承前启后，迎接“十五五”：申万期货早间评论-20251020

Group 1 - The core viewpoint of the article emphasizes the upcoming Fourth Plenary Session of the 20th Central Committee of the Communist Party of China, which is expected to focus on accelerating the construction of a modern industrial system and enhancing social security [1] - The article highlights the anticipated release of the "15th Five-Year Plan" recommendations and the potential for GDP growth targets to be set during the session [1] - It notes that macroeconomic indicators such as exports have exceeded market expectations, with CPI and PPI continuing to rise [1] Group 2 - In the stock index section, it is reported that the US stock indices have risen, with a significant market turnover of 1.95 trillion yuan [2][11] - The financing balance increased by 7.591 billion yuan to 24.40138 trillion yuan, indicating a potential shift in market direction [2][11] - The article suggests that the domestic liquidity environment is likely to remain loose, with expectations for increased allocation to equity assets by residents [2][11] Group 3 - The precious metals section indicates that gold and silver prices are strengthening due to rising geopolitical tensions and increased central bank purchases of gold [3][19] - The article mentions that the global distrust in the current financial system is driving demand for gold as a safe-haven asset [3][19] - It warns of potential adjustments and increased volatility following rapid price increases in gold [3][19] Group 4 - In the oil and fats section, it is noted that Malaysian palm oil production is expected to increase by 6.86% month-on-month, while exports have risen by 12.3% [2][28] - The article highlights that the ongoing US-China trade tensions may create uncertainties that could pressure the short-term oil and fats market [2][28] Group 5 - The article discusses the international news regarding the US government's easing of certain tariff policies, which may impact trade dynamics [6] - It also covers domestic news about the signing of a memorandum of understanding between Chinese shipping associations and international shipping organizations, indicating a deepening cooperation in the shipping industry [7]