Wu Kuang Qi Huo·2025-10-29 02:38Report Industry Investment Ratings No relevant content provided. Core Views of the Report - In the stock index market, recent Sino-US economic and trade talks have had a positive outcome. Technology remains the main market trend, and the policy supports the capital market. The medium - to - long - term strategy is to go long on dips [2][4]. - In the bond market, the central bank's restart of bond trading is positive for the bond market in the short term. In the fourth quarter, the bond market is affected by fundamentals, fund fee regulations, and institutional allocation. It is expected to oscillate and recover [7]. - In the precious metals market, the decline in precious metal prices is a "correction in the upward trend." It is recommended to maintain a long - term view and allocate long positions on dips [9]. - In the non - ferrous metals market, most non - ferrous metals are expected to oscillate strongly due to factors such as supply disruptions and positive market sentiment [12][14][17][19]. - In the black building materials market, the long - term upward logic of steel prices remains intact, but the short - term demand is weak. For black building materials, it is recommended to look for opportunities to rebound on dips [35][46]. - In the energy and chemical market, different products have different trends. For example, rubber is recommended to be temporarily observed, and oil is recommended to be low - bought and high - sold in a range [56][58]. - In the agricultural products market, different agricultural products have different trends. For example, the short - term pig price may rebound, but the medium - term is still under pressure [81]. Summary by Related Catalogs Macro - financial Category Stock Index - Market Information: The 14th Five - Year Plan proposes measures for key technology research, strategic investment plans in the US and Japan are announced, and some companies have good profit growth [2]. - Strategy: Pay attention to the Sino - US leaders' meeting at the end of the month. The technology sector is the main trend, and the medium - to - long - term strategy is to go long on dips [4]. Treasury Bonds - Market Information: Treasury bond futures prices change, the 14th Five - Year Plan focuses on boosting consumption, the Fed's interest - rate meeting is held, and the central bank conducts reverse repurchase operations [5][6]. - Strategy: The central bank's operation is positive for the bond market in the short term. The bond market is expected to oscillate and recover in the fourth quarter [7]. Precious Metals - Market Information: Gold and silver prices fluctuate, the Fed's interest - rate meeting is approaching, and there are discussions about gold reserves in the Philippines and South Korea [8][9]. - Strategy: The decline in precious metal prices is a correction. It is recommended to allocate long positions on dips [9]. Non - ferrous Metals Category Copper - Market Information: Copper prices first decline and then rise, LME and domestic inventories change, and the downstream procurement sentiment improves slightly [11]. - Strategy: Due to the expected interest - rate cut and tight supply, copper prices are expected to oscillate strongly [12]. Aluminum - Market Information: Aluminum prices rise, inventory and trading volume change, and the downstream procurement willingness is weak [13]. - Strategy: Supply disruptions and positive market sentiment are expected to drive aluminum prices to oscillate strongly [14]. Zinc - Market Information: Zinc prices decline slightly, inventory and basis change [15][16]. - Strategy: Due to factors such as inventory accumulation and structural risks, zinc prices are expected to oscillate strongly in the short term [17]. Lead - Market Information: Lead prices decline, inventory and basis change [18]. - Strategy: Due to factors such as inventory reduction and positive market sentiment, lead prices are expected to run strongly in the short term [19]. Nickel - Market Information: Nickel prices decline sharply, and the cost and supply - demand situation of nickel - related products change [20]. - Strategy: Short - term observation is recommended. If the price drops enough, long positions can be considered [22]. Tin - Market Information: Tin prices decline, inventory and supply - demand situation change [23]. - Strategy: Tin prices are expected to maintain high - level oscillations in the short term. It is recommended to observe [23]. Carbonate Lithium - Market Information: Carbonate lithium prices change, and the futures price declines slightly [24]. - Strategy: After continuous rises, the price is under pressure. Pay attention to supply elasticity and hedging pressure [25]. Alumina - Market Information: Alumina prices decline, inventory and basis change [26]. - Strategy: It is recommended to observe in the short term, paying attention to supply - side policies and the Fed's monetary policy [28]. Stainless Steel - Market Information: Stainless steel prices decline, inventory and raw material prices change [29]. - Strategy: It is recommended to observe due to weak demand and falling raw material prices [30]. Cast Aluminum Alloy - Market Information: Cast aluminum alloy prices decline, inventory and trading volume change [31]. - Strategy: Positive factors such as cost support and supply tightening are expected to support prices [32]. Black Building Materials Category Steel - Market Information: Steel prices change, and inventory and trading volume change [34]. - Strategy: The long - term upward logic of steel prices remains, but the short - term demand is weak. Pay attention to Sino - US talks [35]. Iron Ore - Market Information: Iron ore prices rise, and inventory and basis change [36]. - Strategy: The demand for iron ore weakens, and the price is under pressure. It is expected to oscillate [37][38]. Glass and Soda Ash - Market Information: Glass and soda ash prices change, and inventory and trading volume change [39][41]. - Strategy: Glass prices are expected to oscillate widely, and soda ash prices are expected to consolidate narrowly [40][41]. Manganese Silicon and Ferrosilicon - Market Information: Manganese silicon and ferrosilicon prices change, and the market is in an oscillating range [42]. - Strategy: They are likely to follow the black market. Pay attention to potential supply constraints [44][46]. Industrial Silicon and Polysilicon - Market Information: Industrial silicon and polysilicon prices change, and inventory and supply - demand situation change [47][49]. - Strategy: Industrial silicon is expected to oscillate in the short term, and polysilicon's supply - demand pattern may improve [48][50]. Energy and Chemical Category Rubber - Market Information: Rubber prices oscillate, and there are different views on supply and demand [52][53]. - Strategy: It is recommended to close short - term long positions and observe. Partial hedging positions can be established [56]. Crude Oil - Market Information: Crude oil and refined oil prices rise, and inventory changes [57]. - Strategy: It is recommended to observe in the short term and test OPEC's export - price support willingness [58]. Methanol - Market Information: Methanol prices change, and inventory and basis change [59]. - Strategy: It is recommended to observe due to factors such as slow import unloading and high inventory [60]. Urea - Market Information: Urea prices change, and inventory and basis change [61]. - Strategy: It is recommended to observe or consider long positions at low prices due to slow inventory accumulation and potential demand [63]. Pure Benzene and Styrene - Market Information: Pure benzene and styrene prices decline, and inventory and basis change [64]. - Strategy: Benzene prices may stop falling due to factors such as cost and inventory [65]. PVC - Market Information: PVC prices decline, and inventory and supply - demand situation change [66]. - Strategy: It is recommended to short on rallies due to over - supply and weak demand [68]. Ethylene Glycol - Market Information: Ethylene glycol prices decline, and inventory and supply - demand situation change [69]. - Strategy: It is recommended to short on rallies due to expected inventory accumulation [70]. PTA - Market Information: PTA prices change, and inventory and supply - demand situation change [71]. - Strategy: Pay attention to potential production - cut signals and their impact on processing fees and prices [72]. p - Xylene - Market Information: p - Xylene prices decline, and inventory and supply - demand situation change [73]. - Strategy: It mainly follows the oil price and is affected by PTA's production - cut expectations [74]. Polyethylene (PE) - Market Information: PE prices decline, and inventory and demand change [75]. - Strategy: It is expected to maintain low - level oscillations due to factors such as high inventory and cost support [76]. Polypropylene (PP) - Market Information: PP prices decline, and inventory and demand change [77]. - Strategy: Under the background of weak supply and demand, the price is under pressure due to high inventory [78]. Agricultural Products Category Live Pigs - Market Information: Pig prices rise, and there are differences in price trends in different regions [80]. - Strategy: Short - term rebound, medium - term short positions can be established on rallies [81]. Eggs - Market Information: Egg prices are mostly stable, and the market supply and demand are balanced [82]. - Strategy: It is recommended to observe as the spot price has limited upward space [83]. Soybean and Rapeseed Meal - Market Information: CBOT soybean prices rise, and domestic soybean and meal inventories are high [84][85]. - Strategy: It is recommended to short on rallies due to high inventory and loose supply [86]. Oils and Fats - Market Information: Oil prices decline, and palm oil production and export data change [87]. - Strategy: It is recommended to observe and wait for clear production signals [88]. Sugar - Market Information: Sugar prices rebound, and import control policies change [89][90]. - Strategy: It is recommended to short after the rebound weakens due to factors such as supply and import profit [91]. Cotton - Market Information: Cotton prices oscillate, and the downstream demand is weak [92]. - Strategy: The upward space of cotton prices is limited due to weak fundamentals [93].