中国期货每日简报-20251028

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - On October 27, both equity indices and CGB futures rose; slightly more commodity futures rose, with metals performing strongly [2][4][11][14]. - China and the US reached a framework trade agreement during the consultations in Malaysia [1][3]. 3. Summary by Directory 3.1 China Futures 3.1.1 Overview - On October 27, equity indices and CGB futures rose, and more commodities rose, with metals performing strongly [11][14]. - The top three gainers in China's commodity futures were poly - silicon, egg, and lithium carbonate, while the top three decliners were Chinese jujube, log, and SCFIS(Europe) [12][13][14]. - In China's financial futures, equity indices rose (IC increased by 1.8%), and CGB futures rose (TL increased by 0.3%) [14]. 3.1.2 Daily Raise - Poly - Silicon: On October 27, it increased by 3.8% to 54,500 yuan/ton. The anti - involution policy boosted the price, but the current supply - demand situation is poor, and prices may fluctuate sharply. Supply is expected to shrink in November, and demand in the fourth quarter may weaken [19][20][22]. - Lithium Carbonate: On October 27, it increased by 2.5% to 81,900 yuan/ton. Short - term supply - demand is in a tight balance, with forward - looking surplus and immediate supply gap, leading to wide price fluctuations. Supply is increasing slightly, demand is strong, social inventory is decreasing, and warehouse receipts have decreased significantly [27][28][31]. - Copper: On October 27, it increased by 1.7% to 88,370 yuan/ton. Supply constraints remain, and supply disruption factors are increasing. Macroeconomic expectations have improved, and prices are expected to fluctuate with a bullish bias. Supply is disrupted, and demand is in the peak season but inventory destocking is slow [35][37][39]. 3.2 China News 3.2.1 Macro News - The two sides of China and the US agreed to further finalize specific details of the trade agreement and complete their respective domestic approval procedures [42][45]. - Premier Li Qiang attended the 28th ASEAN Plus Three Summit, met with the President of the European Council António Costa and Australian Prime Minister Anthony Albanese, expressing China's willingness to strengthen cooperation and development [42][45][46]. 3.2.2 Industry News - The Work Plan for Optimizing the Qualified Foreign Investor System was officially launched on October 27, including measures to optimize access management, improve investment operation efficiency, and expand the scope of investment [47][48]. - The CSRC will launch the shelf offering system for refinancing at an appropriate time and urge listed companies to improve governance and reward shareholders [47][48]. - The PBOC will resume open market treasury bond trading operations as the bond market operates well on the whole [48][49].