Core Viewpoint - The market is experiencing significant volatility, reflecting a divergence in investor sentiment regarding the continuation of the current trend [1][2]. Market Analysis - The fluctuations in October have led to a situation where some investors believe the market has peaked and should decline, while others maintain that the bullish trend is not over, resulting in a back-and-forth sentiment [1][2]. - The last day of October's decline has caused panic among many, interpreting it as a potential double top formation, but this could actually signify the establishment of a new support level [2]. - The market environment is improving, with expectations shifting positively, particularly as previous pressures from U.S.-China talks and policy continuity are easing [2][4]. - The key catalyst for a significant market rally is anticipated to be a recovery in the Producer Price Index (PPI) and rising commodity prices, which could ignite the market [3][4]. November Outlook - The focus for November is on the potential recovery of PPI, as it is seen as the critical factor that could drive the market upward [4]. - There are limited additional factors to monitor in November, with the recent five-year plan suggesting a stable direction focused on technology, and monetary policy expected to remain neutral [4]. - The likelihood of further interest rate cuts in the U.S. is high, which could provide additional support for the market [4]. - The primary risk to the market remains persistent deflation, but the impact on technology stocks is expected to be minimal, as traditional industries have little room for further decline [4][5].

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report The price of the apple AP2601 contract in the futures market may continue to show a volatile and upward - trending pattern in the short term. This is supported by the scarcity of high - quality apple supply in the fundamental aspect and the strong bullish sentiment in the technical aspect [10][12]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Contract Market**: On October 20, 2025, the apple AP2601 futures contract rose significantly, closing at 8,865 points, a 2.26% increase from the previous day. The trading volume was 159,727 lots, and the open interest was 142,886 lots, an increase of 14,247 lots from the previous trading day [2]. - **Variety Price**: The report presents the price data of multiple apple futures contracts (AP510 - AP605), including yesterday's settlement price, today's opening price, highest price, lowest price, today's closing price, today's settlement price, price changes, trading volume, open interest, and trading amount [6]. - **Related Market**: Apple options traded 31,546 lots in total on the day, with a total open interest of 32,404 lots, an increase of 3,392 lots. There were 26 lots exercised on the day [7]. 3.2 Spot Market - **Basis Data**: The spot price of apples on the day was 7,500 yuan/ton, and the futures settlement price was 8,798 yuan/ton, resulting in a basis of - 1,298 yuan/ton [8]. - **Registered Warehouse Receipts**: The warehouse receipt daily report of the Zhengzhou Commodity Exchange showed that there were 0 registered warehouse receipts on the day [9]. 3.3 Influencing Factors - **Industry News**: Currently, late - maturing Fuji apples are gradually entering the market for trading, with high - quality fruits commanding premium prices. Good - quality apples are seeing stable to slightly higher prices. Traders in western regions such as Gansu and northern Shaanxi are actively ordering high - quality fruits, and the warehousing work in some production areas has begun [9]. - **Technical Analysis**: From the daily K - line chart, the apple futures formed a medium - sized positive line on the day, with a relatively long real body and closing higher than the previous trading day's closing price, indicating that the bullish force was dominant and driving the price up [10]. 3.4 Market Outlook Fundamentally, the coloring of apples in the western production areas is 10 days behind schedule, the bag - removing in Shandong is postponed by half a month, and the red apples are on the market 15 days later than last year. Fruit farmers in the production areas report that the amount of high - quality fruits has decreased by half, and the proportion of high - quality fruits has declined. The warehousing volume in Gansu is lower than last year, the effective inventory in Shandong is lower than last year, and although the warehousing volume in Shaanxi is large, the proportion of high - quality fruits is not high. The scarcity of high - quality supply provides strong support for prices. Technically, the market is bullish, and the moving averages are in a bullish arrangement. In the short term, the price of the AP2601 contract is likely to continue to be volatile and upward - trending [10][12].

Group 1: Report Overview - The report is a monthly report on apples, dated October 3, 2025, with the research period being September 2025 [1] Group 2: Core View - In September 2025, the apple futures market showed a volatile and slightly stronger trend, and the new - season late Fuji's opening price is expected to rise, but there are also supply and demand factors affecting the market [1][2][3] Group 3: Futures Market 3.1 Contract Price Analysis - The main apple futures contract ap2601 showed a volatile and slightly stronger trend in September, with a slightly upward - moving monthly operation center. The influencing factors of the apple market in September were relatively stable, including spot price fluctuations, weather changes in production areas, and the relative impact of other fruits [3] 3.2 Variety Market Analysis - The total open interest of apple futures was 111,461 lots, the trading volume was 1,883,035 lots, and the turnover was 156.5155 billion yuan. The report also provided detailed monthly market data for each apple futures contract [4][5] Group 4: Spot Market 4.1 Basis Data - The apple futures basis in September was generally negative, meaning the spot price was lower than the futures price [7] 4.2 Registered Warehouse Receipts - The number of registered warehouse receipts was 0 [8] Group 5: Influencing Factors 5.1 Influencing Factor Analysis - Substitute fruits such as grapes and pomegranates had a partial impact on the apple market. The old - stock Fuji apples were not fully cleared, and the remaining inventory moved slowly. Market demand varied, with some merchants stocking up as needed before the National Day and Mid - Autumn Festival. The cost of high - quality new apples remained high, and the export volume of new - season apples increased in August [8][9][10] 5.2 Technical Analysis - In September, the technical side of apple futures showed a volatile and slightly stronger trend. Short - term moving averages supported the price, and the price fluctuated within a relatively stable range. The moving averages formed a long - position arrangement, with the long - position power on the disk slightly dominant [11] Group 6: Market Outlook - On the supply side, the western apple - producing areas were affected by adverse weather during the flowering period, resulting in smaller single - fruit sizes and potentially lower high - quality fruit rates. The remaining cold - storage apples in the country were at a five - year low. New - season apples in the west had uneven fruit sizes, and the impact of post - bag - removal weather on coloring and appearance needed attention. On the demand side, the market was boosted to a limited extent by the Mid - Autumn and National Day festivals. After the festivals, the apple market was still affected by the sales of seasonal fruits, and the market arrival volume was low. Technically, although the apple futures showed a volatile and slightly stronger trend in September, with the approaching large - scale listing of new - season apples, the ap2601 contract price may face upward pressure and is expected to show a high - level volatile trend [13]

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report - The soybean oil futures market showed an oscillating upward trend, but the reduction in positions of the main contract while prices rose indicates weakening capital enthusiasm for chasing high prices and limited rebound momentum. The high basis in the spot market provides bottom - support, yet macro factors such as crude oil price fluctuations and domestic oil inventory pressure restrict the upside potential. In the short - term, the futures price is expected to continue to trade within a range, and attention should be paid to capital movements and the process of spot inventory reduction [10]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Contract Market**: On September 19, 2025, the soybean oil futures market showed an oscillating upward trend. The main contract y2601 closed at 8,328 yuan/ton, up 22 yuan/ton from the previous trading day, with a trading volume of 331,651 lots and an open interest of 571,426 lots, a decrease of 3,418 lots [2]. - **Variety Price**: The total trading volume of soybean oil contracts was 378,156 lots, and the total open interest was 820,566 lots, a decrease of 3,207 lots compared to the previous day [4]. - **Related Market**: The soybean oil options traded 40,410 lots throughout the day, with an open interest of 110,114 lots, an increase of 2,676 lots in open interest, and 0 lots exercised [7]. 3.2 Spot Market - The spot price of Grade - 1 soybean oil in Zhangjiagang on the day was 8,560 yuan/ton. The settlement price of the main contract v2601 was 8,336 yuan/ton, with a basis of 224 yuan/ton [8]. 3.3 Influencing Factors - On September 18, commodity funds net - sold 3,000 lots of CBOT soybean futures contracts, 4,000 lots of corn futures contracts, 1,000 lots of wheat futures contracts, 500 lots of soybean meal futures contracts, and 3,000 lots of soybean oil futures contracts [9]. 3.4 Market Outlook - The soybean oil futures closed higher in an oscillating manner, but the reduction in positions of the main contract while prices rose indicates weak capital enthusiasm for chasing high prices and limited rebound momentum. The high basis in the spot market provides bottom - support, while macro factors such as crude oil price fluctuations and domestic oil inventory pressure restrict the upside potential. As the traditional consumption peak season in the fourth quarter approaches, the strength of demand recovery will be the key driver. In the short - term, the futures price is expected to continue to trade within a range, and attention should be paid to capital movements and the process of spot inventory reduction [10].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The price of the soybean meal m2601 contract is expected to mainly fluctuate within a range in the short term, as the approaching US soybean harvest season clarifies production expectations, and concerns about the uncertainty of US soybean export prospects lead to a continued decline in overnight CBOT soybean futures. Domestically, the high volume of imported soybean crushing results in a situation where the production of soybean meal exceeds the提货 quantity of terminal feed and breeding enterprises, weakening the price - holding intention of oil mills [12]. 3. Summary by Relevant Catalogs 3.1 Futures Market 3.1.1 Contract Quotes - On September 4, 2025, the soybean meal m2601 contract showed a weak oscillating trend, with the price rising first and then falling. It closed at 3048 yuan/ton, a decrease of 9 yuan/ton or 0.20% from the previous day. The daily trading volume was 956,943 lots, and the open interest was 2,043,281 lots [2]. 3.1.2 Variety Prices - On the same day, the prices of all soybean meal futures contracts declined. The total open interest of the variety contracts was 4,203,542 lots, an increase of 20,034 lots from the previous trading day [3]. 3.2 Spot Market 3.2.1 Spot Quotes - On September 4, 2025, the spot quotes of soybean meal in some domestic regions were stable with a slight decline. For example, the price in Rizhao decreased by 10 yuan to 2990 yuan, while the prices in Zhangjiagang, Tianjin, and Dongguan remained unchanged at 2990 yuan, 3060 yuan, and 2960 yuan respectively, all with a protein content of 43% [7][8]. 3.2.2 Registered Warehouse Receipts - The total number of soybean meal registered warehouse receipts increased by 3,750 lots to 19,375 lots. The warehouse receipts at Nantong Cargill increased from 0 to 3,750 lots, while those at other warehouses remained unchanged [9]. 3.3 Influencing Factors 3.3.1 Industry News - The import cost of soybeans decreased today. The import cost of US soybeans was 4544 yuan/ton, a decrease of 34 yuan/ton from the previous day, reaching a more than three - week low. The import cost of Brazilian soybeans was 3904 yuan/ton, a decrease of 29 yuan/ton, hitting a four - week low. The import cost of Argentine soybeans was 3774 yuan/ton, a decrease of 17 yuan/ton, refreshing a more than three - week low. - As of the week ending August 27, Argentine farmers sold 656,300 tons of 2024/2025 soybeans, bringing the cumulative sales volume to 3,053,870 tons [9]. 3.4 Market Outlook - With the approaching US soybean harvest season and the uncertainty of US soybean export prospects, the overnight CBOT soybean futures continued to decline. Domestically, the high crushing volume of imported soybeans and the situation where the production of soybean meal exceeds the demand of terminal enterprises weaken the oil mills' price - holding intention. The price of the m2601 contract is expected to mainly fluctuate within a range in the short term [12].

1. Report's Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The glass futures market is expected to maintain a volatile pattern in the short - term, with a tug - of - war between weak reality and policy expectations. Mid - term directional breakthroughs depend on the actual implementation of capacity - clearing policies and the substantial recovery of demand during the traditional peak seasons of "Golden September and Silver October". The market's kinetic energy conversion depends on inventory reduction rates and the pace of macro - level positive news realization [14] 3. Summary by Relevant Catalogs 3.1 Futures Market 3.1.1 Contract Quotes - On August 13, 2025, the FG2601 glass futures contract oscillated around the moving average during the night and early sessions. In the afternoon, short - sellers gained the upper hand, pushing the price down to the daily low and closing with a negative line. The price dropped by 19 yuan/ton, a 1.54% decline, and closed at 1214 yuan/ton. The trading volume was 2.2177 million lots, and the open interest was 1.0237 million lots [2] 3.1.2 Variety Prices - All 12 glass futures contracts closed lower. The total open interest of the variety was 1.8795 million lots, a decrease of 59,402 lots from the previous trading day. The open interest of the active contract FG2601 increased by 88,800 lots [5] 3.1.3 Related Quotes - On the day, put options on glass outperformed call options [8] 3.2 Spot Market - The spot price of glass continued to be weak. Prices in Northeast China remained stable, while prices in other regions were under pressure and declined [10] 3.3 Influencing Factors 3.3.1 Supply - Demand Factors - Supply side: The daily melting volume of float glass in production reached 159,600 tons, a 0.38% increase month - on - month. The operating rate was 75.34%, and the capacity utilization rate was 79.78%. The weekly output increased by 0.16% to 1.117 million tons. In August, there were 2 cold - repaired and 2 restarted production lines, with capacity remaining basically unchanged. Demand side: The demand for real - estate completion did not improve. Deep - processing enterprises faced difficulties in collecting funds, and new orders decreased year - on - year. They mainly focused on consuming raw - sheet inventories [11] 3.3.2 Inventory Analysis - The overall inventory of glass enterprises increased from a downward trend. It rose by 2.348 million weight boxes, a 3.95% increase, reaching a total of 61.847 million weight boxes. Inventories of glass enterprises in all regions increased [13]