Report Industry Investment Ratings - Iron ore: Oscillation [2] - Coking coal and coke: Rebound [2] - Rebar and coil: Oscillation [2] - Glass: Rebound [2] - SSE 50 Index Futures/Options: Oscillation [2] - CSI 300 Index Futures/Options: Oscillation [2] - CSI 500 Index Futures/Options: Rebound [2] - CSI 1000 Index Futures/Options: Rebound [2] - 2-year Treasury Bond: Oscillation [3] - 5-year Treasury Bond: Oscillation [3] - 10-year Treasury Bond: Upward [3] - Gold: High-level oscillation [3] - Silver: High-level oscillation [3] - Logs: Weak oscillation [5] - Pulp: Bottom consolidation [5] - Offset paper: Oscillation [5] - Soybean oil: Range-bound operation [5] - Palm oil: Range-bound operation [5] - Rapeseed oil: Range-bound operation [5] - Soybean meal: Rebound [5] - Rapeseed meal: Rebound [5] - Soybean No. 2: Rebound [5] - Soybean No. 1: Rebound [7] - Live pigs: Oscillation with a strong bias [7] - Rubber: Oscillation [7] - PX: Wait-and-see [9] - PTA: Oscillation [9] - MEG: Weak [9] - PR: Wait-and-see [9] - PF: Wait-and-see [9] Core Views - The macro利好 has landed, and the prices of black commodities are returning to fundamentals. The iron ore market is characterized by "ample supply, low demand, and port inventory accumulation", and the pattern of oversupply is difficult to reverse. The coking coal price has risen significantly, and the short-term trend of coking coal and coke is oscillating with a strong bias. The steel price depends on the implementation of production cuts and anti-"involution" policies. The glass market needs to pay attention to the cold repair of production lines and the impact of macro and production reduction policies. [2] - The stock index market has short-term consolidation and a medium-term upward trend, and it is recommended to hold long positions in stock index futures. The bond market has a short-term upward trend, and it is recommended to hold long positions in treasury bonds. The gold market is expected to maintain high-level oscillation due to factors such as the change in the pricing mechanism, geopolitical risks, and the economic data in the United States. [3] - The log market is expected to have weak oscillation due to the increase in supply and the weakening of demand. The pulp market is expected to have bottom consolidation due to the weakening of cost support and the poor demand. The oil and fat market is expected to continue range-bound operation due to the concerns about supply and demand. The meal market is expected to continue to rebound under the optimistic trade expectations and the boost of US soybeans. [5] - The live pig market is expected to have a week-on-week increase in the average price due to the increase in demand and the slowdown in slaughter. The rubber market is expected to have wide-range oscillation due to the impact of weather on supply and the recovery of demand. [7] - The PX market has short-term supply increase and demand decrease, and the PXN spread has limited room for further rebound. The PTA market has marginal improvement in supply and demand, and the price follows the cost fluctuation. The MEG market has an expected oversupply in the future, and the price is suppressed by the inventory pressure. [9] Industry Summaries Black Industry - Iron ore: The total arrival volume at 47 ports in China reached 33.141 million tons, a record high in recent years, with a month-on-month increase of 12.298 million tons and an increase of 59%. The iron ore market is characterized by "ample supply, low demand, and port inventory accumulation", and the pattern of oversupply is difficult to reverse. [2] - Coking coal and coke: The coking coal price has risen significantly due to the overseas interest rate cut, the easing of Sino-US relations, and the exceeding of market expectations by the 14th Five-Year Plan. The short-term trend of coking coal and coke is oscillating with a strong bias. [2] - Rebar and coil: The steel price depends on the implementation of production cuts of more than 5% in the fourth quarter of 2025 and the intensity of the anti-"involution" policy. The steel market still has supply and demand contradictions and is mainly in oscillation adjustment. [2] - Glass: The cold repair of 4 production lines in Shahe is expected to be seen this week, with a production capacity of about 3,000 tons. The glass market has weak demand and increasing inventory, and it is necessary to pay attention to the cold repair of production lines and the impact of macro and production reduction policies. [2] Financial Industry - Stock index futures/options: The stock index market has short-term consolidation and a medium-term upward trend, and it is recommended to hold long positions in stock index futures. The Chinese government has announced specific measures to implement the consensus of the Sino-US economic and trade consultations in Kuala Lumpur. [2][3] - Treasury bonds: The bond market has a short-term upward trend, and it is recommended to hold long positions in treasury bonds. The central bank has carried out 65.5 billion yuan of 7-day reverse repurchase operations, and the net withdrawal of funds is 492.2 billion yuan. [3] - Gold and silver: The gold market is expected to maintain high-level oscillation due to factors such as the change in the pricing mechanism, geopolitical risks, and the economic data in the United States. The silver market also has a high-level oscillation trend. [3] Light Industry - Logs: The daily average shipment volume of logs at ports decreased month-on-month, and the demand is expected to weaken. The import volume of logs shows a seasonal increase in the fourth quarter, and the supply pressure increases. The log market is expected to have weak oscillation. [5] - Pulp: The cost support for pulp prices weakens, and the demand is poor. The pulp market is expected to have bottom consolidation. [5] - Double-adhesive paper: The supply pressure of double-adhesive paper still exists, and the market expectation is cautious. The double-adhesive paper market is expected to oscillate. [5] Oil and Fat Industry - Oil and fat: The US government shutdown has led to a lack of official data guidance, and the market is worried about US soybean exports. The palm oil market has high inventory and increasing production, and the oil and fat market is expected to continue range-bound operation. [5] - Meal: The Chinese government has lowered tariffs on some US agricultural products, and the meal market is expected to continue to rebound under the optimistic trade expectations and the boost of US soybeans. [5] Agricultural Products - Live pigs: The average transaction weight of live pigs has decreased slightly. The demand for large pigs has increased, and the price of large pigs has remained strong. The live pig market is expected to have a week-on-week increase in the average price. [7] - Rubber: The supply of rubber raw materials is stable in Yunnan and affected by weather in Hainan. The demand for rubber has recovered, and the inventory has decreased. The rubber market is expected to have wide-range oscillation. [7] Polyester Industry - PX: The PX market has short-term supply increase and demand decrease, and the PXN spread has limited room for further rebound. The PX price follows the oil price fluctuation. [9] - PTA: The PTA market has marginal improvement in supply and demand, and the price follows the cost fluctuation. The cost support for PTA prices is weakened. [9] - MEG: The MEG market has an expected oversupply in the future, and the price is suppressed by the inventory pressure. The short-term cost fluctuation is large. [9] - PR: The polyester bottle chip market may oscillate and consolidate due to the lack of effective driving factors. [9] - PF: The polyester staple fiber market may have weak consolidation due to the overnight oil price decline and the lack of obvious positive factors. [9]

Report Summary of Shipping Industry 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The core issue is the direction of spot freight rates, and the tariff issue has a marginal effect. The main contract may be in the process of bottom - building. It is recommended to participate lightly or wait and see [3]. - Attention should be paid to tariff policies, the Middle East situation, and spot freight rates [3]. 3. Summary by Related Information Shipping Market Information - On November 3, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1208.71 points, a 7.9% decrease from the previous period; the SCFIS for the US - West route was 1267.15 points, a 14.4% increase from the previous period. The Ningbo Export Container Freight Index (NCFI) composite index on October 31 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; the NCFI for the US - West route was 1452.82 points, a 12.30% increase [2]. - On October 31, the Shanghai Export Container Freight Index (SCFI) was 1550.70 points, a 147.24 - point increase from the previous period; the SCFI European line price was 1344 USD/TEU, a 7.87% increase; the SCFI US - West route was 2647 USD/FEU, a 22.94% increase. The China Export Container Freight Index (CCFI) composite index was 1021.39 points, a 2.9% increase; the CCFI for the European route was 1323.81 points, a 2.4% increase; the CCFI for the US - West route was 772.67 points, a 4.9% increase [2]. Market Sentiment and Policy Impact - CMA was the first to announce a freight rate increase for the second half of November, which boosted bullish sentiment to some extent. The afternoon sentiment gradually warmed up, and the market quickly rose [3]. - The US and China have a series of tariff adjustments. The US will cancel the 10% so - called "fentanyl tariff" on Chinese goods, and the 24% reciprocal tariff on Chinese goods will be suspended for another year. China will adjust its counter - measures accordingly, and both sides agree to extend some tariff exclusion measures [5]. Trading Data - On November 4, the main contract 2512 closed at 1909.9, with a decline of 3.82%, a trading volume of 29,700 lots, and an open interest of 30,900 lots, an increase of 1595 lots from the previous day [3]. Strategy Recommendations - **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 - takers who were recommended to build positions in the EC2512 contract below 1500 (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**: In the context of international situation turmoil, each contract still follows the seasonal logic and has large fluctuations. It is recommended to wait and see temporarily or try with a light position [4]. - **Long - term Strategy**: It was recommended to take profits when the contracts rose, wait for the correction to stabilize, and then judge the subsequent direction [4]. Other Information - The eurozone's October manufacturing PMI preliminary value was 45.9 (expected 45.1, previous value 45), the service PMI preliminary value was 51.2 (expected 51.5, previous value 51.4), and the composite PMI preliminary value was 49.7 (expected 49.7, previous value 49.6). The eurozone's October Sentix investor confidence index had a previous value of - 9.2 and a forecast value of - 8.5 [2]. - In October, China's manufacturing PMI was 49.0%, a 0.8 - percentage - point decrease from the previous month, and the composite PMI output index was 50.0%, a 0.6 - percentage - point decrease from the previous month, indicating overall stable production and operation activities of Chinese enterprises [2]. - The US October S&P Global service PMI preliminary value was 55.2 (expected 53.5, previous value 54.2), the manufacturing PMI preliminary value was 52.2 (expected 52, previous value 52), and the composite PMI preliminary value was 54.8 (expected 53.1, previous value 53.9) [3]. - The price limits for contracts 2508 - 2606 were adjusted to 18%, the company's margin for contracts 2508 - 2606 was adjusted to 28%, and the daily opening limit for all contracts 2508 - 2606 was 100 lots [4].

Report Industry Investment Ratings - Iron ore: Weakly volatile in the short term [2] - Coking coal and coke: Strongly volatile in the short term [2] - Rebar: Volatile adjustment [2] - Glass: Rebound [2] - Stock index futures/options: Long positions in stock indices are recommended [4] - Treasury bonds: Long positions in treasury bonds with light positions are recommended [4] - Gold: High-level volatility [4] - Silver: High-level volatility [4] - Logs: Weakly volatile [6] - Pulp: Consolidation at the bottom [6] - Offset paper: Volatile [6] - Edible oils: Range-bound operation [6] - Hog: Strongly volatile [7] - Rubber: Volatile [10] - PX: Wait-and-see [10] - PTA: Volatile [10] - MEG: Weak [10] - PR: Wait-and-see [10] - PF: Wait-and-see [10] Core Views - The macro利好 has landed, and the prices of black commodities are returning to fundamentals. The iron ore market is characterized by loose supply, low demand, and increasing port inventories, with a difficult-to-reverse oversupply situation. The coking coal and coke market has been boosted by multiple news, but the low profit margins of steel mills remain a core contradiction. The rebar market's price stability depends on production cuts and anti-"involution" policies. The glass market is affected by production line cold repairs and weak demand. The stock index futures/options market is expected to have an upward medium-term trend. The treasury bond market shows a slight rebound. The gold market's pricing mechanism is shifting, and its price is influenced by central bank gold purchases, geopolitical risks, and other factors. The log market is facing weakening demand and increasing supply pressure. The pulp market is under pressure from cost and demand. The edible oil market has abundant supply and weak demand. The hog market is expected to see a price increase. The rubber market's price is likely to fluctuate widely. The PX and PTA markets are affected by cost and supply-demand relationships. The MEG market has an expected oversupply. The PR and PF markets are expected to be weak [2][4][6][7][10] Summary by Related Catalogs Black Industry - **Iron ore**: The total arrival volume at 47 ports in China reached 33.141 million tons, a year-on-year increase of 12.298 million tons or 59%. The high level of molten iron has declined, and the core lies in steel demand. The real estate new construction has returned to the 2005 level, and domestic demand remains weak. Port iron ore inventories continue to increase, and the market is in an oversupply situation, with short-term prices expected to be weakly volatile [2] - **Coking coal and coke**: Multiple news has boosted the prices of coking coal and coke. The supply concerns in the industrial sector have intensified, and the subsequent environmental protection and safety supervision may affect other production areas. The low profit margins of steel mills are the core contradiction, and the logic of steel mills reducing production due to losses continues to ferment. Coke has started the third round of price increases, and the short-term trend is strongly volatile [2] - **Rebar**: The macro利好 has landed, and the price is returning to fundamentals. The static valuation of rebar is low, and the core lies in steel demand. The real estate new construction has returned to the 2005 level, and domestic demand remains weak. The steel price's stop-falling depends on production cuts and anti-"involution" policies. The steel supply-demand contradiction still exists, and the price is expected to be volatile [2] - **Glass**: The news of coal-to-gas conversion and production line cold repairs in Shahe has fermented. The real estate completion has been declining, dragging down the demand outlook. The glass demand is weak, and the enterprise inventory has been increasing. The glass daily melting volume needs to be reduced to 154,000 tons by the end of the year to resolve the overcapacity in the entire industry chain. The short-term focus is on production line cold repairs and the impact of macro and production reduction policies [2] Financial Sector - **Stock index futures/options**: The previous trading day saw declines in the CSI 300, SSE 50, CSI 500, and CSI 1000 indices. The forestry and banking sectors had capital inflows, while the chemical fertilizer and pesticide and precious metal sectors had capital outflows. The market is expected to have an upward medium-term trend, and long positions in stock indices are recommended [4] - **Treasury bonds**: The central bank conducted a 7-day reverse repurchase operation of 117.5 billion yuan, with an operating rate of 1.40%. The net withdrawal of funds on the day was 357.8 billion yuan. The treasury bond spot rates are consolidating, and the market trend is slightly rebounding. Long positions in treasury bonds with light positions are recommended [4] - **Gold**: The pricing mechanism of gold is shifting from being centered on real interest rates to being centered on central bank gold purchases. The Trump administration's "Make America Great Again" bill may exacerbate the US debt problem, leading to cracks in the US dollar's currency credit. Geopolitical risks and central bank gold purchases are important factors driving up the gold price. The short-term factors affecting the gold price include the Fed's interest rate policy and risk aversion sentiment. The gold price is expected to remain volatile at a high level [4] Light Industry - **Logs**: The daily average shipment volume of logs at ports decreased by 0.16 million cubic meters week-on-week. The demand is expected to weaken as the downstream enters the off-season. The import volume of logs is seasonally increasing, and the supply pressure is increasing. The port inventory is expected to continue to accumulate. The spot market price is weakly volatile, and the price of logs is expected to be weakly volatile [6] - **Pulp**: The spot market price of pulp was stable in the previous trading day. The latest foreign market price of softwood pulp decreased by $20 to $680 per ton, and that of hardwood pulp increased by $20 to $540 per ton. The cost support for pulp prices has weakened. The papermaking industry's profitability is low, and the demand for pulp is weak. The pulp price is expected to be consolidated at the bottom [6] - **Offset paper**: The spot market price of offset paper was stable in the previous trading day. The new production capacity in South China has increased, and the supply pressure remains. The start-up rate has recovered, and publishing tenders have been launched, but the market expectation is cautious. The paper price profit is low, and the enthusiasm for high-price inventory is low. The price is expected to be volatile [6] Agricultural Products - **Edible oils**: The US government shutdown has led to a lack of official data, and the market is worried about US soybean exports. The palm oil production in major producing countries is at the end of the peak season, and the inventory is at a high level, putting pressure on the market. The implementation of Indonesia's B50 biodiesel policy may be postponed, weakening the market's confidence in long-term demand. The domestic soybean supply is abundant, and the demand for edible oils is weak. The edible oil market is expected to be range-bound [6] - **Hog**: The average transaction weight of hogs has decreased slightly. The small farmers' bullish expectations and the scale farms' adjustment of the slaughter rhythm have led to a slight decline in the average transaction weight. The demand for large hogs has increased due to the temperature drop, and the slaughter enterprises' purchase weight has increased slightly. The settlement price of hogs has increased, and the secondary fattening enthusiasm has increased. The supply of hogs is relatively abundant, and the demand for pork has increased with the temperature drop. The hog price is expected to increase next week [7] Soft Commodities - **Rubber**: The weather in Yunnan has improved, and the raw material output has gradually recovered, but the rubber tapping profit is negative. The glue production in Hainan is lower than expected due to rain and typhoons, but the raw material price has decreased, and the profit inversion has improved. The cup rubber price in Thailand has continued to rise, and the rubber tapping in Vietnam has been affected by rainfall. The capacity utilization rate of tire enterprises has increased, and the natural rubber inventory has continued to decline. The natural rubber price is expected to fluctuate widely [10] - **PX**: The manufacturing data in the US and Japan are in decline, and the strengthening of the US dollar has suppressed the oil price rebound. The short-term supply of PX has increased while the demand has decreased, and the medium-term supply-demand pressure remains. The PXN spread has limited room for further rebound, and the PX price follows the oil price [10] - **PTA**: The medium- and long-term oil price is expected to be weak, and the PXN spread has limited upward space, weakening the cost support. The PTA supply has decreased marginally, but new plants are under trial operation. The downstream polyester factory load has slightly increased, and the overall supply-demand situation has marginally improved. The short-term price follows the cost [10] - **MEG**: The arrival volume last week increased, and the domestic production load recovered, with the overall supply at a high level. The polyester load has some resilience in the short term, but there are concerns after the peak season. The future supply-demand is expected to be in surplus. The short-term cost fluctuates greatly, and the long-term inventory pressure suppresses the price [10] - **PR**: The decline in the oil price has led to a lack of support for raw materials. Coupled with the stalemate in the supply-demand relationship, the polyester bottle chip market is expected to be weak [10] - **PF**: The overnight oil price has decreased, and both raw materials have shown an increase in supply, lacking obvious positive support. The polyester staple fiber market is expected to be weakly sorted today [10]

Report Summary 1. Industry Investment Ratings - **Black Industry**: Iron ore - Adjustment; Coal and Coke - Rebound; Rolled Steel and Rebar - Oscillation; Glass - Oscillation; Soda Ash - Weak [2] - **Financial Industry**: CSI 500 - Rebound; CSI 1000 - Rebound; 2 - year Treasury Bond - Oscillation; 5 - year Treasury Bond - Oscillation; 10 - year Treasury Bond - Upward; Gold - High - level Oscillation; Silver - High - level Oscillation [3] - **Light Industry**: Log - Weak Oscillation; Pulp - Bottom Consolidation; Double - offset Paper - Oscillation; Edible Oils - Range Movement; Meal - Rebound; Soybean No.2 - Rebound; Soybean No.1 - Rebound; Live Pigs - Oscillation with a Bullish Bias [5][6][7] - **Soft Commodities and Polyester Industry**: Rubber - Oscillation; PX - Wait - and - See; PTA - Oscillation; MEG - Wait - and - See; PR - Wait - and - See; PF - Wait - and - See [9] 2. Core Views - **Black Industry**: After the macro - positive factors are realized, the black prices return to the fundamentals. The iron ore market is in a pattern of loose supply, low demand, and rising port inventories. The coal and coke market is affected by multiple news, and the core contradiction lies in the low profit of steel mills. The steel and glass markets are mainly in oscillation due to supply - demand contradictions [2]. - **Financial Industry**: The central and western regions of China have achieved new highs in foreign trade. The stock index market is expected to rise in the medium - term, and it is recommended to hold long positions. The bond market shows a small - scale rebound, and it is advisable to hold long positions lightly. The gold price is affected by various factors and is expected to maintain high - level oscillation [3]. - **Light Industry**: The log market is under supply pressure and weak demand, with prices expected to be weakly oscillating. The pulp market is expected to bottom - consolidate. The edible oil market has sufficient supply and weak demand, continuing range movement. The meal market is expected to rebound in the short - term. The live pig market is expected to rise slightly in the coming week [5][6][7]. - **Soft Commodities and Polyester Industry**: The natural rubber market has a decreasing inventory, and prices may oscillate widely. The PX, PTA, MEG, PR, and PF markets have different supply - demand situations, and their prices mainly follow cost fluctuations or are in a wait - and - see state [9]. 3. Summary by Categories Black Industry - **Iron Ore**: The total arrival volume at 47 ports in China reached 33.141 million tons, a year - high, with a month - on - month increase of 12.298 million tons (59%). The iron - water output has declined, and the demand in the real estate industry is weak. The port inventory has increased, and the supply - demand surplus pattern is difficult to reverse. Follow four main lines for price re - pricing [2]. - **Coal and Coke**: Multiple news has pushed up the prices. The core contradiction is the low profit of steel mills. If the finished steel weakens, the scope of steel mill maintenance may expand, which will suppress the raw material prices. Coke has started the third round of price increases, and the short - term trend is oscillating with a bullish bias [2]. - **Rolled Steel and Rebar**: After the macro - positive factors are realized, the prices return to the fundamentals. The static valuation of rebar is low, and the demand is weak. The steel price may stop falling if the output reduction in Q4 2025 exceeds 5% and the anti - "involution" policy is implemented effectively [2]. - **Glass**: The news of cold - repair of production lines due to coal - to - gas conversion in Shahe is fermenting. The real - estate demand is weak, and the enterprise inventory is increasing. The glass daily melting volume needs to drop to about 154,000 tons by the end of the year to solve the supply - demand contradiction [2]. Financial Industry - **Stock Index**: The CSI 500 and CSI 1000 are expected to rebound. The market is short - term consolidating and upward in the medium - term. It is recommended to hold long positions [3]. - **Treasury Bond**: The yield of the 10 - year Treasury bond has decreased, and the market has a small - scale rebound. It is advisable to hold long positions lightly [3]. - **Gold**: The pricing mechanism is shifting from real interest rates to central bank gold purchases. It is affected by currency, financial,避险, and commodity attributes, and is expected to maintain high - level oscillation [3]. Light Industry - **Log**: The port inventory is increasing, the demand is weakening, and the prices are expected to be weakly oscillating. The CFR price has increased, and the market is waiting and seeing [5]. - **Pulp**: The spot price is slightly stronger, but the cost support is weakening. The paper mill demand is poor, and the price is expected to bottom - consolidate [5]. - **Edible Oils**: The supply is sufficient, and the demand is weak. The prices are expected to continue range movement. Pay attention to the weather in the Brazilian soybean - producing area and the production and sales of Malaysian palm oil [5]. - **Meal**: Supported by the rebound of US soybeans, the prices are expected to rebound in the short - term. Pay attention to the weather in the Brazilian soybean - producing area and the progress of Sino - US trade [6][7]. - **Live Pigs**: The average trading weight has decreased slightly. The supply is sufficient, and the demand is increasing with the cooling weather. The price is expected to rise slightly in the coming week [7]. Soft Commodities and Polyester Industry - **Rubber**: The production in some areas is affected by weather, the demand is increasing, the inventory is decreasing, and the price is expected to oscillate widely [9]. - **PX**: OPEC+ plans to suspend production increase, which eases supply - demand concerns. The short - term supply increases and demand decreases, and the price follows oil prices [9]. - **PTA**: The long - term oil price is expected to be weak, and the cost support is weakening. The supply - demand situation has marginally improved, and the price follows cost fluctuations [9]. - **MEG**: The supply is at a high level, the demand is expected to decline, and the price is under pressure from long - term inventory accumulation [9]. - **PR**: The supply - demand situation has not improved, and the market is in a weak oscillation [9]. - **PF**: The raw material supply is increasing, and the market lacks positive factors, expected to be weakly sorted [9].

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]