首席点评：坚持扩大内需，着力推动市场更具韧性

Report Industry Investment Rating - Some varieties have investment ratings, with corn, cotton, and others being "Bearish", while股指 (IM), 股指 (IC), etc. are "Bullish" [5] Core Viewpoints - The Chinese government adheres to expanding domestic demand and promoting a more resilient market. The 15th Five - Year Plan focuses on technological self - reliance, and the technology sector is a long - term investment direction. The domestic liquidity environment is expected to remain loose, and external funds may flow into the domestic market. Some commodities have specific supply - demand situations and price trends [1][2] Summary by Section 1. Current Economic Situation and Policies - China's October economic data shows that the added value of industrial enterprises above designated size increased by 4.9% year - on - year, social consumer goods retail increased by 2.9% year - on - year, and from January to October, fixed - asset investment decreased by 1.7% year - on - year, and real estate development investment decreased by 14.7% year - on - year. The government is promoting consumption policies and implementing an active fiscal policy [1] 2. Key Varieties Analysis Financial - Stock Index: The US three major indices showed mixed trends. The domestic liquidity environment is expected to be loose, and the stock market is expected to maintain a long - term slow - bull trend. The 15th Five - Year Plan focuses on technological self - reliance [2][11] - Treasury Bonds: Treasury bonds showed mixed trends. The central bank implements a moderately loose monetary policy, and the market funds are relatively loose. However, due to the weakening of economic data and the return of US bond yields, the short - term bond price has declined, but the current economic situation still provides some support for short - term treasury bond futures [12] Energy and Chemicals - Crude Oil: SC night trading rose 1.38%. An attack on a port in Ukraine led to a suspension of oil exports, but the overall downward trend is hard to change as US oil demand is lower than last year and the number of drilling rigs is decreasing [3][14] - Methanol: Methanol night trading fell 2.21%. Coastal inventories are accumulating, and the short - term trend is weak [15] - Rubber: Supply pressure may increase as the rubber - tapping season progresses, but bad weather in producing areas may support prices. The short - term trend is expected to continue to rebound [16] - Polyolefins: Polyolefin futures rebounded slightly. Downstream demand is stable, but there are concerns about the January contract. After the release of short - selling pressure, it may stabilize [17] - Glass and Soda Ash: Glass and soda ash futures rebounded. Both are in the process of inventory digestion, and the market is cautious [18] Metals - Copper: Copper prices fell at night. The supply of concentrates is tight, but smelting output is growing. An Indonesian mine accident may lead to a supply - demand gap, supporting copper prices in the long term [20] - Zinc: Zinc prices rose at night. The supply of concentrates is temporarily tight, and zinc prices may fluctuate in a range. Domestic zinc prices may be weaker than foreign ones [21] Black Metals - Coking Coal and Coke: The coking coal and coke market showed a strong trend at night. Steel production and inventory data have changed, and the short - term market is expected to fluctuate [22] Agricultural Products - Protein Meal: The soybean meal market was strongly volatile at night. The USDA report reduced the US soybean yield and inventory, but the market fell due to insufficient bullish factors. Domestic soybean meal is expected to fluctuate in the short term [3][23] - Oils and Fats: Bean and rapeseed oils showed different trends. The Malaysian palm oil inventory increased, but the rapeseed oil market was boosted by supply concerns and a bio - fuel plan, leading to a short - term strong and volatile market [24] - Sugar: The international sugar market is in the inventory - building stage, and the sugar price is expected to decline. The domestic sugar market follows the international trend but may be supported by the new - season cost [25][26] - Cotton: The cotton market is weak. As the cotton - picking season in Xinjiang nears the end, the supply pressure may lead to a downward price trend [27] Shipping Index - Container Shipping to Europe: The container shipping to Europe market fell 1.16%. The SCFI European line price increased slightly, but the market is weak, and the year - end peak - season price increase is not as expected [28] 3. Daily News International News - The US Treasury Secretary said that the US President Trump's plan to distribute a $2000 "dividend" tariff subsidy to US citizens needs congressional approval [6] Domestic News - From January to October, the national second - hand housing transaction net - signing area increased by 4.7% year - on - year, and the proportion of second - hand housing in the total transaction volume reached 45% [7] Industry News - From January to October, the national railway passenger volume reached 3.95 billion, a 6.4% year - on - year increase, setting a record high [8] 4. Foreign Market Daily Returns - The S&P 500 decreased by 0.05%, the European STOXX50 decreased by 0.90%, the FTSE China A50 futures decreased by 1.33%, the US dollar index increased by 0.11%, ICE Brent crude oil increased by 1.87%, and other foreign market varieties also had corresponding price changes [10]