国泰君安期货所长早读-20251111

1. Report Industry Investment Rating No relevant content provided in the report. 2. Core Views of the Report - The National Development and Reform Commission and the National Energy Administration issued the "Guiding Opinions on Promoting the Consumption and Regulation of New Energy", aiming to basically establish a new power system compatible with a high proportion of new energy by 2035 [7]. - In the short - term, the opposite trends of glass and soda ash may continue, but the space is limited. In the medium - term, their price difference will show a volatile market [10]. - The recent rise of lithium carbonate is driven by demand. The short - term trend is strong, but there is pressure in the long - term [11]. 3. Summary by Related Catalogs 3.1 New Energy Policy - The National Development and Reform Commission and the National Energy Administration proposed to optimize the allocation and consumption of new energy, promote the development and consumption of offshore wind power, and strengthen grid operation technology [7]. 3.2 Glass and Soda Ash - The short - term opposite trends of glass and soda ash are due to factors such as lower - than - expected glass production cuts, forced liquidation of certain positions, and favorable monthly spread structures for soda ash. In the medium - term, the price difference will be volatile [10]. 3.3 Lithium Carbonate - The current strong demand in the energy storage market and the seasonal peak of power batteries drive the rise of lithium carbonate. However, there are concerns about the resumption of production in Jiangxi and the increase in Australian ore production in the future [11][12]. 3.4 Other Commodities - Precious Metals: Gold is affected by government shutdowns, and silver shows a volatile rebound [15][20]. - Base Metals: Copper prices rise due to improved risk sentiment; zinc shows a slight rebound; lead price increases are restricted by rising domestic inventories; tin is affected by macro factors; aluminum fluctuates in a range; nickel oscillates at a low level; stainless steel lacks upward drivers [15][24][27][30][32][35][38]. - Energy and Chemicals: Iron ore prices fall due to inventory accumulation pressure; industrial silicon's center of gravity moves up; polycrystalline silicon trades based on supply - demand logic; coal and coke prices fluctuate at high levels; other chemical products have various trends such as volatile rebounds or downward trends [15][46][47][50][53][58][61].