广发期货日评-20251125

Report Summary 1. Industry Investment Ratings - Not provided in the report. 2. Core Views - The domestic stock index shows resilience, with the A - share market in a repricing adjustment after the third - quarter reports, having short - term fluctuations and limited downside risks [2]. - The bond market is in a box - shaped oscillation phase, with specific interest rate ranges for different bonds and corresponding trading strategies [2]. - Precious metals are strengthening due to increased calls for interest rate cuts within the Fed, with gold and silver having specific price ranges and trading suggestions [2]. - Various commodities such as steel, iron ore, coal, and non - ferrous metals have different price trends and trading recommendations based on their supply - demand fundamentals [2]. 3. Summary by Categories Financial - Stock Index: After the third - quarter reports, the A - share market is in adjustment, with short - term fluctuations. It is recommended to wait and see as the market is in a weak state overall [2]. - Treasury Bonds: The short - term bond market is in a box - shaped oscillation. The 10 - year and 30 - year active bond yields have specific fluctuation ranges. Single - side strategies suggest range operations, and short - position investors are advised to speed up the position - shifting process near the end of the month [2]. - Precious Metals: Gold is oscillating between $4000 - $4150, and may rise above $4200 if it breaks through the resistance. Silver's resistance is at $52.5, and short - term long - position trials can be made if the volatility increases [2]. Commodities - Shipping: The container shipping index (European line) is expected to oscillate upward in the short term, and short positions are advised to be closed [2]. - Steel and Iron Ore: Steel prices are expected to stabilize with improved apparent demand. Iron ore is expected to oscillate upward in the range of 750 - 810 [2]. - Coal and Coking: Coking coal is viewed as oscillating downward in the range of 1050 - 1150, and coke is also oscillating downward in the range of 1550 - 1700, with a strategy of going long on coke and short on coking coal [2]. - Non - Ferrous Metals: Copper prices are oscillating narrowly in the range of 85500 - 86800. Aluminum prices may have further downward space if the position continues to be reduced. Other non - ferrous metals also have their respective price ranges and trends [2]. - Energy and Chemicals: Different energy and chemical products such as PTA, short - fiber, and ethanol have various price trends and trading strategies based on their supply - demand situations [2]. - Agricultural Products: Agricultural products like soybeans, corn, and palm oil also have different price trends and trading suggestions according to their supply - demand fundamentals [2].