Report Industry Investment Ratings No relevant content provided. Core Views - For Treasury bonds, expect no trending market and maintain caution [6][7] - For stock index futures, the risk of a significant decline is low, and one can choose the right time to go long [8][9] - For precious metals, the pricing is relatively full. After taking profits on previous long positions, one can wait and see [10][11][12] - For rebar and hot - rolled coils, consider shorting at high levels during rebounds and pay attention to position management [13] - For iron ore, look for buying opportunities during pullbacks and manage positions carefully [15][16] - For coking coal and coke, look for buying opportunities during pullbacks and manage positions [18] - For ferroalloys, consider long positions at low levels when the spot falls back into the loss - making range [20][21] - For crude oil, focus on long - position opportunities for the main contract [23][24] - For fuel oil, focus on long - position opportunities for the main contract [25][26] - For synthetic rubber, it will run in a volatile manner [27][28] - For natural rubber, pay attention to long - position opportunities [29][30] - For PVC, pay attention to changes in the supply side [31][33] - For urea, the downside space is limited [34][35] - For p - xylene (PX), it may have an oscillatory adjustment with support at the bottom. Control positions and be vigilant about crude oil changes [36] - For PTA, it may run in a volatile manner. Be cautious, control risks, and pay attention to oil price changes [37] - For ethylene glycol, it may run in a volatile manner with limited downside space. Monitor port inventory and import changes [38] - For short - fiber, it may follow the cost to run in a volatile manner. Control risks and pay attention to cost changes and macro - policy adjustments [39][40] - For bottle chips, it is expected to follow the cost side to run in a volatile manner. Control risks [41] - For lithium carbonate, pay attention to the sustainability of consumption in the context of a pattern of high supply and demand [42][43] - For copper, focus on long - position opportunities for the main contract of Shanghai copper [44][45] - For tin, it is expected to run in a volatile and upward - biased manner [46] - For nickel, it is expected to run in a volatile manner [48] - For soybean meal, consider long - position opportunities for call options in the support range after adjustment; for soybean oil, temporarily wait and see [50][51] - For palm oil, temporarily wait and see [52] - For rapeseed meal and rapeseed oil, temporarily wait and see for rapeseed oil [53][55] - For cotton, the upside space of cotton prices is expected to be limited [56][57][58] - For sugar, there is certain support below the price [59][61][62] - For apples, wait and see [63][64] - For live pigs, take short - term profits on short positions and then wait and see. Look for opportunities to short on rebounds and consider reverse - spread strategies for arbitrage [65][66] - For eggs, hold short positions [67][69] - For corn and starch, it is advisable to wait and see; corn starch has weak production and demand with high inventory [70][71][72] Summary by Catalog Treasury Bonds - On the previous trading day, Treasury bond futures closed down across the board. The 30 - year, 10 - year, 5 - year, and 2 - year main contracts fell by 0.25%, 0.06%, 0.05%, and 0.01% respectively. The central bank conducted 168 billion yuan of 7 - day reverse repurchase operations, with a net investment of 3.2 billion yuan [5] - US economic data and macro - economic conditions suggest that Treasury bond futures are unlikely to have a trending market [6] Stock Index Futures - On the previous trading day, stock index futures showed mixed performance. The main contracts of IF, IH, IC, and IM rose by 1.49%, 1.04%, 2.37%, and 2.42% respectively [8] - Domestic economic recovery momentum is weak, but asset valuations are low, and market sentiment has warmed up. The risk of a significant decline is low [8] Precious Metals - On the previous trading day, the gold main contract closed at 938.1 with a decline of 0.44%, and the silver main contract closed at 11,332 with a decline of 1.18% [10] - Global economic data and trends are favorable for precious metals, but the recent rise has been large, and the pricing is full [10][11] Rebar and Hot - Rolled Coils - On the previous trading day, rebar and hot - rolled coil futures had a slight correction. The spot prices of billets, rebar, and hot - rolled coils are given [13] - In the medium term, rebar demand is weak, supply is over - capacity, and inventory pressure is high. Hot - rolled coils may have a similar trend [13] Iron Ore - On the previous trading day, iron ore futures had a slight correction. The spot prices of PB powder and Super Special powder are provided [15] - Iron ore demand is supported in the short term, but the medium - term supply - demand pattern may weaken [15] Coking Coal and Coke - On the previous trading day, coking coal and coke futures fluctuated and consolidated. Coking coal supply is tight, and coke procurement prices have been raised [18] - Technically, coking coal and coke futures are strengthening in the short term [18] Ferroalloys - On the previous trading day, the manganese - silicon main contract fell 0.59% to 5772 yuan/ton, and the silicon - iron main contract fell 0.07% to 5542 yuan/ton [20] - Supply is in excess in the short term, but costs are rising, and there may be long - position opportunities at low levels [20][21] Crude Oil - On the previous trading day, INE crude oil oscillated upward due to European sanctions on Russia. US oil and gas rig counts increased [22] - Multiple factors are favorable for crude oil prices, and focus on long - position opportunities [23][24] Fuel Oil - On the previous trading day, fuel oil rose significantly due to the rise in crude oil and sanctions on Russia. The market structure of fuel oil has recovered [25] - Singapore's fuel oil supply is tight, and sanctions on Russia are favorable for fuel oil prices. Focus on long - position opportunities [25][26] Synthetic Rubber - On the previous trading day, the synthetic rubber main contract rose 0.14%. Supply - side factors led to a rebound, and it will run in a wide - range volatile manner [27] Natural Rubber - On the previous trading day, the natural rubber main contract and 20 - grade rubber main contract rose. Supply is affected by weather, and demand and inventory are changing [29] - Focus on long - position opportunities [30] PVC - On the previous trading day, the PVC main contract fell 0.36%. Supply exceeds demand, but the downward space may be limited [31] - Pay attention to changes in exports and supply reduction after the holiday [31] Urea - On the previous trading day, the urea main contract rose 0.74%. Supply pressure has eased, and demand is picking up [34] - The downside space is limited [35] PX - On the previous trading day, the PX main contract rose 0.52%. PXN and PX - MX spreads are given. Supply and import data are provided [36] - Short - term supply - demand structure has improved, and it may have an oscillatory adjustment with bottom support [36] PTA - On the previous trading day, the PTA2601 main contract rose 0.27%. Supply and demand data, as well as processing fees, are provided [37] - It may run in a volatile manner with support at the bottom [37] Ethylene Glycol - On the previous trading day, the ethylene glycol main contract fell 0.22%. Supply, inventory, and demand data are provided [38] - It may run in a volatile manner with limited downside space [38] Short - Fiber - On the previous trading day, the short - fiber 2512 main contract fell 0.1%. Supply, demand, and processing fee data are provided [39][40] - It may follow the cost to run in a volatile manner [40] Bottle Chips - On the previous trading day, the bottle chips 2601 main contract rose 0.11%. Supply, demand, and processing fee data are provided [41] - It is expected to follow the cost side to run in a volatile manner [41] Lithium Carbonate - On the previous trading day, the main contract rose 1.33% to 79,520 yuan/ton. Supply is high, and demand is improving [42] - Pay attention to the sustainability of consumption [43] Copper - On the previous trading day, Shanghai copper rose significantly. Current copper prices are rising, but downstream demand is weak [44] - Multiple factors are favorable for copper prices. Focus on long - position opportunities [44][45] Tin - On the previous trading day, the main contract fell 0.32% to 282,250 yuan/ton. Supply is tight, and demand has some resilience [46] - It is expected to run in a volatile and upward - biased manner [46] Nickel - On the previous trading day, the main contract rose 0.23% to 122,260 yuan/ton. Supply concerns and demand conditions are provided [48] - It is expected to run in a volatile manner [48] Soybean Meal and Soybean Oil - On the previous trading day, the soybean meal main contract rose 0.58% to 2933 yuan/ton, and the soybean oil main contract fell 0.15% to 8194 yuan/ton. Supply, demand, and inventory data are provided [50] - Consider long - position opportunities for soybean meal call options; for soybean oil, temporarily wait and see [51] Palm Oil - Malaysian palm oil is falling and oscillating. Indonesian biodiesel consumption has increased, and Malaysian exports have risen [52] - Temporarily wait and see [52] Rapeseed Meal and Rapeseed Oil - Canadian rapeseed prices are affected by other vegetable oils. Domestic import data for rapeseed, rapeseed oil, and rapeseed meal are provided [53][54] - Temporarily wait and see for rapeseed oil [55] Cotton - Domestic and foreign cotton prices oscillated. Sino - US negotiations are ongoing, and domestic cotton production is expected to be high [56] - The upside space of cotton prices is limited [57][58] Sugar - Zhengzhou sugar is weakly oscillating, and the overseas market is falling due to expected supply growth. Brazilian production data are provided [59] - There is certain support below the price [61][62] Apples - Domestic apple futures fluctuated. The opening price is higher than last year, and there are issues with apple diseases and production forecasts [63] - Wait and see [64] Live Pigs - The national average price of live pigs is rising. Supply and demand data, as well as cost and inventory information, are provided [65] - Consider short - term profit - taking on short positions and wait for short - selling opportunities on rebounds [66] Eggs - Egg prices are rising, but costs are high, and the supply is increasing. Inventory and consumption data are provided [67] - Hold short positions [69] Corn and Starch - Corn and corn starch futures prices are provided. Supply, demand, and inventory data for corn and corn starch are given [70][71] - Corn prices are under pressure, and it is advisable to wait and see; corn starch has weak production and demand with high inventory [71][72]

Summary of Key Points from Conference Call Records Industry or Company Involved - The discussion primarily revolves around the Chinese economy, focusing on key policies set forth during the 20th Central Committee's Fourth Plenary Session, as well as implications for the bond market and various sectors within the economy. Core Points and Arguments 1. **Emphasis on Core Industries** China aims to strengthen its core industries, including manufacturing, quality, internet, aerospace, and transportation, to counter global de-globalization risks [3][4] 2. **Technological Development as a Priority** Technological advancement is identified as a crucial driver of new productive forces, with the new economy contributing approximately 17-18% to GDP. Future efforts will focus on original innovation and tackling key core technologies [3][4] 3. **Expansion of Domestic Demand** The strategy to expand domestic demand is highlighted, with an emphasis on integrating material and human investments to stimulate consumption and investment. Special government bonds may be used to support consumption subsidies [3][4] 4. **Real Estate Sector Focus** For the first time, the real estate sector is addressed in the context of people's livelihoods, with a push for high-quality development that returns to its residential nature. This indicates a policy shift to mitigate the economic drag from the real estate sector [3][4] 5. **Local Government Debt Management** The need to manage local government debt risks is reiterated, with expectations for new debt limits to be issued early next year. The government may increase bond issuance and align monetary policy with potential rate cuts [4][5] 6. **Market Liquidity and Interest Rates** The People's Bank of China may restart net purchases of government bonds to enhance market liquidity, with expectations for the effective repurchase rate to decrease from the current range of 1.8-1.85% to 1.75-1.8% [4][5] 7. **Impact of U.S.-China Trade Relations** Ongoing U.S.-China trade negotiations and their outcomes are expected to influence market sentiment and the bond market's direction [4][8] 8. **Performance of Key Sectors** The third-quarter earnings reports indicate strong performance in sectors such as communication equipment, electronic semiconductors, chemicals, and industrial metals, particularly in AI computing and consumer electronics [11] 9. **Foreign Capital Inflows** Recent weeks have seen strong foreign capital inflows into the A-share market, with October's inflow reaching a multi-year high. In contrast, foreign interest in Hong Kong stocks remains weaker [12] 10. **New vs. Old Economic Drivers** The transition from old to new economic drivers is accelerating, with significant growth in new productive forces, particularly in computing power and cloud computing, which have seen increases of around 1.5 times [13] 11. **Investment Value of Anti-Overwork Policies** Anti-overwork policies are expected to impact various sectors, including photovoltaics and steel, presenting investment opportunities aligned with new productive forces [14] 12. **Consumer Sector Investment Logic** Investment in the consumer sector should focus on fundamental performance, with specific attention to sectors like light manufacturing, textiles, and agriculture, which have shown strong performance [15] Other Important but Possibly Overlooked Content - The potential for further monetary policy adjustments, including rate cuts, is anticipated in response to economic data releases [5] - The upcoming "15th Five-Year Plan" is expected to provide detailed policy guidance, particularly regarding modern industrial systems and domestic market strength [9]

Revenue Growth - Revenue growth in 2025 Q1-Q3 was primarily in Asia (export), domestic, Africa, and Oceania, with increases of 11.88%, 17.94%, 14.76%, and 3.02% respectively [1][2] - The special lighting segment experienced the fastest growth at 50%, with its revenue share rising from 4.72% to 7.10% year-on-year [2] Production and Capacity - The Vietnam factory is scheduled to commence operations in August 2026, with a full capacity output valued at 500 million RMB [3] - Current order backlog exceeds 300 million RMB, indicating strong demand [4] Market Impact and Strategy - Approximately 7% of total revenue comes from products exported to the U.S., with minimal impact from U.S. tariffs [5][6] - The company plans to enhance market presence in Europe, Oceania, Asia-Pacific, and the Middle East while exploring emerging markets [6][7] Financial Performance and Shareholder Returns - The company maintains a profit distribution policy, committing to distribute at least 50% of the annual distributable profit in cash [8] - Cash dividends for 2023 were 249 million RMB, with a payout ratio of 108.22%, and for 2024, 196 million RMB with a payout ratio of 84.80% [8] Future Development - The company aims to expand its special lighting segment, targeting revenue of 100-150 million RMB for each sub-segment over the next 2-3 years [3] - Plans for stock buybacks and employee stock incentives are in place to enhance shareholder value [8]

财达期货｜贵金属周报 2025-10-27 金价巨幅震荡不改中长期牛市格局 研究员 上周金银价格大幅回落，周三创出本轮牛市以来的最大单日跌 幅。当日跌幅均超过 4%。上周五再次下探后出现反弹。 从业资格号： 从表面来看，触发上周金银大跌的直接因素是俄乌冲突谈判出 现了重大进展。特朗普在俄乌问题上态度反复横跳，上周进一步加 大了对俄罗斯施压，包括取消与普京的见面，要求印度减少购买俄 石油，加大对俄石油公司的制裁等等。欧洲各领导人发了一个联合 声明，表示同意俄乌在实控线上停火谈判，早日实现和平。打了三 年多的俄乌冲突向停火又进了一步。市场避险情绪大降，利空贵金 属价格。另外，前期由于伦敦白银库存短缺形成逼空现象，但随着 伦敦白银库存的缓解，由逼空突然变成多杀多，也整体造成金银价 格的短线暴跌。 最根本的原因还是前期金银价格涨的太多且涨的太急，做多金 银成了最拥挤的交易，这样一有风吹草动，就会形成多头踩踏的局 面。 短线大跌后，市场前面过多的获利盘得到了消化。后市来看， 金银的牛市并没有逆转，支撑牛市的核心因素仍在。 从俄乌冲突来看，短期来看，又有变数，乌克兰和欧洲方面是 财达期货｜贵金属周报 财达期货｜贵金属周报 ...

站在当前时点，管浩阳表示，投资资源股，供给比需求重要，贝塔也比个股重要。这场已启动5年的大 宗商品行情可能仍有机会，资源品正从"周期商品"向"战略资产"蜕变。 管浩阳分析称：在需求端，资源品需求的长期驱动力，主要是在能源转型的背景下，带来新能源车、风 电、光伏及储能等新兴领域的高增长；而人工智能、机器人产业的发展，有望进一步拉动铜、铝、锂、 钴等金属需求。在供给端，由于资本开支不足，普遍面临增速缓慢、品位下降、事故频发等问题，导致 供应情况趋于紧张。 管浩阳表示，在资源品中，比较看好铜的投资机会：铜作为重要的工业原料，其需求与全球经济走势密 切相关，随着新能源、电网投资等领域持续发展，铜的需求有望保持稳定增长；在供给方面，由于铜矿 资本开支的放缓和矿石品位的下滑，未来铜的供给增长将受到限制。供需错配下，预计未来铜价中枢将 继续抬升。 西部利得基金管浩阳：资源品战略价值值得重视 管浩阳称，国内电解铝产能即将达峰，经营性现金流大幅好转，行业开启红利化趋势。同时，电解铝企 业股息率较高，且具备继续提升的空间。 ◎记者 何漪 受美联储降息、供需关系变化等多重因素影响，近年来周期行业表现强势。作为战略性品种，资源品的 ...

Core Viewpoint - The impact of alpha factors on China's export growth is increasingly significant, with expectations of a 1-3% growth in 2026 despite potential risks from alpha factors [1][4]. Group 1: Alpha Factors Impacting Exports - The article emphasizes the importance of alpha factors such as tariff changes, order front-loading, re-export regulations, and currency fluctuations on exports, moving away from reliance on beta factors [1][7]. - The new trade pattern is shaped by tariff shocks and geopolitical shifts, particularly the "interconnected yet separate" relationship between China and the U.S. [2][9]. - The performance of new industries in exports is attributed to China's internal economic transformation and industrial upgrades [2][14]. Group 2: 2026 Export Outlook - Order front-loading effects are largely absorbed, with limited risk of further exposure in the future [3][22]. - Re-export regulations are expected to have a minimal impact, as the focus is primarily on low-value or non-processed re-exports [3][25]. - The likelihood of increased tariffs is low, with diminishing impacts from existing tariffs due to effective countermeasures by China [3][32]. - Currency appreciation is anticipated to reduce export price increments, but the overall export volume may remain stable [3][37]. - The global economic outlook is expected to support China's export growth, with IMF predicting a recovery in global GDP growth in 2026 [4][41].

Core Viewpoint - The article discusses the impact of the U.S. government's shift towards protectionism and unilateral trade policies on global trade dynamics, highlighting the challenges and changes in trade forecasts from reputable organizations like WTO and UNCTAD [2][3]. WTO Insights - The WTO reports that the direct impact of tariff increases on global goods trade will have a lag effect, primarily manifesting in the second half of 2025 and into 2026 [4]. - Despite the tariff increases, global goods trade growth for 2025 has been revised upward to 2.4%, significantly higher than the previous forecast of 0.9% [4]. - The service trade growth forecast has been adjusted downwards, with expected growth rates of 4.6% in 2025 and 4.4% in 2026, primarily due to a slowdown in transportation and tourism sectors [5]. - Different regions show varied performance in goods exports, with Asia leading at 10.4% growth in the first half of 2025, while Europe shows a slight decline of 0.3% [5]. UNCTAD Insights - UNCTAD indicates that global trade remains robust despite uncertainties, with a 2.5% quarter-on-quarter growth in goods and services trade in Q2 2025 [7]. - The manufacturing sector, particularly the electronics and automotive industries, continues to drive global trade growth [7]. - UNCTAD forecasts a continued increase in global trade for Q3 2025, with goods trade expected to grow by approximately 2.5% and services trade by about 4% [7]. - Negative factors affecting trade include ongoing U.S. trade policy uncertainties and geopolitical tensions, which may alter regional trade dynamics [8]. - Positive factors include stronger economic growth and limited spillover effects from negative policies, supporting further trade growth [9]. China's Trade Performance - China's foreign trade has shown resilience, with a 4% year-on-year increase in goods trade in the first three quarters of 2025, despite external pressures from U.S. tariffs [10]. - Exports grew by 7.1% to 19.95 trillion yuan, while imports slightly decreased by 0.2% to 13.66 trillion yuan [10]. - The current global trade disruptions highlight the importance of predictable trade conditions, as emphasized by WTO Director-General Ngozi Okonjo-Iweala [10].

Group 1: China's Economic Policy and Foreign Investment - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China emphasized expanding high-level opening-up and creating a win-win cooperation environment, with a focus on maintaining a multilateral trade system and promoting international circulation [1] - By mid-2023, China had attracted a cumulative actual use of foreign capital amounting to $708.73 billion during the 14th Five-Year Plan period, with a year-on-year increase of 11.7% in newly established foreign-invested enterprises in the first half of 2025 [1][2] - The Ministry of Commerce reported that by the end of 2024, over 1.239 million foreign-invested enterprises had been established in China, with a cumulative actual use of foreign capital reaching 20.6 trillion yuan [2][6] Group 2: Multinational Corporations' Investments - Airbus inaugurated a second A320 series aircraft assembly line in Tianjin, which is expected to be fully operational by early 2026, reflecting the growing demand in the Chinese aviation market, projected to require 9,500 aircraft over the next 20 years [2][7] - Coca-Cola's recent financial report indicated a 14% increase in global sales of its sugar-free products, with the Asia-Pacific market being a significant growth driver [3] - Hilton Group opened the Waldorf Astoria Hotel in Shanghai, marking a milestone of over 888 hotels in China, and plans to double its hotel count in the country [5] Group 3: Industry Trends and Innovations - The report from the Ministry of Commerce indicated that high-tech sectors accounted for 43.7% of foreign investment in manufacturing by 2024, with foreign enterprises contributing nearly 50% to China's high-tech product exports [6][7] - The newly established Coca-Cola factory in Zhengzhou features advanced automation technologies, including a "smart robot picking" system, enhancing operational efficiency [6] - Boston Scientific launched its first manufacturing base in China, aiming to provide innovative medical products and strengthen local supply chains [8]

Core Insights - The recent agreement between China and the U.S. to engage in a new round of trade negotiations is a significant positive signal, indicating a willingness to resolve existing conflicts and a sense of urgency to address issues [1][3] Group 1: Trade Negotiations - The agreement suggests that high-level diplomatic or trade officials have already made contact and reached a preliminary consensus, indicating that the situation is unlikely to worsen in the short term [3] - The timing of the negotiations raises questions, particularly regarding President Trump's unpredictable policies that have negatively impacted the U.S. and global economy, especially in the context of the ongoing trade war [4] - If high tariffs are implemented, it could exacerbate inflation in the U.S., as the country relies heavily on Chinese manufacturing, and rising import prices would further increase consumer prices [5][6] Group 2: Key Issues in Negotiations - Two main issues to focus on during the negotiations are: 1. Tariff discussions: Whether there will be talks about canceling or reducing the additional tariffs imposed since the trade war began in 2018, which would be a significant positive development [8] 2. Technology controls: The potential easing of U.S. export restrictions on Chinese technology products, such as chips, and changes in China's rare earth controls, which directly affect the improvement of U.S.-China relations [10] - Resolving these two key issues could facilitate progress on other topics, making it crucial to monitor whether substantial agreements can be reached in the upcoming talks [10]

1. Report Industry Investment Ratings No information provided in the text. 2. Core Views of the Report - The macro - economic recovery momentum needs to be strengthened, and the monetary policy is expected to remain loose. The market risk preference has significantly increased, and the trend of treasury bond futures is not clear [7]. - The domestic economy is stable, but the recovery momentum is weak. The market sentiment has warmed up recently, and the increase of the market is large with high volatility. For stock index futures, those who hold long positions can gradually take profits [8]. - The global trade and financial environment is complex. The "de - globalization" and "de - dollarization" trends are beneficial to the allocation and hedging value of precious metals. However, the recent increase is large, so investors can take profits on long positions and then wait and see [10]. - For steel products such as rebar and hot - rolled coil, the medium - term weakness is difficult to change. Investors can focus on short - selling opportunities at high levels during rebounds [13]. - The short - term supply - demand pattern of iron ore supports prices, but it may weaken in the medium term. Investors can focus on buying opportunities during pull - backs [15]. - For coking coal and coke, the supply is slightly tight, and the demand is at a high level. The short - term trend is strong, and investors can focus on buying opportunities during pull - backs [16]. - Ferroalloys are in a state of short - term oversupply, but the cost is at a low level with limited downward space. Investors can consider long - position opportunities at low levels when the spot falls into the loss range again [18]. - For crude oil, due to US sanctions on Russia and other factors, there are long - position opportunities in the main contract [20]. - Fuel oil follows the rise of crude oil, and the supply in Singapore is suddenly tight. There are long - position opportunities in the main contract [22]. - Synthetic rubber is expected to fluctuate. The market should pay attention to the raw material market and supply changes [25]. - Natural rubber may follow the macro - led market. There are long - position opportunities [27]. - For PVC, the supply exceeds demand, but the downward space is limited. The market should focus on supply - side changes [30]. - The downward space of urea is limited, and it is expected to fluctuate narrowly [33]. - Short - term PX may fluctuate and adjust with support at the bottom. The market should pay attention to crude oil changes and macro - policies [36]. - Short - term PTA may fluctuate, and the market should pay attention to oil price changes [37]. - Short - term ethylene glycol may fluctuate with limited downward space. The market should pay attention to port inventory and import changes [39]. - Short - term short - fiber may fluctuate following the cost. The market should pay attention to cost changes and macro - policy adjustments [40]. - Bottle chips are expected to fluctuate following the cost. The market should control risks [42]. - For lithium carbonate, in the pattern of strong supply and demand, the social inventory is gradually decreasing. The market should pay attention to the sustainability of consumption [43]. - For copper, there are long - position opportunities in the main contract of Shanghai copper due to the non - resumption of Indonesian copper mines and the upcoming Sino - US talks [44]. - Tin prices are expected to fluctuate strongly due to tight supply and certain demand resilience [47]. - Nickel is expected to fluctuate. The market should pay attention to the risk of significant improvement in macro - policies [49]. - For soybean meal, investors can consider long - position opportunities for call options in the support range after adjustment; for soybean oil, it is recommended to wait and see [52]. - For palm oil, it is recommended to wait and see [54]. - For rapeseed meal and rapeseed oil, it is recommended to wait and see for rapeseed oil [56]. - Cotton prices are expected to be under pressure [58]. - For sugar, it is recommended to wait and see [61]. - For apples, it is recommended to wait and see [64]. - For live pigs, after short - term profit - taking on short positions, investors can wait and see and look for short - selling opportunities on rebounds [66]. - For eggs, investors can continue to hold short positions [69]. - For corn and corn starch, it is advisable to wait and see for corn, and corn starch may follow the corn market [70]. 3. Summaries According to Relevant Catalogs Treasury Bonds - The previous trading day, treasury bond futures closed down across the board. The central bank carried out 2125 billion yuan of 7 - day reverse repurchase operations on October 23, with a net withdrawal of 235 billion yuan on the same day. The treasury bond futures are expected to have no trend - like market [5]. Stock Index - The previous trading day, stock index futures showed mixed trends. The domestic economy is stable, but the recovery momentum is weak. The market sentiment has warmed up recently, and the increase is large with high volatility [8]. Precious Metals - The previous trading day, the gold main contract fell, and the silver main contract rose. The "de - globalization" and "de - dollarization" trends and central bank gold - buying support the price of precious metals, but the recent increase is large [10]. Rebar and Hot - Rolled Coil - The previous trading day, rebar and hot - rolled coil futures rebounded slightly. In the medium term, the price of finished products is dominated by industrial supply - demand logic. The demand for rebar is still declining year - on - year, and the inventory pressure is obvious. The trend of hot - rolled coil is similar to that of rebar [13]. Iron Ore - The previous trading day, iron ore futures fluctuated and sorted out. The demand supports the price in the short term, but the supply - demand pattern may weaken in the medium term [15]. Coking Coal and Coke - The previous trading day, coking coal and coke futures rose significantly. The supply of coking coal is slightly tight, and the demand for coke is at a high level. The short - term trend is strong [16]. Ferroalloys - The previous trading day, the manganese - silicon and silicon - iron main contracts rose. The supply of ferroalloys is in a short - term oversupply state, but the cost is at a low level with limited downward space [18]. Crude Oil - The previous trading day, INE crude oil rose significantly due to US sanctions on Russia. The increase in US crude oil production is difficult, and the geopolitical situation is beneficial to the price of crude oil [20]. Fuel Oil - The previous trading day, fuel oil rose significantly following crude oil. The supply in Singapore is suddenly tight, which is beneficial to the price [22]. Synthetic Rubber - The previous trading day, the synthetic rubber main contract rose. The supply - side drives the market to stop falling and rebound, but the raw material side is bearish. It is expected to fluctuate [25]. Natural Rubber - The previous trading day, the natural rubber main contract rose. Affected by the Sino - US trade friction, it may follow the macro - led market [27]. PVC - The previous trading day, the PVC main contract rose. The supply exceeds demand, but the downward space is limited. The market should focus on export and supply reduction after the festival [30]. Urea - The previous trading day, the urea main contract rose. It is expected to fluctuate narrowly. The supply has recovered, and the demand has stabilized at a low level [33]. PX - The previous trading day, the PX main contract rose. The short - term supply - demand structure has improved, and the cost - side crude oil rebounds. It may fluctuate and adjust [36]. PTA - The previous trading day, the PTA main contract rose. The short - term processing fee has dropped significantly, and the cost - side crude oil has recovered. It may fluctuate [37]. Ethylene Glycol - The previous trading day, the ethylene glycol main contract rose. The supply increases, the inventory may decrease slightly, and the demand is expected to improve. It may fluctuate [39]. Short - Fiber - The previous trading day, the short - fiber main contract rose. The short - term supply is at a relatively high level, the demand improves, and it may fluctuate following the cost [40]. Bottle Chips - The previous trading day, the bottle - chip main contract rose. The load has slightly increased, the export growth has slowed down, and it may fluctuate following the cost [42]. Lithium Carbonate - The previous trading day, the lithium carbonate main contract rose. The supply and demand are both strong, and the social inventory is gradually decreasing [43]. Copper - The previous trading day, Shanghai copper rose significantly. The non - resumption of Indonesian copper mines and the upcoming Sino - US talks support the price [44]. Tin - The previous trading day, the tin main contract rose. The supply is tight, and the demand has certain resilience. The price is expected to fluctuate strongly [47]. Nickel - The previous trading day, the nickel main contract rose. The supply is in an oversupply state, and it is expected to fluctuate [49]. Soybean Meal and Soybean Oil - The previous trading day, the soybean meal main contract rose, and the soybean oil main contract fell. The market expects the export to improve. The supply of soybeans is relatively loose, and the cost provides certain support [52]. Palm Oil - The Malaysian palm oil closed higher. The domestic inventory is at a medium level in the past 7 years. It is recommended to wait and see [54]. Rapeseed Meal and Rapeseed Oil - The previous trading day, rapeseed closed higher. The inventory of rapeseed in China is at a low level, the rapeseed meal inventory is at a high level, and the rapeseed oil inventory is at a high - level. It is recommended to wait and see for rapeseed oil [56]. Cotton - The previous trading day, domestic Zhengzhou cotton fluctuated and rose. The new - season domestic cotton has a strong expectation of a bumper harvest, and the price is expected to be under pressure [58]. Sugar - The previous trading day, Zhengzhou sugar bottomed out and rebounded. The global sugar supply is expected to be in surplus, which restricts the price rebound. It is recommended to wait and see [61]. Apples - The previous trading day, domestic apple futures fluctuated at a high level. The late - maturing apples are of poor quality this year, and the opening price is higher than last year. It is recommended to wait and see [64]. Live Pigs - The previous day, the national average price of live pigs rose slightly. The supply in October is expected to increase, and it is recommended to take short - term profit on short positions and then wait and see [66]. Eggs - The previous trading day, the average price of eggs in the main producing and selling areas rose. The supply in October is expected to increase, and the consumption may be lower than expected. It is recommended to continue to hold short positions [69]. Corn and Corn Starch - The previous trading day, the corn and corn - starch main contracts rose. The new - season corn harvest is advancing, and the price is expected to be under pressure. Corn starch may follow the corn market [70].