1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - For stock index futures, consider buying on dips and adopting a range - trading strategy. The A - share market is oscillating upwards, but there is insufficient trading volume after the August rally, so it should be treated with a range - trading mindset [16]. - For treasury bond futures, use a range - trading approach and focus on the odds of short - term bonds. The bond market is likely to be range - bound, with a slightly optimistic outlook based on odds and future fundamentals. Consider reducing positions before the holiday [17][18]. - For the black sector, policies are expected to have a neutral impact on the market. The market may experience a "no - peak season" situation. In the short term, it may adjust, and in the medium term, it will maintain a range - bound trend [18][19]. - For coal and coke, prices may continue to oscillate weakly in the short term, and the demand for finished products during the "Golden September and Silver October" period should be monitored [21]. - For ferroalloys, in the long - term, maintain a short - selling approach on rallies. Hold short positions with high - cost entry over the holiday [22]. - For soda ash and glass, adopt a short - selling approach on rallies for soda ash and a wait - and - see approach for glass [23]. - For aluminum and alumina, it is recommended to wait and see for aluminum. For alumina, short - sell on rallies, while being aware of policy changes in Guinea's ore supply [25]. - For zinc, zinc prices will oscillate weakly after the macro - impact fades, and are expected to have a narrow - range oscillation in the short term due to holidays [26]. - For lithium carbonate, it will operate in a wide - range oscillation without obvious drivers [27]. - For industrial silicon, it oscillates within a range, and it is advisable to buy on dips for far - month contracts at the lower end of the range [28]. - For polysilicon, it will maintain a wide - range oscillation, and cautious operation is recommended [30]. - For cotton, adopt a short - selling approach on rallies and wait and see during the National Day holiday [32]. - For sugar, maintain a short - selling approach in the medium - term and wait and see in the short term [34]. - For eggs, short - sell on dips for near - month contracts and consider a short - near and long - far arbitrage strategy [36]. - For apples, buy on dips with a light position [38]. - For corn, remain on the sidelines for single - side trading and sell out - of - the - money call options for the 01 contract [38]. - For red dates, it is recommended to wait and see [40]. - For hogs, short - sell on rallies for near - month contracts and control positions [41]. - For crude oil, it is likely to shift to a supply - exceeding - demand situation, and consider short - selling on rallies [42]. - For fuel oil, its price will follow the movement of oil prices [43]. - For plastics, it will oscillate weakly in the long - term, with short - term rebounds due to sentiment [45]. - For rubber, be cautious when holding positions as pre - holiday volatility may increase [47]. - For methanol, adopt a range - trading approach with a slightly bullish bias [48]. - For caustic soda, the futures are expected to oscillate [49]. - For asphalt, it will follow the movement of oil prices [50]. - For offset printing paper, it is expected to oscillate, and it is advisable to buy on dips or sell put options near the factory's production cost line [52]. - For the polyester industry chain, it is expected to operate weakly [54]. - For liquefied petroleum gas (LPG), maintain a bearish view in the long - term [55]. - For pulp, the downside space of the futures is limited. Consider buying on dips after the holiday if the spot price stabilizes [56]. - For logs, the market is expected to oscillate. Consider buying on dips if price support is confirmed and downstream orders are good during the peak season [57]. - For urea, use a range - trading approach due to pre - holiday risk - aversion sentiment [58]. - For synthetic rubber, the main contract oscillates weakly, and it is advisable to wait and see [59]. 3. Summary by Relevant Catalogs 3.1 Macro News - The Political Bureau of the CPC Central Committee will hold the Fourth Plenary Session of the 20th CPC Central Committee from October 20th to 23rd to discuss the 15th Five - Year Plan [12]. - The National Development and Reform Commission introduced that new policy - based financial instruments worth 500 billion yuan will be used to supplement project capital [12]. - The US Department of Commerce issued export control rules, and China's Ministry of Commerce firmly opposes this and will safeguard the legitimate rights and interests of Chinese enterprises [12]. - Six departments issued a plan to stabilize the growth of the machinery industry, aiming for an average annual revenue growth of about 3.5% from 2025 to 2026, with revenue exceeding 10 trillion yuan [12]. - The China Household Electrical Appliances Association issued an initiative against unfair competition [12]. - Deepseek released the DeepSeek - V3.2 - Exp model and open - sourced it, while also significantly reducing the official API price by over 50% [13]. - US President Trump and Israeli Prime Minister Netanyahu reached a 20 - point plan to end the Gaza war, pending the approval of Hamas [13]. - Trump threatened to impose a 100% tariff on movies made outside the US and large - scale tariffs on furniture - producing countries [13]. - The value of the US Treasury's 261.5 million ounces of gold reserves has exceeded $1 trillion, and re - evaluating at market prices could release about $990 billion in funds [13]. - Fed officials have different views on interest rate cuts. Some are against it due to concerns about inflation remaining above the target until 2028, while others are open to potential rate cuts but with caution [14]. - In August, China issued local government bonds worth 980.1 billion yuan, and from January to August, the total issuance was 7.6838 trillion yuan [14]. 3.2 Stock Index Futures - The A - share market is oscillating upwards, with brokerage stocks surging in the afternoon. The Shanghai Composite Index rose 0.9%, the Shenzhen Component Index rose 2.05%, and the ChiNext Index rose 2.74%. The daily trading volume was 2.18 trillion yuan. The market should be treated with a range - trading mindset due to insufficient trading volume after the August rally [16]. 3.3 Treasury Bond Futures - The bond market is weak due to the market's digestion of the central bank's monetary policy meeting and the strong stock market. The bond market is expected to oscillate, and positions can be reduced before the holiday [17][18]. 3.4 Black Sector - Policy impact is expected to be neutral. The market may experience a "no - peak season" situation due to limited real demand improvement, high inventory in some varieties, and profit - taking from basis trading. In the short term, it may adjust, and in the medium term, it will range - bound [18][19]. 3.5 Coal and Coke - Prices may continue to oscillate weakly in the short term. Supply is gradually recovering, but "anti - involution" and environmental protection policies may affect the market. The focus will return to supply - demand fundamentals after the Fed's interest rate cut event [21]. 3.6 Ferroalloys - In the long - term, maintain a short - selling approach on rallies. Hold short positions with high - cost entry over the holiday [22]. 3.7 Soda Ash and Glass - For soda ash, short - sell on rallies. Supply is at a historical high, and there may be inventory accumulation pressure after the pre - holiday restocking. For glass, wait and see. The spot market is stable, and attention should be paid to fuel - upgrade and demand improvement [23]. 3.8 Aluminum and Alumina - For aluminum, wait and see due to weak demand and poor inventory performance in September. For alumina, short - sell on rallies as there is high supply and increasing inventory pressure [25]. 3.9 Zinc - Zinc prices will oscillate weakly after the macro - impact fades. In the short term, they are expected to have a narrow - range oscillation due to holidays [26]. 3.10 Lithium Carbonate - It will operate in a wide - range oscillation without obvious drivers, with short - term price support from inventory reduction [27]. 3.11 Industrial Silicon - It oscillates within a range, and it is advisable to buy on dips for far - month contracts at the lower end of the range. The复产 progress of Xinjiang's leading manufacturers is the core supply - demand contradiction [28]. 3.12 Polysilicon - It will maintain a wide - range oscillation, and cautious operation is recommended. Policy progress dominates the market, and there is a contradiction between strong policy expectations and fundamental oversupply [30]. 3.13 Cotton - Adopt a short - selling approach on rallies and wait and see during the National Day holiday. Supply pressure is increasing, and demand is weak. Pay attention to the impact of the crude oil market and international trade tariffs [32]. 3.14 Sugar - Maintain a short - selling approach in the medium - term and wait and see in the short term. The global sugar market is facing oversupply pressure, and domestic supply is expected to increase [34][35]. 3.15 Eggs - Egg prices are under pressure due to high inventory and the post - festival off - season. Short - sell on dips for near - month contracts and consider a short - near and long - far arbitrage strategy [36]. 3.16 Apples - Lightly buy on dips. The new - season apples have a strong expectation of high opening prices. Pay attention to weather conditions in the producing areas [38]. 3.17 Corn - Remain on the sidelines for single - side trading and sell out - of - the - money call options for the 01 contract. The spot price is weak due to increasing supply, but there is some support from the expected supply gap in 2025/26 [38][39]. 3.18 Red Dates - It is recommended to wait and see. The new - season production is controversial, and the market price is stable [40]. 3.19 Hogs - The supply - demand situation is supply - strong and demand - weak. Short - sell on rallies for near - month contracts and control positions [41]. 3.20 Crude Oil - It is likely to shift to a supply - exceeding - demand situation. Consider short - selling on rallies. Pay attention to the progress of US - Russia negotiations and OPEC+ quota adjustments [42]. 3.21 Fuel Oil - Its price will follow the movement of oil prices, and there is high uncertainty in the external market during the holiday [43]. 3.22 Plastics - It will oscillate weakly in the long - term, with short - term rebounds due to sentiment. Supply pressure is high, and demand is relatively weak [45]. 3.23 Rubber - Be cautious when holding positions as pre - holiday volatility may increase. Supply is increasing, and attention should be paid to profit repair and post - holiday weather conditions [47]. 3.24 Methanol - Adopt a range - trading approach with a slightly bullish bias. Port inventory pressure is large but the inventory accumulation rate has slowed down [48]. 3.25 Caustic Soda - The futures are expected to oscillate due to pre - holiday risk - aversion sentiment and weak fundamentals [49]. 3.26 Asphalt - It will follow the movement of oil prices. It has entered the seasonal demand peak season, with inventory decreasing [50][51]. 3.27 Offset Printing Paper - It is expected to oscillate. Consider buying on dips or selling put options near the factory's production cost line [52]. 3.28 Polyester Industry Chain - It is expected to operate weakly due to weakening cost support from falling international oil prices and limited demand during the peak season [54]. 3.29 Liquefied Petroleum Gas (LPG) - Maintain a bearish view in the long - term. Supply is abundant, and demand is unlikely to exceed expectations [55]. 3.30 Pulp - The downside space of the futures is limited. Consider buying on dips after the holiday if the spot price stabilizes. Domestic supply will support the far - month contracts, but the spot market is still weak [56]. 3.31 Logs - The market is expected to oscillate. Consider buying on dips if price support is confirmed and downstream orders are good during the peak season [57]. 3.32 Urea - Use a range - trading approach due to pre - holiday risk - aversion sentiment. The spot market price is stable, and the futures market is oscillating [58]. 3.33 Synthetic Rubber - The main contract oscillates weakly, and it is advisable to wait and see. Downstream procurement has slowed down before the holiday [59][60].