Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - The increase in the live hog 2601 contract price is a game between long - term inflection point expectations and short - term fundamentals. It's a pre - pricing of future supply - demand repair rather than a direct reflection of current fundamentals. One should closely monitor the speed of capacity reduction and the pace of consumption recovery, not over - chase the rise, and treat it as a short - term long position [3]. - The A - share market is expected to continue to fluctuate upward at a high level tomorrow [6]. - For gold, due to its large short - term fluctuations, it's advisable to avoid short - term long positions [10]. - For iron ore, the terminal situation has not actually improved after the holiday, iron water may decline periodically. If it breaks below the important support again, a large adjustment may occur. In the long - term, supply is expected to be loose with the commissioning of the Simandou project [14][15]. - For glass, daily melting changes little, inventory has continued to accumulate this week. The follow - up drive mainly lies in policy - side stimulus and anti - involution policies for the supply side. The market is currently in a pessimistic atmosphere [18][19]. - For eggs, the inventory of laying hens is increasing, and egg supply is sufficient, suppressing the price rebound. But considering the current price and cost, there is a short - term long opportunity [21]. - For pulp, the price in Shandong is stable today. China's cumulative pulp imports from January to September were 2706 tons, a year - on - year increase of 5.6%. Domestic port inventories remain high, and it is expected to run weakly, to be treated as low - level fluctuations [25]. 3. Summary by Related Catalogs Hot Focus - Live Hog 2601 Contract - The market shows a "near - weak, far - strong" pattern, and the 2601 contract has become the focus of capital game due to its anti - decline characteristics [3]. - The upward momentum comes from three aspects: capacity reduction expectations (the elimination rate of retail investors has risen to 8% in September), policy support signals (central reserve purchase and storage), and seasonal logic (anticipation of the consumption peak season before the 2026 Spring Festival) [3]. - There are short - term pressures: the current live hog inventory is 440 million, the proportion of large - weight hogs has reached a new high this year, the spot average price is only 10.72 yuan/kg, and the supply - demand pattern of oversupply remains unchanged. The bearish sentiment is dominant in the technical aspect, and the sustainability of the rise is to be tested [3]. Technical Analysis - Stock Index Futures - The three major A - share indexes opened higher and moved higher today, with the Shanghai Composite Index closing with a mid -阳线. The trading volume increased compared with yesterday. It is expected to continue to fluctuate upward at a high level tomorrow [6]. Technical Analysis - Gold - Gold has large short - term fluctuations, and it's advisable to avoid short - term long positions [10]. Technical Analysis - Iron Ore - After the holiday, the terminal situation has not improved, and iron water may decline periodically. If it breaks below the important support again, a large adjustment may occur [14]. - In the short - term, there are long - term agreement negotiations and accident interferences on the supply side. In the long - term, the supply is expected to be loose with the commissioning of the Simandou project [15]. Technical Analysis - Glass - Daily melting changes little, inventory has continued to accumulate this week. The follow - up drive mainly lies in policy - side stimulus and anti - involution policies for the supply side. The market has broken below important support recently, and the pessimistic atmosphere is strong [18][19]. Technical Analysis - Eggs - The inventory of laying hens is increasing, and egg supply is sufficient, suppressing the price rebound. Based on the current price and cost, each laying hen is expected to lose 16.90 yuan in the future, presenting a short - term long opportunity [21]. Technical Analysis - Pulp - The pulp price in Shandong is stable today. China's cumulative pulp imports from January to September were 2706 tons, a year - on - year increase of 5.6%. Domestic port inventories remain high, and it is expected to run weakly, to be treated as low - level fluctuations [25].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - The increase in the price of the live hog 2601 contract is essentially the market's early pricing of the future supply - demand repair, a game between the long - term inflection point expectation and the short - term fundamentals. It is not advisable to chase the high, and it should be treated as a short - term long position. For other commodities, different trading suggestions are given based on their respective fundamentals and technical aspects [3] 3. Summary by Related Catalogs Hot Focus - Live Hogs - The live hog 2601 contract price increase is due to the market's early pricing of future supply - demand repair. The market shows a "near - weak, far - strong" pattern, and the 2601 contract becomes the focus of capital game [3] - The upward momentum comes from three aspects: capacity reduction expectation (the elimination rate of retail investors has risen to 8% in September), policy support signals (central reserve purchases), and seasonal logic (anticipation of the consumption peak season before the Spring Festival in 2026) [3] - Short - term pressure exists as the current live hog inventory is 440 million, the proportion of large - weight hogs has reached a new high this year, the spot average price is only 10.72 yuan/kg, and the supply - demand situation remains loose. The technical side is still dominated by bears [3] Technical Analysis - Stock Index Futures - The three major A - share indexes opened higher and went higher on Monday. The Shanghai Composite Index closed with a negative doji star. It is expected to continue high - level oscillations tomorrow [7][8] Technical Analysis - Gold - The external gold market has significantly adjusted, and Shanghai gold followed with a negative close. The volatility has increased. It is not advisable to chase long positions in the short term, and it is better to buy on dips [12] Technical Analysis - Iron Ore - After the holiday, the terminal situation has not actually improved, and molten iron production may decline periodically. Technically, if it breaks below the important support again, a large - scale adjustment may be triggered [15] - There are short - term supply disruptions due to long - term agreement negotiations and accidents, but in the long run, supply is expected to be loose with the commissioning of the Simandou project [16] Technical Analysis - Glass - The daily melting volume has little change, and inventory has continued to accumulate this week. The future driving factors mainly depend on policy - side stimulus and anti - involution policies for the supply side [20] - Technically, it has continuously declined and broken below important support, and the market sentiment is pessimistic [19] Technical Analysis - Eggs - The inventory of laying hens continues to increase, and the egg supply is relatively sufficient, suppressing the price rebound. However, according to the current price and cost, each laying hen is expected to lose 16.90 yuan in the future. There are short - term long - position opportunities [23] Technical Analysis - Pulp - The pulp price in Shandong has remained stable today. China's cumulative pulp imports from January to September were 2,706 tons, a year - on - year increase of 5.6%. The domestic port inventory remains high. The pulp market is expected to remain weak and should be treated as a low - level oscillation [26]