1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The short - term, medium - term, and intraday views on Rebar 2601 are all "shock - weak", with the core logic being that the fundamentals have not improved and the upward trend of steel prices is weak [1] - Although short - term favorable factors support the recovery of undervalued steel prices, the demand for rebar will seasonally weaken, and supply has increased. The fundamentals have no substantial improvement, so steel prices are still prone to pressure, with weak upward drivers, and will continue to operate in a low - level shock state [2] 3. Summary by Relevant Catalogs 3.1 Variety Viewpoint Reference - For Rebar 2601, the short - term view is shock, the medium - term view is shock, the intraday view is shock - weak, and the overall view is shock - weak. The reason is that the fundamentals have not improved and the upward trend of steel prices is weak. There are also explanations for calculating the rise - fall range and definitions of shock - strong/weak [1] 3.2 Market Driving Logic - Market sentiment has warmed up, and the low number of warehouse receipts has led to a shock increase in rebar futures prices. However, the supply - demand pattern has not improved. Construction steel mills have resumed production, with output rising from a low level and relatively high inventory, so supply pressure still exists [2] - Rebar demand has improved, with high - frequency demand indicators rising month - on - month, mainly due to the release of speculative demand. The main downstream industries are weak, and demand will seasonally weaken, continuing to drag down steel prices [2] - Short - term favorable factors support the recovery of undervalued steel prices, but the fundamentals have no substantial improvement, and steel prices are still prone to pressure, with weak upward drivers, continuing to operate in a low - level shock state. Attention should be paid to demand performance [2]

投资咨询业务资格：证监许可【2011】1778 号 宝城期货贵金属有色早报（2025 年 11 月 25 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 黄金 | 2602 | 震荡 | 震荡 | 震荡 偏强 | 观望 | 降息预期升温 | | 铜 | 2601 | 震荡 | 强势 | 震荡 偏强 | 长线看强 | 宏观宽松，矿端减产 | 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 主要品种价格行情驱动逻辑—商品期货 品种：黄金（AU） 日内观点：震荡偏强 中期观点：震荡 参考观点：观望 核心逻辑：昨夜黄金震荡上行，纽约金站上 4100 美元关口，沪金逼近 940 元关口。继上周 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - For both short - term and medium - term, the view on both coking coal and coke is to adopt an oscillatory approach. The short - term and medium - term trends are expected to be oscillatory, while the intraday trends are expected to be oscillatory and weak [1]. 3. Summary by Variety Coking Coal (JM) - **Production Data**: As of the week ending November 21, the daily average output of clean coal from 523 coking coal mines nationwide was 75.8 thousand tons, a week - on - week increase of 0.1 thousand tons and a year - on - year decrease of 3.8 thousand tons. The combined daily average output of coke from downstream coking plants and steel mills was 108.89 thousand tons, a week - on - week decrease of 0.28 thousand tons [5]. - **Demand Outlook**: Although the profits of independent coking plants have improved significantly this week, the port market has already over - anticipated price cuts. There are doubts about the extent and sustainability of the improvement in downstream demand, so the positive factors on the demand side of coking coal are still insufficient [5]. - **Supply Outlook**: The easing of anti - involution expectations and the accelerated clearance of Mongolian coal have weakened the support on the supply side of coking coal. However, considering that coal mine production may decline after reaching the annual production target at the end of the year and the Politburo meeting in December, the sustainability of the downward trend of coking coal futures remains to be observed [5]. Coke (J) - **Market Price**: The spot market of raw material coking coal is weak, and downstream steel mills are in the red. The ex - warehouse price of quasi - first - grade wet - quenched coke at Rizhao Port has dropped to 1470 yuan/ton, 200 yuan/ton lower than the flat - price [6]. - **Supply and Demand**: The latest data shows that both the supply and demand of coke have weakened slightly, and the fundamentals have not changed much. As of the week ending November 21, the combined daily average output of coke from independent coking plants and steel mill coking plants was 108.89 thousand tons, a week - on - week decrease of 0.28 thousand tons; the daily average pig iron output of 247 steel mills was 236.28 thousand tons, a week - on - week decrease of 0.6 thousand tons. The profitability rate of steel mills continued to decline by 1.3 percentage points to 37.66%, indicating that steel mills are in a large - scale loss situation [6]. - **Market Trend**: The strong supply - side expectations of coking coal have cooled down, dragging down the cost support of coke. The main futures contract is expected to maintain a weak oscillatory trend. Continued attention should be paid to the supply situation of coking coal [6].

Report Industry Investment Rating - No information provided in the report Core Viewpoint - The report presents the daily arbitrage data of various futures varieties on November 25, 2025, including basis, inter - period spreads, and inter - commodity spreads for different sectors such as thermal coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1][5][21][27][38][48] Summary by Directory 1. Thermal Coal - The basis of thermal coal from November 18 to November 24, 2025, was 32.6 yuan/ton, and the spreads of 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month were all 0 [2] 2. Energy Chemicals (1) Energy Commodities - The basis, price ratio, and other data of fuel oil, crude oil, asphalt, and INE crude oil from November 18 to November 24, 2025, are presented, such as the basis of INE crude oil on November 24 was - 8.81 yuan/ton [7] (2) Chemical Commodities - **Inter - period spreads**: For rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol, the inter - period spreads of 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month are provided. For example, the 5 - month minus 1 - month spread of rubber was 75 yuan/ton [9] - **Inter - commodity spreads**: The inter - commodity spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol from November 18 to November 24, 2025, are given. For instance, on November 24, the LLDPE - PVC spread was 2297 yuan/ton [9] - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol from November 18 to November 24, 2025, are shown. For example, the basis of rubber on November 24 was - 370 yuan/ton [10] 3. Black Metals - **Inter - period spreads**: For rebar, iron ore, coke, and coking coal, the inter - period spreads of 5 - month minus 1 - month, 9 - month (10) minus 1 - month, and 9 - month (10) minus 5 - month are provided. For example, the 5 - month minus 1 - month spread of rebar was 29 yuan/ton [20] - **Inter - commodity spreads**: The inter - commodity spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot - rolled coil from November 18 to November 24, 2025, are given. For instance, on November 24, the rebar/iron ore ratio was 3.90 [20] - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from November 18 to November 24, 2025, are shown. For example, the basis of rebar on November 24 was 161.0 yuan/ton [21] 4. Non - Ferrous Metals (1) Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from November 18 to November 24, 2025, are presented. For example, the basis of copper on November 24 was 90 yuan/ton [30] (2) London Market - On November 24, 2025, for LME non - ferrous metals, the LME premium/discount, Shanghai - London ratio, CIF price, domestic spot price, and import profit/loss of copper, aluminum, zinc, lead, nickel, and tin are provided. For example, the LME premium of copper was 24.88 [33] 5. Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc., from November 18 to November 24, 2025, are shown. For example, the basis of soybeans No.1 on November 24 was - 130 yuan/ton [38] - **Inter - period spreads**: The inter - period spreads of various agricultural products such as soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, etc., are provided. For example, the 5 - month minus 1 - month spread of soybeans No.1 was 49 yuan/ton [38] - **Inter - commodity spreads**: The inter - commodity spreads of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc., from November 18 to November 24, 2025, are given. For instance, on November 24, the soybeans No.1/corn ratio was 1.88 [38] 6. Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from November 18 to November 24, 2025, are presented. For example, the basis of CSI 300 on November 24 was 12.85 [49] - **Inter - period spreads**: The inter - period spreads of the next - month minus the current - month and the next - quarter minus the current - quarter for CSI 300, SSE 50, CSI 500, and CSI 1000 are provided. For example, the next - month minus the current - month spread of CSI 300 was - 156 [49]

1. Macroeconomic Data Overview - GDP growth rate in Q3 2025 was 4.8% year-on-year, down from 5.2% in the previous quarter but up from 4.6% in the same period last year [1] - In October 2025, the manufacturing PMI was 49.0%, down from 49.8% in the previous month and 50.1% in the same period last year [1] - The non-manufacturing PMI for business activities in October 2025 was 50.1%, up from 50.0% in the previous month but down from 50.2% in the same period last year [1] - The incremental social financing scale in October 2025 was 816.1 billion yuan, down from 3.5299 trillion yuan in the previous month and 1.412 trillion yuan in the same period last year [1] - In October 2025, the year-on-year growth rates of M0, M1, and M2 were 10.6%, 6.2%, and 8.2% respectively, showing a downward trend compared to the previous month [1] - New RMB loans in October 2025 were 220 billion yuan, down from 1.29 trillion yuan in the previous month and 500 billion yuan in the same period last year [1] - In October 2025, the year-on-year growth rates of CPI and PPI were 0.2% and -2.1% respectively [1] - The cumulative year-on-year growth rate of fixed asset investment (excluding rural households) from January to October 2025 was -1.7%, showing a decline [1] - The cumulative year-on-year growth rate of total retail sales of consumer goods from January to October 2025 was 4.28%, slightly down from the previous month but up from the same period last year [1] - In October 2025, the year-on-year growth rates of export and import values were -1.1% and 1.0% respectively, showing a significant change compared to the previous month [1] 2. Commodity Investment Reference Comprehensive - On the evening of November 24th, Chinese President Xi Jinping had a phone call with US President Trump, emphasizing the importance of Sino-US cooperation and clarifying China's stance on the Taiwan issue [2] - The National Development and Reform Commission issued a notice on the special management measures for central budgetary investment in rural revitalization, with different investment amounts allocated according to the rural population of each county [3] - Li Muchun, a member of the Party Committee and Deputy General Manager of the Guangzhou Futures Exchange, announced three key development directions, including enriching the variety system, strengthening market services and training, and promoting high-level opening-up [3] - On November 24th, 43 domestic commodity varieties had positive basis, while 24 had negative basis. Among them, Shanghai nickel, Zhengzhou cotton, and cast aluminum alloy had the largest basis, while butadiene rubber, apples, and strong wheat had the smallest [4][5] - San Francisco Fed President Daly supported a rate cut in December, and Fed Governor Waller's remarks alleviated market concerns about inflation, jointly boosting market expectations of a Fed policy shift [5] Metals - The Shenzhen Financial Commission warned the public about illegal gold investment activities [6] - On November 24th, international precious metal futures generally closed higher due to the Fed's monetary policy signals [6] - The Thai central bank plans to tighten gold trading reporting regulations [6] - According to LME inventory data on November 21st, lead and copper inventories increased, while aluminum, nickel, and tin inventories decreased [7][8] - Bank of America predicted that the gold price could reach $5000 per ounce by 2026 [8] - As of November 24th, the holdings of the SPDR Gold Trust increased by 0.03% [8] Coking Coal, Steel, and Minerals - As of mid-November, the prices of coke and coking coal increased month-on-month [9] - The fourth round of coke price hikes was implemented, squeezing steel mills' profits. Coke prices may face downward pressure at the end of the month or early December [9] - The US Commerce Secretary demanded that the EU change digital regulations to reduce steel and aluminum tariffs, but the EU refused [9] - From April to October, India's finished steel imports decreased year-on-year, and steel prices faced downward pressure in October [9] - BHP's acquisition offer for Anglo American Resources indicates intensifying competition in the global copper mining market [9] Energy and Chemicals - From November 10th to 21st, international oil prices fluctuated downward, and domestic gasoline and diesel prices were lowered on November 24th [10][11] - As of the end of October 2025, the cumulative proven geological reserves of coalbed methane in China exceeded 700 billion cubic meters [11] - As of the end of October, China's total installed power generation capacity was 3.75 billion kilowatts, with significant growth in solar and wind power [11] - Goldman Sachs predicted a decline in Dutch TTF natural gas prices from 2026 to 2027 and recommended shorting the Q3 2027 futures [11] - JPMorgan maintained its 2026 oil price forecast, with a target of $58 for Brent crude and $54 for WTI crude [11] Agricultural Products - In 2025, the domestic pig market was sluggish, with prices declining and supply increasing due to higher sow存栏 and production efficiency. Terminal demand was weak, and secondary fattening decreased [12] - From January to October, Russia's corn exports to China increased significantly, and in September, Russian corn accounted for about 34% of China's total corn imports [12] 3. Financial News Compilation Open Market - On November 24th, the central bank conducted 338.7 billion yuan of 7-day reverse repurchase operations, with a net investment of 55.7 billion yuan [14] - The central bank announced a 1 trillion yuan MLF operation on November 25th, with a net investment of 100 billion yuan for the month [14] - The central bank issued 45 billion yuan of RMB central bank bills in Hong Kong [14] - The Ministry of Finance and the central bank conducted treasury cash management commercial bank time deposit tenders, with a total winning amount of 200 billion yuan [15] Key News - President Xi Jinping emphasized the importance of Sino-US cooperation in a phone call with US President Trump [16] - China's Ministry of Foreign Affairs responded to Japan's proposal for a China-Japan-South Korea leaders' meeting, citing issues with the current conditions [16][17] - Chinese Vice Premier He Lifeng held a video call with French Minister of Economy, Finance, Industry, Energy, and Digital Sovereignty, expressing willingness to deepen economic and financial cooperation [17] - The National Development and Reform Commission issued a notice on central budgetary investment in rural revitalization [17] - In the first three quarters of this year, China's total foreign direct investment increased by 4.4% year-on-year, with investment in 151 countries and regions [18] - In October, China's new productive forces continued to grow, with high-tech industries showing double-digit growth [18] - As of the end of October, China's total installed power generation capacity increased by 17.3% year-on-year [18] - The Inner Mongolia Autonomous Region plans to resolve hidden debts and other risks [19] - The issuance of interbank science and technology innovation bonds exceeded 530 billion yuan, with increased participation from private enterprises [20] - The use of risk-sharing tools for science and technology innovation bonds is expanding, and new bonds are about to be issued [20] - The Shanghai Bill Exchange's comprehensive service platform was launched, and the first bill discounting business was completed [20] - Four private equity investment institutions plan to issue 930 million yuan of science and technology innovation bonds [21] - Inner Mongolia will issue 10.4 billion yuan of refinancing bonds on December 1st [21] - Fed Governor Waller and San Francisco Fed President Daly supported a rate cut in December [21] - Several companies had major bond events, including overdue debts, management changes, and regulatory measures [21][22] - Moody's and Fitch issued credit ratings for multiple companies [22] Bond Market Summary - China's bond market fluctuated narrowly, with bond futures rising and the money market easing [23] - Some bonds in the exchange market rose, while others fell. The real estate bond and high-yield urban investment bond indices increased slightly [23] - The CSI Convertible Bond Index rose by 0.22%, and some convertible bonds had significant price changes [24][25] - Money market interest rates showed mixed trends, with some rising and some falling [25] - Treasury bond and financial bond auctions had different winning yields and multiples [26] - European and US bond yields generally declined [27][28] Foreign Exchange Market - The onshore RMB against the US dollar rose by 47 points, and the central parity rate was raised by 28 points [29] - The US dollar index rose slightly, and most non-US currencies had mixed performance [29] Research Report Highlights - Yangtze River Fixed Income believed that the bond market may decline due to "fixed income +" fund redemptions but could rebound with rate cut expectations [30] - Xingzheng Fixed Income suggested focusing on credit bond liquidity and medium-term credit bonds [30] - Xingzheng Fixed Income analyzed the situation of treasury bond futures and provided trading strategies [30] - Huatai Fixed Income attributed the weak bond market to multiple factors and recommended trading strategies [31][32] - Huatai Fixed Income was cautious about convertible bonds in the short term and had a positive outlook in the medium term [32] - CITIC Securities analyzed the reasons for the simultaneous decline of stocks and bonds and predicted the range of the 10-year treasury bond yield [32] - CICC believed that the trend of household deposits moving to the market would support the A-share market [33] Today's Reminders - On November 25th, 220 bonds will be listed, 179 bonds will be issued, 108 bonds will be paid, and 242 bonds will have principal and interest repaid [34] 4. Stock Market News - The A-share market rose slightly, with military, AI, and other concepts performing well, while lithium mines declined. The trading volume reached 1.74 trillion yuan [35] - The Hong Kong Hang Seng Index rose by 1.97%, and the Hang Seng Technology Index soared by 2.78%. Southbound funds had a net purchase of 8.571 billion Hong Kong dollars [35] - As of November 24th, 800 listed companies received significant shareholder increases, with a total increase of 115.821 billion yuan, a year-on-year increase of 44.69% [35]

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View of the Report - The short - term market competition intensifies, and the stock index will mainly fluctuate within a range in the short term. However, in the long - term, the stock index is not pessimistic, and there is strong support below after a significant short - term correction [5]. 3) Summary According to Related Catalogs Variety View Reference - Financial Futures Stock Index Sector - For IH2512, the short - term view is "oscillation", the medium - term view is "oscillation", the intraday view is "weak", and the reference view is "range oscillation". The core logic is that the willingness of funds to settle increases in the short term [1]. - For IF, IH, IC, and IM, the intraday view is "weak", the medium - term view is "oscillation", and the reference view is "range oscillation". The core logic is that the policy expectation driving the stock market to rise has declined in the short term, the risk appetite of technology stocks has decreased, and there is a demand for technical consolidation of the stock index. However, in the long - term, the policy and capital factors remain positive [5]. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - Yesterday, the stock indexes fluctuated and consolidated. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1740.3 billion yuan, a decrease of 243.3 billion yuan from the previous day. The short - term policy expectation has declined, and the risk preference of technology stocks has decreased due to the risk of profit realization in global AI investment. In the short term, there is a demand for technical consolidation of the stock index, and the willingness of funds to leave the market to avoid risks has increased. In the long - term, the policy and capital factors remain positive, and the stock index is not pessimistic [5].

Group 1: Report's Investment Rating - There is no information about the industry investment rating provided in the report. Group 2: Core Viewpoints - The report suggests that in the short - term, treasury bond futures will mainly fluctuate and consolidate. The short - term expectation of interest rate cuts has declined, but the long - term expectation of a loose monetary policy still exists. The upward momentum of treasury bond futures is limited in the short term, and they will mainly show an oscillatory pattern [1][5]. Group 3: Summary by Related Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - For the TL2512 variety, the short - term view is "oscillatory", the medium - term view is "oscillatory", and the intraday view is "weak". The reference view is "oscillatory consolidation", with the core logic being that the short - term expectation of interest rate cuts has declined while the long - term loose expectation still exists [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - For varieties TL, T, TF, and TS, the intraday view is "weak", the medium - term view is "oscillatory", and the reference view is "oscillatory consolidation". The core logic is that treasury bond futures fluctuated and slightly rebounded yesterday. In October, economic data such as consumption and investment weakened, and the problem of insufficient effective domestic demand still exists. The long - term policy loose expectation supports treasury bond futures, but the necessity of policy intensification within the year is not strong, and the possibility of a comprehensive interest rate cut in the short term is low, limiting the upward momentum of treasury bond futures. Currently, there are signs of weakening both at home and abroad, and short - term risk - aversion demand supports the demand side of treasury bonds [5].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The short - term, medium - term, and intraday views on Iron Ore 2601 are all in a state of shock, with an overall view of shock and weakness. The short - term positive factors have fermented, and the ore price is in a high - level shock [1]. - The iron ore supply remains high while the demand weakens, and the fundamentals of the ore market have not improved. The ore price is still under pressure. The short - term support comes from the switching of the arbitrage logic, and the ore price is expected to continue the shock operation. Attention should be paid to the performance of steel [3]. 3. Summary According to Related Contents 3.1 Variety Viewpoint Reference - For Iron Ore 2601, the short - term view is shock, the medium - term view is shock, the intraday view is shock and weakness, and the overall view is shock and weakness. The core logic is that short - term positive factors have fermented, leading to a high - level shock in ore prices [1]. 3.2 Calculation Rules for Rise and Fall - For varieties with night trading, the starting price is the night - trading closing price; for those without night trading, it is the previous day's closing price. The ending price is the day - trading closing price on the same day to calculate the rise - fall range. A decline greater than 1% is considered weak, a decline of 0 - 1% is shock and weakness, a rise of 0 - 1% is shock and strength, and a rise greater than 1% is strong. The shock - strength/weakness only applies to intraday views, and there is no distinction for short - term and medium - term views [2]. 3.3 Market Driving Logic - The supply and demand of iron ore have changed. Steel mill production has stabilized, the terminal consumption of ore has weakened, and the profitability of steel mills is poor, so the ore demand is expected to remain weak. At the same time, the arrival of ore at domestic ports has increased significantly, the overseas miners' shipments have decreased, but both are still at a high level within the year. Overseas supply is active, and domestic ore supply is stable. The ore supply remains high. Overall, the ore market fundamentals have not improved, and the ore price is still under pressure. The short - term support comes from the switching of the arbitrage logic, and the ore price is expected to continue the shock operation. Attention should be paid to the performance of steel [3]

期货研究报告 晨会纪要 投资咨询业务资格：证监许可【2011】1778 宝城期货橡胶早报-2025-11-25 品种晨会纪要 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 沪胶 | 2601 | 震荡 | 震荡 | 偏弱 | 偏弱运行 | 偏空因素主导，沪胶震荡偏弱 | | 合成胶 | 2601 | 震荡 | 震荡 | 偏弱 | 偏弱运行 | 偏空因素主导，合成胶震荡偏弱 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为偏弱，涨幅 0~1%为偏强，涨幅大于 1%为强势。 3.偏强/偏弱只针对日内观点，短期和中期不做区分。 主要品种价格行情驱动逻辑—商品期货能源化工板块 沪胶（RU） 日内观点：偏弱 中期观点：震荡 参考观点：偏弱运行 核心逻辑：随着国内云南和海南天胶产区逐渐临近停割季，未来国产全乳胶供应预期逐渐下降 ...

Group 1: Report Investment Rating - The short - term view of crude oil 2601 is volatile, the medium - term view is volatile, and the intraday view is bullish, with a reference view of bullish operation [1] Group 2: Core View - Due to the significantly worse - than - expected September non - farm payroll data released by the US last weekend, the macro sentiment has weakened. The latest quarterly report of OPEC has changed the global oil market in the third quarter from "supply shortage" to "a daily surplus of 500,000 barrels", amplifying the expectation of loose supply. The weak supply - demand structure of the oil market is now in a game with geopolitical sentiment. Due to the continuation of the Russia - Ukraine conflict, oil prices are recovering. On Monday night, domestic crude oil futures maintained a volatile and stable trend with a slight rebound. It is expected that domestic crude oil futures may maintain a bullish trend on Tuesday [5] Group 3: Summary by Related Catalog Time - cycle View - For crude oil 2601, the short - term view is volatile, the medium - term view is volatile, and the intraday view is bullish, with a reference view of bullish operation. The core logic is that bullish factors support the crude oil to be volatile and bullish [1] Price -行情 Driving Logic - The intraday view of crude oil (SC) is bullish, and the medium - term view is volatile. The reference view is bullish operation. The core logic involves macro sentiment weakening, supply - demand structure changes, and the impact of geopolitical conflicts on oil prices. It is expected that domestic crude oil futures may be bullish on Tuesday [5]