Report Industry Investment Rating No information provided in the report. Core Viewpoints of the Report - The US government shutdown is expected to end, boosting global risk appetite. The dollar index has declined overall, and the risk appetite in the global market has increased significantly. In China, the manufacturing sentiment declined in October, and exports decreased unexpectedly, leading to a slowdown in economic growth. However, inflation data in October rebounded unexpectedly, and the signing of a trade agreement between China and the US reduced external risks. The central bank restarted treasury bond trading to release liquidity, increasing domestic risk appetite. The short - term upward drive of the macro - market has strengthened, and the stock index has rebounded in the short term. Attention should be paid to the domestic economic growth and the implementation of incremental policies in the future [3][4]. - The short - term macro - market shows an upward trend. The stock index and treasury bonds are expected to rebound with caution in the short term. In the commodity sector, black metals will fluctuate in the short term, non - ferrous metals will rebound with short - term fluctuations, energy and chemicals will fluctuate, and precious metals will rebound with short - term fluctuations and maintain an upward trend in the long - term [3]. Summary by Related Catalogs Macro - Overseas: The US Senate's compromise bill has passed the initial hurdle, and the federal government shutdown is expected to end, boosting global risk appetite. The dollar index has declined. - Domestic: In October, China's manufacturing sentiment declined, and exports decreased unexpectedly, slowing down economic growth. However, inflation data rebounded unexpectedly, and the signing of a trade agreement between China and the US reduced external risks. The central bank restarted treasury bond trading to release liquidity, increasing domestic risk appetite. The short - term upward drive of the macro - market has strengthened, and the stock index has rebounded in the short term. Attention should be paid to domestic economic growth and the implementation of incremental policies in the future [3][4]. Stock Index - Driven by sectors such as beverage manufacturing, hotel tourism, and airport shipping, the domestic stock market rose slightly. The short - term upward drive of the macro - market has strengthened, and the stock index has rebounded in the short term. Attention should be paid to domestic economic growth and the implementation of incremental policies in the future. Short - term cautious buying is recommended [4]. Precious Metals - The precious metals market rose significantly on Monday night. The main contracts of Shanghai gold and silver increased. Weak US economic data strengthened the market's expectation of the Fed's interest rate cut, boosting the demand for non - interest - bearing assets. Precious metals will rebound with short - term fluctuations and maintain an upward trend in the long - term. Short - term cautious buying is recommended, and long - term buying on dips is advisable [5]. Black Metals - Steel: On Monday, the domestic steel futures and spot markets were flat, and trading volume remained low. CPI and PPI data improved, and market sentiment recovered. Last week, steel demand peaked, and the apparent consumption of five major steel products decreased by 495,100 tons. Inventory continued to decline, but the decline slowed. Supply decreased, and the steel market is still in a negative feedback logic in the short term, but the downward space for rebar near 3000 points is limited [7]. - Iron Ore: On Monday, the futures and spot prices of iron ore rebounded slightly. Steel mills' losses accelerated production cuts, and the daily average pig iron output of blast furnaces decreased to 2.34 million tons. Steel mills' demand for iron ore may further decline, and they are cautious about restocking. Supply has shown marginal improvement. The key factor determining the iron ore price is the decline process of pig iron output, and short - term range - bound fluctuations are expected [7]. - Silicon Manganese/Silicon Iron: On Monday, the spot prices of silicon iron and silicon manganese were flat, and the futures prices rebounded slightly. Last week, the output of five major steel products decreased slightly, and the demand for ferroalloys declined. The supply of silicon manganese and silicon iron decreased slightly. The futures prices of silicon iron and silicon manganese are expected to continue range - bound fluctuations [8]. - Soda Ash: On Monday, the main contract of soda ash fluctuated. Supply increased this week, and there are capacity expansion plans in the fourth quarter, maintaining a loose supply pattern. Demand remained stable. The industry lacks clear policy support, and a bearish view is recommended in the medium - to - long - term [9]. - Glass: On Monday, the main contract of glass fluctuated within a range. Affected by Shahe news, the glass price fluctuated greatly. Supply and the number of production lines remained stable. Demand was weak year - on - year, and the inventory of float glass was relatively high. Supported by anti - involution policies, glass is expected to be strong in the short term due to its low valuation and the impact of Shahe [9][10]. Non - Ferrous Metals and New Energy - Copper: The US copper inventory is approaching 370,000 short tons, a historical high, which restricts future import demand. There is a possibility of the restart of a Panamanian copper mine. The destocking of refined copper in China is less than expected, and the social inventory is still at a relatively high level. The shutdown of Indonesia's second - largest copper mine has tightened the global copper supply, supporting the futures price. Short - term high - level fluctuations are expected [11]. - Aluminum: On Monday, the price of Shanghai aluminum rose, with a long lower shadow. The news of the US ending the shutdown boosted market risk appetite. The market is worried about future supply shortages. Domestic destocking is not going well. The market is trading based on expectations, ignoring fundamentals for now. In the short term, it is expected to be strong [11]. - Tin: The supply of tin is still tight. The combined operating rate of smelters in Yunnan and Jiangxi has increased slightly. The tin ore supply from Myanmar is still far below normal levels. Demand is weak, and the social inventory of tin ingots has increased this week. The tin price is expected to fluctuate at a high level in the medium - to - short - term [12]. - Lithium Carbonate: On Monday, the main contract of lithium carbonate rose significantly. Market sentiment is positive, and demand is the dominant factor. It is expected to be strong with fluctuations, but attention should be paid to supply - side disturbances [13]. - Industrial Silicon: On Monday, the main contract of industrial silicon rose. After the end of the wet season, production in Southwest China decreased significantly. Supply and demand are both weak. It is expected to fluctuate, and buying on dips is recommended [14]. - Polysilicon: On Monday, the main contract of polysilicon rose. There is a stalemate between strong policy expectations and weak reality. The spot price is supported by policy expectations, but terminal demand is weak. It is expected to fluctuate in a high - level range, and buying on dips is recommended [15]. Energy and Chemicals - Crude Oil: The expected end of the US government shutdown has boosted market sentiment and oil prices. A large amount of data will be released this week to assess global supply. The market is focusing on US sanctions. Oil prices will continue to fluctuate within a range due to geopolitical uncertainties [16]. - Asphalt: Asphalt prices have continued to break new lows and are still in the process of bottom - seeking. The basis is low, and trading volume is limited. There is a slight pressure to accumulate inventory in social and factory warehouses. As it enters the off - season, the market focuses on low - price supplies, and the inventory pressure will increase. The supply pressure has increased due to the recovery of some factories in Shandong. Attention should be paid to the cost fluctuations of crude oil [16]. - PX: The anti - involution expectation in the polyester sector has boosted the price of PX, but the upward momentum is slowing. PTA's high operating rate provides some demand support for PX. The PXN spread has rebounded slightly, and PX is still in a tight supply situation. The strong overseas refined oil market may provide cost support for PX. Attention should be paid to cost changes [17]. - PTA: News of joint production cuts by leading manufacturers has boosted market sentiment, and the main contract has risen. The downstream operating rate remains high, but the actual production cuts are not confirmed, and there is a risk of inventory accumulation in the future. The upward pressure exists in the short - term [17]. - Ethylene Glycol: Ethylene glycol is still in a low - level range - bound fluctuation and is under pressure. Port inventory has accumulated significantly, and the downstream operating rate is neutral. The shipping volume is low, and the arrival volume is high. There is a large pressure to accumulate inventory in mid - to - late November, and caution is required when entering the market [18]. - Short - Fiber: Short - fiber has risen slightly following the polyester sector, but the future pressure is large. Terminal orders are seasonally declining, and the operating rate of short - fiber has decreased in some areas, with limited inventory accumulation. The future upward space is limited, and short - selling on rallies is recommended in the medium - term [18]. - Methanol: The inventory in the inland and ports has increased. The supply - demand situation in the inland has deteriorated, and the price has lost support. The downstream market is weak, and the restart of inland plants has increased supply pressure. However, the rising coal price has squeezed methanol profits, and the price is approaching the import cost. Iranian plants are planned to shut down in November, providing some support. The price is expected to decline with fluctuations in the short - term, but the decline rate may slow down [18]. - PP: The demand for polypropylene has improved, but the supply growth rate is too fast, leading to inventory increases. As the traditional off - season approaches, demand is expected to weaken, and supply will remain high due to plant restarts. The market is under pressure, and the price is expected to continue to decline [19]. - LLDPE: The core contradiction in the polyethylene market is the continuous accumulation of supply pressure. New production capacity is being released, and previously shut - down plants are restarting. The downstream peak - season effect is expected to decline after peaking in early November. The weakening crude oil price provides limited cost support. The price is expected to remain under pressure [19]. - Urea: The supply of urea is expected to increase, and the supply is becoming more relaxed. The demand is differentiated: agricultural fertilization in the north is coming to an end, and compound fertilizer enterprises are cautious about purchasing urea. Exports are restricted by policies. The short - term market is expected to continue to weaken in a narrow range [19]. Agricultural Products - US Soybeans: The CBOT January soybean contract rose overnight. The market is optimistic about the restoration of Sino - US soybean trade. The US soybean export inspection volume last week was 1.088577 million tons. Attention should be paid to the USDA's crop production and WASDE reports. The weather and planting conditions in South American soybean - producing areas are currently normal, with a stable high - yield expectation. If the USDA lowers the yield per unit, the ending inventory of US soybeans will shrink, strengthening the cost - repair logic [20]. - Soybean Meal/Rapeseed Meal: The supply and demand of soybean meal are currently loose, and the basis is weak. With the restoration of Sino - US agricultural trade, the pricing cost of imported soybeans in China has increased, and the risk of future shortages has decreased [21]. - Soybean Oil/Rapeseed Oil: The supply of soybean oil exceeds demand, but the price is stable within a range due to the increase in the pricing cost of imported soybeans. The commercial inventory of soybean oil has decreased. The inventory of rapeseed oil is still high, but the rapeseed inventory is running out. Affected by the uncertainty of Sino - Canadian trade, traders are reluctant to sell, supporting the strengthening of the basis [21]. - Palm Oil: According to the MPOB report, Malaysia's palm oil production increased by 11.02% to 2.04 million tons in October, exports increased by 18.58% to 1.69 million tons, and inventory increased by 4.4% to 2.46 million tons. Palm oil has entered the production - reduction cycle, and the seasonal de - stocking trend remains unchanged. The market is weak and stable, and the risk of all negative factors being priced in has increased. The domestic market has no new purchase orders and will fluctuate and stabilize with the cost [22]. - Corn: The oversupply situation of corn has not changed. There is a large amount of on - the - ground grain in the production areas, and middle - level traders are not willing to build inventories. The inventories in northern ports, feed enterprises, and deep - processing enterprises are low, and the profit of deep - processing has increased. The strong wheat price provides some support [22]. - Pigs: The planned slaughter volume of large - scale pig farms in November has decreased month - on - month. Pig farmers are reluctant to sell due to losses and a high price difference between fat and lean pigs, reducing the supply pressure. As the weather cools, seasonal demand has increased, and food processing enterprises may stock up in advance. Although the current supply - demand situation is still loose, the market is optimistic, and the pig price is expected to be supported [23].
研究所晨会观点精萃-20251111
Dong Hai Qi Huo·2025-11-11 03:52