广发期货日评-20251118

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - A-shares continue to fluctuate narrowly, with domestic stock index showing strong resilience. After the release of the third - quarter reports, A - shares are in a repricing adjustment, with limited downside risks. The bond market pricing is rather entangled and may continue to fluctuate narrowly. Precious metals maintain a weak - side fluctuation. Different varieties in other sectors have their own trends and corresponding operation suggestions [3]. Summary by Related Catalogs Financial Sector - Stock Index: TMT rotates upwards, and A - shares continue to fluctuate narrowly. It is recommended to wait and see mainly. If there is a deep decline on a single day, a bull spread of put options can be arranged [3]. - Treasury Bond: The equity market declines, and the bond futures fluctuate strongly. In the short - term, the bond market may continue to fluctuate narrowly. It is recommended to operate within the range for the unilateral strategy [3]. - Precious Metals: Gold prices may seek to stabilize around $4000 (925 yuan), and it is recommended to buy on dips. Silver follows the gold price, and it is recommended to try long positions on dips with a light position [3]. - Container Shipping Index (European Line): The EC main contract rises and is expected to fluctuate upwards in the short - term [3]. - Steel: For steel, it is recommended to hold the arbitrage of going long on coking coal and short on hot - rolled coils and wait and see on the unilateral side. Iron ore fluctuates, and it is recommended to wait and see unilaterally within the range of 750 - 800. Coking coal and coke are considered to have a downward - biased fluctuation, with reference ranges of 1100 - 1250 and 1600 - 1750 respectively [3]. Non - ferrous Metals Sector - Copper fluctuates, with the main contract referring to 85000 - 87500. Aluminum oxide fluctuates at a low level, waiting for new trading drivers. Aluminum breaks through the 22000 mark and then adjusts downward, and it is recommended to short on rallies. Other non - ferrous metal varieties also have their own price ranges and operation suggestions [3]. New Energy Sector - Polysilicon futures fluctuate downward, with a price range of 50000 - 58000. Lithium carbonate has multiple contracts hitting the daily limit, and it is recommended to wait and see [3]. Energy and Chemical Sector - Different chemical products such as PX, PTA, short - fiber, etc. have their own price trends and corresponding operation suggestions, including waiting and seeing, operating within the range, and doing arbitrage [3]. Agricultural Products Sector - Different agricultural products such as soybeans, hogs, corn, etc. have their own price trends. For example, hogs are expected to fluctuate weakly, and it is recommended to hold the 3 - 7 spread arbitrage. Corn rebounds and fluctuates, and attention should be paid to the pressure level around 2200 [3].