Report Industry Investment Rating - The report gives an investment rating of "Bullish Oscillation" for the electrolytic aluminum industry [3][10] Core Viewpoints - The domestic electrolytic aluminum market will remain in a tight - balance state in the fourth quarter, with low domestic and foreign visible inventories and anti - involution factors. The core driver of aluminum prices remains strong. Recently, the Sino - US tariff confrontation has eased, and there is an expected Fed rate cut at the end of the month, so the market at the end of the month should be treated bullishly [4][10] - The opening rates of different downstream aluminum processing sectors show differentiation. While the overall short - term opening rate will continue the stable trend [9][23] - The price of bauxite has slightly adjusted, coal prices have rebounded, and alumina prices have continued to decline in a volatile manner since mid - August due to over - capacity [11] Detailed Summaries by Catalog Overall Situation - The Guinea rainy - season impact on bauxite is weakening, with increased ore shipments and higher mine复产 expectations. The domestic bauxite supply is constrained by policies. The alumina production capacity is increasing, and the over - supply is widening. The growth of domestic electrolytic aluminum production is limited in the fourth quarter [8] - The opening rates of different downstream aluminum products vary. The overall short - term opening rate of the downstream processing industry will remain stable [9][23][24] - The current profit of alumina is about 10 yuan/ton, and the profit of electrolytic aluminum is about 4000 yuan/ton, remaining at a relatively high level [10][18] - The market is affected by Sino - US trade negotiations and the Fed's interest - rate decision. Any positive or negative signals will strongly affect the sentiment of global risk assets [10] Price Changes - The price of bauxite has slightly adjusted. Coal prices have rebounded due to safety inspections and early heating starts. Alumina prices have continued to decline since mid - August due to over - capacity [11] - The prices of most aluminum - related products have increased week - on - week, such as the Shanghai Aluminum main - contract closing price, electrolytic aluminum A00, and aluminum alloy ingot ADC12 [11] Inventory Changes - The port inventory of imported bauxite has decreased. The alumina inventory has continued to accumulate. The domestic electrolytic aluminum ingot inventory has decreased slightly, and the LME aluminum inventory is at a low level and may continue to be sorted at a low level [14][16] Supply and Demand - The overall opening rate of domestic downstream aluminum processing has decreased slightly, showing the characteristics of "stable in the peak season and differentiated internally" [23] - The short - term opening rate of primary aluminum alloy will continue to rise steadily; the demand for aluminum strip is expected to weaken; the aluminum cable high - voltage department has guaranteed orders but limited new growth; automotive profiles are relatively stable, while construction profiles are sluggish, and photovoltaic profiles face production cuts; some aluminum foil orders have weakened; and the resilience of recycled aluminum orders still exists [23] Futures Structure - The current Shanghai Aluminum futures price structure is neutral [26] Spread Structure - The spread between aluminum ingots and ADC12 is about - 2180 yuan/ton, and the current spread has a moderately positive impact on electrolytic aluminum [33][34] Market Funds - The net long position of LME aluminum continues to rise and is near the high since April 2022. The overall market is still treated bullishly [36] - The net long position of the SHFE electrolytic aluminum remains stable at a recent high. The main funds are slightly bullish [39]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - **General**: The report focuses on the weekly situation of soybean meal and soybean oil futures, including their mid - term trends, trading strategies, and related data [6][31]. - **Soybean Meal**: The soybean meal futures are in a stage of shock consolidation. The high domestic soybean arrival, high inventory, and weak demand suppress price increases, but the policy on port fees may affect the arrival rhythm in the fourth quarter [6]. - **Soybean Oil**: The soybean oil futures are in a horizontal shock stage. The abundant global and domestic soybean supply, slow demand recovery, and price fluctuations of competing products lead to market wait - and - see sentiment [31]. 3. Summary by Directory Soybean Meal Futures - **Mid - term Market Analysis** - **Trend**: The soybean meal main contract is in a shock consolidation stage. In the 41st week, the oil mill's soybean actual crushing volume was 1.2893 million tons, the startup rate was 35.99%, and the soybean meal inventory was 1.0791 million tons. High domestic soybean arrival, high inventory, and weak demand suppress price increases, but the policy on port fees may affect the arrival rhythm in the fourth quarter [6]. - **Strategy**: Pay attention to Sino - US trade progress and South American weather [6]. - **Variety Trading Strategy** - **Last Week's Review**: The soybean meal futures price was in a downward channel, and funds were bearish. The M2601 was expected to fluctuate between 2880 - 3050 in the short term [9]. - **This Week's Suggestion**: The soybean meal futures price is in a downward channel, and funds are slightly bearish. The M2601 is expected to continue the shock consolidation pattern, with an expected operating range of 2800 - 3000 [10]. - **Related Data Situation**: The report mentions data such as soybean meal weekly output, weekly inventory, apparent consumption, weekly inventory days, basis, and oil - meal ratio [20][23][26]. Soybean Oil Futures - **Mid - term Market Analysis** - **Trend**: The soybean oil main contract is in a horizontal shock stage. In the 41st week, the actual output of 125 oil mills was 245,000 tons, a decrease of 88,600 tons from the previous week. The commercial inventory in key national regions was 1.2651 million tons, an increase of 16,400 tons from the previous week. Abundant supply, slow demand recovery, and price fluctuations of competing products lead to market wait - and - see sentiment [31]. - **Strategy**: Pay attention to Sino - US trade trends and the progress of Indonesia's B50 policy [31]. - **Variety Trading Strategy** - **Last Week's Review**: The soybean oil futures price was in a horizontal stage, and funds were bullish. The Y2601 was expected to be in a wide - range shock pattern in the short term [34]. - **This Week's Suggestion**: The soybean oil futures price is in a horizontal stage, and funds are slightly bearish. The Y2601 is expected to be in a range - shock pattern in the short term [34]. - **Related Data Situation**: The report mentions data such as 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 [43][49][51].

Group 1: Overall Information - Report period: October 20 - 24, 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 2.01 million tons, apparent consumption is 2.19 million tons, major steel mill inventory is 1.84 million tons, and social inventory is 6.81 million tons [7] - Mid - term strategy: Consider a grid trading strategy with an antenna of 3330, a ground line of 2882, a grid spacing of 32, and a grid quantity 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: The main contract of rebar futures enters a sideways consolidation range, and a large - grid trading strategy can be considered [11] - Spot enterprise hedging advice: Wait and see until the mid - term trend becomes clear [12] 3. Related Data - Data includes variety diagnosis and selected indicators, but specific data is not detailed in the provided 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 [29] - Trend judgment logic: In terms of supply, the global iron ore shipping volume last week was 3.207 million tons, the arrival volume at 45 major Chinese ports was 3.045 million tons, steel enterprise inventory was 8.982 million tons, and domestic major port inventory was 14.278 million tons [29] - Mid - term strategy: Consider implementing a grid trading strategy [29] 2. Variety Trading Strategy - Last week's strategy review: The iron ore mid - term price was in an oscillatory consolidation stage [32] - This week's strategy: 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 quantity of 14 [33] 3. Related Data - Data includes variety diagnosis and selected indicators, but specific data is not detailed in the provided text [44][48]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - Both industrial silicon and lithium carbonate futures are currently in a wide - range oscillation. For industrial silicon, the 2511 contract is expected to trade between 7,700 and 10,000 yuan; for lithium carbonate, the 2511 contract is expected to move in the range of 65,000 to 100,000 yuan [8][30]. 3. Summaries by Section Industrial Silicon Futures - **Mid - term Market Analysis** - Industrial silicon futures are in a large - range oscillation. As of October 17, the 421 price in Xinjiang was 9,100 yuan/ton, 9,900 yuan/ton in Yunnan, and 10,000 yuan/ton in Sichuan. The daily price is generally in a downward channel, and the main short - side camp has a slight advantage [7]. - The industrial silicon 2511 contract is expected to operate between 7,700 and 10,000 [8]. - **Variety Trading Strategy** - Last week, the strategy was to mainly buy on dips; this week, it is advisable to consider grid trading within the range [11][12]. - **Related Data** - As of April 19, 2024, the SHFE cathode copper inventory was 300,045 tons, an increase of 322 tons from the previous week, and it was at a relatively high level compared to the past five years [14]. - As of April 19, 2024, the LME copper inventory was 122,125 tons, with a canceled warrant ratio of 25.73%, and it was at a relatively low level compared to the past five years [18]. Lithium Carbonate Futures - **Mid - term Market Analysis** - Lithium carbonate futures are in a large - range oscillation. As of October 17, the market price of battery - grade lithium carbonate was 73,750 yuan/ton, and that of industrial - grade lithium carbonate was 72,250 yuan/ton. The daily chart of lithium carbonate futures is in a sideways phase, and the main funds show a strong bearish sentiment [30]. - The lithium carbonate 2511 contract is expected to operate between 65,000 and 100,000 yuan [30]. - **Variety Trading Strategy** - Last week, the strategy was to consider grid trading; this week, it is advisable to mainly buy on dips as it moves in a large range [33]. - **Related Data** - As of April 19, 2024, the SHFE electrolytic aluminum inventory was 228,537 tons, a decrease of 3,228 tons from the previous week, and it was at a relatively low level compared to the past five years [36]. - As of April 19, 2024, the LME aluminum inventory was 504,000 tons, with a canceled warrant ratio of 66.03%, and it was at a relatively low level compared to the past five years [41].

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - The soda ash futures market is in a weak and volatile stage, and the glass futures market is also showing a weak and volatile trend. The main contradiction in the current soda ash market is the imbalance between supply and demand, and the glass market is also affected by factors such as slow demand recovery and increased supply expectations [6][30] - For soda ash futures, it is recommended to wait and see in the medium - term, and expect the operating range of soda ash 2601 to be 1100 - 1250 this week. For glass futures, it is recommended to hold an empty - position and wait and see, and the market is expected to continue narrow - range fluctuations in the short term [6][30] Group 3: Summary According to the Catalog Soda Ash Futures 1. Mid - line Market Analysis - The soda ash futures are in a volatile stage. The domestic soda ash market was stable to weak last week, with significant price drops in the northwest region. The main contradiction is the imbalance between supply and demand, with continuous supply pressure and weak demand. In the short term, the price may continue to be weakly volatile, but the downward space is limited. It is recommended to wait and see [6] 2. Variety Trading Strategy - **Last Week's Strategy Review**: Soda ash futures were weakly volatile last week. The weekly output was 77.69 tons, the operating rate dropped to 88.41%, and the total inventory increased to 165.98 tons. The overall supply was strong, and the demand was difficult to exceed expectations. It was expected that the operating range of soda ash 2601 was 1200 - 1350 [9] - **This Week's Strategy Suggestion**: The domestic soda ash market continued the weak trend last week. It is expected that the price will still be weakly volatile in the short term, but the downward space is limited. The expected operating range of soda ash 2601 is 1100 - 1250 [10] 3. Relevant Data Situation - The relevant data include soda ash's operating rate, output, light - weight and heavy - weight inventory, basis, and ammonia - soda production cost in North China (weekly data) [11][15][18] Glass Futures 1. Mid - line Market Analysis - The glass is in an oscillating trend. The domestic float glass market was generally weak last week. After the festival, the demand recovery was limited, the enterprise inventory pressure remained, and some manufacturers had difficulty in maintaining prices. The glass futures price declined unilaterally. It is recommended to hold an empty - position and wait and see [30] 2. Variety Trading Strategy - **Last Week's Strategy Review**: Float glass futures were oscillating and strengthening since September 28. The weekly output increased to 112.89 tons, the operating rate remained stable, the capacity utilization rate increased slightly, and the inventory decreased slightly. The market was supported by policies but the supply - demand contradiction was not resolved. It was expected that the operating range of glass 2601 was 1150 - 1300, and it was advisable to hold an empty - position and wait and see [33] - **This Week's Strategy Suggestion**: The domestic float glass market was generally weak last week. The demand recovered slowly, the enterprise inventory pressure remained, and the supply increase expectation further suppressed the market. The futures also weakened, and it is expected to maintain a weak and volatile trend in the short term [34] 3. Relevant Data Situation - The relevant data include float glass's output, operating rate, production cost and gross profit of the float process using natural gas as fuel, basis, and ending inventory (weekly data) [36][39][41]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - **Gold**: The overall trend of Shanghai gold futures is in an upward channel, currently possibly at the end of the trend. In the short - term, the market may maintain high - level oscillations. In the long - term, the long - term support factors remain unchanged, and gold has a solid foundation for long - term growth. It is recommended to wait and see in the medium - term, and for the current week, the main gold contract 2512 is expected to oscillate strongly at a high level, and it is advisable to buy on dips [7][8][11]. - **Silver**: The overall trend of Shanghai silver futures is in a strong upward stage, currently at the end of the trend. In the short - term, it is necessary to be vigilant against fluctuations caused by high - level profit - taking and the easing of the geopolitical situation. In the long - term, the upward logic remains unchanged, and the silver price is expected to continue the upward trend in the fourth quarter. It is recommended to wait and see in the medium - term, and for the current week, silver is expected to oscillate strongly at a high level, and it is advisable to buy on dips [32][33][37]. 3. Summary by Catalog Gold Futures - **Mid - line Market Analysis** - **Trend Judgment**: The overall trend of Shanghai gold futures is in an upward channel, currently possibly at the end of the trend [7]. - **Trend Logic**: Last week, the gold price continued to soar under multiple positive factors, but there was an obvious correction on Friday. This week, the market may maintain high - level oscillations. In the long - term, factors such as continuous gold purchases by global central banks, damage to the US dollar credit system, and the continuation of the monetary easing cycle support the long - term rise of gold [7]. - **Mid - line Strategy**: It is recommended to wait and see [8]. - **Variety Trading Strategy** - **Last Week's Strategy Review**: For the gold contract 2512, be vigilant against technical corrections caused by the departure of profit - taking orders, with the lower support level at 898 - 903, and it was recommended to wait and see [10]. - **This Week's Strategy Suggestion**: The main gold contract 2512 is expected to oscillate strongly at a high level. It is recommended to buy on dips, with the upper resistance level at 985 - 1000 and the lower support level at 950 - 965 [11]. - **Related Data Situation** - Data on the price trends of Shanghai gold and COMEX gold, SPDR gold ETF holdings, COMEX gold inventory, US 10 - year Treasury bond yields, US dollar index, US dollar against offshore RMB, gold - silver ratio, Shanghai gold basis, and gold internal - external price difference are presented in graphical form [19][22][24] 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 [32]. - **Trend Logic**: Last week, silver reached a phased high, driven by factors such as structural shortages in the London spot market, strengthened expectations of Fed interest rate cuts, continuous reduction of domestic inventories, and increased capital activity. In the long - term, the upward logic remains unchanged, and the silver price is expected to continue the upward trend in the fourth quarter, but short - term fluctuations need attention [32]. - **Mid - line Strategy**: It is recommended to wait and see [33]. - **Variety Trading Strategy** - **Last Week's Strategy Review**: It was expected that silver would mainly oscillate at a high level, and it was recommended to buy on dips, with the lower support range at 10700 - 11000 [36]. - **This Week's Strategy Suggestion**: Silver is expected to oscillate strongly at a high level. It is recommended to buy on dips, with the lower support range at 10940 - 11240 [37]. - **Related Data Situation** - 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 are presented in graphical form [44][46][48]

1. Report Industry Investment Rating - The report gives a "Bullish Oscillation" rating for the electrolytic aluminum industry [12] 2. Core Viewpoints of the Report - The electrolytic aluminum market in China will remain in a tight - balanced state in the fourth quarter, and the domestic and foreign visible inventories are at historically low levels. However, Sino - US trade confrontation has cast a shadow over domestic demand. Recently, the market may continue the high - level oscillation pattern, with the AI2512 range expected to be between 20,600 and 21,300 [5][12] 3. Summary by Relevant Catalogs 3.1 Mid - term Market Analysis - **Trend Judgment**: The market is expected to show a bullish oscillation. The core drivers of aluminum prices remain strong due to the tight - balanced state of domestic electrolytic aluminum in the fourth quarter, low visible inventories at home and abroad, and anti - involution. But Sino - US trade confrontation affects domestic demand. It is recommended to hold medium - term long positions below 20,000 [5] 3.2 Variety Trading Strategies - **Last Week's Strategy Review**: Not mentioned in detail - **This Week's Strategy Suggestion**: It is advisable to wait and see. Consider grid trading based on the recent fluctuation range. If the price reaches 21,300 during the week, appropriate short - term long positions can be added [8] - **Hedging Suggestion for Spot Enterprises**: Maintain an appropriate inventory. If the price is below 20,000 yuan, consider replenishing the inventory [9] 3.3 Overall Viewpoints Supply - **Bauxite Market**: The impact of the rainy season in Guinea is weakening, and the ore shipment volume is increasing. The supply of imported ore is expected to be abundant in the fourth quarter. Domestic mine governance policies will restrict domestic ore supply in the long term, and the supply is unlikely to improve significantly in the fourth quarter [10] - **Alumina Market**: As of October 17, the domestic alumina production capacity was about 112.55 million tons, and the operating capacity was about 96.8 million tons, with a capacity utilization rate of about 86.22%. Alumina plants are still profitable, and production will continue to increase, with the surplus expanding [10] - **Electrolytic Aluminum Production**: In September, the domestic electrolytic aluminum production 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 in production is expected to be less than 0.5 million tons. In the fourth quarter, production may remain high but with limited growth [10] - **Import and Export**: The theoretical loss of electrolytic aluminum imports is about 2,340 yuan/ton. The export volume of unforged aluminum products decreased slightly in August and September, and the intensifying Sino - US trade confrontation may put pressure on exports from November to December [10] Demand - **Aluminum Profiles**: The weekly operating rate decreased by 0.1 percentage points to 53.5%. The photovoltaic profiles were significantly affected by the reduction in downstream component factory production. The operating rate is expected to be stable but weak in the short term [11] - **Aluminum Plate, Strip, and Foil**: The operating rate of leading aluminum plate and strip enterprises remained stable at 68.0%, and is expected to decline gradually. The operating rate of leading aluminum foil enterprises remained stable at 72.3%, but may weaken due to weakening demand [11] - **Aluminum Cables and Wires**: The operating rate remained stable at 64%, and is expected to remain weakly stable [11] - **Alloys**: The operating rate of primary aluminum alloys increased by 0.4 percentage points to 58.4%, and is expected to continue to be stable. The operating rate of recycled aluminum leading enterprises decreased by 0.3 percentage points to 58.6%, and is expected to decline slightly in October [11] Inventory - **Electrolytic Aluminum**: The social inventory of electrolytic aluminum ingots was 626,000 tons, a decrease of about 4% from last week and about 3% from the same period last year. The supply pressure of aluminum ingots is limited. The inventory of aluminum rods was 143,100 tons, an increase of about 2% from last week and about 8% from the same period last year. The LME aluminum inventory decreased by about 3% from last week and about 36% from the same period last year, and is expected to remain low [11][17] Profit and Market Expectation - **Alumina Profit**: The average full - cost of the domestic alumina industry is about 2,860 yuan/ton, and the profit is about 20 yuan/ton [12] - **Electrolytic Aluminum Profit**: The average production cost of domestic electrolytic aluminum is about 17,000 yuan/ton, and the theoretical profit is about 3,800 yuan/ton [12] - **Market Expectation**: The market is likely to continue the high - level bullish oscillation at the beginning of the week. However, the downstream's willingness to chase high prices is insufficient after "Silver October" is half over. There is a risk of the price rising and then falling [12] 3.4 Important Industrial Link Price Changes - The prices of bauxite remained stable overall. The price of alumina continued to decline in an oscillatory manner. The price of thermal coal increased due to safety inspections and early heating in the north. The prices of electrolytic aluminum and alloys were adjusted to some extent [13][14] 3.5 Important Industrial Link Inventory Changes - The inventory of imported bauxite at domestic ports increased slightly, and the supply is abundant. The overall inventory of alumina continued to accumulate. The inventory of electrolytic aluminum ingots decreased, and the inventory of aluminum rods increased. The LME aluminum inventory decreased [15][17] 3.6 Supply - Demand Situation - The operating rate of domestic aluminum downstream processing leading enterprises remained stable at 62.5%. The production of primary aluminum alloys was stable, while the procurement of aluminum plate and strip enterprises was cautious. The aluminum cable and wire industry was suppressed by multiple factors. The demand for aluminum profiles was weak, and the export of aluminum foil was affected by sanctions. The demand for recycled aluminum was weak [25] 3.7 Futures - Spot Structure - The current futures price structure of Shanghai aluminum is weak [31] 3.8 Spread Structure - The spread between aluminum ingots and ADC12 was 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 positive impact on electrolytic aluminum [38][39] 3.9 Market Capital Situation - **LME Aluminum**: The net long position continued to rise and is near the high level since April 2022. The long - position camp has been increasing positions since June, and the short - position camp has been on the sidelines since October [41] - **SHFE Electrolytic Aluminum**: The net long position of the main contract increased slightly. The long - position camp increased positions slightly, and the short - position camp remained stable. The net long position of funds mainly for financial speculation increased slightly [44]

Group 1: Report Overview - Report period: October 13 - 17, 2025 [1] - Report title: Weekly Report on Gold and Silver Futures [2] Group 2: Gold Futures 1. 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 logic: Last week, gold prices fluctuated upward driven by factors such as the strengthening of the Fed's interest - rate cut expectation, the risk - aversion sentiment caused by the US government shutdown, continuous central - bank gold purchases, and investment fund inflows. The overall operation logic is a triple - drive pattern of "macro - easing expectation as the foundation, risk - aversion sentiment as the catalyst, and fund inflow as the boost" [7] - Short - term risk: After the rapid price increase, the SPDR holdings decreased by 1.14 tons on October 9, and the speculative sentiment index dropped from 779.55 to 607.38. There is a need to be vigilant against technical corrections caused by the departure of profit - taking positions [7] - Mid - term strategy: It is recommended to wait and see [8] 2. Variety Trading Strategy - Last week's strategy review: The gold contract 2512 faced pressure to take profits at high levels, with the lower support level at 845 - 850. It was recommended to wait and see before the holiday [10] - This week's strategy: The gold contract 2512 needs to be vigilant against technical corrections caused by the departure of profit - taking positions, with the lower support level at 898 - 903. It is recommended to wait and see [11] 3. Relevant Data - The report provides multiple data charts, including 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 [18][21][23] Group 3: Silver Futures 1. Mid - term Market Analysis - Mid - term trend: The overall trend of Shanghai Silver futures is in a strong upward stage, currently at the end of the trend [31] - Trend logic: Last week, silver prices showed a pattern of "stabilizing at a low level - jumping up after the holiday - falling from a high level". The core drivers were the strengthening of the Fed's interest - rate cut expectation, tight supply in the spot market, and the resonance of industrial and investment demands. In the future, it is expected to remain strong. In the fourth quarter, silver prices are expected to continue the upward trend under the background of loose monetary policy, an expanding supply - demand gap, and continuous geopolitical risks, but short - term fluctuations caused by profit - taking at high levels and the easing of geopolitical situations need to be watched out for [31] - Mid - term strategy: It is recommended to wait and see [31] 2. Variety Trading Strategy - Last week's strategy review: It was expected that the silver contract 2512 would operate strongly, with the lower support range at 10400 - 10500. It was recommended to wait and see before the holiday [34] - This week's strategy: It is expected that silver will mainly fluctuate at a high level. It is recommended to buy on dips, with the lower support range at 10700 - 11000 [35] 3. Relevant Data - The report provides 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 [42][44][46]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The main contracts of rebar and iron ore futures are in the sideways consolidation stage, and corresponding grid trading strategies are recommended [7][33] 3. Summary by Directory Rebar Futures 3.1 Mid - term Market Analysis - According to the comprehensive analysis of the Great Wall Futures AI intelligent big - data quantitative strategy model, the main contract of rebar futures is in the sideways consolidation range. The weekly output of rebar is 2.13 million tons, the apparent consumption is 1.92 million tons, the inventory of major steel mills is 1.78 million tons, and the social inventory is 7.25 million tons. A grid trading strategy can be considered during the consolidation stage, with the antenna at 3330, the ground line at 2882, the grid spacing at 32, and the number of grids at 14 [7] 3.2 Variety Trading Strategy - Last week, the main contract of rebar futures entered the shock consolidation range. This week, according to the Great Wall Futures AI intelligent big - data quantitative strategy model, it has entered the sideways consolidation range, and a large - grid trading strategy can be considered. Spot enterprises are advised to wait and see until the mid - term trend is clear [10][11][12] 3.3 Relevant Data Situation - The data sources of this report are Wind, MySteel, and the Great Wall Futures Trading Consultation Department. The variety diagnosis shows that the long - short flow is 44.2 (the main force is slightly bullish), the capital energy is 10.6 (the capital is basically stable), and the long - short divergence is 75.2 (there is a certain risk of market reversal) [26][16] Iron Ore Futures 3.1 Mid - term Market Analysis - According to the comprehensive analysis of the Great Wall Futures AI intelligent data model, the main contract of iron ore futures is in the sideways consolidation stage. In terms of supply, the global shipment volume of iron ore last week was 2.756 million tons, the arrival volume at 45 major ports in China was 2.443 million tons, the inventory of steel enterprises was 8.995 million tons, and the inventory at major domestic ports was 13.842 million tons. A grid trading strategy can be considered during the consolidation stage [33] 3.2 Variety Trading Strategy - Last week, the mid - term price of iron ore was in the shock consolidation stage. This week, the AI intelligent system suggests implementing a grid trading strategy during the consolidation stage, with the antenna at 872, the ground line at 732, the grid spacing at 10, and the number of grids at 14 [36][37] 3.3 Relevant Data Situation - The data sources of this report are Wind, MySteel, and the Great Wall Futures Trading Consultation Department [49]

2025.10.13-10.17 豆粕、豆油 期货品种周报 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 Contents 中线行情分析 中线趋势来看，豆粕主力处于震荡整理的阶段。 中线趋势判断 1 趋势判断逻辑 本周策略建议 豆粕期价整体趋势处于下行通道,资金方面较为偏空。M2601短 期内或将处于震荡整理的阶段，预计运行区间：2880-3050。 据Mysteel数据：第40周油厂大豆实际压榨量175.57万吨，开机率为 49.01%。国内大豆到港量持续处于高位，油厂压榨节奏虽在节日期间有 所放缓，但整体仍处于高压榨状态，而终端采购补库节奏趋于谨慎平缓。 同时，中美贸易关系的不确定性以及巴西升贴水的偏强运行，对豆粕价 格形成一定支撑。综合来看，豆粕期货处于震荡整理的阶段。 2 关注中美贸易进展及南美天气。 中线策略建议 3 品种交易策略 上周策略回顾 为规避十一长假期间外盘波动风险，建议轻仓或空仓过节。 品种诊断情况 | 豆粕(m) v v | | --- | | 品种诊断 机构观点 盈利席位 主力资金 | | 多空流向: -53.0 ~ - 主力较为偏 ...