Core Viewpoint - The stock price fluctuations of Haopeng Technology (001283) are influenced by multiple factors including macroeconomic environment, industry cycles, and market sentiment [1] Group 1 - The company emphasizes adherence to information disclosure rules and fulfilling obligations [1] - Specific performance and business conditions should be referenced from the company's announcements [1]

Core Viewpoint - The company's stock price is influenced by various factors including macroeconomic environment, industry policies, and market sentiment, while it is actively working to enhance operational efficiency through management optimization and technological innovation to solidify its long-term value foundation [1] Group 1 - The company acknowledges that its stock price is affected by multiple external factors [1] - The company is focused on improving operational quality and efficiency [1] - Management optimization and technological innovation are key strategies for the company to strengthen its long-term value [1]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The supply and demand of coking coal and coke remain relatively stable, with no prominent fundamental contradictions. However, market sentiment is easily disturbed by macro - factors, causing prices to run under pressure [3] Group 3: Summary by Related Contents Market Situation - Recently, the futures prices of coking coal and coke have been oscillating weakly. Although the risk of Sino - US tariff conflicts has no obvious direct impact on coking coal and coke exports, it disturbs market sentiment and increases the probability of price decline [2] - After the first round of coke price increase was implemented, the profits of coke enterprises have been repaired. Most coke enterprises maintain a normal production rhythm, with a capacity utilization rate of around 75%. During the holiday, the transportation capacity in the main production areas was slightly affected, but the overall coke shipment was in order [2] - Steel mills'开工 remains at a relatively high level, with the daily average pig iron output maintaining above 2.4 million tons, which supports the demand for raw materials [2] Coking Coal Market - The coking coal market is generally stable, with individual mine prices adjusting downward from high levels. Currently, the inventory pressure at the coal mine end is not obvious, supporting relatively firm prices [3] - The monthly import volume of coal is increasing. In September, coal imports were about 46 million tons, setting a new high for the single - month import volume this year. From January to September, the cumulative imports were 346 million tons, a year - on - year decrease of 11.7%, and the decline continued to narrow. The import volume of coking coal also increased month by month [3] - It is rumored that after the National Day, Mongolia will increase the transportation capacity of coal through automated loading and unloading, adjusting the daily customs clearance volume from the previous upper limit of 1,500 to 2,000. It will be in trial operation for one month after the National Day, and the specific situation needs continuous tracking [3] Later Concerns - Pay attention to the changes in the blast furnace operation of steel mills and the resumption of coal mines [3]

Report Summary 1) Report Industry Investment Rating No industry investment rating is provided in the report. 2) Core Viewpoints - The overall view for bean meal, palm oil, and soybean oil in the short - term, medium - term, and intraday is "oscillating weakly". The core logics for these commodities are affected by multiple factors such as Sino - US relations, policies, production, exports, inventories, and cost support [5][6][7]. 3) Summary by Variety Bean Meal (M) - **Viewpoints**: Short - term: oscillating; Medium - term: oscillating; Intraday: oscillating weakly; Reference view: oscillating weakly [5][6]. - **Core Logic**: With the US Treasury Secretary's statement that it is not certain to impose a 100% tariff on Chinese goods, market sentiment has fluctuated. The expectation of tightened domestic long - term soybean supply has cooled, weakening the support for the futures price of the 2601 contract of domestic bean meal. Also, factors like Sino - US relations, import arrival rhythm, oil mill start - up rhythm, and inventory pressure affect it [5][6]. Palm Oil (P) - **Viewpoints**: Short - term: oscillating; Medium - term: oscillating; Intraday: oscillating weakly; Reference view: oscillating weakly [6][7]. - **Core Logic**: The spill - over effect of the pressure on international oil prices on the oil market continues. Also, the weakening of the palm oil market industrial chain exerts obvious pressure. Macro - sentiment's influence on the oil market has significantly increased. Before the market sentiment recovers, the palm oil futures price will continue to be under pressure following the external market. Additionally, factors like biodiesel attributes, Malaysian palm production and exports, Indonesian exports, main - producing countries' tariff policies, domestic arrivals, inventories, and substitution demand play a role [6][7]. Soybean Oil (Not elaborated in detail in the core logic section like the above two, but listed in the summary table) - **Viewpoints**: Short - term: oscillating; Medium - term: oscillating; Intraday: oscillating weakly; Reference view: oscillating weakly [6]. - **Core Factors**: Sino - US relations, US biofuel policy, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil mill inventory [6].

Core Viewpoint - The domestic thermal coal market sentiment has improved in mid-October, leading to a rebound in coal prices, with the main market price for Q5500 thermal coal in the Ordos region rising to 510-525 RMB/ton as of October 13, an increase of 10 RMB/ton from the previous week [1] Market Analysis - The short-term increase in coal prices is primarily driven by lower production from local private coal mines, alongside a rebound in both stockpiling and speculative demand, which has improved market sentiment [1] - Current production levels from major coal mines are stable and within approved capacity, while some local private coal mines are experiencing lower production or have not yet resumed sales [1] - On the demand side, downstream users are showing reasonable purchasing enthusiasm, with stable demand from non-electric end-users such as the chemical industry, and some users are engaging in moderate stockpiling post-holiday [1] - The rise in prices at ports and for large coal enterprises has also led to increased speculative activity among certain traders and users [1] - Market sentiment is recovering, with coal prices expected to stabilize and trend upwards; however, future price movements will depend on the release of winter storage demand before the heating season [1]

Group 1 - Dow futures dropped over 360 points, indicating a cautious sentiment on Wall Street ahead of Q3 earnings [1] - Renewed tensions between the US and China are impacting market sentiment, as US President Donald Trump's assurances did not yield significant results [1]

Group 1 - Market sentiment indicators showed a slight decline, with the sentiment score at 1.75 as of October 10, down from 1.85 on September 26, indicating a bearish outlook [8][11] - The trading volume for the entire A-share market increased slightly compared to the previous week, with a peak trading volume of 26,718.18 billion RMB on October 9, indicating improved market activity [14][16] - The financing balance ratio continued to rise, reflecting an increase in market leverage sentiment and improved trading atmosphere among investors [24][26] Group 2 - The model indicates a preference for small-cap value style, with a weak signal strength due to a slight decline in the 5-day RSI relative to the 20-day RSI, suggesting further observation is needed [30][41] - The short-term trend scores for industries such as banks, steel, public utilities, and construction decoration have shown upward trends, with non-ferrous metals currently having the highest short-term score of 98.31 [30][32] - High trading congestion in sectors like non-ferrous metals and coal, alongside lower price increases in sectors like automobiles and electronics, suggests potential volatility risks and opportunities for gradual allocation in low-congestion sectors like pharmaceuticals and beauty care [37][36]

Market Overview - The Hang Seng Index opened down 2.5%, while the Hang Seng Tech Index fell by 2.43%. Major tech stocks, including Xiaomi and Alibaba, saw declines of over 4% and 3% respectively [1]. Short-term Market Sentiment - Huatai Securities indicated that the key to short-term trading direction lies in whether market sentiment has reached an extreme level. Their constructed sentiment indicator suggests there is still room for further release. The evolving path of trade friction over the next couple of weeks is expected to have high variance, leading to continued volatility. Tactical advice includes moderate defense and recommending high-quality cash flow assets in Hong Kong, with "TACO" trades to be executed in batches [1]. Medium to Long-term Outlook - China Galaxy Strategy believes that the escalation of Sino-U.S. trade friction has led to a decrease in investor risk appetite, resulting in a valuation correction for Hong Kong stocks. However, with domestic policies supporting stable growth and medium to long-term measures to stabilize the stock market, investor sentiment is expected to gradually stabilize. Currently, Hong Kong stock valuations are at a historically high level, and the market is anticipated to experience wide fluctuations [1]. Foreign Investment Dynamics - The Guotai Junan overseas strategy team reported that foreign capital dominates most sub-sectors in the Hong Kong stock market, particularly in the internet, finance, and most consumer sectors. Conversely, the southbound investment has gained significant pricing power in a few sectors such as telecommunications, coal, petrochemicals, military, and semiconductors over the past two years [1].

Market Overview - Recent market volatility has led to significant declines in gold and silver prices, with gold dropping to 898 yuan per gram and silver falling below 49 dollars [1][3] - The market is experiencing extreme fluctuations, likened to a roller coaster, causing anxiety among investors [3] Causes of Price Decline - Speculation surrounds the reasons for the price drop, with theories ranging from Federal Reserve announcements to large fund sell-offs, indicating a lack of consensus on the underlying causes [5] - Some analysts suggest that the decline may be a technical adjustment rather than a reaction to geopolitical events, although this perspective lacks confidence given gold's status as a safe-haven asset [10] Market Sentiment - The market sentiment is characterized by panic and uncertainty, with traders expressing fear of further declines and a lack of clarity on future price movements [12][13] - The emotional response of traders is evident, as many are actively discussing their losses and strategies in online forums, reflecting a collective anxiety about the market's direction [12] Trading Activity - There was a notable increase in trading volume, with large sell orders triggering a rapid market response, leading to a cascade of smaller sell-offs [8] - The trading environment is described as chaotic, with participants feeling pressured to react quickly to avoid being the last to buy into a declining market [8][12]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - Rubber's own fundamental factors have limited driving force on the market, and the market mainly fluctuates within a range. The follow - up should focus on the impact of weather factors on the increase of rubber tapping volume [6][25]. 3. Summary According to the Directory 3.1 Report Summary - **Market Focus**: ANRPC's August 2025 report predicts that global natural rubber production in August will drop 0.7% to 1.379 million tons, up 3.8% from the previous month; consumption will drop 1% to 1.256 million tons, up 0.8% from the previous month. In the first 8 months, cumulative production will slightly drop 0.03% to 8.856 million tons, and cumulative consumption will drop 0.6% to 10.146 million tons. In 2025, global natural rubber production is expected to increase 0.5% to 14.892 million tons, and consumption is expected to increase 1.3% to 15.565 million tons. During October 8 - 14, 2025, rainfall in Southeast Asian main producing areas of natural rubber increased compared with the previous period. After the holiday, the rubber market fluctuated with external macro - emotions, and its own fundamentals had limited driving force. The rubber price was relatively firm after the National Day holiday, with cost support due to rainfall in main producing areas. Inventory continued to decline, but downstream demand dragged down the fundamentals [6]. - **Fundamental Overview**: Natural rubber raw material prices are relatively firm, and it continues to have a small - scale inventory reduction. The price of butadiene, the raw material of butadiene rubber, is running weakly, and the inventory reduction of butadiene rubber is not smooth. The overall production capacity utilization rate of tires decreased during the National Day holiday [7]. 3.2 Multi - Empty Focus - **Bullish Factors**: Rubber raw material prices are stable, providing cost support, and the inventory pressure of natural rubber is not obvious [10]. - **Bearish Factors**: The overall tire operating rate decreased due to the holiday, and the inventory reduction of butadiene rubber is not smooth [10]. 3.3 Data Analysis - **Raw Material Price**: As of October 9, the price of Thai raw material glue was 53.9 Thai baht/kg, and the price of cup lump was 50.7 Thai baht/kg. The price of Yunnan glue for producing whole - milk rubber was 13,900 yuan/ton, and for producing concentrated latex was 14,100 yuan/ton. The price of Yunnan rubber blocks was 13,000 yuan/ton, and the price of Hainan glue for producing whole - milk rubber was 14,500 yuan/ton, and for producing concentrated latex was 15,700 yuan/ton [11]. - **Inventory**: As of September 28, 2025, China's natural rubber social inventory was 1.088 million tons, a 1.4% decrease from the previous month. The total inventory of bonded and general trade in Qingdao was 456,500 tons, a 1.01% decrease from the previous period. As of the week of October 10, the production capacity utilization rate of high - cis butadiene rubber in China was 74.69%, up 4.15% from before the holiday. The in - factory inventory of butadiene rubber was 26,600 tons, and the trader inventory was 5,700 tons, both unchanged from before the holiday [14][18]. - **Raw Material Price of Butadiene Rubber**: After the National Day, the domestic butadiene market declined slightly. As of the week of October 10, the theoretical production loss of butadiene rubber was 167 yuan/ton, and the theoretical production profit of butadiene rubber enterprises was slightly repaired [15]. - **Tire Production Capacity Utilization**: As of the week of October 10, the production capacity utilization rate of all - steel tire sample enterprises was 41.53%, a 13.83% increase from the previous period and a 0.78% decrease year - on - year. The average inventory available days of sample enterprises was 39.87 days. The production capacity utilization rate of semi - steel tire sample enterprises was 42.15%, a 17.5% decrease from the previous period and a 36.62% decrease year - on - year. The in - factory inventory available days of sample enterprises was 45.7 days [19]. - **Contract Spread**: As of October 9, the spread of the "RU - NR" January contract slightly shrank, and the spread of the "NR - BR" main contract slightly strengthened [21]. 3.4 Market Outlook - **Macro - aspect**: The domestic financial market digested holiday events. After the Hamas announced a permanent cease - fire, the geopolitical disturbance cooled down, the risk - aversion sentiment declined, and the domestic stock market was affected [25]. - **Fundamental - aspect**: After the National Day holiday, the rubber price was relatively firm, with cost support due to rainfall in main producing areas. The inventory continued to decline, but downstream demand dragged down the fundamentals. The production capacity utilization rate of tires will gradually recover after the holiday, but the subsequent recovery space is limited [25].