatively low level compared to the past five years [15][19] Lithium Carbonate Futures 3.1. Mid - line Market Analysis - Lithium carbonate futures are currently in a large - range operation. Last week, the spot price of lithium carbonate rose. As of October 31, the market price of battery - grade lithium carbonate was 83300 yuan/ton, and that of industrial - grade lithium carbonate was 81850 yuan/ton. The AI intelligent investment consulting variety diagnosis report shows that the daily line of lithium carbonate futures is basically in an upward channel, and the main force shows a strong bullish sentiment. It is expected that the lithium carbonate 2601 contract will operate in the range of 68,000 - 100,000 [33][34] 3.2. Variety Trading Strategy - Last week's strategy was to go long on dips during the large - range operation of lithium carbonate, and this week's strategy suggestion remains the same [37] 3.3. Relevant Data Situation - As of April 19, 2024, the Shanghai Futures Exchange electrolytic aluminum inventory was 228,537 tons, a decrease of 3228 tons from the previous week, and it is at a relatively low level compared to the past five years. The LME aluminum inventory was 504,000 tons, with a cancelled warrant ratio of 66.03%, and it is at a relatively low level compared to the past five years [39][40]

Group 1: Report Overview - Report Name: "Bean Meal and Soybean Oil Futures Weekly Report" [2] - Report Period: November 3 - November 7, 2025 [1] Group 2: Bean Meal Futures 1. Mid - term Market Analysis - Mid - term Trend: The main bean meal contract is in a wide - range oscillation phase. The domestic oil mill's high crushing volume, slow de - stocking of bean meal, and weak demand from the feed industry due to breeding losses are offset by the bottom - driving force of rising import costs caused by Sino - US negotiation sentiment and South American weather uncertainties [6]. - Trend Logic: In the 43rd week, the actual soybean crushing volume of oil mills was 2.3674 million tons, with an operating rate of 65.13%, and the bean meal inventory was 1.0546 million tons. The supply is in a loose pattern, and the demand is weak, but import costs are rising [6]. - Strategy Suggestion: Pay attention to Sino - US trade, South American weather, and breeding demand [6] 2. Variety Trading Strategy - Last Week's Strategy Review: The overall trend of bean meal futures prices was in an upward channel, with funds being relatively bullish. The M2601 contract was expected to be in a slightly bullish oscillation in the short - term, with an expected operating range of 2880 - 3050 [9]. - This Week's Strategy Suggestion: The overall trend of bean meal futures prices is in an upward channel, with funds being strongly bullish. The M2601 contract may continue the slightly bullish oscillation pattern in the short - term, with an expected operating range of 2950 - 3100 [10]. 3. Variety Diagnosis - The main funds for bean meal are strongly bullish, with a multi - empty flow of 98.0. The fund energy is basically stable, and there is a high risk of market reversal with a multi - empty divergence of 90.4 [14]. 4. Related Data - The report covers data such as bean meal's weekly output, weekly inventory, apparent consumption, weekly inventory days, basis, and oil - meal ratio, with data sources from Wind, Mysteel, and the Great Wall Futures Trading Advisory Department [19][20][22] Group 3: Soybean Oil Futures 1. Mid - term Market Analysis - Mid - term Trend: The main soybean oil contract is in a wide - range oscillation phase. High domestic soybean arrivals, high operating rates of oil mills, high production, and inventory are suppressing prices, while the dull demand and weak competing oils are countered by the positive impact of improved Sino - US trade relations and import cost support [27]. - Trend Logic: In the 43rd week, the actual output of soybean oil from 125 oil mills was 44,980 tons, and the commercial inventory of soybean oil in key regions was 125,030 tons [27]. - Strategy Suggestion: Pay attention to Sino - US trade trends, US biodiesel progress, and the implementation rhythm of Indonesia's B50 policy [27] 2. Variety Trading Strategy - Last Week's Strategy Review: The overall trend of soybean oil futures prices was in a sideways phase, with funds being relatively bearish. The Y2601 contract was expected to continue the range - bound oscillation pattern in the short - term [30]. - This Week's Strategy Suggestion: The overall trend of soybean oil futures prices is in a sideways phase, with funds being relatively bullish. The Y2601 contract may continue the range - bound oscillation pattern in the short - term [30]. 3. Variety Diagnosis - The main funds for soybean oil are relatively bullish, with a multi - empty flow of 65.5. The main funds are flowing in slightly with a fund energy of 44.9, and there is a certain risk of market reversal with a multi - empty divergence of 70.9 [35]. 4. Related Data - The report includes data on soybean oil's weekly output, weekly inventory, basis, trading volume, as well as soybean's weekly arrivals, weekly inventory, weekly crushing volume, weekly operating rate, weekly port inventory, and Brazilian premium, with data sources from Wind, Mysteel, and the Great Wall Futures Trading Advisory Department [41][47][50]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The soda ash futures market is in a consolidation phase. The supply is increasing while downstream procurement is weak, with rising inventory pressure on enterprises. The cost increase and corporate losses form a bottom - support, but high supply and weak demand restrict price increases. It is expected to continue consolidating in the short term. For glass futures, the market is also in an oscillating trend. High supply and continuous inventory accumulation are suppressing prices, and the peak - season demand has not materialized. It is expected to maintain range - bound oscillations [6][28]. 3. Summary by Directory Soda Ash Futures 3.1. Mid - line Market Analysis - The soda ash futures are in an oscillating phase. Last week, the domestic soda ash market had a loose supply - demand situation, with prices oscillating weakly. Supply increased while downstream procurement was weak, and enterprise inventory pressure rose. Cost increases and corporate losses provided bottom - support, but high supply and weak demand restricted price increases. It is expected to continue consolidating in the short term. The futures price fluctuated at a low level, and the short - term trend was more affected by macro and sector sentiment. It is recommended to wait and see [6]. 3.2. Variety Trading Strategy - **Last Week's Strategy Review**: The domestic soda ash market had a narrow - range oscillation last week, with different regional performances. Supply remained high, demand was weak, enterprise inventory accumulated, and downstream procurement was cautious. The short - term supply - demand pattern was expected to remain loose, prices were expected to be stable with a weak trend, and the trading center might move down. The soda ash futures oscillated weakly, and the expected operating range of soda ash 2601 was 1100 - 1250 [9]. - **This Week's Strategy Suggestion**: The domestic soda ash market had a loose supply - demand situation last week, with prices oscillating weakly. Supply increased while downstream procurement was weak, and it was expected to continue consolidating in the short term. The futures price fluctuated at a low level, and the short - term trend was more affected by macro and sector sentiment. The expected operating range of soda ash 2601 was 1100 - 1250 [10]. 3.3. Relevant Data Situation - Relevant data include China's weekly soda ash开工率, production, light - weight and heavy - weight inventory, basis (daily), and the production cost of the ammonia - soda process in North China (weekly). The variety diagnosis shows that the multi - empty flow is - 4.6, the main force's tendency is not obvious; the capital energy is - 50.8, indicating a large outflow of funds; and the multi - empty divergence is 79.6, suggesting a certain risk of market reversal [11][15][17][20]. Glass Futures 3.1. Mid - line Market Analysis - The glass market is in an oscillating trend. Last week, the floating - glass futures price oscillated weakly. High supply and continuous inventory accumulation suppressed prices, causing them to rise and then fall. The national enterprise total inventory reached 66.613 million heavy boxes, a three - month high. The number of deep - processing order days dropped to 10.4 days, a year - on - year decline of over 20%. The peak - season demand did not materialize. The production - end operating rate remained above 76%, and there was an expectation of new production lines being ignited in the fourth quarter. The short - term price was difficult to rise trend - wise due to inventory suppression, and the far - month contracts had limited decline due to cost support. It is recommended to hold an empty position and wait and see [28]. 3.2. Variety Trading Strategy - **Last Week's Strategy Review**: The domestic floating - glass spot prices generally declined last week. The market supply - demand was loose, enterprise inventory accumulated, downstream procurement was cautious, and prices were under pressure. It was expected to remain weak in the short term. The glass futures fell unilaterally and then stabilized. Weak demand and inventory accumulation continuously suppressed the market, and cost support was limited with insufficient rebound momentum [31]. - **This Week's Strategy Suggestion**: The floating - glass futures oscillated weakly last week. The enterprise total inventory reached a three - month high, and the deep - processing orders decreased by over 20% year - on - year. The peak - season demand was lower than expected. The current operating rate remained high, and supply pressure persisted. The short - term price may continue to oscillate within a range, and attention should be paid to inventory and restocking trends [32]. 3.3. Relevant Data Situation - Relevant data include China's weekly floating - glass production, operating rate, production cost and production profit of the floating process using natural gas as fuel, basis (daily), and ending inventory. The variety diagnosis shows that the multi - empty flow is - 65.1, the main force is relatively bearish; the capital energy is 1.5, indicating that the funds are basically stable; and the multi - empty divergence is 99.9, suggesting a high risk of market reversal [34][38][41][46].

1. Report Industry Investment Rating - The report does not explicitly mention an industry investment rating. 2. Core View of the Report - The current macro - environment is favorable, with positive signals from Sino - US economic and trade consultations and continuous efforts of domestic stable - growth policies. However, the demand side is gradually entering the off - season. The aluminum price's ability to break through above 21,500 yuan/ton remains to be seen, and the overall trend is expected to be strong with fluctuations. It is recommended to hold a small - position long position and wait for the price to rise, and spot enterprises can appropriately increase inventory [4][11]. 3. Summary by Relevant Catalogs 3.1 Mid - line Market Analysis - The macro - environment is strong, and domestic main funds are bullish. But as the demand side enters the off - season, the aluminum price's upward momentum above 21,500 yuan/ton needs further observation, and it should be treated as strong with fluctuations [4][11]. 3.2 Variety Trading Strategy - Last week's strategy was to hold a small - position long position. This week, it is recommended that spot enterprises appropriately increase inventory [8]. 3.3 Overall View Supply - **Bauxite**: The impact of the rainy season in Guinea has weakened, and ore shipments are increasing. There are expectations of local mine复产, so imported ore is expected to be abundant in the fourth quarter. Domestic mine governance policies will have long - term constraints on domestic ore, and supply is unlikely to improve significantly in the fourth quarter [9]. - **Alumina**: As of October 31, the domestic alumina production capacity was about 112.55 million tons, with an operating capacity of about 97.2 million tons and a capacity utilization rate of about 85.80%. The cost is lower than in the first half of the year, and the industry is still profitable. Alumina production capacity will drive continuous output growth, and the surplus will continue to expand [9]. - **Electrolytic Aluminum**: In September, domestic electrolytic aluminum output was 3.6148 million tons, a year - on - year increase of 1.14% and a month - on - month decrease of 3.18%. The annual net increase is expected to be less than 500,000 tons. In the fourth quarter, production may remain high but is unlikely to increase significantly [9]. Demand - **Aluminum Profiles**: The weekly operating rate of the domestic aluminum profile industry decreased by 0.2 percentage points to 53.5%. Construction profiles are still sluggish, and the industry is expected to enter the off - season in November [10]. - **Aluminum Sheets, Strips, and Foil**: The operating rate of leading aluminum sheet and strip enterprises decreased by 0.6 percentage points to 66.4%. As November enters the off - season, the operating rate will decline. The operating rate of aluminum foil remained stable at 71.9%, but there is a risk of weakening terminal demand [10]. - **Aluminum Cables**: The weekly operating rate of aluminum cables decreased by 1 percentage point to 63.4%. It is expected to remain in a narrow - range fluctuation [10]. - **Alloys**: The operating rate of primary aluminum alloys increased by 0.2 percentage points to 59.2%, and is expected to gradually approach the annual high. The operating rate of recycled aluminum leading enterprises increased by 0.5 percentage points to 59.1%, and is expected to remain stable or decline slightly in the short term [10]. Inventory - **Electrolytic Aluminum Ingot**: The social inventory of electrolytic aluminum ingots was 617,000 tons, remaining stable compared to last week, about 4% higher than the same period last year. It is expected to accumulate inventory again. The inventory of aluminum rods was 131,500 tons, a decrease of about 6% from last week and about 23% higher than last year [10]. - **LME Aluminum**: The LME aluminum inventory increased by about 18% from last week, about 24% lower than last year, and is still at a low level in recent years [10]. Profit - **Alumina**: The average full - cost of the Chinese alumina industry is about 2,860 yuan/ton, with a profit of about 0 yuan/ton, down from about 20 yuan/ton last week [11]. - **Electrolytic Aluminum**: The average production cost of domestic electrolytic aluminum is about 16,950 yuan/ton, with a theoretical profit of about 4,100 yuan/ton, up from 4,000 yuan/ton last week [11]. Market Expectation - The aluminum price is supported at 20,800 yuan/ton and faces pressure at 21,500 yuan/ton. In the short term, the fundamentals have limited impact on the aluminum price, but the macro - sentiment at home and abroad is still relatively optimistic [11]. 3.4 Important Industry Link Price Changes - This week, the price of domestic electrolytic aluminum increased moderately. The price of domestic ore remained stable, while the price of imported Guinea ore decreased. The price of alumina continued to decline, and the cost support may increase after the dry season in the southwest region [12]. 3.5 Important Industry Link Inventory Changes - The port inventory of imported bauxite decreased slightly, while the inventory of alumina and electrolytic aluminum in some areas increased. The LME aluminum inventory increased significantly but is still at a low level [14][16]. 3.6 Supply - Demand Situation - The operating rate of domestic aluminum downstream processing leading enterprises decreased by 0.2 percentage points to 62.2%. Affected by multiple factors such as high aluminum prices, environmental protection restrictions, and seasonal changes, the operating rate is expected to decline slowly or fluctuate narrowly [24]. 3.7 Futures - Spot Structure - The current futures price structure of Shanghai aluminum is weak [29]. 3.8 Spread Structure - The spread between aluminum ingots and ADC12 is about - 2,160 yuan/ton. The current spread between primary aluminum and alloys is at a relatively low level in recent years and has a moderately strong impact on electrolytic aluminum [36][37]. 3.9 Market Fund Situation - **LME Aluminum**: The net long position continued to rise and is near the high level since April 2022. The overall market is still considered strong [39]. - **SHFE Electrolytic Aluminum**: The net long position of the main contract first decreased and then increased, reaching a recent high. The main funds are bullish [42].

Group 1: Report Overview - Report period: October 27 - 31, 2025 [1] - Reported futures varieties: Rebar and iron ore [2] Group 2: Rebar Futures 1. Mid - term Market Analysis - Mid - term trend: The main contract of rebar futures is in a sideways consolidation range [7] - Trend judgment logic: Weekly rebar production is 2.07 million tons, apparent consumption is 2.16 million tons, major steel mills' inventory is 1.84 million tons, and social inventory is 6.53 million tons [7] - Mid - term strategy suggestion: Consider a grid trading strategy with an antenna of 3330, a ground line of 2882, a grid spacing of 32, and a grid number of 14 [7] 2. Variety Trading Strategy - Last week's strategy review: The main contract of rebar futures entered an oscillatory consolidation range [10] - This week's strategy suggestion: Implement a large - grid trading strategy as the contract enters a sideways consolidation range [11] - Hedging suggestion for spot enterprises: Wait and see until a new mid - term trend becomes clear [12] 3. Relevant Data - Includes variety diagnosis and selected indicator data (not detailed in the given text) [21][23] Group 3: Iron Ore Futures 1. Mid - term Market Analysis - Mid - term trend: The main contract of iron ore futures is in a sideways consolidation stage [30] - Trend judgment logic: Global iron ore shipments last week were 3.333 billion tons, arrivals at 45 major Chinese ports were 2.519 billion tons, steel enterprises' inventory was 9.079 billion tons, and domestic major ports' inventory was 14.423 billion tons [30] - Mid - term strategy suggestion: Consider implementing a grid trading strategy during the consolidation stage [30] 2. Variety Trading Strategy - Last week's strategy review: The mid - term price of iron ore was in an oscillatory consolidation stage [33] - This week's strategy suggestion: Implement 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 [34] 3. Relevant Data - Includes variety diagnosis and selected indicator data (not detailed in the given text) [45][47]