Group 1: Overall Investment Ratings and Core Views Investment Ratings The report does not explicitly provide an overall industry investment rating. Core Views - The macro - economic recovery momentum needs to be strengthened, and monetary policy is expected to remain loose. The bond market, stock market, and various commodity markets show different trends and investment opportunities based on their respective fundamentals [6][9][13]. Group 2: Fixed - Income (Treasury Bonds) - **Market Performance**: On the previous trading day, treasury bond futures closed higher across the board. The 30 - year, 10 - year, 5 - year, and 2 - year主力 contracts rose by 0.33%, 0.09%, 0.05%, and 0.03% respectively. The central bank conducted 283 billion yuan of 7 - day reverse repurchase operations, with a net investment of 163.1 billion yuan on that day. From January to October, the national general public budget revenue increased by 0.8% year - on - year [5]. - **Outlook**: Treasury bond futures are expected to face some pressure, and a cautious approach is recommended [6][7]. Group 3: Equities (Stock Index Futures) - **Market Performance**: On the previous trading day, stock index futures showed mixed results. The CSI 300, SSE 50, CSI 500, and CSI 1000 index futures主力 contracts fell by 0.89%, 1.12%, 0.50%, and 0.26% respectively [8]. - **Outlook**: Although the domestic economic recovery momentum is weak and corporate profit growth is low, the valuation of domestic assets is low, and there is room for repair. The risk of a sharp decline in the stock index is small, and investors can consider going long at an appropriate time [9][10][11]. Group 4: Precious Metals - **Market Performance**: On the previous trading day, the gold主力 contract closed at 929.46, down 2.49%, and the silver主力 contract closed at 11,933, down 3.57%. Japan's Q3 GDP showed a decline, while the EU raised its GDP growth forecast for the eurozone in 2025 [12]. - **Outlook**: The global trade and financial environment is complex, which is beneficial to the allocation and hedging value of gold. However, the recent sharp rise in precious metals has led to high prices and increased volatility. It is advisable to wait and see for long - entry opportunities [13][14]. Group 5: Ferrous Metals (Rebar, Hot - Rolled Coil, Iron Ore, Coking Coal and Coke, Ferroalloys) Rebar and Hot - Rolled Coil - **Market Performance**: On the previous trading day, rebar and hot - rolled coil futures rebounded slightly. The spot price of Tangshan billet was 2,980 yuan/ton, Shanghai rebar was 3,090 - 3,230 yuan/ton, and Shanghai hot - rolled coil was 3,270 - 3,290 yuan/ton [15][16]. - **Outlook**: In the medium term, the price of rebar is likely to remain weak due to the weak demand from the real estate industry and high inventory. The trend of hot - rolled coil is expected to be similar. Technically, there may be a short - term rebound, and investors can consider shorting at high positions during the rebound [16]. Iron Ore - **Market Performance**: On the previous trading day, iron ore futures rebounded significantly. The spot price of PB powder was 790 yuan/ton, and that of Super Special powder was 680 yuan/ton [18]. - **Outlook**: The supply - demand pattern of the iron ore market is weak. Technically, the rebound may face resistance. Investors can consider shorting at high positions [18]. Coking Coal and Coke - **Market Performance**: On the previous trading day, coking coal and coke futures rebounded slightly. The supply of coking coal is slightly tight, while the demand for high - priced coking coal has decreased. The fourth - round increase in the spot purchase price of coke has been implemented [20][21]. - **Outlook**: Technically, coking coal and coke futures may stop falling and rebound. Investors can consider buying on dips [21]. Ferroalloys - **Market Performance**: On the previous trading day, the manganese - silicon主力 contract rose 0.73% to 5,792 yuan/ton, and the silicon - iron主力 contract rose 1.38% to 5,566 yuan/ton. The supply of manganese ore has decreased, and the cost of ferroalloys has increased. The production of ferroalloys has declined, and the demand is weak [23]. - **Outlook**: The over - supply situation of ferroalloys has eased. After a decline, investors can consider long - entry opportunities when the spot is in the loss - making range [24]. Group 6: Energy (Crude Oil, Fuel Oil) Crude Oil - **Market Performance**: On the previous trading day, INE crude oil fluctuated slightly and closed near the 5 - day moving average. The CFTC position report was suspended due to the US government shutdown. The number of US oil and gas rigs increased, and Russia was attacked, which affected the oil market [25]. - **Outlook**: Although the number of rigs has increased, the growth of US crude oil production is still uncertain. The attack on Russia is positive for oil prices, but there are still concerns about oversupply. It is advisable to wait and see [26][27]. Fuel Oil - **Market Performance**: On the previous trading day, fuel oil fluctuated downward. The expected supply of fuel oil is sufficient, but the sanctions on Russia and the reduction of Sino - US trade frictions have positive effects [28][29][30]. - **Outlook**: It is advisable to wait and see for the fuel oil主力 contract [31]. Group 7: Chemicals (Polyolefins, Synthetic Rubber, Natural Rubber, PVC, Urea, PX, PTA, Ethylene Glycol, Short - Fiber, Bottle - Chip, Lithium Carbonate) Polyolefins - **Market Performance**: In the previous trading day, the PP market in Hangzhou showed high - level loosening, and the LLDPE market in Yuyao adjusted. The average downstream industry start - up rate of domestic polypropylene increased slightly, and the demand for some packaging products increased [32]. - **Outlook**: Investors can pay attention to long - entry opportunities [33]. Synthetic Rubber - **Market Performance**: On the previous trading day, the synthetic rubber主力 contract fell 0.14%. The price of raw material butadiene rebounded, and the capacity utilization rate of the high - cis butadiene rubber industry increased [34]. - **Outlook**: The price of synthetic rubber is expected to fluctuate widely with limited downward space. Pay attention to the raw material and supply situation [34]. Natural Rubber - **Market Performance**: On the previous trading day, the natural rubber主力 contract rose 0.20%. The supply in domestic and overseas production areas is affected by weather, and the demand from some enterprises has decreased. Thailand's natural rubber exports decreased year - on - year [35]. - **Outlook**: Investors can pay attention to long - entry opportunities [35]. PVC - **Market Performance**: On the previous trading day, the PVC主力 contract fell 0.07%. The supply is still in excess, and the profit of the industrial chain has declined. The social inventory has decreased slightly [36]. - **Outlook**: Pay attention to the changes in exports and supply reduction after the festival [36]. Urea - **Market Performance**: On the previous trading day, the urea主力 contract rose 0.79%. The supply has increased, the agricultural demand is coming to an end, and the industrial demand is insufficient. The inventory situation is different from the previous week's expectation [37]. - **Outlook**: The urea market is expected to decline slightly in the next period, but the downward space is limited [37][38]. PX - **Market Performance**: On the previous trading day, the PX主力 contract fell 0.76%. The PXN spread is relatively stable, the supply has decreased slightly, and the cost is affected by the oil price [39]. - **Outlook**: In the short term, PX may fluctuate and adjust, with support at the bottom. Investors can participate in the range, pay attention to the oil price and macro - policies [39]. PTA - **Market Performance**: On the previous trading day, the PTA2601主力 contract fell 0.42%. The supply load has been adjusted, the demand of the polyester industry is relatively stable, and the processing fee has decreased [40][41]. - **Outlook**: In the short term, PTA may fluctuate. Investors should be cautious, control risks, and pay attention to the oil price [41]. Ethylene Glycol - **Market Performance**: On the previous trading day, the ethylene glycol主力 contract rose 0.36%. The overall start - up load has decreased, the port inventory has increased, and the demand support is limited [42]. - **Outlook**: In the short term, ethylene glycol may be under pressure. Pay attention to port inventory and supply changes [42]. Short - Fiber - **Market Performance**: On the previous trading day, the short - fiber 2602主力 contract fell 0.16%. The supply load is high, the demand has not changed much, and the cost drive has increased [43]. - **Outlook**: In the short term, short - fiber may fluctuate with the cost. Investors should control risks and pay attention to cost changes and macro - policy adjustments [44]. Bottle - Chip - **Market Performance**: On the previous trading day, the bottle - chip 2601主力 contract fell 0.24%. The processing fee has been adjusted, the supply load has decreased, the export growth has slowed down, but it is still at a high level [45]. - **Outlook**: In the future, bottle - chip is expected to fluctuate with the cost. Investors should control risks [45]. Lithium Carbonate - **Market Performance**: On the previous trading day, the主力 contract rose 9% to 95,200 yuan/ton. The supply is still at a high level, and the demand in the energy storage and power battery sectors has improved, and the inventory has decreased [46]. - **Outlook**: Pay attention to the sustainability of consumption [46]. Group 8: Non - Ferrous Metals (Copper, Aluminum, Zinc, Lead, Tin, Nickel) Copper - **Market Performance**: On the previous trading day, the Shanghai copper主力 contract closed at 86,320 yuan/ton, down 0.1%. The US government shutdown ended, and China's economic data in October was weak. The supply of copper concentrate is tight, and the terminal demand is affected by high raw material prices [47][48]. - **Outlook**: Copper prices are expected to remain high and fluctuate [48][49]. Aluminum - **Market Performance**: On the previous trading day, the Shanghai aluminum主力 contract closed at 21,625 yuan/ton, down 0.48%, and the alumina主力 contract closed at 2,790 yuan/ton, down 0.36%. The supply of bauxite is stable, the supply of alumina is loose, and the demand is weakening [50]. - **Outlook**: There may be a phased correction [50][51]. Zinc - **Market Performance**: On the previous trading day, the Shanghai zinc主力 contract closed at 22,390 yuan/ton, down 0.22%. The supply of zinc concentrate is tight, the production of refined zinc has decreased, and the demand is average [52][53]. - **Outlook**: Zinc prices are expected to fluctuate within a range [53][54]. Lead - **Market Performance**: On the previous trading day, the Shanghai lead主力 contract closed at 17,275 yuan/ton, down 0.86%. The supply of primary lead is affected by maintenance, the production of recycled lead is growing slowly, and the demand is in the off - season [55]. - **Outlook**: Lead prices are expected to run within a range [55][56]. Tin - **Market Performance**: On the previous trading day, the tin主力 contract fell 1.12% to 290,940 yuan/ton. The supply of tin ore is tight, and the demand shows some resilience in emerging fields [57]. - **Outlook**: Tin prices are expected to fluctuate strongly [57]. Nickel - **Market Performance**: On the previous trading day, the nickel主力 contract fell 0.71% to 116,990 yuan/ton. The price of nickel ore is stable, the production of nickel - iron is affected, and the demand is weak [58][59]. - **Outlook**: Nickel prices are expected to fluctuate [59]. Group 9: Agricultural Products (Soybean Oil and Meal, Palm Oil, Rapeseed Meal and Oil, Cotton, Sugar, Apple, Live Pigs, Eggs, Corn and Starch) Soybean Oil and Meal - **Market Performance**: On the previous trading day, the soybean meal main contract fell 1.23% to 3,043 yuan/ton, and the soybean oil main contract fell 0.14% to 8,282 yuan/ton. The Brazilian soybean planting progress is slower, and the US soybean production is slightly adjusted. The domestic soybean supply is relatively loose, and the inventory of soybean oil and meal has different trends [60]. - **Outlook**: For soybean meal, investors can consider exiting long positions when it continues to rise. For soybean oil, pay attention to long - entry opportunities at the low - cost support level [61]. Palm Oil - **Market Performance**: The Malaysian palm oil market is affected by the exchange rate and export data. The domestic palm oil imports have decreased, and the inventory is at a medium level. The catering industry shows growth [62]. - **Outlook**: Consider buying on dips [63]. Rapeseed Meal and Oil - **Market Performance**: The Canadian rapeseed market is affected by the US soybean market. The import of Canadian rapeseed has not restarted, and the inventory of rapeseed, meal, and oil in China has different trends [64]. - **Outlook**: For rapeseed oil, consider a long - biased strategy [65]. Cotton - **Market Performance**: The US Department of Agriculture raised the global and US cotton production and inventory forecasts. The domestic cotton production is expected to be high, and the demand is weak after the peak season [65][66]. - **Outlook**: Cotton prices are expected to run weakly [66][67]. Sugar - **Market Performance**: The Brazilian sugar production is in the seasonal decline period, while India has a strong production increase expectation. The domestic sugar production in the north has started, and the import volume is expected to be high in the fourth quarter [68][69][70][71]. - **Outlook**: Sugar prices are expected to fluctuate weakly [72]. Apple - **Market Performance**: The domestic apple futures are oscillating at a high level. The inventory is lower than last year, and the quality of this year's apples is poor [73]. - **Outlook**: Apple prices are expected to run strongly [74]. Live Pigs - **Market Performance**: The national average price of live pigs has decreased. The supply may increase in the second half of the month, and the demand is expected to be weak in the short term [75][77]. - **Outlook**: Consider shorting on rebounds and pay attention to changes in consumption [77]. Eggs - **Market Performance**: The price of eggs has decreased slightly. The egg - laying hen inventory is at a high level but may decline slightly in November. The consumption may be supported after the temperature drops [78]. - **Outlook**: Consider gradually closing short positions [79]. Corn and Starch - **Market Performance**: The corn主力 contract was flat, and the corn starch主力 contract fell 0.60%. The US corn production was adjusted downward, and the demand for corn shows a slight increase. The inventory of corn and starch has different trends [80][81]. - **Outlook**: It is advisable to wait and see for corn, and corn starch is expected to follow the corn market [82].

来源：市场资讯 我们预计，金价在4000美元/盎司中枢具有较强韧性。此次价格的大幅波动仍是前次高点回落的延续， 4000美元/盎司中枢震荡或将延续到下次美联储降息落地。 对于黄金股而言，A股黄金股更早交易金价调整，在4000美元/盎司以上未跟随金价上涨，虽然黄金股业 绩释放不够充分，但仍在合理区间，预计黄金股或将先于金价完成调整。 距离今年12月议息会议还有不到一个月时间，美联储内部的分歧立场更加明显，让货币政策的走向变得 扑朔迷离。而近期多位美联储官员发表鹰派言论，表示通胀走高的因素需要进一步被评估，市场对12月 降息预期有所降温。根据芝商所（CME）美联储观察工具FedWatch Tool的数据，美联储12月降息25个 基点的概率跌破50%，仅有44.4%，维持利率不变的概率升至55.6%。当前市场进一步预期美联储主席鲍 威尔任期内不再降息，未来剩余降息空间均在2026年2季度之后。此外，美国政府历史上持续时间最长 的停摆已结束，不确定性有所降低，但市场交易已相对充分。 中长期来看，当前支撑金价上涨的因素仍未改变。全球逆全球化、不确定性增加以及主要国家增长依赖 债务等，导致储备资产从美元、欧元、日元等外溢 ...

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The macro - economic recovery momentum needs to be strengthened, and it is expected that the monetary policy will remain loose. Treasury bond futures are under some pressure and should be treated with caution. The stock index has little risk of a sharp decline and can be bought at an appropriate time. For precious metals, it is advisable to wait and see for a long - term buying opportunity. For various commodities, different investment strategies are proposed based on their supply - demand fundamentals and market conditions [6][7][9] Summary by Related Catalogs Treasury Bonds - On the previous trading day, most treasury bond futures closed flat, with the 30 - year main contract rising 0.03% to 116.160 yuan, the 10 - year main contract flat at 108.415 yuan, the 5 - year main contract flat at 105.875 yuan, and the 2 - year main contract falling 0.01% to 102.454 yuan. The central bank carried out 2128 billion yuan of 7 - day reverse repurchase operations on November 14, with a net investment of 711 billion yuan. China's economic data shows a mixed picture. It is expected that treasury bond futures are under pressure and should be treated with caution [5][6] Stock Index - On the previous trading day, stock index futures showed mixed performance. The current domestic economic recovery momentum is weak, but asset valuations are low, and the market sentiment has warmed up. It is expected that the stock index has little risk of a sharp decline and can be bought at an appropriate time [7] Precious Metals - On the previous trading day, the gold main contract closed at 953.2 with a decline of 0.83%, and the silver main contract closed at 12,351 with a decline of 1.88%. The global trade and financial environment is complex, which is beneficial to the value of gold. However, the recent sharp rise in precious metals has led to high pricing and large fluctuations. It is advisable to wait and see for a long - term buying opportunity [9] Thread and Hot Roll - On the previous trading day, rebar and hot - rolled coil futures showed weak oscillations. In the medium term, the price of finished products is dominated by the industrial supply - demand logic. Rebar demand is still declining year - on - year, and the inventory pressure is obvious. The fundamental logic of hot - rolled coils is similar to that of rebar. Investors can focus on short - selling opportunities at high levels during rebounds [11][12] Iron Ore - On the previous trading day, iron ore futures oscillated. The national hot - metal daily output has been declining for five consecutive weeks, and the supply is expected to increase year - on - year. The port inventory has exceeded the level of the same period last year. The supply - demand pattern has weakened. Investors can focus on short - selling opportunities at high levels [14] Coking Coal and Coke - On the previous trading day, coking coal and coke futures declined slightly. The supply of coking coal is slightly tight, and the demand for coke may weaken. From a technical perspective, the futures have been falling after encountering resistance. Investors can focus on buying opportunities during pullbacks [16][17] Ferroalloys - On the previous trading day, the manganese - silicon main contract closed down 0.07% to 5748 yuan/ton, and the silicon - iron main contract closed down 0.18% to 5490 yuan/ton. The cost of ferroalloys is rising, the output is declining, and the demand is weak. After a decline, investors can consider long - term opportunities when the spot falls into the loss - making range again [19][20] Crude Oil - On the previous trading day, INE crude oil showed a slight oscillation with a slowdown in the decline. The Baker Hughes rig count has increased for two consecutive weeks, but the increase in US crude oil production is still a long - term task. Russia has been attacked again, which is beneficial to the oil price. There are still concerns about oversupply in the crude oil market. It is advisable to wait and see for the main crude oil contract [21][22][23] Fuel Oil - On the previous trading day, fuel oil oscillated upwards. The market expects sufficient supply, which is negative for the price. Russia's sanctions and the reduction of Sino - US trade frictions are positive. It is advisable to wait and see for the main fuel oil contract [24][25] Polyolefins - On the previous trading day, the Hangzhou PP market showed mixed price movements. The downstream demand for polypropylene has increased in some areas, but the traditional PP product orders are weak. Investors can focus on long - term opportunities [26][27] Synthetic Rubber - On the previous trading day, the synthetic rubber main contract rose 0.19%. It is expected that the price of cis - butadiene rubber will fluctuate widely with limited downward space. Attention should be paid to the raw material market and supply changes [28] Natural Rubber - On the previous trading day, the natural rubber main contract rose 0.46%. It is expected that the natural rubber market still has room to rise in the short term. Attention can be paid to long - term opportunities [30][31] PVC - On the previous trading day, the PVC main contract rose 0.72%. The current oversupply situation continues, and attention should be paid to supply - side changes [32] Urea - On the previous trading day, the urea main contract closed flat. It is expected that the urea market will decline slightly in the next period. The supply is increasing, and the demand is weak. The downside space is limited [33][34][35] PX - On the previous trading day, the PX main contract rose 0.77%. In the short term, the PX supply - demand structure has improved, and it may oscillate and adjust with support below. Interval trading can be considered [36] PTA - On the previous trading day, the PTA2601 main contract rose 1.21%. In the short term, the PTA processing fee is still low, and it may oscillate. Caution should be exercised, and attention should be paid to oil price changes [37][38] Ethylene Glycol - On the previous trading day, the ethylene glycol main contract rose 1.08%. In the short term, ethylene glycol may be under pressure, and attention should be paid to port inventory and supply changes [39] Short Fibers - On the previous trading day, the short - fiber 2602 main contract fell 0.71%. In the short term, short fibers may oscillate following the cost. Attention should be paid to cost changes and macro - policy adjustments [40] Bottle Chips - On the previous trading day, the bottle - chip 2601 main contract rose 1.34%. It is expected that bottle chips will oscillate following the cost in the future. Attention should be paid to risk control [41] Lithium Carbonate - On the previous trading day, the main lithium carbonate contract fell 1.13%. The supply is still high, and the demand is improving. Attention should be paid to the sustainability of consumption [42] Copper - On the previous trading day, the Shanghai copper main contract closed at 86680 yuan/ton with a decline of 0.64%. The copper price may oscillate at a high level [43][44][45] Aluminum - On the previous trading day, the Shanghai aluminum main contract closed at 21795 yuan/ton with a decline of 0.82%. Aluminum may have a phased correction [46][47] Zinc - On the previous trading day, the Shanghai zinc main contract closed at 22485 yuan/ton with a decline of 0.24%. The zinc price will continue to oscillate within a range [48][49] Lead - On the previous trading day, the Shanghai lead main contract closed at 17465 yuan/ton with a decline of 0.77%. The lead price will run within a range [50][51] Tin - On the previous trading day, the tin main contract fell 1.12%. The tin price is expected to oscillate strongly [52] Nickel - On the previous trading day, the nickel main contract fell 0.71%. The nickel price is expected to oscillate [53][54] Soybean Oil and Soybean Meal - On the previous trading day, the soybean meal main contract rose 0.98%, and the soybean oil main contract fell 0.34%. For soybean meal, attention can be paid to long - position exit opportunities when it continues to rise. For soybean oil, attention can be paid to long - term opportunities in the low - cost support range [55][56] Palm Oil - The Malaysian palm oil ended a four - week losing streak. Palm oil can be considered for long - term buying during pullbacks [57][58][59] Rapeseed Meal and Rapeseed Oil - The Canadian rapeseed futures fell. For rapeseed meal, a strategy of buying near - term contracts and selling far - term contracts can be considered [60][62] Cotton - On the previous trading day, domestic cotton futures fell slightly. The USDA report raised the cotton production forecast, and the cotton price is expected to be weak [63][64] Sugar - On the previous trading day, Zhengzhou sugar futures fell. The sugar price is under pressure and is expected to oscillate weakly [65][67][68] Apples - On the previous trading day, domestic apple futures rose slightly. The apple price is expected to run strongly [69][70] Pigs - The national average price of pigs fell. In the second half of the month, the supply pressure may be gradually realized. Attention can be paid to short - selling opportunities during rebounds [71][73] Eggs - On the previous trading day, the main egg contract fell 0.26%. It is advisable to hold short positions [74][76] Corn and Starch - On the previous trading day, the corn main contract rose 0.23%, and the corn starch main contract rose 0.36%. Corn prices may face pressure, and it is advisable to wait and see. Corn starch may follow the corn market [77][78][79]

Report Summary 1. Investment Ratings The document does not mention any industry investment ratings. 2. Core Views - **Treasury Bonds**: Expected to face some pressure, maintain a cautious stance [6][7]. - **Stock Index Futures**: Low risk of significant decline, consider taking long positions opportunistically [8][9]. - **Precious Metals**: Temporarily observe and wait for long - entry opportunities [10][11]. - **Rebar and Hot - Rolled Coils**: Prices may remain weak in the medium - term, investors can focus on short - selling opportunities at high levels during rebounds [12]. - **Iron Ore**: Market supply - demand pattern weakens, focus on short - selling opportunities at high levels [14]. - **Coking Coal and Coke**: Consider buying on dips [17]. - **Ferroalloys**: Short - term supply surplus may continue, consider long positions at low levels when spot falls into the loss range [20]. - **Crude Oil**: Temporarily observe the main contract [23]. - **Fuel Oil**: Temporarily observe the main contract [25]. - **Polyolefins**: Focus on long - entry opportunities [27]. - **Synthetic Rubber**: Expected to oscillate [30]. - **Natural Rubber**: Focus on long - entry opportunities [31]. - **PVC**: Focus on changes in the supply side [34]. - **Urea**: Limited downside space [36]. - **PX**: May oscillate and adjust, with support at the bottom, consider trading within the range [37]. - **PTA**: May oscillate, treat with caution and control risks [38]. - **Ethylene Glycol**: May face pressure in the short - term, focus on port inventory and supply changes [39]. - **Short Fibers**: May oscillate following costs, control risks [41]. - **Bottle Chips**: Expected to oscillate following the cost side, control risks [42]. - **Lithium Carbonate**: Pay attention to the sustainability of consumption [43]. - **Copper**: Expected to oscillate at high levels [44][45]. - **Aluminum**: Expected to run at high levels [46][47]. - **Zinc**: Adopt a high - selling and low - buying strategy [48][49]. - **Lead**: Expected to oscillate strongly [50][51]. - **Tin**: Expected to oscillate strongly [52][53]. - **Nickel**: Expected to oscillate [54]. - **Soybean Oil and Meal**: For soybean meal, consider exiting long positions when it continues to rise; for soybean oil, consider long positions at the low - cost support range [56]. - **Palm Oil**: Consider buying on dips [58]. - **Rapeseed Meal and Oil**: For rapeseed meal, consider a buy - near and sell - far strategy [61]. - **Cotton**: Expected to be weak in the short - term, with long - term benefits from the suspension of additional tariffs [63]. - **Sugar**: Expected to oscillate [68]. - **Apples**: Expected to run strongly [70]. - **Hogs**: Consider short - selling on rebounds, paying attention to consumption changes [72]. - **Eggs**: Hold short positions, pay attention to changes in elimination sentiment and short - term cost collapse [74]. - **Corn and Starch**: For corn, it is advisable to wait and see; corn starch may follow the corn market [76][77]. 3. Summary by Category Treasury Bonds - **Market Performance**: All treasury bond futures contracts closed lower in the previous trading day. The 30 - year main contract fell 0.26% to 116.130 yuan, the 10 - year main contract fell 0.10% to 108.410 yuan, the 5 - year main contract fell 0.08% to 105.885 yuan, and the 2 - year main contract fell 0.01% to 102.462 yuan [5]. - **Macro Data**: In the first ten months of 2025, the cumulative increase in social financing scale was 30.9 trillion yuan, 3.83 trillion yuan more than the same period last year. At the end of October, M2 balance was 335.13 trillion yuan, up 8.2% year - on - year; M1 balance was 112 trillion yuan, up 6.2% year - on - year; M0 balance was 13.55 trillion yuan, up 10.6% year - on - year [6]. - **Outlook**: The macro - economic recovery momentum needs to be strengthened, and the treasury bond futures are expected to face pressure [6]. Stock Index Futures - **Market Performance**: Stock index futures showed mixed performance in the previous trading day. The main contract of CSI 300 Index Futures (IF) rose 1.06%, the main contract of SSE 50 Index Futures (IH) rose 0.81%, the main contract of CSI 500 Index Futures (IC) rose 1.71%, and the main contract of CSI 1000 Index Futures (IM) rose 1.67% [8]. - **Outlook**: The domestic economic recovery momentum is weak, but asset valuations are low, and the risk of significant decline is small. Consider taking long positions opportunistically [8]. Precious Metals - **Market Performance**: Gold main contract closed at 961.22, up 1.63%, and closed at 956.96 at night; silver main contract closed at 12,588, up 4.27%, and closed at 12405 at night [10]. - **Factors**: The end of the US government shutdown, complex global trade and financial environment, central bank gold - buying, and possible Fed rate cuts are positive factors, but the recent sharp rise and high valuation suggest waiting for long - entry opportunities [10]. Rebar and Hot - Rolled Coils - **Market Performance**: Rebar and hot - rolled coil futures showed weak oscillations in the previous trading day. The spot price of Tangshan common carbon billet was 2940 yuan/ton, Shanghai rebar was 3060 - 3210 yuan/ton, and Shanghai hot - rolled coil was 3250 - 3270 yuan/ton [12]. - **Supply - Demand**: Long - term real estate decline affects rebar demand, but there is a slight improvement in the medium - term. Steel mill production has decreased, but inventory is higher than last year. Hot - rolled coils may follow the same trend [12]. Iron Ore - **Market Performance**: Iron ore futures oscillated in the previous trading day. PB powder port spot price was 781 yuan/ton, and Super Special powder was 680 yuan/ton [14]. - **Supply - Demand**: Iron ore demand has declined, supply has increased, and port inventory has risen, weakening the market pattern [14]. Coking Coal and Coke - **Market Performance**: Coking coal and coke futures oscillated in the previous trading day [16]. - **Supply - Demand**: Coking coal supply is slightly tight, and demand for high - price goods has decreased. Coke supply has decreased due to environmental protection and cost factors, and demand from steel mills has weakened [17]. Ferroalloys - **Market Performance**: Manganese silicon main contract fell 0.24% to 5756 yuan/ton, and silicon iron main contract rose 0.22% to 5506 yuan/ton [19]. - **Supply - Demand**: Manganese ore supply has changed, and the cost of ferroalloys has increased. Production is high, demand is weak, and supply is in surplus in the short - term [19][20]. Crude Oil - **Market Performance**: INE crude oil fell sharply in the previous trading day due to a pessimistic OPEC monthly report [21]. - **Factors**: OPEC predicts supply - demand balance in 2026, and the US government shutdown has affected data release. The purchase of crude oil by the US Energy Department provides some support [21][22]. Fuel Oil - **Market Performance**: Fuel oil fell sharply in the previous trading day, following the decline of crude oil [24]. - **Factors**: Market expects sufficient supply, sanctions on Russia and reduced Sino - US trade friction are positive, but the sharp fall in crude oil prices has an impact [25]. Polyolefins - **Market Performance**: Hangzhou PP market prices mostly fell, and the LLDPE price in Yuyao market was adjusted [26]. - **Supply - Demand**: Some enterprises had delayed production, and e - commerce orders increased temporarily, but new orders may be insufficient after the e - commerce event [26]. Synthetic Rubber - **Market Performance**: Synthetic rubber main contract rose 0.91%, and the price in Shandong was adjusted to 11300 yuan/ton [28]. - **Supply - Demand**: Raw material prices have fallen, supply is tight in some areas, and demand and inventory have changed [28][29]. Natural Rubber - **Market Performance**: Natural rubber main contract rose 0.56%, and 20 - type rubber main contract rose 0.12%. The Shanghai spot price was stable at around 14850 yuan/ton [30]. - **Supply - Demand**: Supply is affected by weather and factory procurement, demand has slightly increased, and inventory has decreased [30]. PVC - **Market Performance**: PVC main contract rose 0.02%, and the spot price was stable [32]. - **Supply - Demand**: Supply exceeds demand, and the price may have limited downward space and needs fundamental improvement [32]. Urea - **Market Performance**: Urea main contract rose 0.36%, and the price in Shandong Linyi was adjusted to 1580 yuan/ton [35]. - **Supply - Demand**: Supply has slightly increased, demand is affected by environmental protection and agricultural factors, and inventory is higher than expected [35]. PX - **Market Performance**: PX main contract rose 0.86%, and PXN spread was adjusted to 240 dollars/ton [37]. - **Supply - Demand**: Supply has slightly decreased, and the short - term supply - demand structure has improved [37]. PTA - **Market Performance**: PTA2601 main contract rose 0.64%, and the processing fee was adjusted to around 170 yuan/ton [38]. - **Supply - Demand**: Supply has changed due to plant operations, and demand from the polyester industry is stable [38]. Ethylene Glycol - **Market Performance**: Ethylene glycol main contract fell 0.77%, and the inventory in East China ports has increased [39]. - **Supply - Demand**: Supply has decreased slightly due to maintenance, but port arrivals have increased, and demand support is limited [39]. Short Fibers - **Market Performance**: Short fiber 2602 main contract fell 0.45%, and the processing fee was adjusted to around 1100 yuan/ton [40][41]. - **Supply - Demand**: Supply is at a relatively high level, demand has little change, and cost - driven factors are strengthening [41]. Bottle Chips - **Market Performance**: Bottle chip 2601 main contract fell 0.35%, and the processing fee was adjusted to around 420 yuan/ton [42]. - **Supply - Demand**: Supply has decreased, and export growth has slowed down, but it remains at a high level [42]. Lithium Carbonate - **Market Performance**: The main contract rose 1.39% to 87840 yuan/ton [43]. - **Supply - Demand**: Supply is at a high level, and demand from the energy storage and power battery sectors has improved, and inventory has decreased [43]. Copper - **Market Performance**: Shanghai copper main contract closed at 87400 yuan/ton, up 0.08% [44]. - **Supply - Demand**: Global copper mine supply is tight, production is affected, and demand is mixed. The price may oscillate at a high level [44]. Aluminum - **Market Performance**: Shanghai aluminum main contract closed at 22100 yuan/ton, up 0.5%; alumina main contract closed at 2834 yuan/ton, down 0.11% [46]. - **Supply - Demand**: Alumina supply is abundant, and aluminum production may be affected by the heating season. Demand is differentiated, and the price may run at a high level [46]. Zinc - **Market Performance**: Shanghai zinc main contract closed at 22635 yuan/ton, down 0.09% [48]. - **Supply - Demand**: Zinc concentrate processing fees are under pressure, demand is weak, and inventory is high. The price may oscillate within a range [48]. Lead - **Market Performance**: Shanghai lead main contract closed at 17585 yuan/ton, down 0.04% [50]. - **Supply - Demand**: Lead concentrate processing fees are under pressure, and demand has recovered, but high prices may affect production. Inventory has increased slightly [50]. Tin - **Market Performance**: The main contract fell 0.74% to 294500 yuan/ton [52]. - **Supply - Demand**: Supply is tight due to slow mine复产 and strict regulations in Indonesia. Demand shows some resilience, and the price may oscillate strongly [52][53]. Nickel - **Market Performance**: The main contract fell 0.66% to 118050 yuan/ton [54]. - **Supply - Demand**: Nickel ore price is stable, but downstream demand is weak, and inventory is relatively high. The price may oscillate [54]. Soybean Oil and Meal - **Market Performance**: Soybean meal main contract rose 0.59% to 3071 yuan/ton, and soybean oil main contract rose 0.60% to 8316 yuan/ton [55]. - **Supply - Demand**: Brazilian soybean planting progress is slow, and domestic soybean supply is abundant. Feed demand is expected to grow moderately [55][56]. Palm Oil - **Market Performance**: Malaysian palm oil reversed losses and closed slightly higher [57]. - **Supply - Demand**: Production in Malaysia and Indonesia is expected to increase, and exports in Malaysia have decreased. Domestic inventory is at a medium level [57]. Rapeseed Meal and Oil - **Market Performance**: Canadian rapeseed prices rose, and domestic rapeseed and related product prices changed [60]. - **Supply - Demand**: Domestic rapeseed inventory is at a low level, and rapeseed meal and oil inventories are at high levels [60]. Cotton - **Market Performance**: Domestic Zhengzhou cotton fell slightly, and international cotton prices were under seasonal pressure [62]. - **Supply - Demand**: Domestic cotton production is expected to be high, and textile exports are relatively stable. International cotton prices lack upward momentum [62][63]. Sugar - **Market Performance**: Zhengzhou sugar rose with increased positions, and international raw sugar fell [65]. - **Supply - Demand**: Brazilian sugar production is expected to increase, and domestic production and imports may put pressure on prices [65][67]. Apples - **Market Performance**: Domestic apple futures rose with increased positions [69]. - **Supply - Demand**: Late - maturing apple quality is poor, inventory is lower than last year, and prices are stable and firm [69]. Hogs - **Market Performance**: The national average price of hogs was 11.65 yuan/kg, down 0.10 yuan [71]. - **Supply - Demand**: Supply may increase in the second half of the month, and consumption improvement is limited [71][72]. Eggs - **Market Performance**: The average price of eggs in the main production areas was 2.96 yuan/jin, down 0.01 yuan, and in the main sales areas was 3.26 yuan/jin, unchanged [73]. - **Supply - Demand**: Egg production is at a high level, but supply may improve marginally, and demand may remain weak [73][74]. Corn and Starch - **Market Performance**: Corn main contract rose 0.37% to 2186 yuan/ton, and corn starch main contract rose 0.68% to 2507 yuan/ton [75]. - **Supply - Demand**: Corn supply is abundant, and demand is growing slightly. Corn starch may follow the corn market [76][77].

AI播客：换个方式听新闻 下载mp3 赞迪今年提出了很多警告，他认为在逆风增强的情况下，美国经济正在减弱。在本周的一篇文章中，他 表示，美国仍有可能在未来一年避免衰退，但前提是所有事情都得完美地按计划进行。 赞迪曾对特朗普的贸易政策可能加速美国滑入衰退表示担忧。现在，他认为逆全球化正成为经济发展日 益增长的威胁，因为关税和限制性移民政策会推高成本并给劳动力市场带来压力。 他看到的主要风险是，人工智能热潮为经济带来的提振，将被另一个全球大趋势——逆全球化所削弱。 他表示："经济能否增长并成功驾驭逆全球化和人工智能这两股交织的力量，取决于没有任何意外发 生。当然，在关税问题上，很多事情都可能出岔子。" 此外，赞迪还担忧，人工智能的好处主要局限于本已富裕的人群，这可能会限制其对整体经济增长的贡 献，即使人工智能热潮继续推高股价。 音频由扣子空间生成 人工智能热潮能否继续支撑美国经济？穆迪分析公司首席经济学家马克•赞迪（Mark Zandi）则不那么 肯定。 赞迪表示，今年人工智能为GDP增长贡献了0.63个百分点，如果没有它，美国经济很可能已经陷入衰 退。然而，逆全球化将对明年的进一步扩张构成拖累。 这位经济学家补 ...

同日国内金价也跟着抬升到了933元每克，白银和钯金等贵金属价格都在同一时间段集体往上走。 金价突然大涨2%！日内急涨80美元，这话题来了就很响，今天先把最要紧的说清楚，让你知道为什么市场里有这么多人猛盯着金条和交易屏幕，然 后再把来龙去脉一条条摆明白，剩下的细节你自己琢磨。 11月10日当天，现货黄金在盘中一口气飙升了80美元每盎司，突破了4080美元的整数关口，涨幅超过2%，现场气氛像短跑冲线一样突然而热烈。 还有金融圈里那些"爆雷"或风险事件不断出现，投资者避险偏好随之上升，贵金属就像是被推到前台的救生圈。 广发期货在11月10日的周报里提到，美国经济和就业受到"关门"和贸易摩擦影响，连带让美联储内部争论更热烈，短期政策有不少不确定性。 报告还说，尽管金价屡创新高，但历史上创新高后往往会出现两到三个月的盘整，或者等到12月重新酝酿上涨动力，所以短线波动会比较大。 那天市场流动性也不太稳，当美国政府"关门"结束时点未完全明朗，加上官员讲话频繁影响预期，导致美元指数时强时弱，金价的节奏被反复打 断。 10月20日那会儿，现货黄金曾创出每盎司4381美元的历史高点，随后有回落，但从年初算起，金价今年累积涨幅已经 ...

Core Insights - The article discusses the importance of bridging the digital divide and promoting globalization, highlighting China's role as a stabilizer in the global economy [1][3]. Group 1: Digital Economy and Global Governance - China's digital economy is now among the largest globally, serving as a model for other developing countries in terms of digitalization and sustainable development [4]. - There is a significant digital divide between developed and developing countries, particularly in digital infrastructure and skills, necessitating capacity building in the digital economy and artificial intelligence [4]. - The concept of building a community of shared future in cyberspace is emphasized as crucial in addressing the imbalances in global network development [4]. Group 2: Foreign Investment in China - Despite challenges in attracting foreign investment, China's foreign investment market shows resilience and unique advantages [5]. - The current economic transformation in China has led to a decrease in foreign investment in low-end manufacturing, but there is growth in high-tech manufacturing sectors [5]. - China's strong international competitiveness in manufacturing, supported by infrastructure, a large market, and recovering consumer potential, continues to attract market-oriented foreign investment [5]. Group 3: Globalization and De-Globalization Trends - Some countries are exhibiting tendencies towards de-globalization, which can be attributed to institutional adjustments [6]. - The shift of capital and production from developed to emerging markets has led to a call for re-industrialization in developed countries, as they face trade deficits and industrial hollowing [6]. - Despite the challenges posed by protectionism and unilateralism, technological advancements and institutional resilience are expected to continue driving globalization forward [7].

Group 1: Overall Market Conditions - The current macro data remains stable, but the macro - economic recovery momentum still needs to be strengthened. It is expected that the monetary policy will remain loose. The market risk preference has significantly increased [6]. Group 2: Treasury Bonds - **Market Performance**: On the previous trading day, most treasury bond futures closed flat. The 30 - year main contract remained flat at 116.300 yuan, the 10 - year main contract fell 0.01% to 108.475 yuan, the 5 - year main contract remained flat at 105.935 yuan, and the 2 - year main contract remained flat at 102.462 yuan. The central bank conducted 4038 billion yuan of 7 - day reverse repurchase operations on November 11, with a net investment of 2863 billion yuan [5]. - **Investment Outlook**: It is expected that treasury bond futures will have no trend - based market and investors should remain cautious [7]. Group 3: Stock Index Futures - **Market Performance**: On the previous trading day, stock index futures showed mixed results. The CSI 300 stock index futures (IF) main contract fell 0.84%, the SSE 50 stock index futures (IH) main contract fell 0.58%, the CSI 500 stock index futures (IC) main contract fell 0.79%, and the CSI 1000 stock index futures (IM) main contract fell 0.30% [9]. - **Investment Outlook**: The risk of a significant decline in the stock index is not high, and investors can choose the right time to go long [10]. Group 4: Precious Metals - **Market Performance**: On the previous trading day, the gold main contract closed at 948.88, up 1.38%, and the night - session closed at 944.18; the silver main contract closed at 11,880, up 1.37%, and the night - session closed at 11921 [11]. - **Investment Outlook**: The current global trade and financial environment is complex. The "anti - globalization" and "de - dollarization" trends are beneficial to the allocation and hedging value of gold. However, the recent increase in precious metals has been large, and the pricing is relatively full. After taking profits on long positions, investors can wait and see [12]. Group 5: Steel Products (Rebar and Hot - Rolled Coil) - **Market Performance**: On the previous trading day, rebar and hot - rolled coil futures oscillated weakly. The spot price of Tangshan common carbon billet was 2940 yuan/ton, the spot price of Shanghai rebar was between 3060 - 3200 yuan/ton, and the Shanghai hot - roll was quoted between 3260 - 3280 yuan/ton [14]. - **Investment Outlook**: In the medium term, the price of rebar is likely to remain weak. The fundamentals of hot - rolled coils are similar to rebar. Investors can focus on short - selling opportunities at high levels during rebounds and pay attention to position management [14]. Group 6: Iron Ore - **Market Performance**: On the previous trading day, iron ore futures oscillated and consolidated. The port spot price of PB powder was 773 yuan/ton, and the spot price of Super Special powder was 673 yuan/ton [16]. - **Investment Outlook**: The supply - demand pattern of the iron ore market has weakened. Technically, it may continue to be weak in the short term. Investors can focus on short - selling opportunities at high levels and pay attention to position management [16]. Group 7: Coking Coal and Coke - **Market Performance**: On the previous trading day, coking coal and coke futures corrected significantly [18]. - **Investment Outlook**: Investors can focus on buying opportunities during corrections and pay attention to position management [18]. Group 8: Ferroalloys - **Market Performance**: On the previous trading day, the manganese - silicon main contract fell 0.41% to 5764 yuan/ton; the silicon - iron main contract fell 1.05% to 5488 yuan/ton [20]. - **Investment Outlook**: In the short term, the supply of ferroalloys may continue to be in excess. After a decline, investors can consider long - position opportunities when the spot falls into the loss - making range again [20]. Group 9: Crude Oil - **Market Performance**: On the previous trading day, INE crude oil oscillated slightly and closed below the 5 - day moving average [22]. - **Investment Outlook**: The Baker Hughes rig count has increased three times in a row, but the increase in US crude oil production is still a long - way off. Russia's oil production is below the quota, which is beneficial to the crude oil price. OPEC will suspend production increases next year, which supports the oil price. Investors can focus on long - position opportunities in the crude oil main contract [23]. Group 10: Fuel Oil - **Market Performance**: On the previous trading day, fuel oil oscillated downward with a weak trend [25]. - **Investment Outlook**: The market expects sufficient fuel oil supply, which is negative for the price. However, the sanctions on Russia and the reduction of Sino - US trade frictions are positive. Investors should temporarily wait and see [26]. Group 11: Polyolefins - **Market Performance**: On the previous trading day, the Hangzhou PP market reported a weak decline, and the Yuyao LLDPE price was slightly adjusted [28]. - **Investment Outlook**: It is expected that after the e - commerce activities end, the lack of new orders may affect the continuous improvement of subsequent production. Investors can focus on long - position opportunities [28]. Group 12: Synthetic Rubber - **Market Performance**: On the previous trading day, the synthetic rubber main contract rose 0.39%, and the price in Shandong remained stable at 11000 yuan/ton [30]. - **Investment Outlook**: It is expected that the price of butadiene rubber will fluctuate widely in the next cycle, with limited downward space. The market should focus on the raw material market and supply - side changes [30]. Group 13: Natural Rubber - **Market Performance**: On the previous trading day, the natural rubber main contract rose 0.33%, and the 20 - grade rubber main contract rose 0.37%. The Shanghai spot price remained stable at around 14850 yuan/ton [32]. - **Investment Outlook**: The market should focus on the weather conditions in the producing areas and demand expectations. Investors can focus on long - position opportunities [32]. Group 14: PVC - **Market Performance**: On the previous trading day, the PVC main contract fell 0.74%, and the spot price was adjusted down by 10 yuan/ton [34]. - **Investment Outlook**: The current oversupply situation of PVC continues, but the space for further significant decline may be limited. The market should focus on changes in the supply side [34]. Group 15: Urea - **Market Performance**: On the previous trading day, the urea main contract fell 1.26%, and the price in Shandong Linyi was adjusted down to 1570 yuan/ton [36]. - **Investment Outlook**: It is expected that the urea market will decline slightly in the next period, but the downward space is limited [36]. Group 16: p - Xylene (PX) - **Market Performance**: On the previous trading day, the PX main contract fell 0.62%. The PXN spread was adjusted to 240 US dollars/ton, and the short - flow profit remained stable [38]. - **Investment Outlook**: In the short term, the PX supply - demand structure has improved, and it may oscillate and adjust with support below. Investors can participate in the range, pay attention to controlling positions, be vigilant about crude oil changes, and focus on macro - policy changes [39]. Group 17: PTA - **Market Performance**: On the previous trading day, the PTA2601 main contract fell 0.51%. The PTA load was adjusted to 76.4%, and the polyester load was at 91.5% [40]. - **Investment Outlook**: In the short term, PTA may oscillate. Investors should view it cautiously, control risks, and pay attention to oil price changes [40]. Group 18: Ethylene Glycol - **Market Performance**: On the previous trading day, the ethylene glycol main contract fell 1.55%. The overall ethylene glycol operating load was 72.44%, and the inventory in the East China main port increased [41]. - **Investment Outlook**: In the short term, ethylene glycol may be under pressure. The market should focus on port inventory and supply changes [42]. Group 19: Short - Fiber - **Market Performance**: On the previous trading day, the short - fiber 2512 main contract fell 0.87%. The short - fiber device load rose to 97.5% [43]. - **Investment Outlook**: In the short term, short - fiber may oscillate with the cost. Investors should control risks and pay attention to cost changes and macro - policy adjustments [43]. Group 20: Bottle Chips - **Market Performance**: On the previous trading day, the bottle chips 2601 main contract fell 0.63%. The bottle chips processing fee was adjusted to 420 yuan/ton [44]. - **Investment Outlook**: Recently, the raw material price has support, the bottle chips load remains stable, and the export growth has slowed down. It is expected that the market will oscillate with the cost side [44]. Group 21: Lithium Carbonate - **Market Performance**: On the previous trading day, the main contract rose 1.38% to 86540 yuan/ton [45]. - **Investment Outlook**: In the context of strong supply and demand, the social inventory of lithium carbonate is gradually decreasing. The market should focus on the sustainability of consumption [45]. Group 22: Copper - **Market Performance**: On the previous trading day, the Shanghai copper main contract closed at 86770 yuan/ton, up 0.08% [46]. - **Investment Outlook**: The global copper mine supply remains tight, but the current copper price is at a historical high. There is a risk of a phased correction. The market expects the price to oscillate at a high level [46]. Group 23: Aluminum - **Market Performance**: On the previous trading day, the Shanghai aluminum main contract closed at 21740 yuan/ton, up 0.23%; the alumina main contract closed at 2826 yuan/ton, unchanged [48]. - **Investment Outlook**: The aluminum market has a relatively good fundamental situation, but there is a risk of a phased correction. The price is expected to run at a high level [48]. Group 24: Zinc - **Market Performance**: On the previous trading day, the Shanghai zinc main contract closed at 22655 yuan/ton, down 0.29% [51]. - **Investment Outlook**: There is no strong macro - driving factor, and the fundamentals lack the power to drive a unilateral zinc price trend. It is expected to oscillate within a range, and investors can buy low and sell high [51]. Group 25: Lead - **Market Performance**: On the previous trading day, the Shanghai lead main contract closed at 17520 yuan/ton, up 0.17% [53]. - **Investment Outlook**: The domestic lead ingot inventory may increase, which will suppress the upward movement of the lead price. At the same time, there is cost support below. The lead price is expected to oscillate and adjust [53]. Group 26: Tin - **Market Performance**: On the previous trading day, the main contract rose 1.14% to 290700 yuan/ton [54]. - **Investment Outlook**: The supply is generally tight, and the demand shows certain resilience. The refined tin inventory is decreasing. It is expected that the tin price will oscillate strongly [54]. Group 27: Nickel - **Market Performance**: On the previous trading day, the main contract fell 0.25% to 119150 yuan/ton [55]. - **Investment Outlook**: The first - grade nickel market is in an oversupply situation. It is expected that the nickel price will oscillate [55]. Group 28: Soybean Oil and Soybean Meal - **Market Performance**: On the previous trading day, the soybean meal main contract rose 0.10% to 3054 yuan/ton, and the soybean oil main contract rose 0.34% to 8238 yuan/ton [56]. - **Investment Outlook**: The soybean supply is relatively loose, and there is cost support at a low level. For soybean meal, investors can consider leaving long positions when it continues to rise; for soybean oil, they can consider long - position opportunities in the low - cost support range [57]. Group 29: Palm Oil - **Market Performance**: Malaysian palm oil rose for the second consecutive day, supported by the strength of Chicago soybean oil, but was pressured by weather concerns and weak November export data [58]. - **Investment Outlook**: Investors can consider buying on corrections [60]. Group 30: Rapeseed Meal and Rapeseed Oil - **Market Performance**: Canadian rapeseed was closed. In China, the inventory of rapeseed, rapeseed meal, and rapeseed oil is at different levels compared to the same period in the past seven years [61]. - **Investment Outlook**: Investors can consider buying near - term contracts and selling far - term contracts for rapeseed meal [62]. Group 31: Cotton - **Market Performance**: On the previous trading day, domestic Zhengzhou cotton fell slightly, and overnight, foreign cotton fell 0.4% due to seasonal harvesting pressure [63]. - **Investment Outlook**: In the short term, the international cotton price is restricted by seasonal acquisition pressure and lacks upward drivers. Domestically, the supply pressure is high. It is expected that the cotton price will be weak [64]. Group 32: Sugar - **Market Performance**: On the previous trading day, Zhengzhou sugar rebounded oscillatingly, and overnight, foreign raw sugar oscillated at a low level [66]. - **Investment Outlook**: Abroad, Brazil is in a seasonal production - reduction cycle, but India has strong production - increase expectations. Domestically, there will be pressure from both domestic and imported sugar in the future. The sugar price is expected to oscillate [69]. Group 33: Apples - **Market Performance**: On the previous trading day, domestic apple futures rebounded slightly. The opening price this year is higher than last year, and the inventory is lower than last year [71]. - **Investment Outlook**: The price is expected to run strongly [73]. Group 34: Hogs - **Market Performance**: Yesterday, the national average price of hogs was 11.87 yuan/kg, down 0.06 yuan. The main contract fell 1.80% to 11755 yuan/ton [74]. - **Investment Outlook**: In the second half of the month, the supply pressure may gradually materialize. The market should follow the marginal changes in the consumption side [75]. Group 35: Eggs - **Market Performance**: On the previous trading day, the average price of eggs in the main producing areas was 2.97 yuan/jin, down 0.03 yuan, and in the main selling areas was 3.26 yuan/jin, down 0.02 yuan. The main contract fell 0.94% to 3152 yuan/500kg [76]. - **Investment Outlook**: In November, the egg supply may remain at a high level, but the supply side may improve marginally. After a short - term boost in consumption, it may return to a weak expectation. Investors can consider adding short positions on rebounds [77]. Group 36: Corn and Corn Starch - **Market Performance**: On the previous trading day, the corn main contract rose 0.93% to 2177 yuan/ton, and the corn starch main contract rose 0.93% to 2490 yuan/ton [78]. - **Investment Outlook**: The new - season corn in the northern main producing areas has a good harvest, and there is pressure on the corn price. Corn starch may follow the corn market. It is advisable to wait and see [79].

Core Viewpoint - International gold prices continue to rise, with spot gold surpassing $4,140 per ounce, marking an increase of over 3% this week [1][3]. Price Movements - Domestic gold jewelry prices have significantly increased by nearly 30 CNY per gram compared to yesterday, with some prices exceeding 1,300 CNY per gram, reaching new highs [3][5]. - Specific prices for gold jewelry include: Chow Tai Fook, Chow Sang Sang, and Chow Tai Sheng at 1,308 CNY per gram, while Lao Feng Xiang and Lao Miao gold jewelry are priced at 1,310 CNY per gram [5]. Market Dynamics - The high gold prices, combined with tax impacts, are expected to negatively affect gold sales, leading to an increase in gold exchange and remelting businesses [9]. - A local gold shop owner noted a rise in customers exchanging old jewelry for new pieces, indicating a shift in consumer behavior due to high gold prices [11][12]. Future Outlook - Since reaching a historical high of $4,380 per ounce in mid-October, gold has decreased by approximately 6%, but remains up over 56% for the year [14]. - Analysts suggest that the ongoing rise in gold prices is driven by a weaker dollar and geopolitical tensions, with expectations for continued growth in the coming year [14]. - Morgan Stanley predicts gold prices could reach $5,200 to $5,300 by the end of 2026, while Goldman Sachs has a more conservative estimate of $4,900 [16]. - The People's Bank of China reported an increase in gold reserves, continuing a trend of accumulation for the 12th consecutive month [16]. - The World Gold Council's report indicates that global central banks accelerated gold purchases in Q3, with a net purchase of 220 tons, reflecting a 28% increase from Q2 and a 10% year-on-year growth [16].

Core Viewpoint - The recent share purchase by the founder and chairman of the company reflects strong confidence in the company's future and growth potential, alongside a commitment to its long-term success [1]. Company Summary - The founder, Gao Mingqing, acquired a total of 1.01 million shares at an average price of HKD 29.3408 per share, amounting to nearly HKD 30 million [1]. - Following this acquisition, the total shares held by Gao's investment company, Jiesheng Investment Co., reached 283 million, representing approximately 25.57% of the total issued share capital [1]. Industry Summary - On November 10, spot gold prices surpassed USD 4,040 per ounce, with an intraday increase of over 1% [1]. - According to CITIC Securities, gold is expected to benefit from global liquidity expansion and heightened preference due to de-globalization risks in the long term [1]. - Recent fluctuations in gold prices have been primarily driven by U.S.-China trade relations and interest rate cut expectations [1]. - Looking ahead to next year, various factors are likely to continue driving gold prices upward, with both structural and cyclical opportunities expected to resonate [1].