Group 1 - The Michigan Governor Gretchen Whitmer criticized Trump's tariffs, stating they negatively impacted traditional allies like Canada and were unwise and unnecessary [1] - Trump acknowledged the struggles of American soybean farmers, attributing their difficulties to China's negotiation tactics and announced plans to subsidize them [3][5] - The narrative that China's actions are solely responsible for the plight of American farmers is seen as a diversion from the internal pressures Trump faces due to the government shutdown [5] Group 2 - There is a fundamental mismatch in the negotiation topics between the U.S. and China, with China focusing on broader issues like trade structure and tariffs, while Trump is fixated on soybean purchases [7] - For a successful negotiation, the U.S. would need to show sincerity by addressing issues like fentanyl, Taiwan, and pricing of U.S. soybeans compared to competitors like Argentina and Brazil [7]

Core Insights - The report indicates that Peru's GDP is projected to grow by 3.41% in July 2025 compared to the same period in 2024, marking 16 consecutive months of growth [1] Economic Performance by Sector - The fishing industry has solidified its position as the most dynamic driver of the economy, with a 34.9% increase in output due to higher catch volumes for indirect human consumption [1] - The agricultural sector experienced an 8.5% growth driven by increased crop yields and livestock activities [1] - The construction industry grew by 5.0%, attributed to increased cement consumption and progress in public and private projects [1] - Manufacturing saw a 3.7% increase, supported by the fishing and consumer goods sectors [1] - Transportation and courier services grew by 4.3% due to increased freight and passenger volumes [1] - Other service industries reported a growth of 3.5% [1] Economic Confidence and Future Challenges - Minister Gonzalez emphasized that the performance in July reflects public confidence in the national economy [1] - The ongoing challenge is to maintain this growth momentum through enhancing competitiveness, supporting small and medium enterprises, and expanding the national export base [1] - These activities demonstrate the resilience of the Peruvian economy, continuing to create formal employment, strengthen production chains, and solidify recovery [1]

Economic Performance - Thailand's economy remains weak as of August, with private consumption slowing down and agricultural income decreasing by 10.8% year-on-year [1] - The consumer confidence index dropped from 51.7 to 50.1, indicating concerns over high living costs and geopolitical tensions [1] - Private investment in the capital goods sector saw a year-on-year increase of 23.6%, while new commercial vehicle registrations fell by 10.5% [1] Export and Tourism - August exports reached $27.7 billion, a 5.8% increase year-on-year, marking the 14th consecutive month of growth [1] - The number of foreign tourists visiting Thailand decreased by 12.8% year-on-year, while domestic tourism increased by 6.4% with 22.4 million Thai citizens traveling domestically [1] Industrial and Inflation Indicators - The industrial sentiment index slightly declined from 86.6 to 86.4 due to border conflicts and uncertainties related to U.S. tariff policies [1] - The purchasing managers' index rose to 52.7, reflecting an increase in new orders [1] Economic Stability - Overall economic stability remains good, with an inflation rate of -0.79% and a core inflation rate of 0.81% in August [2] - Public debt as a percentage of GDP stood at 64.5% as of July, compliant with fiscal discipline requirements [2] - International reserves reached $267.4 billion by the end of August, indicating strong external stability [2]

Collaboration Framework: Building a Multi-Dimensional Cooperation System Centered on Digital Intelligence and Innovation - The China-ASEAN Expo (CAEXPO) has become a significant platform for cooperation between China and ASEAN, with the 22nd CAEXPO held in Guangxi from September 17-21, 2025, focusing on "Digital Empowerment for Development, Innovation Leading the Future" [5][6] - The expo featured over 3,260 enterprises from 60 countries, marking a historical high in scale and participation, with a significant emphasis on high-level political and business engagement [6][7] - The CAEXPO showcased a dedicated AI pavilion with over 1,200 exhibits, where AI-related products accounted for more than 50% of the total exhibits, highlighting the integration of advanced technology into various sectors [12][13] Capital Market: Major Indices Rise, Bond Market Shows Moderate Volatility - From September 1 to 19, 2025, ASEAN major stock indices exhibited a mixed performance, with gains ranging from -1.35% to +4.07%, led by Indonesia (+4.07%) and Thailand (+3.88%) [19][20] - The ASEAN currencies strengthened against the US dollar during the same period, with notable appreciation in the Thai Baht (1.40%) and Malaysian Ringgit (0.44%) [28] - The bond markets in ASEAN showed moderate fluctuations, with Malaysia's 10-year government bond yield remaining stable between 3.39% and 3.43%, reflecting market confidence in its economic stability [32][33] Cooperation with China: Upgrading Institutional Framework and Expanding Diverse Industries - The China-ASEAN Free Trade Area 3.0 agreement is set to be signed in October 2025, marking a significant institutional upgrade in bilateral economic cooperation [37][39] - High-level interactions between Chinese and ASEAN leaders have intensified, enhancing political trust and paving the way for practical cooperation in trade, security, and cultural exchanges [39][40] - The focus of cooperation is shifting towards digitalization and green development, with practical measures in cross-border e-commerce, smart manufacturing, and educational collaboration being implemented [41][42]

Group 1 - The article discusses the upcoming events and announcements related to the Chinese economy and markets, including the release of economic data and changes in commodity prices [11][17][21] - It highlights the scheduled release of the trade balance for September and the impact of oil price adjustments on domestic fuel prices [9][12] - The article mentions the introduction of stock options for Pop Mart by the Hong Kong Stock Exchange, indicating a move towards more diverse financial instruments in the market [11] Group 2 - The National Bureau of Statistics is set to release data on the national economy for the first three quarters, which will provide insights into economic performance [17] - The article notes the significance of the upcoming Nobel Prize announcements and their potential impact on global markets [8][13] - It also references the ongoing developments in the real estate market, particularly the monthly report on urban residential sales prices [19]

Core Points - The agricultural sector experienced a slight decline of 0.07% on September 30, with Dayu Irrigation leading the drop [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Agricultural Sector Performance - The closing prices and performance of key stocks in the agricultural sector are as follows: - Runong Irrigation: Closed at 7.52, up 1.62% with a trading volume of 30,900 shares and a transaction value of 23.26 million yuan [1] - Huilong Co., Ltd.: Closed at 5.46, up 0.55% with a trading volume of 85,300 shares and a transaction value of 46.53 million yuan [1] - Dayu Irrigation: Closed at 4.85, down 0.82% with a trading volume of 173,200 shares and a transaction value of 84.37 million yuan [1] Capital Flow Analysis - The net capital flow in the agricultural sector showed a net inflow of 820,200 yuan from institutional investors, while retail investors saw a net inflow of 116,300 yuan [1] - The capital flow for specific stocks is as follows: - Huilong Co., Ltd.: Net inflow of 4.46 million yuan from institutional investors, with a net outflow of 4.98 million yuan from retail investors [1] - Dayu Irrigation: Net outflow of 3.64 million yuan from institutional investors, with a net inflow of 4.04 million yuan from retail investors [1]

Group 1 - The USDA quarterly grain inventory report is scheduled for release, which is crucial for agricultural commodities [1] - The API crude oil inventory report for the week ending September 26 is expected to provide insights into oil market dynamics [1] - The Eurozone's CPI for September will be released, which is significant for macroeconomic analysis [1] Group 2 - The 62nd OPEC+ Joint Ministerial Monitoring Committee meeting will take place, impacting oil production policies [2] - Malaysia's palm oil production report will be published, which is important for the oilseed and fats market [2] - China's construction materials production and inventory data will be released, relevant for the building materials sector [2] Group 3 - The final manufacturing PMI for Germany and the Eurozone for September will be reported, indicating manufacturing sector health [3] - The U.S. non-farm payroll and unemployment rate for September will be released, critical for labor market assessment [3] - Malaysia's palm oil production data for September will be available, affecting the global palm oil market [3] Group 4 - The Buenos Aires Grain Exchange will release its crop report, which is vital for agricultural commodity forecasting [4] - The Baker Hughes active rig count will be published, providing insights into U.S. oil production trends [4] - OPEC+ will hold a meeting regarding oil production policies, influencing global oil supply [4] Group 5 - The Federal Reserve's comments on monetary policy will be made, which are significant for financial markets [5] - China's foreign exchange reserves for September will be reported, impacting currency and economic stability [5] - The EIA monthly report will provide updates on energy production and consumption trends [5]

Report Summary 1. Investment Ratings - Cotton: Neutral to bearish [2] - Sugar: Neutral [5] - Pulp: Neutral [7] 2. Core Views - **Cotton**: The international cotton supply and demand situation is expected to improve, but the short - term upward space of US cotton is limited. In China, the pressure of increased cotton production in Xinjiang is large, and the cotton price is under pressure [2]. - **Sugar**: The international raw sugar supply is strong, suppressing the price, but there is support at the bottom. In China, the short - term supply is sufficient [4]. - **Pulp**: The global supply pressure of pulp exists, and the domestic demand is weak. The pulp price is expected to continue to oscillate at a low level [6][7]. 3. Summary by Category Cotton - **Market News and Key Data**: On the futures side, the cotton 2601 contract closed at 13,350 yuan/ton, down 0.41%. On the spot side, the Xinjiang arrival price of 3128B cotton was 14,942 yuan/ton, down 13 yuan/ton. In August 2025, China's cotton yarn imports increased year - on - year and month - on - month, and the import unit price decreased year - on - year [1]. - **Market Analysis**: The international cotton supply and demand situation is expected to improve, but the short - term upward space of US cotton is limited due to the slow export sales progress. In China, the pressure of increased cotton production in Xinjiang is large, and the purchase price of ginning factories is cautious [2]. - **Strategy**: Neutral to bearish. The expectation of increased production of new cotton suppresses the market, and the cotton price may continue to weaken [2]. Sugar - **Market News and Key Data**: On the futures side, the sugar 2601 contract closed at 5479 yuan/ton, up 0.02%. On the spot side, the sugar prices in Nanning, Guangxi and Kunming, Yunnan remained unchanged. In the 25/26 sugar - making period in Xinjiang, 3 sugar factories have started operation, and the sugar production is expected to be 700,000 tons [3]. - **Market Analysis**: The international raw sugar supply is strong, suppressing the price, but there is support at the bottom. In China, the short - term supply is sufficient due to poor sales in August and high imports [4]. - **Strategy**: Neutral. The fundamental driving force is downward, but there is cost support at the bottom, and the short - term downward space is limited [5]. Pulp - **Market News and Key Data**: On the futures side, the pulp 2511 contract closed at 4878 yuan/ton, down 2.75%. On the spot side, the prices of imported wood pulp showed a differentiated trend. The prices of some imported softwood pulp decreased, some imported hardwood pulp increased, and the prices of imported natural pulp and chemical mechanical pulp were stable [5]. - **Market Analysis**: Overseas pulp mills' price increase, production reduction and conversion plans have a certain impact on market sentiment, but the overall supply pressure still exists. Domestic demand is weak, and the downstream paper mills' raw material procurement is cautious [6]. - **Strategy**: Neutral. The fundamental situation of pulp has not improved significantly, and the pulp price is expected to continue to oscillate at a low level [7].

1. Report Industry Investment Rating No relevant content found. 2. Core Viewpoints of the Report - Amid the expansion of QDII fund scale and the increase in the number of Southbound Connect investors, the demand and allocation ratio of overseas bond assets by Chinese - funded institutions will rise, and Japanese US - dollar bonds may have high allocation value [22]. - There is a 'long - holiday market' pattern in the bond market this year. Given the large - scale adjustment of yields and a favorable slope, the market during the last two trading days before the National Day holiday may be positive [22]. - Favorable cyclical factors of emerging from low inflation and structural institutional designs such as reducing the savings rate, A - share volatility, attracting long - term funds into the market, and increasing the dividend payout ratio will improve the long - term return of A - shares relative to bonds [23]. - The US bond market is large - scale and mature. However, risks in US municipal bonds should be noted due to the possibility of local government bankruptcy [23]. - The cost - performance of chasing pan - technology stocks in the stock market is decreasing. It is recommended to shift to mid - cap stocks and deploy traditional sectors with low valuations and policy expectations and non - banking sectors. Convertible bonds still have room for performance [23]. - The yield spread has reached a long - cycle bottom. With the end of debt - resolution policies, risks may be re - priced [24]. 3. Summary of Different Sections 3.1 Macro Data Overview - In Q2 2025, GDP at constant prices increased by 5.2% year - on - year, slightly lower than the previous quarter's 5.4% but higher than the 4.7% of the same period last year [1]. - In August 2025, the manufacturing PMI was 49.4%, up from 49.3% in the previous month and 49.1% in the same period last year; the non - manufacturing PMI for business activities was 50.3%, slightly higher than the previous month's 50.1% and the same as the same period last year [1]. - In August 2025, the year - on - year growth rates of M0, M1, and M2 were 11.7%, 6.0%, and 8.8% respectively. New RMB loans in financial institutions reached 590 billion yuan [1]. - In August 2025, CPI decreased by 0.4% year - on - year, and PPI decreased by 2.9% year - on - year [1]. - In August 2025, the cumulative year - on - year growth rate of fixed - asset investment (excluding rural households) was 0.5%, and the cumulative year - on - year growth rate of total retail sales of consumer goods was 4.64% [1]. - In August 2025, the year - on - year growth rates of export and import values were 4.4% and 1.3% respectively [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - The 20th Fourth Plenary Session of the CPC Central Committee will be held from October 20th to 23rd, emphasizing high - quality development during the '15th Five - Year Plan' period [2]. - The new policy - based financial instruments worth 500 billion yuan can leverage about 6 trillion yuan in investment [2]. - The PBC's Monetary Policy Committee will maintain the stability of the capital market. The A - share market has shown a positive trend this year [3]. - China's water conservancy infrastructure construction has made new progress. The investment in water conservancy construction is expected to exceed 5.4 trillion yuan during the '14th Five - Year Plan' period, 1.6 times that of the '13th Five - Year Plan' [3]. - The US has introduced export control rules, and China firmly opposes this and will safeguard the legitimate rights and interests of Chinese enterprises [4]. 3.2.2 Metals - International precious metal futures generally rose. Gold prices hit a record high. London base metals mostly increased. The eight - department plan for the non - ferrous metal industry will support the demand for base metals in the long term [5]. - Bank of America raised its copper price forecasts for 2026 and 2027 [5]. - As of September 26th, the inventory of some metals on the London Metal Exchange changed, with tin and zinc inventories decreasing, nickel and aluminum inventories changing, and copper and lead inventories hitting new lows [5]. - As of September 29th, the position of SPDR Gold Trust increased by 0.60% [6]. 3.2.3 Coal, Coke, Steel, and Minerals - Beijing Iron Ore Trading Center launched the 'Iron Ore Port Spot Price Index' to challenge the international pricing system [7]. - After the Trump administration's policies, some US coal mining companies' stock prices rose [8]. 3.2.4 Energy and Chemicals - OPEC + may increase oil production again in November, and a meeting will be held on October 5th to discuss the increase [9]. - TotalEnergies' CEO said that if the EU bans Russian LNG imports, it can be shipped to Turkey or India. The company expects gas demand to grow by 6% - 7% in the next few years [9]. - Crude oil from the Iraqi Kurdistan region is flowing into Turkey's Ceyhan Port at a rate of 150,000 - 160,000 barrels per day [9]. 3.2.5 Agricultural Products - Chinese customers have reduced purchases of US soybeans, and South American soybeans are replacing US soybeans in the Chinese market [10]. - The US Department of Agriculture released data on the export inspection volumes of soybeans, wheat, and corn [10]. 3.3 Financial News Compilation 3.3.1 Open Market - On September 29th, the central bank conducted 288.6 billion yuan of 7 - day reverse repurchase operations, with a net investment of 48.1 billion yuan [12]. 3.3.2 Important News - The 20th Fourth Plenary Session of the CPC Central Committee will be held from October 20th to 23rd, emphasizing high - quality development during the '15th Five - Year Plan' period [13]. - The new policy - based financial instruments worth 500 billion yuan can leverage about 6 trillion yuan in investment [13]. - In August, local government bonds worth 980.1 billion yuan were issued. From January to August, the total issuance was 7.6838 trillion yuan [14]. - From January to August, the operating income of state - owned enterprises was 53.96 trillion yuan, with a year - on - year increase of 0.2%; the total profit was 2.79 trillion yuan, with a year - on - year decrease of 2.7% [14]. - Shanghai issued a document to promote the high - quality development of free - trade offshore bonds [15]. - The US and Japan have introduced export control measures, and China firmly opposes these and will safeguard the legitimate rights and interests of Chinese enterprises [15]. - Banks and wealth management subsidiaries are promoting holiday - themed financial products, but investors need to be aware of risks [15]. - The stock - bond constant ETF is expected to be launched this year [16]. - As of the end of June 2025, China's banking industry's external financial assets, liabilities, and net assets were 1.7721 trillion US dollars, 1.5377 trillion US dollars, and 234.4 billion US dollars respectively [16]. - Some bond - related events include defaults, asset seizures, mergers, and judicial auctions [16]. - Some overseas credit ratings were confirmed, adjusted, or revoked [17]. 3.3.3 Bond Market Summary - The bond market weakened, especially the ultra - long - end bonds. The 30 - year treasury bond yield rose by more than 2bp, and the corresponding futures contract fell by 0.47% [18]. - In the exchange bond market, some bonds rose, and some fell [18]. - The CSI Convertible Bond Index rose by 0.87%, and the Wind Convertible Bond Equal - Weighted Index rose by 1.10% [18]. - On September 29th, most money market interest rates rose, and the performance of inter - bank repurchase rates varied [19]. - European and US bond yields generally fell [20]. 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar rose by 143 points, and the central parity rate was raised by 63 points. The US dollar index fell by 0.26%, and most non - US currencies rose [21]. 3.3.5 Research Report Highlights - Japanese US - dollar bonds may have high allocation value [22]. - The bond market may have a positive trend during the last two trading days before the National Day holiday [22]. - Long - term A - share returns relative to bonds may improve [23]. - The US bond market has its characteristics, and risks in US municipal bonds should be noted [23]. - Stock and convertible bond investment strategies are recommended [23]. - The bond market is at a crossroads, and the yield spread may face re - pricing [24]. 3.4 Stock Market Highlights - A - shares rose, with the Shanghai Composite Index up 0.9%, the Shenzhen Component Index up 2.05%, and the ChiNext Index up 2.74%. The trading volume was 2.18 trillion yuan [27]. - The Hong Kong Hang Seng Index rose 1.89%. Southbound funds had a net sell - off of 16.54 billion Hong Kong dollars [27]. - Over 60% of private equity institutions plan to hold heavy positions during the holiday, and most are optimistic about the post - holiday A - share market, with a preference for technology - related sectors [27]. - The capital market is cracking down on illegal activities such as financial fraud [28]. - The stock - bond constant ETF is expected to be launched this year [28].

1. Report Industry Investment Ratings - No industry investment ratings are provided in the report. 2. Core Views of the Report - The overall economic situation shows marginal improvement in the economic cycle, but there are still pressures in the future, and policy support is necessary. The new policy - based financial instruments can play a role in stabilizing growth and boosting investment. Overseas, the Fed's interest - rate decision depends on data [2]. - For different financial products: - Stock index: It is expected to be strong under the influence of positive factors, but due to the release of important data during the holiday, it is recommended to hold a light position [4]. - Treasury bond: There is a lack of positive drivers in the bond market, and it is recommended to close positions and wait and see before the festival [5]. - Container shipping: The futures price is likely to continue to fluctuate in the short term. The 12 - contract can focus on low - buying opportunities and mainly adopt a wait - and - see or intraday short - term trading strategy [6]. - Precious metals: They are strong in the medium - and long - term, but it is recommended to hold a light position during the holiday due to the approaching National Day and increased short - term positions [11]. - Copper: The supply - side problems of the Grasberg copper mine have a long - term impact on copper prices, and it is not recommended to chase the high price in the short term [13]. - Aluminum and related products: Aluminum is expected to fluctuate at a high level; alumina is expected to be weak; cast aluminum alloy is expected to fluctuate at a high level [16]. - Zinc: It is in a situation of mixed long and short factors, with a slow downward center of gravity, and it is recommended to buy in - the - money put options or sell out - of - the - money call options [18]. - Nickel and stainless steel: The market is difficult to have large fluctuations before the festival, and it is recommended to reduce positions [19]. - Tin: It is recommended to pay attention to the opportunity of buying on the callback [20]. - Carbonate lithium: It is expected to fluctuate between 70,000 - 75,000 yuan/ton [21]. - Industrial silicon and polysilicon: There is no significant change in the fundamentals, and the market sentiment is average [23]. - Lead: It is expected to fluctuate at a high level [24]. - Steel products (including rebar, hot - rolled coil, etc.): The market shows a pattern of double - increase in supply and demand and a small reduction in inventory, but the de - stocking pressure is still significant. The disk is expected to fluctuate weakly [26]. - Iron ore: It is under the dual influence of the exhaustion of macro - positive factors and the peak of fundamentals, and the price is in a weak - fluctuating pattern [29]. - Coking coal and coke: The coking coal supply is strong, and the coke price increase has been implemented. The short - term disk may face downward pressure, and the medium - and long - term needs to pay attention to policy and demand changes [31]. - Ferrosilicon and ferromanganese: There is cost support, and the term structure is gradually improving, but there is a contradiction between high supply and weak demand [33]. - Crude oil: The geopolitical boost to oil prices has faded, and there are still uncertainties in the market. Investors need to focus on risk control [35]. - PTA - PX: The price rebounds at a low level, but the polyester peak season is limited. It is recommended to try long positions cautiously or expand the TA - SC spread [40]. - MEG - bottle chips: The demand has improved marginally, but it is still in a pressured pattern. It is expected to fluctuate between 4100 - 4300 yuan [45]. - Methanol: It is not recommended to operate before the National Day, and the sold put options can continue to be held [46]. - PP: The downward space is limited, and it is recommended to pay attention to the start - up of marginal devices and the opportunity of buying at a low price [49]. - PE: It is in a weak - fluctuating pattern, and the upward space is limited [51]. - Pure benzene and styrene: They follow the cost side to decline, and it is recommended to wait and see on a single - side basis and consider expanding the price difference between pure benzene and styrene [53]. - Fuel oil: It is recommended to wait and see due to the limited upward driving force of cracking [54]. - Low - sulfur fuel oil: The supply is narrowing, the demand is weak, and the upward driving force is limited. It is recommended to wait and see [55]. - Asphalt: The peak season has no super - expected performance. It is recommended to try long - position allocation after the crude oil stabilizes, and pay attention to position control during the holiday [58]. - Rubber and 20 - number rubber: They are expected to fluctuate weakly in the short term. It is recommended to wait and see and consider short - term long positions at a low price [59]. - Urea: It is in a pattern of support at the bottom and suppression at the top, and the 01 - contract is expected to fluctuate between 1650 - 1850 [61]. - Glass, soda ash, and caustic soda: They are in a fluctuating pattern. Soda ash has a pattern of strong supply and weak demand; glass has a problem of high inventory and weak demand; caustic soda's supply - demand contradiction is limited [62][63]. - Livestock: For pigs, it is recommended to short at a high price; for oilseeds, they are in a weak - fluctuating pattern at the bottom; for oils, the far - month palm oil is promising; for soybeans, it is recommended to hold short - hedge positions; for corn and starch, the market is weak; for cotton, it is necessary to pay attention to the purchase during the National Day [65][66][67][68][69][70][71]. 3. Summaries According to Relevant Catalogs Financial Futures - **Macro**: There are various domestic and international policies and events, such as the new policy - based financial instruments of 500 billion yuan, and overseas events like the possible government shutdown in the US and the situation in the Middle East [1]. - **Stock Index**: The previous trading day's index was strong, and the capital inflow increased. Under the influence of positive factors, it is expected to be strong, but it is recommended to hold a light position during the holiday [3][4]. - **Treasury Bond**: The previous trading day's bond price fell, and the yield rose. The new policy - based financial instruments may delay the RRR cut and interest - rate cut, and it is recommended to close positions and wait and see [5]. - **Container Shipping**: The futures price fell, and the spot price was stable or increased. The price decline was affected by Trump's tariff increase and the price adjustment of some shipping companies. It is expected to fluctuate in the short term [5][6]. Commodities Non - ferrous Metals - **Gold & Silver**: The price continued to rise, driven by investment demand and short - term capital. It is recommended to hold a light position during the holiday due to the approaching National Day and increased short - term positions [9][11]. - **Copper**: The Grasberg copper mine accident led to a significant increase in copper prices. The accident will have a long - term impact on the global copper supply chain, and it is not recommended to chase the high price in the short term [12][13]. - **Aluminum and Related Products**: Aluminum is affected by supply and demand, and the price is expected to fluctuate at a high level; alumina has an oversupply problem, and it is recommended to sell out - of - the - money put options; cast aluminum alloy has a pattern of mixed long and short factors and is expected to fluctuate at a high level [15][16]. - **Zinc**: The price was weak, and the supply was in a surplus state. The short - term was affected by macro and gold prices, and the long - term was dominated by the supply - demand relationship. It is recommended to buy in - the - money put options or sell out - of - the - money call options [17][18]. - **Nickel and Stainless Steel**: The price fell, and the market was difficult to have large fluctuations before the festival. The supply and demand of nickel and stainless steel were affected by different factors, and it is recommended to reduce positions [19]. - **Tin**: The price rose due to the supply - side tightening caused by Indonesia's action to cut off illegal mining routes. It is recommended to pay attention to the opportunity of buying on the callback [20]. - **Carbonate Lithium**: The futures price increased slightly, and the spot market was cold. It is expected to fluctuate between 70,000 - 75,000 yuan/ton [21]. - **Industrial Silicon and Polysilicon**: The futures price decreased, and the spot market was stable. There is no significant change in the fundamentals, and the market sentiment is average [22][23]. - **Lead**: The price was weak, and the supply was affected by the production of primary and secondary lead. The demand was general, and there was some pre - holiday stockpiling. It is expected to fluctuate at a high level [24]. Black Metals - **Rebar and Hot - Rolled Coil**: The market showed a pattern of double - increase in supply and demand and a small reduction in inventory, but the de - stocking pressure was still significant. The disk was expected to fluctuate weakly [25][26]. - **Iron Ore**: The price declined, and the supply was loose. The demand was affected by the steel mill's profitability and the downstream inventory. The price was in a weak - fluctuating pattern [27][29]. - **Coking Coal and Coke**: The coking coal supply was strong, and the coke price increase was implemented. The short - term disk may face downward pressure, and the medium - and long - term needs to pay attention to policy and demand changes [30][31]. - **Ferrosilicon and Ferromanganese**: The price fell, and there was cost support. The term structure was gradually improving, but there was a contradiction between high supply and weak demand [32][33]. Energy and Chemicals - **Crude Oil**: The price fell significantly, and the geopolitical boost to oil prices faded. There are still uncertainties in the market, and investors need to focus on risk control [35]. - **PTA - PX**: The price rebounded at a low level, and the polyester peak season was limited. It is recommended to try long positions cautiously or expand the TA - SC spread [37][40]. - **MEG - Bottle Chips**: The demand improved marginally, but it was still in a pressured pattern. It is expected to fluctuate between 4100 - 4300 yuan [41][45]. - **Methanol**: The price was stable, and the inventory decreased. It is not recommended to operate before the National Day, and the sold put options can continue to be held [46]. - **PP**: The price increased slightly, and the supply and demand had their own characteristics. The downward space was limited, and it was recommended to pay attention to the start - up of marginal devices and the opportunity of buying at a low price [47][49]. - **PE**: The price increased slightly, and the supply was expected to increase. The demand recovery was slow, and the market was in a weak - fluctuating pattern [50][51]. - **Pure Benzene and Styrene**: The price fell, and the supply and demand situation was different. It is recommended to wait and see on a single - side basis and consider expanding the price difference between pure benzene and styrene [52][53]. - **Fuel Oil**: The price was stable, and the supply and demand situation was complex. The cracking upward driving force was limited, and it is recommended to wait and see [54]. - **Low - Sulfur Fuel Oil**: The supply was narrowing, the demand was weak, and the upward driving force was limited. It is recommended to wait and see [55]. - **Asphalt**: The price was stable, and the supply increased while the demand was affected by weather. The inventory structure improved, and it is recommended to try long - position allocation after the crude oil stabilizes and pay attention to position control during the holiday [57][58]. - **Rubber & 20 - Number Rubber**: The price declined, and the supply and demand situation was complex. It is recommended to wait and see and consider short - term long positions at a low price [59]. Agricultural Products - **Livestock**: The pig price continued to fall, and the market was in a situation of oversupply. It is recommended to short at a high price [65]. - **Oilseeds**: The market was affected by Sino - US and Sino - Canadian negotiations. The soybean supply and demand situation was different, and the rapeseed meal inventory was expected to decrease seasonally. It is recommended to hold short - call covered positions [66][67]. - **Oils**: The market was in a state of shock. The far - month palm oil was promising, and the supply and demand of different oils were affected by different factors [68]. - **Soybeans**: The price was stable, and the new - season soybean supply was expected to increase. It is recommended to hold short - hedge positions [69]. - **Corn and Starch**: The market was weak, and the new - season corn supply was expected to increase. The price was expected to be weak [70]. - **Cotton**: The price fell, and the market was worried about the US macro - environment. It is necessary to pay attention to the purchase during the National Day [71].