Group 1 - The Shanghai Composite Index surpassed the 4000-point mark for the first time since August 2015, reaching a ten-year high on October 28, 2025 [2] - Sectors such as shipbuilding, aviation, automotive services, computer equipment, and aerospace showed significant gains, with nearly 3000 stocks in the market rising [2] Group 2 - According to a report by AVIC Securities, some institutions have achieved substantial profits this year and may prefer a more conservative approach in the fourth quarter [3] - The upcoming APEC summit at the end of October is expected to yield progress in trade issues between China and the U.S., alleviating market concerns [3] - The Federal Reserve is anticipated to lower interest rates by 25 basis points at the end of October, while November will see the A-share market entering a performance vacuum period [3] - The "14th Five-Year Plan" outline is expected to provide new market hotspots, suggesting that the A-share market may resume a trend of fluctuating upward movement [3]

Group 1 - A500ETF Jia Shi has a trading turnover of 5.09% and a transaction volume of 5.94 billion yuan, with an average daily transaction of 23.17 billion yuan over the past year, as of October 27 [3] - The latest scale of A500ETF Jia Shi reached 11.708 billion yuan, with a net value increase of 23.94% over the past year [3] - The highest monthly return since inception was 11.71%, with the longest consecutive monthly increase being 5 months and a maximum increase of 28.61%, averaging a monthly return of 4.15% [3] - The annualized excess return over the benchmark for the past 6 months is 5.49% [3] Group 2 - The Shanghai Composite Index surpassed 4000 points on October 28, with institutions noting that progress in China-US trade negotiations and ongoing expectations for Federal Reserve interest rate cuts are reducing uncertainties in overseas markets [3] - The "14th Five-Year Plan" released positive signals, emphasizing economic development and accelerating the construction of a unified national market, which lays a solid foundation for the medium to long-term trend of the A-share market [3] - The upcoming third-quarter reports are seen as a critical window for performance verification, potentially leading to a market rally driven by both policy benefits and performance improvements [3] Group 3 - As of September 30, 2025, the top ten weighted stocks in the CSI A500 Index include Ningde Times, Kweichow Moutai, China Ping An, and others, collectively accounting for 19% of the index [4] - The weight and performance of the top stocks are as follows: Ningde Times (1.47%, 3.81%), Kweichow Moutai (0.67%, 3.23%), China Ping An (0.36%, 2.12%), and others [6] - Investors without stock accounts can access the A500ETF Jia Shi linked fund (022454) for exposure to the top 500 A-share companies [6]

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The fundamentals show a double - decline in supply and demand. The change in the supply side is slow, while the demand side has a continuous downward expectation, which suppresses the upside space of prices. The valuation level and cost side have certain support, and the overall trend is mainly bottom - range oscillation [5] 3. Summary by Relevant Catalogs 3.1 Comprehensive Analysis and Trading Strategies 3.1.1 Comprehensive Analysis - **Fundamentals**: Supply side shows differentiation, with a slight decline in ferrosilicon production but a slight increase in silicomanganese production. The total supply remains high. Demand side has a slight decline in the molten iron output of 247 steel mills. With the end of the traditional steel peak season and poor inventory reduction, there is a downward expectation for raw material demand. The cost side is supported by strong动力煤 prices, stable electricity prices in ferroalloy production areas, and low manganese ore inventory [5] - **Macro - aspects**: The Fourth Plenary Session next week to announce the 14th Five - Year Plan may boost market sentiment, but the short - term stimulus is expected to be limited. The anti - involution trading has also driven the alloy market, but the effect is weakening due to high supply [5] 3.1.2 Strategies - **Single - side**: Bottom - range oscillation - **Arbitrage**: Wait and see - **Options**: Sell straddle combinations on rallies [6] 3.2 Core Logic Analysis 3.2.1 Supply and Demand Data Tracking - **Demand**: The daily average pig iron output of 247 sample steel mills is 2.4095 million tons, a week - on - week decrease of 0.0059 million tons. The weekly demand for ferrosilicon in five major steel types is 19,600 tons, a week - on - week decrease of 200 tons, and for silicomanganese is 121,100 tons, a week - on - week decrease of 1,000 tons [11] - **Supply**: The operating rate of 136 independent ferrosilicon enterprises is 35.48%, a week - on - week decrease of 0.46%. The weekly supply of ferrosilicon is 112,800 tons, a week - on - week decrease of 3,000 tons. The operating rate of 187 independent silicomanganese enterprises is 43.28%, a week - on - week increase of 0.09%. The weekly supply of silicomanganese is 208,800 tons, a week - on - week increase of 4,600 tons [12] - **Inventory**: In the week of October 17, the inventory of 60 independent ferrosilicon enterprises is 69,000 tons, a week - on - week increase of 3,000 tons. The inventory of 63 independent silicomanganese enterprises is 263,000 tons, a week - on - week increase of 20,000 tons [13] 3.2.2 Other Data - **Cost and Profit**: The cost and profit of silicomanganese and ferrosilicon in different regions are provided, showing losses in most regions [30][40] - **Price and Basis**: Market prices and basis of Inner Mongolia silicomanganese and ferrosilicon are presented [18] - **Production and Capacity Utilization**: Data on the production, operating rate, and capacity utilization of steel mills and ferroalloy enterprises are shown [23][28] - **Import and Export**: Data on the net import of manganese ore and net export of ferrosilicon are presented [66] - **Inventory**: Inventories of alloy factories, steel mills, and ports for manganese ore and ferrosilicon are provided [72][75]

Report Industry Investment Rating No industry investment rating is provided in the report. Core Viewpoints - The supply of pure benzene is expected to remain high in the fourth quarter due to postponed plant maintenance, the planned return of long - idle small plants, and increased imports from Europe. However, downstream demand is unable to absorb the high supply, leading to a difficult - to - change inventory accumulation pattern. [1][9][20] - For styrene, large - scale plant maintenance has been extended, and multiple operating plants have reduced their loads. Supply tightened in September and is expected to increase in mid - to - late October. From September to November, styrene will maintain a tight balance, but high inventory and the drag from upstream pure benzene limit its upward space. [1] - Macro factors such as the "anti - involution" concept, the Fourth Plenary Session in October, and the 14th Five - Year Plan Outline need attention. When there is no obvious fundamental driver, macro sentiment has a greater impact on the market. [1][10] Summary by Relevant Catalogs Chapter 1: Core Contradictions and Strategy Recommendations 1.1 Core Contradictions - Pure benzene supply is expected to be high in the fourth quarter, while downstream demand is weak, resulting in inventory accumulation. Styrene supply is currently tightening but will increase later, and its upward space is limited by high inventory and pure benzene. [1] 1.2 Trading - Type Strategy Recommendations - The market trend is expected to be range - bound. The BZ2603 is expected to oscillate between 5800 - 6200, and EB2511 between 6800 - 7200. The strategy is to widen the spread between pure benzene and styrene when the EB2511 - BZ2603 spread is around 1000. [13] 1.3 Industry Customer Operation Recommendations - The price range of pure benzene is predicted to be 5600 - 6200, and styrene 6800 - 7400. For styrene, inventory management strategies include short - selling futures and selling call options, while procurement management strategies include buying futures and selling put options. [14] 1.4 Industrial Chain Weekly Data Overview - In terms of price and profit, the prices of various products in the pure benzene - styrene industrial chain have changed to different extents, and the profits of some products have decreased. In terms of supply and demand, the production of some products has increased, while the demand of some downstream products has decreased. [15][16][17] Chapter 2: This Week's Important Information and Next Week's Attention Events 2.1 This Week's Important Information - **Positive Information**: The government issued a plan to promote the stable growth of the petrochemical industry. Pure benzene port inventory decreased due to pre - holiday stocking. Multiple styrene plants reduced their loads or extended maintenance, further tightening the near - term supply. [19] - **Negative Information**: Pure benzene imports are expected to increase in the fourth quarter. The maintenance of some pure benzene plants has been postponed, and two long - idle plants are planned to resume production. Two large - scale styrene plants are planned to be put into production in October. [20] 2.2 Next Week's Important Events to Follow - Key economic data such as China's official manufacturing PMI, US ADP employment, ISM manufacturing PMI, unemployment rate, and non - farm payrolls need attention. [21] Chapter 3: Market Interpretation 3.1 Price - Volume and Capital Interpretation - The unilateral price of styrene rebounded after a decline this week, mainly following the fluctuations of crude oil. There was no significant change in the long and short positions in the top five seats of the dragon - tiger list, and the net short position of the main profitable seats increased slightly. [23] - The monthly C - structure of the styrene market flattened. The market interprets the increase in near - term styrene maintenance losses as a negative factor for pure benzene. The spread between pure benzene and styrene has widened, and the strategy is to widen the spread at low levels. [27][30] Chapter 4: Valuation and Profit Analysis 4.1 Industrial Chain Upstream and Downstream Profit Tracking - Analyzes the profits of various links in the industrial chain, including naphtha cracking and reforming, aromatic hydrocarbon blending for oil, pure benzene, and its downstream products, as well as styrene and its downstream products. [32][40][48][53] 4.2 Import and Export Profit Tracking - Analyzes the seasonal patterns of import profits and monthly import volumes of pure benzene and styrene. [58][59] Chapter 5: Supply - Demand and Inventory Projection 5.1 Supply - Side and Projection - **Pure Benzene Supply**: This week, the production of petroleum benzene and hydro - benzene increased. The maintenance of some plants has been postponed, and imports are expected to increase in the fourth quarter, so the supply is expected to increase. [60] - **Styrene Supply**: This week, styrene production decreased. Short - term maintenance plans are numerous, and supply will tighten, but it will increase again after new plants are put into production and maintenance plants resume in mid - to - late October. [65] 5.2 Demand - Side and Projection - **Pure Benzene Demand**: The demand for pure benzene from its five major downstream products has increased due to the resumption of some maintenance plants. [71] - **Styrene Demand**: The operating rates of EPS and PS among the downstream 3S products have declined, and the demand for styrene has decreased. The future production schedules of household air conditioners and refrigerators have been revised upwards but are still significantly lower than last year, providing little support for styrene demand. [105][106] 5.3 Supply - Demand Balance Sheet Projection - Analyzes the new plant production capacity and supply - demand balance of pure benzene and styrene in 2025, showing that there may be a supply surplus of pure benzene in the fourth quarter and a supply - demand imbalance in styrene. [121][122]

全国人大常委会秘书长刘奇在报告中表示，参加调研的10个专门委员会、4个工作委员会和常委会办公 厅都积极行动，结合自身职能职责精准选题，精心制定调研方案，深入开展调查研究，广泛征求各方面 意见建议，认真撰写调研报告，共形成26份专题调研报告，涵盖了经济、政治、文化、社会、生态等各 个领域，体现了调研目的和任务要求。 结合调研，报告对编制"十五五"规划纲要的总体思路、指导原则提出一些意见和建议，包括：充分认 识"十五五"时期内外部环境，准确把握阶段性要求；大力推进科技创新和产业创新，因地制宜发展新质 生产力；全方位扩大内需，加快构建新发展格局；坚持以人民为中心，统筹推进各项事业发展；加强重 点领域、新兴领域、涉外领域立法，为"十五五"时期经济社会发展提供坚强法治保障。 刘奇表示，下一步，党中央将提出制定"十五五"时期经济社会发展规划的建议，国务院将根据党中央建 议编制"十五五"规划纲要草案，明年第十四届全国人民代表大会第四次会议将审查批准这个规划纲要。 新华社北京9月10日电（记者魏玉坤）推进基本公共服务均等化，全面实施"人工智能+"行动，促进文旅 消费升级……10日，十四届全国人大常委会第十七次会议听取了全国人 ...

全国人大常委会秘书长刘奇在报告中表示，参加调研的10个专门委员会、4个工作委员会和常委会 办公厅都积极行动，结合自身职能职责精准选题，精心制定调研方案，深入开展调查研究，广泛征求各 方面意见建议，认真撰写调研报告，共形成26份专题调研报告，涵盖了经济、政治、文化、社会、生态 等各个领域，体现了调研目的和任务要求。 结合调研，报告对编制"十五五"规划纲要的总体思路、指导原则提出一些意见和建议，包括：充分 认识"十五五"时期内外部环境，准确把握阶段性要求；大力推进科技创新和产业创新，因地制宜发展新 质生产力；全方位扩大内需，加快构建新发展格局；坚持以人民为中心，统筹推进各项事业发展；加强 重点领域、新兴领域、涉外领域立法，为"十五五"时期经济社会发展提供坚强法治保障。 刘奇表示，下一步，党中央将提出制定"十五五"时期经济社会发展规划的建议，国务院将根据党中 央建议编制"十五五"规划纲要草案，明年第十四届全国人民代表大会第四次会议将审查批准这个规划纲 要。 新华社北京9月10日电（记者魏玉坤）推进基本公共服务均等化，全面实施"人工智能+"行动，促进 文旅消费升级……10日，十四届全国人大常委会第十七次会议听取了全国 ...

资讯编辑：刘佳惠 021-26093916 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 推进基本公共服务均等化，全面实施"人工智能+"行动，促进文旅消费升级……10日，十四届全国人大 常委会第十七次会议听取了全国人大常委会办公厅关于"十五五"规划纲要编制工作若干重要问题专题调 研工作情况的报告。全国人大常委会秘书长刘奇在报告中表示，参加调研的10个专门委员会、4个工作 委员会和常委会办公厅都积极行动，结合自身职能职责精准选题，精心制定调研方案，深入开展调查研 究，广泛征求各方面意见建议，认真撰写调研报告，共形成26份专题调研报告，涵盖了经济、政治、文 化、社会、生态等各个领域，体现了调研目的和任务要求。结合调研，报告对编制"十五五"规划纲要的 总体思路、指导原则提出一些意见和建议，包括：充分认识"十五五"时期内外部环境，准确把握阶段性 要求；大力推进科技创新和产业创新，因地制宜发展新质生产力；全方位扩大内需，加快构建新发展格 局；坚持以人民为中心，统筹推进各项事业发展；加强重点领域、新兴领域、涉外领域立法，为"十五 五"时期经济社会发展提供坚强法治保障。刘奇表示，下 ...