首席点评：感恩节外盘休市

Report Summary 1. Report Industry Investment Rating | Variety | Rating | | --- | --- | | (IH) Index Futures | Bullish | | Index Futures (IF) | Bullish | | Index Futures (IC) | Bullish | | Index Futures (IM) | Bullish | | Treasury Bonds (TL) | Bullish | | Treasury Bonds (T) | Bullish | | Crude Oil | Bearish | | Methanol | Bearish | | Rubber | Bullish | | Rebar | Bullish | | Hot Rolled Coil | Bullish | | Iron Ore | Bullish | | Coking Coal | Bearish | | Coke | Bearish | | Manganese Silicon | Bearish | | Ferrosilicon | Bearish | | Copper | Bullish | | Aluminum | Bullish | | Lithium Carbonate | Bullish | | Apple | Bearish | | Corn | Bullish | | Soda Ash | Bearish | | Glass | Bearish | | Container Shipping to Europe | Bearish | [5] 2. Core Views - The 14th Five-Year Plan still focuses on technological self-reliance, and the technology sector is expected to be a long-term direction. The market style may return to balance, but large-cap value may dominate in the short term. In the face of economic pressure, incremental policies are expected to be introduced, and a long-term and steady bull market is expected to continue [2][11]. - For coking coal and coke, the short-term market may correct, and attention should be paid to changes in coking coal supply and hot metal production [2][20]. - The downward trend of crude oil is difficult to reverse, although the SC night session rose 1.46%. The market has mixed expectations for the restart of the Ukraine peace process [3][13]. 3. Summary by Catalog 3.1 Daily Main News - International News: Russian President Putin stated that the US delegation will visit Moscow next week. Russia generally agrees to use the US list for resolving the Ukraine issue as the basis for future negotiations. If the Ukrainian armed forces withdraw, Russia will stop military operations; otherwise, it will use military means [1][6]. - Domestic News: Premier Li Qiang chaired an executive meeting of the State Council, which focused on promoting high-quality development, advancing provincial-level overall planning of basic medical insurance, and reviewing relevant regulations [7]. - Industry News: The National Development and Reform Commission is promoting the expansion of infrastructure REITs to urban renewal facilities, hotels, stadiums, and commercial office facilities. It also warned about the risks in the humanoid robot industry [8]. 3.2 Daily Returns of Overseas Markets | Variety | Unit | 11/26 | 11/27 | Change | Change Rate | | --- | --- | --- | --- | --- | --- | | S&P 500 | Points | 6,812.61 | 6,812.61 | 0.00 | 0.00% | | European STOXX50 | Points | 4,798.02 | 4,788.10 | -9.92 | -0.21% | | FTSE China A50 Futures | Points | 15,063.00 | 15,068.00 | 5.00 | 0.03% | | US Dollar Index | Points | 99.59 | 99.55 | -0.04 | -0.04% | | ICE Brent Crude Oil Continuous | USD/Barrel | 63.07 | 63.39 | 0.32 | 0.51% | | London Gold Spot | USD/Ounce | 4,162.57 | 4,156.88 | -5.68 | -0.14% | | London Silver | USD/Ounce | 53.33 | 53.37 | 0.05 | 0.09% | | LME Aluminum | USD/Ton | 2,864.00 | 2,831.50 | -32.50 | -1.13% | | LME Copper | USD/Ton | 10,953.00 | 10,930.00 | -23.00 | -0.21% | | LME Zinc | USD/Ton | 3,055.00 | 3,022.00 | -33.00 | -1.08% | | LME Nickel | USD/Ton | 14,845.00 | 14,840.00 | -5.00 | -0.03% | | ICE No. 11 Sugar | Cents/Pound | 15.12 | 15.12 | 0 | 0.00% | | ICE No. 2 Cotton | Cents/Pound | 64.61 | 64.61 | 0.00 | 0.00% | | CBOT Soybeans | Cents/Bushel | 1,132.25 | 1,132.25 | 0.00 | 0.00% | | CBOT Soybean Meal Current Month Continuous | USD/Short Ton | 320.70 | 320.70 | 0.00 | 0.00% | | CBOT Soybean Oil Current Month Continuous | Cents/Pound | 51.05 | 51.05 | 0.00 | 0.00% | | CBOT Wheat Current Month Continuous | Cents/Bushel | 541.00 | 541.00 | 0.00 | 0.00% | | CBOT Corn Current Month Continuous | Cents/Bushel | 446.25 | 446.25 | 0.00 | 0.00% | [10] 3.3 Morning Comments on Major Varieties - Financial: Index futures may continue the long-term bull market, and treasury bond futures may weaken due to policy expectations and market risk preferences [11][12]. - Energy and Chemicals: Crude oil's downward trend is hard to change; methanol may oscillate weakly; rubber is expected to oscillate; polyolefins are weak but have low valuations; glass and soda ash are in the process of inventory digestion [13][14][15][16][17]. - Metals: Copper prices may be supported in the long term due to potential supply shortages; zinc prices may fluctuate within a range [18][19]. - Black Metals: Coking coal and coke may correct in the short term [20]. - Agricultural Products: Protein meal and oils are expected to be strong in the short term; sugar is expected to oscillate; cotton is expected to maintain an oscillating trend; container shipping to Europe may see its 02 contract center decline [21][22][23][24][25][26].