Core Viewpoint - The meeting between Chinese President Xi Jinping and U.S. President Donald Trump is set to take place on October 30 in Busan, South Korea, focusing on strategic and long-term issues concerning China-U.S. relations and other significant mutual concerns [1]. Group 1 - The meeting is a result of mutual agreement between China and the U.S. [1] - The Chinese Foreign Ministry emphasizes the irreplaceable strategic guiding role of leader diplomacy in China-U.S. relations [1]. - The two leaders aim to communicate deeply on strategic and long-term issues that affect China-U.S. relations [1]. Group 2 - The Chinese side expresses willingness to work with the U.S. to achieve positive outcomes from the meeting [1]. - The meeting is expected to provide new guidance and inject new momentum into the stable development of China-U.S. relations [1].

Core Points - The meeting between Chinese President Xi Jinping and U.S. President Trump on October 30 in Busan, South Korea, marks the first face-to-face encounter since Trump returned to the White House, focusing on U.S.-China relations and mutual concerns [1] - The recent escalation in U.S.-China trade tensions, including new tariffs and export controls, has heightened global attention on the potential outcomes of the upcoming meeting [2][3] - Experts emphasize the importance of high-level meetings in stabilizing U.S.-China relations, especially amid ongoing economic challenges [3][5] Economic Relations - Recent months have seen renewed volatility in U.S.-China economic relations, with the U.S. implementing various restrictions on Chinese entities and threatening additional tariffs [1][2] - The fifth round of economic consultations held in Kuala Lumpur on October 25-26 resulted in constructive discussions on key issues, including maritime logistics and trade agreements [2] - U.S. Treasury Secretary Mnuchin indicated that the threat of a 100% tariff on Chinese goods has been effectively canceled following positive negotiations [2] Strategic Implications - Analysts suggest that progress on contentious economic issues could pave the way for broader cooperation on global challenges, such as the Ukraine crisis [3] - The U.S. administration's fluctuating tariff policies are seen as detrimental not only to U.S.-China relations but also to U.S. economic interests [3] - The meeting is expected to address not only trade but also geopolitical issues, including Taiwan, which remains a sensitive topic in U.S.-China relations [4] Diplomatic Engagement - Both sides are encouraged to engage in dialogue to resolve differences and enhance mutual understanding, as emphasized by Chinese Foreign Minister Wang Yi [5] - The upcoming meeting is viewed as a critical opportunity to establish a framework for future negotiations and to signal a commitment to a stable bilateral relationship [3][5]

1. Report Industry Investment Rating - No industry investment rating is provided in the report [2][3] 2. Core View of the Report - Suggest adopting a long - position approach and paying attention to the price range of 280,000 - 290,000 yuan/ton for tin investment. The macro - environment shows potential positive signals from China - US communication. The supply side may face shortages due to factors like the closure of illegal tin mines in Indonesia and changes in global tin - ore production. The demand side remains weak with most downstream and terminal enterprises being cautious. Technically, there is a decline in the bullish sentiment [3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main Shanghai tin futures contract is 283,170 yuan/ton, down 3,550 yuan; the 11 - 12 month contract closing price is down 390 yuan but with a 180 - yuan increase in the ring - comparison. LME 3 - month tin is at 36,090 US dollars/ton, up 440 US dollars. The main contract open interest of Shanghai tin is 40,436 lots, down 4,648 lots. The net position of the top 20 futures is - 1,840 lots, up 230 lots. LME tin total inventory is 2,725 tons, down 25 tons. Shanghai Futures Exchange tin inventory is 5,766 tons, up 75 tons, and the warehouse receipt is 5,609 tons, down 43 tons [3] 3.2现货市场 - The SMM 1 tin spot price is 284,300 yuan/ton, up 800 yuan; the Yangtze River Nonferrous Market 1 tin spot price is 284,580 yuan/ton, up 770 yuan. The basis of the Shanghai tin main contract is 1,130 yuan/ton, up 4,350 yuan. The LME tin premium (0 - 3) is 100 US dollars/ton, down 43 US dollars [3] 3.3 Upstream Situation - The import volume of tin ore and concentrates is 0.87 million tons, down 0.16 million tons. The average price of 40% tin concentrate is 269,900 yuan/ton, up 600 yuan, and the processing fee is 10,500 yuan/ton, unchanged. The average price of 60% tin concentrate is 273,900 yuan/ton, up 600 yuan, and the processing fee is 6,500 yuan/ton, unchanged [3] 3.4 Industry Situation - The monthly output of refined tin is 14,000 tons, down 1,600 tons. The monthly import volume of refined tin is 1,501.64 tons, up 63.06 tons [3] 3.5 Downstream Situation - The price of 60A solder bar in Gejiu is 183,800 yuan/ton, unchanged. The cumulative monthly output of tin - plated sheets (strips) is 1.1093 million tons, up 0.1448 million tons. The monthly export volume of tin - plated sheets is 0.1976 million tons, up 0.031 million tons [3] 3.6 Industry News - Wang Yi talked with US Secretary of State Rubio, hoping for mutual efforts for high - level China - US interactions. From January to September, the profit of large - scale equipment manufacturing increased by 9.4% year - on - year, 6.2 percentage points higher than the average of all large - scale industries, driving the profit growth of all large - scale industrial enterprises by 3.4 percentage points. The profit of large - scale high - tech manufacturing increased by 8.7% year - on - year, 2.7 percentage points faster than from January to August. The IMF predicts that by 2030, the US government's total debt - to - GDP ratio will soar by over 20 percentage points to 143.4% [3] 3.7 View Summary - On the macro - level, there are positive signals from China - US communication. On the fundamental level, the closure of illegal tin mines in Indonesia may tighten tin - ore supply. Tin - ore imports in September decreased month - on - month, with slow production recovery in Myanmar, unexpected decline in Africa and Australia, and the upcoming rainy season in Africa. At the smelting end, raw material shortages are severe in Yunnan, and the waste - recycling system in Jiangxi is under pressure with low operating rates. On the demand side, most downstream and terminal enterprises are waiting and only making small - quantity purchases, with low restocking enthusiasm. LME inventory increased slightly, and the spot premium rebounded slightly. Technically, the long - position sentiment declined as open interest decreased and prices fell. It is recommended to take a long - position approach and focus on the 280,000 - 290,000 yuan/ton range [3] 3.8 Key Points to Watch - There is no news today [3]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The main contract of Shanghai copper fluctuated and declined, with a decrease in open interest, a premium in the spot market, and a strengthening basis. Fundamentally, the tight supply situation of copper concentrates has not improved, with TC fees hovering in the negative range. Overseas mine disturbances still have an impact, and ore prices remain firm. On the supply side, due to a large number of maintenance operations and the tight supply of copper ore and blister copper, smelting capacity may be restricted. Additionally, the price of sulfuric acid, a by - product of smelting, shows signs of decline, affecting smelting profits and potentially leading to a decline in the operating rate. Domestic refined copper supply is gradually contracting. On the demand side, copper prices remain high due to cost support and overseas macro - sentiment. Downstream buyers are hesitant due to high prices and adopt a cautious wait - and - see purchasing strategy, resulting in a weak trading sentiment in the spot market. High copper prices thus suppress downstream demand. Overall, the fundamentals of Shanghai copper may be in a situation of weak supply and demand, with industrial inventory accumulating. In the options market, the call - put ratio of at - the - money options is 1.37, a month - on - month increase of 0.1909, indicating a bullish sentiment in the options market and a slight increase in implied volatility. Technically, for the 60 - minute MACD, the two lines are above the 0 axis, and the green bars are expanding. The operation suggestion is to conduct light - position oscillating trading, 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 was 86,980 yuan/ton, a decrease of 1,390 yuan; the price of LME 3 - month copper was 10,907 dollars/ton, a decrease of 122 dollars. The spread between the main contract and the next - month contract was 30 yuan/ton, an increase of 20 yuan. The open interest of the main contract of Shanghai copper was 281,306 lots, a decrease of 12,078 lots. The net position of the top 20 futures holders of Shanghai copper was - 30,089 lots, a decrease of 6,554 lots. LME copper inventory was 135,975 tons, a decrease of 375 tons. The inventory of cathode copper in the Shanghai Futures Exchange was 104,792 tons, a decrease of 5,448 tons. The LME copper cancelled warrants were 9,975 tons, a decrease of 375 tons. The warehouse receipts of cathode copper in the Shanghai Futures Exchange were 35,846 tons, a decrease of 2,856 tons [2]. 3.2现货市场 - The spot price of SMM 1 copper was 87,905 yuan/ton, a decrease of 310 yuan; the spot price of 1 copper in the Yangtze River Non - ferrous Metals Market was 88,175 yuan/ton, a decrease of 100 yuan. The CIF (Bill of Lading) price of Shanghai electrolytic copper was 52 dollars/ton, unchanged. The average premium of Yangshan copper was 34.5 dollars/ton, unchanged. The basis of the CU main contract was 925 yuan/ton, an increase of 1,080 yuan. The LME copper cash - 3 - month spread was - 23.84 dollars/ton, an increase of 2.13 dollars [2]. 3.3 Upstream Situation - The import volume of copper ore and concentrates was 258.69 million tons, a decrease of 17.2 million tons. The rough smelting fee (TC) of domestic copper smelters was - 42.7 dollars/kiloton, a decrease of 1.73 dollars. The price of copper concentrates in Jiangxi was 78,540 yuan/metal ton, an increase of 1,830 yuan; the price in Yunnan was 79,240 yuan/metal ton, an increase of 1,830 yuan. The processing fee for blister copper in the South was 900 yuan/ton, a decrease of 100 yuan; the processing fee in the North was 700 yuan/ton. The production of refined copper was 126.6 million tons, a decrease of 3.5 million tons. The import volume of unwrought copper and copper products was 490,000 tons, an increase of 60,000 tons [2]. 3.4产业情况 - The social inventory of copper was 41.82 million tons, an increase of 0.43 million tons. The price of 1 bright copper wire scrap in Shanghai was 60,540 yuan/ton, an increase of 1,300 yuan. The ex - factory price of 98% sulfuric acid of Jiangxi Copper was 650 yuan/ton, unchanged. The price of 2 copper scrap (94 - 96%) in Shanghai was 74,050 yuan/ton, an increase of 1,200 yuan [2]. 3.5下游及应用 - The production of copper products was 223.2 million tons, an increase of 1 million tons. The cumulative completed investment in power grid infrastructure was 437.8 billion yuan, an increase of 58.224 billion yuan. The cumulative completed investment in real estate development was 6,770.571 billion yuan, an increase of 739.652 billion yuan. The monthly production of integrated circuits was 4,371,236,100 pieces, an increase of 120,949 pieces [2]. 3.6期权情况 - The 20 - day historical volatility of Shanghai copper was 23.77%, an increase of 1.19 percentage points; the 40 - day historical volatility was 17.9%, an increase of 0.43 percentage points. The implied volatility of at - the - money options in the current month was 23.95%, an increase of 0.0277. The call - put ratio of at - the - money options was 1.37, an increase of 0.1909 [2]. 3.7行业消息 - Diplomatic Minister Wang Yi had a phone call with US Secretary of State Rubio, expressing hope for the two sides to work towards each other to prepare for high - level interactions and create conditions for the development of bilateral relations. Spokesperson Guo Jiakun of the Ministry of Foreign Affairs responded to multiple hot issues such as the possible meeting between the Chinese and US presidents, Sino - US trade agreements, and the final agreement of TikTok, stating that the two sides are in close communication about the meeting of the two presidents [2]. - From January to September 2025, under the influence of multiple factors such as the continuous manifestation of the new policies' effects, the in - depth promotion of the national unified market, and the low base in the same period last year, the profits of national industrial enterprises above the designated size increased year - on - year, driving the benefits of related product industries and their chain industries to improve. Driven by the automobile replacement subsidy policy, from January to September 2025, the automobile production was 24.05 million units, a year - on - year increase of 11%. The automobile industry's revenue from January to September 2025 was 7,823.5 billion yuan, a year - on - year increase of 7.8%; the cost was 6,886.7 billion yuan, an increase of 8.6%; the profit was 348.3 billion yuan, a year - on - year increase of 3.4%; the profit margin of the automobile industry was 4.5%, lower than the average profit margin of 6% of downstream industrial enterprises. In September, the automobile industry's revenue was 1,018.6 billion yuan, a year - on - year increase of 9.8%; the cost was 897.8 billion yuan, an increase of 11.3%; the profit was 44.7 billion yuan, a year - on - year increase of 38%; the profit margin of the automobile industry was 4.4%, a significant increase compared to August and a good increase compared to 3.4% in September last year [2]. - In September, the profits of national industrial enterprises above the designated size increased by 21.6% year - on - year, 1.2 percentage points faster than in August, with the growth rate exceeding 20% for two consecutive months. The new productive forces in high - tech manufacturing and equipment manufacturing industries grew rapidly, and the profits of private and foreign - funded enterprises accelerated significantly [2]. - Since this year, over 76 million consumers have purchased over 126 million units of 12 categories of home appliances through the trade - in program, over 81 million consumers have purchased over 88 million digital products such as mobile phones, and 87,000 sales stores across the country have carried out the trade - in program for electric bicycles, with a cumulative exchange of over 12 million new vehicles [2].

Group 1: General Information - The reports are from October 28, 2025, and cover multiple industries including oils and fats, meal, pork, corn, sugar, cotton, and eggs [1][2][4][7][10][12][14] Group 2: Industry Investment Ratings - No industry investment ratings are provided in the reports Group 3: Core Views Oils and Fats Industry - Palm oil may weaken in the short - term due to production growth, export slowdown, and potential inventory increase. After the MPOB report, it may rise supported by production and inventory decline and the Indonesian B50 topic. Domestic palm oil futures may follow the Malaysian trend. Soybean oil may rise in the short - term due to strong CBOT soybean and soybean oil, but its increase may be limited by sufficient supply and weak demand [1] Meal Industry - With Sino - US relations warming, the expectation of China purchasing US soybeans is increasing, and US soybean压榨 data is strong. Brazilian soybean exports to China remain high. Domestic soybean and meal inventories are high, but costs are strongly supported, so domestic meal is expected to trend strongly [2] Pork Industry - Recent pig price rebounds are due to secondary fattening. There is demand improvement, but 11 and 12 - month出栏量 will increase, and there may be new pressure around the Winter Solstice. Current arbitrage holding risks are high [4] Corn Industry - Northeast corn prices are stable overall, with some areas declining. In North China, farmers' selling enthusiasm decreases as prices fall. Corn is in the concentrated selling period, and the supply pressure keeps the market weak. Demand from deep - processing and feed enterprises is mainly for刚需 [7] Sugar Industry - Brazil's gasoline price cut dashed the expectation of a lower sugar - making ratio, and the sugar supply outlook is loose. As the Northern Hemisphere's crushing season begins, the market focuses on India and Thailand. Domestic sugar prices are near production costs, and the current bottom - shock weak pattern may continue [11] Cotton Industry - The downstream textile enterprises' profits and cash flows have recovered, and the rigid demand for cotton is resilient. New cotton costs have increased, but there is hedging pressure, and the short - term cotton price may fluctuate within a range [12] Egg Industry - Egg supply is sufficient due to high laying - hen inventory, restored egg - laying rate, and increased egg weight. Demand may first increase and then decrease this week. Egg prices may rise slightly first and then decline in the second half of the week due to supply - demand imbalance [15] Group 4: Summary by Industry Oils and Fats Industry - **Soybean Oil**: On October 27, the spot price in Jiangsu was 8480 yuan, up 30 yuan (0.36%) from October 24. The futures price of Y2601 was 8234 yuan, up 40 yuan (0.49%). The basis was 246 yuan, down 10 yuan (- 3.91%) [1] - **Palm Oil**: The spot price in Guangdong was 9030 yuan, up 30 yuan (0.33%). The futures price of P2601 was 9100 yuan, down 22 yuan (- 0.24%). The basis was - 70 yuan, up 52 yuan (42.62%) [1] - **Rapeseed Oil**: The spot price in Jiangsu was 10050 yuan, up 20 yuan (0.50%). The futures price of OI601 was 9748 yuan, down 13 yuan (- 0.13%). The basis was 302 yuan, up 63 yuan (26.36%) [1] Meal Industry - **Soybean Meal**: The spot price in Jiangsu was 2960 yuan, unchanged. The futures price of M2601 was 2932 yuan, down 1 yuan (- 0.03%). The basis was 28 yuan, up 1 yuan (3.70%) [2] - **Rapeseed Meal**: The spot price in Jiangsu was 2410 yuan, down 10 yuan (- 0.41%). The futures price of RM2601 was 2335 yuan, up 10 yuan (0.43%). The basis was 75 yuan, down 20 yuan (- 21.05%) [2] Pork Industry - **Futures**: The main - contract basis was 120, up 345 (153.33%). The price of Live Pig 2511 was 12065 yuan/ton, up 575 yuan (5.00%); Live Pig 2601 was 12330 yuan/ton, up 155 yuan (1.27%) [4] - **Spot**: The spot price in Henan was 12450 yuan/ton, up 500 yuan; in Shandong was 12400 yuan/ton, up 400 yuan [4] Corn Industry - **Corn**: The price of Corn 2601 was 2112 yuan/ton, down 21 yuan (- 0.98%). The basis was 28 yuan, up 1 yuan (3.70%) [7] - **Corn Starch**: The price of Corn Starch 2601 was 2425 yuan/ton, down 16 yuan (- 0.66%). The basis was 85 yuan, up 16 yuan (23.19%) [7] Sugar Industry - **Futures**: The price of Sugar 2601 was 5445 yuan/ton, down 1 yuan (- 0.02%); Sugar 2605 was 5399 yuan/ton, up 1 yuan (0.02%) [11] - **Spot**: The spot price in Nanning was 5750 yuan/ton, unchanged; in Kunming was 5725 yuan/ton, down 5 yuan (- 0.09%) [11] Cotton Industry - **Futures**: The price of Cotton 2605 was 13575 yuan/ton, up 35 yuan (0.26%); Cotton 2601 was 13565 yuan/ton, up 25 yuan (0.18%) [12] - **Spot**: The Xinjiang arrival price of 3128B was 14690 yuan/ton, up 34 yuan (0.23%); the CC Index of 3128B was 14833 yuan/ton, up 30 yuan (0.20%) [12] Egg Industry - **Futures**: The price of Egg 11 contract was 2918 yuan/500KG, up 42 yuan (1.46%); Egg 01 contract was 3327 yuan/500KG, up 25 yuan (0.76%) [15] - **Spot**: The egg - producing area price was 3.02 yuan/jin, up 0.03 yuan (1.08%) [15]

Core Points - The recent economic discussions between China and the U.S. in Kuala Lumpur resulted in preliminary agreements on fentanyl regulation, maritime logistics, and tariff suspensions, signaling a positive development in bilateral relations [1][3] - Chinese Ambassador to the U.S., Xie Feng, emphasized the need for deeper grassroots and local cooperation to stabilize bilateral relations, highlighting the urgency of interdependence in the current international landscape [1][3] Group 1: Diplomatic Engagement - The discussions provided a "breathing space" for both countries amidst escalating tensions, with a focus on dialogue over conflict [3] - Xie Feng stated that "people-to-people friendship is the foundation of bilateral relations," indicating the importance of public engagement in fostering a positive cycle in U.S.-China relations [3][5] Group 2: Cultural and Local Cooperation - Xie Feng's first requirement was "mutual understanding," advocating for cultural exchanges to enhance recognition between the two nations [5] - There are currently 288 pairs of friendly provinces and cities between China and the U.S., which can help ease tensions at the national level through local government interactions [5] Group 3: Addressing Global Challenges - The ambassador called for a focus on shared challenges such as climate change, artificial intelligence, and urban governance, which reflect both national interests and global responsibilities [5] - Cooperation on these global issues could strengthen the foundation of U.S.-China relations and showcase China's role as a responsible major power [5] Group 4: Ongoing Tensions - Despite positive outcomes from the discussions, core issues like the Taiwan question remain a "red line," indicating the complexity of future U.S.-China relations [7] - The future trajectory of U.S.-China relations is expected to oscillate between competition and cooperation, with grassroots exchanges potentially serving as a stabilizing factor [7]

Core Points - Recent statements from President Trump indicate a shift towards a more conciliatory approach to China, contrasting with previous aggressive stances [1][4] - The U.S. is facing challenges in its foreign policy, particularly regarding Russia and Ukraine, which may be influencing Trump's softer tone towards China [1][2] - Trump's decision not to impose tariffs on China, despite its significant oil imports from Russia, highlights a selective approach to trade policy [2][4] Group 1: U.S.-China Relations - Trump's recent comments suggest a desire to maintain friendly relations with China, moving away from earlier threats of imposing 100% tariffs [1][4] - The U.S. has not followed through on plans to impose "secondary tariffs" on China, indicating a reluctance to escalate tensions [2][4] - Trump's cautious approach towards China is influenced by the recognition of China's strengths in key areas, particularly in rare earth resources [5][7] Group 2: Trade Dynamics - The U.S. is experiencing significant backlash from its agricultural and energy sectors due to the trade war, which has led to a reconsideration of its stance towards China [7] - Despite tensions, the U.S. remains dependent on the Chinese market, as no alternative trading partners have emerged to replace it [7] - Trump's overtures towards China may lack sincerity, as they are seen as strategic rather than genuine attempts to improve relations [7]

1. Investment Ratings - There is no information about the industry investment ratings in the provided reports. 2. Core Views Oils and Fats Industry - Palm oil may weaken in the short - term due to production growth, export slowdown, and potential inventory increase. After the MPOB report, it may gradually recover supported by production and inventory decline and the Indonesian B50 topic. Domestic Dalian palm oil futures may follow the trend of Malaysian palm oil. [1] - For soybean oil, the market is optimistic about the China - US meeting, but actual shipments need time. CBOT soybeans and soybean oil are strong in the short - term, but domestic soybean oil supply is sufficient and demand is weak, with limited upside potential. [1] Meal Industry - With the warming of China - US relations, the expectation of China purchasing US soybeans is increasing, and US soybean prices are rising. The cost of domestic soybean imports is supported, and domestic soybean meal is expected to trend stronger. [2] Livestock (Pig) Industry - The recent rebound in pig prices is due to secondary fattening. Supply and demand are in a tight game in the short - term, but there will be more supply pressure in November and December. Current arbitrage holding risk is high. [4] Corn Industry - In the corn market, the supply in the Northeast is sufficient and prices are stable, while in North China, farmers' selling enthusiasm is affected by price changes. Overall, the market is under selling pressure, and the demand side is still mainly for rigid needs. [7] Sugar Industry - Brazil's gasoline price cut dashed the expectation of a lower sugar - making ratio, and the global sugar supply outlook is loose. Domestic sugar prices are relatively low and have limited downward momentum. [11] Cotton Industry - The downstream textile enterprises' profits and cash flow have improved, and the rigid demand for cotton raw materials is resilient. New cotton costs have increased, but there is also hedging pressure, and short - term cotton prices may fluctuate within a range. [12] Egg Industry - The supply of eggs is sufficient. Demand may first increase and then decrease this week. Egg prices may rise slightly first and then decline due to the strong supply and weak demand situation. [15] 3. Summary by Categories Oils and Fats Industry - **Soybean Oil**: On October 27, the spot price in Jiangsu was 8480 yuan, up 30 yuan (0.36%) from October 24. The futures price of Y2601 was 8234 yuan, up 40 yuan (0.49%). The basis of Y2601 was 246 yuan, down 10 yuan (-3.91%). [1] - **Palm Oil**: On October 27, the spot price in Guangdong was 9030 yuan, up 30 yuan (0.33%). The futures price of P2601 was 9100 yuan, down 22 yuan (-0.24%). The basis of P2601 was - 70 yuan, up 52 yuan (42.62%). [1] - **Rapeseed Oil**: On October 27, the spot price in Jiangsu was 10050 yuan, up 20 yuan (0.50%). The futures price of OI601 was 9748 yuan, down 13 yuan (-0.13%). The basis of OI601 was 302 yuan, up 63 yuan (26.36%). [1] Meal Industry - **Soybean Meal**: The spot price in Jiangsu was 2960 yuan, unchanged. The futures price of M2601 was 2932 yuan, down 1 yuan (-0.03%). The basis of M2601 was 28 yuan, up 1 yuan (3.70%). [2] - **Rapeseed Meal**: The spot price in Jiangsu was 2410 yuan, down 10 yuan (-0.41%). The futures price of RM2601 was 2335 yuan, up 10 yuan (0.43%). The basis of RM2601 was 75 yuan, down 20 yuan (-21.05%). [2] Livestock (Pig) Industry - **Futures**: The price of the main contract basis was 120, up 345 (153.33%). The price of the live - hog 2511 contract was 12065 yuan/ton, up 575 yuan (5.00%), and the 2601 contract was 12330 yuan/ton, up 155 yuan (1.27%). [4] - **Spot**: The spot price in Henan was 12450 yuan/ton, up 500 yuan; in Shandong, it was 12400 yuan/ton, up 400 yuan. [4] Corn Industry - **Corn**: The price of the corn 2601 contract was 2112 yuan/ton, down 21 yuan (-0.98%). The basis was 28 yuan, up 1 yuan (3.70%). [7] - **Corn Starch**: The price of the corn starch 2601 contract was 2425 yuan/ton, down 16 yuan (-0.66%). The basis was 85 yuan, up 16 yuan (23.19%). [7] Sugar Industry - **Futures**: The price of the sugar 2601 contract was 5445 yuan/ton, down 1 yuan (-0.02%); the 2605 contract was 5399 yuan/ton, up 1 yuan (0.02%). [11] - **Spot**: The spot price in Nanning was 5750 yuan/ton, unchanged; in Kunming, it was 5725 yuan/ton, down 5 yuan (-0.09%). [11] Cotton Industry - **Futures**: The price of the cotton 2605 contract was 13575 yuan/ton, up 35 yuan (0.26%); the 2601 contract was 13565 yuan/ton, up 25 yuan (0.18%). [12] - **Spot**: The Xinjiang arrival price of 3128B was 14690 yuan/ton, up 34 yuan (0.23%); the CC Index of 3128B was 14833 yuan/ton, up 30 yuan (0.20%). [12] Egg Industry - **Futures**: The price of the egg 11 contract was 2918 yuan/500KG, up 42 yuan (1.46%); the 01 contract was 3327 yuan/500KG, up 25 yuan (0.76%). [15] - **Spot**: The egg - producing area price was 3.02 yuan/jin, up 0.03 yuan (1.08%); the egg - chicken price was 2.65 yuan/feather, up 0.05 yuan (1.92%). [15]

Market Performance - The three major US stock indices opened higher, with the Dow Jones up 0.56%, S&P 500 up 0.86%, and Nasdaq up 1.38%, all reaching new historical highs [1] - Major tech stocks saw significant gains, with Nvidia, Google A, and Tesla rising over 2%, while Microsoft, Amazon, Meta, Broadcom, and Apple increased by more than 1% [2] - Most large bank stocks also rose, with Barclays up over 2%, and Citigroup, UBS, and Morgan Stanley up over 1% [3] Economic Indicators - The upcoming "Super Central Bank Week" is anticipated, with the Federal Reserve's meeting scheduled for October 28-29, where a 25 basis point rate cut to the 3.75%-4% range is widely expected [3] - According to CME's FedWatch, the probability of a 25 basis point cut in October is 98.3%, while the chance of maintaining the current rate is only 1.7% [3] Chinese Market Insights - The Nasdaq Golden Dragon China Index surged over 2% in early trading [3] - Popular Chinese stocks mostly rose, with Baidu up over 5%, Vipshop up over 4%, and NIO, Xpeng, and JD.com up over 3% [6] Currency and Commodity Trends - The offshore RMB strengthened, rising over 200 basis points against the US dollar [8] - Gold prices experienced a significant drop, with London gold and COMEX gold both falling nearly 3%, and London gold dropping below $4000 per ounce [9] - Capital Economics has revised down its gold price forecast, expecting it to fall to $3500 per ounce by the end of 2026 [10] - However, Fidelity International remains bullish on gold, citing factors like Fed rate cuts and geopolitical risks as supportive for gold's performance [11]

Core Viewpoint - The dialogue between Wang Yi and Marco Rubio emphasizes the importance of a healthy, stable, and sustainable China-U.S. relationship, which is crucial for both nations' long-term interests and the international community's expectations [1]. Summary by Sections China-U.S. Relations - Wang Yi highlighted that the relationship between China and the U.S. significantly influences global dynamics, and both countries should work towards a mutually beneficial relationship [1]. - The recent economic and trade tensions were addressed through the Kuala Lumpur economic talks, where both sides clarified their positions and reached a framework consensus to resolve urgent economic issues [1]. Leadership and Strategic Assets - The long-term interactions and mutual respect between President Xi Jinping and President Trump are considered valuable strategic assets for China-U.S. relations [1]. - The dialogue underscores the necessity of adhering to the important consensus reached by the leaders of both nations to stabilize and advance their relationship [1]. Future Interactions - Both parties expressed a desire for high-level interactions to prepare for the development of China-U.S. relations and create favorable conditions for future cooperation [1]. - Rubio acknowledged the significance of the China-U.S. relationship as the most important bilateral relationship in the world and looked forward to sending positive signals through high-level engagement [1].