Core Viewpoint - The U.S. will suspend its Section 301 investigation measures against China's maritime, logistics, and shipbuilding industries for one year, and in response, China will also suspend its countermeasures against the U.S. for the same duration [1]. Group 1 - The U.S. and China have achieved positive results in their economic and trade consultations in Kuala Lumpur, demonstrating that dialogue and cooperation can lead to problem-solving [1]. - The suspension of measures by both sides is expected to inject more certainty and stability into U.S.-China economic cooperation and the global economy [1].

Core Points - The US and China reached a consensus during the Kuala Lumpur economic and trade consultations, with the US agreeing to suspend its Section 301 investigation measures against China's maritime, logistics, and shipbuilding industries for one year [1] - In response to the US suspension of measures, China will also pause its countermeasures against the US for one year [1] Summary by Category Economic Impact - The suspension of the US investigation measures is expected to positively impact the maritime, logistics, and shipbuilding sectors in China, providing a temporary relief from trade tensions [1] Bilateral Relations - The agreement reflects a willingness from both sides to engage in dialogue and find common ground, potentially easing ongoing trade disputes [1]

Group 1: Market Information - The closing prices of CF01, CF05, and CF09 contracts were 13620, 13625, and 13780 respectively, with a rise of 55 each; CY01 and CY05 contracts closed at 19865 and 19775, up 100 and 25 respectively, while CY09 remained at 0 [2]. - The trading volume of CF01 contract was 185,465 hands, an increase of 63550, and the open - interest was 578,488, a decrease of 596 [2]. - CCIndex3128B price was 14840 yuan/ton, up 7; Cot A was 75.95 cents/pound [2]. - The 1 - month to 5 - month spread of cotton was - 5, unchanged; the 1 - month to 5 - month spread of棉纱 was 90, up 75 [2]. Group 2: Market News and Views Cotton Market - On October 29, 2025, the road transportation price index of Xinjiang - outbound cotton was 0.1803 yuan/ton·km, remaining flat, and it's expected to fluctuate upward in the short term [4]. - As of October 27, 2025, the cotton picking progress in Xinjiang was about 82.8%, with different progress in southern, northern, and eastern Xinjiang, and the picking is expected to end soon [4]. - In July 2025, the EU's clothing import value was $20.269 billion, up 18.6% year - on - year and 22.45% month - on - month [5]. - The supply - side acquisition is at its peak with stable prices around 6.2 yuan/kg, and the demand - side changes little. After the Sino - US economic and trade consultations, Zhengzhou cotton is expected to be slightly stronger in the short term [6]. Trading Strategies - Unilateral: US cotton is likely to fluctuate, and Zhengzhou cotton is expected to be slightly stronger [7]. - Arbitrage: Wait and see [8]. - Options: Wait and see [9]. Cotton Yarn Industry - The Zhengzhou cotton futures fluctuated at night, with obvious hedging pressure. The cotton yarn market had a tepid transaction, with stable prices, weakening downstream demand, and small and urgent orders [11]. - The cotton grey fabric market was dull, with smooth sales at cost, large losses, and difficulty in order connection [11]. Group 3: Options - On October 28, 2025, the closing price of CF601C13400.CZC was 240, down 10.4%; the closing price of CF601P13000.CZC was 29, down 63.8%; the closing price of CF601P12400.CZC was 8, down 85.2% [13]. - The 120 - day HV of cotton was 8.0835, slightly lower than the previous day. The implied volatilities of CF601 - C - 13400, CF601 - P - 13000, and CF601 - P - 12400 were 7.5%, 10%, and 13.5% respectively [13]. - The PCR of the main contract of Zhengzhou cotton was 0.7379 for open - interest and 0.6827 for trading volume, and both call and put trading volumes decreased [14]. - Option strategy: Wait and see [15]. Group 4: Related Attachments - There are eight figures including the 1% tariff price difference between domestic and foreign cotton markets, the 1 - month, 5 - month, and 9 - month basis of cotton, CY05 - CF05 and CY01 - CF01 spreads, and CF9 - 1, CF5 - 9 spreads [16][20][26][28].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The long - term upward logic of steel prices remains unchanged under the background of a gradually loosening macro - environment, but the real demand for steel is still weak in the short term and is difficult to improve substantially. Attention should be paid to the impact of Sino - US talks and overseas macro - environment changes on market sentiment [2]. - The iron ore market is currently weak in reality, with the overall market in a tug - of - war situation, and the ore price will fluctuate [5]. - For the black sector, it is still not pessimistic. It is considered more cost - effective to look for callback positions to do rebounds rather than continue to short. The subsequent height after the rebound needs further observation [9]. - Industrial silicon is subject to real - world constraints and is likely to fluctuate with the commodity environment, with short - term consolidation [13]. - The supply - demand pattern of polysilicon may improve, but the short - term de - stocking amplitude is expected to be limited. Pay attention to the actual implementation of relevant news [15]. - The glass futures price is expected to maintain a wide - range volatile trend in the short term due to the interweaving of long and short factors [18]. - The soda ash price is expected to continue the narrow - range consolidation pattern in the short term, and attention should be paid to changes in device operation and downstream procurement rhythm [20]. Summary by Related Catalogs Steel Market Information - The closing price of the rebar main contract was 3091 yuan/ton, down 9 yuan/ton (- 0.29%) from the previous trading day. The registered warehouse receipts decreased by 3058 tons, and the main contract positions decreased by 22644 lots. The Tianjin and Shanghai spot prices increased by 10 yuan/ton [1]. - The closing price of the hot - rolled coil main contract was 3305 yuan/ton, up 6 yuan/ton (0.181%) from the previous trading day. The registered warehouse receipts decreased by 3296 tons, and the main contract positions decreased by 8933 lots. The Le Cong and Shanghai spot prices increased by 10 yuan/ton [1]. Strategy Viewpoints - The supply and demand of rebar both increased, and the inventory continued to decline, showing a neutral performance. The output of hot - rolled coils slightly decreased, the demand improved marginally, the inventory was still at a high level, but the de - stocking process accelerated, and the inventory contradiction was slightly alleviated. The profitability of steel mills has significantly declined recently, and the molten iron output has significantly decreased, reducing the supply - side pressure [2]. Iron Ore Market Information - The main contract of iron ore (I2601) closed at 792.50 yuan/ton, with a change of + 0.76% (+ 6.00), and the positions changed by - 9902 lots to 54.89 million lots. The weighted positions were 92.41 million lots. The spot price of PB powder at Qingdao Port was 796 yuan/wet ton, with a basis of 54.15 yuan/ton and a basis rate of 6.40% [4]. Strategy Viewpoints - In terms of supply, the overseas iron ore shipment volume continued to increase month - on - month in the latest period and was at a high level in the same period. In terms of demand, the daily average molten iron output dropped below 240,000 tons. The port inventory continued to increase, and the steel mill inventory slightly increased. Overall, the iron ore price is under pressure, and the ore price will fluctuate [5]. Manganese Silicon and Ferrosilicon Market Information - On October 28, the main contract of manganese silicon (SM601) closed down 0.21% at 5790 yuan/ton. The spot price in Tianjin was 5720 yuan/ton, with a basis of 120 yuan/ton. The main contract of ferrosilicon (SF601) closed flat at 5564 yuan/ton. The spot price in Tianjin was 5650 yuan/ton, with a basis of 86 yuan/ton [7]. Strategy Viewpoints - There are still supply - constraint expectations for ferroalloys. The current situation of steel mills is gradually becoming obvious, and there is a risk of "negative feedback". For the black sector, it is not pessimistic. Manganese silicon may follow the black - sector market, and its potential driving force may come from the manganese ore end [8][9]. Industrial Silicon Market Information - The closing price of the main contract of industrial silicon (SI2601) was 8955 yuan/ton, with a change of - 0.11% (- 10). The weighted contract positions changed by - 1744 lots to 433,386 lots. The spot price of 553 in East China was 9300 yuan/ton, and the basis of the main contract was 345 yuan/ton; the spot price of 421 was 9650 yuan/ton, and the basis of the main contract was - 105 yuan/ton [11]. Strategy Viewpoints - The supply - side pressure of industrial silicon continues, and the demand support weakens. The cost provides a bottom - support effect. It is easy to fluctuate with the commodity environment and will consolidate in the short term [13]. Polysilicon Market Information - The closing price of the main contract of polysilicon (PS2601) was 54,355 yuan/ton, with a change of - 0.27% (- 145). The weighted contract positions changed by + 4813 lots to 255,836 lots. The average spot prices of N - type granular silicon, N - type dense material, and N - type re - feeding material were flat, and the basis of the main contract was - 1375 yuan/ton [14]. Strategy Viewpoints - The supply pressure of polysilicon may be marginally alleviated. The downstream operating rate is expected to be stable. The supply - demand pattern may improve, but the short - term de - stocking amplitude is limited. Pay attention to the implementation of relevant news [15]. Glass and Soda Ash Glass - Market Information: The main contract of glass closed at 1113 yuan/ton, up 1.64% (+ 18). The inventory of float - glass sample enterprises increased by 233.74 million cases (+ 3.64%) week - on - week. The top 20 long - position holders reduced 25,212 long positions, and the top 20 short - position holders reduced 86,221 short positions [17]. - Strategy Viewpoints: The glass market is mainly trading low - price goods, the demand recovery is slow, and the raw - material soda ash price provides cost support. The glass futures price is expected to fluctuate widely in the short term [18]. Soda Ash - Market Information: The main contract of soda ash closed at 1239 yuan/ton, down 0.56% (- 7). The inventory of soda - ash sample enterprises increased by 0.16 million tons (+ 3.64%) week - on - week. The top 20 long - position holders reduced 2798 long positions, and the top 20 short - position holders increased 9227 short positions [19]. - Strategy Viewpoints: The supply of soda ash is stable, the cost pressure increases, and the downstream replenishment demand is mainly for low - price and rigid needs. The soda ash price is expected to consolidate narrowly in the short term [20].

Group 1 - Israel's Prime Minister Netanyahu has ordered a strong military response against Gaza following attacks from Hamas, leading to multiple airstrikes in Gaza City [2] - The Palestinian Islamic Resistance Movement (Hamas) denied involvement in the attacks and emphasized its commitment to the current ceasefire agreement, calling for mediation to pressure Israel to stop violations [2] Group 2 - President Trump criticized Federal Reserve Chairman Powell, labeling him as "incompetent" and indicating a change in leadership is expected by May next year [4] - Trump has repeatedly called for significant interest rate cuts from the Federal Reserve [4] Group 3 - Recent rumors about a trader making a massive profit from gold futures have been debunked, highlighting the high risks associated with such trading strategies, especially in a volatile market [5] - International gold prices have seen a significant decline, dropping nearly $500 per ounce over six trading days, with a 3.15% drop on one day alone [5] Group 4 - The Shanghai Composite Index briefly surpassed the 4000-point mark, the highest since August 2015, but closed down 0.22% [7] - Key drivers for the recent market rally include favorable policies, improved market sentiment, economic recovery expectations, and ample liquidity [7][8] - The current market environment is characterized by a more stable foundation compared to previous peaks in 2007 and 2015, with institutional investments significantly increasing [8][9] - Analysts suggest that the next key resistance level for the Shanghai Composite Index is 5178 points, with immediate support at 3950 points [9]

Core Viewpoint - The Chinese government emphasizes that its export control measures on rare earths are aimed at standardizing and improving the export control system, aligning with international practices to maintain global peace and regional stability [1] Group 1: Export Control Policies - China has reiterated its stance on rare earth export control policies, stating that these measures are in line with international norms and are intended to fulfill international obligations related to non-proliferation [1] - The Chinese government expresses willingness to enhance dialogue and communication with other countries regarding export controls to ensure the security and stability of global supply chains [1] Group 2: China-EU Trade Relations - The essence of China-EU economic and trade relations is characterized by complementary advantages and mutual benefits, with a call for the EU to uphold commitments to free trade and oppose protectionism [1] - China urges the EU to resolve trade differences through dialogue and to provide a fair, transparent, and non-discriminatory business environment for enterprises [1]

10月28日，外交部发言人郭嘉昆主持例行记者会。 有记者就美国财长相关涉中美经贸问题言论提问。 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 郭嘉昆表示，具体问题建议向中方的主管部门进行了解。 关于稀土出口管制政策，中方已多次阐明立场。中 方相关措施是对出口管制体系的规范和完善，符合国际通行做法，目的是更好维护世界和平和地区稳定，履行 防扩散等国际义务。 我们愿同各国加强出口管制的对话交流，维护全球产供链安全稳定。关于中美经贸磋商 的情况，中方已经发布了有关消息，可以查阅。 法新社记者提问，欧盟和中国的代表团将在布鲁塞尔进行贸易协定的会谈，并且讨论稀土的相关问题。请问中 方是否打算放松对稀土的出口管制？ 郭嘉昆表示，中欧经贸关系的本质是优势互补、互利共赢。我们希望欧方恪守支持自由贸易、反对贸易保护主 义的承诺，不要动辄采取限制性的措施，而应坚持通过对话协商妥善解决贸易分歧，为各国企业提供公平透 明、非歧视的营商环境，以实际行动维护市场经济和世贸组织规则。具体问题建议向中方主管部门询问。 综合自：央视新闻、北京日报 责编：李丹 校对： 王朝全 ...

Report Summary 1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Report's Core View - As of the close on October 28, 2025, domestic futures main contracts showed mixed performance. Some commodities like apples and rapeseed meal rose, while others such as gold and silver futures declined. Different commodities have different market trends and influencing factors, including macro - economic conditions, supply - demand relationships, and geopolitical events [6][7]. 3. Summary by Related Catalogs 3.1 Commodity Performance - Futures Market Overview - As of the close on October 28, domestic futures main contracts had mixed performance. Apples rose nearly 4%, rapeseed meal rose over 2%, and iron ore, glass, polysilicon, and soybean meal rose over 1%. In terms of declines, gold futures fell over 4%, silver futures fell over 3%, and many other commodities also had varying degrees of decline. Among stock index futures, most declined except for the CSI 1000 stock index futures which rose 0.04%. Treasury bond futures generally rose. In terms of capital flow, some contracts like the 30 - year Treasury bond 2512 had capital inflows, while others like gold 2512 had capital outflows [6][7]. 3.2 Market Analysis - **Copper (Cu)**: The price of copper was pushed up by macro - optimistic sentiment and the tight supply of copper concentrates. However, downstream demand was suppressed by high prices, and social copper inventories increased moderately. With the upcoming US interest - rate meeting and the continuous tight supply of copper mines, the copper price remained strong [9]. - **Lithium Carbonate**: The price of lithium carbonate showed an upward trend. Supported by the rising cost of lithium ore and strong demand from the energy - storage battery industry, with both supply and demand being strong and inventories decreasing significantly in September, the price of lithium carbonate was expected to be mainly in a strong - side shock [11]. - **Crude Oil**: OPEC+ planned to increase production in November, which would intensify the supply pressure in the fourth quarter. Although the US refinery's operating rate rebounded and inventories decreased, concerns about demand still existed due to factors such as the end of the consumption peak season. The crude oil market was in a supply - surplus pattern, but the price was expected to continue to rebound at a low level [12][13]. - **Asphalt**: The asphalt production rate decreased, and the expected production in November would also decline. Downstream construction rates mostly increased, and the inventory - to - sales ratio of asphalt refineries decreased slightly. Affected by factors such as the rebound of crude oil prices, it was recommended to cautiously observe the asphalt futures price [14]. - **PP (Polypropylene)**: The downstream operating rate of PP rebounded slightly, and the enterprise operating rate increased. The cost increased due to the rebound of crude oil prices, and the supply increased with new capacity put into operation. Although the downstream was in the peak season, the demand was less than expected, and PP was expected to be in a weak - side shock [15][16]. - **Plastic**: The plastic operating rate decreased slightly, and the downstream operating rate increased. The cost was affected by the rebound of crude oil prices, and new capacity was put into operation. The demand in the peak season was less than expected, and plastic was expected to be in a weak - side shock [18]. - **PVC**: The upstream calcium carbide price was stable. The PVC operating rate decreased slightly, and the downstream operating rate continued to increase. The export expectation in the fourth quarter was weakened, and social inventories were still high. PVC was expected to fluctuate in the near term [20]. - **Coking Coal**: The price of coking coal was affected by supply shortages and demand expectations. The supply was tight due to factors such as domestic production control and mine - operating rate decline, while the demand was pessimistic due to the reduction of steel - mill production. The coking coal market was expected to be in a wide - range shock [21][22]. - **Urea**: The urea futures price closed down. The spot market was stable, and the production was slightly volatile. With the approaching of winter gas - limit production, the production was expected to decline. The demand was relatively weak, and the inventory was in a slow - rising cycle. Urea was expected to be in a short - term low - level shock [23].

10月28日，外交部发言人郭嘉昆主持例行记者会。 "关于中美经贸磋商的情况，中方已经发布了有关消息，你可以查阅。"郭嘉昆说。 来源｜北京日报 编辑｜瑜见 郭嘉昆指出，关于稀土出口管制政策，中方已多次阐明立场。中方相关措施是对出口管制体系的规范和 完善，符合国际通行做法，目的是更好维护世界和平和地区稳定，履行防扩散等国际义务。我们愿同各 国加强出口管制的对话交流，维护全球产供链安全稳定。 真实巴西记者提问，上周日，美国财长贝森特被问及中方是否会解除关于稀土的出口管制措施，他表示 中方并没有实际实施过这些管制措施，并且暗示美方威胁对华征收100%的关税在中美贸易磋商中起到 了一定的作用。但是，公开记录表示，中方的这些出口管制措施已经开始生效。中方能否澄清，这些出 口管制措施是否已经生效，或者是正在暂停中？如果已被暂停，是否与美方的关税威胁和近期的中美经 贸磋商有关系？中方目前的出口管制措施状况如何？ 郭嘉昆表示，具体的问题建议向中方的主管部门进行了解。 ...

Group 1 - The A-share market experienced a significant rise, with the Shanghai Composite Index approaching the 4000-point mark, reaching a new high for the year [1] - Despite the market surge, there was a net outflow of nearly 2.6 billion yuan from stock ETFs, with notable outflows from bank and chip ETFs [1][5] - Bond ETFs and Hong Kong market ETFs saw net inflows, indicating a shift in investor sentiment towards safer assets [2] Group 2 - The total scale of stock ETFs in the market reached 4.67 trillion yuan, with a reduction of 1.18 billion units in total shares on the day of the market rise [2] - The AAA Sci-Tech Bond Index recorded the highest net inflow among indices, amounting to 1.87 billion yuan [2] - The top-performing ETFs in terms of net inflow included the Sci-Tech 50 ETF and the Semiconductor ETF, with inflows of 984 million yuan and 618 million yuan respectively [3][4] Group 3 - The banking ETF experienced the largest net outflow, exceeding 800 million yuan, followed by the Chengdu-Chongqing Economic Circle ETF and Hong Kong Securities ETF, both with outflows over 500 million yuan [6][8] - Despite some industry and broad-based ETFs experiencing net outflows, institutional investors remain optimistic about the future of the A-share market [9] - Factors such as the easing of US-China trade tensions and the successful conclusion of the 20th National Congress are expected to boost market sentiment and risk appetite [9]