Core Insights - The 19th National Futures (Options) Trading Competition and the 12th Global Derivatives Trading Competition concluded successfully, with the introduction of the "Tongzhou Cup" award serving as a significant bridge between financial trading and the real economy [1] Group 1: Market Dynamics - The red date futures market is undergoing profound changes, characterized by increased supply-demand volatility, stronger seasonal price characteristics, and a diversified participant structure [2] - Weather changes have significantly impacted red date prices, with a reduction in production due to weather disasters in 2023, a recovery in 2024, and another expected reduction in 2025 [2] - The average daily volatility of the main red date futures contract was 2.8% in the first half of the year, indicating a new market feature of "high supply volatility, high price sensitivity, and deep industry participation" [2] Group 2: Seasonal Characteristics - Red dates exhibit distinct seasonal characteristics, with peak consumption from October to February and a lull from March to September [3] - Traders need to focus on the transition points between peak and off-peak seasons, as prices tend to rise during peak seasons and fall during off-peak seasons, although adverse weather can disrupt this pattern [3] Group 3: Trading Strategies - Successful traders emphasize the importance of real-time tracking of weather changes and combining expectations with reality in their trading strategies [3] - Key strategies include strict risk control, with recommendations for light positions and comprehensive assessments of inventory and demand [3] Group 4: Trader Mindset and Discipline - Successful traders possess strong fundamental and technical analysis skills, with the ability to stick to their trading plans even when market movements contradict their expectations [4] - Key success factors include on-the-ground research, flexible profit-taking, bold operations in trends, and precise timing [4] Group 5: Risk Management - Strict position control is deemed essential for risk management in futures trading, with recommendations to preset stop-loss points and use trailing stops to protect profits [5] - During high volatility periods, traders should reduce total positions to below 50% and remain vigilant about changes in trading rules and extreme market conditions [5] Group 6: Continuous Learning and Adaptation - A deep understanding of the entire red date industry chain, from planting to sales, is crucial for traders to grasp supply-demand changes beyond surface-level insights [6] - Patience and discipline are vital, with traders advised to wait for high-probability opportunities and avoid overtrading in noisy markets [6] - Continuous learning and adaptation are essential for achieving long-term stable profits in red date futures trading [6]

Core Insights - Retail investors in A-shares face high loss rates due to a lack of discipline and understanding of market dynamics, often falling into six controllable pitfalls [1][4]. Group 1: Common Pitfalls - The first pitfall is the failure to set stop-loss orders, which accounts for 32% of retail investor losses, with those not using stop-losses averaging a 45% loss, 2.3 times higher than disciplined investors [1]. - The second pitfall involves emotional trading, where retail investors have a turnover rate nine times that of institutions, with a win rate of less than 30% when chasing stocks hitting the daily limit up [1][3]. - The third pitfall is frequent trading, with retail investors holding positions for an average of only 3.2 months, leading to lower returns due to high transaction costs [3]. Group 2: Misguided Strategies - The fourth pitfall is reliance on rumors and tips, with 40% of losses attributed to following recommendations from influencers or online forums, often entering at high price points [3][4]. - The fifth pitfall is using leverage, which has a 78% probability of leading to liquidation for retail investors, resulting in total loss of capital and potential debt to trading platforms [4]. - The sixth pitfall is a lack of understanding of fundamental metrics, with 70% of retail investors unable to interpret key indicators like PE and PB, leading to poor investment decisions [4]. Group 3: Recommendations for Improvement - To mitigate losses, retail investors should establish a simple system that includes setting stop-loss and take-profit levels, defining their investment capabilities, and maintaining a cash reserve to manage volatility [4][5].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - The short - term and medium - term views of both coking coal and coke are "oscillation", and the intraday views are "oscillation on the strong side", with an overall "oscillation thinking" [1] Group 3: Summary by Variety Coking Coal (JM) - **Price**: The latest quotation of Mongolian coking coal at Ganqimaodu Port is 1125.0 yuan/ton, with a week - on - week decrease of 3.0% [5] - **Supply and Demand**: Recent coking coal production has slightly decreased, while imported Mongolian coal has increased significantly. The supply - side support is limited, and downstream coke production has weakened, with no obvious improvement in the fundamentals [5] - **Market Performance**: As the market trades on supply - side pressure, the long - short game in the coking coal futures has increased recently, and the price has started to oscillate at a low level [5] Coke (J) - **Price**: The latest quotation of the ex - warehouse price index of quasi - first - grade wet - quenched coke at Rizhao Port is 1570 yuan/ton, with a week - on - week flat; the ex - warehouse price of quasi - first - grade wet - quenched coke at Qingdao Port is 1430 yuan/ton, with a week - on - week decrease of 0.69% [6] - **Supply and Demand**: Recently, both supply and demand of coke have decreased, and the reduction on the demand side is more obvious, with relatively weak fundamentals [6] - **Market Performance**: In December, domestic high - level meetings have not released direct benefits for coke. The market maintains the fundamental logic. Affected by double pressure from the cost and demand sides, the coke futures will oscillate at a low level in the short term [6]

Core Viewpoint - The gold market is expected to remain high in 2025, with spot gold prices recently surpassing $4,300 per ounce, influenced by the continuation of the Federal Reserve's interest rate cuts, geopolitical uncertainties, and global central bank gold purchases [1] Group 1: Trading Psychology and Discipline - Many investors incur losses due to psychological biases rather than a lack of trading skills, with common biases including greed and fear, overtrading, and chasing market trends [3][4][5] - Establishing a trading plan and maintaining a trading journal can aid in making objective decisions, with recommendations to adhere strictly to stop-loss and take-profit settings [6][7] - The importance of long-term practice in psychological control is emphasized, especially in a high-uncertainty environment in 2025 [8] Group 2: Fundamental Analysis in Gold Trading - Gold trading techniques should incorporate fundamental factors, with 2025 gold prices being influenced by the Federal Reserve's interest rate path, global economic uncertainties, and central bank behaviors [9] - Continuous central bank gold purchases provide support for gold prices, while U.S. economic data directly impacts the dollar's performance, which is inversely related to gold [9] Group 3: Technical Analysis Tools - Technical analysis tools are essential supplements to gold trading techniques, with commonly used indicators including moving averages and the RSI [10] - Utilizing multiple time frames can enhance the reference value of technical analysis in a high-volatility market [10] Group 4: Risk Management - Risk management is fundamental to gold trading techniques, with recommendations for zero-commission policies and favorable spreads to reduce costs [11] - Strict risk management practices are crucial during high volatility periods to protect capital and seize potential opportunities [11] Group 5: New Trader Considerations - Platform selection is critical for new traders, with common issues including regulatory deficiencies and execution delays [12] - Recommendations for avoiding pitfalls include evaluating platform characteristics, ensuring regulatory oversight, and comparing fee structures to avoid hidden costs [12][13]

Group 1 - The core viewpoint of the article indicates that the industrial silicon market is experiencing a rebound in spot prices, but futures prices are weakening due to diminishing fundamental drivers and declining costs [1] - As of early December, the spot price for industrial silicon 553 is between 9400-9500 yuan/ton, while 421 is between 9600-9700 yuan/ton [1] - Industrial silicon production capacity is expected to increase to 7.846 million tons in 2025, a year-on-year growth of 8.94%, but production is projected to decline by 13.13% to 4.0893 million tons [1] Group 2 - The supply of industrial silicon remains elastic, with short-term production entering a seasonal low [1] - The average production cost of industrial silicon has remained around 9100 yuan/ton since July, while spot prices have consistently exceeded this average cost [1] - The total number of industrial silicon furnaces is 796, with an operating rate of 29.90% [1] Group 3 - The demand side lacks incremental growth, with polysilicon production expected to be around 1.32 million tons in 2025, a decrease of 26.67% from 1.8 million tons in 2024 [2] - The expected demand for industrial silicon corresponding to polysilicon production is approximately 1.386 million tons, averaging about 115,500 tons per month [2] - The organic silicon industry is projected to reach a production capacity of 3.5 million tons in 2024, nearly doubling from 1.795 million tons in 2020 [3] Group 4 - Industrial silicon exports showed a high-to-low trend throughout the year, with cumulative exports from January to October at 606,700 tons, a year-on-year decrease of 1.22% [3] - As of early December, the social inventory of industrial silicon is 454,300 tons, a year-on-year increase of 30.62% [3] - The overall inventory of industrial silicon has exceeded 600,000 tons, leading to a long destocking cycle estimated at 1.92 months [3] Group 5 - The industrial silicon market is characterized by significant supply elasticity, lack of demand growth, and weakening cost support, which provides space for price declines [4] - Although spot prices are currently stable, the futures market is showing a bearish trend based on these expectations [4] - Short-term industrial silicon prices are expected to maintain a weak operating pattern [4]

Core Viewpoint - The individual investor adopts a contrarian investment style, focusing on deep value opportunities, particularly in stocks that have recently experienced sell-offs due to non-recurrent events, while also considering insider buying as a positive signal [1] Investment Strategy - The investment portfolio is split approximately 50%-50% between shares and call options, indicating a balanced approach to risk and potential returns [1] - The investor's timeframe for holding positions typically ranges from 3 to 24 months, suggesting a medium-term investment horizon [1] - Fundamental analysis is employed to assess the health of companies, including their leverage and financial ratios compared to sector and industry averages [1] Stock Selection Criteria - The investor screens thousands of stocks, primarily in the US, looking for those that have undergone recent sell-offs, particularly when insiders are buying shares at lower prices [1] - Professional background checks are conducted on insiders who purchase shares post-sell-off, adding a layer of due diligence to the investment process [1] Technical Analysis - Technical analysis is utilized to optimize entry and exit points, with a focus on support and resistance levels on weekly charts, employing multicolor lines for clarity [1] - Trend lines are drawn in multicolor patterns, indicating a systematic approach to technical analysis [1]

1. Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. 2. Core Views of the Report - The report provides daily research and analysis on various energy - chemical futures, including rubber, synthetic rubber, LLDPE, etc., and gives trend judgments and market analysis for each variety [2]. 3. Summary by Related Catalogs Rubber - **Trend**: Oscillating [2][4] - **Fundamentals**: The closing price of the rubber main contract fluctuated, trading volume decreased, and the net short position of the top 20 members decreased. The prices of some overseas rubber varieties increased slightly, while the prices of some domestic import varieties decreased. The orders of tire sample enterprises weakened [5][6][8]. - **Trend Intensity**: Neutral (0) [5] Synthetic Rubber - **Trend**: Short - term event - driven upward with narrowing upside space [2][10] - **Fundamentals**: The price of the main contract of synthetic rubber increased, trading volume increased, and the opening rate of cis - butadiene rubber increased. The price of butadiene increased, and the inventory of cis - butadiene rubber increased [10][11][12]. - **Trend Intensity**: Neutral (0) [12] LLDPE - **Trend**: Basis turns positive, supply remains loose [2][13] - **Fundamentals**: The futures price of LLDPE increased slightly, the basis strengthened slightly, and the inventory of upstream factories accumulated passively. The supply in the near - term is stable, but there is supply - demand pressure in the medium - term [13][14]. - **Trend Intensity**: Neutral (0) [15] PP - **Trend**: Short - term rebound, medium - term trend still under pressure [2][16] - **Fundamentals**: The futures price of PP fluctuated slightly, the basis weakened slightly, and the overall market trading volume decreased. The supply is high, and the demand peak has passed [16][17]. - **Trend Intensity**: Neutral (0) [18] Caustic Soda - **Trend**: Still under pressure [2][20] - **Fundamentals**: The price of caustic soda futures decreased, the basis increased, and the spot market was weak. High production and high inventory continue, and the demand is weak [20][21][22]. - **Trend Intensity**: Bearish (-1) [23] Pulp - **Trend**: Oscillating [2][25] - **Fundamentals**: The futures price of pulp increased, trading volume increased, and the net long position of the top 20 members increased. The basis decreased, and the spot market showed a slight improvement [26][27][28]. - **Trend Intensity**: Neutral (0) [26] Glass - **Trend**: The price of the original sheet is stable [2][29] - **Fundamentals**: The futures price of glass decreased slightly, the basis increased, and the spot price increased in some areas. The reduction in production capacity has improved market confidence, but overall trading is average [30]. - **Trend Intensity**: Neutral (0) [30] Methanol - **Trend**: Oscillating with narrowing upside space [2][32] - **Fundamentals**: The futures price of methanol decreased slightly, the basis increased slightly, and the spot price increased in most areas. The port inventory decreased significantly, and there is high supply pressure in the short - term [33][35][36]. - **Trend Intensity**: Neutral (0) [37] Urea - **Trend**: The price center moves up, pay attention to inventory during the day [2][39] - **Fundamentals**: The futures price of urea increased, the basis decreased, and the factory price increased in some areas. The inventory of urea enterprises decreased, and the market is supported by fundamentals [40][41][42]. - **Trend Intensity**: Neutral (0) [42] Styrene - **Trend**: Short - term oscillation [2][43] - **Fundamentals**: The price of styrene futures increased, the profit of non - integrated and integrated production increased, and the inventory pressure of downstream products was high. The short - term pure benzene market oscillates at the bottom [43][44]. - **Trend Intensity**: Neutral (0) [43] Soda Ash - **Trend**: Little change in the spot market [2][46] - **Fundamentals**: The futures price of soda ash increased, the basis decreased, and the spot price was stable. The supply is expected to increase, and the downstream demand is general [46]. - **Trend Intensity**: Neutral (0) [46] LPG - **Trend**: Under pressure [2][48] - **Fundamentals**: The futures price of LPG decreased, trading volume decreased, and the opening rates of some related industries were stable. The price of CP paper goods decreased [49][54]. - **Trend Intensity**: Bearish (-1) [53] Propylene - **Trend**: The pattern remains loose [2][49] - **Fundamentals**: The futures price of propylene fluctuated slightly, trading volume and positions changed, and the basis of some regions increased. The opening rate of PDH was stable [49]. - **Trend Intensity**: Bearish (-1) [53] PVC - **Trend**: Oscillating at a low level [2][59] - **Fundamentals**: The futures price of PVC was at a low level, the basis was negative, and the spot price was stable. The supply - demand is weak in the short - term, and there is a production reduction expectation [57]. - **Trend Intensity**: Neutral (0) [58] Fuel Oil - **Trend**: Declined at night, weakness reappeared [2][60] - **Fundamentals**: The futures price of fuel oil decreased, trading volume decreased, and the inventory of the whole market decreased. The spot price of fuel oil decreased [61]. - **Trend Intensity**: Bearish (-1) [61] Low - Sulfur Fuel Oil - **Trend**: Weakened in the short - term, the spread between high - and low - sulfur in the overseas spot market oscillated narrowly [2][61] - **Fundamentals**: The futures price of low - sulfur fuel oil decreased, trading volume decreased, and the inventory decreased. The spot price of low - sulfur fuel oil decreased [61]. - **Trend Intensity**: Bearish (-1) [61] Container Freight Index (European Line) - **Trend**: Short - term valuation repair continues, medium - term oscillating market [2][63] - **Fundamentals**: The futures price of the container freight index (European line) fluctuated, the trading volume of the main contract increased, and the spot market freight rate of some shipping companies increased. The overall shipping capacity is not low [63][73][74]. - **Trend Intensity**: Neutral (0) [75] Short - Fiber - **Trend**: Supported by cost, short - term oscillation, medium - term pressure [2][76] - **Fundamentals**: The futures price of short - fiber fluctuated, the basis decreased, and the spot price was stable. The factory's trading volume decreased, and the sales rate decreased [76]. - **Trend Intensity**: Neutral (0) [77] Bottle Chip - **Trend**: Supported by cost, short - term oscillation, medium - term pressure [2][76] - **Fundamentals**: The futures price of bottle chip decreased, the basis increased, and the spot price was stable. The market trading atmosphere was light [76][77]. - **Trend Intensity**: Neutral (0) [77] Offset Printing Paper - **Trend**: Oscillating at a low level [2][79] - **Fundamentals**: The futures price of offset printing paper increased, the basis decreased, and the spot price was stable. The demand in the social end has not improved significantly [79][80][82]. - **Trend Intensity**: Neutral (0) [79] Pure Benzene - **Trend**: Short - term oscillation [2][83] - **Fundamentals**: The futures price of pure benzene fluctuated slightly, the inventory of the East China port increased, and the price decreased slightly. The demand is weak in December and may improve after January [83][84]. - **Trend Intensity**: Neutral (0) [84]

Report Title - "Non-ferrous Metals Weekly - Nickel and Stainless Steel" [1] Report Date - December 2, 2025 [3] 1. Nickel Investment Strategy - Strategy: Wait and see [5][92] - Operating range: 110,000 - 125,000 yuan/ton [5][92] - Logic: Supply side has flat nickel ore prices, increased arrivals last week, and port de - stocking; domestic and Indonesian iron - plant production decreased with nickel - iron inventory accumulation, and domestic refined nickel production decreased with narrowing import losses. Demand side shows decreased production of ternary materials and precursors, decreased stainless - steel plant production, and stable alloy electroplating demand. Inventory side indicates increased pure - nickel social inventory and decreased bonded - area inventory last week. Overall, the fundamentals are loose with high inventory pressure, but the valuation is low, and with repeated interest - rate cut expectations, a weak recovery of nickel prices is expected after the previous decline [5][92] 2. Stainless Steel Investment Strategy - Strategy: Sell on rallies [6][118] - Operating range: 11,800 - 12,800 yuan/ton [6][118] - Logic: Fundamentally, stainless - steel plant production is decreasing, and terminal demand is weak. Cost - side support is continuously weakening with falling nickel - pig iron prices and flat high - carbon ferrochrome prices. Inventory shows total inventory accumulation and 300 - series inventory accumulation. Overall, weak demand, a loose fundamental pattern, and continuous cost weakening are expected to lead to low - level oscillations of stainless - steel prices [6][118] 3. Nickel Market Review - Last week, SHFE nickel fluctuated upward with a weekly increase of 1.99%, trading volume reaching 624,700 lots (+58,900), and open interest reaching 127,300 lots (-33,400). LME nickel increased by 2.53% weekly, with trading volume at 34,400 lots (-8,700) [10] - The basis premium was 1,900 yuan/ton [12] 4. Nickel Supply Side 4.1 Nickel Ore - Last week, the prices of 0.9%, 1.5%, and 1.8% nickel ores were flat, and the shipping price from the Philippines to China was flat [18] - In October, the Philippines' nickel - ore export volume rebounded, and China's nickel - ore import volume reached 4.68 million tons, a 23.4% month - on - month decrease and an 11.0% year - on - year increase [23] - Last week, the nickel - ore arrival volume increased by 122,900 tons week - on - week, and the nickel - ore port inventory decreased by 30,000 wet tons [25] 4.2 Nickel Pig Iron - The price of 8 - 12% high - nickel pig iron fell by 7.5 yuan/nickel point, while the price of 1.5 - 1.7% nickel pig iron was flat. The negative premium of nickel pig iron to electrolytic nickel widened, and the premium of nickel pig iron to scrap stainless steel narrowed [31] - In October, China's nickel - iron import volume was 905,000 tons, a 16.6% month - on - month decrease and a 31.0% year - on - year increase. The import volume is expected to remain stable in November [35] - BF profit shrank with a decrease in the operating rate, and RKEF losses widened with a decrease in the operating rate [39] - In December, the operating rate and production schedule of domestic and Indonesian nickel pig iron decreased [42] - Nickel - iron inventory accumulated [44] 4.3 Electrolytic Nickel - In December, the operating rate of refined nickel increased, and production recovered [48] - The import loss of electrolytic nickel narrowed [52] - In October, the import and export volumes of electrolytic nickel decreased [56] 5. Nickel Demand Side 5.1 Stainless Steel - In December, the production schedule of stainless steel and 300 - series stainless steel decreased [61][109] - In October, stainless - steel exports decreased by 14.4% month - on - month and 14.2% year - on - year, while imports increased by 3.2% month - on - month and decreased by 21.6% year - on - year. Exports and imports are expected to decline in November [65][110] 5.2 New Energy - The price of pure nickel increased, the price of nickel sulfate decreased, and the premium of nickel sulfate to pure nickel narrowed. The proportion of pure nickel used to produce nickel sulfate is extremely small [70] - In December, the production schedules of ternary precursors, ternary materials, and nickel sulfate decreased, with month - on - month decreases of 7.8%, 6.7%, and 7.1% respectively, and year - on - year increases of 4.3%, 37.3%, and 19.7% respectively [75][77] - In October, the production of new energy vehicles was 1.772 million units, a 9.6% month - on - month increase and a 21.1% year - on - year increase; sales were 1.715 million units, a 6.9% month - on - month increase and a 19.9% year - on - year increase [83] 6. Nickel Inventory Side - Last week, SHFE nickel inventory decreased, and LME nickel inventory increased [84] - Last week, Shanghai bonded - area pure - nickel inventory decreased by 200 tons, and the six - region total social inventory increased by 3,090 tons [88] 7. Electrolytic Nickel Cost - The cost of producing electrolytic nickel by purchasing high - grade nickel matte and MHP externally decreased, while the cost of producing electrolytic nickel by purchasing nickel sulfate externally increased. MHP integrated production of electrolytic nickel has a significant cost advantage over high - grade nickel matte integrated production [91] 8. Stainless Steel Market Review - Last week, stainless - steel futures oscillated at a low level, with a weekly increase of 0.04%, and the basis shrank to 925 yuan/ton. Trading volume reached 699,400 lots (+82,800), and open interest reached 117,400 lots (-53,800) [95] 9. Stainless Steel Cost and Profit - The price of high - nickel pig iron fell, and the price of high - carbon ferrochrome was flat, with weakening cost - side support [98] - The profit of 200 - series stainless steel decreased, the loss of 300 - series stainless steel decreased, and the profit of 400 - series stainless steel increased [103] 10. Stainless Steel Fundamentals - In December, the production schedule of stainless steel and 300 - series stainless steel decreased [61][109] - In October, stainless - steel exports decreased by 14.4% month - on - month and 14.2% year - on - year, while imports increased by 3.2% month - on - month and decreased by 21.6% year - on - year. Exports and imports are expected to decline in November [65][110] 11. Stainless Steel Inventory Side - Domestic stainless - steel social inventory increased. 200 - series and 300 - series inventory increased, while 400 - series inventory decreased [116]

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1. Report Industry Investment Ratings - Platinum: Bullish; Palladium: Sideways; Platinum-Palladium Ratio: Bullish [5] 2. Core Views of the Report - In 2025, the significant price increases of platinum and palladium were driven by macro - support and actual spot shortages. The price trends in the first round were more driven by fundamentals, and the second round was largely influenced by the precious metal market. The macro - situation is bullish in the medium - long term but volatile in the short term. The fundamentals are marginally looser but still have room for speculation. The US tariff policy is a crucial variable [1][2][24] - The platinum and palladium futures will be listed on November 27, 2025. Based on the comparison of listing benchmark prices with domestic spot and Nymex futures prices, different trading strategies are recommended, including unilateral trading, inter - commodity arbitrage, internal - external arbitrage, and inter - period arbitrage [3][10][38] 3. Summary by Relevant Catalogs 3.1 Platinum/Palladium Futures Contract Formal Draft - The platinum and palladium futures will be officially listed on the Guangzhou Futures Exchange on November 27, 2025. The first - batch listed contracts and trading rules are specified, and compared with the previous draft for comments, the position limit has been modified [10] - The contract parameters of platinum and palladium futures, including trading unit, price quotation unit, etc., are detailed, and the position limit system is also provided [11][13][14] - Other points to note include the long - term expiration of the first - batch listed contracts, the trading time and its impact on internal - external arbitrage [16] 3.2 Platinum/Palladium Futures Delivery Rules Attention Points - The platinum and palladium futures contracts support futures - to - spot, rolling delivery, and one - time delivery. The delivery is carried out in both warehouses and factories. There are differences in quality requirements between domestic and imported delivery products [17] - The delivery regions, delivery warehouses, and factories for platinum and palladium futures are specified. The first - batch registered brands and delivery forms are also introduced [20][22][23] 3.3 Recent Market Analysis and Outlook - From the beginning of 2025 to November 25, platinum and palladium had significant price increases, but their long - term cumulative increases were different. The price increases were driven by macro - factors and actual spot shortages [24] - The macro - situation is bullish in the medium - long term but volatile in the short term. The fundamentals are marginally looser. In 2026, the supply - demand gap of platinum may narrow, and the supply surplus of palladium may expand [26][27] - The US tariff policy is a key variable. Before the policy is implemented, it will support prices, but if the policy eases, prices may decline. There may be speculative hoarding in the market, and there are uncertainties in domestic prices [2][29][33] - The global mainstream ETF positions have declined recently, but the non - commercial net long positions on Nymex are still high. The net long position of palladium is approaching 0, which may affect some overseas precious metal allocation and quantitative funds [35] 3.4 Initial Listing Strategy Recommendations - The listing benchmark prices of platinum and palladium futures are 405 yuan/gram and 365 yuan/gram respectively. Compared with domestic spot and Nymex futures prices, platinum is slightly undervalued, and palladium is slightly overvalued [38][39] - Unilateral trading: It is recommended to cautiously go long on platinum and wait and see for palladium in the short term [40] - Inter - commodity arbitrage: It is recommended to pay attention to the strategy of going long on platinum and short on palladium, waiting for price reversal signals [41] - Internal - external arbitrage: It is recommended to use an interval trading approach and be cautious in actual operations [45] - Inter - period arbitrage: It is recommended to wait and see at the initial listing stage as the arbitrage space is limited [45]