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《黑色》日报-20250826
Guang Fa Qi Huo· 2025-08-26 05:13
Report on the Steel Industry Investment Rating - Not provided in the report. Core View - The price of steel has risen again, with the spread between the October and January contracts of rebar decreasing and that of hot-rolled coils strengthening. The spread between coils and rebar is expected to decline from its high. Total apparent demand showed signs of bottoming out and rebounding last week but remained at an off - peak level. Steel prices are expected to remain in a high - level volatile pattern, and it is recommended to try long positions, with reference levels of 3140 yuan for hot - rolled coils and 3380 yuan for rebar [1]. Summary by Directory Steel Prices and Spreads - Rebar spot prices in East China, North China, and South China were 3310 yuan/ton, 3280 yuan/ton, and 3420 yuan/ton respectively; hot - rolled coil spot prices in East China, North China, and South China were 3430 yuan/ton, 3380 yuan/ton, and 3420 yuan/ton respectively [1]. Cost and Profit - The cost of Jiangsu electric - arc furnace rebar was 3344 yuan/ton, and the profit of East China hot - rolled coils was - 41 yuan/ton; the cost of Jiangsu converter rebar was 3200 yuan/ton, and the profit of North China hot - rolled coils was 15 yuan/ton [1]. Production and Inventory - The daily average pig iron output was 240.8 tons, with a slight increase of 0.1 tons. The output of five major steel products was 878.1 tons, an increase of 6.4 tons or 0.7%. The inventory of five major steel products was 1441.0 tons, an increase of 25.1 tons or 1.8% [1]. Transaction and Demand - The building materials trading volume was 11.1 tons, an increase of 1.7 tons or 18.3%. The apparent demand for five major steel products was 853.0 tons, an increase of 22.0 tons or 2.6% [1]. Report on the Iron Ore Industry Investment Rating - Not provided in the report. Core View - The 2601 contract of iron ore showed an oscillating upward trend. The global shipment volume of iron ore decreased, and the arrival volume at 45 ports declined, but the subsequent average arrival volume is expected to recover. The pig iron output remained at a high level, and downstream apparent demand rebounded. It is recommended to switch to long positions on dips and recommend the 1 - 5 positive spread arbitrage [3]. Summary by Directory Iron Ore - Related Prices and Spreads - The warehouse receipt cost of Carajás fines was 807.7 yuan/ton, a 1.9% increase; the 01 contract basis of Carajás fines was 20.7 yuan/ton, a 520.4% increase [3]. Supply and Demand Indicators - The weekly arrival volume at 45 ports was 2393.3 tons, a decrease of 83.3 tons or 3.4%; the weekly global shipment volume was 3315.8 tons, a decrease of 90.8 tons or 2.7% [3]. Inventory Changes - The inventory at 45 ports decreased by 11.2 tons or 0.1% compared to Monday; the inventory of imported ore in 247 steel mills decreased by 70.9 tons or 0.8% [3]. Report on the Coke and Coking Coal Industry Investment Rating - Not provided in the report. Core View - Coke futures showed a strong rebound, and the seventh round of coke price increase was implemented. Due to supply - demand tightness, downstream steel mills still had restocking demand. It is recommended to go long on the 2601 contract of coke on dips and recommend the arbitrage of long coking coal and short coke. Coking coal futures also rebounded strongly, and it is recommended to go long on the 2601 contract of coking coal on dips and recommend the same arbitrage [5]. Summary by Directory Price and Spread - The price of Shanxi quasi - first - grade wet - quenched coke (warehouse receipt) was 1610 yuan/ton, unchanged; the 09 contract of coke was 1627 yuan/ton, an increase of 1.5% [5]. Supply and Demand - The weekly coke output of all - sample coking plants was 65.5 tons, a 0.1% increase; the weekly pig iron output of 247 steel mills was 240.8 tons, a 0.0% increase [5]. Inventory - The total coke inventory was 888.6 tons, an increase of 1.2 tons or 0.1%; the coking coal inventory of all - sample coking plants was 966.4 tons, a decrease of 10.5 tons or 1.1% [5].
五矿期货能源化工日报-20250822
Wu Kuang Qi Huo· 2025-08-22 00:59
1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The current oil price is relatively undervalued, and its static fundamentals and dynamic forecasts are still favorable. It is a good time for left - hand side layout. If the geopolitical premium re - emerges, the oil price will have more upside potential [2] - For methanol, the current situation is weak, but demand is expected to improve with the arrival of the peak season. It is recommended to wait and see [4] - For urea, the current situation is weak, but the downside space is limited due to low corporate profits. It is advisable to pay attention to long - position opportunities on dips [6] - For rubber, it is expected that the rubber price will fluctuate weakly, and it is recommended to wait and see. Partial closing of the long RU2601 and short RU2509 positions can be considered [11] - For PVC, the fundamentals are poor with strong supply, weak demand, and high valuation. It is recommended to wait and see [13] - For styrene, the BZN spread may be repaired, and the port inventory may decline from a high level. The styrene price may fluctuate upward following the cost side [15][16] - For polyethylene, the price may fluctuate upward, with the long - term contradiction shifting from cost - driven decline to South Korean ethylene clearance policy [18] - For polypropylene, there is high inventory pressure in the context of weak supply and demand. It is recommended to go long on the LL - PP2601 contract on dips [19] - For PX, it is expected to maintain low inventory, with support at the lower end of the valuation but limited upside in the short term. Pay attention to long - position opportunities following the oil price on dips during the peak season [21][22] - For PTA, the supply is in a de - stocking pattern, and the processing fee is expected to be repaired. Pay attention to long - position opportunities following PX on dips [23] - For ethylene glycol, the fundamentals are expected to turn from strong to weak, and there is downward pressure on the medium - term valuation [24] 3. Summaries According to Relevant Catalogs 3.1 Energy (Crude Oil) - **Market Quotes**: WTI main crude oil futures rose $0.34, or 0.54%, to $63.48; Brent main crude oil futures rose $0.63, or 0.94%, to $67.67; INE main crude oil futures rose 8.80 yuan, or 1.85%, to 484.7 yuan [1] - **Data**: Singapore ESG weekly oil product data showed that gasoline inventory increased by 0.91 million barrels to 15.15 million barrels, a 6.42% increase; diesel inventory increased by 0.37 million barrels to 9.70 million barrels, a 3.98% increase; fuel oil inventory decreased by 1.61 million barrels to 23.04 million barrels, a 6.53% decrease; total refined oil inventory decreased by 0.33 million barrels to 47.89 million barrels, a 0.67% decrease [1] 3.2 Methanol - **Market Quotes**: On August 21, the 01 contract rose 1 yuan/ton to 2425 yuan/ton, and the spot price rose 5 yuan/ton, with a basis of - 115 [4] - **Supply**: Coal prices have bottomed out and risen, increasing methanol costs, but coal - to - methanol profits are still at a high level compared to the same period. Domestic production starts are gradually bottoming out and increasing, and overseas plant starts have returned to the same - period high, with imports expected to increase [4] - **Demand**: Most traditional demand sectors have low profits. Olefin profits have improved, but port production starts are low, and demand is weak. It is necessary to pay attention to the actual demand during the "Golden September and Silver October" [4] 3.3 Urea - **Market Quotes**: On August 21, the 01 contract fell 12 yuan/ton to 1764 yuan/ton, and the spot price fell 20 yuan/ton, with a basis of - 24 [6] - **Supply**: Domestic production starts have changed from a decline to an increase. Although corporate profits are still low, they are expected to gradually bottom out and recover. The overall supply is relatively loose [6] - **Demand**: Domestic agricultural demand is ending and entering the off - season. Compound fertilizer production starts have further increased, with high finished product inventories. Exports are progressing steadily, and overall demand is average [6] 3.4 Rubber - **Market Quotes**: NR and RU prices declined and then fluctuated weakly [8] - **Supply and Demand Factors**: Bulls believe that the weather and rubber forest conditions in Southeast Asia, especially Thailand, may help increase rubber production to a limited extent, and the seasonal pattern usually turns upward in the second half of the year, with improved demand expectations in China. Bears think that macro expectations are uncertain, demand is in the seasonal off - season, and the positive impact on supply may be less than expected [9] - **Inventory and Production Starts**: As of August 21, 2025, the operating load of all - steel tires in Shandong tire enterprises was 64.54%, up 1.47 percentage points from the previous week and 6.25 percentage points from the same period last year. The operating load of semi - steel tires in domestic tire enterprises was 74.38%, up 2.13 percentage points from the previous week and down 4.28 percentage points from the same period last year. As of August 10, 2025, China's natural rubber social inventory was 127.8 tons, a decrease of 1.1 tons or 0.85% from the previous period [10] 3.5 PVC - **Market Quotes**: The PVC01 contract fell 4 yuan to 5004 yuan. The spot price of Changzhou SG - 5 was 4740 (+20) yuan/ton, with a basis of - 264 (+24) yuan/ton, and the 9 - 1 spread was - 132 (+5) yuan/ton [13] - **Supply and Demand**: The overall production start of PVC was 80.3%, up 0.9% from the previous period. The downstream demand start was 42.8%, down 0.1% from the previous period. Factory inventory was 32.7 tons (-1), and social inventory was 81.2 tons (+3.5). The supply is strong, demand is weak, and the valuation is high [13] 3.6 Styrene - **Market Quotes**: The spot price and futures price of styrene both increased, and the basis strengthened [15] - **Supply and Demand**: The cost side still has support, the BZN spread is at a relatively low level in the same period, with large upward repair space. The supply side has increasing production starts, and the port inventory has been continuously increasing significantly. At the end of the seasonal off - season, the demand side's overall operating rate of three S products has been rising [15][16] 3.7 Polyolefins 3.7.1 Polyethylene - **Market Quotes**: The futures price of polyethylene increased [18] - **Supply and Demand**: The market expects favorable policies from the Chinese Ministry of Finance in the third quarter, and the cost side has support. The overall inventory is declining from a high level, and the demand side's agricultural film raw material procurement has started, with the overall operating rate stabilizing at a low level [18] 3.7.2 Polypropylene - **Market Quotes**: The futures price of polypropylene decreased [19] - **Supply and Demand**: The profit of Shandong refineries has stopped falling and rebounded, and the production start is expected to gradually recover. The downstream demand operating rate is fluctuating at a low level. There is high inventory pressure in the context of weak supply and demand [19] 3.8 PX, PTA, and MEG 3.8.1 PX - **Market Quotes**: The PX11 contract rose 114 yuan to 6958 yuan, and the PX CFR rose 17 dollars to 854 dollars [21] - **Supply and Demand**: The PX load is at a high level, and there are many unexpected short - term maintenance of downstream PTA. However, due to the commissioning of new PTA plants, PX is expected to maintain low inventory [21] 3.8.2 PTA - **Market Quotes**: The PTA01 contract rose 82 yuan to 4860 yuan, and the East China spot price rose 120 yuan/ton to 4810 yuan [23] - **Supply and Demand**: The PTA load decreased by 4.8% to 71.6%. The downstream load increased by 0.6% to 90%. The supply is in a de - stocking pattern, and the processing fee is expected to be repaired [23] 3.8.3 MEG - **Market Quotes**: The EG01 contract fell 4 yuan to 4473 yuan, and the East China spot price rose 4 yuan to 4511 yuan [24] - **Supply and Demand**: The MEG load increased by 6.2% to 73.2%. The downstream load increased by 0.6% to 90%. The port inventory decreased by 0.6 tons to 54.7 tons. The fundamentals are expected to turn from strong to weak, and there is downward pressure on the medium - term valuation [24]
有色金属日报-20250821
Guo Tou Qi Huo· 2025-08-21 09:53
Report Industry Investment Ratings - Copper: ★☆☆, indicating a slightly bullish/bearish sentiment with limited trading operability on the market [1] - Aluminum: ★★★, suggesting a clear bullish/bearish trend and a relatively appropriate investment opportunity [1] - Alumina: ★★★, representing a more distinct bullish/bearish trend and a suitable investment chance [1] - Cast Aluminum Alloy: ★★★, showing a clearer bullish/bearish trend and a current appropriate investment opportunity [1] - Zinc: ★★★, meaning a more obvious bullish/bearish trend and a proper investment option [1] - Nickel and Stainless Steel: ★☆☆, denoting a slightly bullish/bearish inclination with limited market operability [1] - Tin: ★☆☆, implying a slightly bullish/bearish judgment with limited trading feasibility on the market [1] - Lithium Carbonate: ★★★, indicating a distinct bullish/bearish trend and a relatively good investment opportunity [1] - Industrial Silicon: ★☆☆, suggesting a slightly bullish/bearish tendency with limited market operability [1] - Polysilicon: ★★★, representing a clearer bullish/bearish trend and a current appropriate investment chance [1] Report's Core View - The overall sentiment in the non - ferrous metals market is complex, with different metals showing various trends such as bullish, bearish, and oscillatory. Each metal's market is influenced by factors like supply - demand fundamentals, policy expectations, and inventory levels [2][3][4] Summary by Metals Copper - On Wednesday, Shanghai copper oscillated downward, with the weighted index trading below the MA60 moving average. The spot copper price was 78,800 yuan, and the Shanghai premium shrank to 160 yuan. Hold short positions above 79,000 yuan [2] Aluminum, Alumina, and Aluminum Alloy - Shanghai aluminum oscillated strongly. The social inventories of aluminum ingots and aluminum rods decreased by 11,000 tons and 8,000 tons respectively compared to Monday. It is expected to oscillate between 20,300 - 21,000 yuan in the short term. Cast aluminum alloy followed the trend of Shanghai aluminum, with the Baotai spot price rising by 100 yuan to 20,000 yuan. Alumina was in a weak oscillation, with support at 3,000 yuan [3] Zinc - Due to the supply - increase and demand - weak fundamentals, Shanghai zinc oscillated weakly. It is expected to oscillate in the short term, and short - selling on rebounds is the long - term strategy [4] Aluminum (again) - Aluminum price decline deepened the loss of recycled aluminum, expanding the reduction and suspension of production areas, which supported the market. However, the terminal consumption did not improve, and the rebound momentum was insufficient. It is expected to oscillate, and it is advisable to hold long positions near 16,600 yuan/ton [6] Nickel and Stainless Steel - Shanghai nickel was in the middle - late stage of a rebound, and it is recommended to actively enter short positions. The stainless - steel social inventory decreased for six consecutive times, but there were still uncertainties in the market [7] Tin - Shanghai tin decreased in the afternoon session. The spot tin price dropped to 266,800 yuan. The market was divided, with a strong fundamental on one hand and concerns about medium - long - term demand on the other. Hold short - term long positions based on the MA60 moving average [8] Lithium Carbonate - The lithium carbonate futures price oscillated. The market was active. The futures price was strong, and it is expected to oscillate. Risk control is necessary [9] Industrial Silicon - The industrial silicon futures first rose significantly and then retraced part of the gains. The fundamentals showed a situation of both supply and demand increasing, with limited improvement space. The current market is in an oscillatory pattern and may face a correction if policy expectations cool down [10] Polysilicon - Polysilicon futures continued to oscillate. The N - type re -投料 price increased to 49,000 yuan/ton. The market is in an oscillatory adjustment stage supported by policy expectations [11]
外汇交易要注意哪些方面?
Sou Hu Cai Jing· 2025-08-21 06:01
Group 1: Forex Market Overview - The forex market is a global decentralized market operating 24 hours a day, five days a week, with a vast trading volume involving various participants such as central banks, commercial banks, financial institutions, corporations, and individual investors [1] - Different currency pairs available for trading exhibit varying liquidity, volatility, and transaction costs, which traders should understand to select suitable pairs [1] Group 2: Trading Knowledge and Analysis - Understanding exchange rate determination theories, such as purchasing power parity and interest rate parity, aids in analyzing the reasons behind exchange rate fluctuations [1] - Combining technical analysis, which studies price charts and trading indicators, with fundamental analysis, which focuses on economic data and political factors, enhances trading decision accuracy [1] Group 3: Risk Management - Risk control is crucial in forex trading due to market uncertainties; setting reasonable stop-loss and take-profit levels helps manage potential losses and secure profits [2] - Monitoring economic data releases, such as GDP growth, inflation rates, unemployment rates, and interest rate changes, is essential as they directly impact exchange rates [2] - Political stability and central bank monetary policy adjustments significantly influence currency supply and demand, thereby affecting exchange rates [2] Group 4: Trading Platforms - Choosing a suitable trading platform is essential for compliant trading; legitimate platforms must be regulated and possess the necessary licenses to ensure fund safety and transparent trading rules [3] - Reliable trading platforms should offer stable systems with low latency and high stability to ensure timely execution of trading orders, along with comprehensive market data and professional customer service [3]
看基本面耽误赚钱
Hu Xiu· 2025-08-21 02:01
Group 1 - The article suggests that analyzing fundamentals may hinder investment opportunities, advocating for a more aggressive approach in the current market [1] - Despite a significant drop in the market last Thursday, a strong rebound occurred on Friday, indicating volatility and potential for recovery [2] - Brokerage firms are characterized as the "riders" of a bull market, attracting retail investors due to their straightforward business model [3] Group 2 - The A-share investment structure is primarily driven by high dividend stocks, favored by institutional investors and insurance funds [5][6] - High-risk preference funds, such as margin trading and speculative capital, are more involved in sectors like technology, themes, and pharmaceuticals [7] - Margin trading has surpassed 2 trillion, with TMT, pharmaceuticals, and military industries being the main sectors for leveraged buying [8] Group 3 - The financing net buying amounts for various industries indicate strong interest in electronics, pharmaceuticals, and power equipment, with significant figures in millions [9] - Retail investors prefer brokerage stocks during bull markets due to their simplicity compared to complex sectors like technology and pharmaceuticals [9] Group 4 - The bond market is experiencing challenges, with the yield spread between 30-year and 10-year government bonds reaching a 24-year high, indicating potential instability [13] - The divergence between SHIBOR rates and government bond yields suggests a lack of quality assets in banks, leading to lower funding costs [18] - The upcoming reduction in government bond issuance may further complicate the credit environment for banks [19]
市场情绪不佳,纯碱期货大幅下跌,后续价格走势如何?
Jin Shi Shu Ju· 2025-08-20 03:06
Group 1 - The core viewpoint indicates that the soda ash futures market is experiencing a significant decline, with the main contract dropping over 6% to around 1290, and the glass main contract falling over 5% to approximately 1150 due to increased supply and weak demand [1] - As of this week, soda ash inventory stands at 1.8973 million tons, with light soda ash inventory at 771,800 tons and heavy soda ash inventory at 1.1255 million tons, showing mixed changes compared to the previous week [1] - The supply side shows an increase in production due to fewer maintenance activities, while the demand side remains weak, with downstream companies primarily purchasing based on need and showing limited inventory intentions [1] Group 2 - Nanhua Futures notes that the fundamental situation of strong supply and weak demand for soda ash remains unchanged, with a focus on fluctuations in coal and raw salt prices [2] - According to Everbright Futures, the soda ash market is in a weak state with insufficient new driving forces, leading to expectations of weak and volatile prices in the short term [2] - Zhengxin Futures highlights that the supply side continues to maintain high production levels, while the demand side remains primarily based on just-in-time needs, indicating a weak fundamental outlook for soda ash [3]
Intuit: Buy INTU Stock Now?
Forbes· 2025-08-19 16:50
Core Insights - Intuit Inc. is set to report its earnings on August 21, 2025, with a historical positive post-earnings reaction rate of 71% over the past five years, yielding a median gain of 2.9% [2][7] - The consensus for the upcoming quarter anticipates earnings per share (EPS) of $2.66 on revenue of $3.75 billion, compared to EPS of $1.99 on revenue of $3.18 billion in the same quarter last year [3] - Intuit's current market capitalization is $201 billion, with trailing twelve months revenue of $18 billion, operating profit of $4.7 billion, and net income of $3.5 billion [4] Earnings Reaction History - Over the last five years, Intuit experienced 12 positive and 5 negative one-day (1D) moves post-earnings, resulting in a positive hit rate of approximately 71% [7] - In the last three years, the positive reaction rate has slightly decreased to 67%, with a median positive return of 2.9% and a median negative return of -3.8% [7] Trading Strategies - A pre-earnings strategy suggests using historical probabilities of positive reactions to establish positions ahead of earnings releases [6] - A post-earnings strategy involves evaluating immediate reactions and their correlation with medium-term performance to inform trading decisions [6][8] Correlation with Peers - The performance of peers can influence Intuit's post-earnings reactions, with historical data indicating correlations between Intuit's 1D moves and those of its peers reporting around the same time [9]
外汇交易风险如何把控?
Sou Hu Cai Jing· 2025-08-18 06:55
Core Insights - Foreign exchange trading plays a crucial role in global financial markets, and effective risk management is essential for all participants [1] Group 1: Types of Risks in Forex Trading - The primary risk in forex trading is exchange rate risk, influenced by various factors such as economic data releases, monetary policy adjustments, and geopolitical situations, leading to asset value fluctuations [1] - Interest rate risk arises from differences in interest rates between countries, affecting capital flows and the cost of holding foreign exchange assets [1] - Credit risk is present when a trading counterparty may default, resulting in potential losses for the other party involved [1] Group 2: Risk Management Strategies - Utilizing trading strategies and tools is vital for managing forex trading risks, with stop-loss orders being a common method to limit losses by automatically executing trades at predetermined price levels [2] - Take-profit orders serve the opposite purpose, locking in profits when a set target price is reached [2] - Leverage can amplify returns but excessive use increases risk; thus, reducing leverage can mitigate the potential for significant losses during market volatility [2] - Diversifying investment portfolios is crucial to spread risk, avoiding concentration in a single currency or trade type [2] Group 3: Market Analysis Importance - Fundamental analysis is key to understanding the economic and political conditions of different countries, focusing on macroeconomic indicators like GDP growth, inflation rates, and unemployment rates to gauge exchange rate trends [2] - Technical analysis employs charts and indicators to analyze historical price and volume data, identifying market trends and key support and resistance levels to inform future market movements [2] Group 4: Capital Management Practices - Strict capital management is central to controlling forex trading risks, requiring clarity on risk tolerance and appropriate fund allocation across various trading strategies [3] - Avoiding overtrading and making decisions based on rational analysis rather than impulsive actions is essential to prevent unreasonable trading outcomes [3]
外汇交易怎么操作?
Sou Hu Cai Jing· 2025-08-17 07:34
Core Viewpoint - The article provides a comprehensive overview of foreign exchange trading, emphasizing the importance of understanding the operational processes, selecting a reliable broker, and mastering trading strategies to navigate the dynamic forex market effectively [1][2][3]. Group 1: Forex Trading Basics - Forex trading involves exchanging one currency for another, primarily for facilitating international trade and investment or for speculative purposes [1]. - The forex market operates 24 hours a day through an electronic network connecting global banks, financial institutions, and investors, with exchange rates constantly fluctuating [1]. - Selecting a reliable forex broker is crucial, with regulatory oversight being a key factor in ensuring the safety of investor funds and fair trading practices [1]. Group 2: Trading Mechanisms - Forex trading typically utilizes margin trading, allowing investors to control larger amounts with a smaller initial investment, which amplifies both potential gains and risks [2]. - Key trading tools include spot forex trading, forward forex trading, forex futures, and forex options, each serving different purposes and strategies [2]. - Stop-loss and take-profit orders are essential for managing risk and securing profits in forex trading [2]. Group 3: Market Analysis - In-depth market analysis is necessary, employing both fundamental and technical analysis methods to understand currency movements [3]. - Fundamental analysis focuses on economic, political, and social factors affecting exchange rates, such as GDP growth, inflation rates, and central bank policies [3]. - Technical analysis utilizes historical price trends and volume data to identify market signals and price movement patterns [3].
建筑工炒期货,10个月,12万做到3000万!
Sou Hu Cai Jing· 2025-08-15 04:06
Core Insights - The article narrates the transformation of an ordinary construction worker, Chen Xiaoping, into a successful trader, highlighting his journey through various trading strategies and experiences [1][2]. Group 1: Trading Journey - In 2008, Chen Xiaoping began his trading career while working in the construction industry, initially focusing on technical indicators but later realizing the importance of fundamental analysis [2][5]. - By early 2012, he made a significant profit by heavily investing in a commodity that was experiencing a production decline, turning an initial investment of 100,000 into 600,000 within a month [5][6]. - However, from 2013 to 2018, he faced challenges due to over-reliance on fundamental analysis, leading to inconsistent trading results [7]. Group 2: System Development - After suffering substantial losses in 2019 from a failed apple futures trade, Chen took three years to reflect and reconstruct his trading system [8][9]. - He developed a three-step trading approach named "Trend Calculation," inspired by "The Art of War," which emphasizes thorough analysis, patience, and strict risk management [10][9]. Group 3: Recent Success - In 2023, Chen returned to the futures market with a new mindset and a starting capital of around 100,000, achieving a remarkable growth to 30 million within ten months [11][12]. - He participated in a national trading competition, initially aiming for a modest ranking but ended up winning the championship by effectively capitalizing on market trends [12]. - His trading performance included a maximum drawdown of 71.99% and a total net profit of approximately 18.34 million, showcasing a high-risk, high-reward strategy [15].