1. Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints After a previous continuous rise, recent hot sectors have rotated rapidly, leading to a decrease in market risk appetite. The short - term index faces certain uncertainties. However, in the long - run, the policy support for the capital market remains unchanged, and the main strategy is to go long on dips [12][13]. 3. Summary by Directory 3.1 Monthly Assessment and Strategy Recommendation - **Important News**: The US Treasury Secretary mentioned that the China - US trade agreement might be signed as early as next week; the CSRC Chairman proposed to establish a long - cycle assessment mechanism for long - term funds; a draft of guidelines for public fund performance benchmarks was released; the Dutch government expected Anshi China to resume chip supply soon [12]. - **Economic and Corporate Earnings**: In September 2025, industrial added value grew 6.5% year - on - year, fixed - asset investment was - 0.5%, retail sales grew 3.0%, and Q3 GDP growth was 4.8%. The October official manufacturing PMI was 49.0, lower than expected. M1 growth was 7.2%, M2 was 8.4%. Social financing increment was 3.53 trillion yuan, slightly higher than expected. Exports in September decreased by 1.1% year - on - year [12]. - **Interest Rate and Credit Environment**: The 10Y Treasury bond rate and credit bond rate declined this month, credit spreads narrowed, and liquidity remained loose [12]. - **Trading Strategy**: Hold a small amount of IM long positions in the long - term due to medium - low valuation and long - term discount. Hold IF long positions for 6 months as a new interest - rate cut cycle may benefit high - dividend assets [14]. 3.2 Futures and Spot Market - **Spot Market**: The Shanghai Composite Index rose 1.08% to 3997.56, the Shenzhen Component Index rose 0.19% to 13404.06, etc. The Hang Seng Index rose 2.24%, while the AH ratio decreased by 0.70%. The Dow Jones, Nasdaq, and S&P 500 declined [17]. - **Futures Market**: IF, IH, and IM contracts generally rose, while IC contracts generally fell. For example, IF当月 rose 0.57% to 4673.0, and IC当月 fell 0.30% to 7292.0 [18]. 3.3 Economic and Corporate Earnings - **Economic Indicators**: Q3 2025 GDP growth was 4.8%. The October manufacturing PMI was 49.0. In September, consumption growth was 3.0%, exports decreased by 1.1%, and investment growth was - 0.5%. Manufacturing investment was 4.0%, real - estate investment was - 13.9%, and infrastructure investment was 1.1% [40][43][46]. - **Corporate Earnings**: In the 2025 semi - annual report, revenue growth was flat year - on - year and up 0.4% quarter - on - quarter. Net profit growth was 2.5% year - on - year and down 1.0% quarter - on - quarter [49]. 3.4 Interest Rate and Credit Environment - **Interest Rate**: The 10Y Treasury bond rate and 3 - year AA - corporate bond rate declined [53]. - **Credit Environment**: In September 2025, M1 growth was 7.2%, M2 was 8.4%. Social financing increment was 3.53 trillion yuan, slightly higher than expected, mainly due to reduced government bonds and entity loans [65]. 3.5 Fund Flow - **Inflow**: In October, new equity - oriented fund shares were about 6 billion. This week, margin trading increased by about 6 billion, with a new balance of 248.0537 billion, a record high [72][75]. - **Outflow**: This week, major shareholders had a net reduction of 522.3 million yuan, and the number of IPO approvals was 1 [78]. 3.6 Valuation - **P/E Ratio (TTM)**: Shanghai 50 was 11.98, CSI 300 was 14.33, CSI 500 was 33.46, and CSI 1000 was 47.81. - **P/B Ratio (LF)**: Shanghai 50 was 1.31, CSI 300 was 1.49, CSI 500 was 2.28, and CSI 1000 was 2.51 [83].

Market Review - The main corn futures contract rose by 0.75% to 2154 CNY/ton in the last trading session [1] Fundamental Summary - As of November 7, the U.S. corn import CIF price was 263 USD, down 3 USD from the previous day, with an import cost of 2161 CNY, a decrease of 20 CNY [2] - After tariffs, the import cost price was 2671 CNY, down 25 CNY from the previous day [2] - The Brazilian National Grain Exporters Association (ANEC) forecasts that Brazil's corn exports in November will reach 5.57 million tons, up from 4.92 million tons year-on-year [2] - The Siga-MS project, in collaboration with the state government and the Mato Grosso do Sul Soybean and Corn Growers Association, reported favorable weather conditions leading to a significant increase in corn yield for the 2024/25 second season, with yields rising from 67.05 bags per hectare to 108.4 bags per hectare, an increase of 61.7% [2] Institutional Perspectives - Zhengxin Futures noted that previous bullish sentiment has been digested, leading to a retreat in U.S. corn prices. Domestic new grain supply is slightly increasing, with stable corn spot prices and a strong short-term market performance. However, in the medium to long term, abundant new season corn production is expected to keep prices low [3] - Guotou Anxin Futures observed that the increase in new corn supply from Northeast China is slowing, with prices remaining stable to slightly strong. Increased supply from Shandong was noted, with 1117 vehicles remaining for deep processing in the morning. The potential easing of U.S.-China relations and the reduction of tariffs on U.S. corn imports to 11% within quotas and 75% outside quotas are significant developments [3] - The future dynamics of new grain listings in Northeast China are under observation, with a cautious approach towards weak price fluctuations until a clear turning point is confirmed [3]

Report Overview - Analyst: Wang Mingwei [1] -从业资格号： F0283029 [1] - Investment Consultation Number: Z0010442 [1] - Date: 2025-11-07 [1] Industry Investment Rating - Not provided Core Views - The prices of oils and fats are expected to fluctuate and consolidate. The domestic fundamentals are loose, and the domestic supply of oils and fats is stable. Sino-US relations are tense, which puts pressure on the price of US soybeans. The inventory of Malaysian palm oil is neutral, and the demand has improved. Indonesia's B40 policy promotes domestic consumption, and the B50 plan is expected to be implemented in 2026. The domestic fundamentals of oils and fats are neutral, and the import inventory is stable [2][3][4] Summary by Category Daily Views Soybean Oil - Fundamental: The MPOB report shows that Malaysia's palm oil production in August decreased by 9.8% month-on-month to 1.62 million tons, exports decreased by 14.74% month-on-month to 1.49 million tons, and the end-of-month inventory decreased by 2.6% month-on-month to 1.83 million tons. The report is neutral, and the production cut is less than expected. Currently, the export data of Malaysian palm oil this month shows a 4% month-on-month increase. Entering the production cut season, the supply pressure of palm oil will decrease. The basis is 92, indicating that the spot price is higher than the futures price. The commercial inventory on September 22 was 1.18 million tons, a month-on-month increase of 20,000 tons and a year-on-year increase of 11.7%. The futures price is running below the 20-day moving average, and the 20-day moving average is downward. The short positions of the main contract have increased. It is expected to fluctuate in the range of 8,000 - 8,400 [2] Palm Oil - Fundamental: Similar to soybean oil, but entering the production increase season, the supply of palm oil will increase. The basis is -32, indicating that the spot price is lower than the futures price. The port inventory on September 22 was 580,000 tons, a month-on-month increase of 10,000 tons and a year-on-year decrease of 34.1%. It is expected to fluctuate in the range of 8,400 - 8,800 [3] Rapeseed Oil - Fundamental: Similar to soybean oil and palm oil. The basis is 286, indicating that the spot price is higher than the futures price. The commercial inventory on September 22 was 560,000 tons, a month-on-month increase of 10,000 tons and a year-on-year increase of 3.2%. The long positions of the main contract have increased. It is expected to fluctuate in the range of 9,300 - 9,700 [4] Recent利多利空Analysis -利多: The inventory-to-sales ratio of US soybeans remains around 4%, indicating tight supply [5] -利空: The prices of oils and fats are at a relatively high level historically, and the domestic inventory of oils and fats continues to accumulate. The macroeconomy is weak, and the expected production of related oils and fats is high [5] - Main Logic: The global fundamentals of oils and fats are loose [5] Supply - Items include soybean oil inventory, soybean meal inventory, oil mill soybean crushing, palm oil inventory, rapeseed oil inventory, rapeseed inventory, and domestic total inventory of oils and fats [6][8][10][17][19][21][23] Demand - Items include soybean oil apparent consumption and soybean meal apparent consumption [12][14]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The prices of oils and fats are expected to fluctuate and consolidate. The domestic fundamentals are loose, and the domestic oil and fat supply is stable. Sino - US relations are tense, which puts pressure on the price of new US soybeans due to受挫 exports. Malaysian palm oil inventory is neutral, demand has improved, and Indonesia's B40 policy promotes domestic consumption with a planned B50 implementation in 2026. The domestic oil and fat fundamentals are neutral, and the import inventory is stable [2][3][4] - The current main logic is centered around the relatively loose global oil and fat fundamentals, with the main risk being El Nino weather [5] 3. Summary by Related Contents Daily Viewpoints - **Soybean Oil**: The MPOB report for August shows that Malaysian palm oil production decreased 9.8% to 1.62 million tons, exports decreased 14.74% to 1.49 million tons, and end - of - month inventory decreased 2.6% to 1.83 million tons. Ship - surveying agencies indicate a 4% month - on - month increase in Malaysian palm oil exports this month. Entering the production - reduction season, palm oil supply pressure will decrease. The basis is 102 with the spot price at 8240, indicating the spot price is higher than the futures price. On September 22, the commercial inventory was 1.18 million tons, up 20,000 tons from the previous period and 11.7% year - on - year. The futures price is below the 20 - day moving average, and the 20 - day moving average is downward. The short positions of the main contract have decreased. It is expected to fluctuate in the range of 8000 - 8400 [2] - **Palm Oil**: Similar MPOB report data as soybean oil. Entering the production - increase season, palm oil supply will increase. The basis is 40 with the spot price at 8630. On September 22, the port inventory was 580,000 tons, up 10,000 tons from the previous period and down 34.1% year - on - year. The futures price is below the 20 - day moving average, and the 20 - day moving average is downward. The short positions of the main contract have decreased. It is expected to fluctuate in the range of 8400 - 8800 [3] - **Rapeseed Oil**: Also based on the same MPOB report. Entering the production - increase season, palm oil supply will increase. The basis is 323 with the spot price at 9730. On September 22, the commercial inventory was 560,000 tons, up 10,000 tons from the previous period and 3.2% year - on - year. The futures price is below the 20 - day moving average, and the 20 - day moving average is downward. The long positions of the main contract have decreased. It is expected to fluctuate in the range of 9200 - 9600 [4] Recent利多利空Analysis - **利多**: The US soybean stock - to - use ratio remains around 4%, indicating tight supply [5] - **利空**: Oil and fat prices are at a relatively high historical level, and domestic oil and fat inventories are continuously accumulating. The macro - economy is weak, and the expected production of related oils and fats is high [5] Supply - Related - Items include soybean oil inventory [6], soybean meal inventory [8], oil mill soybean crushing [10], palm oil inventory [17], rapeseed oil inventory [19], rapeseed inventory [21], and domestic total oil and fat inventory [23] Demand - Related - Items include soybean oil apparent consumption [12] and soybean meal apparent consumption [14]

Core Insights - The meeting between the Chinese and U.S. leaders was characterized by a calm demeanor from the Chinese side, while the U.S. side appeared tense and reserved, particularly with Trump's expression being described as emotionless [1][3] - Trump's initial optimism about the meeting contrasted sharply with his demeanor during the actual discussions, indicating significant stakes for the U.S. regarding the trade war initiated in April [3] Summary of Key Points - The meeting lasted 1 hour and 40 minutes, significantly shorter than the 3 to 4 hours Trump had previously indicated, suggesting either rapid progress or a lack of consensus on structural issues [3][5] - There was a preliminary consensus on several issues, but not all problems were resolved, leading to a compact meeting format [5] - Substantial progress was reported, with Trump announcing a reduction in tariffs in exchange for China continuing to import U.S. soybeans, including the cancellation of a 10% tariff related to fentanyl [5][7] - The discussions around fentanyl and soybeans, while not central to the trade war, indicate that the trade conflict remains manageable, with ongoing high-level communication between the two nations [7][8] - Trump's planned visit to China in April and China's reciprocal visit signal ongoing discussions on trade and tariffs, suggesting a stable bilateral relationship and the unlikelihood of a "decoupling" scenario [8] - The emphasis on cooperation for mutual development highlights that China's growth will not hinder U.S. objectives, indicating potential for collaborative prosperity [8]

Group 1: Core Views - The article discusses the interlinked dynamics of technology breakthroughs, China's economic transformation, and Sino-US relations, suggesting that these elements are entering a new phase [2][3] - The analysis framework indicates that effective technological breakthroughs are crucial for the success of economic transformation, which in turn influences the strategic positioning of Sino-US relations [3][4] Group 2: Economic Transformation Paths - Three potential paths for global economic transformation are identified: 1. Concerned Path: Old economy transformation is inevitable, but new economy breakthroughs are lacking, leading to a potential middle-income trap [3] 2. Suboptimal Path: Old economy is still transforming, while new economy shows significant breakthroughs, albeit with some turbulence [3] 3. Optimal Path: Old economy stabilizes, and new economy accelerates, enhancing overall social welfare through redistribution [3][6] Group 3: Current Economic Status - As of recent years, China's new economy has shown effective development, particularly in sectors like semiconductors and AI, reducing discussions around the "Concerned Path" and establishing a "Suboptimal Path" for economic transformation [4][6] - The article posits that China is gaining strategic initiative in Sino-US relations, especially following recent trade dynamics [4][6] Group 4: Modern Industrial System Understanding - The article categorizes industries into three types based on the "15th Five-Year Plan" and related policies: 1. Traditional Industries: Focus on quality improvement and efficiency optimization [7] 2. Emerging Industries: Classified into those with established advantages (e.g., solar energy, electric vehicles) and those still developing, with policy support transitioning from subsidies to market-driven approaches [8] 3. Future Industries: Characterized by unclear product forms and technology paths, with government aiming to create optimal conditions for innovation [9][10] Group 5: Policy Directions - The article emphasizes the dynamic nature of industry classification, noting that industries evolve through different life cycle stages, which necessitates tailored policy directions [10] - The government aims to provide a conducive environment for innovation through institutional support, resource allocation, and talent development [9][10]

Group 1 - The core viewpoint emphasizes that China maintains a stable policy towards the United States, focusing on mutual respect, peaceful coexistence, and win-win cooperation in handling bilateral relations [1][2] - The Chinese government firmly upholds its sovereignty, security, and development interests while addressing the contradictions in U.S. statements regarding China [1] - Maintaining a healthy and stable development of China-U.S. relations aligns with the fundamental interests of both nations and meets the expectations of the international community [2]

Core Viewpoint - The Chinese government maintains a stable policy towards the United States, emphasizing mutual respect, peaceful coexistence, and win-win cooperation in handling Sino-U.S. relations [1] Group 1 - The Chinese side expresses concern over contradictory signals from the U.S., particularly regarding comments from U.S. Treasury Secretary Yellen labeling China as an unreliable partner, juxtaposed with President Trump's recent positive remarks about discussions with Chinese leaders [1] - China is committed to safeguarding its sovereignty, security, and development interests while striving for healthy and stable development of Sino-U.S. relations, which aligns with the fundamental interests of both nations and the expectations of the international community [1]

Group 1 - Recent fluctuations in US-China relations are influencing global strategies, with India and Russia becoming more active in their responses [1][3] - India has significantly increased its oil purchases from Russia, capitalizing on discounted prices, saving nearly $90 per ton compared to other sources, which could fund a medium-sized infrastructure project annually [3][5] - The Indian government is prioritizing energy security, as it relies on imports for nearly 90% of its oil, making it cautious about abruptly changing suppliers [5][6] Group 2 - The US has considered imposing tariffs on India but is currently hesitant due to the need to focus on US-China relations, allowing India to leverage this situation for its benefit [6][10] - Russia is concerned about being marginalized in the event of improved US-China relations, prompting it to strengthen its military position in Ukraine and seek closer ties with China [8][11] - Russian Prime Minister Mishustin's visit to China aims to enhance economic cooperation, particularly in energy and trade, as Russia faces significant economic pressure from Western sanctions [10][11] Group 3 - The dynamics of US-China relations are central to global geopolitical strategies, with countries like India and Russia adjusting their positions to maximize their advantages [13] - The ongoing competition between the US and China creates a complex international landscape where nations must carefully navigate their interests to avoid being sidelined [13]

中美元首会晤结束后，美国财长贝森特在韩国吹牛称，美国对中国立规矩之后，各国日后正在争相效仿，继续给中国压力。 中美元首在韩国釜山结束会晤后，美国财长贝森特没有跟随特朗普乘专机返回美国，而留在韩国继续出席APEC 峰会其它相关活动，他一改此前对中方"恭 恭敬敬"的态度，在中美谈出成果后，开始吹嘘美方在会晤中取得的成果。 贝森特吹牛称，美方设立了一个标准，如果世界其他国家不纷纷效仿，他反倒会觉得意外。贝森特暗示，美方在中美会晤中处于"优势"一方，让中方作出了 让步，其他有意与中方对抗的国家，可以效仿美国的做法来对付中国。 贝森特补充称，欧盟、英国、澳大利亚，加拿大、日本等美国的盟友，已经或正在对中国征收关税或者计划使用贸易工具，限制中国商品涌向世界。 加拿大总理卡尼对中方表示，加方期待抓住两国关系改善发展的机遇，重拾建交初心，找回失去时间，重启双边合作，以务实和建设性方式推动加中关系取 得更多成果；日本首相高市早苗与中方就推进战略互惠关系达成一致；韩国总统李在明在与中方的会谈中，则希望韩中加强战略沟通并共同朝方重返对话， 同时将继续推动两国经济互利发展。 奉劝贝森特少吹点牛，一次会晤解决不了中美之间存在的所有问题 ...