Report Industry Investment Rating - Not provided Core Viewpoints of the Report - The improvement in Sino-US tariff situation meets the daily report's rebound expectation, but it is not recommended to increase positions. Instead, partial profit-taking can be considered, and attention should be paid to the freight rates in November [1] - The tariff issue has shown a marginal effect, and the current core is the trend of spot freight rates. The main contract may be in the process of bottoming out, and it is recommended to participate with a light position or wait and see [3] - Although the mutual reduction of Sino-US tariffs is beneficial to the market to some extent, the freight rates in November may not reach the previously announced increase, suppressing the upward movement of the market. Under the game between long and short positions, the market is generally in a weak and volatile state. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates [3] Summary According to Related Catalogs SCFIS, NCFI Freight Rate Index - On October 27, the Shanghai Export Container Settlement Freight Rate Index (SCFIS) for the European route was 1312.71 points, a 15.1% increase from the previous period; the SCFIS for the US West route was 1107.32 points, a 28.2% increase from the previous period [2] - On October 31, the Ningbo Export Container Freight Rate Index (NCFI) (composite index) was 1100.32 points, a 12.60% increase from the previous period; the NCFI for the European route was 965.62 points, a 17.43% increase from the previous period; the NCFI for the US West route was 1452.82 points, a 12.30% increase from the previous period [2] - On October 31, the Shanghai Export Container Freight Rate Index (SCFI) announced price was 1550.70 points, a 147.24-point increase from the previous period; the SCFI European route price was 1344 USD/TEU, a 7.87% increase from the previous period; the SCFI US West route was 2647 USD/FEU, a 22.94% increase from the previous period [2] - On October 31, the China Export Container Freight Rate Index (CCFI) (composite index) was 1021.39 points, a 2.9% increase from the previous period; the CCFI for the European route was 1323.81 points, a 2.4% increase from the previous period; the CCFI for the US West route was 772.67 points, a 4.9% increase from the previous period [2] Economic Data - In October, the Manufacturing Purchasing Managers' Index (PMI) was 49.0%, a 0.8-percentage-point decrease from the previous month, indicating a decline in the manufacturing prosperity level. The Composite PMI Output Index was 50.0%, a 0.6-percentage-point decrease from the previous month, indicating that the overall production and business activities of Chinese enterprises were stable [3] - The preliminary value of the Eurozone's October manufacturing PMI was 45.9, with an expected value of 45.1 and a previous value of 45; the preliminary value of the service industry PMI was 51.2, with an expected value of 51.5 and a previous value of 51.4; the preliminary value of the composite PMI was 49.7, with an expected value of 49.7 and a previous value of 49.6. The Eurozone's October Sentix Investor Confidence Index had a previous value of -9.2 and a predicted value of -8.5 [2] - The preliminary value of the US October S&P Global service industry PMI was 55.2, with an expected value of 53.5 and a previous value of 54.2; the preliminary value of the manufacturing PMI was 52.2, with an expected value of 52 and a previous value of 52; the preliminary value of the composite PMI was 54.8, with an expected value of 53.1 and a previous value of 53.9 [3] Futures Market - On October 31, the main contract 2512 closed at 1804.0, with a decline of 2.54%, a trading volume of 59,500 lots, and an open interest of 31,400 lots, an increase of 1251 lots from the previous day [3] - The short-term strategy suggests that the main contract remains weak while the far-month contracts are strong, which is in line with the bottoming-out judgment. Risk-takers who were advised to build positions in the EC2512 contract below 1500 (with a profit margin of over 300 points) can consider partial profit-taking. Attention should be paid to the subsequent market trend, and it is not recommended to hold losing positions. Stop-loss should be set [4] - The arbitrage strategy suggests that under the background of international turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or try with a light position [4] - The long-term strategy suggests taking profits when each contract rises and waiting for the callback to stabilize before judging the subsequent direction [4] - The daily limit for the 2508 - 2606 contracts has been adjusted to 18% [4] - The company's margin for the 2508 - 2606 contracts has been adjusted to 28% [4] - The daily opening limit for all 2508 - 2606 contracts is 100 lots [4] Tariff Policy - The US will cancel the so-called "fentanyl tariff" of 10% imposed on Chinese goods (including those from the Hong Kong Special Administrative Region and the Macao Special Administrative Region), and the 24% reciprocal tariff on Chinese goods will continue to be suspended for one year. China will adjust its countermeasures accordingly, and the two sides have agreed to continue to extend some tariff exclusion measures [5]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The improvement in Sino-US tariff situation meets the daily report's rebound expectation. It is not recommended to increase positions, and partial profit-taking can be considered. Attention should be paid to the freight rates in November [1]. - The tariff issue has shown a marginal effect, and the current core is the direction of spot freight rates. The main contract may be in the process of bottoming out. It is recommended to participate lightly or wait and see [3]. - Although the mutual reduction of Sino-US tariffs is beneficial to the market to some extent, the freight rates in November may not reach the previously announced increase, suppressing the upward movement of the market. Under the game between long and short positions, the market is generally in a weak and volatile state. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates [3]. Summary by Related Catalogs SCFIS, NCFI, and Other Freight Rate Indexes - On October 27, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1312.71 points, up 15.1% from the previous period, and for the US West route was 1107.32 points, up 28.2% [2]. - On October 31, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1100.32 points, up 12.60% from the previous period; for the European route was 965.62 points, up 17.43%; for the US West route was 1452.82 points, up 12.30% [2]. - On October 31, the Shanghai Export Container Freight Index (SCFI) was 1550.70 points, up 147.24 points from the previous period; the SCFI price for the European route was 1344 USD/TEU, up 7.87%; for the US West route was 2647 USD/FEU, up 22.94% [2]. - On October 31, the China Export Container Freight Index (CCFI) (composite index) was 1021.39 points, up 2.9% from the previous period; for the European route was 1323.81 points, up 2.4%; for the US West route was 772.67 points, up 4.9% [2]. Economic Data - In October, the Manufacturing Purchasing Managers' Index (PMI) was 49.0%, down 0.8 percentage points from the previous month, indicating a decline in the manufacturing sentiment [3]. - In October, the Composite PMI Output Index was 50.0%, down 0.6 percentage points from the previous month, indicating overall stability in the production and operation activities of Chinese enterprises [3]. - The preliminary value of the Eurozone's Manufacturing PMI in October was 45.9, expected to be 45.1, and the previous value was 45; the preliminary value of the Service PMI was 51.2, expected to be 51.5, and the previous value was 51.4; the preliminary value of the Composite PMI was 49.7, expected to be 49.7, and the previous value was 49.6 [2]. - The preliminary value of the US S&P Global Service PMI in October was 55.2, expected to be 53.5, and the previous value was 54.2; the preliminary value of the Manufacturing PMI was 52.2, expected to be 52, and the previous value was 52; the preliminary value of the Composite PMI was 54.8, expected to be 53.1, and the previous value was 53.9 [3]. Futures Market - On October 31, the main contract 2512 closed at 1804.0, with a decline of 2.54%, a trading volume of 59,500 lots, and an open interest of 31,400 lots, an increase of 1251 lots from the previous day [3]. Strategies - Short - term strategy: The main contract remains weak, and the far - month contracts are strong, which is in line with the bottoming - out judgment. Risk - lovers who were advised to build positions below 1500 in the EC2512 contract (already with a profit margin of over 300 points) can consider partial profit - taking. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - losses [4]. - Arbitrage strategy: Against the backdrop of international turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or try with a light position [4]. - Long - term strategy: For each contract, it has been recommended to take profits when the price rises, wait for the price to stabilize after a pullback, and then judge the subsequent direction [4]. Tariff Policy - The US will cancel the 10% so - called "fentanyl tariff" on Chinese goods (including those from the Hong Kong Special Administrative Region and the Macao Special Administrative Region), and the 24% reciprocal tariff on Chinese goods will continue to be suspended for one year. China will adjust its counter - measures accordingly, and both sides agree to continue to extend some tariff exclusion measures [5].

Report Industry Investment Ratings - **Black Metals**: Iron ore, coal coke, rebar - Mainly in a process of returning to fundamentals with varying trends; steel products in shock adjustment [2]. - **Glass**: In a state of shock, with weak overall demand and increasing inventory pressure [2]. - **Soda Ash**: Weak, with the glass industry facing an over - supply situation [2]. - **Stock Index Futures/Options**: Market short - term consolidation, medium - term upward trend, recommended long - holding of stock index [3]. - **Treasury Bonds**: Market trend shows a slight rebound, recommended light - long holding of treasury bonds [3]. - **Gold and Silver**: High - level shock, with multiple factors influencing price trends [3]. - **Log**: Weak shock, with supply pressure increasing and demand likely to weaken [6]. - **Pulp**: Bottom consolidation, with cost support weakening and demand poor [6]. - **Double - offset Paper**: Weak shock, with supply pressure and cautious market expectations [6]. - **Oils and Fats**: Range operation, with supply being abundant and demand weak [6]. - **Meal**: Short - term rebound, affected by factors such as US soybean prices and South American weather [6][7]. - **Live Pigs**: Shock - strong, with factors such as demand increase and price differentials supporting the market [7]. - **Rubber**: Shock, with raw material supply and demand and inventory factors affecting prices [9]. - **PX, PTA, MEG, PR, PF**: PX for observation; PTA in shock; MEG, PR, PF for observation, with different supply - demand and cost factors influencing each [9]. Core Views - The macro - favorable policies such as the Fed's interest rate cut and Sino - US initial meeting have landed, and the prices of black metals are returning to fundamentals. The supply - demand situation of various commodities is complex, affected by factors such as production, demand, policies, and international situations [2][3]. - The stock index futures market has short - term fluctuations but a medium - term upward trend, while the treasury bond market shows a slight rebound. Gold and silver prices are affected by factors such as interest rate policies, geopolitical risks, and central bank purchases [3]. - In the agricultural and forestry products market, the supply and demand of logs, pulp, and other products are changing, and the prices show different trends. The oils and fats and meal markets are affected by factors such as international trade and weather [6][7]. - The live pig market is affected by factors such as weight, demand, and price differentials, showing a shock - strong trend. The rubber and polyester product markets are also affected by multiple factors such as raw material supply, demand, and cost [7][9]. Summary by Related Catalogs Black Metals - **Iron Ore**: Supply is expected to increase as Rio Tinto and VALE may increase production to meet annual targets. The supply - demand pattern is "supply is loose, demand is low, and port inventory is accumulating". The core of the decline in hot metal is the weak demand in the steel industry, especially in the real estate sector. The new construction of real estate has dropped to the 2005 level. The inventory of imported ore in 45 ports across the country has reached an 8 - month high. Future price changes depend on four main lines: the implementation rhythm of the "anti - involution" policy for coal and coke, the profit and maintenance elasticity of steel mills, the release intensity of terminal demand, and macro - policy signals [2]. - **Coal and Coke**: Driven by multiple news such as the high - quality development of the coal industry in the "14th Five - Year Plan", mine accidents, and production restrictions, the prices have risen. The core contradiction in the market is the extremely low profit level of steel mills. If the finished steel market continues to weaken, the scope of steel mill maintenance may expand, which will put pressure on the raw material end. Coke has started the third round of price increases, and the short - term trend is shock - strong [2]. - **Rebar**: The static valuation is low, and the core of the decline in hot metal is the weak steel demand. The new construction of real estate has dropped to the 2005 level. The supply - demand contradiction of steel still exists, and the price is mainly in shock adjustment. The decline in steel prices can be stopped if the production reduction in the fourth quarter of 2025 reaches more than 5% and the "anti - involution" policy is strongly implemented. The real estate development investment data from January to September decreased by 13.9% year - on - year, and the decline rate increased by 1% compared with January to August. The year - on - year growth rates of infrastructure and manufacturing investment from January to September dropped to 1.1% and 4% respectively [2]. Building Materials - **Glass**: The demand is weak, and the inventory of glass factories is increasing. The contradiction between the mid - stream shipment and the weak downstream demand has led to the failure of the apparent demand to recover. The continuous decline in real estate completion during the peak season has dragged down the demand outlook. To resolve the over - supply contradiction in the entire industry chain, the daily melting volume of glass needs to drop to about 154,000 tons by the end of the year. The short - term price is in low - level shock [2]. Financial Products - **Stock Index Futures/Options**: The previous trading day, the CSI 300 Index fell by 1.47%, the SSE 50 Index fell by 1.15%, the CSI 500 Index fell by 0.74%, and the CSI 1000 Index rose by 0.29%. The market short - term consolidates, and the medium - term trend is upward. It is recommended to hold long positions in stock index futures [3]. - **Treasury Bonds**: The yield of the 10 - year treasury bond has decreased, and the central bank has carried out reverse repurchase operations, resulting in a net investment of funds. The spot interest rate of treasury bonds is consolidating, and the market trend shows a slight rebound. It is recommended to hold long positions in treasury bonds lightly [3]. Precious Metals - **Gold and Silver**: The pricing mechanism of gold is shifting from being centered on real interest rates to being centered on central bank gold purchases. It is affected by factors such as currency attributes, financial attributes,避险 attributes, and commodity attributes. The Fed's interest rate policy and geopolitical risks are short - term disturbing factors. The short - term price of gold is expected to remain in high - level shock [3]. Agricultural and Forestry Products - **Log**: The daily average shipment volume of ports has increased, but the demand may weaken in the future. The import volume in the fourth quarter shows a seasonal increase, and the supply pressure is increasing. The port inventory is expected to change from de - stocking to inventory accumulation. The spot market price is relatively stable, and the price is expected to show a weak shock trend [6]. - **Pulp**: The cost support for pulp prices has weakened, and the demand is poor. The paper industry has low profitability, and paper mills have high inventory pressure and low acceptance of high - price pulp. The price is expected to be in bottom consolidation [6]. - **Double - offset Paper**: The new production capacity in South China has increased, and the supply pressure still exists. The market expectation is cautious, and the price is expected to show a weak shock trend [6]. - **Oils and Fats**: The US government shutdown has led to a lack of official data guidance. The progress of Sino - US trade negotiations is favorable, but the high inventory of palm oil in Malaysia and the possible postponement of Indonesia's B50 biodiesel policy have affected the market. The domestic supply of oils and fats is abundant, and the demand is weak. The overall price is expected to continue range operation [6]. - **Meal**: Affected by the recovery of US soybean exports, the price of US soybeans has risen, which has increased the cost of domestic soybean imports. The planting progress of soybeans in South America is affected by weather, and the domestic supply of meal has increased, but the demand is weak. The price is expected to have a short - term rebound [6][7]. Livestock Products - **Live Pigs**: The average trading weight has increased slightly, and the demand has increased with the decrease in temperature. The price of large pigs is firm, and the price of standard pigs has also risen. The slaughter volume may increase slightly, and the weekly average price of live pigs is expected to rise [7]. Soft Commodities and Polyesters - **Rubber**: The raw material supply in different regions is affected by weather. The demand side has an increase in the capacity utilization rate of tire enterprises. The inventory of natural rubber is decreasing, but the expected increase in future supply will suppress raw material prices, and the price is expected to show a wide - range shock [9]. - **PX, PTA, MEG, PR, PF**: PX is affected by potential supply risks and short - term supply - demand changes. PTA has a marginal improvement in supply - demand but is affected by cost. MEG has high supply and potential over - supply in the future. PR has increased supply pressure, and PF is expected to be weakly sorted [9].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The partial consensus reached in the China-US economic and trade consultations is beneficial to the international trade environment, and the market fluctuates upward, which is in line with the daily report's rebound expectation. It is not recommended to increase positions, and stop-loss should be set [2]. - The tariff issue has shown a marginal effect, and the current core is the trend of spot freight rates. The main contract may be in the process of bottoming out. It is recommended to participate with a light position or wait and see [5]. - After the China-US leaders' meeting in Busan, the bullish sentiment has been gradually digested, and some long positions have taken profits and left the market. Under the game between long and short in the market, the market fluctuates widely. Attention should be paid to tariff policies, the situation in the Middle East, and spot freight rates [5]. 3. Summary by Related Content 3.1 Freight Rate Index - On October 27, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1312.71 points, up 15.1% from the previous period; the SCFIS for the US West route was 1107.32 points, up 28.2% from the previous period [3]. - On October 24, the Ningbo Export Container Freight Index (NCFI) composite index was 977.21 points, up 2.17% from the previous period; the NCFI for the European route was 822.3 points, up 2.38% from the previous period; the NCFI for the US West route was 1293.75 points, up 3.13% from the previous period [3]. - On October 24, the Shanghai Export Container Freight Index (SCFI) composite index was 1403.46 points, up 93.14 points from the previous period; the SCFI for the European route was 1246 USD/TEU, up 8.8% from the previous period; the SCFI for the US West route was 2153 USD/FEU, up 11.2% from the previous period [3]. - On October 24, the China Export Container Freight Index (CCFI) composite index was 992.74 points, up 2.0% from the previous period; the CCFI for the European route was 1293.12 points, up 2.0% from the previous period; the CCFI for the US West route was 736.23 points, up 1.5% from the previous period [3]. 3.2 Economic Data - In September, the initial value of the eurozone's manufacturing PMI was 49.5, falling back below the boom-bust line, lower than analysts' expectations and the previous value of 50.7. The initial value of the service PMI rose from 50.5 to 51.4, exceeding the expected 50.5. The initial value of the eurozone's composite PMI was 51.2, exceeding analysts' expectations. The eurozone's Sentix investor confidence index in September was -9.2, with an expected -2 and a previous value of -3.7 [3]. - In August, China's manufacturing PMI was 49.4%, up 0.1 percentage point from the previous month, and the manufacturing prosperity level improved. The composite PMI output index was 50.5%, up 0.3 percentage point from the previous month, remaining above the critical point, indicating that the overall expansion of Chinese enterprises' production and business activities accelerated [4]. - In September, the initial value of the US S&P Global manufacturing PMI was 52, with a final value of 53 in August; the initial value of the service PMI was 53.9, with a final value of 54.5 in August; the initial value of the composite PMI was 53.6, with a final value of 54.6 in August [4]. 3.3 Market Conditions of Main Contracts - On October 30, the main contract 2512 closed at 1843.8, up 0.15%, with a trading volume of 17,600 lots and an open interest of 30,100 lots, a decrease of 1792 lots from the previous day [5]. 3.4 Strategies - Short-term strategy: The main contract remains weak, while the far-month contracts are stronger, which is in line with the bottoming-out judgment. Risk-tolerant investors have been advised to try to build positions in the EC2512 contract below 1500. Pay attention to the subsequent market trend, do not hold losing positions, and set stop-loss [6]. - Arbitrage strategy: Against the backdrop of international turmoil, each contract still follows the seasonal logic and fluctuates greatly. It is recommended to wait and see or try with a light position [6]. - Long-term strategy: It has been recommended to take profits when each contract rises, wait for the callback to stabilize, and then judge the subsequent direction [6]. 3.5 Contract Adjustments - The daily price limit for contracts 2508 - 2606 has been adjusted to 18% [6]. - The company's margin for contracts 2508 - 2606 has been adjusted to 28% [6]. - The daily opening limit for all contracts 2508 - 2606 is 100 lots [6].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The partial consensus reached in the China-US economic and trade consultations is beneficial to the international trade environment, and the market fluctuates upward, in line with the rebound expectation of the daily report. It is not recommended to increase positions, and stop-loss should be set [2]. - The tariff issue has shown a marginal effect, and the current core is the trend of spot freight rates. The main contract may be in the process of bottoming out. It is recommended to participate with a light position or wait and see [5]. - The main contract remains weak in the short term, while the far-month contracts are relatively strong, which is in line with the bottoming-out judgment. Risk - preference investors are advised to try to build positions in the EC2512 contract below 1500. Attention should be paid to the subsequent market trend, and it is not recommended to hold losing positions. Stop - loss should be set [6]. 3. Summary by Related Content Market Data - On October 27, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1312.71 points, up 15.1% from the previous period; the SCFIS for the US - West route was 1107.32 points, up 28.2% from the previous period. On October 24, the Ningbo Export Container Freight Index (NCFI) (composite index) was 977.21 points, up 2.17% from the previous period; the NCFI for the European route was 822.3 points, up 2.38% from the previous period; the NCFI for the US - West route was 1293.75 points, up 3.13% from the previous period [3]. - On October 24, the Shanghai Export Container Freight Index (SCFI) was 1403.46 points, up 93.14 points from the previous period; the SCFI for the European route was 1246 USD/TEU, up 8.8% from the previous period; the SCFI for the US - West route was 2153 USD/FEU, up 11.2% from the previous period. The China Export Container Freight Index (CCFI) (composite index) was 992.74 points, up 2.0% from the previous period; the CCFI for the European route was 1293.12 points, up 2.0% from the previous period; the CCFI for the US - West route was 736.23 points, up 1.5% from the previous period [3]. - In August, China's manufacturing PMI was 49.4%, up 0.1 percentage points from the previous month, and the manufacturing prosperity level improved. The composite PMI output index was 50.5%, up 0.3 percentage points from the previous month, indicating that the overall expansion of Chinese enterprises' production and business activities accelerated [4]. - The initial value of the Eurozone's manufacturing PMI in September was 49.5, falling below the boom - bust line, lower than analysts' expectations and the previous value of 50.7. The initial value of the service PMI rose from 50.5 to 51.4, exceeding the expected 50.5. The initial value of the Eurozone's composite PMI in September was 51.2, exceeding analysts' expectations. The Eurozone's Sentix investor confidence index in September was - 9.2, with an expected - 2 and a previous value of - 3.7 [3]. - The initial value of the US S&P Global manufacturing PMI in September was 52 (the final value in August was 53); the initial value of the service PMI was 53.9 (the final value in August was 54.5); the initial value of the composite PMI was 53.6 (the final value in August was 54.6) [4]. Market Situation and Strategy - The China - US tariff extension continues, and the negotiation has not made substantial progress. The tariff war has gradually evolved into a trade negotiation issue between the US and other countries. Currently, the spot price has slightly decreased. The main contract closed at 1843.8 on October 30, with a gain of 0.15%, a trading volume of 17,600 lots, and an open interest of 30,100 lots, a decrease of 1792 lots from the previous day [5]. - After the China - US leaders' meeting in Busan, the bullish sentiment was gradually digested, some long - positions took profits and left the market. Under the game between long and short in the market, the market fluctuated widely. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates in the future [5]. - Short - term strategy: The main contract remains weak, and the far - month contracts are strong, in line with the bottoming - out judgment. Risk - preference investors are advised to try to build positions in the EC2512 contract below 1500. Attention should be paid to the subsequent market trend, and it is not recommended to hold losing positions. Stop - loss should be set [6]. - Arbitrage strategy: Against the background of international situation turmoil, each contract still follows the seasonal logic and fluctuates greatly. It is recommended to wait and see temporarily or try with a light position [6]. - Long - term strategy: It is recommended to take profits when each contract rises to a high level, wait for the callback to stabilize, and then judge the subsequent direction [6]. - The daily limit and daily low - limit for contracts 2508 - 2606 are adjusted to 18%. The margin of the company for contracts 2508 - 2606 is adjusted to 28%. The daily opening limit for all contracts 2508 - 2606 is 100 lots [6].

Report Industry Investment Ratings - Iron ore: Rebound [2] - Coking coal and coke: Rebound [2] - Rolled steel: Oscillation [2] - Glass: Oscillation [2] - Soda ash: Oscillation [2] - CSI 500: Rebound [4] - CSI 1000: Rebound [4] - 2-year Treasury bond: Oscillation [4] - 5-year Treasury bond: Oscillation [4] - 10-year Treasury bond: Upward [4] - Gold: High-level oscillation [4] - Silver: High-level oscillation [4] - Logs: Weak oscillation [6] - Pulp: Bottom consolidation [6] - Offset paper: Weak oscillation [6] - Soybean oil: Range operation [6] - Palm oil: Range operation [6] - Rapeseed oil: Range operation [6] - Soybean meal: Rebound [6] - Rapeseed meal: Rebound [6] - Soybean No. 2: Rebound [8] - Soybean No. 1: Rebound [8] - Live pigs: Oscillation with a slight upward trend [8] - Rubber: Oscillation [10] - PX: On the sidelines [10] - PTA: Oscillation [10] - MEG: On the sidelines [10] - PR: On the sidelines [10] - PF: On the sidelines [10] Report's Core Views - The macro利好 has landed, and black prices are returning to fundamentals. The iron ore market has an oversupply situation, and the coal and coke market is affected by policies and supply concerns. The steel market's price stop depends on production cuts and anti-"involution" policies. The glass market has inventory pressure and weak demand. The financial market has different trends for various indexes, and the precious metal market is affected by multiple factors such as central bank purchases and geopolitical risks. The light industry and agricultural product markets have their own supply and demand characteristics, and the soft commodity and polyester markets also face different situations [2][4][6][8][10] Summary by Related Catalogs Black Industry - Iron ore: The main line is "loose supply, low demand, and port inventory accumulation." The supply has room for impulse, and the demand is weak due to the low level of real estate new construction. Follow-up attention should be paid to four main lines that may trigger price revaluation [2] - Coking coal and coke: Driven by multiple news, the price has risen. The market is concerned about demand-side policies, and the core contradiction lies in the low profit level of steel mills [2] - Rolled steel: The price is affected by the demand for steel, and the stop of the decline depends on production cuts and policy implementation [2] - Glass: There are contradictions in the market, with weak demand and increasing inventory pressure. The solution depends on reducing the daily melting volume and the support of policies [2] Financial Market - Stock index futures/options: Different indexes have different trends, and the market is short-term consolidated with increasing bullish sentiment [4] - Treasury bonds: The yield of 10-year Treasury bonds has declined, and the market has a slight upward trend. It is recommended to hold long positions lightly [4] - Gold: The pricing mechanism is changing, and it is affected by multiple factors such as central bank purchases, geopolitical risks, and interest rate policies. It is expected to oscillate at a high level in the short term [4] Light Industry - Logs: The supply is increasing seasonally, while the demand is weakening. The price is expected to oscillate weakly [6] - Pulp: The cost support is weakening, and the demand is poor. The price is expected to consolidate at the bottom [6] - Offset paper: There is supply pressure, and the demand has not improved. The price is expected to oscillate weakly [6] Oil and Fat - Oils: The supply is abundant, and the demand is weak. The overall is expected to continue range operation [6] - Meal: Supported by trade optimism and the rise of US soybean futures, it is expected to rebound in the short term [6] Agricultural Products - Live pigs: The trading average weight may increase slightly, and the settlement price may rise. The market is expected to oscillate with a slight upward trend [8] Soft Commodities and Polyester - Rubber: The supply is affected by weather, and the demand is improving. The inventory is decreasing. The price is expected to oscillate widely [10] - PX: The trade dispute risk is weakening, and the price follows the oil price [10] - PTA: The cost support is weakened, and the supply and demand are marginally improved. The price follows the cost [10] - MEG: The supply is at a high level, and the demand is worrying. The price is suppressed by the inventory pressure [10] - PR: The market may oscillate weakly [10] - PF: The market may be sorted narrowly [10]

Report Investment Rating - No investment rating information provided Core Viewpoints - The potential meeting between Chinese and US leaders has led to a positive macro sentiment, driving up the market, which aligns with the daily report's rebound expectation. It is not recommended to increase positions, and stop - loss should be set. The tariff issue has a marginal effect, and the core is the trend of spot freight rates. The main contract may be in the bottom - building process, and it is recommended to participate lightly or wait and see [1]. - In the short - term, the main contract is weak while the far - month contracts are strong, which is in line with the bottom - building judgment. Risk - preferring investors are advised to try to build positions in the EC2512 contract below 1500. Attention should be paid to the subsequent market trend, and it is not recommended to hold losing positions. In the long - term, it is recommended to take profits when the contracts rise, wait for the callback to stabilize, and then judge the subsequent trend. For the arbitrage strategy, due to the volatile international situation, each contract still follows the seasonal logic with large fluctuations, so it is recommended to wait and see or participate lightly [1]. Content Summary by Related Information Freight Index - On October 27, the Shanghai Export Container Settlement Freight Index SCFIS (European route) was 1312.71 points, up 15.1% from the previous period, and the SCFIS (US West route) was 1107.32 points, up 28.2% from the previous period. On October 24, the Ningbo Export Container Freight Index NCFI (composite index) was 977.21 points, up 2.17% from the previous period, the NCFI (European route) was 822.3 points, up 2.38% from the previous period, and the NCFI (US West route) was 1293.75 points, up 3.13% from the previous period [1]. - On October 24, the Shanghai Export Container Freight Index SCFI announced price was 1403.46 points, up 93.14 points from the previous period. The SCFI European route price was 1246 USD/TEU, up 8.8% from the previous period, and the SCFI US West route was 2153 USD/FEU, up 11.2% from the previous period. The China Export Container Freight Index CCFI (composite index) was 992.74 points, up 2.0% from the previous period, the CCFI (European route) was 1293.12 points, up 2.0% from the previous period, and the CCFI (US West route) was 736.23 points, up 1.5% from the previous period [1]. PMI Data - The eurozone's September manufacturing PMI preliminary value was 49.5, falling below the boom - bust line, lower than analysts' expectations and the previous value of 50.7. The service PMI preliminary value rose from 50.5 to 51.4, exceeding the expected 50.5. The eurozone's September composite PMI preliminary value was 51.2, exceeding analysts' expectations. The eurozone's September Sentix investor confidence index was - 9.2, with an expected - 2 and a previous value of - 3.7 [1]. - In August, China's manufacturing PMI was 49.4%, up 0.1 percentage points from the previous month, and the composite PMI output index was 50.5%, up 0.3 percentage points from the previous month, indicating an accelerated overall expansion of Chinese enterprises' production and business activities [1]. - The preliminary value of the US September S&P Global manufacturing PMI was 52 (the final value in August was 53), the preliminary value of the service PMI was 53.9 (the final value in August was 54.5), and the preliminary value of the composite PMI was 53.6 (the final value in August was 54.6) [1]. Market and Contract Information - On October 29, the main contract 2512 closed at 1871.0, with a涨幅 of 5.08%, a trading volume of 34,500 lots, and an open interest of 31,900 lots, an increase of 3006 lots from the previous day [1]. - The daily limit for contracts 2508 - 2606 was adjusted to 18%, the margin for contracts 2508 - 2606 was adjusted to 28%, and the intraday opening limit for all contracts 2508 - 2606 was 100 lots [1]. Other Information - The Israel Defense Forces announced on October 29 that they had started to re - implement the Gaza cease - fire agreement after a series of strikes on "terrorist targets" and "terrorists". China's President Xi Jinping will meet with US President Trump in Busan, South Korea on October 30 to exchange views on Sino - US relations and issues of common concern [2].

Report Industry Investment Ratings - Iron ore: Rebound [2] - Coking coal and coke: Rebound [2] - Rebar and hot-rolled coils: Oscillation [2] - Glass: Oscillation [2] - Shanghai Stock Exchange 50 Index: Oscillation [2] - CSI 300 Index: Oscillation [2] - CSI 500 Index: Rebound [2] - CSI 1000 Index: Rebound [2] - 2-year Treasury bond: Oscillation [3] - 5-year Treasury bond: Oscillation [3] - 10-year Treasury bond: Uptrend [3] - Gold: High-level oscillation [3] - Silver: High-level oscillation [3] - Logs: Weak oscillation [4] - Pulp: Bottom consolidation [4] - Offset paper: Weak oscillation [4] - Soybean oil: Range-bound operation [4] - Palm oil: Range-bound operation [4] - Rapeseed oil: Range-bound operation [4] - Soybean meal: Rebound [4] - Rapeseed meal: Rebound [4] - No. 2 soybeans: Rebound [6] - No. 1 soybeans: Rebound [6] - Live pigs: Oscillation with a slight upward trend [6] - Rubber: Oscillation [8] - PX: Wait-and-see [8] - PTA: Oscillation [8] - MEG: Wait-and-see [8] - PR: Wait-and-see [8] - PF: Wait-and-see [8] Core Views - The Fed's rate cut and Sino-US talks this week help boost risk appetite, with a warm macro atmosphere leading to a rebound in commodity prices at low levels [2][3][4][8] - The iron ore market remains in a pattern of loose supply, low demand, and port inventory accumulation, and the oversupply situation is difficult to reverse [2] - The coking coal and coke market focuses on whether demand-side policies will be introduced, and the core contradiction lies in the extremely low profit level of steel mills [2] - The steel market's price stop depends on the strict implementation of a production cut of over 5% in Q4 2025 and the intensity of anti-"involution" policies [2] - The glass market has a large inventory accumulation pressure, and the demand is weak overall [2] - The stock index market has a short-term consolidation with rising bullish sentiment, and it is recommended to hold long positions [3] - The Treasury bond market has a slight upward trend, and it is recommended to hold long positions lightly [3] - The gold market is affected by central bank gold purchases, debt issues in the US, and geopolitical risks, and it is expected to oscillate at a high level [3] - The log market has a supply increase and a demand decrease, and the price is expected to oscillate weakly [4] - The pulp market has a weak cost support and poor demand, and the price is expected to consolidate at the bottom [4] - The edible oil market has a sufficient supply and weak demand, and it is expected to continue range-bound operation [4] - The meal market is boosted by trade optimism and US soybean prices, and it is expected to rebound in the short term [4][6] - The live pig market has a slight increase in the average trading weight, and the price is expected to oscillate with a slight upward trend [6] - The rubber market has a decrease in inventory, and the price is expected to oscillate widely [8] - The PX, PTA, MEG, PR, and PF markets have different supply and demand situations and are affected by factors such as oil prices and costs, with different investment suggestions [8] Summary by Categories Black Industry - Iron ore: The main line is "loose supply, low demand, and port inventory accumulation", and the oversupply pattern is difficult to reverse. Follow four main lines to monitor potential price revaluation [2] - Coking coal and coke: The market focuses on demand-side policies, and the core contradiction is the low profit of steel mills. Coke has started the third round of price increases [2] - Rebar and hot-rolled coils: The static valuation is low, and the core lies in steel demand. The price stop depends on production cuts and policy implementation [2] - Glass: There are contradictions in the market, with high inventory accumulation pressure and weak demand. The daily melting volume needs to be reduced to solve the overcapacity [2] Financial Products - Stock index futures/options: The market has a short-term consolidation with rising bullish sentiment, and it is recommended to hold long positions [3] - Treasury bonds: The market has a slight upward trend, and it is recommended to hold long positions lightly [3] - Gold: The pricing mechanism is shifting, and it is affected by central bank purchases, debt issues, and geopolitical risks. It is expected to oscillate at a high level [3] Light Industry - Logs: The supply increases seasonally, and the demand decreases as the downstream enters the off-season. The price is expected to oscillate weakly [4] - Pulp: The cost support is weak, and the demand is poor. The price is expected to consolidate at the bottom [4] - Double-offset paper: The supply pressure exists, and the demand has not improved. The price is expected to oscillate weakly [4] Oils and Fats - Oils: The supply is sufficient, and the demand is weak. The market is expected to continue range-bound operation [4] - Meals: The market is boosted by trade optimism and US soybean prices, and it is expected to rebound in the short term [4][6] Agricultural Products - Live pigs: The average trading weight increases slightly, and the price is expected to oscillate with a slight upward trend due to factors such as demand and supply [6] Soft Commodities - Rubber: The inventory decreases, and the price is expected to oscillate widely due to factors such as production and demand [8] Polyester - PX: The supply and demand have pressure, and the price follows oil prices [8] - PTA: The cost support is weakened, and the supply and demand marginally weaken. The price follows costs [8] - MEG: The supply is at a high level, and the future supply and demand are expected to be in surplus. The price is suppressed by inventory pressure [8] - PR: The cost is boosted by macro news, and the price may rise slightly [8] - PF: The market is expected to be sorted warmly due to downstream demand and policy support [8]

Report Overview - Report Date: October 29, 2025 - Report Type: Container Shipping Daily Report - Research Group: Shipping Research Team 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - Although SCFIS rebounded significantly again, due to strong wait - and - see sentiment, the implementation of price increases in November is uncertain, and the market is in a weak and volatile state. The core is the trend of spot freight rates, and the main contract may be in the bottom - building process. It is recommended to participate lightly or wait and see [5]. - The tariff issue has a marginal effect, and the current focus is on the direction of spot freight rates. The main contract may be at the bottom - building stage, suggesting light - position participation or waiting and seeing [5]. 3. Summary by Relevant Content 3.1 SCFIS and NCFI Freight Rate Indexes - On October 27, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1312.71 points, up 15.1% from the previous period; for the US West route, it was 1107.32 points, up 28.2% from the previous period [2]. - On October 24, the Shanghai Export Container Freight Index (SCFI) was 1403.46 points, up 93.14 points from the previous period. The SCFI price for the European route was 1246 USD/TEU, up 8.8% from the previous period; for the US West route, it was 2153 USD/FEU, up 11.2% from the previous period [3]. - On October 24, the Ningbo Export Container Freight Index (NCFI) composite index was 977.21 points, up 2.17% from the previous period. The NCFI for the European route was 822.3 points, up 2.38% from the previous period; for the US West route, it was 1293.75 points, up 3.13% from the previous period [4]. - On October 24, the China Export Container Freight Index (CCFI) composite index was 992.74 points, up 2.0% from the previous period. The CCFI for the European route was 1293.12 points, up 2.0% from the previous period; for the US West route, it was 736.23 points, up 1.5% from the previous period [4]. 3.2 Economic Data of Different Regions - In the Eurozone, the preliminary manufacturing PMI in September was 49.5, falling below the boom - bust line, lower than analysts' expectations and the previous value of 50.7. The preliminary services PMI rose from 50.5 to 51.4, exceeding the expected 50.5. The preliminary composite PMI was 51.2, exceeding analysts' expectations. The Sentix investor confidence index in September was - 9.2, with an expected - 2 and a previous value of - 3.7 [5]. - In China, in August, the manufacturing PMI was 49.4%, up 0.1 percentage points from the previous month, with the manufacturing prosperity level improving. The composite PMI output index was 50.5%, up 0.3 percentage points from the previous month, remaining above the critical point, indicating that the overall expansion of enterprises' production and operation activities has accelerated [5]. - In the US, the preliminary S&P Global manufacturing PMI in September was 52 (the final value in August was 53); the preliminary services PMI was 53.9 (the final value in August was 54.5); the preliminary composite PMI was 53.6 (the final value in August was 54.6) [5]. 3.3 Trading Strategies - **Short - term Strategy**: The main contract is weak, and the far - month contracts are strong, which is in line with the bottom - building judgment. Risk - preferring investors are advised to try to build positions below 1500 for the EC2512 contract. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - losses. The main contract may be in the bottom - building process, suggesting light - position participation or waiting and seeing [5]. - **Arbitrage Strategy**: Against the backdrop of international turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see temporarily or try with a light position [5]. - **Long - term Strategy**: For each contract, it is recommended to take profits when the price rises, wait for the price to pull back and stabilize, and then judge the subsequent trend [5]. 3.4 Contract Information - On October 28, the main contract 2512 closed at 1788.3, with a decline of 0.66%, a trading volume of 26,000 lots, and an open interest of 28,900 lots, an increase of 905 lots from the previous day [5]. - The daily limit for contracts 2508 - 2606 is adjusted to 18%. The company's margin for contracts 2508 - 2606 is adjusted to 28%. The daily opening limit for all contracts 2508 - 2606 is 100 lots [5].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - Although the SCFIS has rebounded significantly again, due to strong wait - and - see sentiment, the situation of price increases in November is unclear, and the market is oscillating weakly. The core now is the direction of spot freight rates, and the main contract may be in the bottom - building process. It is recommended to participate with a light position or just observe [1][5]. - The tariff issue has shown a marginal effect. The key is the trend of spot freight rates, and the main contract may be in the bottom - building process [5]. 3. Summary by Related Content a. Freight Indexes - On October 27, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1312.71 points, up 15.1% from the previous period; for the US West route, it was 1107.32 points, up 28.2% from the previous period [2]. - On October 24, the Shanghai Export Container Freight Index (SCFI) was 1403.46 points, up 93.14 points from the previous period. The SCFI price for the European line was 1246 USD/TEU, up 8.8% from the previous period; for the US West route, it was 2153 USD/FEU, up 11.2% from the previous period [3]. - On October 24, the Ningbo Export Container Freight Index (NCFI) composite index was 977.21 points, up 2.17% from the previous period; the NCFI for the European route was 822.3 points, up 2.38% from the previous period; for the US West route, it was 1293.75 points, up 3.13% from the previous period. The China Export Container Freight Index (CCFI) composite index was 992.74 points, up 2.0% from the previous period; for the European route, it was 1293.12 points, up 2.0% from the previous period; for the US West route, it was 736.23 points, up 1.5% from the previous period [4]. b. Economic Data - The eurozone's September manufacturing PMI preliminary value was 49.5, back below the boom - bust line, lower than analysts' expectations and the previous value of 50.7. The service PMI preliminary value rose from 50.5 to 51.4, exceeding the expected 50.5. The composite PMI preliminary value was 51.2, exceeding analysts' expectations. The Sentix investor confidence index was - 9.2, with an expected - 2 and a previous value of - 3.7 [5]. - In August, China's manufacturing PMI was 49.4%, up 0.1 percentage point from the previous month, and the manufacturing sentiment improved. The composite PMI output index was 50.5%, up 0.3 percentage point from the previous month, remaining above the critical point, indicating that the overall expansion of Chinese enterprises' production and business activities accelerated [5]. - The preliminary value of the US September S&P Global manufacturing PMI was 52, the August final value was 53; the service PMI preliminary value was 53.9, the August final value was 54.5; the composite PMI preliminary value was 53.6, the August final value was 54.6 [5]. c. Market Strategies - Short - term strategy: The main contract remains weak, and the far - month contracts are stronger, which is in line with the bottom - building judgment. Risk - preferring investors are advised to try to build positions below 1500 for the EC2512 contract. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - losses. [5] - Arbitrage strategy: Against the backdrop of international turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or try with a light position [5]. - Long - term strategy: For each contract, it is recommended to take profits when the price rises, wait for the callback to stabilize, and then judge the subsequent trend [5]. d. Contract Information - On October 28, the main contract 2512 closed at 1788.3, with a decline of 0.66%, a trading volume of 26,000 lots, and an open interest of 28,900 lots, an increase of 905 lots from the previous day [5]. - The daily limit for contracts 2508 - 2606 is adjusted to 18%. The company's margin for contracts 2508 - 2606 is adjusted to 28%. The intraday opening limit for all contracts 2508 - 2606 is 100 lots [5].