1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Through macro - fundamental and technical analysis, the report predicts the trend of various futures contracts on December 15, 2025, including strong - side or weak - side oscillations, and provides corresponding resistance and support levels [2][3][4][6]. - Analyzes the market performance of various futures contracts on December 12, 2025, and provides a full - year outlook for December 2025 [20][21][22][45][51][57][64]. - Presents relevant macro - economic information and international news that may affect the futures market [8][9][10][14]. 3. Summary by Relevant Catalogs 3.1 Futures Market Outlook - **Stock Index Futures**: Expected to be strongly oscillating on December 15, 2025. For example, IF2512 has resistance at 4600 and 4614 points, and support at 4525 and 4511 points [2][27]. - **Treasury Bond Futures**: The ten - year T2603 and thirty - year TL2603 are expected to have wide - range oscillations on December 15, 2025, with specified resistance and support levels [2]. - **Precious Metal Futures**: Gold futures AU2602 are expected to be strongly oscillating on December 15, 2025, while silver futures AG2602 are expected to be weakly oscillating [2][3]. - **Base Metal Futures**: Copper, aluminum, zinc, nickel, and tin futures show different trends. For example, copper futures CU2602 are expected to be weakly oscillating on December 15, 2025 [3]. - **Energy and Chemical Futures**: Crude oil futures SC2601 are expected to be weakly oscillating on December 15, 2025, while fuel oil futures FU2603 are expected to be strongly oscillating [3][6]. - **Agricultural Futures**: Soybean meal futures M2605 are expected to have wide - range oscillations on December 15, 2025, and palm oil futures P2601 are expected to be weakly oscillating [7][146][148]. 3.2 Macro - economic Information - Central government departments emphasize financial risk prevention, including local small and medium - sized financial institutions, real estate, and local government debt risks [8]. - China's November financial data shows an increase in RMB loans and social financing scale, and growth in M2, M1, and other indicators [8]. - The central bank will conduct a 6000 - billion - yuan 6 - month - term outright reverse repurchase operation on December 15, 2025, with an increased volume [9]. - The Ministry of Finance plans to implement fiscal policies next year, including maintaining fiscal deficits and using government bonds [10]. 3.3 International News - The US, Japan, South Korea, Australia and other countries signed an agreement to maintain the safety of the rare - earth supply chain [14]. - Trump signed an executive order to regulate artificial intelligence at the federal level in the US [15]. - Multiple US states sued the federal government over the significant increase in H - 1B visa fees [16]. - Multiple Federal Reserve officials expressed their views on inflation and interest rates [17]. - Russia's central bank sued the European Central Securities Depository over frozen national assets [17]. - Ukraine and the US held talks on a "peace plan" [17]. 3.4 Market Performance on December 12, 2025 - Stock index futures such as IF2512, IH2512, IC2512, and IM2512 showed different degrees of increase [20][21][22]. - Treasury bond futures closed down across the board, with the 30 - year and 10 - year main contracts showing relatively large declines [45]. - Gold futures AU2602 rose, and silver futures AG2602 also showed an upward trend during the day but weakened at night [51][57]. - Copper futures CU2601 rose during the day but fell at night [64][65].

1. Report Industry Investment Rating No relevant content provided in the given text. 2. Core Viewpoints of the Report - The current futures market shows a significant differentiation pattern. The precious metals and non - ferrous metals sectors are generally strong, while the energy and chemical sectors and the agricultural products sectors are weak. The four major stock index futures show a bullish trend, and the signals in the treasury bond futures market are also differentiated [1][2]. - In operation, it is necessary to treat different types of varieties differently. For strong varieties, avoid chasing high prices and focus on opportunities after corrections. For weak varieties, pay attention to risk control [1]. 3. Summary by Relevant Catalogs 3.1 Colored and Precious Metals Sector - Gold in the precious metals sector shows a bullish signal, and silver is mainly oscillating. In the non - ferrous metals sector, zinc, lead, stainless steel, etc. show bullish signals, while industrial silicon, alumina, and lithium carbonate show bearish signals [10]. - For Shanghai copper CU2601, the medium - and long - term upward trend remains unchanged, with the key resistance level at 93,800 - 94,700 yuan/ton. There may be a short - term correction, but there is support at around 91,000 yuan/ton. If there is no top divergence and the Bollinger Band remains expanding during the correction, it is expected to continue the upward trend [12]. 3.2 Black and Shipping Sector - Coking coal and manganese silicon in the black sector show bullish signals, while rebar, hot - rolled coil, etc. show bearish signals. European line container shipping shows a bullish signal [20]. - For rebar RB2601, the mid - term upward repair still has momentum, but the MA60 moving average is a resistance level. The daily line shows that there are risk signals, and the upper resistance range is 3,200 - 3,250 yuan/ton [24]. 3.3 Energy and Chemical Sector - Crude oil in the energy sector shows a bullish signal, and LPG shows a bearish signal. In the chemical sector, p - xylene, plastic, etc. show bearish signals [30]. - For methanol 2601, the price mainly oscillates around the middle track of the Bollinger Band, and the upward channel is not smooth. Bulls need to pay attention to position management [33]. 3.4 Agricultural Products Sector - Palm oil and red dates in the agricultural products sector show bullish signals, while soybean No.1, soybean meal, etc. show bearish signals [39]. - For sugar SR601, the medium - term price still has downward fluctuation space, and the short - term rebound power is weak. Pay attention to position management [44]. 3.5 Stock Index Futures Sector - The four major stock index futures all show bullish signals, among which the CSI 300, CSI 500, and CSI 1000 futures show strong bullish signals [50]. - For the IC CSI 500 futures, the short - term has a certain upward repair power, but the medium - term price mainly oscillates, and the upward space is limited. Pay attention to position management [52]. 3.6 Treasury Bond Futures Sector - The 2 - year and 10 - year treasury bond futures show bullish signals, while the 5 - year and 30 - year treasury bond futures mainly oscillate [57]. - For the T 10 - year treasury bond futures, if the price continues to deviate below the MA250, the downward pressure is large; if it fluctuates between the two moving averages, wait and see; if it stabilizes above the MA120, the downward risk weakens [60][62].

Report Industry Investment Rating No relevant content provided. Core View of the Report Through macro - fundamental analysis and technical analysis using tools like the golden section line, horizontal line, and moving average, the report predicts the likely trends of various futures main contracts on December 5, 2025. Futures such as stock index futures, gold, aluminum, zinc, tin, crude oil, and corn are expected to have a strong - biased shock; contracts like ten - year and thirty - year treasury bond futures, silver, alumina, iron ore, coking coal, glass, soda ash, caustic soda, and soybean meal are expected to have a weak - biased shock; while copper, rebar, and hot - rolled coil futures are expected to oscillate and consolidate [2][3][6]. Summary by Related Catalogs 1. Futures Market Outlook Stock Index Futures - On December 4, 2025, the main contracts of stock index futures IF2512, IH2512, IC2512, and IM2512 all showed a pattern of opening slightly higher, fluctuating up and down, and closing with small increases. On December 5, they are expected to have a strong - biased shock. The resistance and support levels for each contract are provided [13][14][15][18]. Treasury Bond Futures - On December 4, ten - year and thirty - year treasury bond futures main contracts T2603 and TL2603 both declined. The ten - year contract T2603 opened slightly lower, fell in a weak oscillation, and the thirty - year contract TL2603 gapped down and fell sharply. On December 5, both are expected to have a weak - wide - range shock [33][35]. Precious Metal Futures - Gold futures main contract AU2602 on December 4 opened slightly higher, rebounded but then fell back. It is expected to have a strong - biased shock on December 5. Silver futures main contract AG2602 on December 4 opened slightly higher, oscillated downwards, and is expected to have a weak - biased shock on December 5 [39][47]. Base Metal Futures - Copper, aluminum, zinc, and tin futures main contracts all showed different degrees of upward movement on December 4. They are expected to have a strong - biased shock or oscillate and consolidate on December 5. Alumina futures main contract AO2601 declined on December 4 and is expected to continue its weak - biased shock and reach a new low on December 5 [53][56][60][65]. Other Commodity Futures - Carbonate lithium, rebar, hot - rolled coil, iron ore, coking coal, glass, soda ash, caustic soda, crude oil, soybean meal, corn, and palm oil futures main contracts all had their respective trends on December 4. Their trends on December 5 are predicted to be strong - biased shock, weak - biased shock, or oscillate and consolidate [72][76][80][82]. 2. Macro Information and Trading Tips - There were various macro - events including Sino - French summit talks, statements on the Taiwan issue, trade - related news, central bank's monetary policy operations, and local "15th Five - Year Plan" proposals focusing on artificial intelligence [8][9]. 3. Commodity Futures - Related Information - On December 4, international crude oil prices rose, precious metal futures had mixed results, and London base metals had mixed performances. The World Gold Council's outlook for 2026 suggests that gold prices may continue to rise by 15% - 30% [11][12].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report Through macro - fundamental analysis and technical analysis, the report predicts the trend of various futures on November 24, 2025. Index futures, gold, silver, copper, alumina, nickel, tin, rebar, methanol futures are likely to oscillate strongly; ten - year Treasury bond futures will probably oscillate widely; aluminum, hot - rolled coil, iron ore, PVC, and glass futures are expected to oscillate and consolidate; thirty - year Treasury bond futures, coking coal, soda ash, crude oil, fuel oil, PTA, soybean meal, soybean oil, palm oil, and natural rubber futures are likely to oscillate weakly; lithium carbonate futures will probably oscillate weakly [2][3][4]. 3. Summary by Relevant Catalogs 3.1 Futures Market Outlook - **Index Futures**: On November 24, 2025, index futures are likely to oscillate strongly. For IF2512, resistance levels are 4457 and 4511 points, and support levels are 4400 and 4369 points; for IH2512, resistance levels are 2968 and 2994 points, and support levels are 2979 and 2963 points; for IC2512, resistance levels are 6872 and 6970 points, and support levels are 6700 and 6622 points; for IM2512, resistance levels are 7116 and 7211 points, and support levels are 6956 and 6900 points [2]. - **Treasury Bond Futures**: The ten - year Treasury bond futures main contract T2512 is likely to oscillate widely on November 24, 2025, with support levels at 108.36 and 108.31 yuan, and resistance levels at 108.54 and 108.59 yuan. The thirty - year Treasury bond futures main contract TL2512 is likely to oscillate weakly, with support levels at 115.4 and 115.2 yuan, and resistance levels at 116.0 and 116.1 yuan [2][3]. - **Precious Metal Futures**: On November 24, 2025, the gold futures main contract AU2602 is likely to oscillate strongly and attack resistance levels of 939.6 and 945.5 yuan/gram, with support levels at 930.0 and 926.9 yuan/gram. The silver futures main contract AG2602 is likely to oscillate strongly and attack resistance levels of 1244 and 12163 yuan/kg, with support levels at 11680 and 11649 yuan/kg [2][3]. - **Base Metal Futures**: Copper, alumina, nickel, and tin futures are likely to oscillate strongly; aluminum futures are likely to oscillate and consolidate. For example, the copper futures main contract CU2601 is likely to oscillate strongly and attack resistance levels of 86500 and 86800 yuan/ton, with support levels at 85600 and 85200 yuan/ton [3]. - **Energy and Chemical Futures**: Crude oil, soda ash, fuel oil, PTA futures are likely to oscillate weakly; lithium carbonate futures are likely to oscillate weakly. For example, the crude oil futures main contract SC2601 is likely to oscillate weakly and test support levels of 441 and 433 yuan/barrel, with resistance levels at 450 and 453 yuan/barrel [3][4]. - **Agricultural Futures**: Soybean meal, soybean oil, palm oil futures are likely to oscillate weakly [4][6]. 3.2 Macro News and Trading Tips - **International Events**: The 20th G20 Leaders' Summit was held in Johannesburg, South Africa. China announced relevant initiatives, and leaders had bilateral meetings. The US is promoting a peace plan for the Russia - Ukraine conflict, but negotiations have not reached an agreement [8][9][13]. - **Domestic Economic Data**: From January to October, the actual use of foreign capital in China was 621.93 billion yuan, a year - on - year decrease of 10.3%. In October, the total social electricity consumption was 857.2 billion kWh, a year - on - year increase of 10.4% [10][12]. - **Domestic Policies**: The State - owned Assets Supervision and Administration Commission will support enterprises in Xiongan New Area. The Ministry of Housing and Urban - Rural Development promotes urban renewal and urban management in communities. The Ministry of Industry and Information Technology conducts typical case collection [10]. 3.3 Futures Market Analysis and Outlook - **Index Futures**: On November 21, 2025, index futures showed a weak downward trend. Multiple factors such as the decline in the Fed's interest - rate cut expectations and concerns about the AI bubble led to the recent market correction, but Chinese assets are still expected to have a "slow bull" [18][20][21]. - **Treasury Bond Futures**: On November 21, 2025, most Treasury bond futures closed down. The central bank conducted reverse - repurchase operations, and the short - term downward pressure on the ten - year Treasury bond futures slightly increased [43]. - **Precious Metal Futures**: On November 21, 2025, gold and silver futures showed a downward trend. The short - term downward pressure increased, but in November, they are expected to oscillate strongly [49][55]. - **Base Metal Futures**: Most base metal futures showed a downward trend on November 21, 2025, with different degrees of short - term downward pressure [60][64][72]. - **Energy and Chemical Futures**: Energy and chemical futures showed different trends on November 21, 2025. For example, lithium carbonate futures dropped significantly, and the short - term downward pressure increased [80]. - **Agricultural Futures**: Agricultural futures showed a weak downward trend on November 21, 2025, with different degrees of short - term downward pressure [125][127][130].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Through macro - fundamental and technical analysis, the report predicts the trend of today's futures main contracts. For example, stock index futures will likely fluctuate and consolidate; gold and silver futures will likely show a strong - side fluctuation; lithium carbonate futures will likely fluctuate with an upward bias; crude oil and fuel oil futures will likely fluctuate with a downward bias [1][2][3][6]. Summary by Related Catalogs Futures Market Outlook - **Stock Index Futures**: On November 19, 2025, IF2512, IH2512, IC2512, and IM2512 had different intraday performances. It is expected that on November 20, they will likely fluctuate and consolidate, with specific resistance and support levels provided. Also, it is expected that in November 2025, these contracts will likely have a wide - range fluctuation [12][13][14][18]. - **Treasury Bond Futures**: On November 19, ten - year and thirty - year treasury bond futures main contracts declined. It is expected that on November 20, the T2512 and TL2512 contracts will likely have a wide - range fluctuation, with corresponding support and resistance levels [35][36][38][40][41]. - **Precious Metal Futures**: On November 19, gold and silver futures new main contracts showed a strong - side upward trend. It is expected that in November 2025, the main continuous contracts will likely have a strong - side wide - range fluctuation. On November 20, the AU2602 and AG2602 contracts will likely show a strong - side fluctuation and attack resistance levels [44][48]. - **Base Metal Futures**: On November 19, copper, aluminum, and other base metal futures main contracts had different trends. Different trends are expected for November 20 and November 2025, such as copper futures will likely show a strong - side fluctuation on November 20 [52][59]. - **Energy and Chemical Futures**: On November 19, crude oil and fuel oil futures main contracts had certain price movements. It is expected that on November 20, they will likely fluctuate with a downward bias. Other energy and chemical futures like PTA and PVC also have corresponding predicted trends [99][105][108][110]. - **Building Materials and Steel Futures**: On November 19, steel - related futures such as rebar, hot - rolled coil, and iron ore had different trends. It is expected that on November 20, they will likely fluctuate with a downward bias, and different trends are predicted for November 2025 [77][80][82]. Macro News and Trading Tips - Domestic and international macro - events include government officials' research, international relations, and central bank policies. For example, the Fed's policy meeting minutes show a divergence among decision - makers on interest rate cuts [7][8]. - In the commodity futures market, on November 19, international precious metal futures generally rose, while oil futures declined. Base metals in London mostly rose [9][10][11]. Stock Market Information - On November 19, the A - share market had mixed performances, with the Shanghai Composite Index rising slightly, and the Hong Kong stock market and US stock market also had different trends. Some foreign institutions are optimistic about the long - term allocation value of the Chinese stock market, and there is a new case of M&A in the A - share brokerage industry [14][15][16].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The bond market fluctuates between stable growth and easing expectations, influenced by the stock market, the Fed's interest - rate cut expectations, and global trade uncertainties. Short - term attention should be paid to the policy signals at the end of the month [3]. - Due to the rising repo rate and the oscillating Treasury bond futures prices, the 2512 contract is rated as neutral. Attention should be paid to the decline of the 2512 basis. For hedging, considering the medium - term adjustment pressure, short - position holders can moderately hedge with far - month contracts [4]. Summary by Directory I. Interest Rate Pricing Tracking Indicators - Price indicators: China's monthly CPI increased by 0.2% month - on - month and 0.2% year - on - year; monthly PPI increased by 0.1% month - on - month and decreased by 2.1% year - on - year [9]. - Monthly economic indicators: Social financing scale reached 437.08 trillion yuan, with a month - on - month increase of 3.42 trillion yuan (+0.79%); M2 year - on - year growth was 8.4%, down 0.4% (-4.55%); manufacturing PMI was 49%, down 0.8% (-1.61%) [10]. - Daily economic indicators: The US dollar index was 99.48, down 0.14 (-0.14%); the offshore US dollar - to - RMB exchange rate was 7.1238, up 0.003 (+0.05%); SHIBOR 7 - day was 1.50, up 0.02 (+1.56%); DR007 was 1.51, up 0.01 (+0.89%); R007 was 1.51, down 0.02 (-1.24%); the 3 - month inter - bank certificate of deposit (AAA) was 1.58, up 0.01 (+0.40%); the AA - AAA credit spread (1Y) was 0.08, up 0.00 (+0.40%) [10]. II. Treasury Bonds and Treasury Bond Futures Market Overview - Multiple figures are provided to show the situation of the Treasury bond futures market, including the closing price trend, price change rate, precipitation of funds, position ratio, net position ratio, long - short position ratio, spread between national development bonds and Treasury bonds, and Treasury bond issuance [13][16][19][22]. III. Money Market Funding Situation - Multiple figures are provided to show the money market situation, including the Shibor interest rate trend, the yield - to - maturity trend of inter - bank certificates of deposit (AAA), the trading statistics of inter - bank pledged repurchase, and local bond issuance [28][33][34]. IV. Spread Overview - Multiple figures are provided to show various spread situations, such as the inter - term spread trend of Treasury bond futures and the spread between spot bond term spreads and futures cross - variety spreads [33][38][43]. V. Two - Year Treasury Bond Futures - Multiple figures are provided to show the situation of two - year Treasury bond futures, including the implied interest rate and Treasury bond yield - to - maturity of the main contract, the IRR and funding rate of the TS main contract, and the three - year basis and net basis trends of the TS main contract [40][45][52]. VI. Five - Year Treasury Bond Futures - Multiple figures are provided to show the situation of five - year Treasury bond futures, including the implied interest rate and Treasury bond yield - to - maturity of the main contract, the IRR and funding rate of the TF main contract, and the three - year basis and net basis trends of the TF main contract [54][58]. VII. Ten - Year Treasury Bond Futures - Multiple figures are provided to show the situation of ten - year Treasury bond futures, including the implied yield and Treasury bond yield - to - maturity of the main contract, the IRR and funding rate of the T main contract, and the three - year basis and net basis trends of the T main contract [61][63]. VIII. Thirty - Year Treasury Bond Futures - Multiple figures are provided to show the situation of thirty - year Treasury bond futures, including the implied yield and Treasury bond yield - to - maturity of the main contract, the IRR and funding rate of the TL main contract, and the three - year basis and net basis trends of the TL main contract [68][73].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Through macro - fundamental and technical analysis, the report predicts the trends of various futures contracts on November 7, 2025, including weak oscillations for stock index futures, iron ore, crude oil, PTA, PVC, and soybean meal futures; shock consolidation for gold and silver futures; and wide - range oscillations for some other futures contracts [2][3][5][6]. Summary by Directory 1. Macro News and Trading Tips - China emphasizes the construction of Hainan Free Trade Port, promotes trade and investment liberalization, and responds to the issue of Nexperia. The Chinese government also conducts reverse repurchase operations and adjusts administrative divisions. In the US, Trump reaches an agreement on GLP - 1 diet pills, and the employment situation is severe, leading to an increase in interest - rate cut expectations. The US government shutdown affects inflation data and the aviation industry. The UK central bank maintains the interest rate, and the expectation of an interest - rate cut in December increases [8][9][10]. - On November 6, international precious - metal futures generally closed down, oil prices declined, and most London base metals rose. Indonesia stops approving applications for nickel ore processing plants, and Saudi Aramco lowers the price of crude oil sold to Asia [10][11]. 2. Futures Market Analysis and Forecast Stock Index Futures - On November 6, major stock - index futures contracts such as IF2512, IH2512, IC2512, and IM2512 showed different degrees of increase. The A - share market rose, with an increase in trading volume. MSCI adjusted its index, and Hong Kong stocks also rose. US and European stock markets generally fell [12][13][14][15][16][17]. - It is expected that on November 7, stock - index futures will show weak oscillations, and in November 2025, they will likely have wide - range oscillations [17][18]. Treasury Bond Futures - On November 6, ten - year and thirty - year treasury - bond futures contracts generally declined. The central bank conducted reverse - repurchase operations, resulting in a net withdrawal of funds. It is expected that on November 7, ten - year and thirty - year treasury - bond futures contracts will have wide - range oscillations [34][35][36][38][39]. Precious - Metal Futures - On November 6, gold and silver futures contracts rose. It is expected that in November 2025, the continuous main contracts of gold and silver futures will have wide - range oscillations, and on November 7, they will show shock consolidation [40][48][49]. Base - Metal Futures - On November 6, copper, aluminum, alumina, and carbon - lithium futures contracts showed different degrees of increase. It is expected that in November 2025, copper, aluminum, and carbon - lithium futures will have wide - range oscillations, and alumina futures will have weak wide - range oscillations. On November 7, copper and alumina futures will have weak oscillations, and aluminum futures will have wide - range oscillations and attempt to break through resistance levels [53][59][63][67][68]. Building - Material and Energy - Chemical Futures - On November 6, futures contracts such as rebar, hot - rolled coil, iron ore, coking coal, glass, soda ash, crude oil, PTA, PVC, methanol, and soybean meal showed different trends. It is expected that in November 2025, most of these futures will have wide - range oscillations. On November 7, rebar, glass, and soda - ash futures will show shock consolidation; hot - rolled coil, iron ore, coking coal, crude oil, PTA, PVC, methanol, and soybean meal futures will have weak oscillations; and carbon - lithium futures will have strong oscillations [70][76][79][84][87][91][95][98][101][103][104].

Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. Core Viewpoints - Through macro - fundamental and technical analysis, the report predicts the trend of various futures on November 6, 2025. Index futures, gold, silver, copper, aluminum, and some other futures are expected to have a strong - side oscillation; crude oil, PTA, PVC, and methanol futures are expected to have a weak - side oscillation; some futures such as alumina, rebar, and hot - rolled coil are expected to oscillate and consolidate [2][3][4][5]. Summary by Related Catalogs Futures Market Outlook Highlights - Index futures are expected to have a strong - side oscillation. IF2512 has resistance levels at 4637 and 4653 points, and support levels at 4572 and 4536 points; IH2512 has resistance levels at 3030 and 3040 points, and support levels at 2992 and 2976 points; IC2512 has resistance levels at 7160 and 7210 points, and support levels at 7049 and 7000 points; IM2512 has resistance levels at 7365 and 7419 points, and support levels at 7257 and 7195 points [2]. - The ten - year Treasury bond futures main contract T2512 is likely to have a wide - range oscillation, with resistance levels at 108.80 and 108.85 yuan, and support levels at 108.58 and 108.53 yuan. The thirty - year Treasury bond futures main contract TL2512 is likely to have a wide - range oscillation, with resistance levels at 116.8 and 117.2 yuan, and support levels at 116.1 and 116.0 yuan [2]. - Gold futures main contract AU2512 is likely to have a strong - side oscillation and will attack the resistance levels of 921.9 and 927.3 yuan/gram, with support levels at 908.0 and 900.4 yuan/gram [2]. - Silver futures main contract AG2512 is likely to have a strong - side oscillation and will attack the resistance levels of 11455 and 11483 yuan/kg, with support levels at 11210 and 11103 yuan/kg [3]. - Copper futures main contract CU2512 is likely to have a strong - side oscillation, with resistance levels at 86100 and 86600 yuan/ton, and support levels at 85300 and 85000 yuan/ton [3]. - Aluminum futures main contract AL2512 is likely to have a strong - side oscillation and will attack the resistance levels of 21500 and 21600 yuan/ton, with support levels at 21310 and 21260 yuan/ton [3]. - Alumina futures main contract AO2601 is likely to oscillate and consolidate, with support levels at 2752 and 2740 yuan/ton, and resistance levels at 2789 and 2816 yuan/ton [4]. - Rebar futures main contract RB2601 is likely to oscillate and consolidate, with support levels at 3009 and 2990 yuan/ton, and resistance levels at 3046 and 3068 yuan/ton [4]. - Hot - rolled coil futures main contract HC2601 is likely to oscillate and consolidate, with support levels at 3229 and 3194 yuan/ton, and resistance levels at 3264 and 3292 yuan/ton [4]. - Iron ore futures main contract I2601 is likely to oscillate and consolidate, with support levels at 767 and 762 yuan/ton, and resistance levels at 778 and 783 yuan/ton [4]. - Coking coal futures main contract JM2601 is likely to have a strong - side oscillation and will attack the resistance levels of 1267 and 1280 yuan/ton, with support levels at 1250 and 1240 yuan/ton [4]. - Glass futures main contract FG601 is likely to oscillate and consolidate, with resistance levels at 1112 and 1127 yuan/ton, and support levels at 1091 and 1072 yuan/ton [4]. - Soda ash futures main contract SA601 is likely to have a strong - side oscillation and will attack the resistance levels of 1209 and 1215 yuan/ton, with support levels at 1186 and 1175 yuan/ton [4]. - Crude oil futures main contract SC2512 is likely to have a weak - side oscillation and will test the support levels of 455 and 452 yuan/barrel, with resistance levels at 468 and 471 yuan/barrel [5]. - PTA futures main contract TA601 is likely to have a weak - side oscillation and will test the support levels of 4554 and 4520 yuan/ton, with resistance levels at 4610 and 4624 yuan/ton [5]. - PVC futures main contract V2601 is likely to have a weak - side oscillation and will test the support levels of 4600 and 4560 yuan/ton, with resistance levels at 4654 and 4662 yuan/ton [5]. - Methanol futures main contract MA601 is likely to have a weak - side oscillation and will test the support levels of 2100 and 2080 yuan/ton, with resistance levels at 2141 and 2150 yuan/ton [5]. - Soybean meal futures main contract M2601 is likely to have a strong - side oscillation and will attack the resistance levels of 3094 and 3125 yuan/ton, with support levels at 3060 and 3046 yuan/ton [7]. Macro News and Trading Tips - Premier Li Qiang of the State Council attended the opening ceremony of the 8th China International Import Expo and delivered a keynote speech, stating that China will focus on high - quality development and promote high - level opening - up [7]. - China announced specific measures to implement the consensus of the China - US economic and trade consultations in Kuala Lumpur, including measures related to tariffs and export controls [7]. - The US Supreme Court debated the legality of Trump's large - scale reciprocal tariffs, and many conservative justices questioned its legality [9]. - The US federal government's "shutdown" has reached 36 days, which may reduce the Q4 economic growth rate by up to 2 percentage points [9]. - The EU climate ministers reached an agreement on the 2040 climate change target, aiming to reduce greenhouse gas emissions by 90% [10]. - The eurozone's October service PMI was 53%, pushing the composite PMI to a new high since May 2023 [10]. Futures Market Analysis and Outlook Index Futures - On November 5, the main contracts of index futures showed different trends. IF2512 had a slight increase, IH2512 had a slight decrease, IC2512 had a slight increase, and IM2512 had a slight increase. The A - share market had a slight increase, while the Hong Kong stock market had a slight decrease, and the US and European stock markets had increases [12][13][14][15][16]. - It is expected that in November 2025, the main contracts of index futures IF, IH, IC, and IM will likely have a wide - range oscillation [16][17]. - On November 6, index futures are expected to have a strong - side oscillation [17]. Treasury Bond Futures - Ten - year Treasury bond futures main contract T2512 on November 5 had a slight decrease, with resistance at 108.80 yuan and support at 108.58 yuan. It is expected to have a wide - range oscillation on November 6 [34][35]. - Thirty - year Treasury bond futures main contract TL2512 on November 5 had a 0.08% decrease, with resistance at 117.0 yuan and support at 116.34 yuan. It is expected to have a wide - range oscillation on November 6 [37][38]. Gold Futures - Gold futures main contract AU2512 on November 5 had a 0.77% decrease, with resistance at 920.0 yuan/gram and support at 901.38 yuan/gram. It is expected to have a wide - range oscillation in November 2025 and a strong - side oscillation on November 6 [41]. Silver Futures - Silver futures main contract AG2512 on November 5 had a 0.73% decrease, with resistance at 11351 yuan/kg and support at 11038 yuan/kg. It is expected to have a wide - range oscillation in November 2025 and a strong - side oscillation on November 6 [46][47]. Copper Futures - Copper futures main contract CU2512 on November 5 had a 0.88% decrease, with resistance at 86000 yuan/ton and support at 85000 yuan/ton. It is expected to have a strong - side wide - range oscillation in November 2025 and a strong - side oscillation on November 6 [51]. Aluminum Futures - Aluminum futures main contract AL2512 on November 5 had a 0.40% decrease, with resistance at 21465 yuan/ton and support at 21200 yuan/ton. It is expected to have a strong - side wide - range oscillation in November 2025 and a strong - side oscillation on November 6 [55][56]. Alumina Futures - Alumina futures main contract AO2601 on November 5 had a 0.11% decrease, with resistance at 2780 yuan/ton and support at 2750 yuan/ton. It is expected to have a weak - side wide - range oscillation in November 2025 and oscillate and consolidate on November 6 [60]. Rebar Futures - Rebar futures main contract RB2601 on November 5 had a 1.21% decrease, with resistance at 3046 yuan/ton and support at 3000 yuan/ton. It is expected to have a strong - side wide - range oscillation in November 2025 and oscillate and consolidate on November 6 [65]. Hot - rolled Coil Futures - Hot - rolled coil futures main contract HC2601 on November 5 had a 0.85% decrease, with resistance at 3265 yuan/ton and support at 3229 yuan/ton. It is expected to oscillate and consolidate on November 6 [69]. Iron Ore Futures - Iron ore futures main contract I2601 on November 5 had a 0.26% decrease, with resistance at 778 yuan/ton and support at 767 yuan/ton. It is expected to have a wide - range oscillation in November 2025 and oscillate and consolidate on November 6 [73]. Coking Coal Futures - Coking coal futures main contract JM2601 on November 5 had a 0.47% decrease, with resistance at 1277 yuan/ton and support at 1242 yuan/ton. It is expected to have a strong - side wide - range oscillation in November 2025 and a strong - side oscillation on November 6 [78]. Glass Futures - Glass futures main contract FG601 on November 5 had a 0.54% decrease, with resistance at 1126 yuan/ton and support at 1088 yuan/ton. It is expected to have a weak - side wide - range oscillation in November 2025 and oscillate and consolidate on November 6 [81]. Soda Ash Futures - Soda ash futures main contract SA601 on November 5 had a 0.08% increase, with resistance at 1202 yuan/ton and support at 1186 yuan/ton. It is expected to have a weak - side wide - range oscillation in November 2025 and a strong - side oscillation on November 6 [87][88]. Crude Oil Futures - Crude oil futures main contract SC2512 on November 5 had a 0.37% decrease, with resistance at 466.1 yuan/barrel and support at 458.9 yuan/barrel. It is expected to have a weak - side oscillation in November 2025 and a weak - side oscillation on November 6 [92]. PTA Futures - PTA futures main contract TA601 on November 5 had a 0.09% increase, with resistance at 4620 yuan/ton and support at 4554 yuan/ton. It is expected to have a weak - side oscillation on November 6 [97]. PVC Futures - PVC futures main contract V2601 on November 5 had a 0.77% decrease, with resistance at 4670 yuan/ton and support at 4620 yuan/ton. It is expected to have a weak - side oscillation on November 6 [99]. Methanol Futures - Methanol futures main contract MA601 on November 5 had a 0.94% increase, with resistance at 2150 yuan/ton and support at 2080 yuan/ton. It is expected to have a weak - side oscillation on November 6 [101]. Soybean Meal Futures - Soybean meal futures main contract M2601 on November 5 had a 1.49% increase, with resistance at 3088 yuan/ton and support at 3000 yuan/ton. It is expected to have a strong - side oscillation on November 6 [102].

Report Industry Investment Rating No relevant content provided. Core View of the Report Based on macro - fundamental and technical analysis, the report predicts the trend of various futures contracts on October 10, 2025, including stock index futures, bond futures, precious metal futures, base metal futures, and commodity futures. It also provides resistance and support levels for each contract [2]. Summary by Related Catalogs Macro News and Trading Tips - China's Ministry of Commerce imposes export controls on certain rare - earth items and technologies and adds 14 foreign entities to the unreliable entity list. It also issues 4 announcements on export controls for other related items [8]. - Three ministries adjust the new - energy vehicle purchase tax exemption technical requirements for 2026 - 2027, increasing the pure - electric range of plug - in hybrid and extended - range passenger cars [8]. - During the National Day and Mid - Autumn Festival holidays, the domestic tourism spending increased by 108.189 billion yuan compared to 2024, and the average daily sales revenue of consumption - related industries increased by 4.5% year - on - year [8]. - The National Development and Reform Commission and the State Administration for Market Regulation issue an announcement to address price disorderly competition and maintain a good market price order [8]. - From January to August this year, the added - value of above - scale industrial small and medium - sized enterprises in China increased by 7.6% year - on - year, and the export index in August was 51.9% [8]. - A cease - fire agreement in Gaza is reached, and Hamas officials confirm it [8]. - A bill proposed by the US Republicans to end the government shutdown fails to pass in the Senate [9]. - US Treasury Secretary is interviewing candidates for the Fed Chair, and Trump will make a final decision [9]. - Fed officials have different views on interest rate cuts. Williams supports further cuts this year, while Barr advocates caution [9]. - The European Central Bank considered a rate cut in September but did not implement it due to upward inflation risks [10]. Commodity Futures Information - On October 9, US crude oil and Brent crude oil futures declined due to the cease - fire in Gaza and reduced geopolitical risk premiums [11]. - On October 9, international precious metal futures generally fell. COMEX gold and silver futures declined, affected by the US government shutdown, Fed officials' divided views, and the easing of the Middle East situation [11]. - On October 9, the spot silver price reached a high since the 1980s, driven by increased demand for safe - haven assets and supply shortages in the London precious metal market [11]. - On October 9, London base metals rose, supported by factors such as a falling US dollar index, rising global manufacturing PMI, and increased demand in the new - energy sector [12]. Futures Market Analysis and Forecast Stock Index Futures - On October 9, the main contracts of CSI 300, SSE 50, CSI 500, and CSI 1000 stock index futures showed different trends. Overall, they had a slight rise, with some contracts approaching important resistance levels [13][14][15]. - It is expected that on October 10, stock index futures will fluctuate and consolidate, with specific resistance and support levels provided for each contract [19]. - It is expected that in October 2025, the main contracts of stock index futures will generally show a strong - wide - range or strong - fluctuation trend [18]. Bond Futures - On October 9, the main contracts of 10 - year and 30 - year treasury bond futures rose. The 10 - year contract continued to rebound, and the 30 - year contract had a stronger upward trend [34][39]. - It is expected that on October 10, the main contracts of 10 - year and 30 - year treasury bond futures will have a strong - wide - range fluctuation [36][41]. Precious Metal Futures - On October 9, the main contracts of gold and silver futures had significant increases, reaching new highs. Technical analysis shows a strong upward trend [42][50]. - It is expected that in October 2025, the main continuous contracts of gold and silver futures will be strong - fluctuating and are likely to reach new highs [45][51]. - It is expected that on October 10, the main contracts of gold and silver futures will have a strong - wide - range fluctuation and are likely to attack resistance levels [45][51]. Base Metal Futures - On October 9, the main contracts of copper, aluminum, zinc, nickel, and tin futures generally rose, with some breaking through important resistance levels. The alumina futures contract had a weak performance [57][63][69][71][81]. - It is expected that in October 2025, copper, tin futures will be strong - fluctuating; aluminum, zinc, and nickel futures will have a wide - range fluctuation; alumina futures will be weak - wide - range fluctuating [57][63][70][71][81]. - It is expected that on October 10, copper, aluminum, zinc, and tin futures will have a strong - wide - range or strong - fluctuation trend; alumina futures will be strong - fluctuating; nickel futures will be weak - fluctuating [57][63][70][71][81]. Commodity Futures - On October 9, the main contracts of rebar, hot - rolled coil, iron ore, coking coal, glass, and soybean oil futures generally rose; the main contracts of soda ash, crude oil, PTA, and PVC futures declined [87][90][93][98][102][110][116][118][120]. - It is expected that in October 2025, rebar, iron ore, coking coal, glass, and soda ash futures will have a wide - range fluctuation; crude oil futures will have a wide - range fluctuation with a downward trend; PTA and PVC futures will be weak - fluctuating; soybean oil and palm oil futures will be strong - fluctuating [87][93][98][102][107][110][116][118][120][122]. - It is expected that on October 10, rebar, hot - rolled coil, iron ore, coking coal, glass, soda ash, soybean oil, and palm oil futures will be strong - fluctuating; crude oil, PTA, and PVC futures will be weak - fluctuating [2][5][6][7].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Through macro - fundamental analysis and technical analysis using tools like the golden ratio line, horizontal line, and moving average, the report predicts the likely trends of various futures contracts on August 26, 2025, including strong - side oscillations for stock index futures, gold, and crude oil futures, and weak - side oscillations for steel rebar, iron ore, glass, soda ash, and soybean meal futures [2]. Summary by Directory 1. Futures Market Outlook - **Stock Index Futures**: Expected to have strong - side oscillations on August 26, 2025. For example, IF2509 has resistance levels at 4550 and 4600 points and support levels at 4475 and 4450 points; IH2509 has resistance at 3040 and 3060 points and support at 2992 and 2975 points; IC2509 has resistance at 7000 and 7100 points and support at 6910 and 6860 points; IM2509 has resistance at 7550 and 7600 points and support at 7412 and 7362 points [2]. - **Treasury Bond Futures**: The ten - year Treasury bond futures contract T2512 and the thirty - year Treasury bond futures contract TL2512 are likely to have wide - range oscillations on August 26, 2025. T2512 has support levels at 107.73 and 107.53 yuan and resistance levels at 108.09 and 108.17 yuan; TL2512 has support at 116.1 and 115.6 yuan and resistance at 117.5 and 117.8 yuan [3]. - **Precious Metal Futures**: The gold futures contract AU2510 is likely to have strong - side oscillations on August 26, 2025, with resistance levels at 781.8 and 786.8 yuan/gram and support levels at 776.8 and 773.8 yuan/gram. The silver futures contract AG2510 is likely to have wide - range oscillations, with support at 9281 and 9205 yuan/kg and resistance at 9404 and 9442 yuan/kg [3]. - **Base Metal Futures**: Copper futures contract CU2510 is likely to oscillate and consolidate on August 26, 2025, with resistance at 80000 and 80200 yuan/ton and support at 79500 and 79200 yuan/ton. Aluminum futures contract AL2510 is likely to have weak - side oscillations, with support at 20630 and 20600 yuan/ton and resistance at 20770 and 20840 yuan/ton. Alumina futures contract AO2601 is likely to have weak - side oscillations and test support levels at 3139 and 3115 yuan/ton, with resistance at 3216 and 3233 yuan/ton. Zinc futures contract ZN2510 is likely to have weak - side oscillations and test support at 22200 and 22110 yuan/ton, with resistance at 22400 and 22480 yuan/ton. Nickel futures contract NI2510 is likely to oscillate and consolidate, with resistance at 120700 and 121200 yuan/ton and support at 120000 and 119500 yuan/ton [3][4]. - **Industrial Product Futures**: Industrial silicon futures contract SI2511 is likely to have wide - range oscillations on August 26, 2025, with resistance at 8780 and 8910 yuan/ton and support at 8520 and 8440 yuan/ton. Polysilicon futures contract PS2511 is likely to have wide - range oscillations, with support at 51200 and 50200 yuan/ton and resistance at 52200 and 53700 yuan/ton. Lithium carbonate futures contract LC2511 is likely to have wide - range oscillations, with support at 77800 and 76900 yuan/ton and resistance at 81000 and 81600 yuan/ton. Steel rebar futures contract RB2510 is likely to have weak - side oscillations, with support at 3119 and 3104 yuan/ton and resistance at 3148 and 3169 yuan/ton. Hot - rolled coil futures contract HC2510 is likely to have weak - side oscillations, with support at 3361 and 3349 yuan/ton and resistance at 3406 and 3423 yuan/ton. Iron ore futures contract I2601 is likely to have weak - side oscillations and test support at 777 and 771 yuan/ton, with resistance at 789 and 795 yuan/ton. Coking coal futures contract JM2601 is likely to have wide - range oscillations, with resistance at 1227 and 1251 yuan/ton and support at 1203 and 1164 yuan/ton. Glass futures contract FG601 is likely to have weak - side oscillations and test support at 1167 and 1156 yuan/ton, with resistance at 1191 and 1206 yuan/ton. Soda ash futures contract SA601 is likely to have weak - side oscillations and test support at 1318 and 1300 yuan/ton, with resistance at 1347 and 1365 yuan/ton. Crude oil futures contract SC2510 is likely to have strong - side oscillations and attack resistance at 499 and 504 yuan/barrel, with support at 494 and 491 yuan/barrel. PVC futures contract V2601 is likely to have weak - side oscillations and test support at 5000 and 4984 yuan/ton, with resistance at 5077 and 5089 yuan/ton. Soybean meal futures contract M2601 is likely to have weak - side oscillations and test support at 3088 and 3081 yuan/ton, with resistance at 3122 and 3135 yuan/ton [3][4][5]. 2. Macro - news and Trading Tips - China has introduced policies in multiple fields, including carbon market construction, financial support for forestry, and customs port opening. Shanghai has launched a series of real - estate policies. The US has made a series of political and economic decisions, such as personnel changes, trade tariff adjustments, and the inclusion of certain minerals in the key minerals list. Major investment banks have different expectations for the Fed's interest - rate cuts [8][9][10]. 3. Commodity Futures - related Information - Henan coking enterprises plan to implement production cuts from August 25 to September 3, with an estimated cut of 20 - 35%. On August 25, international precious - metal futures generally closed down, while crude - oil futures rose due to geopolitical conflicts and inventory decline. The RMB exchange rate, the US dollar index, and non - US currency exchange rates also showed certain fluctuations [11][12][13]. 4. Futures Market Analysis and Outlook - **Stock Index Futures**: On August 25, the four major stock - index futures contracts showed strong - side oscillations. The 5 - day, 10 - day, 20 - day, 40 - day, 60 - day, and 120 - day moving averages of the main continuous contracts of IF, IH, IC, and IM showed obvious long - position arrangements, with obvious upward trends in the medium - term, medium - short - term, and short - term. It is expected that before the end of August, the main continuous contracts of IF, IH, IC, and IM will continue to attack key resistance levels [13][14][15]. - **Treasury Bond Futures**: On August 25, the ten - year and thirty - year Treasury - bond futures contracts showed strong - side oscillations. The central bank carried out 2884 billion yuan of 7 - day reverse - repurchase operations and 6000 billion yuan of MLF operations on that day, with a net investment of 219 billion yuan and 3000 billion yuan respectively. It is expected that on August 26, the ten - year and thirty - year Treasury - bond futures contracts will have wide - range oscillations [39][40][45]. - **Precious Metal Futures**: On August 25, the gold and silver futures contracts showed strong - side oscillations. It is expected that in August 2025, the main continuous contracts of gold and silver futures will have wide - range oscillations, and on August 26, the main contracts of gold and silver futures will have strong - side and wide - range oscillations respectively [45][52][53]. - **Base Metal Futures**: On August 25, the copper, aluminum, alumina, zinc, and nickel futures contracts showed different degrees of upward oscillations. It is expected that in August 2025, the main continuous contracts of these base - metal futures will have wide - range oscillations, and on August 26, the main contracts will show different trends such as oscillation consolidation, weak - side oscillations, etc. [58][62][70]. - **Industrial Product Futures**: On August 25, the industrial - silicon, polysilicon, lithium - carbonate, steel - rebar, hot - rolled coil, iron - ore, coking - coal, glass, soda - ash, crude - oil, PVC, and soybean - meal futures contracts showed different trends. It is expected that in August 2025, the main continuous contracts of these industrial - product futures will have wide - range oscillations or strong - side/weak - side oscillations, and on August 26, the main contracts will show corresponding trends [79][83][89].