Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The four stock index futures varieties showed a stable rebound last week, with relatively large rebound amplitudes in CSI 1000 and CSI 500. All main contracts remained in the futures discount mode. The A - share market presented features of "index stabilization, sector - structure differentiation, and focused capital preference" last week. The market turnover decreased compared to the previous week, and the trading sentiment was still cautious. In November, the market showed an overall pattern of volatile adjustment, with significant differentiation in the trends of major stock indices. The core hotspots were concentrated in the battery industry chain, regional themes, and computing power hardware. Some state - owned large - scale banks in the weight camp also reached new stage highs, indicating the capital's preference for low - valuation and high - dividend assets in a volatile market [2] - In November 2025, China's manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month, and the non - manufacturing PMI was 49.5%, down 0.6 percentage points from the previous month. The manufacturing prosperity declined, possibly due to weak demand and fewer working days. Looking ahead, the long - term liquidity released by the central bank's reserve requirement ratio cut and the increasing policy expectations due to the approaching Central Economic Work Conference support the market to bottom out and rebound. However, external market fluctuations may cause short - term emotional fluctuations. The short - term market may continue the feature of "bottom - range oscillation with a focus on structure" [3][4] 3. Summary by Related Contents Market Review - The four stock index futures varieties mainly rebounded stably last week, with relatively large rebound amplitudes in CSI 1000 and CSI 500. The basis of the four stock index futures varieties fluctuated slightly, and all main contracts were in the futures discount mode. The basis of the main futures contracts (futures - spot) was - 6.42 for IH, - 20.86 for IF, - 57.35 for IC, and - 73.41 for IM. The A - share market showed "index stabilization, sector - structure differentiation, and focused capital preference" last week. By the Friday close, major stock indices generally rose slightly, but the weekly trading volume decreased compared to the previous week, and the trading sentiment was cautious. In November, the market was in a volatile adjustment pattern, with significant differentiation in the trends of major stock indices. The core hotspots were in the battery industry chain, regional themes, and computing power hardware. Some state - owned large - scale banks in the weight camp reached new stage highs, reflecting the capital's preference for low - valuation and high - dividend assets in a volatile market [2] Comprehensive Analysis - In November 2025, China's manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month, and the non - manufacturing PMI was 49.5%, down 0.6 percentage points from the previous month. The manufacturing prosperity decline might be related to weak demand and fewer working days. Looking ahead, the long - term liquidity released by the central bank's reserve requirement ratio cut and the increasing policy expectations due to the approaching Central Economic Work Conference support the market to bottom out and rebound. However, external market fluctuations may cause short - term emotional fluctuations. The short - term market may continue the feature of "bottom - range oscillation with a focus on structure" [3][4]

Core Viewpoint - In November, China's RatingDog manufacturing PMI dropped to 49.9, indicating a weak contraction in the manufacturing sector, below the expected 50.5 and previous value of 50.6 [1] Manufacturing Sector Performance - Both production and demand indicators showed a slowdown, nearing stagnation, with new export orders rebounding but failing to improve the overall low state of manufacturing [1] - The growth of new orders has nearly stalled, leading manufacturers to reduce workforce and procurement, while becoming more cautious in inventory management [1] Inventory and Pricing Trends - Both raw material and finished goods inventories have entered a contraction phase, with readings at their lowest in nearly three years; raw material inventory saw its first decline in seven months [1] - There is a divergence in pricing, with raw material prices increasing while finished goods prices are decreasing; rising metal prices are identified as a key factor for increased costs, although the rate of increase in raw material prices and decrease in finished goods prices has narrowed, continuing to pressure corporate profit margins [1] Employment and Future Outlook - The employment index has re-entered the contraction zone due to the slowdown in new order growth [1] - Overall, the November PMI indicates a shift from expansion to contraction in China's manufacturing sector; however, there may be a potential for a temporary boost in supply and demand towards the end of the year, with expectations of a weak expansion in December PMI [1]

1. Report Industry Investment Rating - Aluminum: Bullish trend [1] - Alumina: Fundamental contradictions remain unresolved [1] - Cast aluminum alloy: Follows the trend of electrolytic aluminum [1] 2. Core Viewpoints of the Report - The report updates the fundamental data of aluminum, alumina, and cast aluminum alloy, including prices, trading volumes, open interests, spreads, and inventory levels [1]. - It also provides information on the trend strength of aluminum, alumina, and aluminum alloy, with aluminum and aluminum alloy showing a relatively strong trend, while alumina shows a relatively weak trend [3]. 3. Summary by Relevant Catalogs Futures Market - **Aluminum**: The closing price of the Shanghai Aluminum main contract was 21,610 yuan, up 110 yuan from the previous trading day. The trading volume was 127,656 lots, down 22,895 lots. The open interest was 260,670 lots, up 3,532 lots [1]. - **Alumina**: The closing price of the Shanghai Alumina main contract was 2,707 yuan, down 17 yuan from the previous trading day. The trading volume was 186,853 lots, down 31,965 lots. The open interest was 360,240 lots, up 2,034 lots [1]. - **Aluminum alloy**: The closing price of the aluminum alloy main contract was 20,800 yuan, up 120 yuan from the previous trading day. The trading volume was 3,663 lots, down 1,081 lots. The open interest was 4,500 lots, down 1,016 lots [1]. Spot Market - **Aluminum**: The domestic aluminum ingot social inventory was 590,000 tons, unchanged from the previous trading day. The LME aluminum ingot inventory was 539,100 tons, down 2,000 tons [1]. - **Alumina**: The average domestic alumina price was 2,856 yuan/ton, unchanged from the previous trading day. The CIF price of alumina in Lianyungang was 338 US dollars/ton, down 7 US dollars/ton [1]. - **Aluminum alloy**: The theoretical profit of ADC12 was -174 yuan/ton, up 37 yuan/ton from the previous trading day. The total inventory of three locations was 49,785 tons, down 139 tons [1]. Other Information - China's official manufacturing PMI in November rebounded to 49.2, while the non - manufacturing PMI declined slightly. The high - tech manufacturing PMI remained above the critical point for 10 consecutive months [3]. - The Chicago Mercantile Exchange (CME) experienced a major technical outage, causing all derivative market trading to pause [3].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints The report provides a weekly hot - spot preview from December 1 - 7, 2025, including the expected data of various economic indicators and their potential impacts on the futures market [2]. 3. Summary by Relevant Catalog This Week's Key Focus - On December 1 at 09:45, Markit will release China's November SPGI manufacturing PMI [2]. - On December 4 at 21:30, the US Department of Labor will announce the initial jobless claims for the week ending November 29 [2]. - On December 5 at 23:00, the US Department of Commerce will release the US September PCE price index [2]. - On December 7 at 16:00, the People's Bank of China will announce November foreign exchange reserves and gold reserves [2]. This Week's Hot - Spot Preview December 1 - China's November SPGI manufacturing PMI: Expected to be 51.1 (previous 50.9). A slight increase may help industrial and stock index futures rise and suppress treasury bond futures [2]. - US November ISM manufacturing PMI: Expected to be 48.5 (previous 48.7). A slight decrease may suppress non - ferrous metals, crude oil and related futures, but help gold and silver futures [3]. December 2 - Eurozone November CPI initial value: Expected harmonized CPI annual rate - unadjusted initial value is 2.1% (same as previous) [4]. - Eurozone October unemployment rate: Expected to be 6.3% (same as previous) [7]. December 3 - China's November SPGI services PMI and composite PMI: Expected services PMI is 51.9 (previous 52.6), composite PMI is 51.5 (previous 51.8). A slight decrease may suppress stock index and commodity futures, but help treasury bond futures [8]. - US November ADP employment change: Expected new employment is 55,000 (previous 42,000). An increase may help non - ferrous metals, crude oil and related commodity futures, but suppress gold and silver futures [9]. - US September industrial production monthly rate: Expected to be 0 (previous 0.1%) [10]. - US November ISM non - manufacturing PMI: Expected to be 53.5 (previous 52.4). A slight increase may suppress gold and silver futures [11]. - US EIA crude oil inventory change for the week ending November 28: A continued increase may suppress crude oil and related commodity futures [12]. December 4 - November下旬 prices of important production materials in the circulation field: The National Bureau of Statistics will release prices of 9 categories and 50 products [13]. - Eurozone October retail sales: Previous monthly rate was - 0.1%, annual rate was 1.0% [14]. - US initial jobless claims for the week ending November 29: Expected to be 212,000 (previous 216,000). A slight decrease may suppress gold and silver futures and help other industrial futures [15]. December 5 - US September factory orders monthly rate: Previous was 1.4% [16]. - US September PCE price index: Expected annual rate is 2.7% (same as previous), core annual rate is 2.9% (same as previous), core monthly rate is 0.3% (previous 0.2%). Specific changes may strengthen the market's expectation of a 25 - basis - point interest rate cut by the Fed in December [17]. - US September personal expenditure monthly rate: Expected to be 0.4% (previous 0.6%) [18]. - US September personal income monthly rate: Expected to be 0.4% (same as previous) [19]. - US December University of Michigan consumer confidence index initial value: Expected to be 52 (previous 51). An increase may help non - ferrous metals, crude oil and related commodity futures, but suppress gold and silver futures [20]. December 7 - China's November foreign exchange reserves: Previous was $3343 billion, gold reserves were 74.09 million ounces [21].

Report Summary 1. Report Industry Investment Rating No information provided in the given documents. 2. Core View of the Report Platinum is led upwards by silver, while palladium is slowly catching up in price [1]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Price Data**: Platinum futures 2606 closed at 435.55 with a 1.22% increase; gold futures 2606 closed at 371.55 with a 0.26% increase. Various platinum and palladium prices in different markets showed different degrees of increase or decrease [1]. - **Trading Volume and Position Data**: Trading volumes of some platinum and palladium contracts decreased compared to the previous day, while positions of some contracts changed. For example, the trading volume of Guangbo platinum decreased by 42,013, and its position increased by 1,376 [1]. - **ETF and Inventory Data**: Platinum ETF and palladium ETF positions increased compared to the previous day. NYMEX platinum inventory decreased by 622 ounces [1]. - **Spread Data**: Spreads between different platinum and palladium contracts and prices changed compared to the previous day. For example, the spread between PT9995 and PT2606 decreased by 2.14 [1]. - **Exchange Rate Data**: The US dollar index decreased by 0.02%, and various US dollar - RMB exchange rates also decreased slightly [1]. 3.2 Macro and Industry News - Trump announced to revoke all documents signed by former US President Biden through an automatic signature device, and advised not to over - interpret the US closure of Venezuelan airspace. He also confirmed a phone call with Venezuelan President Maduro [3][8]. - The US - Ukraine new round of talks ended, and Rubio said it was productive but there was still work to be done [8]. - OPEC+ agreed to keep the group's production stable next year, and eight major oil - producing countries reaffirmed the suspension of production increases in Q1 next year [8]. - The US White House National Economic Council Director Hasset said he would be "very happy to serve" if nominated as the Fed Chairman [4]. - CME experienced a several - hour outage last Friday due to a cooling system problem in a data center [5]. - Zelensky announced the reorganization of the presidential office, and his chief of staff Yermak announced his resignation [6]. - The National Bureau of Statistics reported that the manufacturing PMI rose to 49.2%, and the steel PMI in November 2025 showed that the industry operation slowed down and off - season characteristics gradually emerged [6]. 3.3 Trend Intensity The trend intensity of platinum is 1, and that of palladium is 0. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [7].

Report Industry Investment Rating - The investment rating for the steel industry in the black building materials sector is "volatile" [1] Core View - The steel market shows a situation of both supply and demand being weak. The market should focus on the time node of the shift in trading logic from industry to macro - expectations. For the rebar main contract, there is caution in chasing long positions as the change in trading logic has not been confirmed [1] Summary by Relevant Catalog 1. Market Review - Rebar and hot - rolled coils closed higher on Friday and also rose in night trading [1] 2. Important Information - The Ministry of Industry and Information Technology stated that intelligent connected vehicles will form a trillion - yuan consumption field [1] - The China Iron and Steel Association reported that in November 2025, the floating value of the coking coal long - term agreement in the coal - steel linkage was 78 yuan higher than that in October [1] - Chongqing supports using special bonds to repurchase eligible idle land [1] - Gong Sheng, the president of the All - China Federation of Industry and Commerce Metallurgical Chamber of Commerce, emphasized that private steel enterprises should increase R & D investment, promote intelligent transformation, and deepen green development [1] - The National Bureau of Statistics data showed that in November, China's manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month; non - manufacturing PMI was 49.5%, down 0.6 percentage points; the comprehensive PMI output index was 49.7%, down 0.3 percentage points [1] - Last week, the blast furnace iron - making capacity utilization rate of 247 steel mills was 87.98%, a decrease of 0.6 percentage points month - on - month; the profitability rate of steel mills was 35.06%, a decrease of 2.60 percentage points month - on - month; the daily average pig iron output was 2.3468 million tons, a decrease of 16,000 tons month - on - month [1] 3. Market Logic - Rebar and hot - rolled coils rose on Friday, continued to climb in night trading and sharply pulled up near the close. It is necessary to observe whether the market is trading the macro - expectation logic in advance. Last week, the output of rebar decreased, the output of hot - rolled coils increased, and the output of five major steel products increased. The apparent demand of all steel products changed from increase to decrease, and the inventory of rebar and hot - rolled coils continued to decline, but the de - stocking speed slowed down [1] 4. Trading Strategy - Focus on the time node of the shift in market trading logic from industry to macro - expectations. The first resistance level of the rebar main contract is 3150, and the second is 3202. The 3000 level is still a strong support. Due to the unconfirmed change in trading logic, be cautious about chasing long positions [1]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The macro data shows that in November, China's manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month; the non - manufacturing PMI was 49.5%, down 0.6 percentage points; the composite PMI output index was 49.7%, down 0.3 percentage points. The National Development and Reform Commission will promote work to manage price disorderly competition [1]. - The fundamental data indicates that last week, the output of rebar was 2.06 million tons, a decrease of 20,000 tons; the apparent demand was 2.28 million tons, a decrease of 30,000 tons. The output of hot - rolled coil was 3.19 million tons, an increase of 30,000 tons. Overall, the industrial data last week was weak, with the output of the five major steel products increasing, the apparent demand remaining weak, and inventory continuing to decline [1]. - Overall, the supply - demand drive is not strong, inventory reduction provides support, but costs are weakening. It is expected that steel prices will mainly fluctuate [1][5]. Summary by Relevant Catalogs Transaction Data | Contract | Closing Price | Change | Change Percentage | Total Trading Volume (Lots) | Total Open Interest (Lots) | Price Unit | | --- | --- | --- | --- | --- | --- | --- | | SHFE Rebar | 3110 | 21 | 0.68% | 6312460 | 2463988 | Yuan/ton | | SHFE Hot - rolled Coil | 3302 | 7 | 0.21% | 1917388 | 876319 | Yuan/ton | | DCE Iron Ore | 794.0 | 3.5 | 0.44% | 1179508 | 414346 | Yuan/ton | | DCE Coking Coal | 1067.0 | - 29.5 | - 2.69% | 5442929 | 862195 | Yuan/ton | | DCE Coke | 1574.5 | - 58.0 | - 3.55% | 122587 | 48293 | Yuan/ton | [2] Market Review - Last week, steel futures showed a fluctuating rebound. Steel inventory continued to decline, with both supply and demand decreasing. Supply contracted, leading to a rebound in futures prices, but the terminal market remained weak, with significant upward pressure [4]. - In the spot market, the price of Tangshan steel billets was 2950 (unchanged) Yuan/ton, Shanghai rebar was quoted at 3220 (+30) Yuan/ton, and Shanghai hot - rolled coil was 3270 (+10) Yuan/ton [4]. Industry News - The deputy director of the Building Energy Efficiency and Technology Department of the Ministry of Housing and Urban - Rural Development stated that urban renewal should be given more prominence and the construction of "four good" aspects should be systematically promoted [9]. - In October, the retail sales of narrow - sense passenger cars reached 2.25 million units, with a year - on - year slight decrease of 0.5% and a month - on - month slight increase of 0.3%. Among them, the retail sales of new - energy narrow - sense passenger cars reached 1.288 million units, a year - on - year increase of 7.3% [9]. - From November 17th to November 23rd, the total transaction (signing) area of newly built commercial housing in 10 key cities was 1.9193 million square meters, a month - on - month increase of 36.2% and a year - on - year decrease of 17.5% [9]. - Six departments issued an implementation plan, aiming to significantly optimize the consumer goods supply structure by 2027, form 3 trillion - level consumption areas and 100 - billion - level consumption hotspots, and create a number of high - quality consumer goods [9]. - The National Development and Reform Commission organized a symposium on price disorderly competition cost identification. It will promote work to manage price disorderly competition and maintain a good market price order [9]. - In November, China's manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month; the non - manufacturing PMI was 49.5%, down 0.6 percentage points; the composite PMI output index was 49.7%, down 0.3 percentage points [9]. Relevant Charts - The content mainly includes charts related to the trends of rebar and hot - rolled coil futures, basis, spot regional price differences, steel mill profits, blast furnace operating rates, steel production, inventory, and apparent consumption [7][10][12]

风险提示及免责条款 中国11月RatingDog制造业PMI 49.9，前值 50.6。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...

Group 1: Manufacturing Sector - The manufacturing Purchasing Managers' Index (PMI) for November is 49.2%, an increase of 0.2 percentage points from the previous month, indicating a slight improvement in manufacturing sentiment [2][5] - The production index and new orders index for manufacturing are 50.0% and 49.2%, respectively, with increases of 0.3 and 0.4 percentage points from last month [2] - High-tech manufacturing continues to expand, with a PMI of 50.1%, remaining above the critical point for ten consecutive months [2] Group 2: Non-Manufacturing Sector - The non-manufacturing business activity index is 49.5%, a decrease of 0.6 percentage points from the previous month, indicating a decline in non-manufacturing sentiment [4] - The service sector's business activity index dropped to 49.5%, down 0.7 percentage points, attributed to seasonal effects following the National Day and Mid-Autumn Festival [4] - The construction sector's business activity index improved to 49.6%, an increase of 0.5 percentage points, suggesting a recovery in construction activity [4] Group 3: Economic Outlook - Experts suggest that while the manufacturing PMI shows slight recovery, it remains below the critical line, indicating ongoing downward pressure on the economy [5] - There is an expectation for increased investment and consumption demand as year-end approaches, supported by policy measures and the initiation of the 14th Five-Year Plan [6] - The overall economic stability is contingent on the effective implementation of policies to boost market confidence and demand [6]

具体来说，澳大利亚制造业的新增订单出现8月以后首次增长，背后原因与企业采取有效的业务增长策 略并推出新产品有关。不过，在国际贸易环境疲软的背景下，新增出口订单已连续第三个月下滑。新增 订单的复苏推动工厂产出相应回升，而需求改善也推高了商业信心。11月，受访企业对未来一年产出的 乐观情绪较10月有所增强，多数企业期待业务扩展计划及预期的经济环境改善将带动销售增长。 为应对当前及未来的产出提升，澳大利亚制造业企业在11月增加用工。产能扩张帮助企业有效消化积压 订单，让积压订单量连续第七个月下降。企业同时小幅增加了采购活动，以补充库存来满足增产需求。 但受供应链延误影响，投入品库存以近一年来最快速度下降。受访企业普遍认为，供应短缺和航运及港 口周转问题是导致交货时间延长幅度达到去年12月以后最高水平的主因。另外，制造业承受的价格压力 在11月有所缓解，投入成本与产品销售价格的涨幅均较10月有所下降。受访企业表示，在竞争加剧的环 境下，它们难以将原材料、航运及供应商成本的上涨完全转嫁给客户。 标普全球经济学家潘婧怡表示，11月的新增订单和未来产出等前瞻性指标均预示着澳大利亚制造业的扩 张势头将在近期延续。制造业用工水 ...