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Group 1: Overall Market Conditions - The proportion of short positions in commodities increased this week, mainly due to the decline in the factor strength of the energy and chemical sector. Currently, the relatively strong sectors in the cross - section are precious metals and agricultural products, while the relatively weak sector is the energy sector [3]. - In the precious metals sector, the sequential momentum of gold has marginally recovered, and the differentiation within the sector has narrowed. In the non - ferrous sector, the position factor has continued to decline slightly, and the cross - sectional differentiation has expanded, with copper and zinc being on the weaker end [3]. - In the black sector, the short - term momentum factor has marginally decreased, but the long - term factor has gradually stabilized, and the term structure differentiation has narrowed. In the energy and chemical sector, the cross - sectional momentum has declined overall, and PTA, soda ash, and glass are on the weaker end of the sector's cross - section [3]. - In the agricultural products sector, the positions of oilseeds and meals have both decreased slightly, and the differentiation has narrowed [3]. Group 2: Factor Returns - Last week's returns and monthly returns for different factors: supply factor had a last - week return of 1.64% and a monthly return of 0.00%; demand factor had a last - week return of 1.51% and a monthly return of 0.00%; inventory factor had a last - week return of 1.20% and a monthly return of - 2.28%; spread factor had a last - week return of 3.90% and a monthly return of 2.50%; profit factor had a last - week return of 0.00% and a monthly return of 0.00%; the cumulative return of major categories last week was 1.64% and this month was - 0.04% [7]. Group 3: Methanol Analysis - In terms of strategy net value, last week, the supply factor strengthened by 0.21%, the demand factor increased by 0.13%, the inventory factor weakened by 0.19%, the spread factor increased by 0.09%, and the composite factor increased by 0.16%. This week, the comprehensive signal for short positions continues. On the fundamental factor side, the capacity utilization rate of domestic methanol plants has increased, and the import arrival volume has increased slightly, indicating a short position on the supply side; the operating rates of formaldehyde and chloride plants have increased, but the capacity utilization rates of acetic acid and MTBE plants have decreased, making the demand side neutral; the inventory of domestic methanol manufacturers has decreased, indicating a long position on the inventory side; the closing price of the main methanol futures contract and the 9 - 1 spread on the futures market have both released short - position signals, and the spread side has turned to a short position [4]. Group 4: Glass Analysis - In terms of strategy net value, last week, the inventory factor decreased by 2.28%, the spread factor increased by 2.50%, and the composite factor weakened by 0.04%. This week, the comprehensive signal is a short position. On the fundamental factor side, the capacity utilization rate of float glass has remained flat month - on - month, keeping the supply side neutral; the number of commercial housing transactions in 30 large - and medium - sized Chinese cities has increased slightly, making the demand side neutral; float glass enterprises have continued to reduce inventory, indicating a long position on the inventory side; the spot prices of the float glass markets in Central China, North China, and South China have all released short - position signals, indicating a short position on the spread side; the pre - tax gross profit of float glass made from steam coal has declined, indicating a short position on the profit side [7]. Group 5: Iron Ore Analysis - In terms of strategy net value, last week, each factor remained unchanged, and this week, the comprehensive signal remains neutral. The arrival volume at Qingdao Port has increased significantly, and the shipping volumes of BHP and Rio Tinto have increased, turning the supply side into a short - position feedback, but the overall signal remains neutral. The consumption of iron ore powder for sintering in steel mills and the proportion of sintered ore in the furnace have decreased, and the strength of the long - position feedback on the demand side has decreased slightly, but the signal is still neutral. The iron ore concentrate at ports and the domestic sintering iron ore powder in steel mills have both reduced inventory slightly, weakening the short - position feedback on the inventory side. The price center of PB powder has shifted down, further weakening the strength of the long - position feedback on the spread side [7]. Group 6: Lead Analysis - In terms of strategy net value, last week, the supply factor strengthened by 0.52%, the demand factor decreased by 0.51%, the spread factor increased by 0.46%, and the composite factor strengthened by 0.15%. This week, the comprehensive signal has changed from a short position to neutral. The price of domestic lead concentrates from SMM has decreased, and the profit of tax - free recycled lead has decreased, turning the supply - side signal to neutral. The LME lead inventory and registered warrants have increased, turning the inventory side into a short - position feedback, but the overall signal remains neutral. The spread between the near and far months of LME lead has widened, strengthening the short - position feedback on the spread side [7].