Group 1 - The company TianKang Biological (SZ 002100) held its 28th temporary board meeting on October 29, 2025, via communication voting to review the "2025 Q3 Report" and other documents [1] - For the first half of 2025, the revenue composition of TianKang Biological was as follows: pig farming accounted for 32.2%, feed accounted for 27.51%, agricultural product processing accounted for 16.37%, corn storage industry accounted for 14.75%, and veterinary medicine accounted for 5.44% [1] - As of the report date, the market capitalization of TianKang Biological was 10.6 billion yuan [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market transformation and a new "slow bull" pattern emerging [1]

Core Insights - The article highlights the successful transformation of Waili Village in Shaanxi Province through the development of the persimmon industry, showcasing a model for rural revitalization and industrial integration [1][8] Group 1: Industry Development - Waili Village faced significant challenges due to a lack of industry, leading to low production and sales of persimmons before the establishment of the "Samsung Sharing Village" project in 2018, which aimed to boost income through persimmon processing [2][3] - The establishment of the "Future Factory" in 2023, set to begin operations in 2024, will enhance production efficiency with advanced technology, including a cleaning and sorting line and a patented drying system, significantly improving product quality and market competitiveness [3][4] - The village has evolved from a resource-deficient area to a model for industrial integration, processing 1 million pounds of fresh persimmons annually, producing 100,000 pounds of persimmon cakes, and generating an annual output value exceeding 8 million yuan [8][9] Group 2: Talent Attraction and Retention - The village has historically struggled with youth outmigration and an aging population, making talent attraction essential for sustainable development alongside industrial growth [5] - Local leader Yang Weina has played a pivotal role in revitalizing the village by integrating modern production techniques with cultural heritage, thereby attracting young talent and fostering innovation [6][7] Group 3: Cultural and Economic Integration - The establishment of the first international youth hostel in the village aims to diversify the local economy by attracting visitors year-round, transitioning from a seasonal harvest model to a year-round economic model [8] - The integration of cultural and educational initiatives with the persimmon industry has created new opportunities for local residents, enhancing both economic and cultural vitality [6][9]

Core Insights - The company reported a third-quarter revenue of 5.935 billion, a year-on-year decrease of 1.71% [1] - The net profit for the third quarter was 1.257 billion, showing a significant year-on-year increase of 141.06% [1] - For the first three quarters, the total revenue was 18.215 billion, reflecting a year-on-year decline of 2.49% [1] - The net profit for the first three quarters reached 3.025 billion, which is a year-on-year increase of 51.61% [1]

Core Viewpoint - COFCO Technology emphasizes market value management as a core task, focusing on the long-term shaping and maintenance of the company's intrinsic value [2] Group 1: Company Strategy - The company will enhance its governance structure to solidify the foundation for standardized operations [2] - It aims to improve the quality of information disclosure, ensuring that the disclosed content is true, accurate, complete, and timely, thereby increasing transparency [2] - The company plans to facilitate communication channels through investor briefings and online interactions to respond more effectively to market concerns [2] Group 2: Market Dynamics - The company's stock price is influenced by multiple complex factors, including macroeconomic cycles, industry policy adjustments, and market sentiment, leading to objective uncertainties in short-term fluctuations [2] Group 3: Long-term Goals - The company believes that focusing on its core business and continuously enhancing intrinsic value and sustainable development capabilities is fundamental to supporting long-term market value stability [2] - It will adhere to a "customer-centric" philosophy, integrating "customer value creation" and "market demand orientation" into all management and decision-making processes [2] - The company is transitioning from a product supplier to a comprehensive solution service provider [2] - It will prioritize technology as the primary driving force, actively building an open and collaborative innovation framework to overcome key barriers in critical areas [2] - The company aims to cultivate more products with core competitiveness, similar to D-allohexose, to create substantial market value and steadily achieve high-quality transformation and upgrading strategic goals [2]

Core Insights - The agricultural processing sector experienced a rise of 2.26% on October 29, with COFCO Sugar leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Agricultural Processing Sector Performance - COFCO Sugar (600737) closed at 15.35, with a significant increase of 7.34% and a trading volume of 629,100 shares, amounting to a transaction value of 951 million [1] - Other notable performers included: - Oufu Egg Industry (920371) at 11.19, up 5.17% [1] - San Si Ji (600191) at 8.33, up 4.91% [1] - Tianye Co. (920023) at 4.47, up 4.20% [1] - ST Langyuan (300175) at 6.59, up 4.11% [1] Capital Flow Analysis - The agricultural processing sector saw a net inflow of 74.86 million from institutional investors, while retail investors experienced a net outflow of 40.76 million [2] - Key stocks with significant capital flow include: - COFCO Sugar with a net inflow of 46.27 million from institutional investors [3] - Double Tower Food (002481) with a net inflow of 35.90 million [3] - Jingliang Holdings (000505) with a net inflow of 16.08 million [3]

Core Viewpoint - The A-share listed companies have shown strong resilience in their performance for the first three quarters of 2025, with over 1,200 companies reporting year-on-year growth in net profit attributable to shareholders, and more than 180 companies turning losses into profits [1] Group 1: Performance Highlights - The ChiNext board has demonstrated outstanding performance in terms of growth rate and exceeding expectations, indicating strong profitability [2] - Key sectors such as gaming, agricultural processing, wind power equipment, steel raw materials, and semiconductors have shown significant growth [2] - Investment opportunities can be identified in thriving industries like semiconductors and wind power equipment, as well as sectors with upward revisions in profit forecasts, such as agricultural processing and power grid equipment [2] Group 2: Technology Sector Analysis - The technology sector's performance is supported by solid fundamentals, with semiconductors benefiting from a rapid increase in DRAM spot prices and communication equipment seeing a rise in mobile communication base station production [3] - Software sectors, particularly gaming, continue to grow due to the ongoing issuance of domestic game licenses [3] - Future investment opportunities in the technology sector may include semiconductor equipment and materials, communication devices driven by 5G construction, and gaming and industrial software supported by policy and demand recovery [3] Group 3: Investment Strategies for Retail Investors - Retail investors should analyze the quality of earnings growth by examining the alignment between revenue and profit, as well as cash flow status [4] - Identifying performance trends by comparing mid-year and third-quarter growth rates is crucial [4] - Investors are advised to reduce holdings in overvalued stocks with disappointing performance while increasing positions in reasonably valued stocks with stable earnings, particularly industry leaders that exceeded expectations in their third-quarter reports [4]

Report Industry Investment Rating - The report provides a bias for various varieties, with "偏空" (Bearish) and "偏多" (Bullish) ratings for different financial and commodity instruments such as stock indices, bonds, and commodities [4]. Core Viewpoints - The "15th Five - Year Plan" focuses on economic growth within a reasonable range, improving total factor productivity, and enhancing residents' consumption rate [6]. - The central bank will implement a moderately loose monetary policy, aiming to consolidate the positive momentum of the capital market and improve market - stabilizing mechanisms [7]. - Different commodities have their own market drivers and trends. For example, gold is influenced by factors like geopolitical risks, central bank purchases, and market sentiment, while oil is affected by geopolitical sanctions and market trading trends [2][3]. Summary by Relevant Sections 1. Main News International News - The U.S. Senate failed to pass the "2025 Fiscal Year Continuing Appropriations and Extension Act" for the 13th time, leading to the continuation of the government shutdown [5]. Domestic News - The full - text of the "15th Five - Year Plan" was released, setting goals for economic and social development, including economic growth, technological self - reliance, and reform breakthroughs [6]. Industry News - The central bank governor stated that the central bank will implement a moderately loose monetary policy, execute existing measures, and study new policies to support the capital market [7]. 2. Outer - market Daily Returns - A table shows the daily returns of various outer - market assets, including the S&P 500, European STOXX 50, and different commodities such as oil, gold, and agricultural products [10]. 3. Morning Comments on Major Varieties Financial - **Stock Indices**: After a high - level shock in September, stock indices are entering a direction - selection phase. With a potentially loose domestic liquidity environment and expected inflows of external funds, the market style may shift towards value in the fourth quarter [11]. - **Treasury Bonds**: Treasury bonds opened higher and closed higher. With the central bank's supportive monetary policy and expected market liquidity, the prices of treasury bond futures are expected to be supported [12][13]. Energy and Chemicals - **Crude Oil**: SC crude oil fell at night. Geopolitical sanctions on Russian oil companies have been imposed, but the downward trend of oil prices remains due to unclear market situations and limited impact on Russian oil transportation [3][14]. - **Methanol**: Methanol prices fell at night. The开工 rate of coal - to - olefin and methanol production decreased, and coastal methanol inventories increased. Market uncertainties have intensified price fluctuations [15]. - **Rubber**: As the rubber - tapping season progresses, supply pressure may increase. However, potential weather impacts on production and positive progress in Sino - U.S. trade negotiations may support prices [16]. - **Polyolefins**: Polyolefin futures declined slightly. Following the oil trend and with high downstream demand, the market may start to oscillate after a short - term rebound [17]. - **Glass and Soda Ash**: Glass futures rebounded slightly, and soda ash futures oscillated. Both are in the process of inventory digestion, and market sentiment is cautious. Attention should be paid to autumn consumption and policy changes [18][19]. Metals - **Precious Metals**: Gold and silver prices fell significantly and then rebounded slightly. Geopolitical risks have cooled, and after a rapid rise, prices are adjusting due to weakened driving factors and accumulated profit - taking [2][20]. - **Copper**: Copper prices rose at night. With a tight supply of concentrates and high smelting output, an Indonesian mine accident may lead to a supply - demand gap, supporting long - term prices [21]. - **Zinc**: Zinc prices rose at night. With an increase in zinc concentrate processing fees and expected production growth, the price may fluctuate within a range due to different inventory situations at home and abroad [22]. Black Metals - **Coking Coal and Coke**: The coking coal and coke market oscillated upwards at night. While high iron - water production provides support, the possibility of blast furnace production cuts due to shrinking profits should be considered [23]. Agricultural Products - **Protein Meal**: Bean and rapeseed meal prices oscillated upwards at night. With good progress in Sino - U.S. trade talks and high U.S. soybean export inspections, the domestic market may oscillate in the short term [24]. - **Oils and Fats**: Oil prices were weak at night. With expected increases in palm oil production and exports in Malaysia, and supply - side expectations of relaxation, short - term prices are under pressure [25]. - **Sugar**: Zhengzhou sugar prices oscillated within a range. The global sugar market is in a stock - building phase, and Brazilian factors are dragging down prices. In the domestic market, cost support and import - related rumors may affect prices [26]. - **Cotton**: Zhengzhou cotton prices continued to oscillate. Affected by the U.S. government shutdown and domestic market conditions, prices are expected to be slightly stronger in the short term [27]. Shipping Index - **Container Shipping to Europe**: The EC index oscillated. With multiple shipping companies reducing freight rates and limited capacity control, the market is expected to continue to oscillate in the short term [28].

Report Industry Investment Ratings No relevant content provided. Core Views Macroeconomics and Financial Futures - The GDP growth rate in Q3 declined as expected, but the pressure to achieve the annual target is controllable. The GDP deflator shows a recovery trend, and its sustainability is worth noting. Fiscal policies are clearly发力 to support the economy, and the subsequent pace of domestic demand repair is crucial. The stock market reacted positively after the release of the communique of the Fourth Plenary Session of the 20th Central Committee, and the stock index may perform according to historical patterns [2]. - Optimistic expectations for Sino-US trade negotiations have increased market risk appetite, which is beneficial for the RMB to appreciate against the US dollar. The central bank's guidance on the exchange rate is also a key factor. The key to the subsequent market trend lies in the Fed's interest rate meeting. The market generally expects the Fed to cut interest rates by 25 basis points [4]. - The policy orientation of the speech at the opening ceremony of the Financial Street Forum Annual Conference on capital market reform is clear, but the implementation path focuses on gradualism, so it has limited impact on the A-share market in the short term. The stock index is expected to fluctuate mainly under the game between policy利好 expectations and the willingness of profitable funds to take profits [5]. Bond Market - The central bank's resumption of Treasury bond trading operations has a strong signal meaning, which consolidates the market bottom and is conducive to the improvement of expectations. The bond market is expected to have a callback in the short term, but there is upward momentum in the fourth quarter [6]. Shipping - The container shipping to Europe route futures are expected to continue to fluctuate in the short term, and geopolitical factors provide support at the bottom. Trend traders are advised to wait and see, and arbitrage traders can pay attention to the spread fluctuations between near and far contracts [10]. Commodities Precious Metals - Although in the medium and long term, central bank gold purchases and the growth of investment demand will continue to push up the price center of precious metals, they are currently in an adjustment stage. Pay attention to the opportunity to buy on dips in the medium term, and continue to hold the bottom position of previous long positions cautiously [14]. Base Metals - Copper prices are expected to maintain a high - level shock consolidation. Speculators can enter the market to go long on dips near 86000±500. Downstream enterprises can adopt a combination strategy of "selling put options + buying futures on dips" [16]. - Aluminum prices are expected to be strong, while alumina is expected to be weak, and casting aluminum alloy is expected to fluctuate strongly. Zinc is expected to fluctuate at a high level. Nickel and stainless steel are expected to fluctuate strongly. Tin is expected to fluctuate at a high level, and it is recommended to go long. Lithium carbonate is expected to be supported by demand. Industrial silicon and polysilicon are expected to fluctuate widely. Lead is expected to fluctuate mainly, and it is recommended to sell both call and put options to earn option premiums [16][18][20][22][23][24][26][27] Energy and Chemicals - Crude oil prices are expected to fluctuate in the short term and face downward pressure in the medium and long term. LPG is expected to fluctuate. PTA - PX is expected to decline slightly with oil prices. MEG is expected to fluctuate widely following the macro - mood. Methanol's 01 contract pressure increases. PP and PE are expected to maintain a wide - range shock pattern. Pure benzene and styrene are expected to be affected by macro - trends and oil prices. Fuel oil's cracking upside is limited. Low - sulfur fuel oil's upward drive is limited. Asphalt is waiting for short - selling opportunities. Urea is expected to face pressure after the rebound. Glass, soda ash, and caustic soda's production and sales have improved [34][36][39][41][45][48][49][50][51][53] Building Materials and Paper - Soda ash is expected to be limited in upward space due to high - level supply and cost support. Glass is expected to continue to observe the sustainability of improved production and sales. Caustic soda is expected to be affected by short - term maintenance and long - term production pressure. Pulp and offset paper are expected to be affected by paper mill price increases and macro - mood. Logs are expected to have limited downward space in the short term [53][54][55][56][57] Summary According to Relevant Catalogs Macroeconomics and Financial Futures - **Market Information**: The "15th Five - Year Plan" proposal emphasizes key core technology research, the "AI +" action, and boosting consumption. The trade situation eases, and the gold ETF has the largest single - day reduction in six months. The "small non - farm" ADP releases weekly employment data, and Trump may influence the Fed's decision - making. The US and Japan and South Korea have relevant cooperation agreements [1][3][5] - **Market Review**: The RMB exchange rate against the US dollar rose, and the stock index opened lower and fluctuated. The trading volume of the two markets decreased, and the futures index had different volume and price performances [3][5] Bond Market - **Market Review**: Bond futures opened higher and closed up, and the end - of - month liquidity was tight [6] - **Core Logic**: The central bank's resumption of Treasury bond trading operations led to a sharp decline in spot bond yields, and bond futures made up for the increase. The market is expected to have a callback in the short term but upward momentum in the fourth quarter [6] Shipping - **Market Review**: The container shipping to Europe route futures traded lightly and fluctuated narrowly, and investors focused on geopolitical situations [7] - **Information Sorting**: There are both positive and negative factors in the market. Positive factors include the reduced expectation of Red Sea resumption and the resilience of the Chinese economy. Negative factors include uncertain macro - demand and the strengthening of the RMB exchange rate [8][9] Commodities Precious Metals - **Market Review**: Precious metal prices continued to adjust, showing a V - shaped trend during the day [12] - **Interest Rate Cut Expectations and Fund Holdings**: The market generally expects the Fed to cut interest rates, and the holdings of gold and silver ETFs and inventories have changed [13] - **This Week's Focus**: Pay attention to US economic data and central bank interest rate meetings [14] Base Metals - **Copper** - **Market Review**: Copper prices in different markets had different performances, and the basis and cross - border ratio changed [15] - **Industry Information**: Copper inventories in different exchanges changed, and the copper consumption in the real estate industry declined [15][16] - **Core Logic**: Spot prices and premiums weakened, and the trading volume was light. Copper prices are expected to maintain a high - level shock [16] - **Aluminum and Its Industry Chain** - **Market Review**: Aluminum, alumina, and casting aluminum alloy prices had different changes [17] - **Core Logic**: Aluminum prices are expected to be strong due to positive macro - factors and overseas supply disturbances. Alumina is expected to be weak due to over - supply, and casting aluminum alloy is expected to follow aluminum prices [17][18][19] - **Zinc** - **Market Review**: Zinc prices fluctuated at a high level [19] - **Core Logic**: The external market is supported by low inventories, and the domestic market has a pattern of strong supply and weak demand. Zinc prices are expected to maintain a high - level shock [20] - **Nickel and Stainless Steel** - **Market Review**: Nickel and stainless steel prices declined [20] - **Market Analysis**: They were affected by the overall weakness of the metal market, and the cost support of nickel iron loosened. Stainless steel may face production cuts [20][21][22] - **Tin** - **Market Review**: Tin prices fluctuated strongly [22] - **Core Logic**: The supply is weaker than demand, and tin prices are expected to be bullish [22] - **Lithium Carbonate** - **Market Review**: Lithium carbonate futures prices declined slightly, and the trading volume and open interest increased [23] - **Industry Performance**: The spot market of the lithium - battery industry chain was active, and prices rose [23] - **Core Logic**: The demand is good, and the price is expected to be supported [23][24] - **Industrial Silicon and Polysilicon** - **Market Review**: Industrial silicon and polysilicon futures prices declined slightly, and the trading volume and open interest changed [24][25] - **Industry Performance**: The spot market of the industrial silicon industry chain was average, and the photovoltaic industry was stable [25][26] - **Core Logic**: Industrial silicon prices may rise slightly, and polysilicon's fundamentals are weak [24][26] - **Lead** - **Market Review**: Lead prices fluctuated and declined [26] - **Industry Performance**: Lead battery enterprises plan to cut production [27] - **Core Logic**: Lead prices are expected to fluctuate narrowly in the short term [27] Energy and Chemicals - **Crude Oil** - **Market Review**: Crude oil prices declined significantly [33] - **Market Dynamics**: API data shows changes in US oil inventories, and there are statements from relevant companies and countries [33] - **Core Logic**: Oil prices are expected to fluctuate in the short term and face downward pressure in the medium and long term [34] - **LPG** - **Market Review**: LPG prices fluctuated [34] - **Spot Feedback**: The spot price and inventory of LPG changed [34] - **Core Logic**: LPG is expected to fluctuate in the short term [36] - **PTA - PX** - **Fundamental Situation**: PX and PTA's supply, inventory, and efficiency have changed, and the polyester demand is stable [37][38] - **Core Logic**: PTA is expected to decline slightly with oil prices, and the processing fee needs to be repaired [37][38][39] - **MEG - Bottle Chips** - **Inventory and Devices**: MEG's inventory and device operation status changed [39] - **Fundamental Situation**: MEG's supply, demand, and efficiency have changed, and the polyester demand is stable [39][40] - **Core Logic**: MEG is expected to fluctuate widely following the macro - mood, and the downward space is limited [40][41] - **Methanol** - **Market Dynamics**: Methanol 01 contract price and basis changed [41] - **Inventory**: Methanol port inventory changed [41] - **Core Logic**: Methanol's 01 contract pressure increases [41][42][43] - **PP** - **Market Dynamics**: PP prices declined [43] - **Fundamental Situation**: PP's supply, demand, and inventory have changed, and it is in a pattern of strong supply and weak demand [44][45] - **Core Logic**: PP is expected to maintain a wide - range shock pattern [44][45] - **PE** - **Market Dynamics**: PE prices declined [46] - **Fundamental Situation**: PE's supply, demand, and inventory have changed, and it is in a pattern of strong supply and weak demand [47][48] - **Core Logic**: PE is expected to maintain a wide - range shock pattern [47][48] - **Pure Benzene and Styrene** - **Market Review**: Pure benzene and styrene prices declined [48] - **Inventory Situation**: Pure benzene and styrene port and factory inventories changed [48] - **Core Logic**: Pure benzene is expected to be weak, and styrene's upward drive is limited [49] - **Fuel Oil** - **Market Review**: Fuel oil prices closed at a certain level [49] - **Industry Performance**: Fuel oil's supply, demand, and inventory have changed [49] - **Core Logic**: Fuel oil's cracking upside is limited [49] - **Low - Sulfur Fuel Oil** - **Market Review**: Low - sulfur fuel oil prices closed at a certain level [50] - **Industry Performance**: Low - sulfur fuel oil's supply, demand, and inventory have changed [50] - **Core Logic**: Low - sulfur fuel oil's upward drive is limited [50] - **Asphalt** - **Market Review**: Asphalt prices closed at a certain level [50] - **Fundamental Situation**: Asphalt's supply, demand, and inventory have changed [50][51] - **Core Logic**: Asphalt is waiting for short - selling opportunities [51] - **Urea** - **Market Dynamics**: Urea prices closed at a certain level [51] - **Spot Feedback**: Urea's spot price and inventory changed [51] - **Core Logic**: Urea is expected to face pressure after the rebound [52][53] Building Materials and Paper - **Glass, Soda Ash, and Caustic Soda** - **Soda Ash** - **Market Dynamics**: Soda ash price declined slightly [53] - **Fundamental Information**: Soda ash inventory changed [53] - **Core Logic**: Soda ash is expected to be limited in upward space [53] - **Glass** - **Market Dynamics**: Glass price rose [54] - **Fundamental Information**: Glass inventory increased [54] - **Core Logic**: Observe the sustainability of glass's improved production and sales [54] - **Caustic Soda** - **Market Dynamics**: Caustic soda price declined slightly [55] - **Fundamental Information**: Caustic soda inventory decreased [55] - **Core Logic**: Caustic soda is affected by short - term maintenance and long - term production pressure [55][56] - **Pulp and Offset Paper** - **Market Review**: Pulp and offset paper prices fluctuated [56] - **Spot Market**: Pulp and offset paper's spot price and inventory changed [56] - **Core Logic**: Pulp and offset paper are affected by paper mill price increases and macro - mood [56] - **Logs** - **Market**: Log prices and inventory changed [57] - **Core Contradiction**: Logs are undervalued, and there is a possibility of price repair [57] - **Strategy Suggestion**: Consider short - term short - selling and long - term short - selling strategies [57][58] - **Propylene** - **Market Dynamics**: Propylene prices declined [58] - **Core Logic**: Propylene is expected to fluctuate [58]

Report Summary 1. Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views - **Fats and Oils Industry**: Malaysian palm oil futures are under pressure due to concerns about increased production, slower exports, and potential inventory growth. Domestic palm oil futures are in a volatile adjustment, with the price breaking below 9,000 yuan and potentially finding support at 8,900 yuan. For soybean oil, the market is optimistic about a potential Sino - US trade agreement, which may support prices from the cost side. However, overall demand is weak, and the basis quote is expected to remain stable [1]. - **Meal Industry**: Sino - US relations are warming, increasing the expectation of Chinese purchases of US soybeans. Brazilian soybean exports to China remain high, and the cost of domestic soybean imports is supported. Although domestic soybean and soybean meal inventories are high, the cost support is strengthening, and the domestic soybean meal trend is expected to be strong [2]. - **Pig Industry**: The recent rebound in pig prices is mainly due to secondary fattening. Market demand has improved, and the supply - demand game has tightened in the short term. However, in the medium term, the slaughter volume will continue to increase in November and December, and there may be a new round of pressure around the Winter Solstice. It is advisable to wait for the spot price to stabilize before entering the reverse spread [5]. - **Corn Industry**: In the Northeast, supply is sufficient, and prices are stable. In North China, farmers' selling enthusiasm decreases as prices fall, and prices have rebounded locally. Overall, due to a bumper harvest, there is still selling pressure on corn, and prices will remain weak. Demand is mainly for rigid needs, and the futures market is also weak [8]. - **Sugar Industry**: Brazil's gasoline price cut dashed the expectation of a lower sugar - making ratio, and the sugar supply outlook is loose. As the Northern Hemisphere's sugar - crushing season begins, the market is focusing on India and Thailand. Domestic sugar prices are relatively low, and the current bottom - shock pattern may continue [12]. - **Cotton Industry**: The downstream textile enterprises' profits and cash flows have improved, and the demand for cotton raw materials is resilient. The rising cost of new cotton provides strong support, but there is also hedging pressure. In the short term, cotton prices may fluctuate within a range [13]. - **Egg Industry**: The supply of eggs is sufficient due to high laying - hen inventories, high egg - laying rates, and increased egg weights. Demand may increase first and then decrease this week. Egg prices may rise slightly in the short term but may decline slightly in the second half of the week due to strong supply and weak demand [16]. 3. Summary by Directory Fats and Oils Industry - **Soybean Oil**: The price of Jiangsu Grade - 1 soybean oil on October 28 was 8,450 yuan, down 30 yuan from the previous day, a decrease of 0.35%. The basis of Y2601 was 268 yuan, up 22 yuan or 8.94% [1]. - **Palm Oil**: The price of 24 - degree palm oil in Guangdong on October 28 was 8,900 yuan, down 130 yuan from the previous day, a decrease of 1.44%. The basis of P2601 was - 58 yuan, up 12 yuan or 17.14% [1]. - **Rapeseed Oil**: The price of Jiangsu Grade - 3 rapeseed oil on October 28 was 10,000 yuan, down 50 yuan from the previous day, a decrease of 0.50%. The basis of OI601 was 270 yuan, down 32 yuan or 10.60% [1]. Meal Industry - **Soybean Meal**: The price of Jiangsu soybean meal on October 29 was 2,970 yuan, up 10 yuan or 0.34%. The basis of M2601 was - 117.86% [2]. - **Rapeseed Meal**: The price of Jiangsu rapeseed meal on October 29 was 2,440 yuan, up 30 yuan or 1.24%. The basis of RM2601 was - 41.33% [2]. - **Soybean**: The price of Harbin soybeans on October 29 was 3,900 yuan, unchanged from the previous day. The basis of the main soybean - 1 contract was - 215 yuan, a decrease of 21.47% [2]. Pig Industry - **Futures**: On October 29, the price of the main pig contract was 12,160 yuan/ton, down 170 yuan or 1.38%. The basis of the main contract was 520 yuan, up 400 yuan or 333.33% [5]. - **Spot**: The average price of live pigs in Henan on October 29 was 12,680 yuan/ton, up 230 yuan from the previous day [5]. Corn Industry - **Corn**: On October 29, the price of Corn 2601 was 2,123 yuan, up 11 yuan or 0.52%. The basis was 17 yuan, down 11 yuan or 39.29% [8]. - **Corn Starch**: The price of Corn Starch 2601 on October 29 was 2,424 yuan, down 1 yuan or - 0.04%. The basis was 86 yuan, up 1 yuan or 1.18% [8]. Sugar Industry - **Futures**: On October 29, the price of Sugar 2601 was 5,483 yuan/ton, up 38 yuan or 0.70%. The price of ICE raw sugar was 14.39 cents/pound, down 0.08 cents or - 0.55% [12]. - **Spot**: The price of sugar in Nanning on October 29 was 5,750 yuan/ton, unchanged from the previous day. The basis of Nanning was 332 yuan, down 19 yuan or - 5.41% [12]. Cotton Industry - **Futures**: On October 29, the price of Cotton 2605 was 13,570 yuan/ton, down 5 yuan or - 0.04%. The price of ICE US cotton was 65.05 cents/pound, up 0.40 cents or 0.62% [13]. - **Spot**: The price of Xinjiang 3128B cotton on October 29 was 14,651 yuan/ton, down 39 yuan or - 0.27%. The basis of 3128B - 01 contract was 1,081 yuan, down 34 yuan or - 3.05% [13]. Egg Industry - **Futures**: On October 29, the price of the Egg 11 contract was 2,866 yuan/500KG, down 22 yuan or - 1.78%. The price of the Egg 01 contract was 3,304 yuan/500KG, down 23 yuan or - 0.69% [16]. - **Spot**: The price of eggs in the production area on October 29 was 3.00 yuan/jin, down 0.01 yuan or - 0.43%. The basis was - 118 yuan/500KG, up 22 yuan or 18.60% [16].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The report comprehensively analyzes the market conditions of various financial derivatives and commodity futures, including stock index futures, treasury bond futures, precious metals, container shipping index, non - ferrous metals, black metals, and agricultural products. It provides market trends, influencing factors, and operation suggestions for each category [1][2][3]. Summary by Directory Financial Derivatives Financial Futures - **Stock Index Futures**: The A - share market showed a narrow - range shock on Tuesday, with major indexes mostly falling. The transportation sector was strong, while industrial and metal - related industries declined. The four major stock index futures contracts mostly followed the index down. The "14th Five - Year Plan" suggestions and overseas events influenced the market. It is recommended to try to lightly sell put options at the support level or construct a bull call spread [2][3][4]. - **Treasury Bond Futures**: Treasury bond futures rose across the board. After the favorable news of buying and selling treasury bonds was realized, the bond market may enter a short - term shock stage. It is advisable to go long on dips and pay attention to the positive arbitrage strategy [5][7]. Precious Metals - The market risk preference continued to rise, and funds flowed out quickly. Gold and silver prices first declined sharply and then rebounded. In the medium - to - long term, precious metals are expected to enter a bull market, while in the short term, it is recommended to buy on dips after the price correction [8][9][10]. Container Shipping Index (European Line) - The spot freight rate quotes showed an upward trend. The futures market was volatile, and the market was cautiously bullish. It is recommended to go long on dips for the December contract [11][12]. Commodity Futures Non - Ferrous Metals - **Copper**: The copper price was at a high level. The supply of copper concentrate was tight, and the demand had strong resilience. The price was expected to be strong in the medium - to - long term, and it was recommended to pay attention to the marginal changes in demand and Sino - US tariffs [12][13][17]. - **Alumina**: The spot trading became more active, but the short - term oversupply situation was difficult to change. The price was expected to be under pressure in the short term, and it was necessary to pay attention to cost support and inventory changes [17][18][19]. - **Aluminum**: The aluminum price was at a high level and fluctuated. The macro environment was generally favorable, and the fundamentals were in a tight balance. It was expected to maintain a high - level shock in the short term [19][20][21]. - **Aluminum Alloy**: The price followed the aluminum price and fluctuated downward, and the spot price was firm. The cost support was obvious, and the supply - demand was in a tight balance. It was expected to be strongly volatile in the short term [21][22][23]. - **Zinc**: The zinc price strengthened slightly. The supply was expected to increase with limited amplitude, and the demand was stable. The zinc price was expected to fluctuate in the short term [23][24][26]. - **Tin**: The tin price was strongly supported by fundamentals and was expected to be strongly volatile. It was necessary to pay attention to macro changes and the supply recovery in Myanmar [27][28][30]. - **Nickel**: The nickel price fluctuated weakly. The macro environment put some pressure on it, and the inventory accumulation also had an impact. It was expected to fluctuate within a range [30][31][32]. - **Stainless Steel**: The stainless - steel price fluctuated weakly. The cost support was weak, and the fundamentals were generally weak. It was expected to adjust with a weak shock in the short term [33][34][35]. - **Lithium Carbonate**: The lithium carbonate price was strong. The supply - demand gap was expected to expand in October. The short - term price was expected to remain strong, and it was necessary to pay attention to demand sustainability and ore performance [36][37][39]. Black Metals - **Steel**: The steel price was supported by the Tangshan production limit. The demand was expected to be supported by policies in the fourth quarter, and the inventory was expected to decrease. It was recommended to hold long positions and pay attention to the previous high pressure [40][42]. - **Iron Ore**: The iron ore price continued to rebound. The supply and demand situation was complex, and it was recommended to go long on dips for the 2601 contract and conduct a 1 - 5 positive arbitrage [43][47][48]. - **Coking Coal**: The coking coal price was strong. The supply decreased, and the demand for replenishment recovered. It was recommended to go long on dips for the 2601 contract and conduct a long - coking - coal short - coke arbitrage [49][50][51]. - **Coke**: The second - round price increase of coke was officially implemented, and there was still an expectation of a price increase. It was recommended to go long on dips for the 2601 contract and conduct a long - coking - coal short - coke arbitrage [52][53][55]. Agricultural Products - **Meal**: The Sino - US relationship improved, and the cost of near - month soybeans was supported. The domestic soybean and soybean meal inventory was high, but the cost support was strong, and the soybean meal trend was expected to be strong [56][58][59]. - **Live Pigs**: The pig price was strong. The secondary fattening and the expected reduction in the supply at the end of the month supported the price. In the medium term, there was still an increase in the supply. It was advisable to wait and see before entering the reverse spread [60][61].