Report Industry Investment Ratings - Not provided in the report Core Views - China's equity market should not be overly bearish, and there is still long - term potential; long - term positions in gold can be held; long - term value of copper is promising; and different trading strategies are recommended for various commodities based on their fundamentals and market conditions [5][7][10] Summary by Categories Bonds and Equities - **Treasury Bonds and Stock Index Futures**: The previous trading day saw a full - scale rise in stock index futures. Although the domestic economy is stable, tariffs disrupt the recovery rhythm, and there are concerns about corporate profit growth. However, due to low domestic asset valuations and policy hedging space, the long - term performance of Chinese equity assets is still optimistic, and investors should wait for long - entry opportunities [5][7] Precious Metals - **Gold and Silver**: Gold's previous trading day saw a closing price of 789.22 with a 0.97% increase, and silver closed at 8,161 with a - 0.87% change. Powell warned about the inflation effect of Trump's trade policies. Global trade and financial uncertainties, along with potential central bank policy easing, are expected to drive up the price of gold. Long - term value of gold is still positive, and previous long positions can be held [9][10] Metals - **Copper**: Shanghai copper fluctuated and closed above the 5 - day average. The spot market had fair transactions. Given upcoming domestic market - stabilizing measures and the uncertainty of US copper - specific tariffs, investors can consider going long on Shanghai copper [49] - **Tin**: Tin fell 0.09% to 256,680/ton. The Bisie tin mine in Congo (Kinshasa) will resume operation, and Indonesia raised the tin ore royalty. With low domestic processing fees and tight raw material inventory, and good downstream production data, tin prices are expected to oscillate [51] - **Nickel**: Nickel rose 0.1% to 125,780 yuan/ton. US tariff events made the market pessimistic, but there is cost support from tightened mine supply policies in Indonesia and the Philippines. However, downstream acceptance of high prices is low, and demand may weaken in the off - season [52] - **Industrial Silicon/Polysilicon**: Industrial silicon's main contract closed at 9015 yuan/ton with a - 0.93% change, and polysilicon closed at 39440 yuan/ton with a - 1.33% change. US tariffs have limited impact on the photovoltaic industry, but the market is pessimistic. Industrial silicon continues to bottom - out, and the polysilicon market faces challenges in inventory digestion [53][55] Building Materials - **Rebar and Hot - Rolled Coil**: Rebar and hot - rolled coil futures slightly corrected. The real - estate downturn suppresses rebar demand, but the peak - season demand provides short - term support. The valuation of steel prices is low, and there are signs of a stop - fall. Investors can look for low - entry opportunities and set stop - profits [12][13] - **Iron Ore**: Iron ore futures oscillated. High iron - water production boosts demand, and a decrease in imports and port inventory supports prices. Although the valuation is relatively high among black - series products, there are signs of a stop - fall and rebound. Low - entry opportunities can be considered [15] - **Coking Coal and Coke**: Coking coal and coke futures declined. Coking coal supply is loose, while coke demand from steel mills is increasing. Coke futures show signs of a stop - fall, and coking coal continues to decline. Low - entry opportunities can be considered with stop - loss and stop - profit settings [17][18] - **Ferroalloys**: Manganese silicon main contract fell 0.30% to 5870 yuan/ton, and silicon iron fell 1.15% to 5658 yuan/ton. Supply is high, and demand is weak. With the arrival of the steel - demand peak season, the supply - surplus situation is weakening. Opportunities for out - of - the - money call options in manganese silicon and exit opportunities for short - positions in silicon iron can be considered [20][21] Energy - **Crude Oil**: INE crude oil oscillated upward due to the stalemate in Iran - US negotiations. Data shows changes in US oil futures positions, rig numbers, and OPEC+ production. The market is affected by OPEC's production increase and tariff policies. Short - long positions in the main crude - oil contract can be considered [22][23] - **Fuel Oil**: Fuel oil followed crude oil, rising and then falling. Asian market supply is sufficient, and price increases are limited. Trump's tariff suspension and the extension of sanctions on Russia may support fuel - oil prices. A long - biased operation on the main fuel - oil contract can be considered [24] Chemicals - **Synthetic Rubber**: Synthetic rubber's main contract fell 1.38%. Tariffs have a negative impact on cost and demand. The price is expected to be weak in the short term, with raw - material prices falling and supply increasing [26] - **Natural Rubber**: Natural rubber's main contract and 20 - grade rubber contract both fell. US tariffs impact the market from multiple aspects, and there is no short - term upward driver, but there may be a technical rebound. The market is expected to temporarily stabilize [29][30] - **PVC**: PVC's main contract fell 0.51%. US tariffs have limited impact on PVC trade. The market will continue the "weak reality vs. policy expectation" oscillation. Spring maintenance provides short - term support, but high inventory and weak demand are long - term pressures [31][32] - **Urea**: Urea's main contract fell 0.96%. It is currently in the agricultural - demand off - season. The market may oscillate before the summer - fertilizer demand starts, with supply remaining high and demand weakening [34][35] - **PX**: PX2509 main contract rose 0.1%. Due to increased device maintenance, PX load decreased. Tariff policies are changeable, and crude - oil prices oscillate. PX is expected to oscillate at a low level, and cautious operation is recommended [36][37] - **PTA**: PTA2509 main contract rose 0.23%. Supply decreased due to device maintenance, and demand was affected by tariff - related export blockages. The price is expected to oscillate at the bottom, and cautious participation is advised [38] - **Ethylene Glycol**: Ethylene glycol's main contract fell 0.96%. Supply decreased due to coal - based device shutdowns, and demand was weak due to tariffs. The price is expected to oscillate at the bottom, and investors should pay attention to inventory and policy changes [39][40] - **Short - Fiber**: Short - fiber 2506 main contract rose 0.2%. Supply is at a relatively high level, and demand is weak. It will follow the cost - end adjustment at the bottom, and cautious participation is recommended [41] - **Bottle - Chip**: Bottle - chip 2506 main contract rose 0.76%. Raw - material prices are volatile, and the supply - demand fundamentals lack drivers. The price is expected to oscillate at a low level, following the cost - end [42][43] - **Soda Ash**: Soda ash's main 2509 contract fell 0.07%. Production and inventory are at high levels, and demand is weak. The market will continue to be weak in the short term [44] - **Glass**: Glass's main 2509 contract fell 1.52%. There is no obvious supply - demand driver, and tariff - related news may affect downstream exports. The market sentiment is expected to be weak [45] - **Caustic Soda**: Caustic soda's main 2505 contract rose 2.78%. Production decreased, and demand sentiment improved slightly. The price fluctuation depends on supply - demand competition, and potential concentrated maintenance should be watched [46] - **Paper Pulp**: Paper pulp's main 2507 contract fell 0.71%. Inventory increased, and downstream production was mixed. Tariffs may restructure the import supply, and the market will oscillate at a low level [47] - **Lithium Carbonate**: Lithium carbonate's main contract fell 0.4%. Tariffs increase market risk aversion, and the supply - demand surplus situation remains unchanged. The price is expected to be weak [48] Agricultural Products - **Soybean Oil and Soybean Meal**: Soybean meal's main contract fell 0.76%, and soybean oil rose 0.83%. Brazilian soybean production is high, and domestic supply is increasing. Soybean - oil consumption is growing, and soybean - meal demand is expected to increase slightly. Wait - and - see for soybean meal, and consider out - of - the - money call options for soybean oil [57][58] - **Palm Oil**: Malaysian palm oil fell for the fourth day. China's palm - oil imports decreased, and inventory is at a low level. A wait - and - see approach is recommended [59][60] - **Rapeseed Meal and Rapeseed Oil**: Canadian rapeseed prices are affected by supply and demand. China imposed tariffs on Canadian rapeseed products, and domestic inventory increased. Opportunities for widening the soybean - rapeseed spread can be considered [61][62] - **Cotton**: Zhengzhou cotton oscillated weakly. US cotton sales data is strong, and planting progress is reported. Tariffs disrupt the global economy and affect cotton demand. Domestic downstream demand is weakening. Short - positions in cotton can be gradually closed at low prices [63][66] - **Sugar**: Domestic Zhengzhou sugar oscillated strongly, and overseas raw sugar oscillated at a low level. Brazilian sugar production increased, and Indian and Thai production data are available. The international raw - sugar market has mixed factors, and a wait - and - see approach is recommended [68][71] - **Apple**: Apple futures rebounded slightly, and weekly inventory decreased rapidly. Cold - storage inventory is lower than last year, and sales are good. Buying on dips can be considered [73][74] - **Pigs**: The national average pig price rose slightly. The market is affected by supply, demand, and feed - cost expectations. Short - selling opportunities at high prices can be considered [75][77] - **Eggs**: Egg prices rose. Egg production is increasing, and it is in the consumption off - season. Feed - cost expectations may affect the market. Wait for market sentiment to be released [78][79] - **Corn**: Corn's main contract fell 0.17%. The domestic corn supply - surplus situation is easing, but short - term supply pressure remains due to high inventory and policy - related factors. A wait - and - see approach is recommended [80][81] - **Log**: The main 2507 log contract rose 0.18%. A tropical cyclone in New Zealand may affect log shipments. Current inventory is neutral, and there is a risk of price decline if the reality is weaker than expected [82][83]