Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The non - US copper market has low inventory, and the domestic copper market is expected to have a situation of weak supply and strong demand, but the short - term price lacks an obvious upward driver. Zinc has an increase in supply and weak demand, and the price is expected to be weak. The aluminum industry chain is recommended to be short - sold, and the fundamentals of tin are weak. Lead shows a range - bound trend, and nickel and stainless steel are in a weak situation [3][4][5][6][7][8] Group 3: Summary by Directory 1. Part One: Logic of Non - ferrous Metals Operation and Investment Suggestions - **Macro Logic**: The non - ferrous metals sector adjusts and falls after taking profits in the domestic anti - involution stage. The market focuses on trade negotiations and domestic policies. The US - EU trade agreement boosts the US dollar, putting pressure on non - ferrous metals [11] - **Investment Suggestions for Each Metal** - **Copper**: It is expected to stop falling and rebound, with support at 78000 - 79000 and pressure at 80000 - 82000. Suggested to buy at low prices [13] - **Zinc**: It is expected to be weakly volatile, with support at 21600 - 21800 and pressure at 22800 - 23100. Suggested to short at high prices [13] - **Aluminum Industry Chain**: It is expected to be weakly volatile. Suggested short - selling for aluminum, alumina, and cast aluminum alloy [13][14] - **Tin**: It is expected to be weakly volatile, with support at 250000 - 255000 and pressure at 270000 - 290000. Suggested short - selling [14] - **Lead**: It is expected to fluctuate in a range, with support at 16600 - 16800 and pressure at 17200 - 17400. Suggested to buy at low prices [14][15] - **Nickel**: It is expected to be bearish, with support at 115000 - 116000 and pressure at 122000 - 123000. Suggested to short at high prices [15] - **Stainless Steel**: It is expected to be weakly volatile, with support at 12300 - 12400 and pressure at 12800 - 13000. Suggested to short at high prices [15] 2. Part Two: Review of Non - ferrous Metals Market - The closing prices and daily changes of copper, zinc, aluminum, alumina, tin, lead, nickel, stainless steel, and cast aluminum alloy are presented [16] 3. Part Three: Position Analysis of Non - ferrous Metals - The latest position analysis of the non - ferrous metals sector includes information on net long and short positions, their changes, and influencing factors for different varieties [18] 4. Part Four: Spot Market of Non - ferrous Metals - The spot prices and daily changes of copper, zinc, aluminum, alumina, nickel, stainless steel, tin, lead, and cast aluminum alloy are provided [19][21] 5. Part Five: Non - ferrous Metals Industry Chain - Charts related to the industry chain of copper, zinc, aluminum, alumina, tin, lead, nickel, and stainless steel are presented, including inventory changes, processing fees, and price trends [22][26][28][33][39][41][46][52] 6. Part Six: Non - ferrous Metals Arbitrage - Charts related to the arbitrage of copper, zinc, aluminum, alumina, tin, lead, nickel, and stainless steel are presented, including ratio changes, basis, and spread trends [54][56][59][62][66][69][70] 7. Part Seven: Non - ferrous Metals Options - Charts related to the options of copper, zinc, and aluminum are presented, including historical volatility, implied volatility, trading volume, and open interest [72][73][75]

Core Insights - The "2024 China SME Financing Development Report" indicates that the financing stock scale for SMEs reached 77,615.02 billion yuan, marking an 11.4% year-on-year growth, although the growth rate has slowed by 2.79 percentage points compared to the previous year [1] - The report highlights a significant differentiation in financing performance across industries and regions, providing a multi-dimensional perspective on the SME development ecosystem [1] Industry Analysis - In 2024, the incremental financing for SMEs showed notable divergence, with the top 20 industries accounting for 85.48% of the total, where traditional sectors like wholesale, metal products, and chemical manufacturing dominated [2] - New information technology sectors such as technology promotion and software services exhibited accelerated financing growth, with year-on-year increases in stock lending financing of 42.81% and 32.83% respectively [2] - The retail sector stood out among traditional industries, with incremental lending financing increasing by 30.354 billion yuan, a growth rate of 162.47%, while sectors like road transportation and automotive manufacturing experienced significant declines [2] Regional Analysis - There is a clear disparity in financing stock across different regions, with the four most economically active regions accounting for 89.79% of the total, and East China leading with 35,864.48 billion yuan (46.21% share) [3] - The Southwest region showed remarkable performance with an incremental financing growth of 41.83%, the highest among all regions, while some economically developed areas experienced varying degrees of negative growth in incremental financing [3] - The structural changes in the financing market are attributed to targeted policy support for technological innovation and emerging industries, alongside adjustments in financing strategies by enterprises in response to market conditions [3]

Core Viewpoint - The article emphasizes the importance of identifying and seizing investment opportunities in rapidly changing markets, particularly focusing on emerging sectors with high growth potential. Group 1: Identifying Investment Trends - **Policy Guidance**: Government policies serve as indicators for investment trends. Sectors like renewable energy and artificial intelligence have received significant state support, making them worthy of attention [2]. - **Technological Innovation**: Breakthroughs in technology create new demands. The maturity of AI models has transitioned smart hardware from concept to application, driving growth in related industries such as chips and cloud services [3]. - **Social Demand**: Changes in societal needs, such as the aging population leading to the silver economy and the rise of the metaverse catering to younger consumers, represent new growth opportunities [4]. - **Capital Flow**: Monitoring trading volumes can provide insights into market sentiment and trends. Significant financing and merger activities in primary markets may signal the emergence of new industry trends [5]. Group 2: Investment Strategies - **Tool Selection**: When choosing investment tools like ETFs and thematic public funds, it is crucial to consider fund size, tracking error, and fees. Preference should be given to products with high liquidity and strong correlation to industry indices [7][8].

关联个股： 总体而言，近期市场行业板块呈现结构性分化特征，科技成长类板块表现相对活跃，其中半导体、人工 智能等硬科技领域受技术迭代及政策支持催化，资金关注度较高；消费板块受需求端复苏节奏影响，细 分领域表现不一，部分必选消费品类显现韧性；新能源产业链中上游材料环节受供需关系调整影响，波 动有所加大，而下游应用端则受益于海外市场拓展。金融地产等权重板块受宏观政策预期驱动，估值修 复动能逐步累积。整体来看，市场主线仍围绕产业升级与政策导向展开，板块轮动速度较快，需密切关 注基本面边际变化与资金流向的匹配程度。 关联产品： 油气ETF（159697），联接基金（A类 019827，C类 019828，I类 022861） 截至04月14日14:24，油气ETF（159697.SZ）价格上涨1.08%，其关联指数国证油气（399439.SZ）上涨 1.09%；主要成分股中，九丰能源上涨3.15%，华锦股份上涨4.74%，东华能源上涨1.97%，兰石重装上 涨5.13%，洪田股份上涨6.60%。燃气板块受终端需求回暖及政策支持预期推动，表现活跃；石化板块 受益于油价波动及炼化利润修复，景气度回升；氢能及新能源设备领域因 ...