Report Summary 1. Investment Rating No investment rating information is provided in the report. 2. Core Views - On October 15, 2025, the A-share market showed an upward trend, with the Shanghai Composite Index rising 1.22% to 3912.21 points, the Shenzhen Component Index rising 1.73% to 13118.75 points, and the ChiNext Index rising 2.36% to 3025.87 points. The trading volume of the two markets was 2072.9 billion yuan, a significant decrease of 503.4 billion yuan from the previous day [1]. - The prices of various futures products showed different trends. Some were affected by factors such as supply and demand, international market conditions, and policy changes [1][5][7]. 3. Summary by Variety Stock Index Futures - On October 15, the A-share market rebounded. The Shanghai Composite Index regained the 3900 - point mark, and the trading volume decreased significantly [1]. - The CSI 300 Index was strong on October 15, closing at 4606.29, a rise of 67.22 [2]. Coke and Coking Coal - On October 15, the coke weighted index showed weak consolidation, closing at 1663.8, a rise of 5.6 [3]. - The coking coal weighted index showed narrow - range shock consolidation, closing at 1165.0 yuan, a rise of 10.7 [4]. - Factors affecting prices include changes in import freight, customs clearance issues, and downstream supply - demand contradictions. The cost support for coke is loosening, and the second - round price increase is difficult [5]. Zhengzhou Sugar - Affected by the rebound of US sugar and short - term large declines, the Zhengzhou Sugar 2601 contract stopped falling and rebounded slightly on October 15. Thailand's 2025/26 sugar production is expected to increase by 5% to 10.5 million tons [5]. Rubber - Due to the warning of heavy rain in Thailand from October 16 - 21, the spot price in Southeast Asia rose, and Shanghai rubber rebounded on October 15. China's automobile production and sales in September increased both month - on - month and year - on - year [6]. Soybean Meal - Internationally, on October 15, CBOT soybean futures fluctuated. As of October 9, Brazil's soybean sowing area reached 14% of the expected total area. Domestically, on October 15, soybean meal futures fluctuated. The soybean crushing volume in September was about 9.7 million tons, and it is expected to be about 8.5 million tons in October. The inventory is above 1 million tons, and the supply is loose [7]. Live Pigs - On October 15, live pig futures closed down. In October, the supply of suitable - weight pigs is sufficient, and consumer demand lacks growth. The short - term market is in a situation of strong supply and weak demand [8]. Palm Oil - On October 15, palm oil futures prices continued to decline slightly. The export volume of Malaysian palm oil from October 1 - 15 increased compared with the same period last month [8]. Shanghai Copper - Powell's remarks on the employment market and the possible shutdown of a smelter in Indonesia supported the price, but the increase was limited by inventory increase and weak downstream procurement. It is expected to maintain a high - level range - bound pattern in the short term [9]. Iron Ore - On October 15, the iron ore 2601 contract fell. The shipping volume decreased slightly, the domestic arrival volume increased significantly, and the port inventory continued to accumulate. The iron water production remained high, but the pressure to reduce production increased in the future [9]. Asphalt - On October 15, the asphalt 2511 contract fell. The production and shipment volume decreased month - on - month, and the demand was affected by weather and funds. The short - term price will fluctuate [9]. Logs - On October 15, the log 2511 contract continued to decline, breaking through the 800 - point mark. The spot prices in Shandong and Jiangsu remained unchanged. The import volume from January - September decreased by 12.7% year - on - year [11]. Cotton - On the night of October 15, the main contract of Zhengzhou cotton closed at 13260 yuan/ton. The inventory decreased by 50 lots. The price of machine - picked cotton is 5.9 - 6.2 yuan/kg. The cotton picking in Xinjiang is more than half completed, and the supply pressure is increasing [11]. Steel - On October 15, the rb2601 contract was reported at 3034 yuan/ton, and the hc2601 contract was reported at 3212 yuan/ton. After the holiday, the steel market transaction was weak, and the steel industry's profit continued to shrink. The steel price may be adjusted weakly in a narrow range in the short term [12]. Alumina - On October 15, the ao2601 contract was reported at 2797 yuan/ton. The supply is in surplus, and the price is weakly adjusted. The start of winter storage in the northwest may boost demand, but the overall transaction is dull [12]. Shanghai Aluminum - On October 15, the al2511 contract was reported at 20910 yuan/ton. The Sino - US economic and trade relations are uncertain, putting pressure on the non - ferrous market. The downstream processing industry's start - up is stable, and the terminal demand is supportive [13].

Core Viewpoint - Recent decline in upstream crude oil prices has negatively impacted various energy chemical products, including styrene, which has experienced varying degrees of decline [1] Supply Side - Domestic maintenance plans for certain facilities have been implemented, leading to a decrease in industry operating rates from high levels, resulting in fluctuations in production [1] - The volume of imports arriving at ports has decreased month-on-month, alleviating short-term inventory pressure, although overall supply remains sufficient [1] Demand Side - The operating rates in downstream EPS and PS industries have seen a slight increase, providing some support [1] - However, there is no significant increase in orders from end-user sectors such as home appliances, leading to limited market follow-up and low purchasing enthusiasm, with overall demand being primarily rigid [1] Inventory Situation - Recent data indicates an accumulation of port inventories, with ongoing de-inventory pressure [1] - Future attention is required on marginal changes in supply and demand dynamics [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Crude oil prices are expected to continue weak and volatile. The IEA predicts a large supply surplus in the world oil market next year, with supply growth significantly outpacing demand growth, putting strong pressure on oil prices. Currently, the market faces pressure from both supply and demand sides, and the peak demand season is fading with no highlights in the downstream [1]. - Fuel oil prices are expected to be volatile and weak in the short - term. The supply of low - sulfur fuel oil in Singapore is sufficient, while the high - sulfur fuel oil market is relatively strong, but Trump's new round of tariff hikes is pressuring oil prices [2]. - Asphalt prices are expected to be volatile and weak in the short - term, with a smaller decline than crude oil and fuel oil. There is still some construction rush expectation after the festival, but the significant increase in previous production may suppress prices [2]. - Polyester chain prices are expected to be volatile and weak, following the movement of crude oil prices. The supply of TA and EG is in a loose pattern, and the weak sales of polyester products are observed. Pay attention to potential sudden plant overhauls under low processing fees [2]. - Rubber prices are expected to be volatile and weak. The end of the typhoon season leads to normal rubber tapping in major production areas, while the high inventory of tire finished products and tariff - disturbed demand result in a situation of increasing supply and weakening demand [4]. - Methanol prices are expected to be volatile. The domestic supply has recovered, and the Iranian Busher plant has resumed production, but future production growth is limited due to winter gas restrictions. Consider long - methanol and short - polyolefin strategies and inter - month positive spread strategies [4]. - Polyolefin prices are expected to be weak. The short - term production will remain at a high level, and although there is still support from downstream orders in October, the marginal increase will gradually decline [6]. - PVC prices are expected to be volatile and weak. The supply remains at a high level, domestic demand is slowing down, and exports are expected to be weak due to anti - dumping policies and trade frictions. The total inventory pressure is large [6]. 3. Summary According to Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Tuesday, WTI November contract closed down $0.79 to $58.70 per barrel, a 1.33% decline; Brent December contract closed down $0.93 to $62.39 per barrel, a 1.47% decline; SC2511 closed at 444.0 yuan per barrel, down 7.8 yuan per barrel, a 1.73% decline. The IEA predicts a supply surplus of up to 4 million barrels per day in the world oil market next year, while OPEC +'s monthly report is less pessimistic [1]. - **Fuel Oil**: On Tuesday, the main contract of fuel oil FU2601 on the Shanghai Futures Exchange closed down 1.1% at 2700 yuan per ton; the main contract of low - sulfur fuel oil LU2512 closed down 1.14% at 3203 yuan per ton. The supply of low - sulfur fuel oil in Singapore is sufficient, and the high - sulfur fuel oil market is relatively strong [2]. - **Asphalt**: On Tuesday, the main contract of asphalt BU2511 on the Shanghai Futures Exchange closed down 0.6% at 3290 yuan per ton. There is a construction rush expectation after the festival, but previous production increases may suppress prices [2]. - **Polyester**: TA601 closed at 4440 yuan per ton on Tuesday, down 1.55%; EG2601 closed at 4061 yuan per ton, down 1.22%. The polyester chain prices are weak and volatile, and the polyester operating rate is 91% [2]. - **Rubber**: On Tuesday, the main contract of natural rubber RU2601 closed down 95 yuan per ton to 14845 yuan per ton; NR main contract closed down 50 yuan per ton to 11990 yuan per ton. In September, China's automobile production and sales increased significantly, but the supply - demand situation of rubber is unfavorable [4]. - **Methanol**: On Tuesday, the spot price in Taicang was 2285 yuan per ton. The domestic supply has recovered, and the Iranian Busher plant has resumed production, but future production growth is limited [4]. - **Polyolefins**: On Tuesday, the mainstream price of East China拉丝 was 6550 - 6700 yuan per ton. The short - term production will remain high, and downstream demand growth is weakening [6]. - **Polyvinyl Chloride (PVC)**: On Tuesday, the market prices of PVC in East, North, and South China continued to decline. The supply remains high, domestic demand is slowing down, and exports are expected to be weak [6]. 3.2 Daily Data Monitoring - The report provides the basis price data of various energy and chemical products on October 15, 2025, including crude oil, liquefied petroleum gas, asphalt, etc., covering spot prices, futures prices, basis, basis rate, price changes, and the quantile of the latest basis rate in historical data [8]. 3.3 Market News - The IEA predicts a large supply surplus in the world oil market next year, while OPEC +'s view is less pessimistic. Oil industry executives expect the global oil market to tighten in the medium - to - long - term [10]. - A preliminary survey shows that US crude oil inventories are estimated to have increased last week, while gasoline and distillate inventories may have declined. The release of inventory reports by API and EIA has been postponed [10]. 3.4 Chart Analysis - **4.1 Main Contract Prices**: The report presents the closing price charts of main contracts of various energy and chemical products from 2021 to 2025, including crude oil, fuel oil, low - sulfur fuel oil, etc. [12] - **4.2 Main Contract Basis**: It shows the basis charts of main contracts of various products, such as the basis of crude oil, fuel oil, low - sulfur fuel oil, etc. [28] - **4.3 Inter - period Contract Spreads**: The report provides the spread charts of inter - period contracts of various products, like the spread between fuel oil contracts 01 - 05 and 09 - 01 [43] - **4.4 Inter - variety Spreads**: It includes the spread charts of different varieties, such as the spread between high - and low - sulfur fuel oil, the ratio of fuel oil to asphalt, etc. [64] - **4.5 Production Profits**: The report shows the production profit charts of some products, such as the cash flow of ethylene - based ethylene glycol production and the production profit of PP [71]

Group 1: Oil Market - WTI crude oil rebounded by 1% to $59.49 per barrel, recovering from a 4.2% drop the previous Friday, supported by a rebound in the US stock market [3] - The market remains volatile due to unresolved trade tensions, with expectations of fluctuating prices in the short term [3] - If oil prices stay below $60, the number of US oil rigs is likely to decrease, which could lead to a reduction in production and provide a potential floor for oil prices in the long term [3] Group 2: Precious Metals - Silver prices surged over 4% to exceed $52 per ounce, approaching the record high from 1980, driven by a historic short squeeze in the London market [4] - The cost of borrowing silver has skyrocketed to over 30%, indicating a tight supply situation, prompting traders to transport silver across the Atlantic to exploit price differences [4] - Gold also reached a new high of $4,115, marking eight consecutive weeks of gains, with palladium and platinum prices following suit [4] - The core driver for the rise in precious metals is the tightening supply in the London market, with increasing borrowing costs signaling a clear shortage [4] Group 3: Base Metals - Copper prices increased nearly 3% to $10,820 per ton, recovering from previous losses, with the spot copper price turning into a premium of $224 per ton, marking the second-largest single-day increase since 1994 [5] - The rise in spot prices is attributed to traders and companies needing to roll over short positions in the LME, leading to increased costs and pushing spot prices higher [5] - The analysis indicates that the current copper price surge is significantly influenced by real supply and demand dynamics, rather than mere speculation [5] Group 4: Investment Strategy - Long-term investment in commodities should focus on underlying fundamentals rather than short-term price fluctuations, with oil prices dependent on trade stability and US production levels [5] - The tight supply and long-term safe-haven demand are critical for precious metals, indicating that recent price movements are not merely speculative [5] - The premium in copper prices reflects genuine industrial demand, emphasizing the importance of understanding supply-demand relationships in commodity markets [5]

Group 1 - The core viewpoint is that natural rubber prices are expected to rise initially and then fall in the fourth quarter, with supply being a critical factor in determining rubber prices [1] - Supply-side conditions will significantly influence the annual production volume, and there is a high possibility of preemptive trading in the market [1] - If supply disruptions continue, the expectation for weaker prices will enhance the elasticity of rubber prices [1] Group 2 - Demand is expected to maintain moderate growth, with third-quarter data showing overall performance better than anticipated [1] - There is little change expected in overseas demand for the fourth quarter, while domestic demand is steadily increasing, awaiting favorable policy drivers [1] - Macro news this year has significantly impacted rubber prices, amplifying volatility, necessitating ongoing attention to the recovery situation post-U.S. interest rate cuts and the stimulating effects of domestic policies on the fundamentals [1]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The short - term M01 may rebound due to the escalation of the Sino - US trade war, but the rebound height is limited by the uncertainty of Sino - US trade policies and the high domestic soybean meal inventory. It is recommended to pay attention to Sino - US policies, South American La Nina weather speculation, and US soybean yield adjustments [4]. Summary by Related Catalogs Part One: Main Views and Strategy Overview - **Supply**: The USDA's estimated yield per acre of US soybeans for the 2025/26 season may be further reduced. Brazilian soybean planting has started smoothly, with a sowing rate of 8.2% as of October 4. In October, domestic soybean stocks are expected to decline, but the supply of domestic soybean meal in the fourth quarter is still expected to be loose. Under the Sino - Canadian trade policy, the supply of imported rapeseed meal and rapeseed in China is expected to shrink, while the opening of Australian rapeseed imports is expected to supplement the domestic rapeseed meal supply in the fourth quarter [4]. - **Demand**: Livestock and poultry are expected to maintain high inventories in the short term, supporting feed demand. However, the current breeding profit is in a loss state, and national policies tend to control the inventory and weight of pigs, which may affect the supply in the distant months. Soybean meal has a high cost - performance ratio and a high feed addition ratio. The downstream spot trading of soybean meal is good, while the downstream trading of rapeseed meal is cautious [4]. - **Inventory**: Domestic soybean stocks have reached a high level. This week, the inventory of soybean meal in oil mills has slightly decreased, and the inventory is at a high level. The inventory days of soybean meal in feed enterprises have increased. Domestic rapeseed stocks have declined to a low level, and rapeseed meal stocks have been continuously depleted, but the inventory level is still at a high level in the same period of previous years [4]. - **Basis/Spread**: The basis is neutral [4]. - **Profit**: The profit of Brazilian soybean crushing has deteriorated, while the profit of Canadian rapeseed crushing is good [4]. - **Valuation**: From the perspective of crushing profit, the futures price of soybean meal is at a relatively low valuation. From the perspective of basis, the recent price of soybean meal futures is at a neutral valuation [4]. - **Macro and Policy**: The Ministry of Transport's announcement of charging special port fees for US ships is expected to increase the cost of some soybean imports and ocean freight. Trump's announcement of imposing a 100% tariff on Chinese - imported goods has escalated the Sino - US trade tension [4]. - **Investment View**: The market is expected to be volatile [4]. - **Trading Strategy**: Unilateral trading is expected to be volatile, and arbitrage is on hold. Attention should be paid to policies and weather [4]. Part Two: Fundamental Data on Supply and Demand of Meal Products - **Inventory - Consumption Ratio**: In September, the inventory - consumption ratio of US soybeans for the 2025/26 season increased, while the global soybean inventory - consumption ratio decreased. The inventory - consumption ratio of rapeseed increased [33][39]. - **US Soybean Situation**: The sowing rate and excellent - good rate of US soybeans are presented. The domestic crushing profit of US soybeans has slightly declined. The export sales performance of US soybeans is poor [48][53][65]. - **Import and Price**: The CNF premium of soybeans, the import price of Canadian rapeseed, and the exchange rate of the US dollar against the Brazilian real are shown. The monthly import volume of soybeans, rapeseed, and rapeseed meal in China is also provided [72][75][77]. - **Inventory**: The inventory of soybeans, soybean meal, rapeseed, and rapeseed meal in China is at different levels. The inventory of soybeans is at a high level, soybean meal has a slight reduction in inventory, and the inventory days of feed enterprises have increased [80]. - **Trading Volume and Consumption**: The trading volume and consumption of soybean meal and rapeseed meal are presented. The spot trading volume of soybean meal has increased, but the holiday pick - up volume has declined [103]. - **Price Difference and Feed Production**: The price difference between soybean meal and rapeseed meal and the monthly feed production are shown [115][117]. - **Breeding Situation**: The breeding profits and related data of pigs, broilers, and laying hens are presented, including the decline in pig prices and the high weight of pigs [119][123][127]

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views Methanol - The methanol market presents a mixed picture of bullish and bearish factors. The 01 contract fluctuates between current pressure and future expectations. Supply - some inland plants are expected to resume production, but the relatively healthy inventory structure in the inland area supports prices. Demand - traditional downstream enters the seasonal off - season, and the expected commissioning of new polyolefin plants suppresses MTO demand. Attention should be paid to the expected supply reduction due to overseas gas restrictions in mid - October, as well as overseas plant operations, sanctions on Iranian vessels, and actual import arrivals [1]. Polyolefin - Polyolefins still face significant post - holiday inventory pressure. On the supply side, PE's operating rate is rising, with few planned maintenance, and long - term supply pressure is prominent due to domestic production growth and overseas year - end inventory clearance. For PP, its valuation has been repaired due to the sharp decline in propane and crude oil, and the restart rhythm of plants needs attention. In October, new plant commissioning pressure is high, and demand lacks highlights. The supply - demand structure is loose, and the upside space of the 01 contract is limited [5]. Polyester Industry Chain - For PX, domestic load remains high, while demand is weak due to low PTA processing fees, delayed commissioning of new PTA plants, and multiple PTA plants' maintenance plans. In the fourth quarter, PX supply - demand is expected to be weak, and prices are under pressure. Strategies include bearish trading on PX1 following crude oil price rebounds and reverse calendar spreads. For PTA, supply is expected to shrink, but the basis repair is limited due to loose spot circulation and weak medium - term supply - demand expectations. Absolute prices are dragged down by weak oil prices and tariff policy uncertainties. Strategies include bearish trading on TA following crude oil price rebounds and rolling reverse calendar spreads for TA1 - 5. For ethylene glycol, port arrivals are high, new plant production is increasing, and it is expected to accumulate inventory in October, with a weak supply - demand structure in the far - month. Strategies include shorting EG01, selling out - of - the - money call options on EG2601 - C - 4350, and reverse calendar spreads for EG1 - 5. For short - fiber, supply is high, and demand is expected to be weak in the fourth quarter due to tariffs and weak oil prices. However, low inventory provides some support. Strategies include the same trading as PTA for PF11, and the PF processing fee is expected to fluctuate between 800 - 1100. For bottle - chips, demand is in the traditional off - season, and it is likely to enter the inventory accumulation period. PR follows cost fluctuations, and the processing fee is expected to improve slightly. Strategies include the same trading as PTA for PR, and the PR main - contract processing fee is expected to fluctuate between 350 - 500 yuan/ton [6]. Benzene - Styrene - For pure benzene, supply is expected to remain high due to the resumption of some plants and new capacity commissioning. Demand is weak as most downstream products are in loss, and some downstream plants plan to reduce production. However, port inventory is decreasing. In October, the overall supply - demand is expected to be loose, and price drivers are weak. Strategies include trading BZ2603 in line with styrene and crude oil price fluctuations. For styrene, supply is expected to increase due to new plant commissioning and the resumption of some plants. Although some plants may shut down for maintenance, it is difficult to offset the new supply. Demand decreased during the holiday but is expected to recover gradually. However, downstream profit pressure and high inventory may limit demand support. The supply - demand is expected to be loose, and prices are under pressure. Strategies include bearish trading on EB11 price rebounds [7]. PVC and Caustic Soda - For caustic soda, post - holiday inventory has increased significantly, and spot trading is light. Downstream non - aluminum inventory is being digested, and there may be some purchasing demand at low prices. The main alumina downstream has high inventory and low restocking willingness, and the future purchase price may be lowered. In the short term, caustic soda demand lacks support and is weak, but there is medium - to - long - term demand support from alumina's future commissioning. Short - term trading can be bearish, and downstream restocking rhythm needs to be tracked. For PVC, the supply - demand contradiction is difficult to resolve. Supply is at a high level, and demand shows no obvious improvement during the peak season, with a continuous contraction in profile demand. However, exports relieve some of the oversupply pressure. Cost provides some bottom - line support. After the holiday, attention should be paid to cost support and downstream demand performance [8]. 3. Summaries by Related Catalogs Methanol Prices and Spreads - MA2601 closed at 2307 on October 10, up 17 (0.74%) from the previous day; MA2605 closed at 2351, up 5 (0.21%). The MA15 spread was - 44, up 12 (- 21.43%). The Taicang basis was - 136, unchanged. In terms of spot prices, the Inner Mongolia northern line was 2068 yuan/ton, down 15 (- 0.72%); Henan Luoyang was 2195, down 5 (- 0.23%); Taicang port was 2215, up 5 (0.23%). The regional spread between Taicang and Inner Mongolia northern line was 148, up 20 (15.69%); between Taicang and Luoyang was 20, up 10 (100%) [1]. Inventory - Mid - sized methanol enterprises' inventory was 33.94 (6.08% increase); methanol port inventory was 154.3 million tons, up 5.1 (3.42%); social inventory was 188.3, up 7.05 (3.89%) [1]. Operating Rates - Upstream: domestic enterprises' operating rate was 78%, up 0.78 (1.01%); overseas enterprises in Shanghai was 72.1%, up 3.65 (5.33%); northwest enterprises' sales - to - production ratio was 104%, up 3.99 (3.99%). Downstream: the operating rate of externally - purchased MTO plants was 86.28%, up 3.82 (4.63%); formaldehyde was 30.1%, down 2.7 (- 8.22%); acetic acid was 85.1%, down 0.83 (- 0.97%); MIBE + was 66.2%, down 0.39 (- 0.59%) [1]. Polyolefin Prices and Spreads - L2601 closed at 7037 on October 10, down 40 (- 0.57%); L2509 closed at 7124, down 34 (- 0.47%); PP2601 closed at 6722, down 23 (- 0.34%); PP2509 closed at 6782, down 25 (- 0.37%). The L2509 - 2601 spread was 87, up 6 (7.41%); PP2509 - 2601 was 60, down 2 (- 3.23%). Spot prices: East China PP fiber was 6630, down 20 (- 0.75%); North China LLDPE film was 6980, down 50 (- 0.71%) [5]. Inventory - PE enterprise inventory was 48.9 million tons (27.67% increase), and social inventory was 52.5, down 1.03 (- 1.93%). PP enterprise inventory was 68.1 million tons (30.96% increase), and trader inventory was 26.1, up 7.39 (39.48%) [5]. Operating Rates - PE: the operating rate of plants was 83.9%, up 1.85 (2.26%); downstream weighted operating rate was 44.4%, up 0.23 (0.52%). PP: the operating rate of plants was 77.7%, up 1.14 (1.5%); powder plants was 39.3%, up 2.01 (5.4%); downstream weighted operating rate was 51.8%, up 0.05 (0.1%) [5]. Polyester Industry Chain Prices and Spreads - Crude oil and related products: Brent crude oil (December) was $62.73/barrel, down $2.49 (- 3.8%); WTI crude oil (November) was $58.90/barrel, down $2.61 (- 4.2%). PX - related: CFR China PX was $809/ton, down $11 (- 1.4%); PX spot price (in RMB) was 6504 yuan/ton, down 82 (- 1.2%). Polyester products: POY150/48 price was 6770 yuan/ton, unchanged; DTY150/48 was 7850 yuan/ton, down 20 (- 0.3%); polyester bottle - chip price was 5766 yuan/ton, down 23 (- 0.4%) [6]. Inventory and Operating Rates - MEG port inventory was 50.7 million tons, up 24.0% from September 22; the expected arrival was 8.0 million tons, down 15.4 (- 65.8%). Operating rates: Asian PX was 79.9%, up 1.9%; PTA was 74.4%, down 2.4 (- 3.1%); MEG was 75.1%, up 2.7%; polyester comprehensive was 91.5%, up 1.2% [6]. Benzene - Styrene Prices and Spreads - Upstream: Brent crude oil (November) was $62.73/barrel, down $2.49 (- 3.8%); WTI crude oil (October) was $58.90/barrel, down $2.61 (- 4.2%); CFR Japan naphtha was $577/ton, down $7 (- 1.2%); CFR Northeast Asia ethylene was $785/ton, down $20 (- 2.5%). Benzene - styrene: styrene East China spot was 6750 yuan/ton, down 80 (- 1.2%); EB2510 was 6670 yuan/ton, down 52 (- 0.8%); EB2511 was 6743 yuan/ton, down 75 (- 1.1%) [7]. Inventory and Operating Rates - Inventory: pure benzene Jiangsu port inventory was 9.10 million tons, down 1.50 (- 14.2%); styrene Jiangsu port inventory was 20.19 million tons, up 0.44 (2.2%). Operating rates: Asian pure benzene was 80.1%, up 1.1%; domestic pure benzene was 79.3%, up 0.6%; domestic hydrogenated benzene was 78.0%, unchanged; styrene was 73.2%, down 0.1% [7]. PVC and Caustic Soda Prices and Spreads - Caustic soda: Shandong 32% liquid caustic soda equivalent price was 2546.9 yuan/ton, up 46.9 (1.9%); Shandong 50% liquid caustic soda equivalent price was 2600.0 yuan/ton, unchanged. PVC: East China calcium carbide - based PVC market price was 4640.0 yuan/ton, unchanged; East China ethylene - based PVC market price was 4900.0 yuan/ton, down 50.0 (- 1.0%) [8]. Supply and Demand - Supply (operating rates): caustic soda industry was 88.2%, up 1.4 (1.6%); PVC total was 80.8%, up 4.7 (6.2%). Demand: caustic soda downstream - alumina industry was 83.4%, down 0.3 (- 0.3%); PVC downstream - Longzhong sample profile operating rate was 15.9%, down 23.0 (- 59.2%) [8]. Inventory - Liquid caustic soda East China factory inventory was 19.7, up 0.1 (0.3%); PVC upstream factory inventory was 38.4, up 6.6 (20.5%); PVC total social inventory was 55.7, up 2.2 (4.2%) [8].

1. Report on the Investment Rating of the Industry No information provided regarding the industry investment rating. 2. Core Viewpoints of the Report - In the vegetable oil sector, due to external macro - impacts such as the unexpected bearish supply - demand report of Malaysia in September, the weakening of international crude oil, and the end of pre - holiday stocking, the sector has shown a downward trend. Palm oil led the decline, followed by soybean oil, while rapeseed oil was relatively resistant to the decline. - In the two - meal (soybean meal and rapeseed meal) sector, affected by Sino - US economic and trade frictions, international crude oil price drops, and supply - demand imbalances, both are expected to have limited rebound space, and it is not advisable to chase high prices, but rather wait for mid - to - long - term short - selling opportunities [1][2][3]. 3. Summary by Relevant Catalogs 3.1 Vegetable Oil Market 3.1.1 Market Review - On October 10, affected by the unexpected bearish Malaysian September supply - demand report, the vegetable oil sector weakened. The main contracts of soybean oil, palm oil, and rapeseed oil all declined, with varying degrees of position reduction or increase. For example, the main soybean oil contract Y2601 closed at 8302 yuan/ton, down 0.36% day - on - day, and decreased positions by 1961 hands [1]. 3.1.2 Important Information - NYMEX crude oil futures closed lower on Thursday after the Israel - Hamas cease - fire agreement in Gaza. - After Argentina suspended the export tax on grains, about 40 ships of Argentine soybeans were registered for export in November and December, mostly to China, affecting US soybean export sales. Argentina resumed the export tax on Thursday. - The Malaysian Palm Oil Board (MPOB) was to release an official monthly report on October 10. An industry survey showed that Malaysia's palm oil inventory in September would decline for the first time since February due to increased exports and decreased production. - Indonesia is approaching the implementation of the B50 biodiesel policy, which will require 20.1 million kiloliters of palm - based biofuel annually, compared to 15.6 million kiloliters under the current B40 policy. - From October 1 - 10, Malaysia's palm oil exports increased by 9.9% compared to the same period in September, with a significant increase in exports to China. - From October 1 - 5, Malaysia's palm oil production increased by 12.55% month - on - month. - As of the 39th week of 2025, the total inventory of the three major domestic edible oils decreased by 2.19% week - on - week but increased by 17.18% year - on - year [1]. 3.1.3 Spot Market - As of October 10, the average spot price of soybean oil in Zhangjiagang was 8580 yuan/ton, with a basis of 278 yuan/ton, up 30 yuan/ton week - on - week; the average spot price of palm oil in Guangdong was 9460 yuan/ton, with a basis of 22 yuan/ton, up 132 yuan/ton week - on - week, and the palm oil import profit was - 569.67 yuan/ton; the spot price of grade - four rapeseed oil in Jiangsu was 10370 yuan/ton, down 110 yuan/ton week - on - week, with a basis of 309 yuan/ton, up 77 yuan/ton week - on - week [2]. 3.1.4 Market Logic - Externally, Sino - US trade disputes and the decline of international crude oil led to the weakening of US soybean oil, and the bearish Malaysian supply - demand report pressured Malaysian palm oil. Domestically, after the pre - holiday stocking ended, demand weakened. In terms of supply, soybean oil production was high, and the inventory might increase. Palm oil was in the process of inventory accumulation, while rapeseed oil had a relatively strong fundamental support due to the expected supply gap [2]. 3.1.5 Trading Strategy - For single - side trading, a small number of new short positions in palm oil can be added. Wait for the adjustment to end before buying new long positions in rapeseed oil, and hold short positions in soybean oil. Provide support and pressure levels for each contract [2]. 3.2 Two - Meal Market 3.2.1 Market Review - On October 10, the spot market of the two - meal was slow, and the futures market was under pressure. The main contracts of soybean meal and rapeseed meal all declined, with varying degrees of position increase. For example, the main soybean meal contract M2601 closed at 2922 yuan/ton, down 0.58% day - on - day, and increased positions by 57932 hands [2]. 3.2.2 Important Information - As of October 2, the sowing progress of Brazil's 2025/26 soybean reached 9% of the total sown area, higher than the previous week and the same period last year. - Analysts expected that the net sales volume of US 2025/26 soybean exports from October 2 would be between 600,000 and 1.6 million tons, but the US Department of Agriculture postponed the release of the export sales report indefinitely due to the government shutdown. - The Trump administration was expected to announce a plan to rescue US farmers affected by the trade war and price drops, with preliminary expenditures possibly reaching up to $15 billion. - As of the end of October, Brazil's soybean exports were expected to reach 102.2 million tons, exceeding the total volume of 2024 and 2023. - As of the 39th week of 2025, the domestic inventory of imported soybeans increased, while the inventory of imported rapeseed decreased. The inventory of domestic soybean meal increased, and the contract volume decreased; the inventory of imported rapeseed meal remained flat, and the contract volume increased [2][3]. 3.2.3 Spot Market - As of October 10, the spot price of soybean meal was 2980 yuan/ton, up 1 yuan/ton week - on - week, with a basis of - 2 yuan/ton, down 3 yuan/ton week - on - week; the spot price of rapeseed meal was 2413 yuan/ton, down 2 yuan/ton week - on - week, with a basis of 179 yuan/ton, up 14 yuan/ton week - on - week [3]. 3.2.4 Market Logic - Externally, Sino - US economic and trade frictions and the decline of international crude oil pressured US soybeans. Trump planned to pressure China to resume US soybean purchases. Domestically, the supply of soybean meal was under pressure, and the demand was weak. For rapeseed meal, the approval of a company in Fujian to import Australian rapeseed had limited impact on the spot market, and the demand was limited as the aquaculture season was ending [3]. 3.2.5 Trading Strategy - For single - side trading, it is not advisable to chase high prices during the rebound. Wait for mid - to - long - term short - selling opportunities. Provide support and pressure levels for each contract [3].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The threat of Trump to impose significant additional tariffs on China is uncertain, and market sentiment needs further clarification. For copper, overseas mine production cuts and reduced domestic refined copper output may support prices. If the trade situation is a short - term shock, there may be buying opportunities after the price decline [2][3]. - The deterioration of Sino - US trade relations is uncertain. For aluminum, if the tariff threat is short - term, market sentiment may recover. With the increase in the domestic aluminum - water ratio and seasonal consumption recovery, the pressure of aluminum ingot inventory accumulation is not large, and the price decline may increase the upward elasticity [5][6]. - For lead, the apparent inventory of lead ore has slightly increased, and the smelting of primary lead is at a high level. The inventory of recycled lead has decreased, and its smelting is at a low level. With the release of downstream demand and the increase in the cancellation of LME lead warehouse receipts, the structural risk of LME lead has increased. Short - term Shanghai lead is expected to fluctuate at a low level with increased risk [8][9]. - For zinc, domestic zinc smelting enterprises operate normally during holidays, and some downstream enterprises have long holidays. The registered LME zinc warehouse receipts are at a low level, and there is a structural risk. After the opening of the zinc ingot export window, short - covering in the domestic market provides short - term support. Short - term Shanghai zinc is expected to fluctuate at a low level with increased risk [10][12]. - For tin, short - term Sino - US trade frictions may lower market risk appetite, but the supply - demand is in a tight balance, and the peak - season demand is recovering. Tin prices may maintain a high - level shock in the short term [13][14]. - For nickel, short - term Sino - US trade frictions may lower market risk appetite, but the impact on nickel prices is relatively small. In the short term, it is recommended to wait and see, and consider buying on dips if the price drops enough. In the long - term, there are potential positive factors for nickel prices [15][17]. - For lithium carbonate, the strong downstream demand during the National Day holiday drives inventory reduction, but the supply replenishment expectation restricts the upside space. The negative sentiment in the equity market may suppress lithium prices, and it is recommended to pay attention to macro - environment changes and supply - demand expectations [19][20]. - For alumina, the short - term ore price has support but may face pressure after the rainy season. The over - capacity pattern in the smelting end is difficult to change in the short term. It is recommended to wait and see, and pay attention to supply - side policies, Guinea's ore policy, and the Fed's monetary policy [22][24]. - For stainless steel, the market is trapped between "cost support" and "weak demand". If the nickel - iron price continues to rise, stainless steel may oscillate upward under cost support [26][27]. - For cast aluminum alloy, the cost - end aluminum price weakens due to Sino - US trade relations, and the contract delivery pressure is large. However, with the improvement of downstream consumption and reduced raw - material supply, the price is expected to have support [29][30] Group 3: Summaries by Metals Copper - **Market Information**: Trump's tariff threat causes market panic, leading to a 3.73% drop in LME copper 3M to $10374/ton and a fall in SHFE copper to 83030 yuan/ton. LME copper inventory decreases by 75 to 139000 tons, and domestic SHFE inventory increases by 15000 tons compared to before the holiday [2]. - **Strategy Viewpoint**: The tariff threat is uncertain. From the fundamental perspective, supply tightening supports prices. If it's a short - term shock, there may be buying opportunities after the price decline. The operating range of SHFE copper is 82000 - 85500 yuan/ton, and that of LME copper 3M is $10200 - 10700/ton [3] Aluminum - **Market Information**: The deterioration of Sino - US trade relations causes aluminum prices to weaken. LME aluminum 3M drops 1.31% to $2746/ton, and SHFE aluminum closes at 20755 yuan/ton. Domestic aluminum ingot and billet inventories increase slightly, and the processing fee of aluminum billets declines [5]. - **Strategy Viewpoint**: If the tariff threat is short - term, market sentiment may recover. With the increase in the aluminum - water ratio and seasonal consumption recovery, the inventory accumulation pressure is not large, and the price decline may increase the upward elasticity. The operating range of SHFE aluminum is 20500 - 21100 yuan/ton, and that of LME aluminum 3M is $2700 - 2790/ton [6] Lead - **Market Information**: SHFE lead index rises 0.12% to 17142 yuan/ton, and LME lead 3S rises to $2027.5/ton. Domestic social inventory decreases to 3.58 tons [8]. - **Strategy Viewpoint**: The apparent inventory of lead ore increases slightly, and the smelting of primary lead is at a high level. The inventory of recycled lead decreases, and its smelting is at a low level. With the release of downstream demand and the increase in the cancellation of LME lead warehouse receipts, the structural risk of LME lead has increased. Short - term Shanghai lead is expected to fluctuate at a low level with increased risk [9] Zinc - **Market Information**: SHFE zinc index falls 0.18% to 22289 yuan/ton, and LME zinc 3S falls to $2997/ton. Domestic social inventory increases slightly to 15.02 tons [10]. - **Strategy Viewpoint**: Domestic zinc smelting enterprises operate normally during holidays, and some downstream enterprises have long holidays. The registered LME zinc warehouse receipts are at a low level, and there is a structural risk. After the opening of the zinc ingot export window, short - covering in the domestic market provides short - term support. Short - term Shanghai zinc is expected to fluctuate at a low level with increased risk [11][12] Tin - **Market Information**: Tin prices fall due to Sino - US trade frictions. The resumption of tin mines in Myanmar is slow, and Indonesia cracks down on illegal mining, increasing supply concerns. The downstream new - energy vehicle and AI server industries are booming, but traditional consumer electronics and photovoltaic industries are weak. The "Golden September and Silver October" peak season drives marginal improvement in consumption [13]. - **Strategy Viewpoint**: Short - term Sino - US trade frictions may lower market risk appetite, but the supply - demand is in a tight balance, and the peak - season demand is recovering. Tin prices may maintain a high - level shock in the short term. It is recommended to wait and see. The operating range of domestic tin is 280000 - 300000 yuan/ton, and that of LME tin is $36000 - 39000/ton [14] Nickel - **Market Information**: Nickel prices fluctuate and fall at night due to Sino - US trade frictions. The spot market trading is average, and the cost of nickel ore is stable. Nickel - iron prices are firm, and the price of MHP is high [15]. - **Strategy Viewpoint**: Short - term Sino - US trade frictions may lower market risk appetite, but the impact on nickel prices is relatively small. In the short term, it is recommended to wait and see, and consider buying on dips if the price drops enough. In the long - term, there are potential positive factors for nickel prices. The operating range of SHFE nickel is 115000 - 128000 yuan/ton, and that of LME nickel 3M is $14500 - 16500/ton [17] Lithium Carbonate - **Market Information**: On October 10, the MMLC spot index of lithium carbonate is flat at 73011 yuan. The price of battery - grade lithium carbonate is 72500 - 74000 yuan, and that of industrial - grade is 71500 - 72000 yuan. The price of LC2511 contract falls 0.82% [19]. - **Strategy Viewpoint**: The strong downstream demand during the National Day holiday drives inventory reduction, but the supply replenishment expectation restricts the upside space. The negative sentiment in the equity market may suppress lithium prices. It is recommended to pay attention to macro - environment changes and supply - demand expectations. The operating range of the Guangzhou Futures Exchange's lithium carbonate main contract is 68800 - 73800 yuan/ton [20] Alumina - **Market Information**: On October 10, the alumina index falls 0.66% to 2861 yuan/ton. The spot price in Shandong falls to 2865 yuan/ton, and the overseas FOB price in Australia rises to $324/ton. The import window is close to closing, and the futures warehouse receipts increase [22]. - **Strategy Viewpoint**: The short - term ore price has support but may face pressure after the rainy season. The over - capacity pattern in the smelting end is difficult to change in the short term. It is recommended to wait and see. The operating range of the domestic main contract AO2601 is 2600 - 3000 yuan/ton, and attention should be paid to supply - side policies, Guinea's ore policy, and the Fed's monetary policy [23][24] Stainless Steel - **Market Information**: The stainless - steel main contract closes at 12860 yuan/ton, up 1.02%. The spot prices in Foshan and Wuxi are stable. The raw - material prices are stable, and the social inventory decreases [26]. - **Strategy Viewpoint**: The market is trapped between "cost support" and "weak demand". If the nickel - iron price continues to rise, stainless steel may oscillate upward under cost support [27] Cast Aluminum Alloy - **Market Information**: Aluminum alloy prices rise and then fall following aluminum prices. The AD2511 contract falls 0.41% to 20465 yuan/ton. The price of domestic mainstream ADC12 rises slightly, and the inventory of recycled aluminum alloy ingots in the main domestic markets decreases [29]. - **Strategy Viewpoint**: The cost - end aluminum price weakens due to Sino - US trade relations, and the contract delivery pressure is large. However, with the improvement of downstream consumption and reduced raw - material supply, the price is expected to have support [30]

Core Insights - The article emphasizes the importance of tangible assets like gold and copper stocks over real estate as a means of wealth transfer to future generations [1][4][7] Group 1: Real Estate Perspective - The mother views the family home as a retirement asset, reflecting a generational mindset that values property ownership as security [3][4] - The article contrasts the mother's attachment to the home with the daughter's focus on liquid assets that can appreciate in value [4][6] Group 2: Investment Opportunities - Gold prices have increased from approximately $3,800 to over $4,000 per ounce, marking a 50% rise this year, highlighting its status as a solid investment [4][6] - Copper stocks have shown a nearly 25% unrealized gain, driven by demand from industries such as AI and semiconductor manufacturing, indicating a strong market for copper [7] - The domestic metal ETF has risen by 17%, benefiting from the copper market's growth, suggesting a favorable investment climate for related sectors [7]