Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - The PTA market shows a weak and volatile trend with sufficient spot supply, and the downstream polyester filament production and sales are about 51%. The PTA spot average price decreases, and the spot basis weakens. The MEG market in Zhangjiagang has a downward trend, and the futures continue the weak trend. The polyester downstream load remains at around 88%, and the domestic PTA production rebounds. The profit of polyester filament is significantly repaired, but some downstream device maintenance expectations are strong. The price of ethylene glycol recovers, and the later arrival volume decreases [2] Group 3: Summary According to the Directory Market Data - INE crude oil price increases from 490.4 yuan/barrel to 493.2 yuan/barrel, with a change of 2.80 yuan/barrel. The PTA - SC value decreases from 1192.2 yuan/ton to 1147.9 yuan/ton, with a change of -44.35 yuan/ton. The PTA/SC ratio decreases from 1.3345 to 1.3203, with a change of -0.0143. The CFR China PX price decreases from 846 to 843, with a change of -3. The PX - naphtha spread decreases from 250 to 243, with a change of -7 [2] - The PTA main contract futures price decreases from 4756 yuan/ton to 4732 yuan/ton, with a change of -24.0 yuan/ton. The PTA spot price decreases from 4725 yuan/ton to 4705 yuan/ton, with a change of -20.0 yuan/ton. The spot processing fee decreases from 179.6 yuan/ton to 159.5 yuan/ton, with a change of -20.1 yuan/ton. The disk processing fee decreases from 215.6 yuan/ton to 206.5 yuan/ton, with a change of -9.1 yuan/ton. The main contract basis changes from (49) to (51), with a change of -2.0 [2] - The MEG main contract futures price decreases from 4339 yuan/ton to 4331 yuan/ton, with a change of -8.0 yuan/ton. The MEG - naphtha value changes from (114.41) yuan/ton to (113.60) yuan/ton, with a change of 0.8 yuan/ton. The MEG domestic price decreases from 4468 yuan/ton to 4435 yuan/ton, with a change of -33.0 yuan/ton. The main contract basis increases from 84 to 88, with a change of 4.0 [2] Industry Chain Operating Conditions - The PX operating rate remains at 82.59%, with a change of 0.00%. The PTA operating rate remains at 74.26%, with a change of 0.00%. The MEG operating rate decreases from 62.03% to 61.77%, with a change of -0.26%. The polyester load remains at 87.99%, with a change of 0.00% [2] Polyester Product Data - The price of POY150D/48F remains at 6860, with a change of 0.0. The POY cash flow increases from 73 to 101, with a change of 28.0. The price of FDY150D/96F remains at 7130, with a change of 0.0. The FDY cash flow increases from (157) to (129), with a change of 28.0. The price of DTY150D/48F remains at 8035, with a change of 0.0. The DTY cash flow increases from 48 to 76, with a change of 28.0. The filament production and sales increase from 38% to 50%, with a change of 12% [2] - The price of 1.4D direct - spun polyester staple fiber decreases from 6590 to 6575, with a change of -15. The polyester staple fiber cash flow increases from 153 to 166, with a change of 13.0. The staple fiber production and sales decrease from 42% to 41%, with a change of -1% [2] - The price of semi - gloss chips decreases from 5815 to 5795, with a change of -20.0. The chip cash flow increases from (72) to (64), with a change of 8.0. The chip production and sales decrease from 61% to 46%, with a change of -15% [2] Device Maintenance - A 2.5 - million - ton PTA device in South China starts parking for maintenance today, and another 2.5 - million - ton device is expected to stop around August 23, with an expected maintenance time of more than one month [2]

Group 1: Interest Rate Market - DROO1 closed at 1.31 with a -0.01 bp change, DR007 at 1.44 with a 0.40 bp change [4] - GC001 closed at 1.01 with a 1.50 bp change, GC007 at 1.44 with a -2.50 bp change [4] - SHBOR 3M closed at 1.55 with a 0.10 bp change, LPR 5 - year at 3.50 with a 0.00 bp change [4] - 1 - year treasury bond closed at 1.37 with a 0.23 bp change, 5 - year at 1.60 with a -2.52 bp change [4] - 10 - year treasury bond closed at 1.81 with a -1.69 bp change, 10 - year US treasury at 4.28 with a 5.00 bp change [4] - The central bank conducted 2291 billion yuan of 7 - day reverse repurchase operations yesterday, with 3799 billion yuan of reverse repurchases maturing, resulting in a net withdrawal of 1508 billion yuan [4] - This week, there are 22731 billion yuan of reverse repurchases maturing in the central bank's open market, and 1 trillion yuan of 91 - day outright reverse repurchases will mature on Friday [4] Group 2: Stock Index Market - The CSI 300 closed at 4460, down 0.68%; the SSE 50 at 2961, down 1.07%; the CSI 500 at 6868, down 1.34%; the CSI 1000 at 7207, down 1.46% [5] - The trading volume of the Shanghai and Shenzhen stock markets was 23641 billion yuan, a significant reduction of 5109 billion yuan from the previous day [5] - Most industry sectors declined, with only photovoltaic equipment, precious metals, and gaming sectors rising [5] - Due to the rising risk - aversion sentiment, safe - haven assets like gold are strengthening, while stock indices are adjusting [6] - The current market liquidity is still abundant, and the macro - level influencing factors are generally favorable [7] - The 8 - month Chinese manufacturing PMI rose slightly to 49.4% in August, indicating economic resilience [7] - The market's expectation of the Fed's rate cut in September has increased [7] - In the short - term, the discount of stock index futures has widened again, and the short - term adjustment of stock indices may bring opportunities for long - position layout [7] - The discount rates of IF, IH, IC, and IM for different contracts are provided [7]

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - Pulp futures are expected to fluctuate in the short term, and the spread between contracts 11 and 1 is expected to narrow [1] Group 3: Summary by Related Catalogs Pulp Price Data - On September 3, 2025, the futures price of coniferous pulp Silver Star (SP2601) was 5324, down 0.37% day-on-day and up 0.64% week-on-week; the spot price was 5720, with a month-on-month change of 0.00% and a week-on-week change of -0.52% [1] - The futures price of coniferous pulp Russian Needle (SP2511) was 5050, up 0.16% day-on-day and 0.80% week-on-week; the spot price was 5200, with a month-on-month change of 0.00% and a week-on-week change of 0.97% [1] - The futures price of broadleaf pulp Goldfish (SP2509) was 4998, up 0.16% day-on-day and 0.68% week-on-week; the spot price was 4200, with a month-on-month change of 0.00% and a week-on-week change of 0.00% [1] - The import cost of Chilean Silver Star decreased by 2.70% month-on-month to 5884; the import cost of Brazilian Goldfish increased by 3.92% to 530; the import cost of Western American Fish increased by 3.87% to 4344; the import cost of Chilean Venus remained unchanged at 4830 [1] Pulp Fundamental Data - In July 2025, the import volume of coniferous pulp was 64.6 tons, a month-on-month decrease of 4.72% [1] - The shipment volume of pulp to China in July 2025 was 135.3 tons, a month-on-month increase of 3.30% [1] - The domestic production volume of broadleaf pulp in August 2025 was 20.5 tons; the domestic production volume of chemimechanical pulp was 20.9 tons [1] - As of August 28, 2025, the pulp port inventory was 208.4 tons, a decrease of 4.8 tons from the previous period, a month-on-month decrease of 2.3% [1] - The production volume of offset paper in August 2025 was 20.7 tons; the production volume of coated paper was 7.8 tons; the production volume of tissue paper was 27.9 tons; the production volume of white cardboard was 31.1 tons [1] Pulp Valuation Data - On September 3, 2025, the basis of Russian Needle was -164, and the quantile level was 0.368; the basis of Silver Star was -144, and the quantile level was 0.503; the basis of broadleaf pulp Goldfish was 670 [1] - The import profit of coniferous pulp Silver Star was 150, and the quantile level was 0.876; the import profit of broadleaf pulp Goldfish was not provided [1] Supply, Demand, and Inventory Analysis - Supply: Brazil's Suzano announced a $20/ton price increase in the Asian market in August 2025; Chile's Arauco notified the August quotation, with the price of coniferous pulp Silver Star at $720/ton, the price of broadleaf pulp Star at $520/ton, and the supply reduced by 50%, and the price of natural pulp Venus at $590/ton [1] - Demand: The current demand for paper products remains at a stable level, and some offset paper and white cardboard paper mills have issued price increase letters, but the implementation situation remains to be observed [1] - Inventory: As of August 28, 2025, the inventory of China's mainstream pulp ports showed a de - stocking trend [1]

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - Supply was slightly increased due to previous resource - end disruptions; demand growth of cathode plants was limited as new energy vehicles were in the off - season; social inventory fluctuated at a high level, with inventory moving from upstream to downstream but low actual consumption and weakened subsequent purchasing power; in September, supply and demand were expected to be in a tight balance, and futures prices were expected to fluctuate weakly, while being cautious about "small essays" from the mining end before the 30th [2] 3. Summary by Content Lithium Compound Prices - SMM battery - grade lithium carbonate average price was 75,900 yuan/ton, down 1,600 yuan; SMM industrial - grade lithium carbonate average price was 73,600 yuan/ton, down 1,600 yuan; the price difference between battery - grade and industrial - grade lithium carbonate was 2,300 yuan/ton [1][2] Lithium Ore Prices - Lithium spodumene concentrate (CIF China) average price was 872 yuan, down 15 yuan; lithium mica (Li₂O: 1.5% - 2.0%) average price was 71/114 yuan, down 30 yuan; lithium mica (Li₂O: 2.0% - 2.5%) average price was 1,885 yuan, down 35 yuan; phospho - lithium - aluminum stone (Li₂O: 6% - 7%) average price was 6,040 yuan, down 325 yuan; phospho - lithium - aluminum stone (Li₂O: 7% - 8%) average price was 7,040 yuan, down 350 yuan [1][2] Futures Contract Prices - Lithium carbonate 2509 closed at 72,080 yuan, down 3.87%; 2510 closed at 71,860 yuan, down 3.1%; 2511 closed at 71,880 yuan, down 3.1%; 2512 closed at 72,000 yuan, down 2.62%; 2601 closed at 71,980 yuan, down 2.62% [1] Cathode Material Prices - The average price of power - type lithium iron phosphate was 34,210 yuan/ton, down 390 yuan; the average price of polycrystalline/power - type ternary material 811 was 145,900 yuan/ton; the average price of single - crystal/power - type ternary material 523 was 118,800 yuan/ton, down 100 yuan; the average price of single - crystal/power - type ternary material 613 was 123,725 yuan/ton, down 200 yuan [2] Price Differences - The price difference between battery - grade lithium carbonate and the main contract was 4,020 yuan, down 860 yuan; the price difference between the near - month and the first - continuous contract was - 60 yuan, down 20 yuan; the price difference between the near - month and the second - continuous contract was - 140 yuan, down 160 yuan [2] Inventory - The total weekly inventory was 141,136 tons, down 407 tons; the weekly inventory of smelters was 43,336 tons, down 3,510 tons; the weekly inventory of downstream was 52,800 tons, up 1,293 tons; the weekly inventory of others was 50,000 tons, up 1,810 tons; the daily registered warehouse receipts were 2,111 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate was 75,391 yuan/ton, and the profit was - 592 yuan/ton; the cash cost of purchasing lithium mica concentrate was 79,330 yuan/ton [2] Other Information - Jinan launched the third round of automobile consumption subsidies in the second half of 2025 on September 1st, with a total subsidy of 12 million yuan, valid until September 30th [2]

Report Summary 1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The EC market showed an upward trend. The rise was mainly driven by MSC's announcement of two sailings cancellation during the National Day, the increased expectation of non - resumption of navigation in the Red Sea after the Houthi's retaliation against Israeli oil tankers, and the court's decision that Trump's so - called "reciprocal" tariffs were illegal. However, Maersk's lower opening price in wk38 narrowed the afternoon gains [7]. - The price adjustment of OCEAN's September freight rates accelerated, which might put pressure on NSK to cut prices for cargo. The spot market of OCEAN faced increasing cargo - picking pressure, leading to a freight rate callback. The 12 - contract price was likely to fluctuate weakly. The follow - up focus should be on whether MSK would cut prices and whether the freight rates could stop falling in mid - September, with a short - term possibility of falling below 1300 [8]. 3. Summary by Related Contents 3.1 Shipping Freight Index - The current values of SCFI comprehensive index, CCFI, SCFI - US West, SCFI - US East, SCFI - Northwest Europe, SCFIS - Northwest Europe, and SCFI - Mediterranean were 1445, 1156, 1923, 2866, 1481, 1773, and 2145 respectively. Their respective previous values were 1415, 1175, 1644, 2613, 1668, 1990, and 2225, with corresponding changes of 2.10%, - 1.58%, 16.97%, 9.68%, - 11.21%, - 10.90%, and - 3.60% [5]. 3.2 Shipping Futures Contracts - For contracts like EC2506, EC2608, etc., their current values, previous values, and changes are presented. For example, EC2506's current value is 1428.5, previous value is 1376.1, with a change of 3.81%. Also, information on contract positions and month - spreads is provided, such as the current EC2606 position is 890, a change of 23 from the previous value [5]. 3.3 Market News and Events - Yemen's Houthi rebels planned to avenge the death of important members in Israeli air strikes and continued to support the Palestinian people [6]. - The US Trade Representative's Office extended the exclusion list measures in the investigation of China's related behaviors under Section 301 until November 2025 [6]. - The US government planned to expand national security tariffs in the coming months, covering industries like steel, aluminum, semiconductors, etc. [6]. 3.4 Market Strategy - The recommended strategy is to short the 10 - contract on rallies and conduct a rolling 10 - 12 reverse spread [9].

Group 1: Market Overview - The Shanghai Composite Index fell 0.45% to 3858.13 points, the Shenzhen Component Index fell 2.14%, the ChiNext Index fell 2.85%, the Northbound 50 Index rose 0.4%, the Science and Technology Innovation 50 Index fell 2.13%, the Wind All - A Index fell 1.48%, the Wind 500 Index fell 0.98%, and the CSI A500 Index fell 1.11%. A - share trading volume was 2.91 trillion yuan, compared with 2.78 trillion yuan the previous day [5] Group 2: Index Quotes - The closing price of the SSE 50 was 1960.61, with a change of 77.45, a trading volume of 7779.99 billion yuan, and a turnover of 0.39 billion shares. The CSI 300 had a change of - 0.74, a trading volume of 7313.8824 billion yuan, and the CSI 1000 had a change of - 2.50 and a trading volume of 5985.14 billion yuan [3] Group 3: CFFEX Stock Index Options Trading SSE 50 - Call option trading volume was 3.72 million contracts, put option trading volume was 6.96 million contracts, the trading volume PCR was 0.56, call option open interest was 9.32 million contracts, put option open interest was 5.60 million contracts, the open - interest PCR was 0.66, and the total open interest was 22.30 million contracts [3] CSI 300 - Call option trading volume was 12.28 million contracts, put option trading volume was 6.81 million contracts, the trading volume PCR was 0.55, call option open interest was 10.25 million contracts, put option open interest was 19.09 million contracts, and the open - interest PCR was 0.85 [3] CSI 1000 - Call option trading volume was 38.92 million contracts, put option trading volume was 19.79 million contracts, the trading volume PCR was 0.97, call option open interest was 33.98 million contracts, put option open interest was 17.07 million contracts, the open - interest PCR was 0.99, and the total open interest was 16.91 million contracts [3] Group 4: Volatility Analysis SSE 50 - Historical volatility analysis includes historical volatility cones with 10%, 30%, 60%, 90% quantile values, minimum, maximum, and current values. The next - month at - the - money implied volatility was presented in the volatility smile curve [3][4] CSI 300 - Similar to the SSE 50, historical volatility analysis with historical volatility cones and quantile values was provided, and the next - month at - the - money implied volatility was shown in the volatility smile curve [3][4] CSI 1000 - Historical volatility analysis with historical volatility cones and quantile values was conducted, and the next - month at - the - money implied volatility was presented in the volatility smile curve [3][4]

Group 1: Report Industry Investment Rating - No relevant information Group 2: Core Viewpoints of the Report - The supply - demand balance sheet is expected to be tight, which supports the CBOT soybean futures. With the support of import costs, the downside space of MO1 is expected to be limited. In the short - term, the trend is expected to be volatile, and it is recommended to buy on dips [8] Group 3: Summary by Related Catalogs Supply - The USDA August report raised the US soybean yield per acre to a record high of 53.6 bushels per acre but unexpectedly cut the 2025/26 US soybean planting area by 2.5 million acres to 80.9 million acres. The 2025/26 US soybean ending stocks were lowered to 290 million bushels, and the new - crop supply - demand balance sheet is tight. The US soybean good - to - excellent rate rose to 69% this week, at a high level over the years. Although recent rainfall in the production area is low and the temperature is low, the impact on the good - to - excellent rate is expected to be limited. The expected soybean arrival volume in China in September is over 10 million tons, and the soybean supply is expected to be in a stock - building cycle. In October, domestic soybeans are expected to start destocking, and the supply - demand gap of soybean meal in the first quarter of next year depends on Sino - US policies [7] Demand - High inventories of pigs and poultry support the feed demand. However, policy aims to control pig inventory and weight, which is expected to affect the long - term pig supply. Soybean meal has a high cost - performance ratio, and the pick - up volume is at a high level. In some areas, wheat replaces corn, reducing the protein usage. This week, the downstream transactions of soybean meal were cautious [8] Inventory - Domestic soybean inventory has increased to a high level; soybean meal inventory has risen, and the inventory level is lower than last year, but it is still expected to be in a stock - building cycle; the number of days of soybean meal inventory in feed enterprises has increased [8] Market - There is no progress in Sino - US talks, and the Brazilian premium has stabilized and rebounded. Pay attention to the impact of recent low precipitation in the US soybean production area on the yield. The tight supply - demand balance sheet supports the CBOT soybean futures, and the import cost supports the soybean meal price [8]

Group 1: Market Overview - The domestic LPG market price rose on August 29, 2025, with the average price at 4,499 yuan/ton, up 2 yuan/ton or 0.04% from the previous workday [3]. - The closing price of the futures main contract rose 29 yuan/ton to 4,421 yuan/ton, a 0.66% increase [3]. - The open interest of the futures main contract decreased by 1,084 to 152,019, a 0.71% decline [3]. Group 2: International Market - The previous workday's CP equivalent RMB price was about 3,696.628 yuan/ton for propane and 3,483.361 yuan/ton for butane [3]. - On September 1, the international crude oil price rose, boosting the buying interest in the LPG US dollar market. The paper - cargo price and the spot price increased slightly [3]. - Currently, although there are many sellers in the international market and sufficient supply, there is a general expectation of price increases, and the buying demand is stable, supporting the price increase [3]. - A Chinese importer issued a tender for purchasing spot LPG in October for the South China region. At present, the propane cost is low, PDH plant profits are acceptable, and Chinese buying is relatively strong [3]. Group 3: Regional Markets East China - The previous workday's average price of civil LPG in East China rose 5 yuan/ton to 4,620 yuan/ton, a 0.11% increase [3]. - The East China civil LPG market was generally stable, with insufficient news guidance. Downstream procurement was based on rigid demand, and refineries were cautious in price adjustment [3]. - The imported LPG in Shandong showed a strong trend, driving up the price in northern Jiangsu. However, due to limited resources at northern Jiangsu terminals, the price fluctuations of other terminals were limited, and the overall imported LPG in East China was stable [3]. South China - The previous workday's average price of civil LPG in South China remained stable at 4,620 yuan/ton [3]. - The main refineries in South China made up for price drops, but the decline was limited due to low supply. Except for the stable price in the Chaoshan area, prices in other areas declined [3]. - The downstream inquiry intention increased, and there was less willingness for further deep price drops. Some terminals in Zhuhai started to sell low - proportion gas due to propane shortage, which affected the surrounding prices [3]. - The industrial LPG in South China maintained stable sales, with production and sales basically balanced [3]. Shandong - The previous workday's average price of civil LPG in Shandong remained stable at 4,540 yuan/ton [3]. - The average price of ether - after C4 rose 10 yuan/ton to 4,662 yuan/ton, a 0.21% increase [3]. - Driven by the sharp rise in propane prices, the civil LPG in Shandong ended a 9 - day stable period and rose, mainly led by price increases in the Dongying area. Downstream buying was active, and the overall trading atmosphere was good [3]. Group 4: Price Spreads - Various inter - month spreads such as PG2510 - PG2511, PG2510 - PG2512, etc., showed different degrees of decline [3]. - Cross - variety spreads like PG - 7.33*SC, PG - PP also changed, with PG - 7.33*SC down 23.66 yuan/ton or 2.69%, and PG - PP down 48.36 yuan/ton or 26.48% [3]. Group 5: Production Costs and Profits - The production costs of PDH - made propylene and PDH - made PP decreased by 15 yuan/ton and 52.50 yuan/ton respectively, with a decline rate of 0.69% for PDH - made PP [3]. - The production profits of PDH - made propylene and PDH - made PP increased by 52 yuan/ton and 9.16 yuan/ton respectively, with a 1.64% increase for PDH - made PP [3]. - The profit of MTBE isomerization etherification decreased by 17.52 yuan/ton or 3.41% [3]. Group 6: Other Indicators - The freight rates for different routes remained mostly stable, with only the freight in the South China (Guangzhou) area down 2 yuan/ton or 1.01% [3]. - The US dollar index decreased by 0.17 to 97.68, a 0.17% decline. The exchange rate of the US dollar against the Chinese yuan and the Japanese yen changed slightly [3]. - SHIBOR overnight decreased by 0.001 to 1.3140, a 0.08% decline, and SHIBOR 7 - day decreased by 0.007 to 1.4310, a 0.49% decline [3].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - The supply pressure of styrene in the Jiangsu market remains, with a weak main contract and strong selling intentions. The Asian non - integrated producers' economy is still in the negative zone, and the return of maintenance on the supply side exerts pressure on the market. The basis of styrene weakens, and its profit slightly expands. [1] - Due to continuous inventory accumulation at ports, the purchasing sentiment in the spot benzene market weakens. Stable product production and new downstream capacities offset the impact of increased domestic supply. Domestic demand for benzene remains stable, while overseas demand declines due to the low operation rate of derivatives. [1] 3. Summary by Relevant Catalogs 3.1 Spot Overview - WTI crude oil price is 64.01 on September 1, 2025, with a change of 0. Brent crude oil price is 68.15 on September 2, 2025, down 0.03 from the previous day. [1] - The price of naphtha is 596.25 on September 2, 2025, up from 593.88 the previous day. The price of ethylene CFR Northeast Asia is 842 on September 1, 2025, down 2. [1] - The price of pure benzene in the East China market is 5855 on September 2, 2025, down 15 from the previous day. The price of benzene in Jiangsu is 6050 on September 1, 2025, down 25. [1] - The price of styrene in the Jiangsu market is 7000 on September 2, 2025, down 35 from the previous day. The price in the South China market is 7200, also down 35. [1] - The price of EPS is 8050 on both September 1 and 2, 2025. The price of GPPS in Yuyao is 7580 on September 2, 2025, down 20. The price of HIPS in Yuyao is 8550, down 50. The price of ABS in Yuyao is 13200, unchanged. [1] - The basis of styrene in Jiangsu relative to the main contract is 22 on September 2, 2025, down from 66. The cost of non - integrated styrene plants is 7601.87 on September 2, 2025, down 11.38. The profit of integrated plants is - 578.25, up 23.62. [1] 3.2 Operation Strategy - No specific operation strategy content other than price data is provided. The EB main contract price is 6934 on September 2, 2025, down 79. [1]

Report Industry Investment Ratings - Overall, the market is generally favorable. For short - term long positions, it is advisable to tilt towards IF or IH to reduce position fluctuations and risks [1]. - Bullish on gold, silver, and alumina [1]. - Bearish on black metals, iron ore, and soda ash [1]. - Neutral or with a fluctuating outlook for most other commodities such as aluminum, zinc, nickel, stainless steel, etc. [1]. Core Viewpoints - The current market has abundant liquidity, strongly supporting stock indices. Asset shortage and weak economic conditions are beneficial for bond futures, but the central bank's short - term interest rate risk warning restricts upward movement [1]. - Fed's interest - rate cut expectations and geopolitical factors impact various commodity prices. For example, they boost gold prices and influence the supply - demand and price trends of metals and energy commodities [1]. - Seasonal factors, production capacity changes, and inventory levels are important factors affecting the prices of various commodities, such as the influence of seasonal maintenance on tin prices and the impact of inventory accumulation on zinc and steel prices [1]. Summary by Related Catalogs Macro - Financial - Stock indices: Overall favorable. Short - term long positions can be tilted towards IF or IH to reduce risks [1]. - Treasury bonds: Fluctuating [1]. - Gold: Bullish, driven by safe - haven demand and interest - rate cut expectations [1]. - Silver: Bullish, following gold with stronger elasticity [1]. Metals - Aluminum: Fluctuating. Domestic downstream demand is under pressure during the off - season, but Fed's interest - rate cut expectations support prices [1]. - Alumina: Bullish. Despite increased production and inventory, there are opportunities for long positions in distant months [1]. - Zinc: Fluctuating. Although social inventory is increasing, LME inventory is decreasing, and macro sentiment provides support [1]. - Nickel: Fluctuating in the short - term, following macro trends. Long - term, there is pressure from excess primary nickel supply [1]. - Stainless steel: Fluctuating. Raw material prices are rising, social inventory is stable, and profits are being repaired, but operations should be short - term [1]. - Tin: Fluctuating strongly in the short - term due to seasonal maintenance and improved macro sentiment [1]. - Iron ore: Bearish in the short - term. Supply is recovering, demand may weaken, and inventory is high [1]. - Black metals: Bearish. Supply exceeds demand, and inventory is high [1]. Energy and Chemicals - Crude oil: Fluctuating, affected by geopolitical tensions, OPEC+ decisions, and Fed's interest - rate cut expectations [1]. - Fuel oil: Fluctuating, with similar influencing factors as crude oil [1]. - Asphalt: Fluctuating, following crude oil in the short - term [1]. - PTA: Fluctuating. Production is recovering, inventory is being reduced, and profits are being repaired, but some downstream devices may be shut down [1]. - Ethylene and related products: Bearish. There are rumors of industry reforms and production cuts, and market sentiment is weakening [1]. - Urea: Fluctuating. Export sentiment is slowing, and domestic demand is insufficient, but there is support from cost and anti - involution [1]. - PP: Fluctuating weakly. Maintenance support is limited, and demand is mainly for essential needs [1]. - PVC: Fluctuating weakly. Supply pressure is increasing, and there are many near - month warehouse receipts [1]. - Soda ash: Bullish in the future. The spot market is entering the peak season, inventory is low, and there will be more alumina production [1]. Agricultural Products - Palm oil: Fluctuating. Although there is a bullish expectation in the fourth quarter, it has corrected significantly in the short - term [1]. - Rapeseed oil: It is advisable to wait and see, affected by the price decline of ICE rapeseed and future anti - dumping measures and procurement progress [1]. - Cotton: Fluctuating in the short - term. Spot basis is strong before new cotton is on the market, but new - year production is expected to increase [1]. - Sugar: Fluctuating narrowly. Supply is becoming looser, and significant price increases are under pressure [1]. - Corn: Bearish in the medium - term. Old - crop supply is tight, but new - crop is expected to be abundant, and planting costs are decreasing [1]. - Soybean meal: Fluctuating. Pay attention to the impact of precipitation on US soybean yields, and there is support from import costs [1]. - Pulp: Consider 11 - 1 calendar spreads. The outer - market quotation has increased, and warehouse receipts are decreasing [1]. - Logs: Fluctuating between 820 - 840 yuan/m³ [1].