1. Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. 2. Core Views of the Report - The report provides daily analysis and forecasts for various black - series commodities in the futures market, suggesting that iron ore, rebar, hot - rolled coil, silicon iron, manganese silicon, coke, and coking coal will experience wide - range fluctuations, while logs will have oscillatory and repeated trends [2]. 3. Summary by Commodity Iron Ore - **Trend**: Wide - range fluctuations [2][7] - **Fundamentals**: The previous day's closing price was 773.5 yuan/ton, down 3.0 yuan/ton (- 0.39%); for futures, the position of l2601 was 535,578 hands, an increase of 27,213 hands. Imported and domestic ore prices mostly declined, with a 5 - yuan/ton drop in most imported ore varieties. The basis and spreads also showed certain changes [5]. - **News**: In September 2025, the national industrial producer price index decreased by 2.3% year - on - year, with the decline narrowing by 0.6 percentage points compared to the previous month, and remaining flat month - on - month. The trend strength is 0 [6]. Rebar and Hot - Rolled Coil - **Trend**: Wide - range fluctuations [2][8][9] - **Fundamentals**: For RB2601 of rebar, the previous day's closing price was 3,049 yuan/ton, up 5 yuan/ton (0.16%); for HC2601 of hot - rolled coil, it was 3,219 yuan/ton, down 6 yuan/ton (- 0.19%). In terms of production and inventory, production of rebar decreased by 2.24 tons, hot - rolled coil by 1.45 tons; rebar inventory decreased by 18.59 tons, hot - rolled coil inventory increased by 6.29 tons; apparent demand for rebar increased by 73.74 tons, hot - rolled coil by 24.58 tons [9][10]. - **News**: In early October 2025, key steel enterprises' average daily production of crude steel increased by 7.5%, pig iron by 3.2%, and steel decreased by 8.5%. The trend strength for both is 0 [10][11]. Silicon Iron and Manganese Silicon - **Trend**: Cost - supported at the bottom, wide - range fluctuations [2][13] - **Fundamentals**: For example, the closing price of silicon iron 2511 was 5478, up 102; the closing price of manganese silicon 2601 was 5754, up 8. Spot prices and various spreads also showed corresponding changes [13]. - **News**: On October 16, prices of different grades of silicon iron and manganese silicon in various regions changed. In September, the settlement electricity prices in the main production areas of manganese silicon showed some adjustments. The trend strength for both is 0 [13][15][16]. Coke and Coking Coal - **Trend**: Expectations are repeated, wide - range fluctuations [2][18][19] - **Fundamentals**: For JM2601 of coking coal, the previous day's closing price was 1185.5 yuan/ton, up 34.5 yuan/ton (3.0%); for J2601 of coke, it was 1672.5 yuan/ton, up 30.5 yuan/ton (1.9%). Spot prices and basis spreads also changed [19]. - **News**: In September 2025, the national industrial producer price index decreased by 2.3% year - on - year, with the decline narrowing by 0.6 percentage points compared to the previous month, and remaining flat month - on - month. The trend strength for both is 0 [20]. Logs - **Trend**: Oscillatory and repeated [2][21] - **Fundamentals**: Closing prices, trading volumes, and open interests of different log contracts showed different degrees of change. Spot prices of various log varieties in different regions were mostly stable [22]. - **News**: In September 2025, the national industrial producer price index decreased by 2.3% year - on - year, with the decline narrowing by 0.6 percentage points compared to the previous month, and remaining flat month - on - month. The trend strength is - 1 [24].

1. Report Industry Investment Ratings - Steel: Oscillating weakly [1] - Iron ore: Oscillating [1] - Coking coal: Oscillating [1] - Coke: Oscillating [1] - Manganese silicon: Weakly oscillating [3] - Ferrosilicon: Weakly oscillating [3] 2. Core Views of the Report - Steel: The current steel production remains high, inventory accumulates, and supply - demand pressure increases. With the weak data performance and the decline in new RMB loans in September, the short - term steel futures market is expected to continue to move weakly [1]. - Iron ore: Although the supply and demand of iron ore have declined, the demand is still at a high level, which provides strong support for prices. Under the influence of multiple factors, the short - term ore price is expected to continue to oscillate [1]. - Coking coal: The supply of coking coal is basically stable, and the market sentiment is fair. The iron - making production is still at a high level, but the profitability of coking and steel enterprises is poor, so the short - term coking coal futures market is expected to oscillate widely [1]. - Coke: The coking enterprises' production is stable, and the downstream demand is good, but the steel mills' profits are shrinking, and the coke procurement is still cautious. Therefore, the short - term coke futures market is expected to oscillate widely [1]. - Manganese silicon: The production of manganese silicon has slightly declined from the high level, and the demand is limited. The market is waiting for the final price of the mainstream steel procurement. The cost of manganese ore has fluctuated. The short - term manganese silicon market is expected to fluctuate following the black - commodity sector [3]. - Ferrosilicon: The production of ferrosilicon enterprises remains at a high level, the demand for steel is weak, and the inventory is at a high level in recent years. The short - term ferrosilicon market is expected to oscillate weakly [3]. 3. Summary According to Relevant Catalogs 3.1 Research Views - **Steel**: The rebar futures continued to decline. The spot price dropped, and the trading volume decreased. The national building materials production decreased slightly, inventory accumulated, and apparent demand increased slightly. The short - term rebar futures market is expected to oscillate weakly [1]. - **Iron ore**: The iron ore futures price fell. The port spot price decreased. The global, Australian, and Brazilian shipments declined, and the iron - making production decreased slightly. The short - term ore price is expected to oscillate [1]. - **Coking coal**: The coking coal futures price dropped. The spot price of some coal types increased. The supply was stable, and the demand remained high, but the profitability of downstream enterprises was poor. The short - term coking coal futures market is expected to oscillate widely [1]. - **Coke**: The coke futures price declined. The port spot price increased. The coking enterprises' production was stable, and the downstream demand was good, but the steel mills' profits were shrinking. The short - term coke futures market is expected to oscillate widely [1]. - **Manganese silicon**: The manganese silicon futures price was strong first and then weak. The spot price in some regions increased. The production decreased slightly, and the demand was limited. The market is waiting for the final price of the mainstream steel procurement. The short - term manganese silicon market is expected to fluctuate following the black - commodity sector [3]. - **Ferrosilicon**: The ferrosilicon futures price weakened in the afternoon. The spot price in some regions increased. The production remained high, the demand for steel was weak, and the inventory was high. The short - term ferrosilicon market is expected to oscillate weakly [3]. 3.2 Daily Data Monitoring - **Contract Spread**: The contract spreads of various varieties have different degrees of change, such as the 1 - 5 month spread of rebar being - 56.0, a decrease of 3.0 compared to the previous period [4]. - **Basis**: The basis of each variety also shows different trends. For example, the 01 - contract basis of rebar is 156.0, an increase of 7.0 compared to the previous period [4]. - **Spot Price**: The spot prices of different varieties and regions have risen and fallen. For example, the Shanghai rebar spot price is 3190.0, a decrease of 20.0 compared to the previous period [4]. - **Profit and Spread**: The profits and spreads of different varieties have changed. For example, the rebar futures profit is - 111.2, a decrease of 11.7 compared to the previous period [4]. 3.3 Chart Analysis - **Main Contract Price**: The report provides the closing price trends of the main contracts of various black commodities from 2020 to 2025, including rebar, hot - rolled coil, iron ore, etc. [6][7][10] - **Main Contract Basis**: The report shows the basis trends of the main contracts of various black commodities from 2022 to 2026, such as rebar, hot - rolled coil, iron ore, etc. [17][18][21] - **Inter - period Contract Spread**: The report presents the spread trends of inter - period contracts of various black commodities from 2019 to 2026, including rebar, hot - rolled coil, iron ore, etc. [27][31][32] - **Inter - variety Contract Spread**: The report shows the spread trends of inter - variety contracts of various black commodities from 2020 to 2025, such as the spread between hot - rolled coil and rebar, the ratio of rebar to iron ore, etc. [42][43][44] - **Rebar Profit**: The report provides the profit trends of rebar from 2020 to 2025, including futures profit, long - process profit, and short - process profit [47][48][52] 3.4 Black Research Team Member Introduction - The black research team of Everbright Futures includes members such as Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, each with rich experience and professional expertise in the black - commodity field [54][55]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The spot market for steel is weak, with poor trading volume and prices. The futures valuation is neutral, and there is currently no driving force for a spot rebound. The strength of demand during the "Silver October" season is insufficient to support price increases, and there are concerns about a negative feedback loop when demand fails to match high production during the off - season [3]. - The prices of ferrosilicon and silicomanganese are mainly oscillating due to insufficient driving factors. In the short - term, alloy plants have a high motivation to maintain production, but there are medium - term concerns. Terminal demand is weak, and there is a risk of a decline in iron - making and electric - furnace operations, which may impact the demand for these alloys [3]. - The spot market for coking coal and coke remains strong, while the futures market continues to oscillate. Although the furnace material data is good, the market is worried about the inventory pressure of steel, and the medium - term futures market may continue to seek a bottom. In the short - term, the market is expected to be volatile due to the strong spot performance and potential "anti - involution" policies [3]. - There is no obvious driving force for iron ore. The price increase during the holiday was mainly due to unsubstantiated rumors. The supply data has not been significantly affected in the short - term. High iron - making output throughout the year may lead to an oversupply of steel, which may force steel mills to cut production [3]. Summary by Related Catalogs Futures Market - **Prices and Changes**: On October 15, for far - month contracts, RB2605 closed at 3090.00 yuan/ton (down 26.00 yuan, - 0.83%), HC2605 at 3223.00 yuan/ton (down 28.00 yuan, - 0.86%), etc. For near - month contracts, RB2601 closed at 3034.00 yuan/ton (down 26.00 yuan, - 0.85%), HC2601 at 3212.00 yuan/ton (down 28.00 yuan, - 0.86%) [1]. - **Spreads**: On October 15, the RB2601 - 2605 spread was - 56.00 yuan/ton (down 13.00 yuan), HC2601 - 2605 was - 11.00 yuan/ton (down 3.00 yuan), etc. The roll - screw spread was 178.00 yuan/ton (down 2.00 yuan), and the screw - ore ratio was 3.91 (down 0.01) [1]. Spot Market - **Steel**: On October 15, the price of Shanghai rebar was 3180.00 yuan/ton (down 20.00 yuan), Tianjin rebar was 3120.00 yuan/ton (down 10.00 yuan), etc. The price of Shanghai hot - rolled coil was 3270.00 yuan/ton (down 10.00 yuan), Hangzhou hot - rolled coil was 3300.00 yuan/ton (unchanged) [1]. - **Other Materials**: On October 15, the price of Qingdao Port super - special powder was 708.00 yuan/ton (down 15.00 yuan), and the price of Ganjimao Port coking coal was 1260.00 yuan/ton (unchanged) [1]. Strategies - **Steel**: Adopt a wait - and - see approach or an oscillating trading strategy for single - side trading. Observe the opportunity to go long on the 01 - contract roll - screw spread when it is below 150 for arbitrage. Wait for the opportunity to enter a positive - spread trade in the spot - futures market [3]. - **Coking Coal and Coke**: Temporarily adopt a wait - and - see approach for single - side trading [3].

Core Insights - The Consumer Price Index (CPI) for September showed a year-on-year decline of 0.3% and a month-on-month increase of 0.1%, while the Producer Price Index (PPI) saw a narrowing of its year-on-year decline [1][2][5] - The core CPI, excluding food and energy, rose to 1.0%, marking the first increase in nearly 19 months, driven by improvements in related industry prices [3][4] CPI Analysis - In September, major food prices experienced seasonal increases, particularly in eggs and fresh fruits, contributing to a 0.1% month-on-month rise in CPI [2] - The year-on-year decline in CPI was primarily influenced by a high base from the previous year, with food prices dropping by 4.4%, notably pork, fresh vegetables, and eggs [2][3] - The core CPI's increase was supported by rising prices in household appliances and mobile phones, alongside a significant rise in gold jewelry prices due to international gold price increases [3][4] PPI Analysis - The PPI decreased by 2.3% year-on-year in September, but the decline was less severe than in previous months, indicating a potential stabilization in certain industries [4][5] - The narrowing of the PPI decline is attributed to improvements in supply-demand structures and the effects of macroeconomic policies, with specific industries like coal and black metal showing price increases [4][5] - The recent government measures aimed at regulating market prices and promoting fair competition are expected to further support price stability in various sectors [5][6]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Iron ore is expected to experience wide - range fluctuations [2][7] - Rebar and hot - rolled coil are likely to see a slight price correction due to weak current situations and weakening expectations [2][8] - Ferrosilicon and silicomanganese are expected to have wide - range fluctuations with cost as the bottom support [2][13] - Coke and coking coal are expected to have wide - range fluctuations due to repeated expectations [2][16][17] - Logs are expected to have repeated fluctuations [2][19] 3. Summaries Based on Relevant Catalogs Iron Ore - **Fundamental Data**: The closing price of I2601 was 776.5 yuan/ton, down 5.5 yuan/ton (-0.70%). The trading volume was 508,365 hands, up 8,566 hands. Imported and domestic ore prices mostly declined slightly, and some basis and spread values changed slightly [5] - **Macro and Industry News**: In September 2025, the national industrial producer price index decreased by 2.3% year - on - year, with a narrowing decline [6] - **Trend Intensity**: The trend intensity of iron ore is 0, indicating a neutral view [6] Rebar and Hot - Rolled Coil - **Fundamental Data**: The closing price of RB2601 was 3,034 yuan/ton, down 26 yuan/ton (-0.85%), and HC2601 was 3,212 yuan/ton, down 28 yuan/ton (-0.86%). Spot prices in various regions decreased, and some basis and spread values changed [8] - **Macro and Industry News**: In early October 2025, the average daily output of key steel enterprises' crude steel increased by 7.5% month - on - month, pig iron increased by 3.2%, and steel decreased by 8.5%. Steel inventories increased. In August 2025, steel exports decreased slightly, and imports increased [8][10] - **Trend Intensity**: The trend intensity of rebar and hot - rolled coil is 0, indicating a neutral view [11] Ferrosilicon and Silicomanganese - **Fundamental Data**: Futures and spot prices of ferrosilicon and silicomanganese changed, and some basis, near - far month spread, and cross - variety spread values also changed [13] - **Macro and Industry News**: There were price quotes for ferrosilicon and silicomanganese in the market, and a large steel mill's inquiry prices for ferrosilicon and silicomanganese in October changed compared to September [13] - **Trend Intensity**: The trend intensity of ferrosilicon and silicomanganese is 0, indicating a neutral view [15] Coke and Coking Coal - **Fundamental Data**: The closing price of JM2601 was 1,151 yuan/ton, down 2.5 yuan/ton (-0.2%), and J2601 was 1,642 yuan/ton, down 12.5 yuan/ton (-0.8%). Spot prices were mostly stable, and some basis and spread values changed [17] - **Macro and Industry News**: In September 2025, the national industrial producer price index decreased by 2.3% year - on - year, with a narrowing decline [18] - **Trend Intensity**: The trend intensity of coke is 0 (neutral), and that of coking coal is 1 (slightly bullish) [18] Logs - **Fundamental Data**: Futures contract prices, trading volumes, and open interests of logs changed, and spot prices in different regions were mostly stable [20] - **Macro and Industry News**: In September 2025, the national industrial producer price index decreased by 2.3% year - on - year, with a narrowing decline [22] - **Trend Intensity**: The trend intensity of logs is 0, indicating a neutral view [22]

Core Insights - The article highlights significant capital inflows and outflows in various commodity futures, indicating a mixed market sentiment across different sectors [1] Group 1: Capital Inflows - Major inflows were observed in gold (¥560 million), peanuts (¥434 million), soybean (¥259 million), silver (¥226 million), and rebar (¥106 million) [1] - The agricultural and black metal sectors showed a net inflow, particularly in peanuts, soybean, and rebar [1] Group 2: Capital Outflows - Significant outflows were noted in lithium carbonate (¥1.553 billion), polysilicon (¥1.322 billion), industrial silicon (¥698 million), copper (¥566 million), and nickel (¥231 million) [1] - The chemical, non-ferrous metals, and financial sectors experienced notable capital outflows, with a focus on lithium carbonate, polysilicon, copper, rubber, and crude oil [1] Group 3: Sector Analysis - Overall, the commodity futures market experienced a substantial outflow, particularly in the non-ferrous metals and chemical sectors [1] - The financial sector's capital flow is highlighted, with attention on the CSI 1000 index futures and 30-year treasury futures [1]

Core Insights - The recent economic indicators released by the National Bureau of Statistics signal positive trends in China's economy, with both CPI and PPI showing signs of recovery [1][2] Demand Side Analysis - The Consumer Price Index (CPI) has shifted from flat to rising, with the core CPI returning to a year-on-year increase of 1% after 19 months, indicating a recovery in consumer demand [2][3] - The core CPI's consistent growth over five months reflects an increase in consumer willingness to spend, suggesting healthy growth in overall economic demand [3][4] Supply Side Analysis - The Producer Price Index (PPI) has shown a narrowing year-on-year decline, indicating a steady recovery in domestic demand [4] - The improvement in PPI is linked to enhanced supply-side dynamics, with price declines in certain sectors like black and non-ferrous metals slowing down, while prices for consumer goods such as nutritional foods are rising [4][5] Economic Balance and Future Outlook - The interplay between rising CPI and narrowing PPI reflects a preliminary success in achieving a dynamic balance between supply and demand [5] - Continued macroeconomic policies are essential for maintaining this balance, with expectations of sustained growth in GDP, stable investment, and resilient foreign trade contributing to a more robust economic outlook for China [5]

Group 1 - The core viewpoint of the article highlights positive signals from two major economic indicators released by the National Bureau of Statistics, indicating resilience in China's economy during its transformation [1][2] - The Consumer Price Index (CPI) has turned from flat to rising month-on-month, with the core CPI returning to a year-on-year increase of 1% after 19 months, reflecting a recovery in domestic demand [2][3] - The Producer Price Index (PPI) shows a narrowing year-on-year decline, further validating the steady recovery of domestic demand [4] Group 2 - Demand is a key driver of the economy, with the CPI reflecting consumer-related price changes. The core CPI's continuous increase over five months indicates a healthy growth in total demand [3][5] - The PPI's performance is closely tied to the strength of demand, with improvements in market competition and price stabilization in certain industries, indicating a recovery in supply-side activity [4][5] - The overall economic growth in China is supported by coordinated efforts across consumption recovery, stable investment, and resilient foreign trade, suggesting a more robust foundation for future growth [5]

Group 1: CPI Analysis - In September, the CPI decreased by 0.3% year-on-year, a slight improvement from the previous month's decline of 0.4%[1] - Food prices fell by 4.4% year-on-year, contributing approximately 1 percentage point to the CPI decline[1] - Core CPI rose by 1% year-on-year, marking the fifth consecutive month of acceleration[1] Group 2: PPI Insights - The PPI decreased by 2.3% year-on-year in September, but the decline narrowed by 0.6 percentage points compared to the previous month[2] - The PPI showed no change month-on-month, indicating a halt in the downward trend for two consecutive months[2] - Prices in coal processing rose by 3.8% month-on-month, while black metal smelting and rolling industries saw a 0.2% increase[2] Group 3: Economic Outlook - Positive signals in price trends are attributed to central government measures since "9·24" aimed at stabilizing growth and boosting confidence[3] - Despite positive signals, there remains significant downward pressure on prices, particularly as investment and consumption data show signs of decline in the second half of the year[3] - The need for enhanced counter-cyclical adjustments and effective policy resource utilization is emphasized to maintain growth momentum[3]

1. Report Industry Investment Rating - No specific industry - wide investment rating is provided in the report. 2. Core Viewpoints of the Report - **Steel**: The current steel production is at a high level, inventory is accumulating, and supply - demand pressure is increasing. Sino - US trade friction uncertainty may disrupt market sentiment. The short - term steel futures market is expected to be weak and volatile [1]. - **Iron Ore**: The supply and demand sides are in a state of long - short entanglement. Although the demand side is still at a relatively high position, the price is expected to continue to fluctuate in the short term [1]. - **Coking Coal**: The supply side is mainly in normal production, and the demand side is mainly for rigid - demand replenishment. The short - term coking coal futures market is expected to fluctuate widely [1]. - **Coke**: The supply side maintains production, and the demand side is supported by procurement needs, but downstream procurement is cautious. The short - term coke futures market is expected to fluctuate widely [1]. - **Silicomanganese**: The market sentiment is changeable, and the fundamental driving force is limited. It is expected to fluctuate with the black - goods sector in the short term, and attention should be paid to market sentiment and new steel tenders [1][3]. - **Ferrosilicon**: The market sentiment is unstable, and the demand - side boost is limited. It is expected to be weak and volatile in the short term, and attention should be paid to market sentiment and new steel tenders [3]. 3. Summary According to Relevant Catalogs 3.1 Research Views - **Steel**: The closing price of the rebar 2601 contract was 3061 yuan/ton, a decrease of 22 yuan/ton or 0.71% from the previous trading day, with an increase in positions of 38,700 lots. Spot prices fell slightly, and trading volume declined. In early October 2025, the average daily output of key steel enterprises increased by 7.5% month - on - month, and the steel inventory increased by 8.2% [1]. - **Iron Ore**: The closing price of the iron ore futures main contract i2601 was 782 yuan/ton, a decrease of 22.5 yuan/ton or 2.8% from the previous trading day. Global, Australian, and Brazilian shipments decreased, iron - water production decreased by 0.23 tons, and port inventories increased by 90.4 tons [1]. - **Coking Coal**: The closing price of the coking coal 2601 contract was 1153.5 yuan/ton, an increase of 7.5 yuan/ton or 0.65%. Some coking enterprises made appropriate rigid - demand purchases, and online auction prices rose slightly. New orders for coal mines were still poor [1]. - **Coke**: The closing price of the coke 2601 contract was 1654.5 yuan/ton, an increase of 12 yuan/ton or 0.73%. The port spot price fell. Coking enterprises maintained production, and some low - inventory steel enterprises were replenishing stocks, but downstream procurement was cautious [1]. - **Silicomanganese**: The main contract price of silicomanganese was 5738 yuan/ton, a decrease of 0.14%. The mainstream steel tender in October decreased slightly, and the first inquiry price was 5750 yuan/ton, a decrease of 250 yuan/ton from last month [1][3]. - **Ferrosilicon**: The main contract price of ferrosilicon was 5378 yuan/ton, a decrease of 0.44%. The mainstream steel tender quantity in October decreased by 195 tons. The production enterprise's start - up rate was relatively high, and the inventory of 60 sample enterprises increased by 3800 tons [3]. 3.2 Daily Data Monitoring - **Contract Spread**: For example, the 1 - 5 month spread of rebar was - 53.0, a month - on - month increase of 3.0; the 1 - 5 month spread of hot - rolled coils was - 7.0, a month - on - month increase of 6.0 [4]. - **Basis**: For example, the basis of the 01 contract of rebar was 149.0, a month - on - month increase of 12.0; the basis of the 01 contract of iron ore was 45.9, a month - on - month increase of 4.9 [4]. - **Spot**: For example, the spot price of rebar in Shanghai was 3210.0, a month - on - month decrease of 10.0; the spot price of PB powder was 780, a month - on - month decrease of 16 [4]. - **Profit and Spread**: For example, the rebar's disk profit was - 99.6, a month - on - month increase of 9.1; the coil - rebar spread was 190.0, a month - on - month increase of 9.0 [4]. 3.3 Chart Analysis - **Main Contract Price**: There are charts showing the closing prices of the main contracts of rebar, hot - rolled coils, iron ore, coke, coking coal, silicomanganese, and ferrosilicon from 2020 to 2025 [6][7][8][9][11][14]. - **Main Contract Basis**: There are charts showing the basis of the main contracts of rebar, hot - rolled coils, iron ore, coke, coking coal, silicomanganese, and ferrosilicon [16][17][18][20][21][22][23]. - **Inter - period Contract Spread**: There are charts showing the inter - period contract spreads of rebar, hot - rolled coils, iron ore, coke, coking coal, silicomanganese, and ferrosilicon [26][28][29][30][31][33][34][35][37][39]. - **Inter - variety Contract Spread**: There are charts showing the inter - variety contract spreads such as the coil - rebar spread, rebar - iron - ore ratio, rebar - coke ratio, coke - iron - ore ratio, coking - coal ratio, and double - silicon difference [41][42][43][45]. - **Rebar Profit**: There are charts showing the disk profit, long - process profit, and short - process profit of the rebar main contract [46][47][49]. 3.4 Black Research Team Member Introduction - **Qiu Yuecheng**: Assistant Director of the Research Institute and Director of Black - Goods Research at Everbright Futures, with nearly 20 years of experience in the steel industry [52]. - **Zhang Xiaojin**: Director of Resource - Product Research at Everbright Futures, with rich experience in the field of resource - product research [52]. - **Liu Xi**: Black - Goods Researcher at Everbright Futures, good at fundamental supply - demand analysis based on industrial - chain data [52]. - **Zhang Chunjie**: Black - Goods Researcher at Everbright Futures, with experience in investment trading strategies and spot - futures trading [53].