关注美国11月非农数据

Report Industry Investment Rating - The overall rating for commodities and stock index futures is neutral [4] Core Viewpoints - Policy expectations in China are swinging. After important meetings at the end of the year, attention should be paid to the government work report around February next year and the risk of policy expectation swings. The Fed has restarted a "restrictive" stance, and there are risks in the market due to various factors. In the commodity market, focus on high - certainty sectors such as non - ferrous metals and precious metals [1][2][3] Summaries by Related Catalogs Market Analysis - China's policies continue to emphasize active fiscal and moderately loose monetary policies. In November, China's foreign trade grew, manufacturing PMI improved, and there were changes in industrial and consumer data. The Fed cut interest rates by 25 basis points and plans to buy short - term bonds. The ADP employment in the US decreased in November [1][2] Commodity Analysis - Focus on non - ferrous metals and precious metals during the inflation expectation game. The long - term supply limitation in the non - ferrous sector remains. In the energy sector, the global oil supply surplus expectation was lowered, and there are additional production cut plans. In the chemical sector, the "anti - involution" space of some varieties is worth noting. In the agricultural sector, pay attention to China's procurement plan and weather expectations. There are opportunities for buying precious metals at low prices [3] Strategy - The overall strategy for commodities and stock index futures is neutral [4]