1. Report Industry Investment Rating - The report gives a "neutral" rating to the black building materials industry, with the overall outlook being "sideways" [2][3] 2. Core Viewpoints of the Report - The fundamentals of the black building materials sector were generally stable yesterday, but steel and iron ore prices on the futures market continued to face pressure, dragging down coal and coke products. As the traditional off - season approaches, the actual demand for steel is unlikely to improve significantly. With the approaching of the blast furnace maintenance season for steel enterprises, there are still expectations of negative feedback in the industrial chain. However, in late October, the expectation of positive news from domestic and foreign macro - level meetings has increased, and short - term sector varieties are expected to remain volatile. Attention can be paid to the rebound opportunities under the background of policy introduction [2][3] 3. Summary by Category 3.1 Iron Element - Iron ore: The fundamentals of iron ore have slightly weakened at the margin, but the overall pressure is not prominent. With the still - existing macro - level expectation disturbances, a slight recovery in steel demand, and uncertainties in Sino - US trade relations, the short - term price of iron ore is expected to fluctuate within a range. - Scrap steel: The contradictions in the scrap steel market are not prominent. With the current pressure on finished steel prices and poor EAF profits, the short - term price of scrap steel is expected to follow the trend of finished steel [2] 3.2 Carbon Element - Coke: In the short term, the supply and demand of coke are tight. With the deterioration of coking profits, the second - round price increase has been initiated. However, steel mills' profits are also poor, and the game between coking plants and steel mills continues. Whether the price increase can be implemented remains to be seen. The price of coke is expected to fluctuate. - Coking coal: Under the background of "anti - involution" and over - production inspections, the release of supply - side production capacity is restricted. The demand side still has rigid demand support from short - term coke production. With low inventories upstream, the fundamentals are relatively healthy. The price of coking coal is expected to fluctuate [2] 3.3 Alloys - Manganese silicon: Cost, high steel production, and macro - policy expectations support the price of manganese silicon, but the market's supply - demand expectation is pessimistic, and the medium - to - long - term price center may still decline. - Ferrosilicon: Ferrosilicon is also supported by high finished steel production, policy expectations, and cost. However, the supply - demand relationship is becoming looser, and the price still faces downward pressure in the later stage [2] 3.4 Glass and Soda Ash - Glass: The spot sales of glass are weak. After the synchronous decline of the spot and futures markets, the short - term price fluctuates weakly. Currently, the middle - stream has not significantly reduced inventory, and there is little chance of a short - term rebound. In the long - term, market - based capacity reduction is still needed. If the market refocuses on fundamentals, the price may continue to decline. - Soda ash: The pattern of over - supply in the soda ash market remains unchanged. It is expected to fluctuate widely following macro - level changes in the future, and the long - term price center will still decline to promote capacity reduction [3] 3.5 Specific Product Analysis - Steel: The recovery of post - holiday demand is limited, and steel inventories are at a moderately high level. Fundamental contradictions still exist, and the upper limit of the futures price is suppressed. With important domestic meetings this week, attention should be paid to policy - related disturbances. The short - term futures price is expected to fluctuate at a low level [7] - Iron ore: The short - term price is expected to fluctuate due to marginal weakening of fundamentals, macro - level disturbances, and uncertainties in Sino - US trade relations [7] - Scrap steel: With its own fundamentals having no prominent contradictions, the short - term price is expected to follow the trend of finished steel due to pressure on finished steel prices and poor EAF profits [9] - Coke: In the short term, the supply and demand of coke remain tight. With the continuous deterioration of coking profits, the second - round price increase has been initiated, but it still needs time to be implemented. The price is expected to fluctuate [11] - Coking coal: With supply still restricted and good auction results, the price is expected to fluctuate [10][11] - Glass: The spot sales are weak, and the short - term price fluctuates weakly. There is little chance of a short - term rebound. In the long - term, it is expected to decline if the market focuses on fundamentals [12] - Soda ash: The over - supply pattern remains unchanged. It is expected to fluctuate widely following macro - level changes, and the long - term price center will decline [14] - Manganese silicon: Cost, high steel production, and macro - policy expectations support the price, but the market's supply - demand expectation is pessimistic, and the price center may decline [14][15] - Ferrosilicon: Although supported by high finished steel production, policy expectations, and cost, the supply - demand relationship is becoming looser, and the price still faces downward pressure [16] 3.6 Index Information - Comprehensive Index: The commodity index was 2239.21, up 0.35%; the commodity 20 index was 2544.06, up 0.41%; the industrial products index was 2185.29, up 0.06%; the PPI commodity index was 1323.60, up 0.10%. - Plate Index: The steel industry chain index on October 21, 2025, was 1968.47, with a daily decline of 0.39%, a 5 - day increase of 0.42%, a 1 - month decline of 2.87%, and a decline of 6.63% since the beginning of the year [102][103]

Group 1 - The core viewpoint is that the bond market is experiencing a recovery due to increased risk aversion amid escalating trade tensions, with expectations of policy support and a shift in sentiment following changes in fund redemption rules [1][2] - The 30-year government bond yield has decreased by over 8 basis points, with yields for 30-year and 10-year bonds recorded at 2.0680% and 1.7475% respectively, indicating a positive response in the bond market [1] - The macroeconomic environment remains challenging, with GDP growth slowing to 4.8% and pressures on both investment and consumption sectors, highlighting the need for further policy intervention [4][5] Group 2 - The U.S.-China trade relationship is a critical variable influencing bond market trends, with the likelihood of extreme tariff measures being low, suggesting a potential for negotiation rather than escalation [2] - The third quarter has shown a significant decline in investment growth, particularly in real estate and infrastructure, reflecting ongoing domestic demand issues [4] - The upcoming meetings, including the 20th National Congress, are expected to impact market risk appetite and may lead to more proactive counter-cyclical policies, which could affect bond market sentiment [5][7]

Group 1 - The article highlights Trump's bold claims regarding the upcoming US-China trade negotiations, suggesting he believes he will "win" despite the lack of substantive discussions [1] - Trump asserts that China is currently paying tariffs as high as 55%, which could rise to 155% if negotiations fail, indicating a precarious position for the US in trade talks [1][3] - The article points out that Trump's reliance on tariffs as a negotiation tool may be outdated, as global economic dynamics are shifting [1][3] Group 2 - The article raises concerns about the optimism surrounding Trump's potential visit to China, noting the ongoing pressure on Chinese companies from the US and the fragile state of US-China relations [3] - It emphasizes that the use of tariffs could destabilize global trade and negatively impact American companies, particularly those reliant on the Chinese market, such as Boeing [3][5] - The historical context suggests that mere rhetoric and confidence cannot replace necessary policy adjustments in significant national negotiations [5] Group 3 - The article argues that the US-China trade relationship transcends economic issues, becoming a geopolitical contest, and that tariffs alone cannot address the complexities of international relations [5][7] - It stresses the importance of genuine diplomatic strategies and cooperation with major economies to avoid the pitfalls of a trade war [5][7] - The future of US-China relations will depend on both parties finding a way to navigate their differences and the US demonstrating real commitment to fair trade practices [5][7]

Report Summary 1) Report Industry Investment Rating - No investment rating information is provided in the report [1][2] 2) Core Views of the Report - **Overall View** - The rapeseed meal market is in a situation of weak supply and demand, with the overall trend remaining bearish. The rapeseed oil market will continue the de - stocking mode, but its demand is mainly for rigid needs, and it has recently adjusted at high levels, suggesting short - term observation [2] - **Rapeseed Meal View** - Internationally, the harvest of Canadian rapeseed is nearly complete, and the bumper harvest has put pressure on prices. The US soybean harvest is progressing actively, and the expected bumper harvest restricts prices. Although the US soybean crushing volume has increased significantly, the export pressure remains due to the lack of progress in Sino - US trade relations. - Domestically, the import of Canadian rapeseed in the fourth quarter is still restricted, resulting in less supply - side pressure. However, the demand for rapeseed meal is decreasing as the temperature drops and the aquaculture demand weakens. Additionally, the abundant supply of soybeans and the good substitution advantage of soybean meal weaken the demand for rapeseed meal [2] - **Rapeseed Oil View** - Internationally, the Indonesian government plans to increase biodiesel to B50 in the second half of next year, and the US biodiesel blending volume increased in September, which is beneficial to the international oil market. - Domestically, the preliminary ruling on the anti - dumping policy for Canadian rapeseed has been announced. The supply of imported rapeseed will be structurally tightened in the fourth quarter, and rapeseed oil will continue to be in the de - stocking mode. However, the abundant supply and good substitution advantage of soybean oil limit the demand for rapeseed oil [2] 3) Summary by Relevant Catalogs Futures Market - **Rapeseed Meal**: The futures closing price of the active contract decreased by 54 yuan/ton, the monthly spread (1 - 5) decreased by 12 yuan/ton, the main contract position decreased by 9161 hands, the net long position of the top 20 futures decreased by 3453 hands, and the number of warehouse receipts decreased by 50 sheets [2] - **Rapeseed Oil**: The futures closing price of the active contract decreased by 29 yuan/ton, the monthly spread (1 - 5) decreased by 27 yuan/ton, the main contract position increased by 13879 hands, the net long position of the top 20 futures decreased by 12187 hands, and the number of warehouse receipts remained unchanged at 7540 sheets [2] - **Rapeseed**: The futures closing price of the active contract decreased by 1 yuan/ton, and the closing price of ICE rapeseed increased by 51 Canadian dollars/ton [2] Spot Market - **Rapeseed Meal**: The spot price in Nantong decreased by 30 yuan/ton, the basis of the main contract increased by 24 yuan/ton, and the spot price difference with soybean meal remained unchanged [2] - **Rapeseed Oil**: The spot price in Jiangsu decreased by 20 yuan/ton, the average price decreased by 20.36 yuan/ton, the basis of the main contract increased by 9 yuan/ton, the spot price difference with soybean oil remained unchanged, and the spot price difference with palm oil decreased by 100 yuan/ton [2] - **Rapeseed**: The import cost price decreased by 30 yuan/ton, and the spot price in Yancheng, Jiangsu increased by 0.02 yuan/ton [2] Upstream Situation - The annual predicted output of rapeseed increased by 1.38 thousand tons, and the global predicted output of rapeseed increased by 1068 thousand tons. The import volume of rapeseed decreased by 26 thousand tons, the import volume of rapeseed oil and mustard oil decreased by 8.72 thousand tons, and the import volume of rapeseed meal decreased by 0.8 thousand tons [2] Industry Situation - **Rapeseed Meal**: The import rapeseed crushing profit decreased by 13.13 yuan/ton, the weekly opening rate of imported rapeseed remained at 0%, the coastal inventory decreased by 0.8 thousand tons, the East China inventory decreased by 1 thousand tons, and the South China inventory increased by 0.1 thousand tons. The weekly delivery volume increased by 1.41 thousand tons [2] - **Rapeseed Oil**: The total inventory of rapeseed in oil mills decreased by 0.53 thousand tons, the coastal inventory decreased by 0.37 thousand tons, the East China inventory decreased by 0.7 thousand tons, and the Guangxi inventory decreased by 0.4 thousand tons. The weekly delivery volume decreased by 0.12 thousand tons [2] Downstream Situation - The monthly value of catering revenue in social consumer goods retail reached 99.9 billion yuan. The monthly output of feed was 2927.2 thousand tons, and the monthly output of edible vegetable oil was 450.6 thousand tons [2] Option Market - For rapeseed meal, the implied volatility of at - the - money put options increased by 0.13%, the implied volatility of at - the - money call options remained unchanged at 21.35%, the 20 - day historical volatility increased by 0.05%, and the 60 - day historical volatility increased by 0.15% [2] - For rapeseed oil, the implied volatility of at - the - money put options decreased by 0.08%, the implied volatility of at - the - money call options remained unchanged at 13.84%, the 20 - day historical volatility increased by 0.05%, and the 60 - day historical volatility increased by 0.05% [2] Industry News - The most actively traded January rapeseed futures contract on the Intercontinental Exchange (ICE) closed down 0.30 Canadian dollars, with a settlement price of 630 Canadian dollars/ton. The harvest in the US Midwest is progressing actively, and the expected bumper harvest of US soybeans restricts prices. The export pressure of US soybeans remains, but the large increase in the crushing volume supports prices [2] Key Points to Watch - Monitor the rapeseed opening rate, the inventory of rapeseed oil and meal in various regions, and the trends of Sino - Canadian and Sino - US trade relations, especially the Sino - Canadian and Sino - US trade policies [2]

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views Macro - China's Q3 GDP growth slowed, with a year - on - year increase of 4.8%. The GDP deflator showed a marginal rebound. The production side remained resilient in September, while the demand side declined. Fiscal measures are expected to support the economy, and the key to economic recovery lies in the repair of domestic demand [1][2]. - The US government shutdown has led to a data vacuum, and the market's concerns about the economy have eased, but risks remain. The Fed is expected to cut interest rates by 25 basis points in October, but the actual impact may be limited due to market pre - pricing [2]. RMB Exchange Rate - Despite the US government shutdown and delayed economic data, the US dollar index has not fallen significantly. The People's Bank of China aims to maintain the RMB exchange rate at a reasonable and balanced level. The USD/RMB spot exchange rate is expected to remain stable within a reasonable range [3][4]. Stock Index - The stock market has been oscillating, and the trading volume has shrunk. The market is waiting for the outcome of Sino - US trade negotiations and policy signals from the Fourth Plenary Session of the 20th Central Committee [6][7]. Treasury Bonds - The bond market adjusted after a rebound last week. The slowdown in GDP growth, weak investment and consumption, and the downward trend in the real estate market support low - level interest rates. The Fourth Plenary Session of the 20th Central Committee is expected to influence the bond market [7]. Container Shipping (European Routes) - The spot index has rebounded, but the supply - demand fundamentals have not improved fundamentally. The futures market is expected to continue to oscillate in the short term [8][9][12]. Commodities Non - ferrous Metals - Copper: The price is facing a directional choice, and attention should be paid to Sino - US trade negotiations and interest rate cut expectations [14][16]. - Aluminum: The macro - environment is favorable, and the fundamentals are stable. The Shanghai aluminum price is expected to oscillate at a high level in the short term [17]. - Alumina: It is in an oversupply situation, and a bearish view is maintained before large - scale production cuts [18]. - Zinc: The market is oscillating, and attention should be paid to the opening of the export window and macro - driving factors [19]. - Nickel and Stainless Steel: They are following the market's oscillation. The fundamentals have not changed significantly, and attention should be paid to Sino - US tariffs and interest rate cut expectations [20]. - Tin: It is expected to be bullish in the long term, with a stable wave - like upward trend in the medium and short term [21][22]. - Industrial Silicon and Polysilicon: The price of industrial silicon may rise slightly in the future, and the impact of polysilicon production cuts needs to be observed [22][23]. - Lead: The price is expected to oscillate with a certain downward possibility [24]. Black Metals - Steel (Rebar and Hot - Rolled Coil): The demand has recovered slightly but is still lower than in previous years. The supply needs to be adjusted through production cuts. The price may rebound slightly but is likely to fall back later [26]. - Iron Ore: It is under pressure, with a "supply - strong, demand - weak" pattern. The price is expected to be affected by policy signals [27][28]. - Coking Coal and Coke: The coking coal market has support at the bottom but is restricted by the downstream steel market. A volatile trading strategy is recommended [29][30]. - Ferrosilicon and Ferromanganese: They have high inventories and weak downstream demand. The price is under pressure without significant stimulus policies [30][31]. Energy and Chemicals - Crude Oil: Geopolitical factors have weakened, and macro - factors are negative. The price is expected to decline in the medium and long term [33][34]. - LPG: It is oscillating, with the domestic fundamentals changing little [36][37]. - PTA - PX: The macro - expectation is not optimistic, and the price is expected to be weak. Attention should be paid to the Fourth Plenary Session and Sino - US trade negotiations [38][40]. - MEG - Bottle Chip: The valuation is under pressure, and the price is expected to oscillate at a low level. Attention should be paid to macro - factors [41][42]. - Methanol: The price range is expected to be 2250 - 2350, and attention should be paid to macro - sentiment [44]. - PP: The supply - demand pattern is loose, and the price is under pressure. The macro - environment also has a negative impact [46][47]. - PE: The supply pressure is increasing, and the demand is weak. The price is affected by the macro - environment [48][50]. - Pure Benzene and Styrene: The supply is high, and the demand is weak. A strategy of narrowing the price difference is recommended in the short term [51][52]. - Fuel Oil: The high - sulfur fuel oil crack spread is expected to decline, and the low - sulfur fuel oil crack spread is weak [54][55]. - Asphalt: The short - term performance is not outstanding. Attention should be paid to macro - meetings and new demand points [57][58]. - Urea: It is under pressure and oscillating. Attention should be paid to new export quotas and macro - sentiment [59]. - Glass, Soda Ash, and Caustic Soda: They are fluctuating at a low level. The supply of soda ash is expected to be high, glass has high inventory and weak demand, and caustic soda needs to wait for the market to bottom out [60][61][63]. - Pulp and Offset Paper: Pulp is oscillating, and offset paper is under pressure [63][64]. - Logs: There is a marginal positive impact on the far - month price, but there are uncertainties. A cautious long - position strategy is recommended for the far - month contract [65][66]. - Propylene: It continues to be weak, with a loose supply and cost pressure [67][68]. Agricultural Products - Live Pigs: The supply is still excessive, and a short - selling strategy on rallies is recommended. Short - term attention should be paid to farmers' replenishment behavior, and long - term attention should be paid to capacity - reduction policies [70][71]. - Oilseeds: For soybeans, the supply may face a gap in the first quarter of next year. The demand for soybean meal will maintain a certain level. Rapeseed meal will see accelerated inventory reduction, and the trading opportunity needs to be determined by warehouse receipts [72]. 3. Summaries by Related Catalogs Macro - China's Q3 GDP grew 4.8% year - on - year, and the September economic data showed different trends in production and demand. The LPR remained unchanged, and there were developments in Sino - US trade and international political situations [1]. - The US government shutdown and the expected Fed interest rate cut are important factors affecting the market [2]. RMB Exchange Rate - The on - shore RMB exchange rate against the US dollar rose slightly, and the central parity rate was adjusted down. Sino - US trade negotiations and economic data are the focus [3]. - The central bank's policy aims to maintain exchange rate stability, and the exchange rate is expected to be stable within a reasonable range [4]. Stock Index - The stock market opened higher and oscillated, with a decline in trading volume. Important economic data, Sino - US trade negotiations, and the Fourth Plenary Session are influencing factors [6]. - The market is waiting for policy signals, and the trading volume is shrinking, indicating a strong wait - and - see sentiment [7]. Treasury Bonds - The bond market adjusted after a rebound. The GDP growth slowdown and other economic data support low - level interest rates. The Fourth Plenary Session is expected to affect the bond market [7]. Container Shipping (European Routes) - The futures market rose, and the spot index rebounded significantly. However, the supply - demand fundamentals have not improved fundamentally [9]. - The market is affected by multiple factors, and the futures are expected to oscillate in the short term [10][12]. Commodities Non - ferrous Metals - Copper: The price of copper futures rose, and the inventory situation changed. Attention should be paid to Sino - US trade negotiations and interest rate cut expectations [14][15][16]. - Aluminum: The macro - environment is favorable, and the fundamentals are stable. The Shanghai aluminum price is expected to oscillate at a high level [17]. - Alumina: It is in an oversupply situation, and the price is under pressure [18]. - Zinc: The market is oscillating, and attention should be paid to the opening of the export window and macro - driving factors [19]. - Nickel and Stainless Steel: They are following the market's oscillation, and the fundamentals have not changed significantly [20]. - Tin: It is expected to be bullish in the long term, with a stable wave - like upward trend in the medium and short term [21][22]. - Industrial Silicon and Polysilicon: The price of industrial silicon may rise slightly in the future, and the impact of polysilicon production cuts needs to be observed [22][23]. - Lead: The price is expected to oscillate with a certain downward possibility [24]. Black Metals - Steel (Rebar and Hot - Rolled Coil): The demand has recovered slightly but is still lower than in previous years. The supply needs to be adjusted through production cuts. The price may rebound slightly but is likely to fall back later [26]. - Iron Ore: It is under pressure, with a "supply - strong, demand - weak" pattern. The price is expected to be affected by policy signals [27][28]. - Coking Coal and Coke: The coking coal market has support at the bottom but is restricted by the downstream steel market. A volatile trading strategy is recommended [29][30]. - Ferrosilicon and Ferromanganese: They have high inventories and weak downstream demand. The price is under pressure without significant stimulus policies [30][31]. Energy and Chemicals - Crude Oil: Geopolitical factors have weakened, and macro - factors are negative. The price is expected to decline in the medium and long term [33][34]. - LPG: It is oscillating, with the domestic fundamentals changing little [36][37]. - PTA - PX: The macro - expectation is not optimistic, and the price is expected to be weak. Attention should be paid to the Fourth Plenary Session and Sino - US trade negotiations [38][40]. - MEG - Bottle Chip: The valuation is under pressure, and the price is expected to oscillate at a low level. Attention should be paid to macro - factors [41][42]. - Methanol: The price range is expected to be 2250 - 2350, and attention should be paid to macro - sentiment [44]. - PP: The supply - demand pattern is loose, and the price is under pressure. The macro - environment also has a negative impact [46][47]. - PE: The supply pressure is increasing, and the demand is weak. The price is affected by the macro - environment [48][50]. - Pure Benzene and Styrene: The supply is high, and the demand is weak. A strategy of narrowing the price difference is recommended in the short term [51][52]. - Fuel Oil: The high - sulfur fuel oil crack spread is expected to decline, and the low - sulfur fuel oil crack spread is weak [54][55]. - Asphalt: The short - term performance is not outstanding. Attention should be paid to macro - meetings and new demand points [57][58]. - Urea: It is under pressure and oscillating. Attention should be paid to new export quotas and macro - sentiment [59]. - Glass, Soda Ash, and Caustic Soda: They are fluctuating at a low level. The supply of soda ash is expected to be high, glass has high inventory and weak demand, and caustic soda needs to wait for the market to bottom out [60][61][63]. - Pulp and Offset Paper: Pulp is oscillating, and offset paper is under pressure [63][64]. - Logs: There is a marginal positive impact on the far - month price, but there are uncertainties. A cautious long - position strategy is recommended for the far - month contract [65][66]. - Propylene: It continues to be weak, with a loose supply and cost pressure [67][68]. Agricultural Products - Live Pigs: The supply is still excessive, and a short - selling strategy on rallies is recommended. Short - term attention should be paid to farmers' replenishment behavior, and long - term attention should be paid to capacity - reduction policies [70][71]. - Oilseeds: For soybeans, the supply may face a gap in the first quarter of next year. The demand for soybean meal will maintain a certain level. Rapeseed meal will see accelerated inventory reduction, and the trading opportunity needs to be determined by warehouse receipts [72].

Group 1: Report Investment Ratings - No report industry investment rating is provided in the content Group 2: Core Views - Gold is expected to have a long - term strong performance, with short - term and medium - term upward trends and an intraday view of being oscillatingly strong, driven by the unchanged medium - to - long - term upward trend and Sino - US frictions [1] - Copper is also considered to have a long - term strong outlook, with short - term, medium - term, and intraday upward trends, due to factors such as resurgent mine - end disturbances, increased capital attention, and intensified Sino - US trade fluctuations [1] Group 3: Summary by Variety Gold (AU) - **Price Performance**: The gold market has experienced a volatile "roller - coaster" ride, with New York gold fluctuating fiercely in the 4200 - 4400 range, and an intraday amplitude of over 3%. Last week, after hitting a new high, the price dropped significantly, with spot gold falling nearly $130 from the record high and an intraday decline of over 2%. Yesterday, the price bottomed out and rebounded near the 5 - day moving average, approaching the previous high again [3] - **Driving Factors**: In the short term, as the gold price rises sharply, the willingness of funds to take profits increases rapidly, leading to intensified price fluctuations. Technically, the support of the 5 - day and 10 - day moving averages below and the pressure of the previous high above can be monitored [3] Copper (CU) - **Price Performance**: Since late September, copper prices have witnessed a significant upward trend [4] - **Driving Factors**: Supply - side, global copper mine supply disruptions are the key drivers. On the macro - level, the Fed's interest rate cuts in September and October, along with the positive signal of easing Sino - US trade relations, support the copper price. On the demand side, there is a situation of strong expectation but weak reality, with some copper processing enterprises reporting shrinking terminal orders and increased wait - and - see sentiment due to high prices. Overall, macro - level easing and supply contraction continue to drive up the copper price, while short - term industrial demand decline and high COMEX inventories may suppress it, and the pressure of the previous high should be continuously monitored [4]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - **Soybean/Protein Meal**: In the short - term, the high domestic soybean inventory and the lack of progress in U.S. soybean imports, along with the bean meal de - stocking season, offer some support. In the medium - term, with the global soybean supply remaining loose, the strategy is to sell on rebounds [2][3]. - **Oils and Fats**: The current situation shows a balanced or slightly loose supply - demand, but the future is expected to be tight. Before the inventories in sales areas and production areas are fully accumulated and there is no negative feedback in demand in sales areas, the strategy is to buy on dips in the medium - term [5][7]. - **Sugar**: Considering the high sugar production in Brazil's central - southern region and the expected increase in production in the Northern Hemisphere's main producing countries in the new season, the general trend is bearish, and the strategy is to sell on rebounds in the fourth quarter [9][11]. - **Cotton**: Due to the resurgence of Sino - U.S. trade conflicts, weak consumption during the "Golden September and Silver October" period, low downstream industry operating rates, and the expected domestic bumper harvest, the upward space for cotton prices is limited, and it may continue to oscillate weakly [13][14]. - **Eggs**: The spot price has a limited rebound expectation due to high supply. The futures market is in a weak bottom - building phase, and it is advisable to wait and see [16][17]. - **Pigs**: The fundamental situation is oversupply. The short - term spot price rebound is limited, and the strategy is to sell on rebounds for both near - term and far - term contracts [19][20]. 3. Summary by Category Soybean/Protein Meal - **Market Information**: Overnight, CBOT soybeans rose due to Trump's friendly remarks and strong U.S. domestic spot prices. On Monday, the domestic bean meal spot price was flat, with weak trading but good pick - up. The inventory days of domestic feed enterprises decreased by 0.41 days to 7.93 days last week, port soybean inventory started to decline, and oil mill bean meal inventory continued to decrease. MYSTEEL expects the domestic oil mill soybean crushing volume to be 233.35 million tons this week, up from 216.6 million tons last week. As of October 18, Brazil's soybean sowing rate was 21.7%, up from 11.1% last week, compared with 17.6% last year and a five - year average of 27.7% [2]. - **Strategy**: Sell on rebounds in the medium - term [3]. Oils and Fats - **Market Information**: From October 1 - 20, Malaysia's palm oil exports increased by 3.4%. From October 1 - 15, its production increased by 6.86% month - on - month. As of October 17, the national key area palm oil commercial inventory was 57.57 million tons, up 5.13% week - on - week and 11.59% year - on - year; the national key area soybean oil commercial inventory was 122.4 million tons, down 3.25% week - on - week. On Monday, domestic oils oscillated with no obvious driving force. The international palm oil supply - demand is currently balanced, with a tight expectation in the first quarter of next year. The domestic spot basis is stable at a low level [5]. - **Strategy**: Buy on dips in the medium - term [7]. Sugar - **Market Information**: On Monday, the Zhengzhou sugar futures price rebounded slightly. The closing price of the Zhengzhou sugar January contract was 5428 yuan/ton, up 0.3% from the previous trading day. The spot prices of sugar groups in Guangxi, Yunnan, and processing plants all decreased by 20 yuan/ton. In the second half of September, Brazil's central - southern region had a 5.1% year - on - year increase in cane crushing volume, a 10.76% increase in sugar production, and a 3.44 - percentage - point increase in the cane - to - sugar ratio. In September 2025, China imported 55 million tons of sugar, a year - on - year increase of 15 million tons [9][10]. - **Strategy**: Sell on rebounds in the fourth quarter [11]. Cotton - **Market Information**: On Monday, the Zhengzhou cotton futures price rebounded. The closing price of the Zhengzhou cotton January contract was 13465 yuan/ton, up 0.97% from the previous trading day. The spot price of Chinese cotton was flat. As of October 17, the spinning mill operating rate was 65.6%, up 0.2% week - on - week but down 7.6 percentage points year - on - year and 10.22 percentage points lower than the five - year average. In September 2025, China imported 10 million tons of cotton, a year - on - year decrease of 2 million tons [13]. - **Strategy**: The upward space for cotton prices is limited, and it may continue to oscillate weakly [14]. Eggs - **Market Information**: The national egg price dropped yesterday. The main production area's average price fell to 2.85 yuan/jin. Supply is normal, market sales are slow, and downstream procurement is cautious. It is expected that the national egg price will mostly decline today, with a few areas remaining stable [16]. - **Strategy**: Wait and see as the futures market is in a weak bottom - building phase [17]. Pigs - **Market Information**: The domestic pig price mainly rose yesterday. However, there is a risk that the product price may not follow the increase, and the demand may decrease. The farmers' enthusiasm for selling is low, and some slaughterhouses still have a supply shortage. Today, the pig price may slightly increase with limited gains [19]. - **Strategy**: Sell on rebounds as the fundamental situation is oversupply [20].

1. Report Industry Investment Rating - The mid - term outlook for the black building materials industry is "oscillating" [6][7][8] 2. Core Viewpoints of the Report - On October 20, 2025, the main economic indicators for September were announced. Data in real estate, infrastructure, and other fields related to black building materials remained poor. The prices of leading sector varieties dropped from their intraday highs and remained under pressure at night. The demand side of the industry continued to be weak. With the "15th Five - Year Plan" meeting underway, the market still expects policy benefits to boost confidence [1][2] - Entering late October, the traditional peak season is ending, and with tariff disturbances, the demand side is unlikely to perform well. Although high molten iron still supports the furnace charge in the short term, the market's negative feedback expectation strengthens as the peak season ends. Attention should be paid to the possibility of the "15th Five - Year Plan" meeting releasing sector benefits [3] 3. Summary by Related Catalogs 3.1 Iron Element - **Iron Ore**: Overseas mine shipments rebounded slightly, and the arrival volume at 45 ports dropped from a high level. The demand side saw a slight decline in the average daily output of sample molten iron and the steel mill profitability rate, but molten iron remained at a high level. Port inventories continued to accumulate. The fundamentals of iron ore weakened marginally, but the overall pressure was not prominent. Policy expectations may cause fluctuations, and steel demand improved slightly. The future of Sino - US trade relations is uncertain, so short - term prices are expected to oscillate [2][8] - **Scrap Steel**: The arrival volume at steel mills decreased, and the electric furnace profit improved slightly. The fundamentals of scrap steel have no obvious contradictions. With the current pressure on finished product prices and poor electric furnace profits, short - term prices are expected to follow finished products [2][10] 3.2 Carbon Element - **Coke**: The short - term supply and demand of coke remained tight. With rising costs, the second price increase was initiated, but steel prices were still weak. The price increase needs time to be implemented, and coke prices are expected to oscillate [2][11][13] - **Coking Coal**: Supply disturbances continued, and the production increment space of coal mines was limited. With low inventories, the fundamentals were healthy. Coking coal prices are expected to oscillate [2][11][12] 3.3 Alloys - **Manganese Silicon**: Short - term high costs, peak demand season, and policy expectations support the price, but the market's supply - demand expectation is pessimistic, and there is still room for the price center to decline in the future [3][15] - **Silicon Iron**: Short - term peak demand season, policy expectations, and firm costs support the price, but the supply - demand relationship is becoming looser, and there is still downward pressure on prices [3][16] 3.4 Glass and Soda Ash - **Glass**: Spot sales and production are weak. After the negative feedback between futures and spot, short - term prices show an oscillating and weakening trend. In the long term, market - oriented capacity reduction is needed, and prices are expected to oscillate downward [3][12] - **Soda Ash**: The supply surplus pattern remains unchanged. It is expected to follow macro - changes and oscillate widely. In the long run, the price center will decline to promote capacity reduction [3][14] 3.5 Steel - The fundamentals of steel still have contradictions. After the National Day, the demand for five major steel products recovered to a limited extent, and the inventory level is still moderately high. With the domestic important meeting this week, attention should be paid to policy disturbances, and short - term prices are expected to oscillate at a low level [7] 3.6 Commodity Index - On October 20, 2025, the comprehensive index of CITIC Futures commodities showed that the commodity 20 index was 2533.64, down 0.15%; the industrial products index was 2183.97, up 0.37%. The steel industry chain index was 1976.21, up 0.55% on the day, up 0.13% in the past 5 days, down 1.65% in the past month, and down 6.26% since the beginning of the year [102][104]

Core Viewpoint - The U.S. needs to develop a comprehensive strategy beyond just rare earth mining to effectively counter China's influence in critical minerals and supply chains [1][3][11]. Group 1: Rare Earths and Critical Minerals - Australia is the fourth largest country in terms of rare earth and critical mineral deposits, making it a key player in the U.S. strategy [2]. - The U.S. exports rare earths to China, highlighting the need for a focus on refining capabilities, which Australia possesses through its largest refiner outside of China [3][4]. - Recent reports indicate that China's rare earth exports fell in September, and for the first time in seven years, China did not import soybeans from the U.S. in the previous month [5]. Group 2: Trade Relations and Supply Chains - There is potential for a short-term deal between the U.S. and China, which may involve concessions from the U.S. to resume soybean exports in exchange for a delay in China's rare earth controls [6][7]. - The long-term challenge for the U.S. lies in a broad range of supply chains, as China continues to build its control mechanisms beyond rare earths [8][11]. - The U.S. has significant mineral reserves and can collaborate with allies like Australia and Japan to enhance its supply chain resilience [9][10]. Group 3: China's Long-Term Strategy - China has a long-term strategy to build up its production capacity, particularly in advanced technology, which could exert more pressure on the U.S. regarding geopolitical issues like Taiwan [14][15][16]. - The timeline for China's self-sufficiency and production capabilities is uncertain, but it is a critical factor for the U.S. to consider in its strategic planning [13][15].

Report Industry Investment Ratings - **Red Star**: Indicates a predicted trend of rising. Three stars represent a clearer long trend with relatively appropriate investment opportunities; two stars represent holding long, with a clearer rising trend and the market fermenting on the trading board; one star represents a bullish bias, with a driving force for price increase but poor operability on the trading board [11]. - **Green Star**: Indicates a predicted trend of falling. Three stars represent a clearer short trend with relatively appropriate investment opportunities; two stars represent holding short, with a clearer falling trend and the market fermenting on the trading board; one star represents a bearish bias, with a driving force for price decrease but poor operability on the trading board [11]. - **White Star**: Indicates that the short - term long/short trend is in a relatively balanced state, and the current trading board has poor operability, suggesting to wait and see [11]. - **Specific Ratings**: - **Bullish Bias**: Soybean No. 1, Soybean Meal, Soybean Oil, Palm Oil [1]. - **Bearish Bias**: Rapeseed Meal, Rapeseed Oil, Corn, Eggs [1]. - **Unrated**: Live Pigs [1]. Core Viewpoints - The overall supply of agricultural products has different characteristics, and the market is affected by multiple factors such as trade relations, policies, and seasonal patterns. Different varieties have different supply - demand situations and price trends, and investment decisions should be made according to specific situations [2][3][4]. Summary by Related Catalogs Soybean No. 1 - Domestic soybeans are strong, continuing the oscillating rebound trend. The market participants are actively purchasing new grains, and last week's auction provides pricing reference. The price difference between domestic and imported soybeans is still expanding. Short - term US soybean crushing data is strong, but the export demand is uncertain. Follow - up attention should be paid to Sino - US trade progress and market policies [2]. Soybean & Soybean Meal - The sales progress of new - season US soybeans is slow, but US crushing has increased. The current domestic soybean arrivals are sufficient, and the soybean meal inventory is high. The overall supply in the fourth quarter is not a big problem, but if the Sino - US trade relationship deteriorates and lasts, the supply in the first quarter of next year may tighten. In the context of high supply and high inventory, if the Sino - US trade does not ease, the soybean meal futures are likely to continue to oscillate weakly. It is recommended to wait and see [3]. Soybean Oil & Palm Oil - Short - term strong US soybean crushing data boosts the market, but the export demand is uncertain. The near - term demand for palm oil in the international market is weak, but the far - term demand has an expectation of increased biodiesel blending ratio in the Indonesian market. In the fourth quarter, palm oil enters the production - reduction cycle and has resilience. It is expected that oils are stronger than meals in the long - term, and it is advisable to go long at low prices [4]. Rapeseed Meal & Rapeseed Oil - Domestic rapeseed has extremely low inventory and low operating rate, and the supply side has a strong willingness to support prices. The Canadian rapeseed market maintains high crushing and low exports. The economic and trade relationship is the most important influencing factor. It is recommended to hold short - term long positions and pay attention to the marginal changes in economic and trade relations [6]. Corn - The autumn harvest progress in the Huanghuai region is slow. The spot price of Northeast corn has rebounded slightly, but the impact is small. The supply of Shandong corn is decreasing, and the price is stabilizing. The downstream demand is mainly for rigid needs. The supply of new corn in the Northeast will continue to increase in the next two weeks, and Dalian corn is likely to continue to operate weakly at the bottom, with increased volatility [7]. Live Pigs - The spot price of live pigs has rebounded after reaching the bottom last week, mainly driven by second - fattening, increased consumption due to temperature drop, and frozen product storage. However, the later supply pressure is still large, and it is expected that the pig price may have a second bottom - probing in the first half of next year [8]. Eggs - The sentiment of the egg spot market has weakened again. The egg futures opened lower and increased positions on Monday. The old - hen culling is still cautious, and the cold - storage eggs have not been fully sold, which is a potential pressure on the spot market. The short - selling trend on the trading board continues, and a short - selling mindset should be maintained [9].