Group 1: Company Overview - Yisheng Co., established in 1989, is the largest ancestor meat chicken breeding enterprise in China and Asia, holding approximately one-third of the domestic imported breeding chicken market [1][2] - The company has implemented a source purification strategy to ensure the health of breeding chickens, achieving high market recognition for product quality [2] Group 2: Production and Sales Performance - In 2025, the company sold over 640 million commercial white feather broiler chicks, a 20-fold increase compared to over 30 million before going public [2] - The company plans to sell nearly 30,000 breeding pigs in 2024 and 98,000 in 2025, with production capacity steadily increasing [2] Group 3: Market Conditions and Pricing - The price of parent breeding chickens has been rising since September 2025, with current prices exceeding 53 yuan per set [3][10] - The company sold over 1.63 billion commercial white feather broiler chicks in Q4 2025, with prices at their highest for the year [8] Group 4: Impact of Avian Influenza - The introduction of breeding chickens from France was affected by avian influenza outbreaks, leading to a suspension of planned imports [4] - In 2025, the company imported 266,000 sets of breeding chickens, accounting for over 40% of the national total [4] Group 5: Future Outlook - The company anticipates a continued increase in the price of parent breeding chickens due to tight supply from ancestor imports, with expectations for a favorable market in 2026 [10] - Plans to expand production capacity include increasing parent breeding stock to 10 million sets and commercial chick production to 1 billion over the next four years [10] Group 6: Strategic Changes - The company is considering changes in fundraising usage due to regulatory policies and aims to expand through acquisitions and international market exploration [10]

1. Report Industry Investment Ratings No relevant information provided. 2. Core Views of the Reports Aluminum - The market surplus pressure of alumina remains severe, and its price is expected to fluctuate widely around the industry cash - cost line, with the main contract reference range of 2600 - 2950 yuan/ton. The key to a trend - like rebound lies in subsequent capacity control policies or large - scale substantial production cuts [1]. - The strong macro and policy expectations provide a solid bottom for aluminum prices, but the weakening supply - demand fundamentals and inventory accumulation pressure will significantly limit the upside space. Aluminum prices are expected to fluctuate widely at high levels in the short term, with the main contract of Shanghai Aluminum operating in the range of 23200 - 24400 yuan/ton [1]. Carbonate Lithium - The supply of carbonate lithium is expected to increase slightly, and downstream demand maintains a certain resilience. However, there is limited new driving force in essence. After the holiday, the news has significantly boosted the sentiment of the non - ferrous sector. The market is expected to fluctuate strongly, and attention should be paid to the breakthrough around 130,000 yuan [2]. Aluminum Alloy - The price of ADC12 is expected to continue to fluctuate in a high - level range in the short term, with the main contract reference range of 22400 - 23400 yuan/ton. Attention should be paid to raw material supply, import window changes, and the actual stocking rhythm of downstream enterprises before the Spring Festival [3]. Tin - The market sentiment has fluctuated greatly recently, causing tin prices to fluctuate sharply. It is advisable to operate with caution, and subsequent attention should be paid to the macro situation and the recovery of the supply side [5]. Industrial Silicon - In January, industrial silicon is expected to continue the pattern of weak supply and demand, and the futures price is under pressure. It is still expected that the price of industrial silicon will fluctuate at a low level, with the main price fluctuation range of 8000 - 9000 yuan/ton [7]. Polysilicon - The spot price of polysilicon has increased, and the futures price has risen and then fallen. In January, the demand is weak, and there is pressure for further production cuts to balance supply and demand. It is recommended to wait and see for the time being, and pay attention to the production cut situation and price adjustment acceptance [9]. Nickel - The recent expectation of Indonesia's increased control over nickel mines has boosted market sentiment, but the weak fundamentals still restrict the upside space of prices. The disk is expected to maintain a strong - side operation, with the main reference range of 130,000 - 138,000 yuan. Attention should be paid to the possibility of a callback after the impact of the news is digested [10]. Stainless Steel - The supply pressure of stainless steel has eased slightly, and the cost support of ore and ferronickel has been strengthened, but the demand in the off - season is still insufficient. The disk is expected to maintain a strong - side shock adjustment, with the main reference range of 12800 - 13500 yuan. Attention should be paid to the ore - end news and downstream stocking [11]. Zinc - Affected by the Venezuela event, zinc prices rose sharply. The supply of domestic zinc concentrates is tight, and the supply pressure of refined zinc has been relieved. The demand side is performing well. In the short term, the price will fluctuate strongly in a warm macro - environment, and attention should be paid to import profit and loss, TC inflection points, and refined zinc inventory changes [12]. Copper - The medium - and long - term fundamentals of copper are still good, but in the short term, the previous sharp rise in prices has suppressed real demand. Although the current price is over - valued to some extent, it may still maintain a strong trend in a high - risk - preference environment, with the main contract paying attention to the 95500 - 96000 support [13]. 3. Summaries According to Relevant Catalogs Aluminum Price and Spread - SMM A00 aluminum and Yangtze River A00 aluminum prices rose by 3.78% to 23310 yuan/ton; alumina prices in various regions remained unchanged [1]. - The import loss of electrolytic aluminum decreased by 47.7 yuan/ton to - 1931 yuan/ton [1]. - The monthly spreads of AL contracts showed different degrees of change [1]. Fundamental Data - In December, the production of alumina, domestic electrolytic aluminum, and overseas electrolytic aluminum increased, while the import volume of electrolytic aluminum decreased and the export volume increased [1]. - The operating rates of some aluminum - related industries changed slightly, with the operating rate of alumina rising by 0.68% to 80.39% [1]. - The social inventories of electrolytic aluminum and aluminum rods increased, while the LME inventory decreased slightly [1]. Carbonate Lithium Price and Spread - The average prices of battery - grade and industrial - grade carbonate lithium, battery - grade and industrial - grade lithium hydroxide, etc. all increased to varying degrees [2]. - The monthly spreads of contracts showed different degrees of change [2]. Fundamental Data - In December, the production of carbonate lithium increased, while the demand decreased. The import volume decreased and the export volume increased significantly [2]. - The production capacity of carbonate lithium increased in January, and the operating rate in December rose by 3.57% to 58% [2]. - The total inventory of carbonate lithium decreased in December [2]. Aluminum Alloy Price and Spread - The prices of SMM ADC12 in various regions rose, and the price differences between refined and scrap aluminum also increased [3]. - The monthly spreads of contracts changed [3]. Fundamental Data - In November, the production of recycled aluminum alloy ingots, primary aluminum alloy ingots, and scrap aluminum increased, while the import and export volumes of unforged aluminum alloy ingots changed slightly [3]. - The operating rates of recycled aluminum alloy enterprises increased, while the operating rate of primary aluminum alloy decreased slightly [3]. - The social inventory of recycled aluminum alloy ingots decreased slightly [3]. Tin Spot Price and Basis - The prices of SMM 1 tin and Yangtze River 1 tin rose by 1.58%, and the import loss decreased by 15.50% [5]. - The monthly spreads of contracts changed significantly [5]. Fundamental Data - In November, the import of tin ore increased significantly, and in December, the production of SMM refined tin decreased slightly [5]. - The export volume of refined tin in November increased significantly, while the export volume of Indonesian refined tin decreased to zero [5]. - The operating rates of SMM refined tin and SMM solder showed different degrees of change [5]. - The SHEF and social inventories of tin decreased [5]. Industrial Silicon Spot Price and Main Contract Basis - The prices of various types of industrial silicon remained unchanged, and the basis increased [7]. - The monthly spreads of contracts changed [7]. Fundamental Data - In December, the national production of industrial silicon decreased slightly, with production in Xinjiang increasing and production in Yunnan and Sichuan decreasing [7]. - The national operating rate decreased slightly, with the operating rate in Xinjiang increasing and the operating rates in Yunnan and Sichuan decreasing [7]. - The production of organic silicon DMC decreased, while the production of polysilicon increased slightly [7]. - The export volume of industrial silicon increased [7]. - The inventories of Xinjiang factories and social inventories increased slightly [7]. Polysilicon Spot Price and Basis - The average prices of N - type poly - feedstock and N - type granular silicon increased, and the basis of N - type material decreased [9]. - The prices of some silicon wafers, battery cells, and components changed slightly [9]. Futures Price and Monthly Spread - The main contract of futures rose by 1.25%, and the monthly spreads of contracts changed [9]. Fundamental Data - The weekly and monthly production of polysilicon showed different trends, and the import volume decreased while the export volume increased significantly [9]. - The production and demand of silicon wafers decreased, and the import and export volumes also decreased [9]. - The inventories of polysilicon and silicon wafers increased [9]. Nickel Price and Basis - The prices of various types of nickel increased, and the import loss of futures decreased significantly [10]. - The monthly spreads of contracts changed [10]. Supply, Demand, and Inventory - China's refined nickel production decreased, while the import volume increased [10]. - The SHFE and social inventories of nickel increased, while the LME inventory increased slightly [10]. Stainless Steel Price and Basis - The prices of 304/2B stainless steel in Wuxi and Foshan changed slightly, and the futures - spot price difference increased [11]. - The prices of raw materials such as nickel ore, ferrochrome, and high - nickel pig iron changed slightly [11]. - The monthly spreads of contracts changed [11]. Fundamental Data - The production of 300 - series stainless steel in China decreased slightly, while the production in Indonesia increased slightly [11]. - The import volume of stainless steel decreased, and the export volume increased [11]. - The social inventories of 300 - series stainless steel decreased slightly, and the SHFE warehouse inventory decreased slightly [11]. Zinc Price and Spread - The prices of SMM 0 zinc ingots in various regions rose, and the import loss decreased slightly [12]. - The monthly spreads of contracts changed [12]. Fundamental Data - In December, the production of refined zinc decreased, the import volume decreased slightly, and the export volume increased significantly [12]. - The operating rates of galvanizing, zinc die - casting alloy, and zinc oxide showed different degrees of change [12]. - The social inventory of zinc ingots in seven regions in China increased, while the LME inventory decreased slightly [12]. Copper Price and Basis - The prices of SMM 1 electrolytic copper, SMM wet - process copper, etc. rose, and the import loss increased [13]. - The monthly spreads of contracts changed [13]. Fundamental Data - In December, the production of electrolytic copper increased, and the import volume decreased slightly [13]. - The import copper concentrate index decreased slightly, and the inventory of copper concentrates in domestic mainstream ports decreased [13]. - The operating rates of electrolytic copper rod and recycled copper rod decreased [13]. - The domestic social inventory, SHFE inventory, and COMEX inventory of copper increased, while the LME inventory decreased [13].

Core Viewpoint - The steel industry is facing a "capacity control" battle as demand is projected to decline, with steel consumption expected to reach approximately 800 million tons by 2026, a year-on-year decrease of 1.0% [1][4]. Group 1: Demand Forecast - The Metallurgical Industry Planning and Research Institute predicts that steel consumption in China will be approximately 808 million tons in 2025, a year-on-year decrease of 5.4%, and around 800 million tons in 2026, a decrease of 1.0% [4]. - Specific sectors such as construction and containers are expected to see significant declines in steel demand, with the construction sector projected to consume about 400 million tons in 2025, down 12.9%, and 384 million tons in 2026, down 4.1% [4]. - The container industry is forecasted to consume about 800,000 tons in 2025, a decrease of 35.5%, and 610,000 tons in 2026, down 23.8% [4]. Group 2: Industry Challenges - The steel industry's profitability is currently better than last year, but many companies believe this situation may not be sustainable during the 14th Five-Year Plan period [6]. - Despite multiple rounds of capacity adjustments since 2015, the supply-demand imbalance in the steel industry remains unresolved, with policies often diluted at the local level [6][9]. - The demand decline is outpacing the reduction in production capacity, with new construction areas decreasing and the marginal effectiveness of infrastructure support diminishing [9]. Group 3: Structural Issues - The steel industry is characterized by a "small, scattered, and low" structure, with a concentration ratio (CR10) of crude steel production rising only slightly from 41.4% in 2021 to 42.0% in 2024, which is still low compared to developed countries [9]. - Many small private steel mills produce low-end products, leading to severe price competition and a failure of market signals to eliminate outdated capacity [9]. - Local governments often provide subsidies and low-interest loans to keep steel companies afloat, complicating the industry's ability to address its structural issues [10]. Group 4: Focus on Upgrading - The 14th Five-Year Plan emphasizes the need for upgrading traditional industries, with ten provinces outlining plans for the steel industry, focusing on transformation from raw material to material-grade production [12]. - Hebei province, as the largest steel producer, aims to enhance its competitiveness in global industrial division by transitioning its steel production [12]. - The demand for high-end steel products is expected to rise due to the acceleration of manufacturing upgrades and the growth of strategic emerging industries [13][14].

Group 1 - The core viewpoint indicates that aluminum oxide futures have stabilized, with the main contract reaching a limit-up price of 2787.0 yuan/ton, reflecting a 5.37% increase [1] - As of December 25, the national aluminum oxide inventory stands at 4.773 million tons, an increase of 93,000 tons from the previous week [2] - The National Development and Reform Commission emphasizes the need for enhanced management and optimized layout for resource-intensive industries like aluminum oxide and copper smelting, aiming to prevent blind investments and disorderly construction [2] Group 2 - The total built capacity for metallurgical-grade aluminum oxide in the country is 110.32 million tons/year, with an operational capacity of 88.085 million tons/year, maintaining a weekly operating rate of 79.85% [2] - Zhongyuan Futures notes a technical rebound in the futures market driven by short-term funding sentiment and macro technical support, while the overall aluminum oxide fundamentals remain in a surplus situation, likely leading to weak performance in the medium term [4] - According to Ruida Futures, the price of aluminum oxide has fallen below the theoretical cost line, which may lead to a slight reduction in domestic capacity and operations due to profit erosion, while demand from electrolytic aluminum plants remains stable [4]

Investment Rating - The report maintains a "Recommended" rating for the agriculture, forestry, animal husbandry, and fishery industry [1] Core Insights - The swine industry is entering an accelerated phase of capacity reduction, with a focus on positioning at the bottom of the market. Regulatory measures are being reinforced to stabilize pig prices, which are expected to face downward pressure in the short term due to increased market supply [3][15] - The poultry sector shows signs of fundamental improvement, with a focus on the white feather chicken breeding segment and potential price recovery in the future [4][28] - The animal health sector is closely monitoring the clinical trial progress of African swine fever vaccines, which could enhance market conditions for leading companies in the sector [5][38] - The pet industry continues to experience rapid growth, with domestic brands gaining strength and improving profitability [8][60] Summary by Sections Swine Industry - The average price of live pigs is reported at 11.53 CNY/kg, with a slight weekly increase. The number of breeding sows has decreased by 1.1% month-on-month [14][15] - Key investment recommendations include leading companies such as Muyuan Foods and Wens Foodstuffs, with additional attention on Dekang Agriculture and Shennong Group [3][15] Poultry Industry - The white feather chicken breeding segment has seen a total of 107.21 thousand sets updated from January to October 2025, with a balanced import and self-breeding ratio [4][28] - Recommended companies in this sector include San Nong Development and Lihua Shares [4][28] Animal Health - The animal health industry has faced losses for over three months, with expectations of continued low pig prices. The clinical trials for the African swine fever vaccine are a critical step towards commercialization [5][38] - Companies to watch include BioStock, Kexin Biological, and Ruipu Biological [5][38] Planting Industry - Grain prices are fluctuating, with corn prices at 2244 CNY/ton and wheat prices at 2515 CNY/ton. The pig-to-grain ratio is reported at 5.03 [44][48] - Investment suggestions focus on companies with strong positions in genetically modified seeds, such as Suqian Agricultural Development and Longping High-Tech [6][48] Feed Industry - Feed prices are experiencing fluctuations, with pig feed priced at 3.33 CNY/kg and chicken feed at 3.45 CNY/kg. The industry is expected to see increased concentration [49][50] - Recommended companies include Haida Group and He Feng Shares [49][50] Pet Industry - The pet market is projected to reach 300.2 billion CNY in 2024, with a year-on-year growth of 7.5%. The number of pet dogs and cats is also on the rise [59][60] - Recommended companies in the pet food sector include Guibao Pet, Zhongchong Shares, and Petty Shares [59][60]

1. Report Industry Investment Rating - The investment view is bearish on glass (FG) and soda ash (SA) [1] 2. Core View of the Report - In 2025, the demand for glass and soda ash was weak, and the supply was high, leading to a continuous decline in prices and a compression of industrial profits. In 2026, the weak demand will continue to suppress the upward drive of prices, but the supply elasticity will increase significantly under the influence of profit compression and policies. The fundamentals of glass and soda ash will remain loose, and prices may be more affected by supply changes [3][85][86] 3. Summary by Relevant Catalogs 3.1 Market Review 3.1.1 Glass - In 2025, glass prices were under pressure and continued to decline. The annual average price of 5mm glass in the Shahe area was about 1,100 yuan, a year - on - year decrease of 21.4%. The price fluctuations were mainly divided into three stages: continuous decline from the beginning of the year to the end of June, a rise and then a fall in the third quarter, and a continued decline under pressure in the fourth quarter. The futures price showed a contango structure, and the basis and inter - month spreads had obvious characteristics. The glass factory's profit was under pressure and fluctuated at a low level [4][7][14] 3.1.2 Soda Ash - In 2025, the supply of soda ash was strong and the demand was weak, and the price center of gravity continued to move down. The annual average price of heavy soda ash in the Shahe area was about 1,286 yuan, a decrease of 32.2% compared with 2024. The price fluctuations mainly went through four stages: a slight rise before and after the Spring Festival, a sharp decline in the second quarter, a rise and then a fall in the third quarter, and a continued decline and a new low in the fourth quarter. The basis and spreads fluctuated slightly, and the annual structure was in backwardation. The alkali factory's profit was under pressure and decreased [24][28][32] 3.2 Glass Fundamental Analysis 3.2.1 Supply Analysis - In 2025, the glass supply was mainly stable, with a slight increase followed by a decline. The production profit was under pressure, and the industry clearing was slow. In 2026, the glass factory's production profit will continue to be under pressure, and the industry may accelerate the clearing. The daily melting volume and start - up rate are expected to decline, but the reduction may still be insufficient [42][43] 3.2.2 Demand Analysis - In 2025, the glass demand was weak, with a slight improvement in stages. Real estate demand continued to decline, while manufacturing demand was resilient. In 2026, the overall demand will remain weakly stable, with real estate demand still under pressure and manufacturing demand maintaining a certain degree of support. The inventory is expected to remain at a high level and fluctuate [53][54][62] 3.3 Soda Ash Fundamental Analysis 3.3.1 Supply Analysis - In 2025, the soda ash supply was at a high level, and the new production capacity was put into operation. In 2026, the production capacity expansion will slow down, and the production capacity will start to clear in the medium and long term. The supply elasticity of alkali factories is relatively strong, and the price will continue to fluctuate greatly due to supply disturbances [64] 3.3.2 Demand Analysis - In 2025, the demand for soda ash was weakly stable, with a downward trend. The demand from float glass and photovoltaic glass was weak, while the demand for light soda ash was relatively good. In 2026, the demand for soda ash will still be an important driving factor. The demand from float glass and photovoltaic glass is expected to weaken, but the overall demand still has strong resilience [74][75][84] 3.4 Summary and Outlook - In 2025, the downstream demand for glass and soda ash was weak, and the supply was high, resulting in an imbalance in fundamentals and a continuous decline in prices. In 2026, the weak demand will continue to suppress the upward space of glass and soda ash prices, and the industrial profits will continue to be under pressure. The prices may be more affected by supply changes, and the overall fluctuation range is limited [85][86]

Core Viewpoint - The report from CICC indicates that leading paper manufacturers are continuing their trend of price increases, although the actual implementation of these price hikes has slowed down. Additionally, major manufacturers have announced maintenance plans that could reduce production by over 300,000 tons, which may help stabilize prices and inventory levels before the Spring Festival [1]. Group 1: Company Performance - Nine Dragons Paper (玖龙纸业) shares rose over 4%, currently trading at HKD 8.51 with a transaction volume of HKD 10.4884 million [1]. - CICC is optimistic about the improvement in profit per ton for the fourth quarter, with differences among companies primarily depending on product structure [1]. Group 2: Industry Trends - The sensitivity of corrugated box paper to consumer demand is highlighted, with the current supply expansion phase nearing its end. From 2023 to 2025, over 15 million tons of new capacity is expected to be added, with four leading companies accounting for approximately 40% of this capacity [1]. - Future expansions by leading companies are expected to be relatively restrained, with Nine Dragons pausing expansion plans starting in 2024, and other companies like Shanying and Lee & Man also showing limited expansion intentions [1]. - The industry is anticipated to see a recovery in capacity utilization rates and price levels by 2026, as the expansion phase concludes [1].

Core Viewpoint - The report from CICC indicates that leading paper manufacturers are continuing their trend of price increases, although the actual implementation of these price hikes has slowed down. Additionally, major manufacturers have announced maintenance plans that could reduce production by over 300,000 tons, which may help stabilize prices and inventory levels before the Spring Festival [1] Group 1: Company Insights - Nine Dragons Paper (玖龙纸业) shares rose over 4%, currently trading at HKD 8.51 with a transaction volume of HKD 10.4884 million [1] - The company is expected to see an improvement in profit per ton in Q4 2025, with differences among companies primarily based on product structure [1] Group 2: Industry Trends - The sensitivity of corrugated box paper to consumer demand is highlighted, with the current supply expansion phase nearing its end. From 2023 to 2025, over 15 million tons of new capacity is expected to be added, with four leading companies accounting for approximately 40% of this capacity [1] - Future expansions by leading companies are expected to be relatively restrained, with Nine Dragons pausing expansion plans starting in 2024, and other companies like Shanying and Lee & Man also showing limited expansion intentions [1] - The industry is anticipated to see a recovery in capacity utilization rates and price levels by 2026, as the expansion phase concludes [1]

Core Viewpoint - The photovoltaic industry is entering a critical governance phase in 2026, focusing on capacity regulation and management of manufacturing projects to promote the orderly exit of outdated capacity and achieve dynamic balance in production [1] Group 1: Regulatory Measures - The Ministry of Industry and Information Technology will enhance capacity control and project management through market-oriented and legal methods [1] - A price monitoring mechanism will be established to focus on companies with abnormal pricing [1] - There will be increased supervision and inspection of product quality, particularly targeting companies with substandard quality, power misrepresentation, and intellectual property violations [1] Group 2: Innovation and Standards - The industry will strengthen innovation-driven initiatives and improve the standard system [1] - The Ministry will expedite the release and enforcement of mandatory national standards related to photovoltaic module quality and multi-crystalline silicon energy consumption limits [1] - The industry is encouraged to enhance self-discipline and deepen international cooperation [1]

Report Summary 1. Hot News - On Thursday, the main palladium futures contract on the Guangzhou Futures Exchange hit the daily limit again, and the main platinum futures contract nearly hit the limit. Starting from the trading session on December 23, 2025, non - futures company members or clients are restricted to a maximum daily opening position of 500 lots for platinum and palladium futures contracts respectively. Also, from the trading session on December 22, the minimum opening order quantity for polysilicon futures contracts is adjusted from 1 lot to 5 lots [3] - China has re - implemented export license management for steel after 16 years, aiming to strengthen monitoring, statistical analysis, and quality tracking of steel product exports. Meanwhile, the Ministry of Commerce has approved some general export license applications for rare earths. China strongly opposes the EU's recent investigations under the Foreign Subsidies Regulation (FSR) and will take necessary measures [3] - A giant undersea gold mine, the only one in China and the largest in Asia, has been discovered in the northern waters of Sanshandao, Laizhou, Shandong. The city's total proven gold reserves exceed 3,900 tons, accounting for about 26% of the country's total, ranking first in both reserves and production nationwide [3] - At the "2025 Annual Conference of the Photovoltaic Industry", Yang Xudong, Director of the Department of Electronic Information of the Ministry of Industry and Information Technology, stated that the photovoltaic industry governance will enter a critical stage in 2026, with further capacity regulation to achieve dynamic balance. The China Photovoltaic Industry Association did not predict the next - year's new installed capacity [3] - The US core CPI in November 2025 rose 2.6% year - on - year, the slowest pace since early 2021 and lower than the market expectation of 3%. The overall CPI rose 2.7% year - on - year, lower than the expected 3.1%. However, the reliability of this inflation report is questioned due to the serious interference of the federal government shutdown in data collection [4] 2. Key Focus - The key commodities to focus on are urea, Shanghai copper, palladium, plastic, and asphalt [5] 3. Night - session Performance - The night - session price changes of different commodity futures sectors are as follows: non - metallic building materials 2.42%, precious metals 33.32%, oilseeds and oils 8.49%, soft commodities 3.33%, non - ferrous metals 23.90%, coal, coke, and steel ore 10.87%, energy 2.51%, chemicals 10.29%, grains 1.27%, and agricultural and sideline products 3.60% [5] 4. Major Asset Performance - **Equity**: The daily, monthly, and annual percentage changes for various stock indices are provided. For example, the Shanghai Composite Index had a daily increase of 0.16%, a monthly decrease of 0.31%, and an annual increase of 15.65%. Other indices like S&P 500, Hang Seng Index, etc., also have their respective performance data [7] - **Fixed - income**: The performance of 10 - year, 5 - year, and 2 - year treasury bond futures is presented, including daily, monthly, and annual percentage changes [7] - **Commodity**: The performance of CRB commodity index, WTI crude oil, London spot gold, LME copper, and Wind commodity index is shown, with daily, monthly, and annual percentage changes [7] - **Other**: The performance of the US dollar index and CBOE volatility index is given, including their daily, monthly, and annual percentage changes [7]