多事之秋

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - After the National Day holiday, the market digested the overseas information during the holiday and continued the pre - National Day price trend. Crude oil's rebound due to geopolitics was unsustainable under OPEC's production increase, and energy - chemical related varieties weakened. Precious metals led the bulls under the environment of US interest rate cuts and global political and economic uncertainties. The threat of the US to impose additional tariffs on China caused drops in US stocks, crude oil, and domestic commodities. Without external intervention, commodities will continue to move based on the weak supply - demand fundamentals [4]. - Unless the fundamentals have relatively certain expectations, it is advisable to mainly observe. The negotiation situation is uncertain, and strategies should focus on short - term or arbitrage to avoid overnight or single - leg positions to avoid macro - systematic risks. In terms of specific sectors, industrial products are weak and precious metals are strong [2][3][5]. Summary by Relevant Catalogs Market Situation - After the National Day holiday, the market digested the overseas information during the holiday and continued the pre - National Day price trend. Energy - chemical products were under pressure from the weakening crude oil price, building materials faced insufficient demand, and agricultural products' valuations declined due to oversupply and weakening demand [4]. - The US threat to impose additional tariffs on China led to drops in US stocks, crude oil, and domestic commodities on the Friday night session [4]. Sector and Variety Analysis - Industrial Products: Products like soda ash and PVC have sufficient supply and weak downstream demand. Without effective implementation of relevant measures, the overall industrial products will continue to decline [4]. - Energy - Chemicals: Crude oil's rebound relying on geopolitics was unsustainable. Energy - chemical related varieties continued to weaken to release risks [4]. - Precious Metals: Led the bulls under the environment of US interest rate cuts and global political and economic uncertainties [4]. Investment Strategies - Unless the fundamentals have relatively certain expectations, it is advisable to mainly observe. Strategies should focus on short - term or arbitrage to avoid overnight or single - leg positions to avoid macro - systematic risks [3][5]. Product Recommendation - The net value performance of the "Chasing the Wind No. 1" and "Chasing the Wind No. 2" strategy products is good. The "Chasing the Wind No. 2" product is in the free trial period and is worth trying. They can be subscribed through the path of [Nanhua Futures app - Research Report Selection - Strategy Research Selection] [5]. Data Tables - Plate Capital Flow: The total capital is 20.499 billion, with precious metals at 485 million, non - ferrous metals at 5.005 billion, etc. [9]. - Black and Non - ferrous Weekly Data: It shows the price percentile, inventory percentile, valuation percentile, etc. of various black and non - ferrous metal varieties such as iron ore, rebar, etc. [9]. - Energy - Chemical Weekly Data: It shows the price percentile, inventory percentile, etc. of energy - chemical varieties such as fuel oil, low - sulfur oil, etc. [11]. - Agricultural Product Weekly Data: It shows the price percentile, inventory percentile, etc. of agricultural products such as soybean meal, rapeseed meal, etc. [12].