智通财经网·2025-11-09 12:13Core Viewpoint - The recent price increase in commodities is driven by anticipation of a cyclical economic upturn in the coming year, with a unique convergence of economic cycles between China and the U.S. expected in 2026 [1][2] Group 1: Market Trends - The price increase in commodities is primarily concentrated in coal, non-ferrous metals, certain chemicals, the new energy and photovoltaic industry chain, and memory storage [1][2] - The A-share market experienced a pullback after a recent rally, attributed to a technical correction and stabilization in the latter half of the week [2] Group 2: Economic Indicators - Historical patterns indicate that years ending in 6 or 1 are typically associated with rising Producer Price Index (PPI) in China, coinciding with significant political events [2] - The North American PCB shipment volume saw an increase in September, with a notable rise in memory prices and demand in the new energy sector [3] Group 3: Investment Opportunities - Based on supply-side changes and free cash flow levels, sectors such as non-ferrous metals, steel, and building materials are recommended for investment [1][2] - The financing net inflow reached 11.75 billion yuan in the first four trading days, indicating positive market sentiment [3] Group 4: Company Developments - Tesla's annual shareholder meeting highlighted advancements in AI and robotics, with a focus on the humanoid robot Optimus, which is projected to have a market capacity of billions of units [4] - The overall valuation level of A-shares increased, with notable gains in sectors like electric equipment and steel [4]