Group 1: Report Industry Investment Rating - The investment rating for the black (coking coal and coke) sector is "oscillating with a bearish bias" [1] Group 2: Core View of the Report - The coking coal spot auction price continues to be strong, and after the second - round price increase of coke spot was finalized, a third - round price increase was initiated. Although the Sino - US trade relations eased this week and the market sentiment improved, the demand growth points in the fourth quarter are limited, and the steel mill's hot metal output is already at a high level with little room for growth. Technically, coking coal has strong short - term bottom support and may break through upwards today after a period of range - bound trading. The near - month contract has broken through the previous high and the range resistance level, so short positions are advised to stop losses reasonably according to the position, and long positions can continue to hold. The next resistance level is 1330 [1] Group 3: Summary According to the Catalog Market Quotes - Yesterday, the main coking coal contract Jm2601 closed at 1302.0, up 4.83% compared with the opening of the day session; the main coke contract J2601 closed at 1801.0, up 3.06% compared with the opening of the day session. Last night, Jm2601 closed at 1303.5, up 0.12% compared with the close of the day session; the J2601 contract closed at 1801.0, flat compared with the close of the day session [1] Important News - The Chinese President Xi Jinping will hold a meeting with US President Trump in Busan, South Korea on October 30th to exchange views on Sino - US relations and issues of common concern. The Federal Reserve cut interest rates by 25 basis points as expected, lowering the federal funds rate to 3.75% - 4.00%, the second rate cut this year, and announced the end of the balance - sheet reduction starting from December 1st. This week, the capacity utilization rate of 314 independent coal washing plants was 36.5%, a decrease of 0.41% compared with the previous period; the daily output of clean coal was 26.5 tons, a decrease of 0.2 tons compared with the previous period; the clean coal inventory was 284.4 tons, a decrease of 5.2 tons compared with the previous period [1] Market Logic - The coking coal spot auction price is strong, and coke spot initiates a third - round price increase after the second - round increase. Macroscopically, Sino - US trade relations have eased, but the fourth - quarter demand growth is limited, and steel mill's hot metal output has little room for growth. Attention should be paid to the traffic and inventory situation of Mongolian coal at Ganqimaodu Port to see if it can recover in the short term. Technically, coking coal has strong short - term bottom support and may break through upwards today after range - bound trading [1] Trading Strategy - The near - month contract has broken through the previous high and the range resistance level. Short positions are advised to stop losses reasonably according to the position, and long positions can continue to hold. The next resistance level is 1330 [1]

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View of the Report - The short - term tops of gold and silver formed last week are confirmed. COMEX gold broke below $4000 per ounce this week, rebounded above $4000 on the 29th, and investors should wait for stabilization and stay on the sidelines [2]. 3. Summary by Relevant Content Market Performance - COMEX gold futures fell 1.04% to $3941.7 per ounce, and COMEX silver futures fell 0.1% to $47.275 per ounce. Shanghai gold rose 0.69% to 910.92 yuan per gram, and Shanghai silver rose 0.64% to 11265 yuan per kilogram [1]. Important Information - As of October 29, the holdings of the world's largest gold ETF, SPDR Gold Trust, decreased by 2.87 tons to 1036.05 tons, and the holdings of the world's largest silver ETF, iShares Silver Trust, remained unchanged at 15209.57 tons [1]. - On the 28th, after Hamas fired on Israeli troops in the Gaza Strip, Israeli Prime Minister Netanyahu instructed the Israeli army to launch a strong strike on the Gaza Strip. On the 29th, the Israeli army resumed the cease - fire agreement after the attack [1]. - Chinese President will meet with the US President in Busan, South Korea on October 30 to exchange views on China - US relations and common concerns [1]. - The Fed announced a 25 - basis - point cut in the federal funds target rate to 3.75% - 4.00%, ending the balance - sheet reduction from December 1. Fed Chair Powell said a further rate cut in December is "far from a foregone conclusion" [1]. Market Logic - The news of the China - US summit on the 30th is conducive to easing global trade tensions. The resumption of firing between Israel and Hamas on the 28th may trigger risk - aversion sentiment. The US government shutdown continues. Technical factors and profit - taking led to the sharp decline of COMEX gold and silver last week, followed by a short - term stabilization. COMEX gold broke below $4000 per ounce this week, and silver also pulled back [1]. Trading Strategy - Wait for gold and silver to stabilize and stay on the sidelines as the short - term tops are confirmed and COMEX gold broke below $4000 per ounce this week [2].

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core Viewpoints - The photovoltaic and battery sectors soared, driving the ChiNext Index and CSI 500 Index higher, while the Shanghai Composite Index fluctuated around 4000 points. There's a need for consolidation at this level, and sector rotation may accelerate. Short - term index trends require caution, and long positions in stock index futures should mainly focus on the CSI 300 Index [1][2][3] - Betting on AI remains correct as the current AI boom differs fundamentally from historical bubbles in terms of spread speed, low leverage, and valuation levels. Nvidia anticipates that the Blackwell and Rubin chips will generate $500 billion in GPU sales over five quarters [2][3] - Stable stock markets can inject capital into the real economy and drive consumption through wealth, psychological, and expectation effects. China's stock market is expected to have a more sustained upward trend [2][3] 3) Summary by Directory Market Review - The trading volume of the two markets was 2.25 trillion yuan, slightly increasing. The CSI 300 Index closed at 4747 points, up 55 points or 1.19%; the SSE 50 Index closed at 3063 points, up 12 points or 0.41%; the CSI 500 Index closed at 7480 points, up 139 points or 1.91%; the CSI 1000 Index closed at 7569 points, up 89 points or 1.20% [1] - Among industry and theme ETFs, photovoltaic ETFs, battery 50 ETFs, etc. led the gains, while bank ETFs, science - innovation pharmaceutical ETFs, etc. led the losses. Among the two - market sector indices, photovoltaic equipment, consumer electronics, etc. led the gains, and small and medium - sized banks, ground military equipment, etc. led the losses [1] - The settlement funds of CSI 500 and CSI 300 index futures had net inflows of 5.2 billion and 1.2 billion yuan respectively [1] Important Information - On October 28, the central parity rate of the RMB against the US dollar was reported at 7.0856, up 25 basis points from the previous trading day, reaching the highest since October 15, 2024. The central parity rate has risen 1023 basis points this year [1] - In the Q3 market rally, Central Huijin firmly held multiple broad - based ETFs. Since October, hundreds of billions of funds have flowed into equity ETFs, and the new fund issuance market is booming [1] - On October 28, the domestic robot "Kuafu" with an open - source Hongmeng system was unveiled, breaking foreign technology monopolies [1] - Nvidia held the GTC conference. It has shipped 6 million Blackwell GPUs in the past four quarters, with strong demand. It expects the Blackwell and Rubin chips to bring $500 billion in GPU sales over five quarters [1][2] - Nvidia announced cooperation with partners to build the first AI - native wireless stack for 6G in the US and launched new applications for next - generation wireless technology. It also demonstrated NVQLink for connecting traditional GPUs and quantum computers [1] - In the field of "physical AI", Huang Renxun's speech focused on Omniverse digital twin technology. The robot startup Figure announced cooperation with Nvidia to accelerate the R & D of next - generation humanoid robots [2] - Nvidia will invest $1 billion to acquire a 2.9% stake in Nokia, becoming its second - largest shareholder, and they will cooperate on AI network solutions and 6G - related technologies [2] - OpenAI has committed to building over 30GW of infrastructure, with an expected investment of about $1.4 trillion in the coming years. It aims to achieve certain AI research goals by 2026 and 2028 [2] - Uber plans to deploy a 100,000 - vehicle Robotaxi fleet driven by Nvidia technology starting in 2027 and will invest in the Hong Kong IPOs of Pony.ai and WeRide [2] - Sunshine Power's revenue in the first three quarters was 66.4 billion yuan (up 33%), and net profit was 11.9 billion yuan (up 56%). Its overseas energy storage business had a large number of orders, with a high gross margin of 34%, and its operating cash flow increased by over 1100% to 9.9 billion yuan. It also reduced debt by 5.2 billion yuan and is exploring new businesses such as AI data center power supplies [2] - SK Hynix's Q3 revenue was $17.1 billion, and operating profit was $8 billion, up 62% year - on - year, both hitting record highs. It holds a 64% market share in the high - bandwidth memory HBM market, has locked in all 2026 production orders, and will start shipping HBM4 in Q4 2025 [2] - The Dutch government froze the operating rights of Nexperia under Wingtech Technology, causing a global automotive supply - chain crisis [2] Market Logic - The rise of the photovoltaic and battery sectors, Central Huijin's firm holding of broad - based ETFs, and the influx of funds into equity ETFs since October contributed to the market's performance. The debut of the "Kuafu" robot and positive market sentiment also played roles. High - end institutions expect a more sustained upward trend in China's stock market [1][2] Future Outlook - The photovoltaic and battery sectors' strength will continue to influence the market. There's a need for the Shanghai Composite Index to consolidate around 4000 points, and sector rotation may speed up. Short - term index trends require caution, and long positions in stock index futures should focus on the CSI 300 Index [3] Trading Strategies - Stock index futures directional trading: Due to market caution and the need for the Shanghai Composite Index to consolidate around 4000 points, short - term index trends need careful consideration. Long positions in stock index futures should mainly be on the CSI 300 Index [3] - Stock index option trading: Wait and see as the Shanghai Composite Index needs to consolidate around 4000 points [3]

更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2025 年 10 月 29 日星期三 研究员： 纪晓云 从业资格： F3066027 交易咨询资格：Z0011402 联系方式：010-56711796 | | | | | | | 铁矿: 【行情复盘】 周二铁矿收涨。夜盘继续收涨。 | | --- | --- | --- | --- | | | | | 【重要资讯】 | | | | | 1、上周（10 月 20 日-10 月 26 日），10 个重点城市新建商品房成交（签约）面积 | | | | | 总计 169.26 万平方米，环比增长 3.3%，同比下降 25.2%。 | | | | | 2、从水利部规划计划司获悉，今年以来，水利部坚持稳中求进工作总基调，统筹 | | | | | 推进"硬投资"与"软建设"，加快推动水利基础设施建设。前三季度，全国水利 | | | | | 建设完成投资 8797.9 亿元。 | | | | | 3、据产业在线最新发布的三大白电排产报告显示，2025 年 11 月空冰洗排产合计总 | | 黑色建材 | 铁矿 | 震 荡 偏 | ...

Report Summary 1. Report Industry Investment Rating - The investment rating for the bond market is “Oscillation” [3] 2. Report's Core View - After the short - term digestion of news, Treasury bond futures may continue the seesaw effect with stocks and be volatile in the short - term. Traders are advised to conduct band trading [3][4] 3. Summary by Related Catalogs Market Review - On Tuesday, the main contracts of Treasury bond futures opened higher and moved sideways after the morning session. By the close, the 30 - year Treasury bond futures main contract TL2512 rose 0.55%, the 10 - year T2512 rose 0.25%, the 5 - year TF2512 rose 0.15%, and the 2 - year TS2512 rose 0.08% [3] Important Information - Open market: On Tuesday, the central bank conducted 457.3 billion yuan of 7 - day reverse repurchase operations, with 159.5 billion yuan of reverse repurchases maturing on the same day, resulting in a net investment of 315.8 billion yuan [3] - Money market: On Tuesday, the overnight interest rate in the inter - bank money market increased compared to the previous trading day. The weighted average of DR001 for the whole day was 1.47% (1.45% the previous day), and the weighted average of DR007 was 1.56% (1.58% the previous day) [3] - Cash bond market: On Tuesday, the closing yields of inter - bank Treasury bonds decreased compared to the previous trading day. The yield of 2 - year Treasury bonds decreased 4.06 BP to 1.44%, the 5 - year decreased 3.30 BP to 1.57%, the 10 - year decreased 2.44 BP to 1.82%, and the 30 - year decreased 3.31 BP to 2.17% [3] - On the 28th, the central bank website released the State Council's report on the financial work situation, stating that in the next step, it will implement a moderately loose monetary policy, maintain ample liquidity, and promote a decline in the comprehensive social financing cost [3] Market Logic - Over the weekend, China and the US reached a basic consensus on arrangements to address each other's concerns in economic and trade consultations in Malaysia. On Tuesday, the Wind All - A Index opened slightly lower, fluctuated sideways throughout the day, and closed with a doji. The trading volume was 2.17 trillion yuan, a slight decrease from 2.36 trillion yuan the previous day. Stimulated by the news of the central bank's restart of Treasury bond trading operations, Treasury bond futures opened sharply higher on Tuesday [3] Trading Strategy - After the short - term digestion of news, Treasury bond futures may continue the seesaw effect with stocks and be volatile in the short - term. Traders are advised to conduct band trading [3][4]

Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2025 年 10 月 29 日星期三 研究员：纪晓云 从业资格：F3066027 交易咨询资格：Z0011402 联系方式：010-56711796 | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 昨日焦煤主力合约 Jm2601 收于 1242.0，环比日盘开盘下跌 1.7%；焦炭主力合约 J2601 | | --- | --- | --- | --- | | | | | 收于 1747.5，环比日盘开盘下跌 1.80%。昨日夜盘，Jm2601 收于 1253.5，环比日盘收 盘上涨 0.93%；J2601 合约收于 1763.0，环比日盘收盘上涨 0.89%。 【重要资讯】 | | | | | 1、10 月 28 日，中共中央关于制定国民经济和社会发展第十五个五年规划的建议发布。 | | | | | 有关钢铁行业高质量发展方面，明确了发展方向与机遇。 | | | | | 2、11 月制造业用钢行业分化明显。钢结构企业原料库存月环比降 0.66% ...

格林大华期货研究院 证监许可【2011】1288 号 2025 年 10 月 29 日星期三 研究员： 王子健 从业资格：F03087965 交易咨询资格：Z0019551 本报告中的信息均源于公开资料，格林大华期货研究院对信息的准确性及完备性不作任何保 证，也不保证所包含的信息和建议不会发生任何变更。我们力求报告内容的客观、公正，但 文中的观点、结论和建议仅供参考，报告中的信息和意见并不构成所述期货合约的买卖出价 和征价，投资者据此作出的任何投资决策与本公司和作者无关，格林大华期货有限公司不承 担因根据本报告操作而导致的损失，敬请投资者注意可能存在的交易风险。本报告版权仅为 任何机构和个人不得以任何形式翻版 如引用、转载、刊发，须注明出处为格林大华期货有限公司。 | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 | | --- | --- | --- | --- | | | | | 郑棉总成交 177346 手，持仓 908903 手。结算价 1 月 13565 元/吨，5 月 13580 元 /吨，9 月 13730 元/吨。 ICE12 月合约结算价 65.05 涨 49 点，3 月 66. ...

Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 重要事项: 本报告中的信息均源于公开资料，格林大华期货研究院对信息的准确性及完备性不作任何保 证，也不保证所包含的信息和建议不会发生任何变更。我们力求报告内容的客观、公正，但 文中的观点、结论和建议仅供参考，报告中的信息和意见并不构成所述期货合约的买卖出价 和征价，投资者据此作出的任何投资决策与本公司和作者无关，格林大华期货有限公司不承 担因根据本报告操作而导致的损失，敬请投资者注意可能存在的交易风险。本报告版权仅为 任何机构和个人不得以任何形式翻版 | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 | | --- | --- | --- | --- | | | | | 10 月 28 日，棕榈油拖累，植物油整体走弱。 豆油主力合约 Y2601 合约报收于 8182 元/吨，按收盘价日环比下跌 0.63%，日增仓 | | | | | 11003 手； | | | | | 豆油次主力合约 Y2605 合约报收于 8002 元/吨，按收盘价日环比下跌 0.82%，日增 | | | | | 仓 7281 手; ...

Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Core Viewpoints - Betting on AI is still correct as the current AI boom's spread speed, low leverage, and valuation levels are fundamentally different from historical bubbles, with a two - thirds probability of a prosperous scenario and long - term strong fundamentals [1][2] - Chinese stocks are expected to have a more sustained upward trend, and the structural migration of Chinese capital to stocks may have begun [2] - The global economy is entering the top region due to the U.S.'s continuous wrong policies [2] Summary by Related Information AI - related - Analysts expect large tech companies' total capital expenditure to grow 24% to nearly $550 billion next year as they are competing to build AI super - computing centers [1] - Qualcomm is entering the AI data center market with new chip products to challenge Nvidia's dominance, offering up to 768GB memory and focusing on energy efficiency and AI reasoning [1] - AI has driven the South Korean Kospi index to soar over 66% this year, with strong demand for chip giants like Samsung and SK Hynix and government reform measures attracting foreign capital [1] - DeepSeek has launched a revolutionary OCR model to solve the computing power problem of AI in processing long documents [2] - The huge demand for energy by AI and the current global power supply have a large gap that may not be filled in our lifetime [2] Company - specific - Amazon plans to cut up to 30,000 employees, about 10% of its white - collar workforce, to cut costs and focus on AI [1] - Samsung Electronics will offer a 30% price cut on 12 - layer HBM3E to gain market share due to slow product yield improvement [1] - German industry is facing an outflow crisis, with over 200 billion euros of annual investment flowing overseas in the past five years and 70% of energy - intensive enterprises transferring production capacity [1] Payment - related - U.S. stablecoin payment volume soared, with the August transaction volume exceeding $10 billion, and corporate transfers accounting for nearly two - thirds. The annual payment scale is expected to reach $122 billion [1][2]

Report Industry Investment Rating - No information provided Core Viewpoints - Since October, continuous rainy weather in major apple - producing areas has led to concerns about the quality and yield of early - ripe Fuji apples, causing a unilateral upward trend in apple futures prices, with the main contract breaking through the 9,000 yuan/ton mark [1]. - New - season apple production is estimated to be 34.23 million tons, a year - on - year decrease of 8.34%, and market concerns about the quality of stored apples are rising [1]. - Considering the general domestic consumption performance, the 01 contract is expected to face pressure above 9,000 yuan/ton, and later attention should be paid to changes in purchase prices and storage conditions [1]. Summary by Relevant Content Market Situation - Apple futures prices have been rising unilaterally due to bad weather in major producing areas, and the main contract has broken through 9,000 yuan/ton [1]. Production - New - season apple production is estimated to be 34.23 million tons, an 8.34% year - on - year decrease [1]. Regional Market Conditions - In the western产区, the transaction is nearly over, and the storage market is stable. In the Gansu产区, it operates smoothly, and fruit farmers are storing apples in an orderly manner. In the Shaanxi产区, the trading of high - quality and general - grade apples is basically over, with prices showing a strong trend, but the price of inferior fruits is chaotic [1]. - In Shandong, trading volume has increased, with high enthusiasm from buyers and storage operators, but the overall quality is slightly poor, and it is difficult to acquire high - quality goods, with prices remaining stable and slightly strong [1]. Price Details - In the Luochuan, Shaanxi产区, the price of semi - commercial late - Fuji apples over 70 is 3.8 - 4.5 yuan/jin, general - grade apples over 70 are 3.4 - 3.8 yuan/jin, and the mainstream order price is 3.5 - 3.8 yuan/jin [1]. - In the Jingning, Gansu产区, the price of commercial apples over 70 is 5 - 6 yuan/jin, the mainstream price is 5 - 5.5 yuan/jin, general - grade apples over 70 are about 4.5 yuan/jin, and the price of damaged apples is 3.5 - 4.5 yuan/jin [1]. - In the Qixia, Shandong产区, the price of second - grade strip - red late - Fuji apples over 80 is about 3.50 yuan/jin, second - grade striped apples over 80 are about 4.00 yuan/jin, general - grade apples over 80 are about 2.80 yuan/jin, and third - grade apples over 80 are about 2.00 yuan/jin [1].