Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The APEC meeting in South Korea has made Sino - US related issues the focus of the market. Key issues related to crude oil include the cancellation of US sanctions on Chinese entities, exemptions or licenses for China's procurement of Russian oil, and the resumption of China's procurement of US crude oil. The most crucial point is whether there will be a breakthrough in Sino - US trade negotiations to improve the macro - sentiment. The short - term oil price is expected to fluctuate within a range, and a medium - term short - position allocation is recommended [2][3]. 3. Summary by Directory Market News and Important Data - The price of light crude oil futures for December delivery on the New York Mercantile Exchange rose 33 cents to $60.48 per barrel, a 0.55% increase; the price of Brent crude oil futures for December delivery rose 52 cents to $64.92 per barrel, a 0.81% increase. The SC crude oil main contract closed up 1.28% at 465 yuan per barrel [1]. - As of the week ending October 25, Japan's commercial crude oil inventory decreased by 377,644 kiloliters to 10,027,202 kiloliters, gasoline inventory decreased by 16,721 kiloliters to 1,603,954 kiloliters, and kerosene inventory decreased by 91,715 kiloliters to 2,742,806 kiloliters. The average refinery operating rate was 91.2%, up from 86.2% the previous week [1]. - Ukrainian President Zelensky announced the establishment of an energy alliance. He expects that Ukraine's long - range strikes on Russia have reduced fuel by 22 - 27% and caused a loss of over 20% in refining capacity [1]. - China's first national onshore shale oil demonstration area in Xinjiang's Jimsar has an annual output exceeding 1.5 million tons for the first time this year, marking a new stage of large - scale and stable production in China's shale oil development [1]. Investment Logic The APEC meeting in South Korea has drawn market attention to Sino - US related issues in the crude oil market. The core is whether there will be a breakthrough in Sino - US trade negotiations to improve the overall macro - sentiment [2]. Strategy The short - term oil price is expected to fluctuate within a range, and a medium - term short - position allocation is recommended [3]. Risk - Downside risks include the US relaxing sanctions on Russian oil and macro black - swan events [3]. - Upside risks include the US tightening sanctions on Russian oil, a breakthrough in Sino - US trade negotiations, and large - scale supply disruptions due to conflicts in the Middle East [3].

Group 1: Gold Market Analysis - The current gold price is around 3812, with expectations of potential volatility as the month-end approaches, leading to speculation about possible price drops [1] - The short-term trading range for gold is identified between 3812 and 3791, with a focus on short positions near the 3818-23 area [1][2] - Technical analysis indicates that gold has broken previous highs, with a recent increase of 21 points after surpassing 3791, marking a total rise of 49 points from the day's low of 3763, equating to a 1.21% increase [1] - Resistance levels are noted at 3818, 3821, and 3823, with a significant upper resistance at 3864, which is also a yearly pressure point [1] - Suggested trading strategy includes shorting at 3818-23 with a stop loss at 3831 and targeting 3805-3791, while also considering long positions if the price retraces to 3795-90 [4] Group 2: Oil Market Analysis - The oil market is currently experiencing a defined trading range of 67.8 to 63.5, with minor pullbacks observed [6] - Key support levels for oil are identified at 64.7-64.2 and 63.5, while resistance is noted at 66-66.3 [6] - The overall sentiment in the oil market is bullish, but the momentum is less pronounced compared to gold, indicating a simpler analysis approach [6] - Recommended trading strategy includes buying in the 64.7-64.2 range with a stop loss at 63.7 and targeting 65.7-66.3, while also considering short positions at resistance levels [8][9]