Group 1: Investment Ratings - No investment ratings for the industry are provided in the report. Group 2: Core Views - The expectation of a Fed rate cut in December is rising, which, along with fiscal easing policies in multiple countries, continuous gold - buying by central banks, high London silver lease rates, and geopolitical risks, may support precious metal prices [1]. - The global platinum supply - demand is expected to be tight from 2025 - 2026, and with the rising expectation of a Fed rate cut in December, platinum prices may fluctuate strongly [1]. - The global palladium supply - demand may shift from tight to loose from 2025 - 2026, but due to the rising expectation of a Fed rate cut in December, palladium prices may be cautiously strong [1]. Group 3: Summary by Related Catalogs Precious Metal Market Data - **Gold**: On November 28, 2025, the Shanghai gold futures closing price was 930.32 yuan/gram, with a change of 6.76 yuan from the previous day and 23.60 yuan from last week. The trading volume was 189,713, and the open interest was 202,129. The spot Shanghai gold T + D closing price was 925.75 yuan/gram, with a trading volume of 53,158 and an open interest of 233,348. COMEX gold futures closing price was 4078.30 dollars/ounce, with a trading volume of 149,887 and an open interest of 308,199. The London gold spot price was 4191.05 dollars/ounce [1]. - **Silver**: On November 28, 2025, the Shanghai silver futures closing price was 12,727 yuan/ten - grams, with a trading volume of 1,827,650 and an open interest of 120,331. The spot Shanghai silver T + D closing price was 11,827 yuan/ten - grams, with a trading volume of 864,016 and an open interest of 4,008,616. COMEX silver futures closing price was 51.07 dollars/ounce, with a trading volume of 95,722 and an open interest of 112,132. The London silver spot price was 53.91 dollars/ounce [1]. Important News - Trump confirmed a phone call with Venezuelan President Maduro, stating that the remarks about closing Venezuelan airspace did not mean an imminent air strike. The media reported that Trump demanded Maduro's direct resignation [1]. - White House economic advisor Hassett said the market reacted positively to the news of selecting a Fed chairman by the end of the year, and reports that he was a top candidate were rumors. Trump refused to confirm appointing Hassett and claimed to know who to choose [1]. Trading Strategies - **Gold and Silver**: It is advisable to mainly lay out long positions when prices decline. For London gold, focus on the support level around 3800 - 4000 and the resistance level around 4300 - 4600; for Shanghai gold, focus on the support level around 890 - 920 and the resistance level around 970 - 1000. For London silver, focus on the support level around 49 - 54 and the resistance level around 59 - 63; for Shanghai silver, focus on the support level around 11500 - 12500 and the resistance level around 13700/14000 - 15000 [1]. - **Platinum**: Short - term, lightly - position, try to go long on the main contract at low prices, or focus on the arbitrage opportunity of "going long on platinum and short on palladium". For London platinum, focus on the support level around 1260 - 1460 and the resistance level around 1800 - 2000; for domestic platinum, focus on the support level around 325 - 377 and the resistance level around 465 - 516 [1]. - **Palladium**: Short - term, lightly - position, try to go long on the main contract at low prices. For London palladium, focus on the support level around 1080 - 1280 and the resistance level around 1600 - 1800; for domestic palladium, focus on the support level around 320 - 350 and the resistance level around 415 - 465 [1].

Report Industry Investment Rating - The report gives a short - term investment rating of "shockingly strong" for cotton [1] Core Viewpoints - ICE cotton has rebounded slightly, possibly forming a short - term bottom at 63 - 64 cents, but further upward movement requires more drivers. Domestic cotton futures are expected to rise in a volatile manner, but the upside space is currently limited [1][18] Summary by Directory 1. Market Data - ICE Cotton Main Contract: Open at 63.95, high at 64.95, low at 63.89, close at 64.73, up 0.80 with a 1.25% increase, volume of 73,071 lots (down 59,989 lots), and open interest of 176,097 lots (up 978 lots) [4] - Zhengzhou Cotton Main Contract: Open at 13,480, high at 13,745, low at 13,465, close at 13,725, up 265 with a 1.97% increase, volume of 1,091,787 lots (up 176,265 lots), and open interest of 545,268 lots (down 1,643 lots) [4] - Cotton Yarn Main Contract: Open at 19,775, high at 20,145, low at 19,745, close at 20,090, up 365 with a 1.85% increase, volume of 78,536 lots (down 18,127 lots), and open interest of 7,907 lots (down 13,041 lots) [4] 2. Fundamental Analysis International Cotton Situation - ICE cotton rebounded this week. With the resumption of data and report releases by the US Department of Agriculture, the market seems to have priced in the negative news. The weakening US dollar and the expectation of a Fed rate cut in December also support ICE cotton [4] - US Cotton Weekly Export Sales Data: As of the week ending October 16, 2025/26 US Upland Cotton weekly contracts were 39,800 tons, a 11% week - on - week increase and a 17% increase from the four - week average. 2026/27 US Upland Cotton weekly contracts were 6,100 tons. 2025/26 US Upland Cotton weekly shipments were 36,200 tons, a 15% week - on - week increase and a 16% increase from the four - week average. The total signed sales volume of US Upland and Pima cotton in the 2025/26 season was 1.1064 million tons, accounting for 42% of the annual forecasted total exports (2.66 million tons); the cumulative export shipments were 355,800 tons, accounting for 32% of the total annual contracts [5] - Other Major Cotton - Producing and Consuming Countries: - India: The Indian Ministry of Agriculture lowered the 2024/25 cotton production. The first forecast for the 2025/26 cotton production is 29.2 million bales (about 497,000 tons), lower than the USDA's and the Indian Cotton Association's estimates. India aims to reach $100 billion in textile exports by 2030, but its textile exports to the US are under pressure due to high tariffs [7] - Brazil: The market expects a significant cotton export volume in November. About 80% of the 2025 new cotton has been processed, and about 75% of the output has completed the first - round sales. The pre - sale progress of the expected 2026 output is about 36%. The estimated shipment volume in the first three weeks of November has reached about 323,000 tons, and the full - month shipment is expected to reach about 400,000 tons [7] - Pakistan: The local observation agency has slightly raised the cotton production forecast, with the final output expected to be between 6.75 - 7.25 million bales. Cotton import transactions remain at a very low level [8] - Bangladesh: Cotton imports in October were relatively low. Spinning enterprises still purchase new cotton on an as - needed basis. Some spinning mills have locked in Brazilian cotton sources and signed fixed - price orders for the whole of next year. The demand for certified cotton is gradually increasing, but many enterprises face problems such as delayed letter - of - credit issuance and limited financing channels [11] - Southeast Asian Textile Industry Startup Rates: As of the week ending November 28, India's textile enterprise startup rate was 67%, Vietnam's was 61.5%, and Pakistan's was 65.5% [11] Domestic Cotton Situation - Cotton prices have risen, but trading is relatively light. As of the week of November 21, domestic cotton futures and spot prices increased, with spot price increases lagging behind futures. Spinning mills' purchasing willingness is not strong. After the rise of Zhengzhou cotton, the advantage of fixed - price spot prices has emerged, and supply has gradually increased [12] - Cotton Warehouse Receipts: As of November 28, there were 2,408 registered warehouse receipts and 1,884 pending warehouse receipts for No. 1 cotton, totaling 4,292 receipts, equivalent to 180,264 tons [12] - Downstream Situation: The pure - cotton yarn market has general trading, with a weak atmosphere. The walking situation is differentiated, with yarns of 40 counts and above selling well. The flower - yarn price spread has continued to narrow, and the operating pressure of spinning mills has increased. The full - cotton grey fabric market also shows differentiation, with clothing grey fabric trading remaining weak and家纺 orders being smooth. Weaving mills' inventory pressure has increased, and their startup rate is at a low level [13] 3. Basic Data Charts - The report provides 14 basic data charts, including those related to Xinjiang cotton cumulative processing volume, cotton commercial inventory, spinning mills' cotton inventory, weaving enterprises' yarn inventory, etc. [15][16][17] 4. Operation Suggestions - In the short term, ICE cotton is likely to form a phased bottom at 63 - 64 cents, but further upward movement needs more drivers. Domestic cotton futures are expected to rise in a volatile manner, but the upside space is currently limited due to factors such as new cotton listing and ginning mills' hedging intentions [18]

Investment Rating - The report does not explicitly state an investment rating for the petrochemical industry. Core Insights - The report highlights the impact of production cuts in caprolactam on pricing stability, while the price spread for nylon fibers has narrowed [2]. - Domestic key refining project price spread increased to 2425.48 CNY/ton, a week-on-week rise of 29.04 CNY/ton (+1.21%), while international key refining project price spread decreased to 1277.36 CNY/ton, a decline of 151.77 CNY/ton (-10.62%) [3]. - Brent crude oil weekly average price was reported at 63.18 USD/barrel, reflecting a decrease of 1.05% [2]. Refining Sector Summary - The report discusses the geopolitical situation regarding the Russia-Ukraine peace plan, which has led to fluctuations in international oil prices. Brent and WTI crude prices were reported at 63.20 and 58.55 USD/barrel respectively, with slight increases from the previous week [14]. - Domestic refined oil prices showed minor fluctuations, with diesel, gasoline, and aviation kerosene averaging 6787.00, 7603.14, and 5905.76 CNY/ton respectively [14]. Chemical Sector Summary - The chemical products market experienced a general decline in prices due to weak demand, with notable decreases in polyethylene price spreads [2]. - The report indicates that the nylon fiber price spread has narrowed significantly due to rising costs in the caprolactam market, despite being in a traditional demand off-season [2]. Polyester & Nylon Sector Summary - Polyester cost remained stable, while nylon costs increased significantly, leading to a notable narrowing of the price spread for nylon fibers [2]. - The report mentions that the polyester upstream prices for PX and MEG have slightly decreased, while PTA prices have shown a slight increase [2]. Key Refining Companies Performance - The report provides stock performance data for six major refining companies, with notable weekly changes including Rongsheng Petrochemical (-0.92%) and Xin Fengming (+7.08%) [2].

Group 1 - The price of gold reached a new high on November 29, 2025, driven by expectations of a Federal Reserve interest rate cut in December and a weakening dollar, with London spot gold hitting $4,229 per ounce [1] - Domestic gold prices also increased, with real-time prices at 959 yuan per gram and gold recycling prices at 940 yuan per gram [1] - Brand gold jewelry prices rose across the board, with Chow Tai Fook at 1,328 yuan per gram (up 7 yuan), Chow Sang Sang at 1,330 yuan per gram, and Caibai Jewelry increasing by 10 yuan to 1,292 yuan per gram [1] Group 2 - In the bank gold bar segment, Industrial and Commercial Bank of China (ICBC) reported a price of 977.18 yuan per gram, while Agricultural Bank of China (ABC) had a price of 992.49 yuan per gram, indicating a strong upward trend in precious metals [3] - The current market conditions suggest that individuals interested in purchasing or recycling gold should closely monitor real-time market trends [3]

Group 1 - Silver prices have surged to record highs, with COMEX silver reaching $57.245 per ounce and a maximum intraday increase of 6.79% [1] - The London spot silver also saw a significant rise, with an intraday increase of 5.74%, while domestic futures in China hit a peak of 13,239 yuan per kilogram, marking a 5.55% increase [1] - The driving force behind the rising silver prices is the increasing expectation of a Federal Reserve rate cut in December, with an 85.4% probability of a 25 basis point cut [2] Group 2 - The World Silver Association forecasts that global silver mining supply will remain flat at 813 million ounces in 2025, while demand is expected to decline by 4% to 1.12 billion ounces [2] - Despite a slight increase in recycling, the supply deficit is projected to continue for the fifth consecutive year, estimated at 9.5 million ounces [2] - A resource company executive indicated that silver supply is expected to remain short in 2026, providing support for silver prices [2] Group 3 - Over the past decade, silver prices have increased by 301.8%, with the gold-silver ratio fluctuating between 63 and 122 [3] - Silver's dual nature as both a financial and industrial metal has led to its price volatility, with periods of correlation and divergence from gold prices [3][4] - The recent trends indicate a shift towards increased industrial demand for silver, particularly in sectors like photovoltaics, AI, and semiconductors, suggesting further potential for price increases [5]

Core Viewpoint - Silver prices have surged to historical highs, driven by expectations of a Federal Reserve interest rate cut in December, with silver outperforming gold this year [1][3][4]. Group 1: Price Movements - COMEX silver futures reached a peak of $57.245 per ounce, marking a new high since the contract's inception, with an intraday increase of 6.79% [1]. - London spot silver also saw a significant rise, with a 5.74% increase, breaking historical records [1]. - In the domestic market, the Shanghai silver futures contract hit a maximum of 13,239 yuan per kilogram, reflecting a 5.55% increase and also reaching a historical high [1]. Group 2: Market Drivers - The surge in silver prices is attributed to an 85.4% probability of a 25 basis point rate cut by the Federal Reserve in December, as indicated by the CME Group's FedWatch tool [3]. - Federal Reserve Governor Waller reiterated support for the December rate cut, citing stable economic data since the last meeting [3]. Group 3: Supply and Demand Dynamics - The World Silver Association forecasts that global silver mining supply will remain flat at 813 million ounces in 2025, while recycling is expected to reach a 13-year high with only a 1% increase [4]. - Despite a projected decline in global silver demand to 1.12 billion ounces in 2025 (a 4% decrease), a supply deficit of 95 million ounces is anticipated for the fifth consecutive year [5][4]. - A resource company executive indicated that silver supply is expected to remain short in 2026, supporting price stability [5]. Group 4: Historical Context and Trends - Over the past decade, silver prices have increased by approximately 301.8%, with the gold-silver ratio fluctuating between 63 and 122 [7][10]. - Silver's dual nature as both an industrial and financial asset has led to varied price movements, with its industrial demand becoming a significant factor since 2022, particularly from the solar panel sector [9][11]. - The evolving dynamics of the gold-silver ratio illustrate silver's transition from a secondary role to a more independent market presence, with expectations for continued upward momentum in the context of global energy transitions [10][11].

Core Viewpoint - Silver prices have surged to historical highs, driven by expectations of a Federal Reserve interest rate cut in December, outperforming gold in recent performance [1][2]. Group 1: Price Movements - COMEX silver futures reached a peak of $57.245 per ounce, marking a new high since the contract's inception, with an intraday increase of 6.79% [1]. - London spot silver also saw significant gains, with a rise of 5.74%, while domestic futures in China hit 13,239 yuan per kilogram, up 5.55% [1]. - Over the past decade, silver prices have increased by over 300% [3]. Group 2: Market Expectations - The probability of a 25 basis point rate cut by the Federal Reserve in December is now at 85.4%, as indicated by the CME's FedWatch tool [2]. - Federal Reserve Governor Waller reiterated support for the rate cut, citing stable economic indicators since the last meeting [2]. Group 3: Supply and Demand Dynamics - The World Silver Association forecasts that global silver mining supply will remain flat at 813 million ounces in 2025, with a projected demand drop to 1.12 billion ounces, a 4% decrease year-on-year [2]. - Despite a slight increase in recycling rates, the supply deficit is expected to persist for the fifth consecutive year, estimated at 9.5 million ounces [2]. - A resource company executive indicated that silver supply shortages are likely to continue into 2026, supporting price stability [2]. Group 4: Historical Context and Trends - Silver has historically followed gold's trends but has exhibited more volatility, with a 301.8% price increase over the last decade [3][5]. - The gold-silver ratio has fluctuated between 63 and 122, reflecting silver's evolving role from a secondary asset to a more independent investment [5][6]. - The demand for silver in industrial applications, particularly in solar panels, has become a significant factor, although growth may peak in 2024 [2][6].

Market Overview - US stock markets collectively rose, with the Dow Jones up 0.29%, Nasdaq up 0.39%, and S&P 500 up 0.26% [1] Company Updates - Google's stock increased by nearly 1% as CEO Sundar Pichai announced plans to send TPU to space by 2027 [3] - Oracle's stock fell over 3% amid discussions with multiple banks for a $38 billion loan for Oracle and data center builder VANTAGE [3] Sector Performance - Storage sector stocks saw a collective rise, with SanDisk up over 4%, Micron Technology up 2.8%, and Western Digital up 2%, driven by a worsening global shortage of storage chips and a forecasted 50% price increase [4] - Chinese concept stocks generally rose, with Bawang Tea up over 4% and Pony.ai up over 3%, while Canadian Solar fell nearly 2% [5] Commodity Market - Spot gold reached $4200 per ounce, up 1.03% for the day, while spot silver rose 3% to $55 per ounce, setting a new record high due to multiple favorable factors including expectations of a Fed rate cut in December and tight supply conditions [6] - LME copper prices surged by 2.5%, reaching a new high of $11,210 per ton [7] Cryptocurrency Market - Bitcoin rose to $92,324.6, gaining 1.68% in the past 24 hours, while Ethereum increased to $3,074.75, up 2.64% in the same period [8]

Core Viewpoint - The article highlights a significant increase in silver stocks in the U.S. market, driven by rising silver prices and favorable market conditions, including expectations of a Federal Reserve rate cut in December and increased investment in silver ETFs [1] Group 1: Market Performance - U.S. silver stocks saw notable gains, with First Majestic (AG.US) rising over 7%, Hecla Mining (HL.US) and Silvercorp Metals (SVM.US) increasing over 5%, and Coeur Mining (CDE.US) up over 4% [1] - Spot silver prices surged by 3% to reach $55 per ounce, marking a new record high [1] Group 2: Supporting Factors - The rise in silver prices is supported by multiple factors, including heightened expectations for a Federal Reserve interest rate cut in December [1] - There has been a significant inflow of funds into silver ETFs, indicating strong investor interest [1] - Ongoing supply constraints in the silver market are contributing to the upward price pressure [1] Group 3: Market Conditions - The Chicago Mercantile Exchange (CME) experienced a temporary trading halt, leading to low liquidity and price volatility in both gold and silver markets on that Friday [1]

Core Viewpoint - The CME's technical failure has disrupted trading, leading to a halt in gold prices at $4,221.30 per ounce before the US market opened, which may result in price volatility once trading resumes [1] Group 1: Market Impact - The technical failure at CME has exacerbated the already low trading volume following the Thanksgiving holiday in the US [1] - Market observers suggest that once trading resumes, there could be significant price fluctuations in gold [1] Group 2: Price Movement - Gold prices are expected to record a weekly increase of 3.5%, driven by renewed expectations of a Federal Reserve rate cut in December [1] - The anticipated rate cut is seen as beneficial for non-yielding assets like gold [1]