1. Report Industry Investment Ratings - Oils and Fats: Oscillating [5] - Protein Meals: Oscillating [5] - Corn/Starch: Oscillating [7] - Pigs: Oscillating weakly [8] - Natural Rubber: Oscillating [9] - Synthetic Rubber: Oscillating [11] - Cotton: Oscillating weakly [13] - Sugar: Oscillating weakly [14] - Pulp: Oscillating weakly [16] - Offset Paper: Oscillating [18] - Logs: Oscillating weakly [20] 2. Core Views of the Report - The overall sentiment in the agricultural market has improved, but the trends are differentiated. For example, NR in natural rubber has rebounded significantly, while other varieties show different degrees of oscillation or weak trends [1][9]. - Due to various factors such as policy, supply - demand relationship, and weather, different agricultural products face different market situations. Some are affected by short - term policies and show short - term rebounds, while others are suppressed by long - term supply and demand and show weak trends [7][13]. 3. Summaries Based on Relevant Catalogs 3.1 Oils and Fats - **View**: May continue to oscillate, waiting for further information. Due to the uncertainty of US soybean demand, the US soybean and soybean oil markets are in a state of oscillation. The domestic oil market is also affected by factors such as the US government "shutdown", trade situation, and production expectations of Brazil [5]. - **Logic**: From a macro perspective, the US government "shutdown", the repeated Sino - US trade situation, and the strong expectation of the Fed's interest rate cut affect the market. From an industrial perspective, the suspension of US soybean data updates, the expected reduction of US soybean exports, the expected increase in Brazilian soybean production, and the slow de - stocking of domestic soybean oil all contribute to the oscillation of the oil market [5]. 3.2 Protein Meals - **View**: The market continues to oscillate at a low level. Pay attention to the changes in Sino - US trade relations. - **Logic**: Internationally, the harvest of US soybeans is progressing smoothly, but the export prospects are not good. Brazil's soybean sowing progress is fast. Domestically, the short - term downstream inventory is not low, and the supply pressure is large. In the long term, the supply of domestic soybean meal is expected to increase in the fourth quarter, and the demand for soybean meal may increase steadily, while rapeseed meal follows the trend of soybean meal [5]. 3.3 Corn/Starch - **View**: The State Council's guidance to actively enter the market for procurement boosts sentiment, and the futures price rebounds. - **Logic**: The price of domestic corn is running weakly. The pressure of new grain listing is still there, but the launch of reserve grain procurement provides some support. In the long term, the corn market is expected to be short - term bearish and long - term bullish [7]. 3.4 Pigs - **View**: A small amount of second - fattening pigs enter the market, and the pig price rebounds at a low level. - **Logic**: In the short term, the supply pressure continues to increase, and the demand enters the off - season after the National Day. In the long term, if the "anti - involution" policy to reduce production is implemented, the supply pressure is expected to ease in the second half of 2026 [7][8]. 3.5 Natural Rubber - **View**: The sentiment has improved, but the trends are differentiated. NR has rebounded significantly. - **Logic**: The performance of NR is stronger than that of RU. The reasons include the low import volume of standard rubber, few warehouse receipts, and strong raw materials. The demand is expected to remain stable, and the macro factors have a greater impact on the price. It is recommended to wait and see or continue to pay attention to narrowing the spread [1][9][10]. 3.6 Synthetic Rubber - **View**: Driven by natural rubber, it rebounds slightly. - **Logic**: The BR futures price follows the trend of NR. The high production volume throughout the year is a major pressure on the futures price. The growth rate of demand is lower than that of production, and the social inventory remains high. The raw material price is weak, and the supply is abundant, so the price is difficult to improve significantly [11]. 3.7 Cotton - **View**: The cotton price oscillates at a low level. - **Logic**: The expected increase in China's cotton production in the 25/26 season has led to a decline in the futures price. After the National Day, the decline has slowed down. Future attention should be paid to the purchase price of new cotton, Sino - US trade negotiations, and the actual production of new cotton [12][13]. 3.8 Sugar - **View**: The sugar price continues to oscillate weakly. - **Logic**: Internationally, the export volume of Brazilian sugar is increasing, and the international trade flow is loose. Domestically, the import volume is high, the sales are average, and the industrial inventory is increasing. In the long term, the global sugar market is expected to have an oversupply in the 25/26 season [14]. 3.9 Pulp - **View**: The weak rebound continues. - **Logic**: The futures price of pulp has increased due to the large virtual - to - real ratio of the 01 contract and the possible shortage of deliverable warehouse receipts. However, there are many negative factors in the fundamentals, and the positive factors in the industrial end have limited driving force [15][16]. 3.10 Offset Paper - **View**: It oscillates in a narrow range. - **Logic**: The fundamentals of offset paper have not changed significantly. The publishing tenders in Shandong and Jiangsu are starting, and there is pressure to reduce prices. The supply is increasing, and the demand is limited, so the paper price may decline slightly after the festival [18]. 3.11 Logs - **View**: Affected by the delivery side, the futures price oscillates at a low level. - **Logic**: The main contradictions in the log market are the negative impact of domestic timber delivery in Chongqing and the failure of the peak - season expectation in the fundamentals. The demand is weak, the inventory is not low, and the willingness of buyers to take delivery is not strong. The futures price may oscillate in the range of 790 - 840 [20].

Report Summary 1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - Gold continues to strengthen, with international gold prices surpassing $4,200 per ounce. The Fed Chair hinted at a pause in balance - sheet reduction, trade - war concerns are intensifying, and bets on two interest rate cuts this year are growing stronger. The U.S. government shutdown is ongoing, and the U.S. fiscal deficit and debt situation are deteriorating. Against this backdrop, central banks are continuously increasing their gold holdings, and investors' recognition of gold as a safe - haven and value - storing asset is rising. However, after a rapid rise, there are accumulated profitable positions, so be aware of possible adjustments and increased volatility [4]. 3. Summary by Related Catalogs Market Data - **Futures Market**: - For gold futures, the prices of沪金2606 and沪金2512 are 969.60 and 962.08 respectively, with daily increases of 1.86 and 1.74, and increases of 0.19% and 0.18%. Their trading volumes are 6,880 and 420,246, and open interests are 22,325 and 230,686. - For silver futures, the prices of沪银2606 and沪银2512 are 12,201.00 and 12,138.00 respectively, with daily increases of 171.00 and 172.00, and increases of 1.42% and 1.44%. Their trading volumes are 31,945 and 2,033,514, and open interests are 19,602 and 477,807 [2]. - **Spot Market**: - The price of Shanghai Gold T + D has increased by 18.55 to 958.5, with a rise of 1.97%. London gold (in dollars per ounce) has increased by 13.55 to 964.00, with a rise of 1.43%. - The price of Shanghai Silver T + D has increased by 431.00 to 11,961.00, with a rise of 3.74%. London silver (in dollars per ounce) has increased by 1.64 to 53.05, with a rise of 3.19% [2]. - **Inventory**: - The inventory of Shanghai Futures Exchange gold has increased by 2,916.00 kilograms to 75,099 kilograms. The inventory of Shanghai Futures Exchange silver has decreased by 32,643.00 kilograms to 1,030,429 kilograms. - COMEX gold inventory has decreased by 375,461.09 to 39,285,219, and COMEX silver inventory has decreased by 2,921,026 to 512,711,524 [2]. - **Related Derivatives and Indexes**: - The dollar index has decreased by 0.38% to 98.6659, the S&P index has increased by 0.40% to 6,671.06, the U.S. Treasury yield has increased by 0.50% to 4.05, and Brent crude oil has increased by 0.01% to 62.47. The U.S. dollar against the Chinese yuan has decreased by 0.14% to 7.1301. - The spdr gold ETF and SLV silver ETF holdings have both increased by 1.00 tons to 44,315 tons. The CFTC speculator net long position in silver has increased by 486 to 33,486, while that in gold has decreased by 1,451 to 32,895 [2]. Macro News - The U.S. side said that whether to impose a 100% tariff on China depends on China's actions. The Chinese Foreign Ministry urged the U.S. to correct its wrong actions and resolve issues through dialogue. China opposes the EU's forced technology - transfer practices. - The Fed's "Beige Book" shows that economic activity has changed little recently, with a slight decline in overall consumer spending and stable employment levels. - The U.S. Senate failed to advance the Republican's temporary appropriation bill. The U.S. government may cut over 10,000 federal government jobs during the shutdown. The U.S. Treasury Secretary plans to submit Fed leadership candidates to Trump after Thanksgiving [3]. Fed Policy and Economic Data - Fed Governor Stephen Milan said that due to increased trade tensions, policymakers need to cut interest rates soon. He expects two interest rate cuts this year. - The New York Fed's manufacturing index rose 19.4 points to 10.7 in October, far exceeding market expectations, and the outlook index reached its highest level since the beginning of the year [4].

Group 1: Report Core Views - The ongoing US government shutdown and rumors of lay - offs increase the country's political turmoil. Although the dollar index is weak, which may provide some upward momentum for gold, the market is at a high level, so investors should be cautious about chasing high [1] - Natural rubber is in a weak downward trend, with the spot being relatively strong and the basis converging. After the rainfall in the producing areas eases, the supply is expected to increase significantly. The downstream tire enterprises are mainly digesting inventory, and the short - term driving force is weak. However, the overall low annual output and low inventory in China limit the downside [1] - The pig - grain ratio in Guangdong Province has entered the first - level early - warning range of excessive decline, and the province will start the purchase and storage of frozen pork. At present, the supply - demand contradiction is still prominent. Although the price has a short - term small rebound due to the support of second - fattening, the rebound is not sustainable, and it is recommended to wait and see [3] - The export volume of Malaysian palm oil from October 1 - 15 increased, but India's palm oil imports decreased in September. However, the short - term supply - demand trend of palm oil remains unchanged, and it is recommended to go long on dips [4] - In the 41st week of 2025, the soybean inventory of major domestic oil mills increased, while the soybean meal inventory decreased. The domestic new - season soybean market is stable, with price polarization in the Northeast. It is recommended to hold existing long positions [5] - The market is worried about oversupply and the impact of trade tensions on demand. The current crude oil market is under multiple pressures, and the fundamental driving force is weak [5] - The Fed's "Beige Book" shows that the US economy has changed little, and consumer spending has declined slightly. The expectation of Fed rate cuts provides some support for precious metals. Although the weak US economy is negative for silver, the strength of gold creates conditions for short - squeezing. Silver has limited upward momentum, and it is recommended to be cautious about chasing high [6] - China's inflation data has rebounded, indicating continuous economic improvement, which is bearish for the medium - and long - term bond market. Due to the joint effect of loose liquidity and the stock - bond seesaw, the operation of the bond market is more difficult, and it is recommended to use a volatile mindset [7] - The PTA processing fee is low, and the supply is expected to shrink. The demand is dragged down by tariff policies, and the terminal demand is entering the off - season. The impact of downstream demand expectations and crude oil on PTA prices is significant [7] - PVC supply is at a high level, and the social inventory is on the rise. The cost support is weak in the near term, and it is expected to be weak in the short - term. It is recommended to hold short positions cautiously [8] - The profit and daily melting volume of float glass enterprises are relatively stable, but the downstream orders are still weak, and the inventory is rising. It is expected to fluctuate in the short - term, and it is recommended to wait and see [9] - The supply - side pressure of polypropylene has slightly decreased, the demand is flat, and the cost support is weak. It is expected to fluctuate in the short - term, and it is recommended to wait and see or short on rebounds [10] Group 2: Specific Product Data Gold - On October 15 local time, the US Senate failed to advance the Republican's temporary appropriation bill with a vote of 51 to 44, and 60 votes were required [1] Rubber - Thai raw material glue price is 54.1 Thai baht/kg, and cup - glue price is 49.65 Thai baht/kg. Hainan glue for whole - milk production is 14,500 yuan/ton, and for concentrated latex production is 15,200 yuan/ton. From January - September 2025, Cambodia's latex exports decreased by 11.4% year - on - year to 220,240 tons [1] Pig - On October 15, the average pig - grain ratio in Guangdong Province was 4.98:1, entering the first - level early - warning range of excessive decline [3] Palm Oil - Malaysia's palm oil exports from October 1 - 15 were 781,006 tons, a 12.3% increase from the same period last month. India's total vegetable oil imports in September were 1,639,743 tons, slightly down from August. Palm oil imports were 829,017 tons, significantly down from August [4] Soybean - In the 41st week of 2025, the soybean inventory of major domestic oil mills was 765.76 million tons, an increase of 45.85 million tons (6.37%) from the week of September 26, and a 14.29% increase year - on - year. The soybean meal inventory was 107.91 million tons, a decrease of 11.01 million tons (9.26%) from the week of September 26, and a 6.17% increase year - on - year [5] Silver - The Fed's "Beige Book" shows that overall economic activity has changed little, consumer spending has declined slightly, and employment levels have remained stable [6] Medium - and Long - Term Treasury Bonds - In September, China's CPI rose 0.1% month - on - month and fell 0.3% year - on - year. Core CPI rose 1% year - on - year, with the increase expanding for the fifth consecutive month. PPI remained flat month - on - month and fell 2.3% year - on - year, with the decline narrowing for two consecutive months [7] PTA - PTA capacity utilization is 76.46%. The overall inventory of the polyester market is concentrated between 14 - 24 days, with POY inventory at 14 - 23 days, FDY inventory at 12 - 22 days, and DTY inventory at 13 - 25 days [7] PVC - The price of East China SG - 5 type PVC is 4,580 yuan/ton, a decrease of 30 yuan/ton from the previous day. PVC capacity utilization is 82.63%, a weekly increase of 1.21%. The 400,000 - ton/year calcium carbide method device of Jinyuyuan is expected to end maintenance this week. PVC social inventory is 97.13 million tons, a 1.84% increase month - on - month [8] Glass - The national average price of float glass is 1,249 yuan/ton, a decrease of 7 yuan/ton from the previous day. The float glass operating rate is 76.01%, unchanged from the previous week. The total inventory of national float glass sample enterprises is 62.824 million heavy boxes, a 5.84% increase month - on - month. The average order days of national deep - processing sample enterprises is 11 days, a 4.9% increase month - on - month [9] Polypropylene - The mainstream price of East China drawn polypropylene is 6,578 yuan/ton, a decrease of 42 yuan/ton from the previous day. Polypropylene capacity utilization is 77.27%, a decrease of 0.76% from the previous day. The average operating rate of downstream industries is 51.76%, a weekly increase of 0.05 percentage points. Polypropylene commercial inventory is 98.52 million tons, a weekly decrease of 2.6 million tons. The inventory of Sinopec and PetroChina polyolefins is 82 million tons, a decrease of 0.5 million tons from the previous day [10]

投资咨询业务资格：证监许可【2011】1778 号 宝城期货贵金属有色早报（2025 年 10 月 16 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 黄金 | 2512 | 上涨 | 上涨 | 震荡 偏强 | 长线看强 | 中长线上行趋势不变，中美摩擦 助推行情 | | 铜 | 2511 | 上涨 | 上涨 | 上涨 | 长线看强 | 矿端扰动再起，资金关注度快速 上升，中美贸易加剧波动 | 说明： 主要品种价格行情驱动逻辑—商品期货 品种：黄金（AU） 日内观点：震荡偏强 中期观点：上涨 参考观点：长线看强 核心逻辑：近期国际金价持续攀升，昨日纽约金站上 4200 美元关口，沪金站上 960 元关口。短期中 美贸易摩擦扰动及美国政府持续停摆加速金价上行，金价或持续强于银价，金银比值呈现上行态势。 短期的大幅上涨随之而来的是风险的快速积累，近期黄金日内双向波动明显加剧。短期单边可参考 5 日均线作为短期强弱分水岭 ...

Group 1 - The U.S. federal government shutdown has entered its third week, with the Senate failing to pass a temporary budget for the ninth time [1] - The latest vote resulted in 51 votes in favor and 44 against, falling short of the 60 votes needed for approval [1] - Key disagreements between the two parties center around healthcare budget provisions, with Democrats insisting on including healthcare-related clauses in the temporary budget [1] Group 2 - Republican Senator Kennedy indicated that the government shutdown is expected to last for an extended period, potentially becoming the longest in history [1] - The longest previous shutdown occurred during Trump's first term, lasting 35 days due to budget disputes over the construction of the U.S.-Mexico border wall [1] - Senate Republicans plan to vote again on the temporary budget on the 16th, aiming to pressure Democrats through repeated voting [2]

一名参议员接受采访时表示，"此次停摆将会持续一段时间。我认为这将是美国历史上持续时间最长的 一次停摆。" 此前报道，美国参议院9日仍未能通过新的临时拨款法案，联邦政府继续"停摆"。 （文章来源：中国新闻网） 中新网10月16日电据美国政治新闻网Politico报道，当地时间10月15日，美国参议院以51票对44票的投 票结果，再次未能推进共和党的临时拨款法案。 据报道，参议院15日第九次否决了由共和党主导的临时拨款法案。报道称，政府停摆或将至少持续到下 周。 报道称，参议院预计将于16日再次就众议院通过的临时拨款法案进行投票。报道称，尚未有合理预期证 明将有不同结果出现。 ...

Core Points - The U.S. Senate failed to pass a new temporary funding bill for the eighth time, leading to the federal government shutdown entering its third week [1] - The shutdown began on October 1 after the Senate could not reach an agreement on key issues such as healthcare-related spending before the end of the fiscal year on September 30 [1] - President Trump continues to pressure Democrats to change their stance on healthcare-related spending [1] Summary by Categories - **Government Shutdown** - The federal government has been in a shutdown for three weeks due to the Senate's inability to pass a temporary funding bill [1] - The shutdown was triggered by a lack of agreement on core issues between the Republican and Democratic parties [1] - **Legislative Actions** - The Senate voted on a temporary funding bill proposed by Republicans, which had already passed the House, but failed to secure the necessary 60 votes [1] - This marks the eighth voting attempt on the funding bill [1] - **Impact on Federal Employees** - According to a statement from the U.S. Department of Justice, 4,108 federal employees have been laid off since the government shutdown began [1] - The Office of Management and Budget announced plans to continue layoffs and is preparing for the ongoing shutdown [1]

Report Industry Investment Ratings - **One Star (Bullish/Bearish)**: Corn, indicating a bullish trend but with limited operability on the trading floor [1] - **Three Stars (Clear Bullish/Bearish)**: Soybean, Soybean Meal, Rapeseed Meal, Egg, suggesting a clear bullish or bearish trend with relatively appropriate investment opportunities [1] - **White Stars (Balanced)**: Soybean Oil, Palm Oil, Rapeseed Oil, Live Pig, representing a short - term balanced state between bullish and bearish trends and poor operability on the trading floor [1] Report's Core View - The overall supply of agricultural products in the fourth quarter is generally stable, but there are uncertainties in the first quarter of next year due to factors such as trade relations and policies [3] - For different agricultural products, there are various influencing factors including supply - demand relationships, policy changes, and international trade situations, and investment strategies should be adjusted according to different product characteristics [2][3][4] Summary by Related Catalogs Soybean - Domestic soybeans are continuing to rebound. New domestic soybeans are on the market, and CGSGB is auctioning old soybeans with good transaction results at an average price of 3900 yuan/ton. Domestic soybeans are stronger than imported ones, and the price difference is widening. The export demand of US soybeans is a concern, and its price may be pressured by the demand side [2] Soybean & Soybean Meal - The main contract of Dalian soybean futures has a slight reduction in positions and a rebound. As of October 10, the inventory of imported soybeans in major domestic oil mills is 812 million tons, with sufficient arrivals. Domestic soybean production is expected to reach 2100 million tons. The supply in the fourth quarter is generally stable, but it may be tight in the first quarter of next year if Sino - US trade relations deteriorate. The sales progress of US soybeans is slow, and relevant policies are postponed. The domestic soybean meal futures are in a data vacuum period, and it is recommended to wait and see [3] Soybean Oil & Palm Oil - Due to the weak global crude oil price and uncertainties in Sino - US trade, risk assets are under pressure. In the international market, the near - term demand for palm oil is weak, but there is an expectation of increased biodiesel blending in the long - term. Palm oil enters the production - reduction cycle in the fourth quarter. Domestic soybean oil has a high inventory. In the long - term, oils are expected to be more resilient, and it is recommended to buy on dips after the price bottoms out [4][5] Rapeseed Meal & Rapeseed Oil - Today, rapeseed meal is stronger than rapeseed oil, but the overall fluctuation is small, and the trend is weaker than that of competitors. There are uncertainties in Sino - US and Sino - Canadian economic and trade relations. The data gap caused by the US government shutdown makes the market more concerned about macro factors. The price difference between rapeseed products and competitors is still high, and it is recommended to focus on cross - competitor strategies with rapeseed products as short positions. The short - term unilateral trend of rapeseed products is expected to be volatile [6] Corn - The Dalian corn futures are rebounding from the bottom. In the Huanghuai region, corn harvesting and drying are affected by rain. The new wheat planting is postponed, causing the wheat price to rise. The price of new corn in the Northeast is falling, but the scope is narrowing. The production of new - season corn in the Northeast is likely to increase. The opening price of corn in the Northeast has dropped, and the impact of the purchase price of Heilongjiang's state - owned grain depots is currently small. The bottom of the corn price is weak, but the phased bottom is approaching [7] Live Pig - The spot and futures prices of live pigs are deviating. The spot price is rebounding, supported by second - fattening in some areas, while the futures price is weak. The current spot price is in the range of 10 - 11 yuan/kg, which is at the bottom of the historical cycle. The scale of enterprise slaughter is expected to increase in October. The industry is starting to reduce production capacity, which will support the futures contracts in the second half of next year [8] Egg - The spot price of eggs is slightly rising, while the futures price is weak. The chicken - chick replenishment sentiment is poor, and the number of newly - laying hens at the end of the year is expected to decrease. The egg price is at the cash - flow balance or loss state, and the old - hen culling progress is slow. There is a risk of further price decline in the medium - term [9]

Core Points - The U.S. government shutdown has entered its third week with no immediate resolution in sight, as both Republican and Democratic parties continue to clash over funding issues [1][2] - President Trump plans to announce a list of "Democratic projects" to be cut, indicating a hardline stance during the ongoing crisis [6][7] Group 1: Government Shutdown Dynamics - The Senate's eighth vote on a temporary funding bill failed with 49 votes in favor and 45 against, falling short of the 60 votes needed for passage [2] - Democrats are insisting that healthcare-related provisions be included in the funding bill, while Republicans demand that Democrats first approve the bill [2] - Both parties are blaming each other for the shutdown, with Republican leaders stating that Democrats are making "expensive demands" [2] Group 2: Impact on Federal Employees and Projects - Since the shutdown began on October 1, 4,108 government employees have been laid off, and the Trump administration has frozen or canceled funding for over 200 projects, totaling nearly $28 billion [7] - The projects affected are primarily located in Democratic-led states and cities, covering areas such as clean energy development and infrastructure maintenance [7] - The last major government shutdown lasted 35 days from late 2018 to early 2019, and if the current impasse continues until October 17, it will surpass the 16-day shutdown in 2013, becoming the second longest in U.S. history [5]

Group 1 - The core issue of the current U.S. government shutdown is the disagreement between the two parties regarding healthcare subsidies, with the Democrats insisting on including related provisions in the funding bill while the Republicans advocate for a temporary bill to reopen the government first [1][4]. - The U.S. government is experiencing its first shutdown in seven years, which has now entered its third week, exceeding the historical average duration of shutdowns [2][4]. - Economic impacts of the shutdown are estimated to be a 0.1% drag on GDP growth for each week it continues, although this impact is likely to be reversed once the government reopens [5]. Group 2 - The current macroeconomic environment in the U.S. shows signs of weakness in the job market, as indicated by the negative ADP employment data for September [6][10]. - Consumer spending data remains resilient, supported by durable goods consumption, while the housing market shows some positive signals, potentially linked to declining mortgage rates [7][9]. - Market expectations suggest that the Federal Reserve may continue to lower interest rates in October and December, with probabilities of 94% and 80% respectively for a 25 basis point cut [10]. Group 3 - In light of the government shutdown and the current economic policy environment, the company recommends maintaining a focus on large-cap technology stocks for investment, while also considering tactical timing and structural opportunities for excess returns [10]. - For U.S. bonds, the company suggests looking into short to medium-duration bonds, which are less affected by interest rate declines, and also recommends positioning for a steepening yield curve strategy, while being cautious of inflation and the independence of the Federal Reserve [10].