Group 1: Report Investment Rating - No investment rating information is provided in the report Group 2: Core View - The spot price of urea has risen continuously, and the downstream's willingness to purchase is acceptable. The futures price has followed the increase. However, as the price rises and approaches the pressure level, the futures market is expected to experience a correction and fluctuate within a narrow range [1] Group 3: Summary by Relevant Directory 1. Market Analysis - The futures market opened high and moved strongly throughout the day. The price continued to rise, and the consecutive positive days in the market boosted sentiment. The enthusiasm for fertilizer preparation was good. The ex - factory price of small - particle urea in Shandong, Henan, and Hebei was in the range of 1580 - 1610 yuan/ton, rebounding by about 10 yuan/ton, with the highest price in Hebei [1][4] - The daily production of urea is significantly higher than the same period in previous years. Before the seasonal shutdown of gas - based plants, the daily production of upstream plants will remain high. Starting next month, there will be more gas - based plant overhauls [1] - The operating rate of compound fertilizer plants continued to increase. After the production of winter - storage fertilizers, the production load gradually climbed. Although the recent pre - orders were not good, the pending orders were still sufficient, and the operating rate is expected to continue to rise next week. The operating rate of compound fertilizer plants increased by 2.45 percentage points this period [1] - Other industrial demands were mainly stable. The operating rate of melamine decreased by 1.4 percentage points this period. High raw material prices restricted the downstream operating rate [1] - Since the recent price increase, the downstream terminal's purchasing speed has increased, and the enthusiasm of agricultural dealers to purchase has significantly increased. Coupled with reserve demand, the inventory has decreased for several consecutive weeks, with a week - on - week decline of 5.1% this week [1] 2. Futures and Spot Market Conditions Futures - The main urea 2601 contract opened at 1679 yuan/ton, opened high and moved strongly throughout the day, and finally closed at 1677 yuan/ton, forming a negative line with a change of +0.72%. The trading volume was 223,887 lots (-7,026 lots). Among the top 20 positions of the main contract, long positions increased by 232 lots, and short positions decreased by 2,429 lots [2] Spot - The price continued to rise, and the consecutive positive days in the market boosted sentiment. The ex - factory price of small - particle urea in Shandong, Henan, and Hebei was in the range of 1580 - 1610 yuan/ton, rebounding by about 10 yuan/ton, with the highest price in Hebei [1][4] Warehouse Receipts - On November 28, 2025, the number of urea warehouse receipts was 7,587, a week - on - week increase of 406. Among them, Jiashili Jingzhou (Yuntu Holdings UR) decreased by 99, Anzhou Logistics (Sichuan Agricultural Materials UR) increased by 250, Ningling Stanley increased by 105, and Hengshui Cotton and Linen increased by 150 [3] 3. Fundamental Tracking Basis - The mainstream spot market quotation and the futures closing price both increased today. Based on the Henan region, the basis strengthened compared to the previous trading day. The basis of the January contract was - 17 yuan/ton (+1 yuan/ton) [7] Supply Data - On November 28, 2025, the national daily production of urea was 205,900 tons, unchanged from the previous day, and the operating rate was 84.85% [9]

震荡偏强 发布日期：2025 年 11 月 28 日 【行情分析】 今日铜低开高走，震荡偏强，印尼 Grasberg 矿区预计明年二季度复产，铜冶炼端长 单谈判依然在进行中，目前粗炼费精炼费延续窄幅波动，基本无变化。精炼铜进口环比 减少，但国内铜相对供应充裕，暂时未出现货源偏紧的状态。770 号文目前尚未落地， 再生铜杆企业开工谨慎，江西安徽等产地再生铜杆产量下降，后续随着政策的落地，预 计再生铜杆开工负荷能有回升。上周铜价下跌后，下游市场逢低拿货有增加，2025 年 10 月中国铜材产量 200.4 万吨，环比下滑超 10%，同比下降 3.3%；主要系 10 月份铜价大幅 反弹，受成本高价的制约，铜材生产受抑制，负反馈铜基本面偏弱势。近期上期所铜库 存冲高回落，库存压力有所缓解，但依然同比偏高，处于历年同期高位。综合来看，近 期随着美联储降息的预期概率提升，美元走弱，铜价也逐渐反弹，基本面暂无明显变 化，关注库存去化持续性，降息预期未反转之前，预计偏强。 【冠通期货研究报告】 资料来源：同花顺期货通（日线图表） 【期现行情】 期货方面：沪铜低开高走，震荡偏强。 现货方面：今日华东现货升贴水 105 元/吨， ...

Report Industry Investment Rating No relevant information provided. Core View of the Report The report indicates that the end of the consumption peak season, a decline in the US ISM manufacturing index, unclear prospects for US interest rate cuts, concerns about crude oil demand, OPEC+ accelerating production increases, and increased exports from the Middle East have led to an oversupply situation in the crude oil market. However, due to the difficulty in reaching a peace agreement between Russia and Ukraine in the near term, crude oil prices are expected to oscillate at a low level [1]. Summary According to Relevant Catalogs 1. Market Analysis - On November 2, OPEC+ eight countries decided to increase production by 137,000 barrels per day in December, the same as the production increase plans in October and November. Production increases will be suspended in the first quarter of next year, which will intensify the crude oil supply pressure in the fourth quarter but unexpectedly reduce the supply pressure in the first quarter of next year. The next OPEC+ eight - country meeting will be held on November 30, and it is expected that OPEC+ will maintain production levels [1]. - The US - Venezuela military confrontation has escalated, with the US military conducting attack exercises in the Caribbean Sea, raising concerns about supply disruptions in Venezuela and Libya. The Russia - Ukraine peace talks are difficult to achieve in the near term [1]. 2. Futures and Spot Market Conditions - The main crude oil futures contract, the 2601 contract, rose 1.98% to 453.9 yuan per ton today, with a minimum price of 448.1 yuan per ton, a maximum price of 455.0 yuan per ton, and an open interest decrease of 2359 to 33,652 lots [2]. 3. Fundamental Tracking - EIA月报预计2025年全球液态燃料产量将增加270万桶/日，2026年再增加130万桶/日。EIA also raised its forecast for US crude oil production in 2026 by 200,000 barrels per day to 13.5 million barrels per day [3]. - OPEC adjusted the third - quarter global oil shortage of 400,000 barrels per day to a surplus of 500,000 barrels per day and adjusted the 2026 global oil shortage of 50,000 barrels per day to a surplus of 20,000 barrels per day. OPEC maintained its forecast for global crude oil demand growth in 2025 at 1.3 million barrels per day and in 2026 at 1.38 million barrels per day [3]. - IEA's annual "World Energy Outlook" predicts that oil demand may continue to grow until 2050, while IEA previously expected global oil demand to peak in 2030. IEA also adjusted its forecasts for global crude oil supply and demand growth rates in 2025 and 2026 [3]. 4. Inventory and Production Data - As of the week ending November 21, US crude oil inventories increased by 2.774 million barrels, gasoline inventories increased by 2.513 million barrels, and refined oil inventories increased by 1.147 million barrels, all exceeding expectations. Cushing crude oil inventories decreased by 68,000 barrels [4]. - OPEC's September crude oil production was adjusted down by 13,000 barrels per day to 28.427 million barrels per day, and its October production increased by 33,000 barrels per day to 28.46 million barrels per day. OPEC+ crude oil production in October decreased by 73,000 barrels per day compared to September to 43.02 million barrels per day [4]. - US crude oil production in the week of November 21 decreased by 20,000 barrels per day to 13.814 million barrels per day, remaining near the historical high [4]. 5. Demand Data - The four - week average supply of US crude oil products decreased to 20.381 million barrels per day, a 0.33% decrease compared to the same period last year. Gasoline weekly demand increased by 2.32% to 8.726 million barrels per day, and the four - week average demand was 8.789 million barrels per day, a 0.06% increase compared to the same period last year. Diesel weekly demand decreased by 13.39% to 3.362 million barrels per day, and the four - week average demand was 3.743 million barrels per day, a 0.17% decrease compared to the same period last year. The single - week supply of US crude oil products increased by 0.41% month - on - month [5][7].

1. Report Industry Investment Rating - Not provided 2. Core View of the Report - The PP downstream operating rate increased by 0.26 percentage points to 53.83% week - on - week, but the operating rate of the plastic weaving industry, the main downstream of the drawstring, decreased. The 11 - month petrochemical destocking slowed down, and the current petrochemical inventory is at a moderately high level in the same period in recent years. The cost - side crude oil price fluctuates at a low level. Although the supply of new production capacity is added and the maintenance devices are slightly reduced, the downstream is at the end of the peak season, and the market lacks large - scale centralized procurement. The overall supply - demand pattern of plastics remains unchanged, and it is expected that the upward space of PP will be limited in the near future [1] 3. Summary by Relevant Catalogs 3.1 Market Analysis - The PP downstream operating rate increased by 0.26 percentage points to 53.83% week - on - week, at a low level in the same period over the years. However, the operating rate of the plastic weaving industry, the main downstream of the drawstring, decreased by 0.14 percentage points to 44.1%, and the plastic weaving orders were flat week - on - week, slightly lower than the same period last year. On November 28, the changes in maintenance devices were small, the PP enterprise operating rate remained at about 83%, at a moderately low level, and the production ratio of standard drawstring decreased to about 28%. In November, the petrochemical destocking slowed down, and the current petrochemical inventory is at a moderately high level in the same period in recent years. The crude oil price fluctuates at a low level. There is new production capacity in supply, and the maintenance devices have slightly decreased recently. The downstream is at the end of the peak season, and the market lacks large - scale centralized procurement. Although the relevant departments' research work has given some boost to bulk commodities, the overall supply - demand pattern of plastics remains unchanged, and it is expected that the upward space of PP will be limited in the near future [1] 3.2 Futures and Spot Market Futures Market - The PP2601 contract decreased in positions and fluctuated upward, with a minimum price of 6302 yuan/ton, a maximum price of 6413 yuan/ton, and finally closed at 6409 yuan/ton, below the 20 - day moving average, with a gain of 1.91%. The position volume decreased by 50,595 lots to 506,658 lots [2] Spot Market - The spot prices of PP in various regions mostly increased. The drawstring was reported at 6150 - 6480 yuan/ton [3] 3.3 Fundamental Tracking - On the supply side, on November 28, the changes in maintenance devices were small, the PP enterprise operating rate remained at about 83%, at a moderately low level, and the production ratio of standard drawstring decreased to about 28%. On the demand side, as of the week of November 28, the PP downstream operating rate increased by 0.26 percentage points to 53.83% week - on - week, at a low level in the same period over the years. However, the operating rate of the plastic weaving industry, the main downstream of the drawstring, decreased by 0.14 percentage points to 44.1%, and the plastic weaving orders were flat week - on - week, slightly lower than the same period last year. The petrochemical early - morning inventory on Friday was flat week - on - week at 650,000 tons, 70,000 tons higher than the same period last year. In November, the petrochemical destocking slowed down, and the current petrochemical inventory is at a moderately high level in the same period in recent years [4] 3.4 Raw Material End - The Brent crude oil 02 contract rose to $63/barrel, and the China CFR propylene price was flat week - on - week at $735/ton [6]

尿素日度数据图表 研究咨询部 | 指标 本期 前值 涨跌 一周走势 | | --- | | 河南 1660 1650 10 | | 主流地区市场价 山西 1530 1520 10 | | （元/吨） 江苏 1660 1640 20 | | 山东 1670 1650 20 | | 黑龙江 1740 1740 0 内蒙古 1750 1750 0 | | 河北东光 1660 1650 10 | | 山东华鲁 1650 1640 10 工厂价 | | （元/吨） 江苏灵谷 1680 1680 0 | | 安徽昊源 1600 1620 -20 | | 山东05基差 -88 -71 -17 | | 山东01基差 -102 -86 -16 基差 | | （元/吨） 河北05基差 -68 -51 -17 | | 河北01基差 -82 -66 -16 | | 1-5价差 64 71 -7 月差（元/吨） 5-9价差 -14 -15 1 | | 仓单数量（张） 仓单数量合计 7587 7181 406 | | 中东FOB 395.5 395.5 0 | | 美湾FOB 374.5 374.5 0 前一日国际报价: | | 埃及F ...

Report Industry Investment Rating - No information provided in the report Core View of the Report - The asphalt market is expected to experience weak and volatile price movements. The supply side will see a slight increase in the operating rate, while the demand side will remain weak. The impact of international events on crude oil prices and the cautious market attitude towards winter storage contracts also contribute to the market's uncertainty [1]. Summary According to Relevant Catalogs Market Analysis - Supply: This week, the asphalt operating rate increased by 3.0 percentage points to 27.8% week-on-week, still at the lowest level in recent years. In December, the domestic asphalt production is expected to be 2.158 million tons, a decrease of 70,000 tons (3.1%) month-on-month and 344,000 tons (13.8%) year-on-year. Next week, the operating rate will increase slightly as some refineries switch production and others resume production [1]. - Demand: This week, the operating rates of most downstream asphalt industries declined. Road asphalt construction was restricted by funds and weather, with the operating rate dropping by 5 percentage points to 29%. As the temperature drops in the north, road construction will gradually end, and the overall demand will remain weak [1]. - Inventory: The inventory-to-sales ratio of asphalt refineries remained flat week-on-week and is near the lowest level in recent years [1]. - International Events: The sanctions imposed by the US and the West have not affected Russia's oil production. Although there are signs of a ceasefire in the Russia-Ukraine conflict, the possibility of a peace agreement in the near term is low, and crude oil prices are fluctuating at a low level. A fire in Venezuela's Jose industrial area led to the shutdown of a 200,000-barrel/day distillation unit, and the discount of diluted asphalt widened under the US military threat [1]. Futures and Spot Market Conditions - Futures: Today, the asphalt futures 2601 contract fell 0.73% to 2,996 yuan/ton, below the 5-day moving average. The lowest price was 2,953 yuan/ton, and the highest was 3,019 yuan/ton. The trading volume decreased by 20,497 to 133,952 lots [2]. - Basis: The mainstream market price in Shandong remained at 3,000 yuan/ton, and the basis of the asphalt 01 contract rose to 4 yuan/ton, at a neutral level [3]. Fundamental Tracking - Supply: Refineries such as Shanghai Petrochemical and Shandong Shengxing resumed asphalt production, and the operating rate increased by 3.0 percentage points to 27.8% week-on-week, still at the lowest level in recent years [4]. - Investment: From January to September, the national highway construction investment decreased by 6.0% year-on-year. From January to October, the fixed asset investment in road transportation decreased by 4.3% year-on-year, and the infrastructure investment (excluding electricity) decreased by 0.1% year-on-year [4]. - Social Financing: From January to October, the year-on-year growth rate of social financing stock was 8.5%, a 0.2 percentage point decline from January to September. The new social financing in October was lower than expected [4]. - Inventory: As of November 28, the inventory-to-sales ratio of asphalt refineries remained flat at 14.5% week-on-week, near the lowest level in recent years [4].

本期 前值 周变动 本期 前值 周变动 开工率 80.08 82.68 -2.6 开工率 74.514 74.854 -0.340 产量 69.82 72.09 -2.27 产线条数 220 221 -1 重质产量 38.31 39.62 -1.31 产量 110.3895 111.0195 -0.63 轻质产量 31.51 32.47 -0.96 厂内库存 158.74 164.44 -5.7 库存 6236.2 6330.3 -94.1 重质库存 84.68 88.73 -4.05 库存可用天数 27.5 27.7 -0.2 轻质库存 74.06 75.71 -1.65 库存可用天数 13.16 13.63 -0.47 产销率 108.16 108.73 -0.57 天然气利润 -227.27 -206.84 -20.43 氨碱法毛利 -38.5 -38.5 0 石油焦利润 -31.48 8.52 -40 联产法毛利 -140 -153.5 13.5 煤制气利润 4.5 25.79 -21.29 基差 -30 -30 0 基差 16 81 -65 1-5价差 58 74 -16 1-5价差 115 130 ...

下游盈利 港口总库存 日均疏港量 钢厂进口矿库存 钢厂进口矿日耗 到港量 内矿铁精粉产量 日均铁水产量 钢厂开工率 产能利用率 钢厂盈利率 本期 15210.12 330.58 8942.48 289.43 2817.1 40.1 234.68 81.09 87.98 35.06 -0.50 上期 15054.65 329.92 9001.23 291.68 2268.9 40.28 236.28 82.19 88.58 37.66 1.50 周变动 155.47 0.66 -58.75 -2.25 548.20 -0.18 -1.60 -1.10 -0.6 -2.6 -2.00 粗粉 块矿 球团 精粉 贸易矿 巴西矿 澳大利亚矿 本期 11643.97 1979.37 302.35 1284.43 本期 9914.7 5987.03 6307.46 上期 11550.01 1963.04 293.17 1248.43 上期 9765.58 6007.01 6226.24 周变动 93.96 16.33 9.18 36 周变动 149.12 -19.98 81.22 注:数据来源于Wind，钢联数据，冠通研究 ...

1. Report Industry Investment Rating - Morgan Stanley has upgraded the investment rating of the Chinese stock market to "overweight" [34] 2. Core Viewpoints - The overnight night - market saw mixed trends in various futures and financial markets. International and domestic policies and market conditions have significant impacts on different industries [5][6][34] 3. Summary by Directory Overnight Night - Market Trends - International precious metal futures closed mixed, with COMEX gold down 0.3% at $4189.6/oz and COMEX silver up 0.41% at $53.825/oz, driven by Fed rate - cut expectations, a weaker dollar, and differentiated industrial demand [5] - US oil and Brent crude futures rose, with the US oil main contract up 0.77% at $59.10/barrel and Brent crude up 0.61% at $62.92/barrel. OPEC+ may confirm a suspension of production increases in early 2026 [6] - Most London base metals fell, with LME aluminum down 1.13% at $2831.50/ton, LME zinc down 1.08% at $3022.00/ton, etc., while LME lead rose 0.51% at $1983.50/ton [6] - Domestic futures contracts also showed mixed trends, with glass, rubber, etc. rising and coke, etc. falling [6] Important News Macroeconomic News - The US will extend the tariff exemption on China until November 10, 2026 [9] - The NDRC will address disorderly price competition in some industries [9] - From January to October, the total profit of large - scale industrial enterprises in China was 5.95029 trillion yuan, up 1.9% year - on - year, but in October, it was down 5.5% year - on - year [10] - The SAMR will strengthen anti - monopoly law enforcement and fair competition review [10] - Russian President Putin said the US peace plan could be the basis for a Ukraine agreement, and the US delegation will visit Moscow next week [10] Energy and Chemical Futures - As of November 27, 2025, the total inventory of domestic soda ash manufacturers decreased by 1.75% week - on - week [13] - The total inventory of national float glass sample enterprises decreased by 1.49% week - on - week [13] - Thailand's rubber production may decrease by up to 90,000 tons due to floods [13] - Singapore's fuel oil inventory reached a two - week high [14] - OPEC+ may keep oil production levels unchanged and reach an agreement on evaluating member countries' maximum production capacity [15] - Angola plans to cut oil exports to 966,000 barrels per day in January [16] Metal Futures - The FIMI in India calls for canceling the 15% export tariff on low - grade bauxite [18] - The copper price on COMEX may have a premium over LME due to uncertain US copper tariffs [18] - Some silicon wafer enterprises have started production cuts, and most plan to further reduce the operating load in December [20] - China's new energy storage installed capacity exceeds 100 million kilowatts [20] - Many experts predict that the gold price will continue to rise in 2026, with a forecast range of $4000 - $5300 [20] - On November 27, 2025, 30,000 tons of alumina were traded at $311.5/ton FOB East Australia for December shipment [21] Black - Series Futures - The capacity utilization rate of 523 coking coal mines decreased by 0.9% week - on - week [23] - As of November 27, the output and apparent demand of rebar both declined, and the factory and social inventories continued to decline [23] - Ping'an Iron and Steel and Liansteel will carry out maintenance, affecting production [23] - As of November 26, the coal inventory of national unified - regulated power plants exceeded 230 million tons [25] - Market participants believe that Vanke's debt repayment pressure has entered the market - oriented disposal stage [25] - The average profit per ton of coke for 30 independent coking plants was 46 yuan/ton [25] Agricultural Futures - Indonesia exported 2.2 million tons of palm oil in September, lower than last year and August this year [27] - Malaysia's palm oil exports to China decreased by about 29% in the first 10 months of this year [28] - As of November 26, 2025, the corn inventory of 96 major corn processing enterprises in 12 regions decreased by 1.06% [29] - Malaysia's palm oil exports from November 1 - 25 were expected to be 583,574 tons, a 40.77% decrease from the same period last month [30] - Brazil's 2025/26 soybean production is expected to reach a record 178 million tons [32] - Brazil's soybean, bean粕, and corn exports last week and this week's plans are provided [32] Financial Markets Financial - A - shares rose and then fell, with the Shanghai Composite Index up 0.29%, and the Shenzhen Component Index and ChiNext Index down [34] - The Hong Kong Hang Seng Index rose 0.07%, and the Hang Seng Tech Index fell 0.36% [34] - Morgan Stanley upgraded the investment rating of the Chinese stock market to "overweight" [34] - As of November 27, 96 fund managers issued purchase restriction announcements for over 340 products [35] - As of November 27, 400 A - share listed companies issued private placement plans this year [36] - Tencent Holdings repurchased HK$636 million worth of shares on November 26 [36] - Avita Technology submitted a listing application to the Hong Kong Stock Exchange [36] Industry - The NDRC studied formulating cost - determination standards for disorderly price competition [37] - As of October, the private fund scale reached 22.05 trillion yuan [37] - Six major banks stopped selling five - year large - denomination certificates of deposit [37] - In November, 184 game licenses were issued, and 1624 were issued in 2025 [37] - 15 enterprises were selected for the first batch of leading - level intelligent factories in China [39] - The SAMR carried out anti - unfair competition compliance guidance for mobile phone enterprises [39] - The NDRC revised the power transmission and distribution cost supervision and pricing methods [39] - Beijing plans to build a large - scale data center in space [39] - In October, Japan's chip equipment sales reached 413.88 billion yen, up 7.3% year - on - year [39] Overseas - Russia's Putin said the US delegation will visit Moscow next week, and Russia generally agrees to use the US solution for Ukraine as the basis for negotiation [40] - Ukraine and the US negotiation teams are expected to meet soon, and Ukraine hopes for a cease - fire [40] - The Bank of Korea kept the benchmark interest rate at 2.5% and raised GDP and inflation forecasts [42] - The ECB strengthened the market's expectation that the interest - rate cut cycle has ended [42] International Stocks - US stocks were closed on Thursday due to the Thanksgiving holiday [43] - European stocks rose slightly, with the German DAX index up 0.18%, the French CAC40 index up 0.04%, and the UK FTSE 100 index up 0.02% [43] - The Japanese stock market continued to rise, with the Nikkei 225 index up 1.23%, and the South Korean Composite Index up 0.66% [43] Commodities - International precious metal futures closed mixed, with COMEX gold down 0.3% and COMEX silver up 0.41% [44] - US oil and Brent crude futures rose, with the US oil main contract up 0.77% and Brent crude up 0.61% [44] - Most London base metals fell, with LME aluminum down 1.13%, etc., and LME lead up 0.51% [46] - OPEC may maintain oil production levels and reach an agreement on evaluating member countries' maximum production capacity [46] - Goldman Sachs predicts that the gold price may reach $4900/oz next year and recommends going long on gold [47] Bonds - The domestic bond market was weak, with interest - rate bond yields rising and most treasury bond futures falling [47] - The Shanghai Stock Exchange held a symposium on green bonds and ESG bonds [47] Foreign Exchange - The on - shore RMB against the US dollar closed at 7.0806 on Thursday, down 4 points, and the RMB central parity rate was up 17 points [48] - The US dollar index fell 0.03%, and non - US currencies showed mixed trends [50]

Group 1: Hot News - The US Trade Representative's Office extended the tariff exemptions on China's technology transfer and intellectual property issues until November 10, 2026, which were originally set to expire on November 29, 2025 [2] - The National Development and Reform Commission will continue to address disorderly price competition among enterprises to maintain market price order [2] - From January to October 2025, the total profits of industrial enterprises above designated size in China reached 5950.29 billion yuan, a year - on - year increase of 1.9%, but in October, the profits decreased by 5.5% year - on - year [2] - The State Administration for Market Regulation will strengthen anti - monopoly law enforcement in key areas and fair competition reviews [2] - Russian President Putin said the US peace plan could be the basis for a Ukraine agreement, and the US delegation will visit Moscow next week [3] Group 2: Sector Performance - Key sectors to watch include lithium carbonate, coke, coking coal, Shanghai copper, and Shanghai gold [4] - Night - trading performance shows that different commodity futures sectors had varying degrees of price changes, with precious metals up 30.01%, non - metallic building materials up 3.02%, and so on [4] Group 3: Sector Positions - The chart shows the changes in commodity futures sector positions in the past five days, with different trends for each sector [5] Group 4: Performance of Major Asset Classes - In the equity market, the Shanghai Composite Index had a daily increase of 0.29%, a monthly decrease of 2.01%, and a yearly increase of 15.62%. Other indices also had their respective performance [6] - In the fixed - income market, 10 - year, 5 - year, and 2 - year treasury bond futures all had negative returns to varying degrees [6] - In the commodity market, the CRB commodity index, WTI crude oil, London spot gold, LME copper, and the Wind commodity index had different price changes [6] - Other assets such as the US dollar index and CBOE volatility index also showed their own trends [6]