1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - With policies cooling the market's speculative sentiment, raising the proportion of margin trading funds, and Central Huijin selling a large amount of broad - based index ETFs, the stock index is in shock adjustment. The policy aims for a "slow - bull" market rather than suppressing it, and the short - term shock adjustment space is expected to be limited. Long - term bulls can choose the opportunity to layout [1]. - Asset shortage and weak economy are beneficial to bond futures, but the central bank has recently warned of interest - rate risks. Attention should be paid to the Bank of Japan's interest - rate decision [1]. - With the US postponing the tax on key minerals, the short - term concern about copper hoarding has eased, and the copper price is expected to fluctuate at a high level. The aluminum price has fallen from a high level due to limited industrial drivers and weakening macro sentiment. The domestic alumina market has strong supply and weak demand, and the price is under pressure but is expected to fluctuate around the cost line [1]. - The zinc price fluctuates in a range due to the stabilization of the cost center and the appearance of inventory pressure. The nickel supply is still tight despite the announced RKAB target in 2026, and the nickel price is expected to fluctuate at a high level in the short term, affected by the resonance of the non - ferrous metal sector. Stainless steel futures have risen significantly, and attention should be paid to the actual production of steel mills and the risk of short squeezes [1]. - The tin price has corrected due to the repeated macro sentiment, but there is still upward momentum due to the vulnerability of tin - ore supply. Precious metals are supported by geopolitical and trade uncertainties, but the silver price may be weaker than the gold price. Platinum and palladium are expected to fluctuate widely in the short term, and long - platinum and short - palladium arbitrage strategies can be considered in the medium - to - long term [1]. - For industrial silicon, there is an increase in production in the northwest and a decrease in the southwest, and the production schedules of polysilicon and organic silicon in December have declined. For new - energy vehicles, it is the off - season, while the energy - storage demand is strong, and there is a rush for exports. The rebar and iron - ore prices are under pressure, and the trading strategies are to leave the market for single - side long positions and participate in cash - and - carry arbitrage [1]. - The soda - ash price is under pressure as it follows the glass market and the medium - term supply - demand is more relaxed. The coking - coal and coke prices are bearish, and the previous low - long strategy may need to be changed [1]. - Palm oil is expected to fluctuate strongly, soybean oil is recommended to be over - allocated in the oil market, and rapeseed oil is recommended to be observed. The cotton market is currently in a situation of "having support but no driver", and attention should be paid to relevant policies and market conditions in the future. The sugar market is in a global surplus, and the short - term fundamentals lack continuous drivers [1]. - The corn price is expected to fluctuate in the short term, and the soybean price is expected to fluctuate weakly. The pulp price is recommended to be observed cautiously, and the log price is expected to fluctuate in the range of 760 - 790 yuan/m³. The live - pig market has stable spot prices, and the production capacity still needs to be further released [1]. - The fuel - oil and asphalt prices are affected by multiple factors such as OPEC+ policies and geopolitical situations. The BR rubber price is in a phased correction, and the PTA, MEG, short - fiber, and styrene prices are affected by supply - demand and cost factors [1]. - The urea price has limited upward space due to weak domestic demand but is supported by anti - involution and cost. The PF price is under supply pressure and affected by geopolitical factors. The PVC price is expected to trade based on fundamentals, and the LPG price is supported by import - gas costs and has a changing inventory situation [1]. - The container - shipping price on the European route is expected to peak in mid - January, and there is still pre - holiday replenishment demand [1]. 3. Summaries According to Related Catalogs Stock Index - Policy cools speculative sentiment, and the stock index is in shock adjustment. The short - term adjustment space is limited, and long - term bulls can layout [1]. Bond Futures - Asset shortage and weak economy are beneficial, but the central bank warns of interest - rate risks. Attention to the Bank of Japan's interest - rate decision [1]. Non - Ferrous Metals - Copper: The short - term concern about hoarding eases, and the price fluctuates at a high level [1]. - Aluminum: Falls from a high level due to limited industrial drivers and weakening macro sentiment [1]. - Alumina: Strong supply and weak demand, price under pressure, expected to fluctuate around the cost line [1]. - Zinc: Fluctuates in a range due to cost and inventory factors [1]. - Nickel: Supply remains tight, price fluctuates at a high level in the short term, affected by sector resonance [1]. - Stainless Steel: Futures rise significantly, attention to production and short - squeeze risks [1]. - Tin: Corrects due to macro sentiment, but has upward momentum due to supply vulnerability [1]. Precious Metals and New Energy - Precious Metals: Supported by geopolitical and trade uncertainties, silver may be weaker than gold [1]. - Platinum and Palladium: Fluctuate widely in the short term, long - platinum and short - palladium strategies can be considered in the medium - to - long term [1]. Industrial Silicon and New - Energy Vehicles - Industrial Silicon: Production changes in different regions, polysilicon and organic silicon production schedules decline [1]. - New - Energy Vehicles: Off - season, strong energy - storage demand, rush for exports [1]. Black Metals - Rebar: Price under pressure, single - side long positions leave the market, participate in cash - and - carry arbitrage [1]. - Iron Ore: Upward pressure is obvious, not recommended to chase long [1]. - Soda Ash: Follows glass, medium - term supply - demand is more relaxed, price under pressure [1]. - Coking Coal and Coke: Bearish, previous low - long strategy may change [1]. Agricultural Products - Palm Oil: Expected to fluctuate strongly [1]. - Soybean Oil: Recommended to be over - allocated [1]. - Rapeseed Oil: Observe due to complex factors [1]. - Cotton: "Having support but no driver", attention to future policies and conditions [1]. - Sugar: Global surplus, short - term fundamentals lack continuous drivers [1]. - Corn: Expected to fluctuate in the short term [1]. - Soybean: Expected to fluctuate weakly [1]. - Pulp: Observe cautiously due to market fluctuations [1]. - Log: Expected to fluctuate in the range of 760 - 790 yuan/m³ [1]. - Live Pig: Spot prices are stable, production capacity needs further release [1]. Energy and Chemicals - Fuel Oil: Affected by OPEC+ policies and geopolitical factors [1]. - Asphalt: Affected by multiple factors such as supply - demand and profit [1]. - BR Rubber: In a phased correction, affected by supply - demand and cost [1]. - PTA: Market has a sharp rise, supported by fundamentals and demand [1]. - MEG: Rebounds due to supply - side news, demand exceeds expectations [1]. - Short - Fiber: Price follows cost closely [1]. - Styrene: Futures price rebounds due to improved fundamentals [1]. - Urea: Limited upward space, supported by anti - involution and cost [1]. - PF: Under supply pressure, affected by geopolitical factors [1]. - PVC: Expected to trade based on fundamentals, price under pressure [1]. - LPG: Supported by import - gas costs, inventory situation changes [1]. Container Shipping - European route price expected to peak in mid - January, pre - holiday replenishment demand exists [1].

Report Industry Investment Ratings - No investment ratings provided in the report Core Views - The stock index is expected to maintain an upward trend in the short - term, and investors are advised to go long, preferably choosing far - month contracts [1] - The bond futures are favored by the asset shortage and weak economy, but the central bank has recently warned of interest - rate risks, and attention should be paid to the Bank of Japan's interest - rate decision [1] - The prices of copper, aluminum, precious metals, platinum, and palladium are expected to remain strong, while the prices of zinc, nickel, and stainless steel are volatile [1] - For agricultural products, the trading strategies vary according to different varieties, such as waiting for opportunities in palm oil, going long on soybean oil, and being cautious about rapeseed oil [1] - In the energy and chemical sector, the market conditions are complex, with some products facing supply - demand imbalances and price pressures [1] Summary by Related Catalogs Macro Finance - **Stock Index**: The stock index has broken through strongly with abundant market funds. With positive macro - fundamental data, it is expected to maintain an upward trend in the short - term. Investors are advised to go long, with a preference for far - month contracts [1] - **Treasury Bonds**: Asset shortage and weak economy are favorable for bond futures, but the central bank has warned of interest - rate risks. Attention should be paid to the Bank of Japan's interest - rate decision [1] Non - ferrous Metals - **Copper**: With improved market sentiment and tight mine supply, copper prices are expected to remain strong [1] - **Aluminum**: The supply of electrolytic aluminum is restricted, and with improved macro - sentiment, the price is expected to be strong. Alumina supply has room for release, and the price is expected to fluctuate [1] - **Zinc**: The cost center of zinc fundamentals is stable, but there is inventory pressure. Although the price has a supplementary increase due to good macro - sentiment, the upside space is limited [1] - **Nickel**: The market's concern about nickel supply has decreased, but there is uncertainty in Indonesia's policy. The nickel price is expected to fluctuate at a high level, and short - term long positions at low prices are recommended [1] - **Stainless Steel**: The price of raw material nickel - iron is rising, and the social inventory of stainless steel is slightly decreasing. The steel mill's production plan in January has increased. The stainless - steel futures are expected to fluctuate at a high level, and short - term operations are recommended [1] - **Tin**: The tin price has strengthened due to good macro - sentiment, but there is pressure on the fundamentals. The subsequent trend is mainly affected by market sentiment, and attention should be paid to capital withdrawal [1] Precious Metals and New Energy - **Gold and Silver**: Due to the intensification of the Iranian geopolitical situation and the investigation of the Fed Chairman, precious - metal prices have strengthened. Gold and silver are expected to remain strong in the short - term but with high volatility [1] - **Platinum and Palladium**: Supported by macro - factors and the upcoming US 232 investigation results, platinum and palladium are expected to continue a strong trend with wide fluctuations. In the long - term, platinum can be bought at low prices or a [long platinum, short palladium] arbitrage strategy can be considered [1] Industrial Metals - **Industrial Silicon**: There is an increase in production in the northwest and a decrease in the southwest. The production schedules of polysilicon and organic silicon in December have decreased [1] - **Lithium Carbonate**: It is the traditional peak season for new - energy vehicles, and the energy - storage demand is strong. The supply side has increased production, and the price is expected to rise rapidly in the short - term [1] Black Metals - **Rebar and Hot - Rolled Coil**: The short - term sentiment and capital have a greater impact than industrial contradictions. Unilateral long positions with stop - losses can be attempted, and positive - spread positions can be participated in the spot - futures market [1] - **Iron Ore**: Although there is sector rotation, there is obvious upward pressure on iron ore, and chasing long positions is not recommended [1] - **Silicon Iron**: There is a combination of weak reality and strong expectations. The current supply - demand situation is weak, but energy - consumption control and anti - involution may affect supply [1] - **Glass**: The short - term market sentiment has improved, and supply - demand provides support, but the medium - term supply - demand will remain in surplus, and the price will face pressure [1] - **Soda Ash**: It follows the trend of glass, and the medium - term supply - demand is more relaxed, so the price is under pressure [1] - **Coking Coal and Coke**: If the "capacity - reduction" expectation continues to ferment and there is pre - holiday inventory replenishment in the spot market, there may be room for price increases, but the actual increase is difficult to judge, and caution is needed after a large increase [1] Agricultural Products - **Palm Oil**: After the release of the MPOB report, it is waiting for the opportunity to go long when the origin reduces production and inventory. Short - term waiting and watching are recommended [1] - **Soybean Oil**: It has strong fundamentals and is recommended to be overweighted in the oil market. A [long soybean oil, short palm oil] spread strategy can be considered, and waiting for the January USDA report [1] - **Rapeseed Oil**: With the possible improvement of China - Canada trade relations and the expected increase in global rapeseed production, the price is expected to decline, but short - term rebounds due to macro - sentiment should be watched out for [1] - **Cotton**: There is support but no driving force in the short - term. Future attention should be paid to the central No. 1 document in the first quarter of next year, cotton - planting intentions, weather during the planting period, and peak - season demand [1] - **Sugar**: There is a global surplus and an increase in domestic supply. If the price continues to fall, there is strong cost support, but there is a lack of continuous driving force in the short - term, and attention should be paid to changes in the capital side [1] - **Corn**: The grain - selling progress has slowed down but is still faster than the same period last year. The port inventory is low, and there is inventory - replenishment demand before the festival. The spot price is firm, and the futures price is expected to be strong [1] - **Soybean Meal**: Affected by domestic and foreign policies, the futures price is expected to fluctuate. Attention should be paid to the January USDA report, Brazilian premium trends, and China - Canada trade policies. Caution is needed in operating the M3 - M5 spread [1] Forest Products - **Pulp**: Affected by the decline in the commodity macro - market, the price has fallen but has not broken through the oscillation range. Due to high short - term commodity - sentiment fluctuations, waiting and watching are recommended [1] - **Log**: The spot price has shown signs of bottom - rebounding, and the futures price has limited downward space. It is expected to oscillate in the range of 760 - 790 yuan/m³ [1] Energy and Chemicals - **Fuel Oil**: Affected by OPEC+ policies, the Russia - Ukraine peace - agreement uncertainty, and US sanctions on Venezuela, the price is expected to oscillate [1] - **Bitumen**: The short - term supply - demand contradiction is not prominent and follows the trend of crude oil. The "14th Five - Year Plan" construction - rush demand is likely to be disproven, and the supply of Ma Rui crude oil is sufficient. The profit margin is high [1] - **Natural Rubber**: The raw - material cost provides strong support, the spot - futures price difference has rebounded significantly, and the mid - stream inventory has increased significantly [1] - **BR Rubber**: The increase in the BR price has slowed down, the spot price has led the correction of the basis, and the BD/BR listing price has been continuously raised. The processing profit of butadiene rubber has narrowed. There are positive factors for the export of domestic butadiene in the long - term [1] - **PX and PTA**: The PX market has risen rapidly, and the fundamentals are expected to tighten in 2026. The domestic PTA maintains high - level operation [1] - **Ethylene Glycol**: Two MEG plants in Taiwan, China, plan to shut down next month. The price has rebounded rapidly due to supply - side news, and the downstream demand is slightly better than expected [1] - **Styrene**: The Asian styrene market is stable. Suppliers are reluctant to cut prices due to losses, while buyers are pressing for price cuts due to weak downstream demand. The market is in a weak - balance state, and the upward momentum depends on the overseas market [1] - **Urea**: The upside space is limited due to weak exports and domestic demand, but there is support from anti - involution and the cost side [1] - **Propylene**: The supply pressure is high due to high - level operation and low - level downstream improvement. The cost is supported by the high price of propylene monomers and the rising crude - oil price. There is a risk of crude - oil price increase due to intensified geopolitical conflicts [1] - **PVC**: The global production in 2026 is expected to be low, and the future is optimistic. However, the current fundamentals are poor. The cancellation of export tax - rebates may lead to a rush for exports, and the differential electricity price in the northwest region may force the clearance of PVC production capacity [1] - **LPG**: The import - gas cost is strongly supported by the unexpected increase in the January CP. The geopolitical conflicts in the US, Venezuela, and the Middle East have raised the short - term risk premium. The inventory is expected to decrease, and the downstream olefin products are performing strongly [1] Others - **Container Shipping on the European Route**: It is expected to peak in the middle of the month. Airlines are still cautious about trial resumptions, and there is still pressure for pre - holiday inventory replenishment [1]

Report Industry Investment Rating No relevant content provided. Core View of the Report - The market sentiment cooled slightly yesterday, with the commodity market weakening significantly and the stock index showing a volatile trend. The trading volume also contracted. After a rapid rise, the stock index has entered a stage of shock consolidation. There are no obvious macro-level negatives at present, and the short-term outlook for the stock index remains bullish. The bond futures are favored by the asset shortage and weak economy, but the central bank has recently warned of interest rate risks. Attention should be paid to the Bank of Japan's interest rate decision. [1] - The prices of various commodities are affected by different factors, such as supply and demand, policy changes, and macro sentiment. The report provides trend judgments and trading suggestions for each commodity, including metals, energy, chemicals, and agricultural products. [1] Summary by Related Catalogs Macro Finance - Stock Index: After a rapid rise, the stock index has entered a stage of shock consolidation. There are no obvious macro-level negatives at present, and the short-term outlook for the stock index remains bullish. Attention should be paid to capital flows and market sentiment changes. [1] - Treasury Bonds: The bond futures are favored by the asset shortage and weak economy, but the central bank has recently warned of interest rate risks. Attention should be paid to the Bank of Japan's interest rate decision. [1] Non-Ferrous Metals - Copper: The copper price has fallen from its recent high, but there are still disruptions in the mining end. The downside space for the copper price is expected to be limited. [1] - Aluminum: There has been an accumulation of domestic electrolytic aluminum stocks recently, and the industrial driving force is limited. The macro anti-involution sentiment has ebbed, and the aluminum price has fallen from its high. [1] - Alumina: The supply side of alumina still has a large release space, and the industrial side exerts downward pressure on the price. However, the current price is basically near the cost line, and the price is expected to fluctuate. [1] - Zinc: The fundamentals of zinc have improved, and the cost center has shifted upward. The recent macro sentiment has been good, and the zinc price has risen. However, considering the still existing pressure on the fundamentals, caution is advised regarding the upside space. [1] - Nickel: The market's concerns about nickel supply have significantly cooled, and the LME nickel inventory has increased significantly recently. The nickel price has corrected from its high. Since Indonesia has not disclosed the specific amount and said that it is still in the process of accounting, there is still uncertainty about the implementation of the subsequent policy. The short-term volatility risk of the nickel price has increased. Attention should be paid to the implementation of Indonesia's policy, changes in macro sentiment, and changes in futures positions, and risk control should be done well. [1] Precious Metals and New Energy - Gold and Silver: The annual weight adjustment of the BCOM index has officially started, and the exchange has introduced multiple risk control measures for silver to suppress speculative enthusiasm. The prices of precious metals have fallen across the board, with a significant decline in silver. In the short term, gold and silver are expected to continue to be weak and volatile. In the medium and long term, attention can be paid to the opportunity to buy on dips after this round of risk release. [1] - Platinum and Palladium: Platinum and palladium have followed the weakening of precious metals. In the short term, they are expected to be in a wide-range volatile pattern. In the medium and long term, with the still existing supply-demand gap for platinum and the tendency of palladium to have a loose supply, platinum can still be bought on dips or a [long platinum, short palladium] arbitrage strategy can be adopted. [1] Industrial Products - Industrial Silicon: There is an increase in production in the northwest and a decrease in production in the southwest. The production schedules for polysilicon and organic silicon in December have decreased. [1] - Polysilicon: It is the traditional peak season for new energy vehicles. The demand for energy storage is strong. The supply side has increased production resumption. There is a short-term rapid increase. [1] - Rebar and Hot Rolled Coil: In the short term, sentiment and capital have a greater influence than industrial contradictions. One can try to follow long positions with a stop-loss; for futures-spot trading, participate in positive spread positions. [1] - Iron Ore: There is sector rotation, but the upside pressure on iron ore is obvious. It is not recommended to chase long positions at this level. [1] - Non-Ferrous Metals: There is a combination of weak reality and strong expectations. The current supply and demand situation remains weak, but in terms of expectations, energy consumption double control and anti-involution may have an impact on supply. [1] - Soda Ash: Soda ash follows the trend of glass. In the medium term, the supply and demand situation will be more relaxed, and the price will be under pressure. [1] - Coking Coal and Coke: If the "capacity reduction" expectation continues to ferment and there is pre-holiday restocking of spot goods, coking coal may still have room to rise. However, since the current market's "capacity reduction" expectation mainly comes from online rumors, it is difficult to judge the actual upside space. After a significant increase, the volatility will intensify, and caution should be exercised. The logic for coke is the same as that for coking coal. [1] Agricultural Products - Palm Oil: The MPOB December data is expected to be bearish for palm oil, but palm oil will reverse under the themes of seasonal production reduction, the B50 policy, and US biodiesel in the future. Short-term rebounds due to macro sentiment should be watched out for. [1] - Soybean Oil: The fundamentals of soybean oil are relatively strong. It is recommended to allocate more in the oil sector and consider a long Y, short P spread. Wait for the January USDA report. [1] - Rapeseed Oil: The trade relationship between China and Canada may improve, and Australian rapeseed will be imported smoothly. After the rapeseed trade flow is opened up, the trading logic of rapeseed oil will gradually shift from the domestic tight supply situation to the global rapeseed production increase expectation. There is still room for the price to fall. Short-term rebounds due to macro sentiment should be watched out for. [1] - Cotton: There is a strong expectation of a good harvest for domestic new crops, and the purchase price of seed cotton supports the cost of lint cotton. The downstream operating rate remains low, but the inventory of yarn mills is not high, and there is a rigid demand for restocking. Considering the growth of spinning capacity, the demand for cotton in the new crop market year is relatively resilient. Currently, the cotton market is in a situation of "having support but no driving force." Future attention should be paid to the tone of the No. 1 Central Document in the first quarter of next year regarding the direct subsidy price and cotton planting area, the intention of cotton planting area next year, the weather during the planting period, and the demand during the "Golden Three and Silver Four" peak season. [1] - Sugar: Currently, there is a global surplus of sugar, and the supply of domestic new crops has increased. The short-selling consensus is relatively strong. If the futures price continues to fall, there will be strong cost support below. However, there is a lack of continuous driving force in the short-term fundamentals. Attention should be paid to changes in the capital side. [1] - Corn: The fundamentals of corn have not changed significantly. The spot price remains firm, and the progress of grain sales at the grassroots level is relatively fast. Most traders have not yet strategically built inventories, and feed enterprises maintain a safe inventory. There is a certain restocking demand before the holiday. The short-term outlook for CO3 is expected to be oscillating and slightly bullish. Attention should be paid to the dynamics of policy grain auctions. [1] - Soybean Meal: The domestic market may restart the auction of imported soybeans; the relationship between China and Canada is expected to ease, and China is expected to suspend the tax on Canadian rapeseed meal; the macro sentiment has cooled, and the domestic market has returned to the fundamentals and shown a significant decline. Recently, it has been greatly affected by policy news. The soybean meal futures price is expected to be mainly oscillating in the short term. Attention should be paid to the adjustment of the January USDA supply and demand report and the trend of the Brazilian premium. [1] - Pulp: Pulp has fallen today due to the decline in the commodity macro market. The overall price has not broken through the oscillating range. The short-term commodity sentiment fluctuates greatly, and it is recommended to observe cautiously. [1] - Logs: The spot price of logs has shown a certain sign of bottoming out and rebounding recently. The further downside space for the futures price is expected to be limited. However, the January overseas quotation has still slightly declined, and the log futures and spot markets lack upward driving factors. It is expected to oscillate in the range of 760 - 790 yuan/m³. [1] - Hogs: Recently, the spot price has gradually stabilized. Supported by demand and with the出栏体重 not yet fully cleared, the production capacity still needs to be further released. [1] Energy and Chemicals - Crude Oil: OPEC+ has suspended production increases until the end of 2026. There is uncertainty about the Russia-Ukraine peace agreement. The United States has imposed sanctions on Venezuela's crude oil exports. [1] - Fuel Oil: In the short term, the supply-demand contradiction is not prominent, and it follows the trend of crude oil. The probability of the 14th Five-Year Plan's rush demand being falsified is high, and the supply of Ma Rui crude oil is not short. The profit of asphalt is relatively high. [1] - BR Rubber: The futures position has declined, and the number of new warehouse receipts has increased. The increase in BR has slowed down temporarily. The spot price has led the rise to repair the basis, and BR continues to focus on the upward momentum above the 12,000 yuan line. The listed prices of BD/BR have been continuously raised, and the processing profit of butadiene rubber has narrowed. The overseas cracking device capacity has been cleared, which is beneficial to the long-term export expectation of domestic butadiene. The tax on naphtha also has a positive impact on the butadiene price. Fundamentally, butadiene rubber maintains high production and high inventory operation, and the trading center is generally average. Styrene-butadiene rubber is relatively better than butadiene rubber. [1] - PX and PTA: The PX market has experienced a rapid rise, but this round of rise is not due to a fundamental change. The fundamentals of PX do have support, and the market is expected to continue to tighten in 2026, driven by the new PTA production capacity in India and the organic growth of demand. Domestic PTA maintains high production. The gasoline spread is still at a high level, which supports aromatics. [1] - Ethylene Glycol: There is news that two sets of MEG plants in Taiwan, China, with a total annual capacity of 720,000 tons, plan to stop production next month due to efficiency reasons. Ethylene glycol has rebounded rapidly during the continuous decline, stimulated by supply-side news. The current operating rate of the polyester downstream remains above 90%, and the demand performance is slightly better than expected. [1] - Short Fiber: The PX market has experienced a rapid rise, but this round of rise is not due to a fundamental change. Domestic PTA maintains high production, and the domestic polyester load has declined. The short fiber price continues to closely follow the cost fluctuations. [1] - Styrene: The Asian styrene market is generally stable. Suppliers are reluctant to lower prices due to continuous losses, while buyers insist on pressing prices due to weak downstream polymer demand and compressed profits. Although the downstream demand is weak, the domestic market has a strong bullish sentiment due to export support. The market is in a weak balance state, and the short-term upward momentum needs to be driven by the overseas market. [1] - Urea: The export sentiment has slightly eased, and there is limited upside space due to insufficient domestic demand. There is support from anti-involution and the cost side below. [1] - PF: Geopolitical conflicts have intensified, and there is a risk of an increase in crude oil prices. There are fewer maintenance activities, the operating load is at a high level, and there are overseas arrivals, so the supply has increased. The downstream demand operating rate has weakened. In 2026, there will be more new production capacity, and the supply-demand surplus will further intensify, and the market expectation is weak. [1] - Propylene: There are fewer maintenance activities, the operating load is relatively high, and the supply pressure is relatively large. The improvement in the downstream is less than expected. The propylene monomer price is at a high level, the crude oil price has risen, and the cost support is strong. Geopolitical conflicts have intensified, and there is a risk of an increase in crude oil prices. [1] - PVC: In 2026, there will be less global new production capacity, and the future expectation is relatively optimistic. Currently, there are fewer maintenance activities, new production capacity is being released, and the supply pressure is increasing. The demand has weakened, and the orders are not good. The differential electricity price in the northwest region is expected to be implemented, which will force the clearance of PVC production capacity. [1] - LPG: The January CP has risen more than expected, and the cost support for imported gas is relatively strong. The geopolitical conflicts between the United States, Venezuela, and the Middle East have escalated, and the short-term risk premium has increased. The trend of inventory accumulation in the EIA weekly C3 inventory has slowed down, and it is expected to gradually turn to inventory reduction. The domestic port inventory has also decreased. Domestic PDH maintains high production and deep losses. There is a rigid demand for global civil combustion, and the demand for MTBE from overseas olefin blending for gasoline has declined temporarily. Since January 1, 2026, naphtha has been re-taxed, and the long-term demand expectation for light cracking raw materials such as LPG has increased, and the performance of downstream olefin products is relatively strong. [1] Shipping - Container Shipping - European Line: It is expected to peak in mid-January. Airlines are still relatively cautious in their trial reflights. The pre-holiday restocking demand still exists. [1]

Report Industry Investment Rating No relevant information provided. Report Core Viewpoints - Short - term, the stock index may continue a relatively strong trend, but attention should be paid to the impact of overseas geopolitical events on market risk appetite. In the long - term, the stock index is expected to rise in 2026 based on 2025 [1]. - Asset shortage and weak economy are beneficial to bond futures, but the central bank has recently warned of interest - rate risks, and attention should be paid to the Bank of Japan's interest - rate decision [1]. - Different commodities have various trends, including price increases, oscillations, and potential reversals, with corresponding investment strategies recommended [1]. Summary by Related Catalogs Macro Finance - Short - term, the stock index may continue to be strong, and in the long - term (2026), it is expected to rise on the basis of 2025 due to factors like continuous policy efforts, inflation recovery, capital market reform, and the support of Central Huijin [1]. - Asset shortage and weak economy benefit bond futures, but the central bank warns of interest - rate risks, and the Bank of Japan's interest - rate decision should be watched [1]. Metals Non - ferrous Metals - Copper: The price has further increased due to weak industry fundamentals but positive macro sentiment and continuous premium. However, short - term adjustment risks should be guarded against, and the upward trend is expected to continue [1]. - Aluminum: Domestic electrolytic aluminum has accumulated inventory, but positive macro sentiment and the early fermentation of supply - tightness expectations are likely to keep the price strong [1]. - Alumina: The supply side has a large release space, and the weak industry fundamentals put pressure on the price. However, the current price is near the cost line, so it is expected to oscillate [1]. - Zinc: The fundamentals have improved, the cost center has moved up, recent negative factors have been mostly realized, and market sentiment is volatile, leading to price oscillations [1]. - Nickel: Positive macro sentiment, concerns about supply due to Indonesian events, slow inventory accumulation, and unconfirmed Indonesian policies are likely to keep the short - term price strong. It is recommended to go long at low prices and control risks [1]. - Stainless Steel: Positive macro sentiment, concerns about raw - material supply, a rebound in nickel - iron prices, a slight reduction in social inventory, and an increase in January production plans are likely to keep the short - term futures price strong. It is recommended to go long at low prices, and enterprises should wait for opportunities to sell and hedge [1]. - Tin: The industry association's initiative has put pressure on the price, but considering the tense situation in Congo - Kinshasa, the supply may still be affected. After a short - term decline, the downward space is limited, and low - long opportunities near the support level are recommended [1]. - Precious Metals: Geopolitical risks and international - order uncertainties have boosted the demand for hedging, making the price strong in the short - term. However, the high VIX of silver indicates potential risks. Platinum and palladium are expected to fluctuate widely in the short - term, and platinum can be bought at low prices or a [long - platinum short - palladium] arbitrage strategy can be adopted in the long - term [1]. Black Metals - Iron Ore: There is a combination of weak reality (weak direct demand, high supply, and inventory accumulation) and strong expectation (potential supply disturbances from energy - consumption control and anti - involution). The near - month contract is restricted by production cuts, while the far - month contract has upward potential [1]. - Steel (including Rebar): The valuation of the price is not high, and it is not recommended to short. Positions in cash - and - carry arbitrage can take rolling profits [1]. - Glass: Supply and demand are acceptable, and the valuation is low, so the downward space is limited, and it may be under pressure to oscillate [1]. - Soda Ash: It follows the trend of glass, with acceptable supply and demand, low valuation, and limited downward space, and may oscillate under pressure [1]. - Coking Coal: The fourth - round spot price cut has started. After the futures price dropped to the corresponding position and rebounded, attention should be paid to whether it can reach a new low during the implementation of the price cut. There is a high possibility of wide - range oscillations [1]. - Coke: The logic is the same as that of coking coal [1]. Energy and Chemicals - Crude Oil: OPEC + has suspended production increases until the end of 2026, the uncertainty of the Russia - Ukraine peace agreement, and US sanctions on Venezuelan oil exports have an impact on the price [1]. - Fuel Oil: The short - term supply - demand contradiction is not prominent, and it follows the trend of crude oil. The probability of the 14th Five - Year Plan's rush - work demand is falsified, the supply of Marey crude oil is sufficient, and the asphalt profit is high [1]. - Asphalt: The cost is strongly supported, the spot - futures price difference is low, and the mid - stream inventory may tend to accumulate [1]. - Rubber: For natural rubber, the mid - stream inventory may tend to accumulate, and the price oscillates. For BR rubber, the futures position has declined, the price increase has slowed down, the processing profit is gradually repaired, it maintains high - level operation in terms of production and inventory, and the spot trading is weak [1]. - PTA: The PX market has experienced a sharp increase, and the domestic PTA maintains high - level operation, benefiting from stable domestic demand and the recovery of exports to India since the end of November [1]. - MEG: Two sets of MEG devices in Taiwan, China, are planned to stop production due to efficiency reasons. The price has rebounded rapidly due to supply - side news, and the downstream polyester operating rate is over 90%, with better - than - expected demand [1]. - Short - fiber: The price continues to fluctuate closely following the cost [1]. - Styrene: The Asian styrene market is generally stable. Suppliers are reluctant to reduce prices due to continuous losses, while buyers keep pressing prices due to weak downstream demand and profit compression. The market is in a weak - balance state, and the short - term upward momentum depends on overseas market drive [1]. - Steam: The upward space is limited due to insufficient domestic demand, but there is support from anti - involution and the cost side [1]. - Propylene: The supply pressure is large, the downstream improvement is less than expected, the cost is strongly supported by high - level propylene monomers and rising crude - oil prices, and there is a risk of rising crude - oil prices due to intensified geopolitical conflicts [1]. - PVC: The global production in 2026 is expected to be low, but currently, new capacity is being released, the supply pressure is increasing, and the demand is weak [1]. - Chlorine: The inventory pressure in Shandong is large, the supply pressure is high due to high - level operation and few overhauls, the non - aluminum demand is in the off - season, and the cost support is weakened by the rising price of liquid chlorine [1]. - LPG: The January CP has risen unexpectedly, providing strong cost - end support. Geopolitical conflicts in the US, Venezuela, and the Middle East have increased the short - term risk premium. The EIA weekly C3 inventory is in an accumulation trend, with a temporary slowdown in overseas demand. The domestic PDH maintains high - level operation but is deeply in deficit, and the overseas olefin blending - oil demand is acceptable [1]. New Energy and Silicon Industry - Polysilicon: There is production increase in the northwest and decrease in the southwest. The December production plan has decreased. A capacity storage platform company has been established, with a long - term expectation of capacity reduction. The terminal installation in the fourth quarter has increased marginally. Large enterprises are willing to support the price but not to deliver. The short - term speculative sentiment is high [1]. - Lithium Carbonate: It is the traditional peak season for new - energy vehicles, the energy - storage demand is strong, the supply - side production resumption has increased, and the price has risen rapidly in the short - term [1]. Agricultural Products - Palm Oil: The MPOB December data is expected to be negative, but it may reverse under themes such as seasonal production reduction, the B50 policy, and US biodiesel. If the price gaps up due to geopolitical events, short - selling can be considered [1]. - Soybean Oil: It follows the trend of other oils in the short - term, and waiting for the January USDA report is recommended [1]. - Rapeseed Oil: News of blocked trader purchases and Australian seed imports has led to a large rebound in the single - side price and the 1 - 5 spread, but it is difficult to change the subsequent loosening of the fundamental situation. A decline in sentiment is expected, and short - selling on rebounds can be considered [1]. - Cotton: The domestic new - crop harvest is expected to be good, but the purchase price of seed cotton supports the cost of lint. The downstream operation rate remains low, but the yarn - mill inventory is not high, with rigid restocking demand. The cotton market is currently in a situation of "having support but no driver", and attention should be paid to factors such as the central government's No. 1 Document in the first quarter of next year, planting - area intentions, weather during the planting period, and peak - season demand [1]. - Sugar: There is a global surplus and a large supply of domestic new - crop sugar, with a strong consensus on short - selling. If the futures price continues to fall, the cost support is strong, but the short - term fundamentals lack continuous driving forces, and attention should be paid to changes in the capital side [1]. - Corn: The grass - roots grain - selling progress is relatively fast, the current port and downstream inventory levels are still low, and most traders have not started strategic inventory building. The spot price is expected to be strong in the short - term, and the futures price is expected to have limited decline and then maintain an oscillating and strengthening trend [1]. - Soybeans: Attention should be paid to the adjustment in the January USDA report and the impact of Brazilian harvest selling pressure on CNF premiums. The M05 contract is expected to be relatively weak, while the M03 - M05 spread is expected to be in a positive - arbitrage situation in the short - term, but caution should be exercised due to potential changes in customs policies, soybean auctions, and directional policies [1]. - Pulp: The 05 contract is expected to oscillate in the range of 5400 - 5700 yuan/ton due to the tug - of - war between "strong supply" and "weak demand" [1]. - Logs: The spot price has shown signs of bottom - rebounding, and the downward space of the futures price is limited. However, the January overseas quotation has slightly declined, and there is a lack of upward - driving factors in the spot - futures market. It is expected to oscillate in the range of 760 - 790 yuan/m³ [1]. Livestock - Hogs: The spot price has gradually stabilized recently, with demand support. The slaughter weight has not been fully cleared, and the production capacity still needs to be further released [1].

Report Industry Investment Ratings - Bullish: Platinum [1] - Bearish: Industrial Silicon, Fuel Oil [1] - Volatile: Stock Index, Treasury Bond, Aluminum Oxide, Zinc, Nickel, Stainless Steel, Tin, Gold, Silver, Palladium, Polysilicon, Lithium Carbonate, Rebar, Hot Rolled Coil, Iron Ore, Manganese Silicon, Ferrosilicon, Glass, Soda Ash, Coke, Coking Coal, Palm Oil, Soybean Oil, Rapeseed Oil, Cotton, Sugar, Corn, Soybean Meal, Pulp, Log, Urea, Propylene, PVC, Caustic Soda, LPG, Container Shipping [1][2] Core Views - In the short - term, be cautious about the “buy - the - rumor, sell - the - news” adjustment after the policy implementation of the Central Economic Work Conference. However, the market adjustment since mid - November has opened up space for the stock index to rise next year, providing a layout window [1]. - Asset shortage and weak economy are beneficial to bond futures, but the central bank has recently warned about interest - rate risks, suppressing the upward space. There is an opportunity to go long at low positions [1]. - Metal prices are affected by factors such as industrial drivers, risk preferences, and macro - policies, showing different trends of high - level volatility, short - term rebound with limited upward drive, and short - term shock - strengthening [1]. - Precious metals have different short - and long - term trends, with some having short - term shocks and long - term upward potential, and some being recommended to wait and see [1]. - New energy - related products are affected by factors such as production capacity, demand, and cost, showing trends of decline, shock, and short - term pressure [1]. - Black metal prices are affected by factors such as macro - drivers, supply - demand, and inventory, and some products have opportunities for basis positive - spread positions [1]. - Agricultural product prices are affected by factors such as reports, policies, and supply - demand, and different products have different trends and investment suggestions [1]. - Energy - chemical product prices are affected by factors such as international agreements, supply - demand, and cost, showing trends of decline, shock, and short - term upward movement [1][2]. Summary by Related Catalogs Macro Finance - Stock Index: In the short - term, be cautious about the “buy - the - rumor, sell - the - news” adjustment after the policy implementation of the Central Economic Work Conference. In the long - term, the market adjustment since mid - November has opened up space for the stock index to rise next year. Investors can gradually establish long positions during the adjustment period and use the discount structure of stock - index futures to optimize investment costs and win - rates [1]. - Treasury Bond: Asset shortage and weak economy are beneficial to bond futures, but the central bank has recently warned about interest - rate risks, suppressing the upward space. The market sentiment is fluctuating recently, and there is an opportunity to go long at low positions [1]. Non - ferrous Metals - Aluminum Oxide: Industrial drivers are limited, and risk preferences are fluctuating. The aluminum price is oscillating widely at a high level. Domestic alumina production and inventory are both increasing, and the fundamentals are weak. Some short - positions are closed in the short - term, and the price rebounds, but the upward drive is limited [1]. - Zinc: Short - term macro - benefits have been digested, the fundamentals have improved, the cost center has moved up, and it is expected to be oscillating strongly in the short - term. Pay attention to the changes in domestic growth - stabilizing policies [1]. - Nickel: The macro - sentiment is fluctuating. Pay attention to domestic growth - stabilizing policies and the RKAB approval of Indonesian nickel mines in 2026. Global nickel inventory is still high. The nickel price may oscillate weakly in the short - term. Pay attention to position changes and macro - sentiment. The cost of integrated MHP provides support below. Operate mainly in the short - term, and the long - term supply of primary nickel will be in surplus [1]. - Stainless Steel: The macro - sentiment is fluctuating. Pay attention to domestic growth - stabilizing policies and the RKAB approval of Indonesian nickel mines in 2026. The price of raw - material ferronickel has temporarily stabilized, the social inventory of stainless steel has decreased slightly, and the estimated production cut by steel mills in December has increased. Pay attention to the actual production of steel mills. The raw - material price has stabilized, and steel mills have raised prices. The stainless - steel futures are oscillating. It is recommended to operate mainly in the short - term and look for opportunities to sell on rallies for hedging [1]. - Tin: The situation in the Democratic Republic of the Congo is still tense. Tin is still regarded as bullish in the long - term. Look for opportunities to go long on pullbacks [1]. Precious Metals and New Energy - Gold: It has fallen after reaching a high. The gold price is expected to oscillate in the short - term, but there is still upward space in the long - term [1]. - Silver: It has fallen after reaching a high, with sharp fluctuations. The silver price is expected to oscillate widely in the short - term. It is recommended to wait and see [1]. - Platinum: The platinum price is expected to oscillate strongly in the short - term and can be bought on dips in the long - term [1]. - Palladium: The palladium price is expected to enter an oscillation phase in the short - term. From the perspective of the relative strength of the fundamentals, the “long platinum, short palladium” arbitrage strategy can be continued [1]. - Industrial Silicon: Production is increasing in the northwest and decreasing in the southwest. The production schedules of polysilicon and organic silicon in December are decreasing [1]. - Polysilicon: There is an expectation of production - capacity reduction in the long - term. Terminal installations are increasing marginally in the fourth quarter. Large manufacturers have a strong willingness to support prices and a low willingness to deliver. The number of delivery brands has increased [1]. - Lithium Carbonate: It is the traditional peak season for new - energy vehicles. Energy - storage demand is strong. Supply - side production resumption has increased. There is great pressure at the key level of 100,000 yuan [1]. Black Metals - Rebar: The macro - drive has increased in December, providing some rebound momentum. After the futures price rises, it is beneficial for the entry of basis positive - spread positions. Do not chase high in single - side trading, and can appropriately participate in spot - futures positions [1]. - Hot Rolled Coil: The macro - drive has increased in December, providing some rebound momentum. After the futures price rises, it is beneficial for the entry of basis positive - spread positions. Do not chase high in single - side trading, and the spot - futures positive - spread positions can still be continuously participated in [1]. - Iron Ore: The near - month contract is restricted by production cuts, but the commodity sentiment is good, and there is still an upward opportunity for the far - month contract [1]. - Manganese Silicon: Direct demand is weakening, supply is high, inventory is accumulating, and the price is under pressure [1]. - Ferrosilicon: Direct demand is weakening, supply is high, and the downstream is under pressure, so the price is under pressure [1]. - Glass: Supply and demand provide support, and the valuation is low, but short - term sentiment dominates, and the price is fluctuating strongly [1]. - Soda Ash: It follows the trend of glass. The supply - demand situation is okay, the valuation is low, and the downward space is limited. It may be under pressure to oscillate [1]. - Coke: From a valuation perspective, the current decline is likely to be near the end. The coke contract at 1630 prices in the expectation of 2 - 3 rounds of price cuts. Each coking - coal contract is also close to the key support level. Further decline requires a continuous increase in coking - coal supply. From a drive perspective, it may need to wait. Downstream is expected to start a new round of inventory replenishment around mid - December. For the strategy, treat single - side trading with a short - term mindset for now, and wait and see for the long - term. Close out hedging short - positions [1]. - Coking Coal: The logic is the same as that of coking coal [1]. Agricultural Products - Palm Oil: The MPOB report is bearish, but the German RED III policy is bullish for origin exports. The night - session shows a rebound. It is recommended to wait and see [1]. - Soybean Oil: The USDA report has no highlights. Recently, pay attention to the bearish impact of imported soybean auctions on the supply side [1]. - Rapeseed Oil: Affected by the news of the return of imported non - GMO rapeseed oil, the supply of rapeseed oil has become relatively tight, and there is an expectation of a rebound [1]. - Cotton: There is a strong expectation of a domestic new - crop harvest, but the purchase price of seed cotton supports the cost of lint cotton. The downstream opening rate remains low, but the yarn - mill inventory is not high, and there is a rigid demand for inventory replenishment. Considering the growth of spinning capacity, the cotton demand in the new - crop market year is relatively resilient. Currently, the cotton market is in a situation of “having support but no drive”. In the future, pay attention to the setting of direct - subsidy prices and cotton - planting areas in the No. 1 Central Document in the first quarter of next year, the intention of cotton - planting areas next year, weather during the planting period, and peak - season demand from March to April [1]. - Sugar: Currently, there is a global surplus of sugar and an increase in domestic new - crop supply. The bearish consensus is relatively consistent. If the futures price continues to fall, there is strong cost support below, but the short - term fundamentals lack continuous drive. Pay attention to changes in the capital side [1]. - Corn: In the short - term, funds are taking profits, and the futures price is giving back the emotional premium, but the spot contradiction has not been completely resolved. The short - term decline of the futures price is expected to be limited. Still, pay attention to changes in farmers' grain - selling mentality and inventory at each link [1]. - Soybean Meal: There are rumors of delayed customs clearance in China. Today, the成交率 and成交 premium of domestic imported soybean auctions are high, reflecting the market's expectation of commercial shortages, which is bullish for the near - month contract and positive spreads. US soybean exports are weak, there is no obvious speculation drive for South American weather, and the Brazilian discount is expected to be under pressure later. The M05 contract is expected to be relatively weak [1]. - Pulp: Pulp futures have been fluctuating greatly recently, being pulled by the reality of “weak demand” and the expectation of “strong supply”. It is recommended to wait and see for single - side trading, and consider the 1 - 5 reverse spread for the spread [1]. - Log: Log futures have fallen due to the negative impact of falling foreign - market quotes and spot prices. The 01 contract is under great pressure as the delivery month approaches and is expected to oscillate weakly [1]. Energy and Chemicals - Fuel Oil: OPEC+ has suspended production increases until the end of 2026. The Russia - Ukraine peace agreement is still being promoted. The US has intensified a new round of sanctions against Russia. The short - term supply - demand contradiction is not prominent, and it follows the trend of crude oil [1]. - Asphalt: The short - term supply - demand contradiction is not prominent, and it follows the trend of crude oil. The demand for catch - up construction during the 14th Five - Year Plan is likely to be falsified, and the supply of Ma瑞 crude oil is sufficient. The asphalt profit is high [1]. - Natural Rubber: The raw - material cost provides strong support. The futures - spot price difference is at a low level. The mid - stream inventory may return to the accumulation trend [1]. - BR Rubber: The trading of butadiene has improved, the ex - tank price has increased, and there is bullish support on the export side. The listed price of major producers of cis - 1,4 - polybutadiene rubber has stabilized, and the ex - factory price of private enterprises has increased. High production and high inventory are still pressures, but the long - term demand for tires at home and abroad is increasing. Pay attention to the export situation of synthetic rubber [1]. - PTA: The gasoline cracking profit has declined, and gasoline blending performance has weakened. The PX cost is high, and the PTA profit is under pressure. The commissioning of new polyester plants has pushed the polyester load to a high level. The cancellation of the Indian BIS certification is expected to drive an increase in exports [1]. - Ethylene Glycol: The inventory is accumulating, and the price is falling accordingly. The coal price has fallen, and the cost support for domestic ethylene glycol has continued to weaken. The strong expectation of domestic plant commissioning is suppressing the rise of ethylene glycol [1]. - Short - fiber: The short - fiber price continues to closely follow the cost fluctuations [1]. - Styrene: The styrene market as a whole maintains a narrow - range oscillation. Discussions about exports provide some support, but the polymer market sales are weak. US gasoline demand has weakened, the price of blending oil has declined, and the price of high - octane components has declined [1]. - Urea: The number of overhauls has decreased, and the operating load is at a high level. There are overseas arrivals, and the supply has increased. The downstream demand operating rate has weakened. The crude - oil price has fallen, and the oil - based production cost has decreased [2]. - Propylene: The number of overhauls is small, and the operating load is relatively high. The supply pressure is relatively large. The downstream improvement is less than expected. The propylene monomer price is at a high level, providing strong cost support. The crude - oil price has fallen, and the oil - based production cost has decreased [2]. - PVC: The futures price has returned to the fundamentals. There will be fewer overhauls in the future, and new production capacity will be released, increasing the supply pressure. The demand has weakened, and orders are not good [2]. - Caustic Soda: The pre - delivery of alumina in Guangxi has started, some alumina plants have delayed production, and the procurement rhythm has slowed down. The operating load is high, and there are few overhauls. There is inventory - accumulation pressure for caustic soda in Shandong, and the price of liquid chlorine is high. The short - positions in the 01 contract have been rolled over to the March contract, and the shorts have not left the market [2]. - LPG: Geopolitical and tariff tensions have eased, and the international oil and gas market has returned to the fundamental logic of looseness. The FEI has recently rebounded and repaired upwards. The heating demand in the Northern Hemisphere is gradually being released, and there is support from chemical rigid demand. The production and sales of domestic C3/C4 are smooth, and there is no inventory pressure. After the decline in the PG futures price, it maintains a range - bound oscillation. Pay attention to the price increase of the near - month contract affected by natural gas and the decline of the far - month spread [2]. - Container Shipping: The price increase in December was less than expected. The expectation of price increases in the peak season was priced in advance. The shipping capacity supply in December is relatively loose [2].

Group 1 - The event "Rural Revitalization Forum" was held by China Insurance Group and the China Agricultural Risk Management Research Association, focusing on the interpretation of the 2022 Central No. 1 Document [1] - The forum featured a keynote speech by Luo Dan, who discussed the historical necessity of promoting rural revitalization and the policy framework for urban-rural integration and agricultural modernization since the reform and opening up [1] - The Central No. 1 Document outlines key deployments and main spirits for agricultural and rural work in the current year [1] Group 2 - Xu Bin emphasized that China Insurance, as the only state-controlled insurance company named "China," must fulfill its political responsibilities and enhance its political stance [2] - The company aims to accelerate the transformation of agricultural insurance and improve the quality of financial insurance services for rural revitalization, contributing to agricultural production stability and farmers' income [2] - China Insurance has a long history in agricultural insurance and consistently ranks second in the industry in terms of business scale, having signed a cooperation agreement with the Ministry of Agriculture and Rural Affairs to support the rural revitalization strategy [2]