Core Viewpoint - The speech by the Governor of the People's Bank of China, Pan Gongsheng, at the 2025 Financial Street Forum highlighted the cautious approach towards the development of stablecoins and virtual currencies, emphasizing the need for effective regulatory measures to address associated financial risks [1] Group 1: Stablecoins and Financial Risks - The emergence of virtual currencies, particularly stablecoins, has been significant, but they are still in the early stages of development [1] - International financial organizations and central banks generally adopt a cautious stance towards the development of stablecoins, with discussions at the recent IMF/World Bank annual meeting focusing on their potential financial risks [1] - Stablecoins currently fail to meet essential requirements such as customer identity verification and anti-money laundering, which exacerbates global financial regulatory gaps and increases vulnerabilities in the financial system [1] Group 2: Regulatory Measures - Since 2017, the People's Bank of China has issued multiple policy documents aimed at preventing and addressing risks associated with domestic virtual currency trading and speculation, which remain in effect [1] - The People's Bank of China plans to continue collaborating with law enforcement to combat domestic virtual currency operations and speculation, while closely monitoring and dynamically assessing the development of overseas stablecoins [1]

Core Viewpoint - The Financial Regulatory Administration emphasizes the need to balance financial development and security to ensure a new development pattern, addressing the unprecedented challenges facing global economic and financial stability [2]. Group 1: Financial Risk Management - The Financial Regulatory Administration will prioritize risk prevention, aiming to maintain a bottom line against systemic financial risks [2]. - There will be a focus on consolidating risk disposal achievements and promoting the merger and restructuring of small and medium-sized financial institutions in a steady and orderly manner [2]. - Efforts will be made to enhance the disposal of non-performing assets and capital replenishment, ensuring a robust financial system [2]. Group 2: Regulatory Efficiency and Framework - The administration plans to accelerate the reform of financial laws and regulations, establishing a clear and effective tiered regulatory framework [2]. - There will be an emphasis on leveraging technology to optimize resource allocation and support the five major regulatory areas [2]. - Strengthening collaboration between central and local authorities, as well as inter-departmental coordination, is essential to enhance regulatory effectiveness [2]. Group 3: Global Financial Cooperation - The administration aims to strengthen multilateral and bilateral coordination to improve cross-border risk monitoring, early warning, and response mechanisms [2]. - Enhancing international regulatory cooperation and crisis management efficiency is crucial for addressing major risks and challenges [2]. - The ultimate goal is to work collectively to maintain global financial stability [2].

Core Viewpoint - The 2025 Financial Street Forum held in Beijing focuses on "Global Financial Development under Innovation, Transformation, and Reshaping," with over 400 key guests from more than 30 countries and regions attending [1]. Group 1: Virtual Currency and Stablecoins - The Governor of the People's Bank of China, Pan Gongsheng, highlighted the emergence of virtual currencies, particularly stablecoins, which are still in the early stages of development [1]. - International financial organizations and central banks generally adopt a cautious stance towards the development of stablecoins, emphasizing the financial risks associated with them [1]. - Discussions at the recent IMF/World Bank annual meeting revealed that stablecoins currently fail to meet essential requirements for customer identification and anti-money laundering, exacerbating global financial regulatory gaps [1]. - The speculative atmosphere surrounding the market for stablecoins increases the vulnerability of the global financial system and impacts the monetary sovereignty of underdeveloped economies [1]. Group 2: Regulatory Measures - Since 2017, the People's Bank of China has issued multiple policy documents aimed at preventing and addressing risks associated with domestic virtual currency trading and speculation, which remain effective [1]. - The People's Bank of China plans to collaborate with law enforcement to continue cracking down on domestic virtual currency operations and speculation to maintain economic and financial order [1]. - There will be ongoing monitoring and dynamic assessment of the development of overseas stablecoins [1].

Core Viewpoint - The Financial Regulatory Administration emphasizes its commitment to risk prevention and management, aiming to maintain systemic financial stability while adapting to changes in the financial landscape [1] Group 1: Risk Management - The administration will firmly uphold its primary responsibility of risk prevention, ensuring that systemic financial risks do not occur [1] - There will be a focus on strengthening risk protection measures and consolidating risk disposal achievements [1] - The approach includes a careful and orderly advancement of mergers and restructuring among small and medium-sized financial institutions, alongside efforts to improve quality while reducing quantity [1] Group 2: Asset Management - Increased efforts will be made in the disposal of non-performing assets and capital replenishment, enhancing the resources and methods available for asset management [1] - The goal is to ensure the stable operation of the financial system through effective asset management strategies [1] Group 3: Financing and Debt Management - The administration aims to accelerate the establishment of a financing system that aligns with the new model of real estate development, assisting in the resolution of local government debt risks [1] - Continuous improvement in financial regulatory efficiency is a priority, with a focus on revising and optimizing financial laws and regulations [1] Group 4: Regulatory Framework - The administration will enhance the clarity and effectiveness of regulatory policies, implementing a tiered and categorized regulatory approach [1] - There will be a strong emphasis on leveraging technology to optimize resource allocation, providing robust support for the "five major regulations" [1]

格隆汇10月27日｜今日下午，2025()论坛年会开幕式上，中国人民行长潘功胜表示，近年来，市场机构 发行的虚拟货币特别是稳定币不断涌现，但整体还处在发展早期。国际金融组织和中央银行等金融管理 部门对稳定币的发展普遍持审慎态度。10天前，在华盛顿召开的IMF/世界银行年会上，稳定币及其可 能产生的金融风险成为各国财长、央行行长讨论最多的话题之一，比较普遍的观点主要集中在，稳定币 作为一种金融活动，现阶段无法有效满足客户身份识别、反洗钱等方面的基本要求，放大了全球金融监 管的漏洞，如洗钱、违规跨境转移资金、恐怖融资等，市场炒作投机的氛围浓厚，增加了全球金融系统 的脆弱性，并对一些欠发达经济体的货币主权产生冲击。2017年以来，人民银行会同相关部门先后发布 了多项防范和处置境内虚拟货币交易炒作风险的政策文件，目前这些政策文件仍然有效。下一步，人民 银行将会同执法部门继续打击境内虚拟货币的经营和炒作，维护经济金融秩序，同时密切跟踪、动态评 估境外稳定币的发展。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请 ...

Report Overview - The report is an industrial daily for the aluminum industry dated October 27, 2025, covering various aspects of the aluminum market including futures, spot, upstream, downstream, and industry news [1] 1. Report Industry Investment Rating - Not provided in the report 2. Report's Core View - The aluminum market shows different trends in different segments. Alumina may see supply reduction and slight demand increase, supporting its price; electrolytic aluminum may experience a small increase in supply and strong consumption with inventory reduction; cast aluminum may be in a tight supply - demand balance with inventory reduction [2] 3. Summary by Relevant Catalogs Futures Market - **Aluminum Futures**: The closing price of the Shanghai Aluminum main contract was 21,360 yuan/ton, up 135 yuan; the main - second - contract spread was - 75 yuan/ton, down 35 yuan; the main contract holding volume was 311,269 lots, up 9,063 lots; the LME electrolytic aluminum three - month quote was 2,856.5 dollars/ton, down 8.5 dollars; the LME aluminum inventory was 473,125 tons, down 4,550 tons [2] - **Alumina Futures**: The closing price of the alumina futures main contract was 2,829 yuan/ton, up 19 yuan; the main - second - contract spread was - 40 yuan/ton, down 7 yuan; the main contract holding volume was 372,484 lots, down 5,950 lots [2] - **Cast Aluminum Alloy Futures**: The closing price of the cast aluminum alloy main contract was 20,715 yuan/ton, up 10 yuan; the main - second - contract spread was - 140 yuan/ton, down 140 yuan; the main contract holding volume was 6,366 lots [2] Spot Market - **Aluminum Spot**: The Shanghai Non - ferrous Network A00 aluminum price was 21,160 yuan/ton, up 50 yuan; the Yangtze River Non - ferrous Market AOO aluminum price was 21,130 yuan/ton, up 70 yuan; the Shanghai Wumao aluminum premium/discount was - 60 yuan/ton, down 20 yuan; the LME aluminum premium/discount was 3.19 dollars/ton, down 5.02 dollars [2] - **Alumina Spot**: The alumina spot price in Shanghai Non - ferrous was 2,795 yuan/ton, down 20 yuan; the alumina basis was - 34 yuan/ton, down 39 yuan [2] Upstream Situation - **Alumina**: The national alumina开工率 was 85.98%, up 3.05 percentage points; the production was 799.9 million tons, up 7.42 million tons; the demand from the electrolytic aluminum part was 704.31 million tons, down 21.49 million tons; the supply - demand balance was 46.85 million tons, up 18.12 million tons [2] - **Aluminum Scrap**: The average price of crushed raw aluminum in Foshan was 16,800 yuan/ton, unchanged; in Shandong it was 16,300 yuan/ton, up 50 yuan; China's import of aluminum scrap was 155,414.4 tons, down 17,195.97 tons; exports were 68.54 tons, up 15.31 tons [2] Industry Situation - **Aluminum Production**: The electrolytic aluminum social inventory was 56.8 million tons, up 31,034.96 million tons; the total production capacity was 4,523.2 million tons, unchanged; the production of aluminum products was 590 million tons, up 35.18 million tons; the production of recycled aluminum alloy ingots was 65.65 million tons, up 2.06 million tons [2] - **Aluminum Trade**: The import of primary aluminum was 246,797.1 tons, up 31,034.96 tons; exports were 28,969.92 tons, up 3,365.58 tons; exports of unwrought aluminum and aluminum products were 52 million tons, down 1 million tons; exports of aluminum alloy were 2.35 million tons, down 0.56 million tons [2] Downstream and Application - **Automobile Production**: The monthly automobile production was 322.65 million vehicles, up 47.42 million vehicles [2] - **Real Estate**: The national real estate climate index was 92.78, down 0.27 [2] Option Situation - **Aluminum Options**: The 20 - day historical volatility of Shanghai Aluminum was 8.59%, up 0.20 percentage points; the 40 - day historical volatility was 7.77%, up 0.12 percentage points; the implied volatility of the Shanghai Aluminum main contract at - the - money was 11.97%, up 0.0053 percentage points; the call - put ratio was 1.21, down 0.0391 [2] Industry News - **Sino - US Economic and Trade Consultation**: Chinese and US economic and trade leaders held consultations in Kuala Lumpur, reaching a basic consensus on issues such as maritime logistics, tariffs, and trade [2] - **Financial Report**: The central bank governor reported on financial work, including implementing a moderately loose monetary policy and strengthening financial supervision [2] - **US CPI Data**: The US September CPI rose 3% year - on - year, lower than expected, and the market fully priced in two 25 - basis - point Fed rate cuts [2] - **15th Five - Year Plan**: The "15th Five - Year Plan" emphasizes "agriculture, rural areas, and farmers" issues, and is expected to bring new market space and investment demand [2] Alumina View Summary - **Market Trend**: The alumina main contract showed a volatile trend, with a decrease in holding volume, spot discount, and weakening basis [2] - **Fundamentals**: Supply may decrease due to squeezed smelter profits; demand may be slightly boosted by high - level electrolytic aluminum production and positive macro expectations; prices may be supported [2] - **Technical Analysis**: The 60 - minute MACD showed double lines above the 0 axis with slightly expanding red bars [2] - **Operation Suggestion**: Light - position short - term long trading at low prices, paying attention to rhythm and risk control [2] Electrolytic Aluminum View Summary - **Market Trend**: The Shanghai Aluminum main contract opened low and strengthened, with an increase in holding volume, spot discount, and weakening basis [2] - **Fundamentals**: Supply may increase slightly due to increased smelting profits; demand may be strong due to the "15th Five - Year Plan" and traditional peak season; inventory is decreasing; the option market is bullish [2] - **Technical Analysis**: The 60 - minute MACD showed double lines above the 0 axis with slightly expanding red bars [2] - **Operation Suggestion**: Light - position short - term long trading at low prices, paying attention to rhythm and risk control [2] Cast Aluminum Alloy View Summary - **Market Trend**: The cast aluminum main contract was slightly stronger in a volatile market, with a decrease in holding volume, spot premium, and weakening basis [2] - **Fundamentals**: Supply may be limited by tight raw material supply; demand is resilient due to positive macro expectations and the peak season; inventory is decreasing slightly [2] - **Technical Analysis**: The 60 - minute MACD showed double lines above the 0 axis with slightly converging green bars [2] - **Operation Suggestion**: Light - position oscillatory trading, paying attention to rhythm and risk control [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The Shanghai copper market shows a situation of both supply and demand being weak, with industrial inventory accumulating. The option market sentiment is bullish, and the implied volatility has slightly increased. It is recommended to conduct light - position trading with a slightly bullish trend, while paying attention to controlling the rhythm and trading risks [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai copper is 88,370 yuan/ton, up 650 yuan; the price of LME 3 - month copper is 11,036 dollars/ton, up 73.5 dollars. The spread between the main contract and the next - month contract is 10 yuan/ton, down 30 yuan. The position of the main contract of Shanghai copper is 293,381 lots, up 17,709 lots. The net position of the top 20 futures holders of Shanghai copper is - 23,535 lots, up 1,433 lots. The LME copper inventory is 136,350 tons, down 575 tons; the SHFE cathode copper inventory is 104,792 tons, down 5,448 tons; the SHFE cathode copper warrant is 35,392 tons, down 2,856 tons [2] 3.2 Spot Market - The price of SMM 1 copper spot is 88,215 yuan/ton, up 1,795 yuan; the price of Yangtze River Non - ferrous Market 1 copper spot is 88,275 yuan/ton, up 1,835 yuan. The CIF (bill of lading) price of Shanghai electrolytic copper is 52 dollars/ton, unchanged; the average premium of Yangshan copper is 34.5 dollars/ton, down 4.5 dollars. The basis of the CU main contract is - 155 yuan/ton, up 1,145 yuan; the LME copper premium (0 - 3) is - 25.97 dollars/ton, down 14.42 dollars [2] 3.3 Upstream Situation - The import volume of copper ore and concentrates is 258.69 million tons, down 17.2 million tons. The TC of domestic copper smelters is - 42.7 dollars/kiloton, down 1.73 dollars. The price of copper concentrates in Jiangxi is 78,540 yuan/metal ton, up 1,830 yuan; the price in Yunnan is 79,240 yuan/metal ton, up 1,830 yuan. The south processing fee of blister copper is 900 yuan/ton, down 100 yuan; the north processing fee is 700 yuan/ton, unchanged. The output of refined copper is 126.6 million tons, down 3.5 million tons; the import volume of unwrought copper and copper products is 490,000 tons, up 60,000 tons [2] 3.4 Industry Situation - The social inventory of copper is 41.82 million tons, up 0.43 million tons. The price of scrap copper (1 bright copper wire) in Shanghai is 59,240 yuan/ton, up 700 yuan; the price of scrap copper (2 copper, 94 - 96%) in Shanghai is 72,850 yuan/ton, up 700 yuan. The ex - factory price of sulfuric acid (98%) of Jiangxi Copper is 650 yuan/ton, unchanged [2] 3.5 Downstream and Application - The output of copper products is 223.2 million tons, up 1 million tons. The cumulative completed investment in power grid infrastructure is 4,378 billion yuan, up 582.24 billion yuan. The cumulative completed investment in real estate development is 67,705.71 billion yuan, up 7,396.52 billion yuan. The monthly output of integrated circuits is 4,371,236,100 pieces, up 120,949,000 pieces [2] 3.6 Option Situation - The 20 - day historical volatility of Shanghai copper is 22.59%, up 0.01%; the 40 - day historical volatility is 17.46%, up 0.04%. The implied volatility of the current - month at - the - money option is 21.18%, up 0.0387%. The put - call ratio of at - the - money options is 1.18, down 0.0923 [2] 3.7 Industry News - China and the US held economic and trade consultations in Kuala Lumpur, reaching a basic consensus on important economic and trade issues. The 18th meeting of the 14th National People's Congress Standing Committee heard a report on financial work, proposing to implement a moderately loose monetary policy. The US CPI in September increased by 3% year - on - year, lower than expected. The "15th Five - Year Plan" emphasizes solving "three rural" issues and is expected to bring new market space [2]

公开资料显示，火币网（HTX）由李林于2013年5月创立，运营公司北京火币天下网络技术有限公司位 于北京市海淀区， 2017年 火币逐步退出大陆市场，转向全球化运营。2021年， 火币主体公司北京火币 天下网络技术有限公司注销。2023年 ：品牌更名为HTX，孙宇晨担任全球顾问。 中国经济网北京10月27日讯 财新网24日报道《英金管局首次起诉加密货币公司非法推广 火币被指"违反 金融销售制度"》显示，英国金融行为监管局（Financial Conduct Authority，FCA）10月22日在英国高等 法院金融服务法庭民事起诉火币全球有限公司（Huobi Global S.A.），指控其"违反英国金融销售制度， 非法向英国消费者推广加密资产服务"。 新浪财经22日的消息稿《英国监管机构起诉加密货币交易所HTX，指控其非法推广》称，英国金融行 为监管局（FCA）于周三表示，已向伦敦高等法院对HTX （前身为火币Huobi）提起民事诉讼。FCA 官 网信息显示，HTX尚未获得在英国开展业务的授权。此次FCA的诉讼对象不仅包括火币全球（Huobi Global，HTX前用名），还涵盖四个"身份不明人士"群体， ...

Core Insights - The report emphasizes the importance of implementing a moderately loose monetary policy to support economic recovery and create a suitable financial environment [1][2] - It outlines six key work directions for the next phase, including enhancing financial regulation, providing high-quality financial services, and preventing systemic financial risks [1][6] Monetary Policy - The People's Bank of China (PBOC) has committed to maintaining liquidity in the banking system, with a recent announcement of a 900 billion yuan medium-term lending facility (MLF) operation [2][3] - The PBOC aims to align social financing scale and money supply growth with economic growth and price level expectations [2][3] Financial Regulation - The report highlights the need to strengthen and improve financial regulation, enhancing regulatory quality and effectiveness [3][4] - Major banks have expressed a commitment to risk management and compliance, indicating a shift towards a more robust risk control framework [4][7] Support for the Real Economy - The report indicates that from November 2024 to September 2025, 98 companies raised 91.8 billion yuan through initial public offerings, with 86% being private enterprises [5] - Loans in sectors such as technology, green finance, and digital economy have seen significant year-on-year growth, indicating a focus on supporting strategic industries [5] Financial Risk Management - The report stresses the importance of preventing and mitigating financial risks in key areas, aiming to avoid systemic financial risks [6][7] - Banks are increasingly prioritizing comprehensive risk management and compliance in their operations [4][7] Financial Opening and Internationalization - Chinese banks are actively pursuing international competitiveness and enhancing global service capabilities, contributing to the internationalization of the yuan [9] - The emphasis on high-level financial openness reflects a commitment to both "going out" and "bringing in" strategies in the financial sector [9]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report Through macro - fundamental analysis and technical analysis such as the golden section line, horizontal line, and moving average, the report predicts the trend of various futures contracts on October 27, 2025, including the direction of price movement and corresponding support and resistance levels [2]. 3. Summary by Related Catalogs 3.1 Futures Market Outlook - **Strong - biased Oscillation**: Index futures, copper, aluminum, nickel, carbonated lithium, rebar, hot - rolled coil, coking coal, glass, soda ash, crude oil, fuel oil, PTA, PVC, methanol, soybean meal, and natural rubber futures are expected to have a strong - biased oscillation [2][3][4]. - **Weak - biased Oscillation**: Ten - year and thirty - year treasury bond futures, gold, silver, zinc, tin, and palm oil futures are expected to have a weak - biased oscillation [2][3]. - **Wide - range Oscillation**: Iron ore futures are expected to have a wide - range oscillation [4]. 3.2 Macro News and Trading Tips - **Domestic News**: President Xi Jinping will attend the APEC Summit and visit South Korea; Premier Li Qiang will participate in multiple meetings and visit Singapore; Sino - US economic and trade consultations were held; the central bank maintains a moderately loose monetary policy; relevant government departments emphasize development in various fields such as state - owned assets management, science and technology, and foreign investment [8][9][10][11][12]. - **International News**: The US has inflation data, government shutdown issues, and trade frictions with Canada; the eurozone economic data improves; Japan focuses on dealing with high prices [15][16][17]. 3.3 Commodity Futures Information - **Precious Metals**: International precious metal futures generally closed down, but global uncertainty still supports the demand for precious metals [18]. - **Energy**: Crude oil futures prices had a slight correction, and the supply - surplus background is expected to suppress price increases [18]. - **Base Metals**: London base metals showed mixed trends. Regulatory relaxation signals may have a positive impact on the financing environment of base metals [19]. - **Exchange Rates**: The on - shore RMB against the US dollar had a slight decline, and the US dollar index remained flat [19][20]. 3.4 Futures Market Analysis and Outlook - **Index Futures**: On October 24, 2025, major index futures contracts showed different trends, with short - term trends varying. In October 2025, different index futures contracts are expected to have different trends, and on October 27, they are expected to have a strong - biased oscillation [20][21][22][25][26]. - **Treasury Bond Futures**: On October 24, 2025, treasury bond futures closed down across the board. On October 27, ten - year and thirty - year treasury bond futures are expected to have a weak - biased oscillation [44][46][50]. - **Gold and Silver Futures**: On October 24, 2025, gold and silver futures showed a weak - biased trend. In October 2025, they are expected to have different trends, and on October 27, they are expected to have a weak - biased oscillation [50][51][57]. - **Base Metal Futures**: On October 24, 2025, base metal futures showed different trends. In October 2025, they are expected to have different trends, and on October 27, different base metal futures are expected to have different trends [61][65][73]. - **Other Futures**: On October 24, 2025, other futures such as carbonated lithium, rebar, and crude oil showed different trends. In October 2025, they are expected to have different trends, and on October 27, they are expected to have different trends [86][91][119].