Report Summary 1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views - **Overall Market**: The market is influenced by multiple factors including geopolitical events, trade relations, and supply - demand dynamics. The meeting between Chinese and US leaders has brought positive signals to the market, but various commodities still face different supply - demand situations and price trends [2][21][37]. - **Commodities**: Different commodities show diverse price trends. Some are under pressure due to supply surpluses, while others are supported by factors such as demand recovery or supply shortages. The report provides specific analysis and trading suggestions for each commodity. 3. Summary by Commodity Categories Energy - **Crude Oil**: Overnight international oil prices fluctuated. Brent 12 - contract fell 0.28%. The mid - term supply - demand pressure on crude oil remains due to OPEC +'s continuous production increase, but the easing of the Sino - US trade war provides short - term support. There is still a downside risk [2]. - **Fuel Oil & Low - sulfur Fuel Oil**: Fuel oil followed the crude oil's oscillating trend. High - sulfur fuel oil's support may be limited in the long - term, and the mid - term supply pattern is expected to be loose. Low - sulfur fuel oil is generally weak, but supply may contract due to refinery incidents. There are opportunities to go long on the high - low sulfur spread [22]. - **LPG**: The near - month LPG contract continued to be strong. The decrease in supply and increase in demand due to improved chemical profits and cold weather support the price [24]. Metals - **Precious Metals**: Overnight, precious metals rebounded. The Fed's rate cut and Powell's hawkish remarks, along with the Sino - US tariff reduction, led to volatile market sentiment. Wait for the market to stabilize before participating [3]. - **Base Metals**: - **Copper**: After reaching a record high, copper prices pulled back. The long - position can be held above 86,500 [4]. - **Aluminum**: Overnight, Shanghai aluminum oscillated. The short - term trend is slightly strong, but the upside space is limited [5]. - **Zinc**: LME zinc inventory is at a low level, supporting the high - level operation of LME zinc. There is a short - term callback pressure on the external market. Zinc ingot exports are expected to increase, and it is not recommended to short - sell Shanghai zinc in the fourth quarter [8]. - **Lead**: High lead prices suppress downstream demand. However, LME lead is in the process of destocking, and there may be opportunities for cross - market positive arbitrage [9]. - **Nickel**: Nickel prices are weak, with the center of gravity tending to move down due to over - supply in the industry [10]. - **Tin**: Tin prices are expected to be short - sold, and the short - position can be held below 285,000 [11]. - **Alumina**: The supply of alumina is in surplus, and the price is weak with limited rebound space [7]. - **Cast Aluminum Alloy**: It follows the price of aluminum and is difficult to have an independent market due to high inventory levels [6]. Chemicals - **PVC & Caustic Soda**: PVC has recovered from a low level, but the fundamental situation is still weak. Caustic soda continues to accumulate inventory, and the price is expected to be low [30]. - **PX & PTA**: Supply is increasing, and there is an expectation of inventory accumulation. The anti - arbitrage strategy is recommended [31]. - **Methanol**: The near - term port inventory pressure is high, and the demand is weak. It is expected to oscillate weakly but may gradually stop falling [26]. - **Urea**: The supply exceeds demand, but demand and cost support the price. The short - term market is expected to operate at a low level [25]. Agricultural Products - **Soybean & Bean Meal**: After the Sino - US leaders' meeting, the trade situation has improved. Domestic soybean arrivals are sufficient, and bean meal inventory has decreased slightly. Pay attention to policies on US soybean imports [37]. - **Corn**: The supply of new corn in the Northeast is increasing, and the price is under pressure. Pay attention to the import situation after the Sino - US trade improvement [41]. - **Cotton**: US cotton prices fell, and Zhengzhou cotton also declined slightly. New cotton costs have increased, providing some support, but the market is still cautious due to weak demand [44]. - **Sugar**: International sugar supply is sufficient, and the domestic market focuses on the new - season output forecast. The output expectation in Guangxi is relatively good [45]. Others - **Shipping**: The current booking demand in November is weak, but the cargo volume is expected to recover in late November. Airlines may raise prices, and it is advisable to go long on the freight index of container shipping (European line) at low levels [21]. - **Equity Market**: A - shares fell with heavy volume, and futures indices also declined. The Sino - US economic and trade consultations have positive effects on the medium - term market sentiment. Focus on the technology - growth sector [49]. - **Bond Market**: Treasury bond futures oscillated strongly. The bond market is entering a recovery phase, and the steepening of the yield curve is expected to end [50].

Price Performance - The latest prices of London Gold, London Silver, London Platinum, London Palladium, WTI Crude Oil, and LME Copper are 3994.15, 48.18, 1604.00, 1421.00, 60.57, and 11042.00 respectively, with changes of -12.55, 0.00, 13.00, 28.00, 0.09, and -73.00 [1] - The latest values of the US Dollar Index, Euro to US Dollar, British Pound to US Dollar, US Dollar to Japanese Yen, and US 10 - year TIPS are 99.15, 1.16, 1.32, 152.74, and 1.78 respectively, with no changes [1] Trading Data - The latest COMEX silver inventory is 15027.13, with a change of -76.32; the latest SHFE silver inventory is 662.84, with a change of 9.01; the latest gold ETF持仓 is 1040.35, with a change of 4.30; the latest silver ETF持仓 is 15189.82, with a change of -19.75; the latest SGE silver inventory is 1108.07, with no change; the latest SGE gold deferred - fee payment direction is 1, with a change of -1.00; the latest SGE silver deferred - fee payment direction is 2, with no change [1] Other Information - The data sources for the above charts are Bloomberg, Yong'an Yuandian Information, and Wind [8]

1. Report Industry Investment Rating There is no information about the industry investment rating in the provided report. 2. Core View of the Report - Overseas macro: The October FOMC meeting cut interest rates by 25bp and will stop quantitative tightening on December 1st, in line with market expectations. There are differences within the Fed on the policy rate path, and the expected path of interest rate cuts has changed. Powell's speech was somewhat hawkish, emphasizing a "data-dependent" approach and "risk neutrality" [7]. - Domestic macro: On October 28th, the "Proposal" and "Explanation" related to the 15th Five - Year Plan were released, enhancing the strategic status of science and technology and emerging industries. The Sino - US summit on October 30th was positive, with many consensuses on economic and trade consultations [7]. - Asset view: Short - term balanced allocation is recommended. With the implementation of interest rate cuts, progress in Sino - US tariff talks, and the release of details from the 4th Plenary Session of the 20th Central Committee, it is expected to benefit equity sectors (especially the science and technology innovation sector) and non - ferrous metals. Black commodities also have a chance to rebound, while precious metals may continue to fluctuate and adjust in the short term [7]. 3. Summary by Directory 3.1 Macro Highlights - Overseas: The Fed cut interest rates in October and will stop quantitative tightening. There are internal differences on the policy rate path, and the expected path of interest rate cuts has changed. Powell's speech was hawkish, emphasizing data dependence and risk neutrality [7]. - Domestic: The release of the 15th Five - Year Plan - related documents enhanced the status of science and technology and emerging industries. The Sino - US summit was positive, with many economic and trade consensuses [7]. - Asset: Short - term balanced allocation. Equity sectors, non - ferrous metals, and black commodities are expected to benefit, while precious metals may fluctuate [7]. 3.2 Financial Sector - Stock Index Futures: Technology events catalyze the active growth style, with small and micro - cap funds being crowded. Short - term judgment is a volatile upward trend [8]. - Stock Index Options: The overall market turnover has slightly declined, and the liquidity of the options market may be lower than expected. Short - term judgment is volatile [8]. - Treasury Bond Futures: The bond market continues to be weak. Concerns include policy, fundamental repair, and tariff factors. Short - term judgment is volatile [8]. 3.3 Precious Metals - Gold/Silver: Geopolitical and economic and trade tensions have eased, leading to a phased adjustment of precious metals. Concerns include the US fundamentals, Fed policy, and global equity market trends. Short - term judgment is volatile [8]. 3.4 Shipping - Container Shipping to Europe: The peak season in the third quarter has passed, and there is a lack of upward momentum due to loading pressure. Concerns include the rate of freight decline in September. Short - term judgment is volatile [8]. 3.5 Black Building Materials - Steel: There are continuous policy disturbances and inventory pressure. Concerns include the progress of special bond issuance, steel exports, and iron - water production. Short - term judgment is volatile [8]. - Iron Ore: The fundamental contradictions are not significant, and emotional disturbances are more obvious. Concerns include overseas mine production and shipping, domestic iron - water production, weather, port inventory, and policy dynamics. Short - term judgment is volatile [8]. - Coke: The start - up rate continues to decline, and price increases are about to be implemented. Concerns include steel mill production, coking costs, and macro - sentiment. Short - term judgment is volatile [8]. - Coking Coal: There are continuous supply disturbances, and coal prices are relatively strong. Concerns include steel mill production, coal mine safety inspections, and macro - sentiment. Short - term judgment is volatile [8]. - Other: For other products in this sector, such as silicon iron, manganese silicon, glass, etc., the short - term judgment is mostly volatile, with corresponding concerns for each product [8]. 3.6 Non - ferrous Metals and New Materials - For various non - ferrous metals such as copper, aluminum, zinc, etc., the short - term judgment is mostly volatile, with different concerns for each metal, such as supply disturbances, policy changes, and demand expectations [8]. 3.7 Energy and Chemical Industry - For most products in this sector, such as crude oil, LPG, asphalt, etc., the short - term judgment is mostly volatile or volatile downward, with concerns including supply and demand, policy, and price fluctuations of related raw materials [10]. 3.8 Agriculture - For various agricultural products such as grains, oils, and livestock products, the short - term judgment is mostly volatile, with concerns including weather, supply and demand, and policy [10].

Report Industry Investment Rating No relevant content provided. Core View of the Report - Overseas, influenced by the hawkish stance of Fed Chair Powell, the US dollar index strengthened, and global risk appetite cooled. Domestically, economic growth accelerated, and the meeting between Chinese and US leaders and a series of agreements reached boosted domestic market optimism. Policy stimulus expectations increased after the Fourth Plenary Session of the CPC, which helped lift domestic risk appetite. The recent market trading logic focused on domestic incremental stimulus policies and Sino - US trade negotiations, with short - term upward macro - drivers strengthening. Attention should be paid to the progress of Sino - US trade negotiations and the implementation of domestic incremental policies [3][4]. Summary by Related Catalogs Macro Finance - **Overall Situation**: Overseas, Fed Chair Powell's hawkish attitude led to a stronger US dollar index and cooled global risk appetite. Domestically, economic growth accelerated, the Sino - US meeting boosted optimism, and policy stimulus expectations increased. The market focused on domestic policies and Sino - US trade talks, with short - term upward macro - drivers strengthening [3]. - **Asset Recommendations**: Stock indices were short - term oscillating and slightly stronger, with short - term cautious long positions recommended. Treasury bonds were short - term oscillating, and cautious observation was advised. In the commodity sector, black metals were short - term oscillating and rebounding, with short - term cautious long positions; non - ferrous metals were short - term oscillating and rebounding, with short - term cautious long positions; energy and chemicals were short - term oscillating, with cautious long positions; precious metals were short - term in a high - level correction, and cautious observation was recommended [3]. Stock Indices - **Market Performance**: Domestic stocks fell sharply due to the drag of semiconductor components, military, and gaming sectors. However, economic growth acceleration, the Sino - US meeting, and policy stimulus expectations strengthened short - term upward macro - drivers. Short - term market sentiment subsided, leading to a short - term correction. Short - term cautious long positions were recommended [4]. Precious Metals - **Market Performance**: The precious metals market rose on Thursday night. The main contract of Shanghai gold closed at 920.40 yuan/gram, up 1.11%; the main contract of Shanghai silver closed at 11448 yuan/kg, up 1.47%. Spot gold rebounded and closed up 2.39% at 4024.49 US dollars/ounce. - **Outlook**: Short - term oscillation, with the medium - to - long - term upward pattern unchanged. Short - term observation was recommended, and medium - to - long - term buying on dips was advised [4]. Black Metals - **Steel**: On Thursday, the domestic steel futures and spot markets continued a small - scale rebound. The trading volume was low. Sino - US trade conflicts eased, with some tariffs cancelled and restrictions postponed. Steel inventories continued to decline, and the apparent consumption of five major steel products increased by 23.69 tons month - on - month. Supply might decline as steel mill profits were compressed and environmental restrictions were imposed in Hebei. The market was mainly driven by macro - logic, and prices were expected to be oscillating and slightly stronger [5][6]. - **Iron Ore**: On Thursday, the spot price of iron ore fell slightly, while the futures price continued to be strong. The recent rebound was due to strong macro - expectations and a significant decline in arrivals. With compressed steel mill profits, hot metal production was below 240 tons and might decline further. Steel mills mainly made rigid - demand replenishments. The price was expected to be in a short - term range - bound oscillation [6]. - **Silicon Manganese/Silicon Iron**: On Thursday, the spot prices of silicon iron and silicon manganese were flat. The futures price of silicon manganese rebounded slightly, and that of silicon iron fell slightly. The demand for ferroalloys was acceptable as the production of five major steel products increased slightly. The supply of silicon manganese decreased slightly. The prices of silicon iron and silicon manganese were expected to continue range - bound oscillations [7]. - **Soda Ash**: On Thursday, the main contract of soda ash oscillated within a range. Supply increased in the short term as some plants resumed production, and there were capacity expansion plans in the fourth quarter. Demand increased slightly. The industry lacked clear policy - following motivation, and supply pressure remained. A bearish view was recommended in the medium - to - long - term [8]. - **Glass**: On Thursday, the main contract of glass oscillated within a range. Supply remained stable, and demand in the peak season was weak. The inventory of float glass was relatively high. The anti - involution policy provided some support, and the price was expected to be oscillating and slightly stronger in the short term, with attention paid to the demand during the year - end peak construction season [8]. Non - Ferrous Metals and New Energy - **Copper**: The Fed cut interest rates by 25BP, but Powell's remarks on a December rate cut were hawkish. US copper inventories were at a historical high, restricting import demand. The shutdown of an Indonesian copper mine tightened the global supply, but the possible restart of a Panamanian copper mine was a risk. Domestic refined copper de - stocking was less than expected. LME's restriction on large near - month positions limited the upside of copper prices, and short - term high - level oscillations were expected [9]. - **Aluminum**: On Thursday, aluminum prices fell slightly. The Fed's hawkish stance and the fading of market optimism after the Sino - US meeting led to a decline in risk assets. The falling LME aluminum inventory supported the LME 3 - month aluminum price, which was expected to drive up the Shanghai aluminum price, but the increase in Shanghai aluminum would be smaller due to poor domestic fundamentals [9]. - **Tin**: After the maintenance of a large Yunnan smelter ended, the smelting start - up rate increased by 21.3% to 71.61%. The supply of tin ore was tight as Indonesia cracked down on illegal mining and adjusted the mining approval cycle. High prices suppressed demand, but some downstream enterprises made small - scale rigid - demand replenishments, and inventory decreased. Tin prices were expected to remain in high - level oscillations [10]. - **Lithium Carbonate**: On Thursday, the main contract of lithium carbonate rose 1.19%. Supply and demand both increased, with weekly production hitting new highs and strong demand in the peak season. Social inventory decreased slightly, and the number of warehouse receipts decreased rapidly. Short - term oscillation and a slightly stronger trend were expected, but attention should be paid to the upside hedging pressure [11]. - **Industrial Silicon**: On Thursday, the main contract of industrial silicon rose 0.94%. Demand was relatively stable, and social inventory increased slightly at a high level. With cost support from大厂 cash - flow costs and rising coal prices, the market was expected to be oscillating and slightly stronger [11]. - **Polysilicon**: On Thursday, the main contract of polysilicon fell 0.15%. The supply was high, and demand was low. Attention should be paid to the strengthening of policy expectations such as state purchases and the support of spot prices [12]. Energy and Chemicals - **Crude Oil**: Oil prices changed little for two consecutive days. The market was waiting to see the impact of US sanctions on Russian producers and the progress of Sino - US trade negotiations. The Fed's stance reduced the expectation of a December rate cut, putting pressure on oil prices. Attention should be paid to OPEC's new production policy on Sunday, and oil prices faced long - term pressure [13]. - **Asphalt**: The cost support for asphalt weakened as oil price rebounds stalled, and the futures price fell slightly. Although inventory decreased recently, the de - stocking speed would slow down as the demand off - season approached. The supply pressure decreased temporarily, but attention should be paid to the rebound space of oil prices driven by Russian oil sanctions, and the asphalt market lacked strong upward drivers [13]. - **PX**: Crude oil prices were stable, and the tight supply of PX provided cost support. PX prices oscillated. Although PX prices decreased with the high - start of PTA, there was still some demand support. The PXN spread and the PX outer - market price rebounded slightly. PX was likely to follow crude oil fluctuations, with a relatively high bearish risk [14]. - **PTA**: The meeting of leading manufacturers did not reach a substantial anti - involution agreement. The spot basis was - 70, with a possible slight decline in the future. Some winter clothing orders were booming, and downstream inventory decreased. The PTA inventory accumulation speed slowed down, but the processing fee was low. The implementation of anti - involution policies and cost logic were the main drivers, and the price was expected to be short - term oscillating with high bearish pressure in the future [14]. - **Ethylene Glycol**: Port inventory decreased slightly to 52.3 tons. The price followed the stalled oil price rebound and fell slightly. Downstream inventory decreased, and feedstock purchases increased. The price tested the lower support. Further upward movement required continuous de - stocking, and the cost - boosting factor might weaken, with short - term oscillations expected [15][16]. - **Short - Fiber**: Short - fiber prices oscillated with the polyester sector in the short term but faced high pressure in the future. Terminal orders declined seasonally, and short - fiber production decreased in some areas, with inventory accumulating slightly. Further de - stocking depended on whether terminal orders could continue to rise counter - seasonally, and the upside space was limited. Medium - term short positions were recommended [16]. - **Methanol**: The domestic methanol market declined, and port spot prices oscillated at a low level. Supply pressure was expected to increase as some plants would restart and imported goods continued to arrive. Demand was weak, and inventory was high. The price was expected to oscillate in the short term [17]. - **PP**: The market quotations mostly oscillated. The supply was sufficient, and demand improved due to "Double Eleven" stocking. Inventory decreased slightly, and the price might have a short - term recovery [17]. - **LLDPE**: The price of LLDPE fluctuated slightly. Supply was expected to increase, and industrial inventory decreased. Demand was expected to improve as the downstream PE industry's start - up rate might increase slightly, and the greenhouse film production was in the peak season. The price was expected to recover in the short term, but the supply - surplus situation remained, and the rebound was weak [18]. - **Urea**: The urea market was generally weak, but some low - end quotations had good transactions. Supply was abundant, and demand from agriculture and industry was stable, with some reserve demand likely to be released. Enterprise inventory increased slightly, and port inventory decreased significantly. The price was expected to oscillate at a low level [18]. Agricultural Products - **US Soybeans**: The CBOT January soybean contract rose 1.14% to 1107.75. US soybean exports had decreased by 45% year - on - year so far this crop year. The Sino - US trade consensus might open the agricultural product trade window, and US soybeans were expected to strengthen. However, the lack of USDA reports and stable South American weather provided little fundamental guidance [19][20]. - **Soybean and Rapeseed Meal**: Domestic soybean arrivals and inventories were high, and oil mills maintained high - level production, resulting in sufficient soybean meal supply. The improvement of Sino - US agricultural trade relations reduced the risk of soybean shortages, and inventory accumulation might limit the upside of soybean meal prices [20]. - **Palm Oil**: The BMD crude palm oil futures rebounded, supported by technical buying, the rise of Dalian soybean oil, and the weakening of the ringgit. Southeast Asian palm oil inventories were low, and the production season had entered a decline cycle. The details and progress of Indonesia's B50 biodiesel policy were uncertain. After continuous declines, palm oil was in a technically oversold state, and short - selling should be cautious [20]. - **Soybean and Rapeseed Oil**: Soybean oil supply was sufficient, and inventory was high. In the consumption peak season, it had a cost - performance advantage, and the spot basis was strong. The price difference between soybean oil and palm oil continued to narrow. Rapeseed oil inventory decreased, but the possible supply from Australia and Russia and the Sino - Canadian trade dialogue put pressure on rapeseed oil prices [21]. - **Corn**: The price of corn in the northern ports continued to decline slightly, and the price in the production areas changed little. The Sino - US trade negotiations affected the market, and traders' intention to build inventory was weak. The market price was close to the planting cost, and high - quality corn was scarce. As the temperature dropped, farmers' reluctance to sell might slow down the price decline [21]. - **Hogs**: The national average price of live hogs was 12.63 yuan/kg, down 0.04 yuan/kg. After the continuous rise in hog prices, slaughterhouses' procurement was normal, but the planned volume was limited. The strong price difference between fat and standard hogs increased the enthusiasm for second - fattening and farmers' reluctance to sell. Hog prices had stabilized in the short term, but the supply - demand mismatch pressure in November was high, and there was little room for a significant rebound [21].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The short - term outlook for oil prices is not overly bearish. Maintain a range - trading strategy of buying low and selling high, but currently suggest short - term waiting and observing to see if OPEC's exports decline when oil prices fall [2]. - For methanol, with high port inventories, increasing supply, and weakening demand, the high - inventory issue may lead to further price drops. It is recommended to wait and see [3]. - Regarding urea, the supply and demand are both increasing, but the market is in a relatively loose pattern. There is limited upward momentum, and the price downside is also restricted. Pay attention to price rebounds due to short - term demand improvements [6]. - For rubber, the price is weakening. It is recommended to conduct short - term trading and partially build positions for the hedging strategy of buying RU2601 and selling RU2609 [11]. - For PVC, the domestic supply is strong while demand is weak, and the export outlook is poor. There is a risk of continuous inventory accumulation. It is advisable to consider short - selling on rallies in the medium term [12][13]. - For pure benzene and styrene, the prices are falling, but the high - level port inventory of styrene is being reduced, and the price may stop falling temporarily [15][16]. - For polyethylene, the price may remain in a low - level oscillation. The cost - driven downward trend has shifted, and the overall inventory is being reduced [18][19]. - For polypropylene, under the background of weak supply and demand and high inventory pressure, the cost - side supply surplus suppresses the market [20][22]. - For PX, with high load and low downstream PTA load, the inventory is difficult to reduce continuously. It is recommended to wait and see [24][25]. - For PTA, there is a short - term inventory build - up, and the processing fee is difficult to expand. It is recommended to wait and see due to potential negative feedback risks [25][26]. - For ethylene glycol, there is a high supply, and the inventory is expected to accumulate in the fourth quarter. It is recommended to short - sell on rallies [27][28]. Summary by Related Catalogs Crude Oil - **Market Data**: INE main crude oil futures closed down 0.30 yuan/barrel, a 0.07% decline, at 458.90 yuan/barrel; high - sulfur fuel oil futures closed down 40.00 yuan/ton, a 1.43% decline, at 2751.00 yuan/ton; low - sulfur fuel oil futures closed up 20.00 yuan/ton, a 0.62% increase, at 3255.00 yuan/ton [6]. - **Inventory Data**: US commercial crude oil inventories decreased by 6.86 million barrels to 415.97 million barrels, a 1.62% decline; SPR increased by 0.53 million barrels to 409.10 million barrels, a 0.13% increase; gasoline inventories decreased by 5.94 million barrels to 210.74 million barrels, a 2.74% decline; diesel inventories decreased by 3.36 million barrels to 112.19 million barrels, a 2.91% decline; fuel oil inventories decreased by 0.13 million barrels to 21.80 million barrels, a 0.58% decline; aviation kerosene inventories decreased by 1.51 million barrels to 41.42 million barrels, a 3.52% decline [7]. Methanol - **Market Data**: The price in Taicang decreased by 20 yuan, prices in Inner Mongolia and southern Shandong remained stable. The 01 - contract on the futures market decreased by 49 yuan, reporting 2208 yuan/ton, with a basis of - 18. The 1 - 5 spread changed by - 12, reporting - 76 [2]. - **Strategy**: The port price is falling rapidly, and the inventory is high and difficult to reduce. Supply is increasing while demand is weak. It is recommended to wait and see [3]. Urea - **Market Data**: The spot price in Shandong remained flat, that in Henan remained stable, and that in Hubei decreased by 10 yuan. The 01 - contract on the futures market decreased by 17 yuan, reporting 1627 yuan, with a basis of - 57. The 1 - 5 spread changed by - 5, reporting - 78 [5]. - **Strategy**: Supply and demand are both increasing, and the downstream demand is following up. The market is in a relatively loose pattern. Pay attention to price rebounds due to short - term demand improvements [6]. Rubber - **Market Data**: The stock index and industrial products declined, and the rubber price also followed suit. The long and short sides have different views. As of October 30, 2025, the operating rate of all - steel tires in Shandong tire enterprises was 65.33%, up 0.04 percentage points from last week and 3.23 percentage points from the same period last year; the operating rate of semi - steel tires was 74.69%, up 0.20 percentage points from last week and down 4.27 percentage points from the same period last year. As of October 26, 2025, China's natural rubber social inventory was 103.89 tons, a 1% decline; the total inventory of dark - colored rubber was 63.9 tons, a 0.3% decline; the total inventory of light - colored rubber was 40 tons, a 2% decline; the inventory in Qingdao was 42.41 (- 0.34) tons [10]. - **Strategy**: The rubber price is weakening. It is recommended to conduct short - term trading and partially build positions for the hedging strategy of buying RU2601 and selling RU2609 [11]. PVC - **Market Data**: The PVC01 contract decreased by 9 yuan, reporting 4766 yuan. The spot price of Changzhou SG - 5 was 4660 (+ 40) yuan/ton, with a basis of - 106 (+ 49) yuan/ton. The 1 - 5 spread was - 284 (+ 2) yuan/ton. The overall operating rate was 76.6%, a 0.1% decline; the operating rate of the calcium carbide method was 74.4%, a 0.3% decline; the operating rate of the ethylene method was 81.6%, a 0.4% increase. The downstream operating rate was 49.9%, a 1.3% increase. The factory inventory was 33.4 tons (- 2.7), and the social inventory was 103.5 tons (+ 0.1) [11]. - **Strategy**: The enterprise's comprehensive profit is at a low level, the supply is high, and the demand is weak. The export outlook is poor in the fourth quarter. It is advisable to consider short - selling on rallies in the medium term [12][13]. Pure Benzene and Styrene - **Market Data**: The spot and futures prices of pure benzene and styrene are both falling. The BZN spread is at a relatively low level, and the port inventory of styrene is decreasing significantly [15][16]. - **Strategy**: The high - level port inventory of styrene is being reduced, and the price may stop falling temporarily [16]. Polyethylene - **Market Data**: The main - contract closing price was 6968 yuan/ton, a 41 - yuan decline. The spot price was 6990 yuan/ton, a 20 - yuan decline. The basis was 22 yuan/ton, a 21 - yuan increase. The upstream operating rate was 81.28%, a 0.56% decline. The production enterprise inventory was 51.46 tons, a 1.49 - ton decline; the trader inventory was 5.00 tons, a 0.04 - ton decline. The downstream average operating rate was 45.75%, an 0.83% increase. The LL1 - 5 spread was - 62 yuan/ton, a 4 - yuan increase [18]. - **Strategy**: The price may remain in a low - level oscillation. The cost - driven downward trend has shifted, and the overall inventory is being reduced [19]. Polypropylene - **Market Data**: The main - contract closing price was 6651 yuan/ton, a 34 - yuan decline. The spot price was 6630 yuan/ton, a 20 - yuan decline. The basis was - 21 yuan/ton, a 14 - yuan increase. The upstream operating rate was 75.17%, a 0.16% increase. The production enterprise inventory was 63.85 tons, a 4.02 - ton decline; the trader inventory was 22.00 tons, a 1.86 - ton decline; the port inventory was 6.68 tons, a 0.11 - ton decline. The downstream average operating rate was 52.37%, a 0.52% increase. The LL - PP spread was 317 yuan/ton, a 7 - yuan decrease [20][21]. - **Strategy**: Under the background of weak supply and demand and high inventory pressure, the cost - side supply surplus suppresses the market [22]. PX - **Market Data**: The PX01 contract decreased by 64 yuan, reporting 6588 yuan. The PX CFR decreased by 1 dollar, reporting 817 dollars. The basis was 85 yuan (+ 58), and the 1 - 3 spread was - 4 yuan (+ 14). The Chinese load was 85.9%, a 1% increase; the Asian load was 78.5%, a 0.5% increase. The PTA load was 78%, a 0.8% decline. The inventory at the end of September was 402.6 tons, a 10.8 - ton increase from the previous month [24]. - **Strategy**: With high load and low downstream PTA load, the inventory is difficult to reduce continuously. It is recommended to wait and see [25]. PTA - **Market Data**: The PTA01 contract decreased by 66 yuan, reporting 4570 yuan. The East China spot price remained flat, reporting 4535 yuan. The basis was - 71 yuan (+ 5), and the 1 - 5 spread was - 60 yuan (- 8). The PTA load was 78%, a 0.8% decline. The downstream load was 91.7%, a 0.3% increase. The social inventory (excluding credit warehouse receipts) on October 24 was 220.1 tons, a 2.5 - ton increase. The spot processing fee increased by 4 yuan to 157 yuan, and the futures - market processing fee decreased by 24 yuan to 248 yuan [25]. - **Strategy**: There is a short - term inventory build - up, and the processing fee is difficult to expand. It is recommended to wait and see due to potential negative feedback risks [26]. Ethylene Glycol - **Market Data**: The EG01 contract decreased by 68 yuan, reporting 4032 yuan. The East China spot price decreased by 5 yuan, reporting 4147 yuan. The basis was 78 yuan (+ 5), and the 1 - 5 spread was - 83 yuan (- 8). The supply - side load was 76.2%, a 2.9% increase. The downstream load was 91.7%, a 0.3% increase. The import arrival forecast was 19.8 tons, and the East China departure on October 29 was 1 ton. The port inventory was 52.3 tons, a 5.6 - ton decline [27]. - **Strategy**: There is a high supply, and the inventory is expected to accumulate in the fourth quarter. It is recommended to short - sell on rallies [28].

1. Report Industry Investment Rating There is no information provided in the document regarding the industry investment rating. 2. Core Viewpoints of the Report - The energy - chemical sector includes energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each sector, options strategies and suggestions are provided for selected varieties. Each option variety's strategy report includes target market analysis, option factor research, and option strategy suggestions [9]. - The overall strategy is to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [3]. 3. Summary by Related Catalogs 3.1 Target Futures Market Overview - The document provides the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various energy - chemical futures contracts, such as crude oil, liquefied petroleum gas (LPG), methanol, etc. For example, the latest price of crude oil (SC2512) is 465, with a price increase of 6 and a price change percentage of 1.28% [4]. 3.2 Option Factors - Volume and Open Interest PCR - The volume PCR and open interest PCR of various energy - chemical options are presented. These indicators are used to describe the strength of the option target market and the turning point of the target market. For example, the open interest PCR of crude oil options is 0.77, with a change of - 0.04 [5]. 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of various energy - chemical options are given, which are determined by the strike prices with the largest open interest of call and put options. For example, the pressure level of crude oil options is 500 and the support level is 450 [6]. 3.4 Option Factors - Implied Volatility - The implied volatility of various energy - chemical options is provided, including at - the - money implied volatility, weighted implied volatility, changes in weighted implied volatility, annual average implied volatility, call implied volatility, put implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of crude oil options is 28.075, and the weighted implied volatility is 29.38 with a change of - 0.93 [7]. 3.5 Option Strategies and Suggestions 3.5.1 Energy Options - **Crude Oil**: The fundamental situation shows that US refinery demand is picking up, shale oil production reduction is small, OPEC exports are increasing but mostly absorbed by China, and European refined product inventories are in a low - level destocking state. The market has shown a trend of decline, followed by consolidation, and then a rebound. Option strategies include constructing a neutral call + put option combination strategy for volatility, and a long collar strategy for spot hedging [8]. - **LPG**: The US market has high - production and high - inventory pressure, and extreme winter weather and Sino - US trade trends may affect prices. The market has experienced a decline, followed by a rebound and then a fall. Option strategies are similar to those of crude oil, including constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [10]. 3.5.2 Alcohol Options - **Methanol**: Port and enterprise inventories are at certain levels, and the market shows a weak upward - pressured trend. Option strategies include constructing a bearish call + put option combination strategy for volatility and a long collar strategy for spot hedging [10]. - **Ethylene Glycol**: The load and inventory situation is complex, and the market is in a weak trend. Option strategies include constructing a bearish spread strategy for direction and a short - volatility strategy for volatility, along with a long collar strategy for spot hedging [11]. 3.5.3 Polyolefin Options - **Polypropylene**: The inventory pressure of PP is higher than that of PE, and the market is in a weak trend. Option strategies include a long collar strategy for spot hedging [11]. 3.5.4 Rubber Options - **Rubber**: The import market price is rising, but downstream demand is weak. The market is in a weak consolidation state. Option strategies include constructing a bearish call + put option combination strategy for volatility [12]. 3.5.5 Polyester Options - **PTA**: The load is at a certain level, and the market is in a weak bearish trend. Option strategies include constructing a bearish call + put option combination strategy for volatility [12]. 3.5.6 Alkali Options - **Caustic Soda**: The spot market has issues such as lack of restocking and weakening cost support, and the market is in a weak bearish trend. Option strategies include constructing a bearish spread strategy for direction and a long collar strategy for spot hedging [13]. - **Soda Ash**: The inventory situation is given, and the market is in a low - level weak consolidation state. Option strategies include constructing a short - volatility combination strategy for volatility and a long collar strategy for spot hedging [13]. 3.5.7 Other Options - **Urea**: The enterprise inventory is at a high level, and the market is in a low - level weak consolidation state. Option strategies include constructing a neutral call + put option combination strategy for volatility and a long collar strategy for spot hedging [14].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The Federal Reserve cut the benchmark interest rate by 25 basis points to 3.75%-4.00%, and announced to end balance sheet reduction on December 1st. The market had largely priced in these moves, and Fed Chair Powell's post - meeting remarks were hawkish, suggesting that a December rate cut is not guaranteed [1][2][7]. - Against the backdrop of the US fiscal deficit, deteriorating debt situation, and increased global confrontation, central banks around the world are continuously increasing their gold holdings. However, due to the weakening of driving factors, precious metals have experienced continuous adjustments after a rapid rise [2][19]. - The domestic stock market showed an upward trend, with the Shanghai Composite Index breaking through 4000 points. With the expected continuation of a loose domestic liquidity environment and the potential inflow of external funds, the stock market is expected to continue its upward trend in the short term [3][11]. 3. Summary by Related Catalogs 3.1当日主要新闻关注 - **International News**: The Federal Reserve cut the federal funds rate by 25 basis points to 3.75%-4.00% and will end balance sheet reduction on December 1st. Inflation remains high, and the risk of employment decline has increased. Powell said a December rate cut is not certain [1][7]. - **Domestic News**: Chinese President Xi Jinping will meet with US President Trump in Busan, South Korea on October 30th to exchange views on China - US relations and common concerns [8]. - **Industry News**: The Reserve Bank of India has repatriated nearly 64 tons of gold reserves in the first six months of the current fiscal year, and the proportion of domestic gold reserves has nearly doubled compared to four years ago [9]. 3.2外盘每日收益情况 - Different overseas market varieties showed various trends. For example, the S&P 500 was almost flat, the FTSE China A50 futures rose 0.45%, ICE Brent crude oil rose 0.68%, and London gold fell 0.56% [10]. 3.3主要品种早盘评论 - **Financial**: - **Stock Index**: The Fed's rate cut and the expected loose domestic liquidity environment are conducive to the inflow of funds into the stock market. The market style may shift towards value and become more balanced. The stock index is expected to continue rising in the short term [3][11]. - **Treasury Bonds**: Short - term treasury bond futures prices are supported by the central bank's monetary policy and the expected reasonable and sufficient market liquidity. However, the hawkish remarks on the December rate cut by Powell have led to a rise in US bond yields [12][13]. - **Energy and Chemicals**: - **Crude Oil**: Although geopolitical tensions have pushed up oil prices, the overall downward trend is difficult to reverse due to limited impact on Russian oil transportation and unclear market trends [14]. - **Methanol**: The operating load of domestic coal - to - olefin and methanol plants has declined. Coastal methanol inventories have increased slightly, and the market is volatile due to various uncertainties [15]. - **Rubber**: Supply pressure may increase as the rubber - tapping season progresses, but short - term trends are expected to be strong due to expected smooth progress in China - US trade negotiations and the Fed's rate cut [16]. - **Polyolefins**: Polyolefin futures rebounded slightly. The supply - demand pressure is temporarily limited, and the market may start to fluctuate after a short - term rebound [17]. - **Glass and Soda Ash**: Both glass and soda ash futures showed a rebound, but glass futures fell at night. The domestic market is in a process of inventory digestion, and the focus is on autumn consumption and policy changes [18]. - **Metals**: - **Precious Metals**: Precious metals have been adjusting after the Fed's rate cut. Although the long - term narrative of gold as a safe - haven asset is strengthening, short - term driving factors have weakened, leading to price adjustments [2][19]. - **Copper**: The copper price rose at night. The supply of concentrates is tight, and the Indonesian mine accident may lead to a supply - demand gap, providing long - term support for the copper price [20]. - **Zinc**: The zinc price rose slightly at night. The processing fee of zinc concentrates has rebounded, and the supply - demand difference is not obvious. The domestic zinc price may be weaker than the overseas price [21]. - **Black Metals**: - **Coking Coal and Coke**: The coking coal and coke futures oscillated at a high level at night. The production of five major steel products increased slightly, and the demand for coking coal and coke is supported. The market is expected to be strong in the short term [22][23]. - **Agricultural Products**: - **Protein Meal**: The bean and rapeseed meal futures oscillated and rose at night. The sowing of new - season soybeans in Brazil is progressing smoothly, and the export prospects of US soybeans have improved. The domestic market is expected to oscillate in the short term [24]. - **Oils and Fats**: The palm oil futures showed a weak trend at night. The expected increase in palm oil inventory and supply - side pressure are suppressing the short - term market [25]. - **Sugar**: The international sugar market is in a stock - building stage, and the sugar price is expected to decline. The domestic sugar price is affected by import profits but may be supported by the upcoming new - season crushing [26]. - **Cotton**: The cotton futures continued to oscillate strongly. The new - cotton purchase is in full swing, and the short - term market is expected to remain strong [27]. - **Shipping Index**: - **Container Shipping to Europe**: The EC index oscillated strongly. Some shipping companies have adjusted their freight rates downward. The market is in the traditional peak - season price - holding period, and there may be room for price increases [28].

Group 1 - The Federal Reserve announced a 25 basis point interest rate cut, which was in line with market expectations, although two officials voted against it [3] - Fed Chair Jerome Powell indicated that ongoing government "shutdown" has led to data gaps, making future rate decisions more cautious, and there is internal disagreement on the future rate path [3][5] - The U.S. stock indices showed mixed results, with the Dow down 0.16%, the S&P 500 nearly flat, and the Nasdaq up 0.55%, driven by a surge in AI trading [5] Group 2 - International gold prices rebounded after hitting a three-week low, supported by investor buying on dips and the Fed's rate cut, with December gold futures closing at $4000.7 per ounce, up 0.44% [7] - In the oil market, U.S. crude inventories fell by 6.85 million barrels, exceeding expectations, which contributed to a rise in international oil prices, with light crude futures closing at $60.48 per barrel, up 0.55% [10] - Microsoft reported Q1 FY2026 revenue of approximately $77.6 billion, an 18% year-over-year increase, but net profit growth slowed due to high capital expenditures, leading to a post-market drop of over 3.6% in its stock [12] - Meta faced a significant one-time tax expense of about $15.9 billion, resulting in a profit decline and a post-market stock drop of over 7% [12] - Alphabet, Google's parent company, reported Q3 revenue exceeding $100 billion for the first time, driven by AI growth, resulting in a post-market stock increase of over 6% [12] Group 3 - European stock indices showed mixed results, with the FTSE 100 up 0.61%, CAC 40 down 0.19%, and DAX down 0.64%, as investors awaited clearer signals from the Fed and the European Central Bank [14]

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core View of the Report - The crude oil market has returned to a market dominated by supply - demand fundamentals after the weakening of previous macro - bullish driving factors and geopolitical factors. The current macro and industrial factors in the crude oil market remain weak. However, due to the positive expectations from the meeting between Chinese and US leaders, the domestic crude oil futures 2512 contract is expected to maintain a slightly stronger oscillating trend on Thursday [5]. 3) Summary by Related Catalogs Price and Market Trends - The domestic crude oil futures 2512 contract showed an oscillating and stable trend in the night session on Wednesday, with the futures price rising slightly by 1.28% to 465.1 yuan/barrel [5]. - The short - term view of crude oil 2512 is oscillating, the medium - term view is weakly oscillating, the intraday view is strongly oscillating, and the reference view is a relatively strong operation [1]. Market Driving Factors - After the weakening of previous macro - bullish driving factors and geopolitical factors, the crude oil market is back to being dominated by supply - demand fundamentals. Currently, both macro and industrial factors in the crude oil market are weak [5]. - Eight OPEC+ oil - producing countries decided to increase production by 137,000 barrels per day in November, increasing the supply pressure in the oil market [5]. - The meeting between Chinese and US leaders in Seoul, South Korea may convey positive expectations to the market [5].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For crude oil, although the geopolitical premium has dissipated and OPEC's production increase is minimal with supply not yet surging, it's not advisable to be overly bearish on oil prices in the short - term. A range - trading strategy of buying low and selling high is maintained, but it's recommended to wait and see for now, waiting for a decline in OPEC exports to confirm the market [3]. - For methanol, the slow import unloading process has slowed port inventory accumulation. The market's main contradiction lies in the unexpected slow unloading due to previous sanctions and recent weather. Although there are potential bullish factors, the overall market structure is weaker than in previous years. It's recommended to wait and see [4]. - For urea, the supply - side device maintenance is over, and the demand - side compound fertilizer production has increased. The enterprise inventory accumulation has slowed down. The spot price has limited downward space, and there are still some positive factors to be released. It's recommended to wait and see or consider long - position opportunities at low prices [7]. - For rubber, the rubber price is strong. Short - term trading with quick entry and exit is recommended, and partial position - building for the hedging strategy of buying RU2601 and selling RU2609 is suggested [13]. - For PVC, the enterprise's comprehensive profit has declined to a low level, but the supply is strong, and the demand is weak. The export expectation is poor, and there is a continuous inventory accumulation pressure. It's recommended to consider short - position opportunities in the medium - term [16]. - For pure benzene and styrene, the BZN spread has room for upward repair. The port inventory of styrene is at a high level, and the price may stop falling periodically [20]. - For polyethylene, the cost - side supports the rebound of crude oil prices. The inventory is being reduced at a high level, and the price may maintain a low - level shock [23]. - For polypropylene, the cost - side supply is in an oversupply pattern, and the overall inventory pressure is high. There is no prominent short - term contradiction [26]. - For PX, the current load is high, and the downstream PTA has many maintenance operations. The inventory is difficult to continuously reduce, and it mainly follows the fluctuation of crude oil [29]. - For PTA, the short - term supply - side maintenance has decreased, and there is a slight inventory accumulation. The demand - side polyester load is expected to remain high, but there is limited room for improvement. The PXN is under pressure [30]. - For ethylene glycol, the domestic supply is high, and the port is expected to accumulate inventory in the fourth quarter. It's recommended to consider short - position opportunities [32]. 3. Summary by Related Catalogs Crude Oil - **Market Information**: INE's main crude oil futures closed down 1.40 yuan/barrel, a 0.32% decline, at 437.70 yuan/barrel. High - sulfur fuel oil futures closed down 3.00 yuan/ton, a 0.11% decline, at 2647.00 yuan/ton; low - sulfur fuel oil futures closed down 13.00 yuan/ton, a 0.42% decline, at 3072.00 yuan/ton. In the Fujeirah port, gasoline, fuel oil, and total refined oil inventories increased, while diesel inventory decreased [2]. - **Strategy Viewpoint**: Although the geopolitical premium has disappeared and OPEC's production increase is minimal, the short - term oil price is not easy to be overly bearish. A range - trading strategy is maintained, but it's recommended to wait and see for now [3]. Methanol - **Market Information**: The price in Taicang increased by 3, Inner Mongolia and southern Shandong remained stable. The 01 - contract on the futures market increased by 16 yuan to 2257 yuan/ton, with a basis of - 47. The 1 - 5 spread changed by - 2 to - 64 [3]. - **Strategy Viewpoint**: The slow import unloading process has slowed port inventory accumulation. The market's main contradiction is the unexpected slow unloading. There are potential bullish factors, but the overall market structure is weak. It's recommended to wait and see [4]. Urea - **Market Information**: Prices in Shandong and Henan decreased by 10, Hubei remained stable. The 01 - contract on the futures market increased by 9 yuan to 1644 yuan, with a basis of - 55. The 1 - 5 spread remained unchanged at - 73 [6]. - **Strategy Viewpoint**: The supply - side device maintenance is over, and the demand - side compound fertilizer production has increased. The enterprise inventory accumulation has slowed down. The spot price has limited downward space, and there are still some positive factors to be released. It's recommended to wait and see or consider long - position opportunities at low prices [7]. Rubber - **Market Information**: The stock index and industrial products rose, and the rubber price also increased significantly. The long - side of natural rubber believes in limited production growth, seasonal price increases, and improved demand expectations; the short - side believes in uncertain macro - expectations, weak demand, and less - than - expected supply benefits. As of October 23, 2025, the operating rate of all - steel tires in Shandong was 65.29%, and that of semi - steel tires was 74.49%. The semi - steel tire export orders slowed down. As of October 19, 2025, the social inventory of natural rubber in China was 1050000 tons, a 2.8% decrease [9][10][11]. - **Strategy Viewpoint**: The rubber price is strong. Short - term trading with quick entry and exit is recommended, and partial position - building for the hedging strategy of buying RU2601 and selling RU2609 is suggested [13]. PVC - **Market Information**: The PVC01 contract increased by 59 yuan to 4775 yuan. The spot price of Changzhou SG - 5 was 4620 (+20) yuan/ton, with a basis of - 155 (- 39) yuan/ton. The 1 - 5 spread was - 286 (+2) yuan/ton. The overall operating rate was 76.6%, a 0.1% decrease; the demand - side downstream operating rate was 49.9%, a 1.3% increase. The factory inventory was 334000 tons (- 27000), and the social inventory was 1035000 tons (+1000) [15]. - **Strategy Viewpoint**: The enterprise's comprehensive profit has declined to a low level, but the supply is strong, and the demand is weak. The export expectation is poor, and there is a continuous inventory accumulation pressure. It's recommended to consider short - position opportunities in the medium - term [16]. Pure Benzene and Styrene - **Market Information**: The spot price of pure benzene in East China was 5410 yuan/ton, a 116 - yuan decline; the closing price of the active contract was 5526 yuan/ton, a 116 - yuan decline. The spot price of styrene was 6450 yuan/ton, a 50 - yuan decline; the closing price of the active contract was 6513 yuan/ton, a 47 - yuan increase. The upstream operating rate was 69.25%, a 2.63% decrease; the Jiangsu port inventory was 202500 tons, an increase of 60000 tons. The demand - side three - S weighted operating rate was 42.77%, a 0.16% decrease [19]. - **Strategy Viewpoint**: The BZN spread has room for upward repair. The port inventory of styrene is at a high level, and the price may stop falling periodically [20]. Polyethylene - **Market Information**: The closing price of the main contract was 7009 yuan/ton, a 24 - yuan increase; the spot price was 7010 yuan/ton, a 15 - yuan decline. The upstream operating rate was 81.28%, a 0.56% decrease. The production enterprise inventory was 514600 tons, a decrease of 14900 tons; the trader inventory was 50000 tons, a decrease of 400 tons. The downstream average operating rate was 45.75%, a 0.83% increase [22]. - **Strategy Viewpoint**: The cost - side supports the rebound of crude oil prices. The inventory is being reduced at a high level, and the price may maintain a low - level shock [23]. Polypropylene - **Market Information**: The closing price of the main contract was 6685 yuan/ton, a 28 - yuan increase; the spot price was 6650 yuan/ton, unchanged. The upstream operating rate was 75.17%, a 0.16% increase. The production enterprise inventory was 638500 tons, a decrease of 40200 tons; the trader inventory was 220000 tons, a decrease of 18600 tons; the port inventory was 66800 tons, a decrease of 1100 tons. The downstream average operating rate was 52.37%, a 0.52% increase [24][25]. - **Strategy Viewpoint**: The cost - side supply is in an oversupply pattern, and the overall inventory pressure is high. There is no prominent short - term contradiction [26]. PX - **Market Information**: The PX01 contract increased by 34 yuan to 6652 yuan. The PX CFR increased by 4 dollars to 818 dollars. The Chinese load was 85.9%, a 1% increase; the Asian load was 78.5%, a 0.5% increase. The PTA load was 78.8%, a 2.8% increase. In mid - and early October, South Korea's PX exports to China were 256000 tons, a 19000 - ton increase year - on - year [28]. - **Strategy Viewpoint**: The current load is high, and the downstream PTA has many maintenance operations. The inventory is difficult to continuously reduce, and it mainly follows the fluctuation of crude oil [29]. PTA - **Market Information**: The PTA01 contract increased by 22 yuan to 4636 yuan. The East China spot price was unchanged at 4535 yuan. The PTA load was 78.8%, a 2.8% increase. The downstream load was 91.4%, unchanged. On October 24, the social inventory (excluding credit warehouse receipts) was 2201000 tons, an increase of 25000 tons [29]. - **Strategy Viewpoint**: The short - term supply - side maintenance has decreased, and there is a slight inventory accumulation. The demand - side polyester load is expected to remain high, but there is limited room for improvement. The PXN is under pressure [30]. Ethylene Glycol - **Market Information**: The EG01 contract increased by 31 yuan to 4100 yuan. The East China spot price decreased by 15 yuan to 4152 yuan. The supply - side load was 73.3%, a 3.7% decrease. The downstream load was 91.4%, unchanged. The import arrival forecast was 198000 tons, and the East China departure on October 28 was 850 tons. The port inventory was 523000 tons, a decrease of 56000 tons [31]. - **Strategy Viewpoint**: The domestic supply is high, and the port is expected to accumulate inventory in the fourth quarter. It's recommended to consider short - position opportunities [32].