Core Points - The article discusses the regulations regarding position limits for futures trading, emphasizing that positions approved for hedging are not subject to these limits [3] - It outlines the specific rules for position limits based on the type of futures contract and the trading volume [5][7] Group 1: Position Limits Regulations - The number of positions held by the same client must not exceed the limits set by the exchange [5] - If the position limit is exceeded, T+0 trading in the same direction is prohibited, and T+1 will result in forced liquidation according to relevant regulations [5] - Positions held by traders with actual control relationships are combined for calculation [5] Group 2: Specific Position Limits by Contract - Different futures contracts have varying position limits, which are determined by the exchange based on the specific circumstances of each contract [7] - For example, individual clients cannot hold positions in contracts during the delivery month, with limits set to zero [8] - The limits for specific contracts, such as PVC futures, are calculated based on the total open interest, with a maximum of 10% of the single-sided position [11] Group 3: Delivery Month Regulations - The position limit for the month before the delivery month is set at 5,000 contracts, while during the delivery month, it is reduced to 2,500 contracts [12] - Different futures products have distinct limit requirements, with some, like eggs and live pigs, having absolute limits rather than proportional ones [13]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The report presents the price changes of various commodities on October 29, 2025, compared to October 28, 2025, including chemicals, agricultural products, and more. It also covers macro - economic news and provides trading strategies for different commodities and financial products based on their fundamentals and market trends [4]. - Macroeconomic news shows positive developments in China - ASEAN cooperation, potential progress in Sino - EU trade talks, and China's stance on financial opening - up and economic policies. The performance of the A - share market and international stock markets is also analyzed [7][8][20][21]. 3. Summary by Category 3.1 Commodity Price Changes - **Chemicals**: On October 29, 2025, among chemicals, glass had the highest increase rate of 1.348% (from 1,113.00 to 1,128.00), while crude oil had the largest decline rate of - 0.994% (from 462.70 to 458.10) [4]. - **Agricultural Products**: Among agricultural products, soybean meal had the highest increase rate of 0.538% (from 2,975.00 to 2,991.00), and palm oil had the largest decline rate of - 1.496% (from 8,958.00 to 8,824.00) [4]. 3.2 Macroeconomic News - China and ASEAN signed the FTA 3.0 upgrade protocol, expanding cooperation in emerging fields [7]. - There will be a Sino - EU talk on rare earths, and China hopes for dialogue to solve trade differences [7]. - China is committed to financial opening - up, and the central bank will implement a moderately loose monetary policy [7]. - The revised Network Security Law will take effect on January 1, 2026, and the Environmental Protection Tax Law will include volatile organic compounds in the tax scope [8]. - The number of overseas travelers for tax - free shopping and the tax - free amount in China have increased significantly this year [8]. - The 8th China International Import Expo will be held from November 5th to 10th, with an expanded scale [8]. - China's soybean area and output are expected to remain high, and the number of breeding sows has decreased [8]. - China's wholesale and retail industries have shown growth in the first three quarters [8]. - The 2025 Hurun Rich List was announced, with Zhong Shanshan becoming the richest man in China [9]. 3.3 Commodity Trading Strategies - **Agricultural Products** - **Peanuts**: The price is expected to fluctuate between 7700 - 7900, and it is recommended to wait and see [13]. - **Sugar**: Consider selling call options at high prices, with a support level at 5450 yuan/ton [13]. - **Corn**: Observe the support in the 2100 - 2120 range [14]. - **Pigs**: The near - term futures are expected to be strong, and the long - term futures will remain weak [14]. - **Eggs**: Short - sell on the futures and conduct inter - month reverse arbitrage [16]. - **Cotton**: Wait and see, and consider going long if it breaks through 13600 yuan/ton [16]. - **Energy and Chemicals** - **Urea**: The UR2601 contract is expected to operate in the 1580 - 1670 yuan/ton range [16]. - **Caustic Soda**: The 2601 contract is under pressure [16]. - **Coking Coal and Coke**: They are expected to remain strong, with coking coal facing pressure around 1300 and coke around 1800 [16]. - **Industrial Metals** - **Copper and Aluminum**: Prices are expected to remain high, but beware of macro - risks [17]. - **Alumina**: The 2601 contract is operating at a low level [17]. - **Steel Products**: Steel prices are expected to fluctuate strongly, with rebar facing pressure around 3200 and hot - rolled coils around 3400 [17]. - **Ferroalloys**: They will maintain a wide - range fluctuating follow - up trend, and the industrial rebound hedging idea remains unchanged [19]. - **Lithium Carbonate**: Adopt a bullish strategy, with a support level at 80000 and a pressure level at 84000 [19]. - **Options and Finance** - **Stock Index Futures**: Trend investors can focus on inter - variety spread arbitrage opportunities, and volatility investors can consider buying straddles or wide straddles after the HO volatility decline [19]. - **Stock Index**: Although the Shanghai Composite Index broke through 4000 points, there is still a need for consolidation. Pay attention to the performance of the third - quarter reports of listed companies [20][21].

Group 1 - The futures market plays an increasingly important role in serving the real economy and managing price risks, with the Dalian Commodity Exchange's "Enterprise Risk Management Plan" successfully assisting hundreds of companies in their initial engagement with futures tools [1] - Companies like Fuxi Grain and Oil have transitioned from initial trials to regular application of futures tools, marking a significant step in their risk management strategies [1][4] - The plan provides a valuable "testing ground" for enterprises to learn and implement futures trading, enhancing their understanding and capabilities in risk management [1][4] Group 2 - Fuxi Grain and Oil, located in Inner Mongolia, faced significant price volatility in raw material procurement and product sales, prompting them to explore futures trading for risk management [2][3] - The company initially had limited knowledge of futures trading but began participating in the Enterprise Risk Management Plan in 2022, which allowed them to hedge against price fluctuations effectively [2][3] - By utilizing futures contracts for soybean procurement, Fuxi Grain and Oil managed to lock in prices and improve capital efficiency, resulting in a risk management gain of 58,790 yuan [3] Group 3 - Beijing Jingliang Biological Technology Group, a subsidiary of Beijing Shou Nong Food Group, also faced challenges with raw material cost fluctuations and sought to enhance its risk management through the Enterprise Risk Management Plan [5][6] - The company successfully executed its first futures transaction for corn starch, effectively hedging against price declines and establishing a dedicated team for futures operations [6] - Over the past two years, Jingliang Biological has accumulated a hedging scale exceeding 100,000 tons, demonstrating the effectiveness of the plan in expanding their risk management capabilities [6][8] Group 4 - Futures companies like Guotou Futures and CITIC Futures play a crucial role as "guides" for industry clients, helping them navigate the futures market through the Enterprise Risk Management Plan [8][9] - These firms emphasize "accompaniment-style growth," providing ongoing support and training to enhance clients' understanding and use of futures and options [9][10] - The plan targets a diverse range of enterprises, from large corporations to small businesses, facilitating their entry into futures trading and reducing trial-and-error costs [10] Group 5 - The successful experiences of companies like Fuxi Grain and Oil and Jingliang Biological highlight the expanding role of the futures market in supporting the real economy, with expectations for further growth in participation and application of futures tools [11]