贵金属领涨商品，日元反弹

Report Industry Investment Rating No information provided. Core Viewpoints - The market is influenced by policy expectations, Fed actions, and Japanese central bank decisions. In the current inflation - expectation game stage, focus on non - ferrous metals and precious metals with high certainty. Consider buying commodities, stock index futures, precious metals, and non - ferrous metals on dips [1][2][3][4][5] - Be vigilant about the risks of macro - and fundamental resonance if market sentiment turns cold [2] Summary by Related Catalogs Market Analysis - Policy expectations in China have a pendulum effect. The Politburo and Central Economic Work Conference emphasized policies such as a proactive fiscal policy and a moderately loose monetary policy. Multiple ministries responded, and attention should be paid to recent expectations of reserve requirement ratio (RRR) and interest rate cuts, as well as policies for stabilizing growth or the supply - side. China's November economic data was still under pressure, but foreign trade growth rebounded significantly [1] - The Fed restarted a "restrictive" stance, announcing the purchase of $40 billion in short - term bonds in the next 30 days and a 25 - basis - point interest rate cut. The Fed may pause interest rate cuts again. The previous round of the Fed's bond - buying had a limited impact on the market, mainly providing liquidity [2] - The impact of the Bank of Japan's interest rate hike was low. The reversal of carry - trade derivatives had limited impact due to the low proportion of foreign - held Japanese government bonds and the non - significant increase in net long positions of the US dollar against the yen [3] Commodity Analysis - In the non - ferrous metals sector, the long - term supply shortage has not been alleviated, and copper prices reached a record high due to Trump's tariff expectations and mine shutdowns [4][7] - In the energy sector, some countries submitted additional production - cut plans, and there were warnings of oversupply and high inventories. There were also developments in the Ukraine - related negotiations [4] - In the chemical sector, there is "anti - involution" potential in varieties such as methanol, caustic soda, urea, and PTA [4] - In the agricultural products sector, attention should be paid to China's procurement plan for US goods and next year's weather expectations after the China - US peace talks [4] - In the precious metals sector, look for opportunities to buy on dips, but the short - term risk of silver has increased, and the gold - silver ratio has deviated and is in the process of reasonable repair [4] Strategy - Go long on stock index futures, precious metals, and non - ferrous metals on dips [5] Important News - The National Housing and Urban - Rural Development Work Conference proposed measures to stabilize the real estate market, including incremental control, inventory reduction, and supply optimization [7] - The US Navy announced a plan to build new warships as part of Trump's "Golden Fleet" plan, aiming to revitalize the US shipbuilding industry [7] - There were price movements in commodities such as gold, silver, crude oil, and copper, and some commodity futures contracts had significant price changes [7] - Japan's Ministry of Economy, Trade and Industry plans to issue special bonds to support investment in the US [7]