1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The overall trend of the non - ferrous metals sector is still oscillating upwards, but the upward rhythm is affected by manufacturing data fluctuations and the uncertainty of interest - rate cut expectations [11]. - For copper, short - term factors such as China's manufacturing PMI decline are negative, but in the medium - to - long - term, the improvement of the US manufacturing PMI, the supply pressure on the raw material side, and the seasonal increase in domestic demand are expected to drive up the copper price [3][12]. - Zinc shows a fluctuating rebound, with the mine end being strong and the downstream acceptance slightly improving [4][12]. - The aluminum industry chain is generally in an oscillating state. Aluminum shows an oscillatingly strong trend, alumina oscillates and consolidates, and cast aluminum alloy is also oscillatingly strong [13]. - Tin is expected to be oscillatingly strong due to supply constraints and a slight improvement in demand [13][14]. - Lead is in an oscillating consolidation state, with supply gradually recovering and demand weakening [14]. - Nickel and stainless steel are in an oscillating state. Nickel has high inventory pressure, and stainless steel is in a weak supply - demand situation [8][14]. 3. Summary According to Relevant Catalogs 3.1 First Part: Non - Ferrous Metals Operation Logic and Investment Suggestions - **Macro Logic**: The non - ferrous metals sector is still in an oscillating upward trend, but the upward rhythm is affected by manufacturing data and interest - rate cut uncertainties. After the October Fed decision, there are different views on interest - rate cuts among Fed officials. China's manufacturing PMI in October shows fluctuations [11]. - **Investment Suggestions for Each Metal** - **Copper**: Oscillating upward. Suggested to buy on dips, with a support range of 84000 - 85000 yuan/ton and a pressure range of 89000 - 90000 yuan/ton [12]. - **Zinc**: Fluctuating rebound. Suggested to be bullish on dips, with a support range of 21800 - 22000 and a pressure range of 22800 - 23000 [4][12]. - **Aluminum Industry Chain**: Aluminum is bullish, alumina is short - term bearish and long - term bullish, and cast aluminum alloy is bullish. Different support and pressure ranges are provided for each [13]. - **Tin**: Oscillatingly strong. Suggested to take a bullish approach, with a support range of 260000 - 270000 and a pressure range of 290000 - 300000 [13]. - **Lead**: Oscillating consolidation. Suggested to use an option double - selling strategy, with a support range of 17300 - 17500 and a pressure range of 17800 - 18000 [14]. - **Nickel**: Range - bound. Suggested to be slightly bullish on dips, with a support range of 118000 - 120000 and a pressure range of 125000 - 128000 [14]. - **Stainless Steel**: Oscillating. Suggested to be bullish on dips, with a support range of 12500 - 12600 and a pressure range of 13000 - 13200 [14]. 3.2 Second Part: Non - Ferrous Metals Market Review - The closing prices and price changes of various non - ferrous metals futures are presented, such as copper closing at 87300 with a 0.33% increase, and zinc closing at 22565 with a 0.94% increase [15]. 3.3 Third Part: Non - Ferrous Metals Position Analysis - A chart of the latest position analysis of the non - ferrous metals sector is provided, but no specific content is described [16]. 3.4 Fourth Part: Non - Ferrous Metals Spot Market - The spot prices and price changes of various non - ferrous metals are given, for example, the Yangtze River Non - Ferrous copper spot price is 87080 yuan/ton with a - 0.68% change [19]. 3.5 Fifth Part: Non - Ferrous Metals Industry Chain - Multiple charts related to the non - ferrous metals industry chain are provided, including inventory changes, processing fees, and price trends of copper, zinc, aluminum, alumina, tin, lead, nickel, and stainless steel [20][23][25][32][40][45][51]. 3.6 Sixth Part: Non - Ferrous Metals Arbitrage - Multiple charts related to non - ferrous metals arbitrage are provided, such as the copper Shanghai - London ratio change and the LME zinc spot premium [55][57]. 3.7 Seventh Part: Non - Ferrous Metals Options - Multiple charts related to non - ferrous metals options are provided, including historical volatility, implied volatility, and trading volume and open - interest changes of copper, zinc, and aluminum options [71][73][75].

Report Industry Investment Rating No relevant content provided. Core Viewpoints The report provides daily observations and analyses of the plastic (L) and polypropylene (PP) markets, including market conditions, important news, logical analyses, and trading strategies. The market trends of L and PP are affected by various factors such as futures prices, factory prices, downstream demand, and macro - economic indicators. Different trading strategies are proposed based on these factors, including holding or trying long/short positions, and setting stop - loss points [1][2]. Summary by Related Catalogs Market Conditions - **L Plastic**: In most cases, the L2601 contract showed small fluctuations, and the LLDPE market price had partial increases or decreases. Market trading sentiment was generally cautious, with downstream demand mainly based on orders. For example, on 25 - 11 - 04, the L2601 contract closed at 6859 points, down 29 points or - 0.42%, and the LLDPE market price continued to be weak [1]. - **PP Polypropylene**: The PP2601 contract also fluctuated slightly. The PP market price was mostly in a weak adjustment state, with some prices rising or falling. Downstream procurement was relatively cautious. For instance, on 25 - 11 - 04, the PP2601 contract closed at 6546 points, down 30 points or - 0.46%, and the PP market price was weakly sorted [1]. Important News - **Industry - related Policies**: The 7 - department issued the "Petrochemical and Chemical Industry Steady Growth Work Plan (2025 - 2026)", aiming to achieve an average annual growth of over 5% in industry added value from 2025 to 2026 and promote high - end, green, and intelligent transformation [22]. - **Company - related Developments**: For example, Liaoyang Petrochemical's 100,000 - ton/year nylon 66 project was successfully put into operation, and the 40,000 - ton/year ultra - high - molecular weight polyethylene transformation project was advanced simultaneously [40]. Logical Analysis - **Positive Factors for Polyolefins**: Some factors were positive for polyolefins, such as the increase in domestic automobile daily sales index in September, the increase in the China Logistics Industry Prosperity Index (business volume) in September, and the increase in domestic pipeline transportation industry fixed - asset investment completion in August [8][49][38]. - **Negative Factors for Polyolefins**: Some factors were negative, like the decrease in the Brent crude oil monthly average price in October, the decrease in the domestic real estate prosperity index in August, and the increase in the domestic automobile dealer inventory coefficient in September [32][49][38]. Trading Strategies - **Single - side Trading**: Strategies included holding long or short positions, trying long or short positions, or taking a wait - and - see approach. For example, on 25 - 11 - 04, it was recommended to hold short positions in the L main 01 contract and set the stop - loss at 6890 points; for the PP main 01 contract, it was advisable to try short positions and set the stop - loss at 6580 points [2]. - **Arbitrage Trading**: Most of the time, it was recommended to take a wait - and - see approach, and in some cases, hold or reduce positions. For example, on 25 - 10 - 20, the L2601 - PP2601 (1 - hand to 1 - hand) spread was reported at + 314 points and was recommended to be held with the stop - loss set at + 311 points [41]. - **Options Trading**: In most cases, it was recommended to take a wait - and - see approach, and in some cases, sell and hold options with stop - loss settings [19].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints - The short - term view of TL2512 is "oscillation", the medium - term view is "oscillation", and the intraday view is "oscillation with a weak bias", with an overall view of "oscillation" due to a decline in short - term interest rate cut expectations and the existence of long - term easing expectations [1]. - For major Treasury bond futures varieties (TL, T, TF, TS), the intraday view is "oscillation with a weak bias", the medium - term view is "oscillation", and the overall view is "oscillation". In the long - run, there is still an expectation of loose domestic monetary policy, but the possibility of a comprehensive interest rate cut in the short - term is low. Treasury bond futures will mainly oscillate and consolidate in the short - term [5]. 3. Summary by Relevant Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - For TL2512, short - term: oscillation; medium - term: oscillation; intraday: oscillation with a weak bias; overall view: oscillation. The core logic is a decline in short - term interest rate cut expectations and the existence of long - term easing expectations [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - Yesterday, Treasury bond futures oscillated and consolidated. In the long - run, there is an expectation of loose domestic monetary policy, but the possibility of a comprehensive interest rate cut in the short - term is low. The price index and employment index sub - items of the latest manufacturing PMI data are weak, indicating insufficient effective domestic demand. A loose monetary environment is needed in the long - run to stabilize the demand side, which strongly supports Treasury bond futures. However, it is not difficult to achieve this year's growth target, and monetary policy usually cooperates with fiscal and industrial policies. So, the possibility of a short - term comprehensive interest rate cut is low, and the upward momentum of Treasury bond futures is limited. In general, Treasury bond futures will mainly oscillate and consolidate in the short - term [5].

Core Viewpoint - The ISM report indicates that U.S. manufacturing activity has contracted for the eighth consecutive month in October due to declining production and weak demand [1][7]. Manufacturing Activity - The ISM Manufacturing PMI for October is 48.7, below the expected 49.5 and down from the previous value of 49.1, with 50 being the threshold for expansion [3]. - The new orders index is at 49.4, showing a second consecutive month of decline, although the rate of decline has slowed [4]. - The production index fell by 2.8 points to 48.2, indicating that output has contracted in two of the last three months [5]. Employment and Labor Market - The employment index is at 46, down from 45.3, marking the ninth consecutive month of contraction in employment [5]. - Companies are focusing on layoffs rather than hiring to manage labor costs amid uncertainty in demand [6]. Price and Inflation Indicators - The prices paid index is at 58, the lowest level since the beginning of the year, indicating a reduction in inflationary pressures [5][8]. - This index has decreased nearly 12 points since the peak following the implementation of tariff policies in April [5]. Supply Chain and Inventory - The ISM supplier deliveries index has risen to a four-month high, suggesting extended delivery times [6]. - Manufacturers are experiencing the largest decline in inventory levels in a year, with low customer inventory levels indicating potential future order increases [6]. Industry Sentiment - The manufacturing sector is facing a generally pessimistic sentiment, with concerns over trade policy uncertainty impacting business confidence [7][9]. - Consumer goods manufacturers' confidence has dropped to a two-year low due to worries about domestic spending and declining sales in export markets [10]. Economic Data Reliance - Due to the government shutdown, economists and policymakers are increasingly relying on private reports like the ISM survey to assess economic and labor market conditions [11].

行情回顾： 当地时间11月3日，代表美国航空、联合航空、西南航空、达美航空、捷蓝航空和其他主要航空公司的美国航 空协会表示，自10月1日美政府"停摆"以来，由于空中交通管制人员配备问题，已有超过320万名美国航空旅客 受到航班延误或取消的影响。 国际黄金周一（11月3日）维持震荡走势，开盘价3983.40美元/盎司，最高价4030.62美元/盎司最低价3962.44美 元/盎司，收盘价4008.54美元/盎司。 消息面： 周一公布的美国10月标普全球制造业PMI终值录得52.5，高于市场预期52.2；美国10月ISM制造业PMI录得 48.7，低于市场预期49.5，前值位49.1。 机构评美国ISM制造业PMI报告：受产出下滑和需求疲软拖累，10月份美国制造业活动连续第八个月萎缩。数 据显示，美国ISM制造业指数下降0.4点至48.7，生产指数下滑2.8点至48.2，为过去三个月中第二次出现产出收 缩，这也拖累了就业，ISM就业指标连续第九个月收缩。与此同时，通胀压力持续缓解。原材料采购价格指数 下跌3.9点至58，为年初以来最低水平。10月份有12个制造业行业出现收缩，其中纺织、服装和家具行业表现 最弱。包 ...

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Group 1: Report Industry Investment Ratings - No industry investment ratings are provided in the report. Group 2: Core Views of the Report - China's October RatingDog manufacturing PMI data was mixed. The PMI was 50.6, indicating continued improvement in manufacturing sentiment, but lower than the previous value of 51.2, suggesting a slowdown in growth [7]. - The soymeal market should focus on the return to US soybean cost trading. The domestic soymeal market has been in a "trade news trading" phase since late August. After the US President's Asian trip at the end of October, relevant trade agreements were reached, which had a substantial positive impact on US soybeans and soymeal. The price of US soybeans reached a new high in nearly 16 months, and domestic soymeal rebounded cautiously [8]. - The soda ash market trend remains weak. In the short term, the reduction in glass production in the Shahe area has put pressure on the rigid demand for soda ash. In the medium term, the problems of high production and high inventory in the soda ash industry have not slowed down but increased [10]. Group 3: Summaries Based on Related Catalogs Metals - **Gold**: Focus on US bank risks. The trend strength is 0, indicating a neutral view [13][16][18]. - **Silver**: It is expected to have an oscillatory rebound. The trend strength is 1, indicating a slightly bullish view [13][16][18]. - **Copper**: The decrease in LME inventory limits price decline. The trend strength is 0, indicating a neutral view [13][20][22]. - **Zinc**: It is expected to run strongly. The trend strength is 0, indicating a neutral view [13][23][25]. - **Lead**: The continuous decrease in overseas inventory supports the price. The trend strength is 0, indicating a neutral view [13][26][27]. - **Tin**: Pay attention to macro - impacts. The trend strength is 1, indicating a slightly bullish view [13][29][32]. - **Aluminum**: It is expected to have a strong - oscillatory trend. The trend strength is 1, indicating a slightly bullish view [13][33][35]. - **Alumina**: There is support at the bottom. The trend strength is 0, indicating a neutral view [13][33][35]. - **Cast Aluminum Alloy**: It is expected to have a strong - oscillatory trend. The trend strength is 1, indicating a slightly bullish view [13][33][35]. - **Nickel**: The accumulation of inventory at the smelting end suppresses the price, while the uncertainty at the ore end provides support. The trend strength is 0, indicating a neutral view [13][37][39]. - **Stainless Steel**: The steel price is expected to run in a narrow range at a low level. The trend strength is 0, indicating a neutral view [13][37][39]. Energy and Chemicals - **Carbonate Lithium**: There is a game between improving demand and the expectation of resuming production, and it is expected to oscillate within a range. The trend strength is 0, indicating a neutral view [13][40][43]. - **Industrial Silicon**: The warehouse receipts continue to decline, and the bottom support is relatively strong. The trend strength is 1, indicating a slightly bullish view [13][44][47]. - **Polysilicon**: Pay attention to whether an announcement will be released this week. The trend strength is 0, indicating a neutral view [13][45][47]. - **Iron Ore**: It is expected to fluctuate at a high level. The trend strength is 0, indicating a neutral view [13][48]. - **Rebar**: Affected by sector sentiment, it is expected to have a wide - range oscillation. The trend strength is 0, indicating a neutral view [13][50][53]. - **Hot - Rolled Coil**: Affected by sector sentiment, it is expected to have a wide - range oscillation. The trend strength is 0, indicating a neutral view [13][50][53]. - **Silicon Ferrosilicon**: Affected by sector sentiment and supply - demand factors, it is expected to have a wide - range oscillation. The trend strength is 0, indicating a neutral view [13][54][57]. - **Manganese Silicide**: Affected by sector sentiment and supply - demand factors, it is expected to have a wide - range oscillation. The trend strength is 0, indicating a neutral view [13][54][57]. - **Coke**: It is expected to have a strong - oscillatory trend. The trend strength is 0, indicating a neutral view [13][58][60]. - **Coking Coal**: The macro and sector themes resonate, and it is expected to have a strong - oscillatory trend. The trend strength is 0, indicating a neutral view [13][59][60]. - **Log**: It is expected to oscillate repeatedly [13][61].

每经AI快讯，11月4日，日本10月份标普全球制造业PMI报48.2。 ...

Group 1: Economic Indicators - U.S. manufacturing activity has contracted for the eighth consecutive month in October, with the ISM manufacturing index declining by 0.4 to 48.7 [12] - The U.S. Treasury estimates borrowing of $569 billion in the fourth quarter, a decrease of $21 billion from the July forecast [12] - China's manufacturing PMI fell to 50.6 in October, indicating a slowdown in manufacturing expansion [12] Group 2: Central Bank Policies - Federal Reserve officials suggest a potential interest rate cut in December, contingent on forthcoming economic data [12] - The People's Bank of China has renewed a bilateral currency swap agreement with the Bank of Korea [11] Group 3: Commodity Markets - WTI crude oil closed at $60.82 per barrel, up 0.26%, while Brent crude oil rose 0.27% to $64.65 per barrel [7] - Gold prices fluctuated around $4000 per ounce, closing down 0.07% at $4000.44 [7] Group 4: Stock Market Performance - U.S. stock indices showed mixed results, with the Dow Jones down 0.48% and the S&P 500 up 0.17% [5] - Hong Kong's Hang Seng Index rose 0.97%, with significant trading volume of 228.68 billion HKD [5] - A-shares saw the Shanghai Composite Index increase by 0.55% [6]

每经AI快讯，11月3日消息，美国10月标普全球制造业PMI终值报52.5，前值52.2。 （文章来源：每日经济新闻） ...