中美在海事、物流和造船领域开启博弈

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The US officially imposed restrictions such as port fees on China's maritime, logistics, and shipbuilding sectors. China strongly opposed this and announced counter - measures against 5 US - related subsidiaries of Hanwha Ocean Co., Ltd., highlighting China's determination to counter in key areas [7]. - For LPG, the price of domestic propane at the cost of arrival (tax - included) is basically below 4,000 yuan/ton. The demand has increased significantly, but it has not rebounded under speculative demand. The short - term pattern of strong domestic and weak foreign is clear, which is bullish for the long - short spread on the futures market, but the impact of Sino - US trade disputes and crude oil price trends should be noted [9][10]. - For cotton, the short - term trend is stable. Before mid - November, attention should be paid to the development of international economic and trade situations. The short - term trend of cotton futures is expected to be weakly volatile [11]. - For the container shipping index (European line), it will be volatile in the short term. Attention should be paid to the change in shipping capacity in November. The recent sharp rise was affected by China's counter - measures against Hanwha Ocean, but it has no substantial impact on the European line. The fundamentals show that most shipping companies are expected to be fully loaded in week 43, and the no - show rate needs further observation [12]. 3. Summary by Related Catalogs 3.1 Metal Products - Gold: Continues to reach new highs. The Fed Chairman Powell hinted at another interest rate cut and that the balance - sheet reduction is nearing the end, which is favorable for gold prices [21]. - Silver: The contradiction in the spot market has eased, and the price has risen and then fallen [21]. - Copper: The market is cautious, and the price is volatile. The production of Codelco in Chile has decreased, and China's copper imports in September have shown different trends [25][27]. - Zinc: The trend is weakly volatile. The Fed's attitude towards interest rates affects the market, and inventory and price data show certain changes [28]. - Lead: The inventory has increased, and the price is under pressure. The Fed's interest - rate policy also has an impact on the lead market [31]. - Tin: Attention should be paid to the macro - impact. The price of tin has declined, and inventory and price differences have changed [34]. - Aluminum: Ranges within a certain interval. Alumina's price center moves down, and cast aluminum alloy follows the trend of electrolytic aluminum. Market data such as inventory and price differences have changed [38]. - Nickel: The macro - sentiment has turned bearish, and the nickel price is oscillating at a low level. Stainless steel is under pressure from both the macro - environment and the actual situation, but the cost limits the downward space [41]. - Lithium Carbonate: The demand is improving, and the warehouse receipts are being cleared. The short - term trend is relatively strong [44]. - Industrial Silicon: The supply - demand pattern is weak [47]. - Polysilicon: Meetings are being held this week, and the futures market is expected to rise [48]. 3.2 Building Materials and Energy - Iron Ore: The price fluctuates widely. Market data such as inventory and price differences have changed, and relevant policies have an impact on the market [52]. - Rebar and Hot - Rolled Coil: The current situation is weak, and the expectation has also weakened. Steel prices may decline slightly [54]. - Silicon Ferroalloy and Manganese Ferroalloy: The quotations in the main production areas are unstable, and the prices fluctuate widely. The prices of manganese ore at ports have moved down [58]. - Coke and Coking Coal: The expectations are fluctuating, and the prices fluctuate widely. Market data such as inventory and price differences have changed [61][62]. - Log: The price oscillates repeatedly [64]. 3.3 Chemical Products - Para - Xylene and PTA: The medium - term trend remains weak [17]. - MEG: The spread between January and May contracts is in a reverse - arbitrage situation [17]. - Rubber: The price oscillates [17]. - Synthetic Rubber: The trend is weak [17]. - Asphalt: The price has declined following the oil price [17]. - LLDPE and PP: The trends are weak [17]. - Caustic Soda: Do not short in the short term [17]. - Pulp: The price oscillates [17]. - Glass: The price of raw glass is stable [17]. - Methanol: The price is under pressure and oscillates [17]. - Urea: The short - term trend is oscillating, and the medium - term trend is under pressure [17]. - Styrene: Stop loss on short positions [17]. - Soda Ash: The spot market has not changed much [17]. 3.4 Agricultural Products - Palm Oil: The driving force from the origin is limited. Attention should be paid to the support at the lower level [20]. - Soybean Oil: The price moves within a certain range. Attention should be paid to Sino - US economic and trade relations [20]. - Soybean Meal and Soybean: The trade concerns have resurfaced, and the prices may rebound and oscillate [20]. - Corn: The price has rebounded [20]. - Sugar: The price oscillates within a certain range [20]. - Egg: The price oscillates [20]. - Live Pig: The bottom of the spot price has not been reached [20]. - Peanut: Attention should be paid to the weather in the producing areas [20].