Industry Investment Ratings - Soybean (bean No. 1): ★☆☆, indicating a slightly bullish trend with limited trading opportunities on the market [1] - Soybean oil: ★★★, suggesting a clear bullish trend and relatively appropriate investment opportunities [1] - Palm oil: ★☆☆, showing a slightly bearish trend with limited trading opportunities on the market [1] - Soybean meal: ★☆☆, meaning a slightly bullish trend with limited trading opportunities on the market [1] - Rapeseed oil: ★☆☆, indicating a slightly bullish trend with limited trading opportunities on the market [1] - Rapeseed meal: ★☆☆, showing a slightly bullish trend with limited trading opportunities on the market [1] - Corn: ★☆☆, suggesting a slightly bullish trend with limited trading opportunities on the market [1] - Live pigs: ★★★, indicating a clear bullish trend and relatively appropriate investment opportunities [1] - Eggs: ★★★, suggesting a clear bullish trend and relatively appropriate investment opportunities [1] Core Views - The prices of various agricultural products show different trends, affected by factors such as policies, trade negotiations, supply - demand relationships, and seasonal factors. Investors should pay attention to relevant information and changes in the market to find potential investment opportunities and avoid risks [2][3][4] Summary by Category Soybean (bean No. 1) - The price of soybean No. 1 shows high - level fluctuations. The resumption of soybean auction by CGSCO has cooled market sentiment. The purchase of high - protein soybeans has price advantages. The warehouse receipts of domestic soybeans are increasing, and the price difference between domestic and imported soybeans is consolidating. Short - term attention should be paid to policies and market sentiment [2] Soybean & Soybean Meal - The main contract of soybean meal futures M2601 fluctuates strongly. After the Sino - US trade negotiation eases, the price of US soybeans is in a wide - range shock. The domestic soybean crushing volume in October was about 8.6 million tons, and it is expected to be about 8.7 million tons in November. The soybean meal inventory has rebounded slightly. The import cost has increased, and the crushing profit has been repaired. It is expected that the soybean supply will be basically sufficient in the fourth quarter, and there may be inventory reduction in the first quarter of next year. Pay attention to the opportunity of buying on dips [3] Soybean Oil & Palm Oil - The ratio of soybean oil to soybean meal rebounds from a low level. The domestic soybean crushing volume decreased last week, and the soybean oil inventory decreased. The crushing profit of near - month shipment of soybeans is not good. Soybean oil is stronger than palm oil, and the domestic palm oil inventory has increased slightly. The MPOB report in November is bearish. The high - frequency data in early November shows that the palm oil production in Malaysia increased from November 1 - 5, and the export demand declined from November 1 - 10. Short - term attention should be paid to the high - inventory pressure of palm oil [4] Rapeseed Meal & Rapeseed Oil - The positions and trading volumes of domestic rapeseed futures' main contracts have decreased. It is a pattern of strong oil and weak meal today. The price increase of rapeseed meal is mainly due to the increase in overseas oilseed prices and the improvement of import expectations. The demand for rapeseed meal is expected to be poor. The inventories of rapeseed meal and granulated powder are slowly decreasing, and the rapeseed oil inventory has declined more than expected. The short - term strategy for domestic rapeseed products is to wait and see [6] Corn - The Dalian corn futures continue to fluctuate strongly at the bottom. The new corn in the Northeast has a small increase in volume, and the price is slightly stronger. The on - site volume of Shandong has decreased, and the spot price is strong. The import of US corn still has no price advantage. The new corn in the Northeast will continue to be listed, and the 01 contract of Dalian corn futures may continue to be weak at the bottom [7] Live Pigs - The spot price of live pigs is consolidating. The futures price has rebounded after reaching the bottom. The technical chart shows that the downward momentum is insufficient. The overall slaughter rhythm may slow down, and the seasonal demand is increasing. The pig price may enter a seasonal rebound stage. In the long - term, the pig price may form a second bottom in the first half of next year [8] Eggs - The near - month contracts of egg futures led the rise before, but the spot sentiment weakened over the weekend, and the near - month contracts led the decline on Monday. The follow - up trading idea can be to try shorting on rallies. The industry's production capacity is still at a high level, and the sentiment of culling is increasing marginally. Attention should be paid to the performance of egg spot and vegetable prices [9]

1. Report Industry Investment Ratings - Urea: One star, representing a bullish bias, but with limited operability on the trading floor [1] - Methanol: One star, representing a bearish bias, but with limited operability on the trading floor [1] - Pure Benzene: One star, representing a bullish bias, but with limited operability on the trading floor [1] - Styrene: Three stars, indicating a clearer bullish trend and relatively appropriate investment opportunities [1] - Polypropylene: One star, representing a bearish bias, but with limited operability on the trading floor [1] - Plastic: One star, representing a bearish bias, but with limited operability on the trading floor [1] - PVC: One star, representing a bearish bias, but with limited operability on the trading floor [1] - Caustic Soda: No stars, indicating a relatively balanced short - term trend and poor operability on the trading floor [1] - PX: Three stars, representing a bullish trend [1] - PTA: No stars, indicating a relatively balanced short - term trend and poor operability on the trading floor [1] - Ethylene Glycol: One star, representing a bearish bias, but with limited operability on the trading floor [1] - Short Fiber: No stars, indicating a relatively balanced short - term trend and poor operability on the trading floor [1] - Glass: Three stars, representing a bullish trend [1] - Soda Ash: No stars, indicating a relatively balanced short - term trend and poor operability on the trading floor [1] - Bottle Chip: Three stars, representing a bullish trend [1] - Propylene: One star, representing a bullish bias, but with limited operability on the trading floor [1] 2. Core Views - The overall chemical industry shows a complex situation with different trends in various sub - sectors. Some products are facing supply - demand imbalances, while others are affected by factors such as cost, inventory, and downstream demand [2][3][5] 3. Summary by Relevant Catalogs Olefins - Polyolefins - Propylene futures rose slightly, with improved short - term demand but overall supply remaining loose [2] - Plastic and polypropylene futures were weak. Demand is expected to decline slightly, and supply pressure is hard to ease [2] Pure Benzene - Styrene - Pure benzene prices were in a low - level shock. There are short - term consolidations and medium - term negatives. Attention should be paid to port inventory accumulation [3] - Styrene futures were narrowly sorted. It maintains a tight supply - demand balance, but there are concerns about future supply and demand [3] Polyester - PX supply increased, PTA load decreased, and polyester load slightly increased. There are uncertainties in the mid - term demand and production reduction rhythm [5] - Hexanediol supply has a large growth pressure, and the mid - term demand is weak [5] - Short fiber has a good spot pattern, but the profit is slightly squeezed. The demand will weaken in mid - to late November [5] - Bottle chip demand fades, with over - capacity as a long - term pressure [5] Coal Chemical Industry - Methanol may continue to be weak in the short term, but it is easily affected by positive news due to low valuation [6] - Urea's upward momentum is insufficient, and the market is expected to fluctuate within a range [6] Chlor - Alkali - PVC is in a pattern of high supply and weak demand, and may run at a low level [7] - Caustic soda is running weakly, and attention should be paid to cost and profit changes [7] Soda Ash - Glass - Soda ash is oscillating strongly in the short term, but a high - supply pattern remains in the long term [8] - Glass prices are under pressure, but the decline space is limited due to low valuation and cost support [8]

Report Investment Ratings - Index futures: ☆☆☆ [1] - Treasury bond futures: ☆☆☆ [1] Core Views - As of the week ending November 7, index futures showed divergence, with IH2511 down 0.89%, IC2511 up 1.47%, and IM2511 up 1.31%. The average daily trading volume in the entire market was 2.01 trillion yuan, a decrease of 313 billion yuan from the previous week, indicating a decline in market trading activity [1]. - From the perspective of high - frequency macro - fundamental factor scores, for index futures, the inflation indicator scored 8 points, the liquidity indicator 9 points, the valuation indicator 11 points, and the market sentiment indicator 9 points. For Treasury bond futures, the inflation indicator scored 7 points, the liquidity indicator 10 points, and the market sentiment indicator 8 points [1]. - In terms of the term structure, the basis of each index futures contract declined collectively. The weighted annualized basis rates (after dividend adjustment) of the ending positions of IH, IF, IC, and IM were 0.28%, - 3.16%, - 11.12%, and - 14.41% respectively [1]. - The net value of the financial derivatives quantitative CTA strategy remained unchanged last week. In the long - term, inflation data outperformed expectations, which had a certain boosting effect on IC and IM, while Treasury bond futures were under pressure. In the short - term, the fundamentals of real estate and consumption were still weak, the exchange rate was in a low range, and the capital market remained relatively loose, showing a short - term low - level recovery. In terms of positions, IM showed a marginal recovery, IF and IH remained relatively neutral, and IC was relatively at a cross - sectional low. The overall comprehensive signal was in a neutral oscillation. For Treasury bond futures, the capital market remained loose, the market risk preference was conducive to the recovery of the bond market, the stock - bond seesaw effect was significant. Due to the unexpected inflation recovery, the position factor declined, and institutions were still cautious about allocation, with the comprehensive signal in a neutral oscillation [1]. Summary by Related Catalogs Macro - fundamental Medium - and High - Frequency Factor Scores - Some economic kinetic indicators showed different changes in the week, such as the blast furnace operating rate increasing by 1.41%, the PTA operating rate increasing by 1.41%, etc. The index futures scored 8 points, and the Treasury bond futures scored 0 points [2]. Inflation Indicators - Various inflation - related indicators had different weekly changes, such as the vegetable basket product wholesale price index rising 0.29%, the coking coal index rising 1.54%, etc. The index futures scored 8 points, and the Treasury bond futures scored 7 points [3]. Liquidity - Liquidity - related indicators like DR007 decreased by 0.40%, DR001 increased by 1.48%, etc. The index futures scored 9 points [4]. Index Valuation - Valuation indicators such as PE (TTM) increased by 0.33%, PS (TTM) increased by 0.33%, etc. The index futures scored 10 points [5]. Market Sentiment: Index - In terms of index market sentiment, the margin trading balance increased by 0.27%, the short - selling balance increased by 3.91%, etc. The Treasury bond futures scored 9 points [6]. Market Sentiment: Bond - Bond market sentiment indicators such as the 10 - year CDB bond yield increased by 0.77%, the S&P 500 volatility index increased by 9.40%, etc. The Treasury bond futures scored 8 points [7]. Strategy Introduction - The product pool includes index futures and Treasury bond futures. The short - term model focuses on market style, external factors, and capital market high - frequency financial data, while the long - term model focuses on market expectations and macro - economic low - frequency indicators. Positions are synthesized considering institutional long and short positions [16]. Forecast Signals - The short - term, long - term, and comprehensive signals of different futures contracts (IF, IH, IC, IM, T, TF) are provided, and the rules for determining long and short positions are given [17]. Treasury Bond Futures Cross - Variety Arbitrage Strategy - The cross - variety arbitrage strategy is based on the signal resonance of the fundamental three - factor model and the trend regression model. The fundamental three - factor model decomposes the interest rate term structure into three parts: level, slope, and curvature. The actual operation uses a 1:1.8 ratio for the 10 - 5Y spread adjustment [20]. Market Quotes and Trading Signals - The trading signals of TF and T main contracts from November 3 to November 7 are provided, including the signals from the N - S model and the trend regression model [23].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints No clear core viewpoints are presented in the given content. The report mainly provides detailed data on various financial products such as ETFs and indices, including price, volatility, and skew index information. 3. Summary by Related Catalogs 3.1 50ETF - From November 6 - 10, 2025, the price fluctuated, with a 1.27% increase on the 6th, a 0.13% decrease on the 7th, and a 0.47% increase on the 10th. The current month IV ranged from 12.51% - 12.80%, and the next - month IV from 14.78% - 14.89% [1]. - The near - 1 - year current month IV quantile was 21.60% - 22.00%, and the near - 2 - year quantile was 20.00% - 22.00%. The near - 1 - year next - month IV quantile was 35.40% - 40.00%, and the near - 2 - year quantile was 45.40% - 48.60% [1]. - The skew index today was 92.65, compared to 102.82 yesterday [2]. 3.2 Shanghai 300ETF - From November 6 - 10, 2025, the price fluctuated, with a 1.48% increase on the 6th, a 0.21% decrease on the 7th, and a 0.25% increase on the 10th. The current month IV ranged from 14.37% - 14.53%, and the next - month IV from 15.94% - 16.28% [3]. - The near - 1 - year current month IV quantile was 28.90% - 30.20%, and the near - 2 - year quantile was 37.80% - 39.60%. The near - 1 - year next - month IV quantile was 46.80%, and the near - 2 - year quantile was 53.90% - 57.70% [3]. - The skew index today was 102.05, compared to 104.72 yesterday [5]. 3.3 Shenzhen 300ETF - From November 6 - 10, 2025, the price fluctuated, with a 1.54% increase on the 6th, a 0.30% decrease on the 7th, and a 0.38% increase on the 10th. The current month IV ranged from 14.58% - 14.95%, and the next - month IV from 16.41% - 16.74% [6]. - The near - 1 - year current month IV quantile was 31.40% - 34.20%, and the near - 2 - year quantile was 40.80% - 46.00%. The near - 1 - year next - month IV quantile was 47.40% - 50.40%, and the near - 2 - year quantile was 59.40% - 61.90% [6]. - The skew index today was 99.49, compared to 104.41 yesterday [12]. 3.4 Shanghai CSI 500ETF - From November 6 - 10, 2025, the price fluctuated, with a 1.89% increase on the 6th, a 1.50% increase on the 7th, and a 0.04% decrease on the 10th. The current month IV ranged from 18.55% - 18.71%, and the next - month IV from 19.92% - 20.13% [16]. - The near - 1 - year current month IV quantile was 34.20% - 35.50%, and the near - 2 - year quantile was 38.40% - 40.20%. The near - 1 - year next - month IV quantile was 46.80% - 57.00%, and the near - 2 - year quantile was 48.10% - 56.20% [16]. - The skew index today was 102.88, compared to 106.34 yesterday [21]. 3.5 Shenzhen CSI 500ETF - From November 6 - 10, 2025, the price fluctuated, with a 1.67% increase on the 6th, a 0.37% decrease on the 7th, and a 0.17% increase on the 10th. The current month IV ranged from 18.65% - 18.98%, and the next - month IV from 20.12% - 20.31% [26]. - The near - 1 - year current month IV quantile was 34.20%, and the near - 2 - year quantile was 39.80% - 40.40%. The near - 1 - year next - month IV quantile was 45.10% - 56.60%, and the near - 2 - year quantile was 54.30% - 56.40% [26]. - The skew index today was 102.13, compared to 106.11 yesterday [31]. 3.6 ChiNext ETF - From November 6 - 10, 2025, the price decreased, with a 1.88% increase on the 6th, a 0.50% decrease on the 7th, and a 0.85% decrease on the 10th. The current month IV ranged from 28.49% - 29.04%, and the next - month IV from 30.04% - 30.61% [32]. - The near - 1 - year current month IV quantile was 57.10% - 58.30%, and the near - 2 - year quantile was 69.30% - 71.50%. The near - 1 - year next - month IV quantile was 59.90% - 73.70%, and the near - 2 - year quantile was 73.70% - 75.60% [32]. - The skew index today was 98.35, compared to 102.10 yesterday [37]. 3.7 Shenzhen 100ETF - From November 6 - 10, 2025, the price fluctuated, with a 1.82% increase on the 6th, a 0.64% decrease on the 7th, and a 0.22% increase on the 10th. The current month IV ranged from 19.96% - 20.37%, and the next - month IV from 21.33% - 22.33% [41]. - The near - 1 - year current month IV quantile was 49.70% - 51.80%, and the near - 2 - year quantile was 60.90% - 62.50%. The near - 1 - year next - month IV quantile was 52.30% - 56.50%, and the near - 2 - year quantile was 66.30% - 69.70% [41]. - The skew index today was 101.73, compared to 104.78 yesterday [44]. 3.8 Science and Technology Innovation 50ETF - From November 6 - 10, 2025, the price decreased, with a 3.36% increase on the 6th, a 1.46% decrease on the 7th, and a 0.61% decrease on the 10th. The current month IV ranged from 31.64% - 32.60%, and the next - month IV from 33.27% - 34.03% [50]. - The near - 1 - year current month IV quantile was 50.20% - 67.40%, and the near - 2 - year quantile was 59.00% - 73.90%. The near - 1 - year next - month IV quantile was 52.20% - 73.90%, and the near - 2 - year quantile was 59.90% - 74.80% [50]. - The skew index today was 93.39, compared to 96.47 yesterday [52]. 3.9 Star 50ETF - From November 6 - 10, 2025, the price decreased, with a 3.39% increase on the 6th, a 1.37% decrease on the 7th, and a 0.69% decrease on the 10th. The current month IV ranged from 31.37% - 32.95%, and the next - month IV from 32.71% - 34.12% [55]. - The near - 1 - year current month IV quantile was 53.80% - 70.10%, and the near - 2 - year quantile was 56.50% - 75.40%. The near - 1 - year next - month IV quantile was 50.60% - 73.30%, and the near - 2 - year quantile was 56.50% - 72.00% [55]. - The skew index today was 93.79, compared to 97.75 yesterday [58]. 3.10 300 Index - From November 6 - 10, 2025, the price fluctuated, with a 1.43% increase on the 6th, a 0.31% decrease on the 7th, and a 0.35% increase on the 10th. The current month IV ranged from 13.35% - 13.87%, and the next - month IV from 16.42% - 16.54% [63]. - The near - 1 - year current month IV quantile was 21.20% - 30.60%, and the near - 2 - year quantile was 21.40% - 31.00%. The near - 1 - year next - month IV quantile was 42.80% - 57.40%, and the near - 2 - year quantile was 54.80% - 57.40% [63]. - The skew index today was 104.41, compared to 105.33 yesterday [66]. 3.11 1000 Index - From November 6 - 10, 2025, the price fluctuated, with a 1.17% increase on the 6th, a 0.13% decrease on the 7th, and a 0.28% increase on the 10th. The current month IV ranged from 17.52% - 17.98%, and the next - month IV from 19.98% - 20.18% [67]. - The near - 1 - year current month IV quantile was 14.20% - 22.00%, and the near - 2 - year quantile was 16.30% - 19.40%. The near - 1 - year next - month IV quantile was 23.20% - 25.70%, and the near - 2 - year quantile was 19.20% - 25.70% [67]. - The skew index today was 113.60, compared to 117.24 yesterday [70]. 3.12 Shanghai 50 Index - From November 6 - 10, 2025, the price fluctuated, with a 1.22% increase on the 6th, a 0.21% decrease on the 7th, and a 0.51% increase on the 10th. The current month IV ranged from 12.91% - 13.21%, and the next - month IV from 49.93% - 62.00% [71]. - The near - 1 - year current month IV quantile was 15.10% - 20.20%, and the near - 2 - year quantile was 15.90% - 20.20%. The near - 1 - year next - month IV quantile was 91.00% - 91.40%, and the near - 2 - year quantile was 95.50% - 95.70% [71]. - The skew index today was 101.83, compared to 101.00 yesterday [76].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - From November 3rd to November 7th, due to the U.S. federal government shutdown exceeding the historical record and the deadlock in the U.S. Supreme Court tariff hearing, the U.S. dollar index declined weekly. Overall, stocks, bonds, and commodities all fell to varying degrees, with bonds > commodities > stocks in terms of performance when priced in U.S. dollars [3][6]. - During the same period in China, the stock market rose while the bond market and commodities declined. With the 10 - year RatingDog manufacturing PMI at 50.6% and the service PMI at 52.6% in October, exports turned negative year - on - year, import growth slowed, the decline in PPI narrowed, and CPI turned positive year - on - year. Overall, stocks > bonds > commodities [3]. - As the U.S. government shutdown nears its end and key data is expected to be released, market uncertainty may decline. Attention should be paid to the impact of market sentiment changes on the prices of major asset classes [3][27]. 3. Summary by Directory 3.1 Global Major Asset Performance 3.1.1 Global Stock Market - From November 3rd to November 7th, due to increased market risk - aversion, most major global stock markets fell. U.S. stocks performed poorly, and emerging markets were slightly more resilient than developed markets. The VIX index rose weekly [8]. - The MSCI Asia - Pacific region fell 1.28% in the past week, the MSCI U.S. fell 1.71%, and the CI Europe fell 0.91% [8][11][14]. 3.1.2 Global Bond Market - The yield of the 10 - year U.S. Treasury bond remained at 4.11% the same as last week. The bond market declined weekly, with government bonds > credit bonds > high - yield bonds globally [12]. - The global bond index fell 0.06% in the past week, the global government bond index fell 0.05%, and the global credit bond index fell 0.13% [12]. 3.1.3 Global Foreign Exchange Market - The U.S. dollar index declined weekly by 0.18%. Although the U.S. ADP employment in October was better than expected, most major non - U.S. currencies against the U.S. dollar declined, and the RMB exchange rate fluctuated within a narrow range [13]. 3.1.4 Global Commodity Market - International oil prices declined weekly due to supply pressure and the easing of short - term Russian oil sanction risks. Precious metal prices continued to fluctuate at high levels, and most major agricultural and non - ferrous metal prices fell [17]. - The RJ/CRB commodity price index fell 0.54% in the past week, and the S&P GSCI commodity total return index also fell 0.54% [18]. 3.2 Domestic Major Asset Performance 3.2.1 Domestic Stock Market - The A - share market sentiment was stable, and most major broad - based indexes rose. The average daily trading volume of the two markets decreased compared with the previous week. The BeiZheng 50 performed poorly, and sectors such as new energy and steel led the gains, while pharmaceuticals and computers performed poorly. The Shanghai Composite Index rose 1.08% weekly [20]. 3.2.2 Domestic Bond Market - From November 3rd to November 7th, the central bank's open - market operations had a net withdrawal of 157.22 billion yuan. The money market remained generally loose, and the bond market oscillated weakly. Overall, corporate bonds > credit bonds > government bonds [23]. - The ChinaBond Total Wealth (Aggregate) Index fell 0.07% in the past week, and the ChinaBond Corporate Bond Total Wealth (Aggregate) Index rose 0.07% [24]. 3.2.3 Domestic Commodity Market - The domestic commodity market declined weekly. Among major commodity sectors, oils and fats led the gains, while the black metal sector performed poorly [24]. - The Nanhua Commodity Index fell 0.47% in the past week, and the Nanhua Black Metal Index fell 2.62% [25]. 3.3 Outlook for Major Asset Prices - As the U.S. government shutdown nears its end and key data is expected to be released, market uncertainty may decline. Attention should be paid to the impact of market sentiment changes on major asset prices [27].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - The commodity market declined last week and then rebounded, with an overall decline of 0.47%. The black sector led the decline, while precious metals and agricultural products rose. The market is expected to fluctuate in the short - term due to factors such as the possible end of the US government shutdown and mixed macro - economic indicators [1]. - Different commodity sectors, including precious metals, non - ferrous metals, black metals, energy, chemicals, and agricultural products, are expected to have short - term fluctuations based on their respective fundamentals and macro - economic factors [1][2][3]. Group 3: Summary by Related Catalogs 1. Market Review - The commodity market fell 0.47% last week. The black sector dropped 2.62%, energy and chemicals fell 0.41% and 0.06% respectively, while precious metals and agricultural products rose 0.11% and 0.57% [1]. - Among specific varieties, rapeseed meal, pulp, and eggs had the highest increases of 6.32%, 3.49%, and 2.32% respectively, while asphalt, iron ore, and methanol had the largest declines of 6.04%, 4.94%, and 3.12% [1]. - The 20 - day average volatility of the commodity market decreased, and the market scale increased by nearly 10 billion, with only the precious metals sector showing net capital outflows [1]. 2. Outlook for Different Sectors - **Precious Metals**: Officials' hawkish remarks and the uncertainty of the US government shutdown situation may keep the sector in high - level fluctuations in the short - term [1]. - **Non - ferrous Metals**: With a neutral macro - environment and mixed fundamentals, the sector is expected to fluctuate in the short - term [2]. - **Black Metals**: With weakening demand, falling production, and increasing raw material pressure, the sector may continue to be supported by costs and fluctuate [2]. - **Energy**: The oversupply of crude oil and the impact of the US government shutdown on demand may lead to short - term oil price fluctuations [2]. - **Chemicals**: Cost support from coal and mixed demand expectations may result in short - term fluctuations and mid - term anti - arbitrage opportunities [3]. - **Agricultural Products**: The reduction of US soybean tariffs and the weak rebound of palm oil may lead to different trends in different agricultural products, with some under pressure [3]. 3. Commodity Fund Overview - Gold ETFs generally had negative weekly returns, with a total scale increase of 0.81%. Energy - chemical, soybean meal, non - ferrous metal, and silver ETFs also had different return and scale changes [35].

Report Industry Investment Rating - The operation rating for CITIC's five - style stability is ★☆☆, indicating a bullish bias but with limited operability in the market [4] Core Viewpoints - In the week ending November 7, 2025, the weekly returns of Tonglian All - A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index were 0.63%, - 0.01%, and - 0.47% respectively. In the public fund market, convertible bond products performed well, the common stock strategy index declined slightly, neutral strategy products mostly rose, non - ferrous metal ETFs weakened slightly, and soybean meal ETFs had better returns. Among CITIC's five styles, only the consumer style declined last Friday, while the stable and cyclical styles were strong. The style rotation chart showed that the relative strength of the growth style decreased, and the relative strength momentum of the financial style rebounded marginally. The average returns of various style funds in the public fund pool underperformed the benchmark index. The market's deviation towards the financial style decreased. The congestion index dropped, with the growth style congestion falling to the medium - percentile range of the past year. In the neutral strategy, the contract basis weakened slightly last week, with the current IH basis close to 1 standard deviation below the three - month average. The average premium rates of IC and IM corresponding index ETFs rebounded to the medium - percentile range of the past three months. The profit factor had a good return performance in the past week, with a weekly excess return of 0.97%, and the excess of the growth factor was significantly compressed. The win - rate of the residual momentum factor decreased, but the factor itself strengthened. The cross - section rotation speed of factors rebounded slightly this week, currently at the medium - percentile range of the past year. According to the latest scoring results of the style timing model, the financial style declined marginally this week, the consumer style strengthened slightly, and the current signal favored the stable style. The return of the style timing strategy last week was 1.85%, with an excess return of 0.97% compared to the benchmark balanced allocation [4] Summary by Relevant Catalogs Fund Market Review - The weekly returns of Tonglian All - A (Shanghai, Shenzhen, Beijing), ChinaBond Composite Bond, and Nanhua Commodity Index were 0.63%, - 0.01%, and - 0.47% respectively [4] - In the public fund market, convertible bond products performed well, the common stock strategy index declined slightly, neutral strategy products mostly rose, non - ferrous metal ETFs weakened slightly, and soybean meal ETFs had better returns [4] Equity Market Style - Among CITIC's five styles, only the consumer style declined last Friday, while the stable and cyclical styles were strong. The style rotation chart showed that the relative strength of the growth style decreased, and the relative strength momentum of the financial style rebounded marginally [4] - The average returns of various style funds in the public fund pool underperformed the benchmark index. The market's deviation towards the financial style decreased. The congestion index dropped, with the growth style congestion falling to the medium - percentile range of the past year [4] Neutral Strategy - The contract basis weakened slightly last week, with the current IH basis close to 1 standard deviation below the three - month average. The average premium rates of IC and IM corresponding index ETFs rebounded to the medium - percentile range of the past three months [4] Barra Factor - The profit factor had a good return performance in the past week, with a weekly excess return of 0.97%, and the excess of the growth factor was significantly compressed. The win - rate of the residual momentum factor decreased, but the factor itself strengthened. The cross - section rotation speed of factors rebounded slightly this week, currently at the medium - percentile range of the past year [4] Style Timing Model - According to the latest scoring results of the style timing model, the financial style declined marginally this week, the consumer style strengthened slightly, and the current signal favored the stable style. The return of the style timing strategy last week was 1.85%, with an excess return of 0.97% compared to the benchmark balanced allocation [4]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The crude oil market faces supply - demand pressure in Q4 and Q1 next year, and short - term sanctions risks on Russian oil are easing. Consider bearish strategies [2]. - The precious metals market is waiting for new drivers, forming a high - level oscillation platform, and it's advisable to wait and see [2]. - Various metal markets, including copper, aluminum, zinc, etc., show different trends. For example, copper consumption is a concern, aluminum has short - term upward resistance but large market divergence, and zinc has opportunities for cross - market reverse arbitrage [3][4][7]. - Energy - related products like fuel oil and asphalt have different trends. Fuel oil is affected by crude oil, and asphalt is in a downward trend due to weak demand [21][22]. - Agricultural products such as soybeans, corn, and livestock products like pigs and eggs have their own market characteristics. For example, soybeans may have inventory reduction in Q1 next year, and pig prices may have a second bottom in H1 next year [36][41]. - Financial products like stocks and bonds also show specific trends. The stock market is expected to be oscillating strongly in the short term, and the bond market's yield curve steepening may end [48][49]. Summaries by Related Catalogs Metals Crude Oil - Last week, international oil prices declined, with the Brent 01 contract down 1.36%. The US government shutdown impacts the employment and jet - fuel demand. The supply - demand pressure in Q4 and Q1 next year needs to be released, and short - term sanctions risks on Russian oil are easing. Consider bearish strategies [2]. Precious Metals - US economic data was stable last week, but the government shutdown brings uncertainties. The market is waiting for new drivers, and it's advisable to wait and see [2]. Copper - Last Friday, copper prices oscillated negatively. The market focuses on copper consumption. China's un - wrought copper imports in October were low, and the US consumer confidence index was poor. Wait for the social inventory data and expect the previous up - rush to cool down. Wait and see [3]. Aluminum - On Friday, Shanghai aluminum prices declined. Since October, domestic inventory and spot performance have been neutral. Macroeconomic sentiment dominates, and the short - term upward resistance is around 21,800 yuan. The high index position reflects large market divergence, so beware of capital flow changes [4]. Cast Aluminum Alloy - The Baotai ADC12 spot price is 20,900 yuan. Scrap aluminum supply is tight, and tax policy adjustments are unclear. It follows aluminum price fluctuations and has no independent market for now [5]. Alumina - Alumina production capacity is at a historical high, inventory is rising, and the supply - surplus situation persists. The spot price decline slows but remains at a discount. It will operate weakly with limited rebound space [6]. Zinc - Domestic zinc ore supply is tightening, and smelting costs are rising. The zinc ingot export window is open, and domestic inventory is falling. There is an expectation of over 10,000 - ton delivery at LME. Consider cross - market reverse arbitrage and short - term long positions on Shanghai zinc, with the upper pressure at 23,200 yuan/ton [7]. Lead - LME lead inventory is decreasing, and the import window is closed. Domestic refineries are resuming production, with tight raw materials and strong cost support. The market is in a multi - empty situation, and Shanghai lead is expected to oscillate between 17,300 - 17,500 yuan/ton [8]. Nickel and Stainless Steel - Shanghai nickel opened high and closed low, with weak downstream demand. Although there are news of stainless - steel plant production cuts, the implementation needs to be observed. The inventory of pure nickel decreased by 700 tons to 48,800 tons, while nickel - iron and stainless - steel inventory increased. Shanghai nickel is in a weak operation [9]. Tin - Last Friday, tin prices oscillated. There are differences in institutional inventory data. The tin market is in a game between short - term supply tightness and long - term supply stability. Tin prices are expected to decline with significant upper resistance. Consider short - selling strategies [10]. Lithium Carbonate - Lithium carbonate prices are rising again, with active trading. The total market inventory decreased by 3,000 tons to 127,000 tons. The spot is supported, and the futures price is strengthening. It is expected to oscillate strongly in the short term [11]. Polysilicon - The polysilicon market is affected by capacity - control policy expectations. In November, production cuts are expected in the southwest, and downstream silicon wafers are also reducing production. The inventory pressure relief is limited, and it will oscillate in the short term [12]. Industrial Silicon - Industrial silicon production in Sichuan and Yunnan is at a low level during the dry season, and downstream polysilicon has seasonal production cuts. It shows a supply - demand weak pattern and will oscillate [13]. Steel Rebar and Hot - Rolled Coil - On Friday night, steel prices oscillated weakly, and Tangshan billet prices dropped by 10 yuan/ton over the weekend. Rebar demand and production decreased, and the de - stocking slowed. Hot - rolled coil demand and production also declined, with a slight inventory increase. The market is under pressure, and pay attention to the support at the lower edge of the oscillation range [14]. Iron Ore - Iron ore prices declined last week. Global shipments are at a high level, and domestic arrivals have increased. Port inventory is rising. Terminal demand is in the off - season, and steel demand and iron - water production are decreasing. It is expected to oscillate weakly [15]. Coke - Coke prices oscillated upward. After the third - round price increase, there is an expectation of a fourth - round increase. Coke inventory decreased slightly, and downstream demand is weak. The price may oscillate strongly [16]. Coking Coal - Coking coal prices oscillated upward. Mongolian coal imports are at a high level, and terminal inventory increased slightly. The carbon - element supply is abundant, and downstream demand is weak. The price may oscillate strongly [17]. Manganese Silicon - Manganese silicon prices oscillated strongly. Iron - water production is decreasing, while manganese silicon production is rising, and inventory is slowly increasing. The price has strong bottom support [18]. Silicon Iron - Silicon iron prices oscillated strongly. Iron - water production is decreasing, but export and secondary demand are rising. Supply is high, and inventory is decreasing. The price has strong bottom support [19]. Shipping Container Freight Index (Europe Line) - Last week, the shipping order pressure existed, and the new SCFI European route price dropped by 1.6% week - on - week. In late November, the freight rate may rise. The upside space is limited, and it's advisable to wait and see. The fire at the TPP port may affect the rotation time of the Gemini European line [20]. Energy - Related Products Fuel Oil and Low - Sulfur Fuel Oil - The fuel oil market oscillates, mainly affected by crude oil. Low - sulfur fuel oil is relatively strong, but its continuous upward momentum is limited. High - sulfur fuel oil's supply will be more abundant in the medium - term. The spread between them may widen [21]. Asphalt - Asphalt has entered the off - season. The demand in the southwest and south can't offset the weakening in the north. Social inventory has been increasing year - on - year since late October. Refineries are cutting prices, and the market is bearish [22]. Liquefied Petroleum Gas - The LPG main contract oscillates narrowly. The chemical and combustion demand has increased, and the inventory rate of refineries and ports has decreased. The fundamentals support the LPG price [23]. Chemical Products Urea - Affected by the new export quota, urea prices rose over the weekend. Autumn fertilizer demand is ending, and production is high with limited inventory accumulation. India's new tender and domestic export liberalization boost the market, but be cautious when chasing long [24]. Methanol - Methanol futures oscillate at a low level. Iranian gas restrictions are delayed, and port inventory is high and rising. Downstream product profits are poor, and demand is weak. It will oscillate weakly until the inventory inflection point [25]. Pure Benzene - Last week, pure benzene prices declined. Port inventory increased, and production rose. The market will consolidate in the short term and face import and demand risks in the medium term. Consider month - spread reverse arbitrage [26]. Styrene - Styrene has insufficient cost support, and the inventory is high. The price will remain weak [27]. Polypropylene, Plastic, and Propylene - Propylene is affected by falling oil prices, and demand is weak. Polyethylene has stable factory prices but cautious downstream purchases. Polypropylene's e - commerce inventory demand is disappointing, and new supply is expected [28]. PVC and Caustic Soda - PVC supply is high, and inventory is rising. Demand is affected by weather and exports. It will operate at a low level. Caustic soda oscillates at a low level, with weak downstream demand [29]. PX and PTA - PX supply increased, and PTA load decreased. Polyester and weaving loads changed slightly. PTA may have inventory accumulation in the medium term. Consider reverse arbitrage [30]. Ethylene Glycol - Ethylene glycol production increased slightly, and port inventory rose. Supply is expected to increase, and demand will weaken. Consider reverse arbitrage, and watch for possible production cuts [31]. Short - Fiber and Bottle - Chip - Short - fiber has no new investment pressure, and the spot market is good, but profits are squeezed. In mid - late November, demand will weaken. Bottle - chip demand is weakening, and capacity is excessive [32]. Building Materials Glass - Glass prices are weak. After the Shahe production halt, prices rose but at a slower pace. Inventory is decreasing, and costs are rising. The decline space is limited, and keep the short - put option [33]. Rubber 20 - Rubber, Natural Rubber, and Butadiene Rubber - International crude oil prices oscillate, and Thai rubber prices vary. Global rubber supply is in the high - yield period, and Chinese tire production and inventory changed slightly. Rubber inventory increased, and cost support is weak. Consider oversold - rebound strategies and cross - variety arbitrage [34]. Chemical Fertilizers Soda Ash - Soda ash prices rose slightly. Supply is high, and inventory is high. The demand for heavy soda decreased due to glass production cuts. It's hard to fall in the short term [35]. Agricultural Products Soybeans and Soybean Meal - Last Friday night, soybean prices oscillated weakly. Importing US soybeans has no price advantage, and domestic soybean inventory may decrease in Q1 next year. Watch for USDA reports and possible long - buying opportunities [36]. Soybean Oil and Palm Oil - US soybean prices declined. Palm oil rebounded, and it's necessary to watch if the rebound is sustainable. Consider the possibility of short - term stabilization of palm oil [37]. Rapeseed and Rapeseed Oil - Canadian rapeseed prices are under pressure due to low sales and limited export markets. Domestic prices will oscillate, and pay attention to Australian rapeseed imports [38]. Bean No. 1 - Bean No. 1 prices fell from a high level. The purchase of domestic soybeans by the state reserve may support the market. Watch for policy guidance [39]. Corn - Northeast corn prices are stable and rising slightly, and Shandong's supply increased. The import tax rate on US corn changed. The market will oscillate weakly at the bottom, and watch for new trade agreements [40]. Pigs - Pig prices were stable over the weekend. The sow inventory decreased in October. Future supply pressure is large, and prices may form a second bottom in H1 next year [41]. Eggs - Egg prices declined over the weekend, and sales were slow. The laying - hen inventory is high, and chick replenishment is low. Consider short - selling at high prices [42]. Cotton - US cotton prices declined. China's cotton procurement may increase. Domestic cotton cost supports the market, but demand is average. Watch for tariff changes and export improvements [43]. Sugar - US sugar prices oscillated. International sugar supply is abundant. In China, the focus is on the new - season sugar production estimate, and the outlook for Guangxi's production is good [44]. Apples - Apple prices oscillated widely. Apple inventory decreased, but the quality is poor, and the selling - reluctance is strong. Consider short - selling strategies [45]. Wood - Wood prices are weak. Supply import is limited due to high foreign prices, and demand supports the price. Inventory is low, and it's advisable to wait and see [46]. Pulp - Pulp prices oscillated upward. Port inventory decreased by 2.6% week - on - week. Demand is average, and the valuation is low. Consider long - buying at low prices or wait and see [47]. Financial Products Stock Index - A - shares oscillated and adjusted, with most futures contracts falling. The inflation data improved, and the US consumer confidence index was low. The stock market is expected to oscillate strongly in the short term. Keep a mid - term focus on technology and advanced manufacturing and balance with cyclical and consumer sectors [48]. Treasury Bonds - Treasury bond futures declined, and short - term Shibor rates rose. The export growth was lower than expected. The yield curve steepening may end [49].

Report Industry Investment Ratings - **Buy Recommendations**: None - **Sell Recommendations**: None - **Hold Recommendations**: None - **Neutral Recommendations**: None - **Specific Ratings for Commodities**: - **Douyi (Soybean 1)**: ★★★ (Red stars, indicating a predicted upward trend) [1] - **Douyou (Soybean Oil)**: ★★★ (Red stars, indicating a predicted upward trend) [1] - **Biaowangyou (Labeled Oil)**: ★★★ (Red stars, indicating a predicted upward trend) [1] - **Doupo (Soybean Meal)**: ★☆☆ (One red star, indicating a bullish bias but limited trading operability) [1] - **Caipo (Rapeseed Meal)**: ★★★ (Red stars, indicating a predicted upward trend) [1] - **Yaoyou (Medicinal Oil)**: ★★★ (Red stars, indicating a predicted upward trend) [1] - **Yumi (Corn)**: ★★★ (Red stars, indicating a predicted upward trend) [1] - **Shengzhu (Live Pigs)**: ★★★ (Red stars, indicating a predicted upward trend) [1] - **Jidan (Eggs)**: ★☆☆ (One red star, indicating a bullish bias but limited trading operability) [1] Core Views - The report provides a comprehensive analysis of various agricultural products, including soybeans, soybean oil, palm oil, rapeseed meal, rapeseed oil, corn, live pigs, and eggs. It assesses the market trends, supply - demand dynamics, and price movements of each product, and gives investment suggestions based on these analyses [2][3][4][6][7][8]. Summary by Commodity Soybean 1 - The main contract of Douyi significantly reduced its positions, and the price declined from the high level, affected by surrounding commodities. The price of US soybeans dropped from the high due to the easing of trade optimism. CGC started soybean procurement, with a preference for high - quality soybeans. The supply of domestic high - protein soybeans is tight this year due to adverse weather, and the market has optimistic expectations for them. Short - term policy guidance should be continuously monitored [2]. Soybean and Soybean Meal - The Dalian futures contract continued to fluctuate widely and correct. The tariff for importing US soybeans in China is now 13%, and there is still no price advantage for commercial imports. As of November 6, the CNF price of US Gulf/West soybeans (December shipment) is $506/ton, and that of Brazilian soybeans (December shipment) is $500/ton. With similar CNF prices and a 10% tariff difference, commercial purchases are unlikely. As the import cost rises, the crushing margin has improved, and it is expected that there will be a destocking situation for domestic soybeans in the first quarter of next year. The USDA will release the November supply - demand report on November 14. Opportunities for buying on dips after the easing of Sino - US trade relations should be followed [3]. Soybean Oil and Palm Oil - The price of US soybeans dropped from the high due to the easing of trade optimism. After the recent rise, the spread between the near - month FOB premium of US soybeans and that of Brazil has recovered to a higher level than the same period last year. The market is expected to focus on the guidance of the USDA report. Palm oil stopped falling and rebounded, but the rebound momentum on the disk is still weak. After the recent decline, the bearish momentum of palm oil has been continuously released, and the short - selling momentum at the price stage has eased. Whether the performance at this position is sustainable should be monitored. The probability of a short - term stabilization of palm oil with a bearish near - term supply - demand situation should be followed [4]. Rapeseed Meal and Rapeseed Oil - The expected pressure on the price of overseas oilseeds has a negative impact on the domestic rapeseed futures prices, and the main contracts of rapeseed products declined slightly. Canadian farmers are less willing to sell rapeseed due to low prices, and exports have increased slightly but remain sluggish. Although the news of strengthened rapeseed trade between Canada and Pakistan has boosted the export prospects of Canadian rapeseed, the market capacity of Pakistan is limited. The price of rapeseed futures is expected to remain under pressure. Domestic coastal oil mills have shut down due to a shortage of rapeseed. The arrival of Australian rapeseed in China should be monitored. The price difference between rapeseed products and other competing products is still high, which suppresses the consumption cost - effectiveness of rapeseed products. It is recommended to change the short - term long strategy for rapeseed meal to a wait - and - see approach and focus on the marginal changes at the oilseed import end [6]. Corn - Dalian corn futures fluctuated weakly. The increase in the supply of new corn in Northeast China has decreased, and the price is stable with a slight upward trend. In Shandong, the supply has increased, and the number of remaining vehicles at deep - processing plants in the morning is 1353. Sino - US relations may ease, and after the tax reduction announced by the Tariff Commission of the State Council, the tariff for importing US corn in China is now 11% within the quota and 75% outside the quota. The signing of the latest Sino - US economic and trade agreement should be continuously monitored. The change in the enthusiasm of grain listing in the Northeast should be followed, and currently, the market is considered to be in a weak bottom - range oscillation, and the inflection point is not clear [6]. Live Pigs - The price of live pig futures fluctuated within a narrow range, and the overall position increased. The spot price also showed a narrow - range consolidation. According to Yongyi data, the inventory of breeding sows decreased month - on - month in October, continuing the de - stocking trend for two consecutive months. Fundamentally, on one hand, due to the continuous recovery of production capacity, the number of live pig slaughterings will continue to increase in the later stage. On the other hand, the rebound of pig prices after the National Day was mainly driven by the entry of second - fattening farmers. However, second - fattening will increase the later - stage slaughtering pressure, and the average slaughter weight of live pigs this year is at the highest level in the past three years. The slaughter of second - fattened pigs will further impact the spot market. The futures market has priced in the potential supply pressure in advance. Historically, the bottom of the pig cycle often shows a double - bottom "W" shape. The low pig price in October is likely the first emotional bottoming, and it is expected that pig prices will have a high probability of a second bottoming in the first half of next year under the background of continuous supply pressure and off - season demand [7]. Eggs - Egg futures first declined and then rose, with an overall reduction in positions. The spot price increased today. The in - production inventory decreased slightly month - on - month in October but is still at a historically high level. The chick replenishment data in October remained sluggish, which is beneficial for improving the long - term supply outlook. However, the far - month contracts already contain a high price premium. The number of culled laying hens in the spot market increased, and the culling age decreased, indicating that the sentiment of culling old hens has increased. The disk has maintained a strong pattern recently, and opportunities for shorting on highs in the fourth quarter should be awaited [8].

Report Industry Investment Ratings - **Propylene, Plastic, Benzene, Styrene, PTA, Short Fiber, Methanol, PVC**: ★☆☆, indicating a bias towards long/short, with a driving force for upward/downward trends, but limited operability on the trading floor [1] - **PX, Ethylene Glycol, Urea, Caustic Soda, Soda Ash, Glass**: ☆☆☆, suggesting that the short - term long/short trends are in a relatively balanced state, with poor operability on the current trading floor, and it is advisable to wait and see [1] Core Viewpoints - The chemical market is generally under pressure, with many products facing issues such as supply - demand imbalances, high inventories, and weakening demand. Most products are recommended for reverse arbitrage strategies, and attention should be paid to factors such as load changes in each link of the industrial chain, supply - side contractions, and demand - side improvements [2][3][5] Summary by Related Catalogs Olefins - Polyolefins - **Propylene**: The main futures contract weakened narrowly during the day. International oil price declines affected market sentiment, and demand was difficult to boost significantly due to production enterprises' price concessions and some downstream device load - reduction or shutdown [2] - **Plastic and Polypropylene**: Their main futures contracts were weakly sorted during the day. For polyethylene, the ex - factory prices of petrochemical enterprises were basically stable, but downstream purchasing was cautious. For polypropylene, the e - commerce festival stocking was nearing the end, demand was lower than expected, and new device output was expected to increase supply pressure [2] Pure Benzene - Styrene - **Pure Benzene**: The futures price fluctuated narrowly, and the spot price in East China rose slightly. Port inventories increased, and production increased. There are short - term consolidations and medium - term negatives, and attention should be paid to the port inventory accumulation rhythm [3] - **Styrene**: The main futures contract was sorted narrowly. The cost - side support was insufficient, and the supply - demand was in a tight balance. The inventory was still relatively high, and the price continued to be weak [3] Polyester - **PTA**: PX supply increased, PTA load decreased, and polyester load increased slightly. There is a possibility of inventory accumulation in the future, and reverse arbitrage is recommended, with attention to load changes in each link of the industrial chain [5] - **Ethylene Glycol**: The weekly output increased slightly, and port inventories increased significantly. Supply is expected to increase, and there is a continued inventory accumulation expectation, with reverse arbitrage as the main strategy [5] - **Short Fiber**: There is no new investment pressure, and the spot pattern is good, but raw material price increases squeeze profits slightly. The absolute price fluctuates with raw materials after mid - November [5] - **Bottle Chip**: Demand weakens with the cooling weather, the processing margin is under pressure, and the long - term problem is over - capacity [5] Coal Chemical Industry - **Methanol**: The futures price remained in a low - level shock. Iran's gas restriction time was unexpected, and port inventories were high, with a continued inventory accumulation trend expected. Downstream demand is expected to enter the off - season [6] - **Urea**: The futures price rose significantly due to the news of new export quotas. Autumn fertilizer demand is coming to an end, and production enterprises' inventory accumulation is small. Attention should be paid to the implementation details of the export policy [6] Chlor - Alkali - **PVC**: Supply pressure continued, and inventory accumulation continued. Demand declined due to weather, and exports were affected. It may operate at a low level [7] - **Caustic Soda**: It oscillated at a low level. Liquid caustic soda inventory decreased this week, but downstream demand was average, and it is running weakly [7] Soda Ash - Glass - **Soda Ash**: It rose narrowly. Supply was high, and inventories remained high. Attention should be paid to the upward trend of light soda ash and downstream restocking willingness [8] - **Glass**: It was weakly sorted during the day. After the production suspension in Shahe, dealers' purchasing enthusiasm increased, and inventory decreased. Cost increased, and the decline space is expected to be limited [8]