过去的几十年，中国的消费版图里，是很少有河南人姓名的。不是他们不努力，而是压根没给机会。 但现在拐点来了，河南人不仅补上了这一课，还直接跳过了教科书，创下一套全新的答案。 最出人意料的，是这三个名字，于东来、张红超、王宁。 没财阀爹、没资本妈，也不是硅谷海归，凭的就是一点，接地气得不像个企业家。 看清楚了，不是他们适应了时代，而是这届消费时代开始像河南人了。 不是河南落后，是时代没等他们！ 来看看河南是怎样熬过来的。 别听那些地图炮讲河南人多事多，真正咬牙撑住的是这个人口第一大省。河南总人口超过1亿，农民就 有4000多万，外出务工人员超过3000万。 但这么一个资源并不富庶、连港口都没有的中原省份，撑起了全国粮食的大盘，换来的却是难以想象的 贫富剪刀差。 光是房价20年飙涨20倍，你去看看小县城的均价都跟一二线擦肩而过。想靠教育搏个机会？2024年高 考，河南报名人数高达136万，但全省只有一所双一流211，北京呢？7万人坐拥8所985。 不想说别的，就这局面，能出人头地的，基本都得拼命。 但偏偏这三个普通得不能再普通的河南人，一脚踢碎了这个局面。 第一个爆出来的，是胖东来的于东来。有人说我夸他像神仙企业家 ...

（来源：深潮 TechFlow） 撰文：Ada｜深潮 TechFlow 在欧洲 Web3 行业已经创业五年的阿锋，最近回到了北京。这些年，他在德国与法国两地奔波，组织了不少行业交流会，也认识了一批同样在欧洲创业的 Web3 从业者。 谈起欧洲的 Web3 市场，阿锋的判断很直接：这里是理想主义者的热土。纯粹的理想并没有让欧洲在全球加密版图中占据绝对优势，但也没有动摇他们对 Web3 理想主义的信仰。 从瑞士楚格的"加密谷"，到巴黎的 Station F 孵化器；从柏林区块链周，到阿姆斯特丹的 DeFi 创新社区，这片古老的大陆一直在用自己的方式，书写着一 套与美国、亚洲截然不同的加密叙事。 当我们把目光从美国、日韩、中东的加密狂热中抽离，转向这片相对沉静的世界时，一个问题浮出水面：欧洲在加密世界版图中，到底是怎样一种特殊的 存在？ 去中心化的大陆 如果要用一句话去形容欧洲的加密行业，阿锋毫不犹豫地给出了四个字："去中心化。" 这个去中心化，一方面是指不迷信单一的中心人物。 在美国，很多人是被某些明星创业者、意见领袖带入场，而在欧洲，更多人是出于自己对隐私、开放协议、自由市场的信念选择进入 Web3。他们的动机 ...

这行业能配得上 “行业贡献” 的人有多少？微策略的 Michael Saylor、cz heyi、徐明星、V 神，这轮再算一个 Jeff，说白了都是掰着手指头能算出来的人名头太大了，我们都不配得这么个所谓行业贡献奖，如果真的对行业有贡献，不需要这个标签也会被群众认可那么 KOL 身上有标签吗？当然有啊。靠身材靠脸发自拍博出位，被群众当成花瓶或者福利姬；靠搞黑流量的，被群众当成小丑；靠嘴撸互关的，被群众屏蔽或隐藏想获得什么受众，想成为什么样的人，就去做什么样的事。种瓜得瓜，种豆得豆，哪怕像币安这样的权威机构，去给谁贴标签，也无法获得群众的认可，这就是去中心化 ...

深化合作:一场技术与生态的融合 波场TRON与MetaMask的联合行动绝非偶然。早在2025年8月,双方便已实现原生集成,MetaMask用户可 一键直达波场TRON生态,享受高吞吐量、低成本的链上交互体验。此次在Devconnect大会期间共同举办 Builder Night,进一步深化了双方的战略合作。活动现场,来自全球的开发者、技术极客与行业领袖围绕 去中心化治理、跨链协作、开发者工具创新等议题展开深度对话。波场TRON社区发言人Sam Elfarra表 示:与MetaMask的联合活动,旨在打破技术壁垒,为全球开发者搭建自由交流的平台,共同探索区块链技术 的无限可能。 去中心化教育的全球化实践 作为由社区管理的去中心化自治组织(DAO),波场TRON始终将推动区块链技术的教育与普及视为核心使 命。通过与MetaMask的联合推广活动,波场TRON不仅在产品开发层面实现突破,更在全球社区参与维度 迈出关键步伐。孙宇晨曾多次强调:区块链技术的未来,取决于开发者的创造力与用户的广泛参与。此次 Builder Night活动,正是这一理念的生动体现。从技术研讨会到项目路演,从代码实操到生态资源对接,活 动为 ...

Report Investment Ratings - Black Industry: Iron ore, coal coke, roll screw, and glass are rated as "oscillating"; coal coke is "oscillating weakly" [2] - Financial: CSI 500 and CSI 1000 are rated as "rebounding"; 2-year, 5-year, and 10-year treasury bonds are "oscillating", with 10-year treasury bonds "rising"; Shanghai 50 and CSI 300 are "oscillating" [3] - Precious Metals: Gold and silver are rated as "oscillating strongly" [3][4] - Light Industry: Logs are "oscillating at the bottom"; pulp, double-offset paper are "oscillating weakly" [4][6] - Oilseeds and Oils: Soybean oil, palm oil, and rapeseed oil are "running in a range"; soybean meal, rapeseed meal, soybean No.1, and soybean No.2 are "oscillating" [6] - Agricultural Products: Pigs are "oscillating strongly" [9] - Soft Commodities: Rubber, PX are "oscillating"; PTA is "oscillating"; MEG is "oscillating widely"; PR is "on the sidelines"; PF is "on the sidelines" [11] Core Views - The overall market is in a state of oscillation, with individual sectors showing weak, strong, or rebounding trends. The market is affected by factors such as supply and demand, policies, and international economic situations [2][3][4] - The black industry is facing challenges such as over - supply and weak demand, and prices are likely to remain oscillating [2] - The financial market is short - term adjusted but remains optimistic in the medium - term, with high - tech industries continuing to grow [3] - Precious metals are supported by factors such as central bank gold purchases and geopolitical risks, with prices likely to oscillate strongly [3][4] - The light industry is affected by supply and demand and cost factors, with prices oscillating at the bottom or weakly [4][6] - The oilseeds and oils market is affected by factors such as US biodiesel policies and South American weather, with prices running in a range or oscillating [6] - The agricultural products market, especially the pig market, is affected by factors such as supply and demand and slaughter rates, with prices oscillating strongly [9] - The soft commodities market is affected by factors such as weather and downstream demand, with prices oscillating [11] Summary by Category Black Industry - Iron ore: Global iron ore shipments decreased by 238.0 tons to 3278.4 tons, 47 - port foreign ore arrivals increased by 569.6 tons to 2939.5 tons, and daily average molten iron production decreased by 1.6 tons to 234.68 tons. The supply - demand surplus is hard to reverse, and prices will oscillate at a high level [2] - Coal coke: Affected by import news and supply - guarantee meetings, the market is worried about supply resumption, and the coke enterprises started the first price cut. Supply concerns in the coking coal industry are intensifying, and prices will adjust weakly in the short - term [2] - Roll screw: Downstream demand is low, winter storage has not started, and prices will oscillate at the bottom. Whether steel prices can stop falling depends on production reduction and policy implementation [2] - Glass: Supply news is disturbing, and inventory has decreased. However, real - estate completion affects demand, and whether prices can rise depends on cold - repair progress [2][3] Financial - Stock index futures/options: The market adjusted in the short - term but remains optimistic in the medium - term. High - tech industries are growing. China's economic sentiment is generally stable [3] - Treasury bonds: The yield of the 10 - year treasury bond decreased by 1bp, and the market trend is slightly rebounding [3] Precious Metals - Gold: Its pricing mechanism is shifting to central bank gold purchases. It is supported by factors such as the US debt problem, geopolitical risks, and central bank gold purchases. Short - term Fed policies and geopolitical situations affect prices [3][4] - Silver: Similar to gold, it is affected by Fed policies and economic data, and prices are likely to oscillate strongly [4] Light Industry - Logs: Port shipments decreased, imports and arrivals are changing, and inventory is increasing. Prices are expected to oscillate at the bottom [4][6] - Pulp: Spot prices are differentiated, costs support is weakening, and demand is poor. Prices are expected to oscillate weakly [6] - Double - offset paper: Supply is stable, the market is cautious, and prices are expected to oscillate weakly [6] Oilseeds and Oils - Oils: US soybean crushing is at a record high, but bio - diesel policies are uncertain. Malaysian palm oil production and inventory are high, and domestic oil supply is abundant. Prices are expected to run in a range [6] - Meal: US soybean supply is structurally tight, but global supply is loose. Domestic supply is abundant, and demand is mainly for rigid needs. Prices are expected to oscillate [6] Agricultural Products - Pigs: The average trading weight fluctuates, demand has recovered, and slaughter rates are rising. Prices are expected to oscillate strongly, and settlement prices may decline slightly next week [9] Soft Commodities - Rubber: Affected by weather, production in some areas is low, demand is weak, and inventory is increasing seasonally. Prices are expected to oscillate widely [11] - PX: Supply is strong, downstream demand is good, and prices will oscillate [11] - PTA: Cost is loose, short - term supply - demand is improving, and prices will follow cost fluctuations [11] - MEG: There is long - term inventory pressure, and prices will oscillate with upward pressure [11] - PR: Cost is supported, but downstream follow - up is weak, and prices may rise with limited amplitude [11] - PF: Supply - demand is okay, and prices will oscillate without new news [11]

Core Viewpoint - The People's Bank of China (PBOC) has reiterated that virtual currency activities are illegal financial activities, marking a new phase in the crackdown on virtual currencies and urging investors to recognize the high risks involved [3][17]. Policy Upgrade: From "Prohibition of Trading" to "Ecological Reconstruction" - The recent meeting emphasized three illegal attributes of virtual currencies: they lack legal status, all related business activities are classified as illegal financial activities, and cross-border services from foreign exchanges to domestic residents are also illegal [3][4]. - The policy now focuses on technology-driven regulation, utilizing blockchain tracking and AI behavior analysis for comprehensive monitoring of virtual currency transactions [3][4]. Risk Map: Four Major Traps of Virtual Currencies - Price manipulation and liquidation risks are prevalent due to the lack of effective regulation, with Bitcoin's annual gains retreating over 60% in 2025 and over $1 billion in liquidations occurring in a single day [5]. - Illegal fundraising and pyramid schemes are rampant, with high-yield promises and fake projects leading to significant financial losses [6]. - Virtual currencies are used for money laundering and as tools for crime, with over 70% of ransomware payments made in Bitcoin [7]. - Technical vulnerabilities and the risk of asset zeroing are highlighted, with incidents of exchanges collapsing and significant amounts being lost due to hacking [8]. Regulatory Measures: Building a "Three-in-One" Defense - Legal measures have been upgraded to include criminal prosecution for illegal fundraising and civil accountability for invalid virtual currency contracts [13]. - Enhanced technical monitoring includes real-time tracking of blockchain transactions and strict controls on bank accounts related to virtual currencies [14]. - Industry self-regulation is being promoted, with financial institutions prohibited from providing services related to virtual currencies and internet platforms required to shut down related activities [15]. Investor Self-Rescue Guide: Five Key Rules to Avoid Virtual Currencies - Investors are advised to be cautious of high-return promises and avoid downloading foreign apps that may be scams [16]. - Participation in pyramid schemes and the neglect of fund security are strongly discouraged [16]. - The belief in technological myths should be avoided, as compliance and regulation are essential [16].

Summary of Fortum's Investor Day 2025 Company Overview - **Company**: Fortum - **Industry**: Energy (specifically Nordic power market) - **Key Executives Present**: Markus Rauramo (President and CEO), Tiina Tuomela (CFO), Simon Eerik Ollus, Mikael Rönnblad Core Points and Arguments Strategic Priorities and Growth Vision - Fortum aims to create value for shareholders through its core operations and strategic execution focused on the Nordic power market [4][5][6] - The company has a strong position in the Nordic power market with a portfolio that includes flexible hydro and baseload nuclear energy [5][6] - Fortum's nuclear fleet has a total capacity exceeding 3 gigawatts, and hydro assets amount to almost 4.7 gigawatts, contributing to a significant share of the Nordic power market [6] Market Dynamics and Demand Projections - The Nordic power demand is projected to grow to 550 terawatt-hours per year by 2030 and 975 terawatt-hours by 2050, driven by sectors like data centers [9][10] - The company sees robust underlying demand from various industrial sectors, although long-term power purchase agreements (PPAs) are currently less favored [10][11] - Data centers are identified as the most active sector, expected to increase power demand before larger industrial projects [11] Financial Performance and Targets - Fortum's EBITDA for the last 12 months was EUR 1,258 million, with a comparable operating profit of EUR 930 million [6] - The company aims for a return on net assets (RONA) target of 14% and a credit rating of at least BBB flat [18][19] - A new capital expenditure (CapEx) target of approximately EUR 2 billion is set for the next five years, with potential additional investments of up to EUR 2.5 billion [44][49] Sustainability and Decarbonization - Fortum has set ambitious sustainability targets, including net zero greenhouse gas emissions by 2040 and exiting coal by the end of 2027 [32][33] - The company emphasizes the importance of low-carbon technologies, with 99% of its electricity production already decarbonized [34] Operational Efficiency and Cost Management - Fortum has cut EUR 100 million in annual fixed costs, with a target fixed cost level of EUR 870 million from 2026 onwards [37] - The optimization premium from flexible hydro is expected to be around EUR 8-10 per megawatt-hour for 2026, with a long-term guidance of EUR 6-8 [25][61] Customer Engagement and Commercial Strategy - Fortum is shifting focus towards direct interaction with industrial customers, aiming to stabilize revenue streams through long-term contracts [17][26] - The company targets to hedge at least 25% of its Nordic wholesale electricity production over a rolling 10-year period by the end of 2028 [48] Other Important Insights - Fortum's hydro assets are viewed as highly valuable due to their low carbon emissions and infinite lifespan, although new hydro plants are difficult to build [5][38] - The company is exploring new supply options, including pumped hydro storage, to meet future demand [38] - Fortum's strategy includes a focus on digitalization and enhancing operational capabilities to improve efficiency and customer satisfaction [30][31] This summary encapsulates the key points discussed during Fortum's Investor Day 2025, highlighting the company's strategic direction, market dynamics, financial targets, and commitment to sustainability.

Report Industry Investment Ratings - Iron ore: Volatile [2] - Coking coal and coke: Volatile [2] - Rebar and wire rod: Volatile [2] - Glass: Weak [2] - Soda ash: Volatile [2] - CSI 500: Rebound [4] - CSI 1000: Rebound [4] - 2-year Treasury bond: Volatile [4] - 5-year Treasury bond: Volatile [4] - 10-year Treasury bond: Upward [4] - Gold: High-level volatile [4] - Silver: High-level volatile [4] - Logs: Bottom volatile [6] - Pulp: Weakly volatile [6] - Offset paper: Weakly volatile [6] - Soybean oil: Range-bound [6] - Palm oil: Range-bound [6] - Rapeseed oil: Range-bound [6] - Soybean meal: Volatile and weakening [6] - Rapeseed meal: Volatile and weakening [6] - Soybean No. 2: Volatile and weakening [7] - Soybean No. 1: Volatile and weakening [7] - Live pigs: Volatile and strengthening [7] - Rubber: Volatile [10] - PX: Volatile [10] - PTA: Volatile [10] - MEG: Wide-range volatile [10] - PR: On hold [10] - PF: On hold [10] Core Views - The overall market shows a complex situation with different trends in various sectors. Some sectors are in a volatile state, some are showing signs of rebound or upward movement, while others are weakening or range-bound. The performance of each sector is affected by multiple factors such as supply and demand, policy, and geopolitical situation [2][4][6][7][10] Summaries by Related Catalogs Ferrous Metals Industry - Iron ore: Overseas shipments increased significantly, but domestic port arrivals continued to decline. The demand core lies in the real estate sector, with weak domestic demand. The supply-demand surplus pattern is difficult to reverse, and the price will mainly fluctuate at a high level [2] - Coking coal and coke: Affected by import target news and supply concerns, the futures prices dropped significantly. The profit repair of coke enterprises is limited, and the market has different views on the fifth price increase. The supply-demand situation is expected to become loose again, and the short-term adjustment trend will continue [2] - Rebar: The downstream demand is sluggish, and the winter storage replenishment has not started yet. The price will remain in a volatile state, and it depends on the implementation of production reduction and anti-"involution" policies [2] - Glass: The spot price is relatively weak, and the demand is dragged down by the continuous decline in real estate completion. The inventory is increasing, and the price will be in a low-level consolidation state [2] Financial Sector - Stock index futures/options: The market adjusted in the short term, but the medium-term trend is still upward. It is recommended to hold long positions in stock indices [4] - Treasury bonds: The yield of 10-year Treasury bonds remained flat, and the market showed a slight rebound. It is recommended to hold long positions in Treasury bonds with a light position [4] - Gold: The pricing mechanism of gold is shifting from the traditional real interest rate to central bank gold purchases. The central bank's gold purchase behavior is the key, and factors such as high interest rates, geopolitical risks, and currency credit issues support the long-term price of gold [4] Light Industry Sector - Logs: The port inventory is increasing, and the demand is in the off-season with limited growth prospects. The spot price is weak, and the price is expected to fluctuate at the bottom [6] - Pulp: The spot price is differentiated, and the cost support for pulp prices is weakening. The demand from the paper industry is not strong, and the pulp price is expected to be weakly volatile [6] - Offset paper: The supply is stable, and the market expectation is cautious. The price is expected to be weakly volatile [6] Oil and Fat Sector - Oils: The production and inventory of Malaysian palm oil are higher than expected, and the export is weak. The domestic supply of oils is sufficient, and the demand is weak. The price is expected to continue to range-bound [6] - Meals: The global soybean supply is relatively loose, and the demand for soybean meal is affected by factors such as the uncertainty of biodiesel policies and the weather in Brazil. The price is expected to be weakly volatile [6] Agricultural Products Sector - Live pigs: The trading weight of live pigs fluctuates, and the demand has recovered to some extent. The slaughter rate of slaughtering enterprises has increased slightly, and the price is expected to remain volatile [7] Soft Commodities Sector - Rubber: The supply in some regions is affected by weather conditions, and the demand from the tire industry has recovered. The inventory is in the seasonal accumulation period, and the price is expected to fluctuate widely [10] - PX: The supply is strong, and the demand from the downstream polyester industry is favorable. The price will mainly fluctuate [10] - PTA: The cost end is loosened, and the short-term supply-demand situation has improved, but the seasonal weakening is inevitable. The price will follow the cost end to fluctuate [10] - MEG: The long-term inventory accumulation pressure still exists, and the short-term supply has decreased. The price is expected to be weakly volatile [10] - PR: Affected by factors such as falling oil prices and new device production, the market continues to decline [10] - PF: The demand is average, and the supply of raw materials is loose. The market is likely to be weakly volatile [10]

Core Viewpoint - Bitcoin has recently surged in price, reaching over $100,000 for the first time, driven by market speculation and notable endorsements, including from political figures like Trump [1][42]. Group 1: Bitcoin Price Surge - Bitcoin's price increased by nearly 40% this year, particularly after Trump's election victory [1]. - As of December 5, Bitcoin's price surpassed $100,000, equivalent to over 700,000 RMB [3]. Group 2: Historical Context and Personal Experience - The author recounts purchasing Bitcoin for approximately 4,000 RMB a decade ago, highlighting the dramatic price increase to over 50,000 RMB before selling [17][49]. - The narrative emphasizes the importance of understanding the technology and market dynamics behind Bitcoin, including its decentralized nature and the role of blockchain technology [24][34]. Group 3: Market Perception and Consensus - The value of Bitcoin is largely driven by collective belief and consensus, similar to the value of gold [21][22]. - Bitcoin's attributes, such as limited supply and divisibility, contribute to its potential as a currency [24][26]. Group 4: Regulatory Environment - The regulatory landscape for Bitcoin has evolved, with various announcements from Chinese authorities aimed at controlling its use and preventing risks [12][14]. - Despite regulatory challenges, Bitcoin has gained traction as a digital asset, with increasing recognition from individuals and some governments [38][39]. Group 5: Future Considerations - The potential for Bitcoin to become a widely accepted currency remains uncertain, as it could disrupt traditional monetary systems [45]. - The discussion reflects on the importance of maintaining an open mindset in a rapidly changing financial landscape [50].

Report Industry Investment Ratings - Iron ore: Oscillation [2] - Coking coal and coke: Oscillation [2] - Rebar and wire rod: Oscillation [2] - Glass: Oscillation [2] - Soda ash: Oscillation [2] - CSI 500: Rebound [4] - CSI 1000: Rebound [4] - 2-year treasury bond: Oscillation [4] - 5-year treasury bond: Oscillation [4] - 10-year treasury bond: Uptrend [4] - Gold: High-level oscillation [4] - Silver: High-level oscillation [4] - Logs: Bottom oscillation [5] - Pulp: Weak oscillation [5] - Offset paper: Weak oscillation [5] - Soybean oil: Range-bound operation [5] - Palm oil: Range-bound operation [5] - Rapeseed oil: Range-bound operation [5] - Soybean meal: Oscillation with a weak bias [5] - Rapeseed meal: Oscillation with a weak bias [8] - Soybean No. 2: Oscillation with a weak bias [8] - Live pigs: Oscillation with a strong bias [8] - Rubber: Oscillation [10] - PX: Oscillation [10] - PTA: Oscillation [10] - MEG: Wide-range oscillation [10] - PR: On the sidelines [10] - PF: On the sidelines [10] Core Views - The supply and demand surplus pattern of iron ore is difficult to reverse, and the price is mainly oscillating. The upward driving force of coking coal and coke has weakened, and the short-term adjustment trend continues. The downstream demand for rebar is sluggish, and the price is at the bottom and oscillating. The demand for glass is weak, and the inventory continues to increase. The market for financial futures and options is volatile, and it is recommended to hold long positions in stock index futures. The price of gold is oscillating at a high level, and the long-term support is strong. The price of logs is oscillating at the bottom, and the price of pulp is weakly oscillating. The oil and fat market is range-bound, and the meal market is oscillating with a weak bias. The price of live pigs is oscillating, and the slaughter rate is slowly rising. The price of rubber is oscillating, and the demand is gradually recovering. The PX, PTA, and MEG markets are oscillating, and the PR and PF markets are on the sidelines [2][4][5][8][10] Summary by Category Ferrous Metals - **Iron ore**: Overseas iron ore shipments have increased significantly, while domestic port arrivals have continued to decline. The daily average hot metal output has stopped falling and rebounded, and the demand for iron ore has marginally improved. However, the supply and demand surplus pattern is difficult to reverse, and the price is mainly oscillating [2] - **Coking coal and coke**: Affected by the news of Mongolia's import target, the futures market has continued to decline. The fourth round of price increases has been implemented, but the profit repair of coke enterprises is limited. The cost pressure of coking plants is high, and the intention to start work is not high. The supply concerns in the coking coal industry have intensified, and the futures market is in a short-term adjustment trend [2] - **Rebar and wire rod**: The downstream demand is sluggish, and the winter storage replenishment has not yet started. The core lies in the demand for steel, and the domestic demand is difficult to change. The steel price will stop falling depending on whether the production reduction in the fourth quarter of 2025 can be strictly implemented by more than 5% and the intensity of the anti-"involution" policy implementation. Currently, the steel price is expected to remain at the bottom and oscillate [2] Non-ferrous Metals - **Glass**: The spot price has been relatively weak recently, and some manufacturers have started to cut prices. The positive news in the market has been exhausted, and the demand for glass is generally weak. The enterprise inventory has continued to increase. According to the current supply and demand level, the daily melting volume of glass needs to drop to about 154,000 tons by the end of the year to resolve the overcapacity contradiction in the entire industry chain [2] - **Soda ash**: The report does not provide specific information on soda ash, only stating that the investment rating is oscillation [2] Financial Products - **Stock index futures/options**: The previous trading day's stock index performance was mixed, with the CSI 300 rising by 0.44%, the SSE 50 rising by 0.58%, the CSI 500 falling by 0.40%, and the CSI 1000 falling by 0.82%. The precious metals and oil and gas sectors had capital inflows, while the gas and cultural media sectors had capital outflows. It is recommended to hold long positions in stock index futures [4] - **Treasury bonds**: The yield of the 10-year treasury bond has increased by 1bp, and the central bank has carried out a 7-day reverse repurchase operation of 310.5 billion yuan. The net investment on the day is 11.5 billion yuan. The spot bond interest rate of treasury bonds is consolidating, and the market trend is slightly rebounding. It is recommended to hold long positions in treasury bonds with a light position [4] - **Gold and silver**: In the context of a high-interest rate environment and globalization reconstruction, the pricing mechanism of gold is shifting from the traditional core of real interest rates to the core of central bank gold purchases. The price of gold and silver is oscillating at a high level, and the long-term support is strong. The Fed's interest rate policy and risk aversion sentiment may be short-term disturbing factors [4] Light Industry Products - **Logs**: The daily average shipment volume of logs at ports has decreased, and the demand is expected to have no significant increase. The import volume of coniferous logs in September has increased compared with the previous month. The inventory pressure is relatively large, and the spot price is running steadily. It is expected that the log price will mainly oscillate at the bottom [5] - **Pulp**: The spot market price of pulp is running steadily. The cost support for pulp prices has weakened, and the demand is not good. It is expected that the pulp price will be weakly oscillating [5] - **Offset paper**: The spot market price of offset paper is running steadily. The supply is stable, and the market expectation is cautious. The paper price profit is low, and the enthusiasm for high-price stockpiling is low. It is expected that the price will be weakly oscillating [5] Oils and Fats - **Soybean oil, palm oil, and rapeseed oil**: The US soybean crushing has reached a record high, and the demand for soybean raw materials is strong. The production of Malaysian palm oil is higher than expected, and the export performance is strong. The domestic soybean supply is abundant, and the demand is weak. It is expected that the overall oil and fat market will continue to operate in a range [5] - **Soybean meal and rapeseed meal**: The USDA report shows that the US soybean production, export, and ending inventory have all been adjusted down compared with September. The global soybean supply is still relatively loose. The domestic soybean meal supply is abundant, and the demand is supported by the high livestock inventory, but the high price of soybean meal suppresses the replenishment intention. It is expected that the soybean meal will be oscillating with a weak bias in the short term [5][8] Agricultural Products - **Live pigs**: The average trading weight of live pigs across the country has fluctuated slightly. The demand for pork has improved, and the slaughter rate has slowly increased. It is expected that the price of live pigs will oscillate, and the slaughter rate will continue to rise [8] - **Rubber**: The raw material supply in Yunnan is stable, while the output in Hainan is lower than expected. The overall inventory is still at a low level. The demand has gradually recovered, and the price is oscillating [10] Chemical Products - **PX, PTA, and MEG**: The PX supply is strong, and the downstream polyester is at the turning point between the off-season and the peak season. The PTA price is mainly oscillating with the cost side. The MEG has a long-term inventory accumulation pressure, and the short-term price is in a wide-range adjustment [10] - **PR and PF**: The PR market may oscillate weakly, and the PF market may be weakly sorted [10]