Core Viewpoint - The active equity mutual funds have shown exceptional performance in the first quarter of 2025, achieving the best returns in nearly five years, with a notable consensus in industry allocation between domestic and foreign investors [2][6]. Group 1: Fund Performance and Trends - Active equity funds' management scale increased to 34,455.19 billion yuan in Q1 2025, marking a recovery after a prolonged decline since Q2 2022 [3][4]. - The number of newly launched active equity funds rose to 53, with a total scale of 16.499 billion yuan, indicating a slight improvement in the new fund market [4][5]. - The overall stock position of active equity funds increased by 0.37 percentage points to 85.47% in Q1 2025, reflecting a high level of investment activity [7]. Group 2: Industry Allocation Insights - Active equity funds significantly increased their positions in the automotive, non-ferrous metals, and electronics sectors, while reducing exposure to power equipment, telecommunications, public utilities, transportation, and coal [7][8]. - The consensus between domestic and foreign investors on increasing allocations to automotive, non-ferrous metals, and electronics indicates a shared recognition of these sectors' growth potential and investment value [8][9]. Group 3: Market Drivers and Future Outlook - The recovery in the automotive sector is supported by domestic consumption stimulus policies, while the non-ferrous metals sector benefits from global supply constraints and the growth of the new energy industry [8][9]. - The electronics sector is experiencing a resurgence due to the global semiconductor recovery and the rapid development of AI and other emerging technologies, enhancing industry expectations [9][10]. - The long-term importance of equity assets in investment portfolios is increasingly recognized, contributing to the warming of the new fund market [5][9].

1. Report Industry Investment Ratings No information provided in the content. 2. Core Views - The market for government bonds is expected to have increased volatility, and caution is advised [5][6]. - Despite short - term fluctuations, the stock index is still expected to rise, and it is advisable to consider buying index futures on dips [9][10]. - The medium - and long - term logic for precious metals remains strong, and existing long positions can be held [11][12]. - For steel products such as rebar and hot - rolled coils, investors can look for low - level buying opportunities and take profits on rebounds, with light - position participation [14][15]. - For iron ore, investors can look for low - level buying opportunities and take profits on rebounds, with light - position participation [16][17]. - For coking coal and coke, investors can look for low - level buying opportunities and take profits on rebounds, with light - position participation [19][20]. - For ferroalloys, there may be an opportunity to focus on deep out - of - the - money call options for manganese silicon in the low - level range, and short - position holders of ferrosilicon can consider exiting at the bottom [21][22]. - For crude oil, it is advisable to temporarily hold off on trading the main contract [24][25]. - For fuel oil, it is advisable to temporarily hold off on trading the main contract [26][27]. - For polyolefins, it is recommended to take a long position in the PP and L main contracts [28][29]. - For synthetic rubber, it is advisable to temporarily hold off on trading [30][31]. - For natural rubber, it is recommended to trade based on the range - bound thinking [32][33]. - For PVC, the price is expected to oscillate at the bottom [35][37]. - For urea, it is expected to be strong in the short term, but attention should be paid to the risk of decline in the future [38][39]. - For PX, it is expected to oscillate and adjust following the cost side, and investors can consider participating cautiously on dips [40]. - For PTA, it is recommended to operate cautiously and seize opportunities based on supply - demand changes [41]. - For ethylene glycol, the price is expected to be under pressure in the short term, and investors should operate cautiously [42]. - For short - fiber, it is recommended to trade within a range following the cost side [43]. - For bottle chips, it is expected to adjust following the cost side, and attention should be paid to cost price changes [44]. - For soda ash, the market is still demand - driven in the short term [45]. - For glass, the actual supply - demand fundamentals have no obvious drivers, and the inventory reduction speed needs to be continuously monitored [48]. - For caustic soda, the price is expected to oscillate as a whole [49]. - For pulp, it is expected to be weak and oscillate in the short term [52]. - For lithium carbonate, the upside pressure is expected to be large, and attention should be paid to upstream mine disturbances [53]. - For copper, the price is in a stage of adjustment [54][55]. - For aluminum, the price is expected to oscillate in a wide range [56][57]. - For zinc, the price is expected to oscillate within a range [58][59]. - For lead, the price is expected to oscillate under pressure [60][61]. - For tin, attention should be paid to the impact of the earthquake in Myanmar [62]. - For nickel, the price has support below, but the upside space may be limited [63]. - For industrial silicon, the price is expected to be weak, while the polysilicon market is relatively stable [64]. - For soybean oil and soybean meal, it is advisable to wait and see, and consider long - position attempts at the bottom - support range after a decline [65][66]. - For palm oil, it is advisable to temporarily hold off on trading [67][68]. - For rapeseed meal and rapeseed oil, consider the opportunity to expand the spread after the soybean - rapeseed spread narrows [69][70]. - For cotton, consider short - selling after a rebound [73][74]. - For sugar, consider buying on dips [77][78]. - For apples, consider buying on dips [79]. - For live pigs, consider the far - month opportunities after a rebound [80][81]. - For eggs, consider short - selling the far - month contracts on rallies [82][83]. - For corn, it is advisable to temporarily hold off on trading [84][85]. - For logs, beware of a rapid decline if the reality is weaker than expected [88]. 3. Summaries by Related Catalogs Government Bonds - The previous trading day saw most government bond futures closing down, with the 30 - year contract up 0.15%, and the 10 - year, 5 - year, and 2 - year contracts down 0.08%, 0.04%, and 0.04% respectively [5]. - The central bank conducted 649 billion yuan of 7 - day reverse repurchase operations on April 1st, with a net withdrawal of 313 billion yuan [5]. - The March Caixin China Manufacturing PMI reached 51.2, the highest since December 2024 [5]. Stock Index - The previous trading day saw small fluctuations in stock index futures, with the CSI 300 futures up 0.08%, the SSE 50 futures down 0.11%, the CSI 500 futures up 0.66%, and the CSI 1000 futures up 0.39% [7]. - A national conference on promoting the replacement of consumer goods was held, emphasizing work promotion and policy implementation [7]. Precious Metals - The previous trading day saw the gold main contract closing at 736.3, up 0.89%, and the silver main contract closing at 8,432, down 0.87% [11]. - The eurozone's March CPI and core CPI data showed certain changes, and the unemployment rate hit a record low [11]. - The Fed has paused rate cuts, and the future rate - cut rhythm is highly uncertain [11]. Steel Products Rebar and Hot - Rolled Coils - The previous trading day saw rebar and hot - rolled coil futures oscillating. The spot price of Tangshan billet was 3050 yuan/ton, and Shanghai rebar was 3100 - 3210 yuan/ton, and hot - rolled coils were 3330 - 3350 yuan/ton [13]. - The weak real - estate demand and increasing rebar production suppress prices, but macro policies and the peak season may provide support [14]. Iron Ore - The previous trading day saw a significant rebound in iron ore futures. PB powder was 790 yuan/ton, and super - special powder was 650 yuan/ton [16]. - The increasing iron - water production supports demand, and the supply - side situation has changed, with port inventory decreasing [16]. Coking Coal and Coke - The previous trading day saw a strong rebound in coking coal and coke futures. Some coal - washing enterprises and traders have started to purchase, and the market sentiment has improved slightly [18]. - The demand from coking enterprises has increased, and the fundamentals of coke have shown signs of continuous improvement [19]. Ferroalloys - The previous trading day saw the manganese - silicon main contract up 0.95% to 6146 yuan/ton, and the ferrosilicon main contract up 0.37% to 5984 yuan/ton [21]. - The manganese - ore supply may be disturbed, and the demand for ferroalloys is weak, while the supply is still high [21]. Energy Crude Oil - The previous trading day saw INE crude oil opening high and closing higher, up more than 3.4% [23]. - Fund managers increased their net long positions in US crude oil futures and options, and the number of US oil and gas rigs decreased [23]. - The market may be chaotic due to factors such as US - Russia negotiations and OPEC's production increase [24]. Fuel Oil - The previous trading day saw fuel oil rising sharply following crude oil. The domestic low - sulfur 180cst fuel oil had a certain price range [26]. - High - sulfur fuel oil supply may be tight, but the global shipping market may be affected by the trade war [26]. Chemicals Polyolefins - The previous trading day saw the polyethylene market adjusting, and the polypropylene futures oscillating upward. The cost side provided some support, but the demand did not change significantly [28]. - The "Golden March" season is obvious, and the overall demand for polyolefins is expected to be slightly better, with the market expected to be oscillating strongly [28]. Synthetic Rubber - The previous trading day saw the synthetic rubber main contract up 0.29%. The开工 loss has been narrowing, and the inventory has been decreasing [30]. - The butadiene price is weakly oscillating, and the supply and demand situation has certain characteristics [30]. Natural Rubber - The previous trading day saw the natural rubber main contract down 0.48%, and the 20 - grade rubber main contract flat. The market will continue the pattern of "high supply + weak demand" in April [32]. - The supply in Yunnan may increase, and the demand is weak, but the low social inventory provides some support [32]. PVC - The previous trading day saw the PVC main contract up 0.53%. The supply - side capacity utilization has increased, and the demand - side downstream enterprises have a certain procurement pattern [35]. - The export is still dependent on low prices, and the cost has decreased, but high inventory and new capacity put pressure on prices in the long term [35]. Urea - The previous trading day saw the urea main contract up 3.27%. The short - term spring - plowing demand and policy dividends support the strong operation, but long - term risks exist [38]. - The supply is expected to be around 200,000 tons per day, and the demand from agriculture and industry has different characteristics [38]. PX - The previous trading day saw the PX2505 main contract up 1.84%. The PXN and PX - MX spreads have adjusted, and the PX load has decreased due to multiple plant overhauls [40]. - The cost side is supported by the rising crude oil price, and the short - term PX is expected to oscillate and adjust [40]. PTA - The previous trading day saw the PTA2505 main contract up 0.82%. The supply - side load has increased, and the demand - side polyester load is expected to rise further [41]. - The cost side is supported by the rising crude oil price, and the PTA price is expected to oscillate following the cost side [41]. Ethylene Glycol - The previous trading day saw the ethylene glycol main contract up 1.8%. The coal - based plant load has decreased, and the inventory has increased and is difficult to reduce [42]. - The downstream polyester demand is gradually improving, but the peak - season performance is not as expected, and the price is expected to be under pressure [42]. Short - Fiber - The previous trading day saw the short - fiber 2505 main contract up 0.97%. The supply - side load has declined slightly, and the demand - side terminal factories' raw - material inventory is stable [43]. - The cost side support is weakening, and the short - fiber price is expected to follow the cost side [43]. Bottle Chips - The previous trading day saw the bottle - chip 2505 main contract up 0.93%. The cost support is slightly insufficient, and the supply - side load is expected to increase [44]. - The downstream soft - drink consumption is gradually recovering, and the bottle - chip price is expected to adjust following the cost side [44]. Soda Ash - The previous trading day saw the main 2505 contract closing at 1388 yuan/ton, up 0.14%. Some plants have carried out overhauls, and the supply is adjusting at a high level [45]. - The inventory has been decreasing slightly, and the market is still demand - driven in the short term [45]. Glass - The previous trading day saw the main 2505 contract closing at 1235 yuan/ton, up 4.04%. The number of production lines has decreased, and the impact on the supply - demand pattern is limited [47][48]. - The actual supply - demand fundamentals have no obvious drivers, and the inventory reduction speed needs to be monitored [48]. Caustic Soda - The previous trading day saw the main 2505 contract closing at 2515 yuan/ton, down 1.30%. The production of large - scale caustic - soda enterprises has decreased [49]. - The alumina price is expected to be weak, and the caustic - soda price is expected to oscillate [49]. Pulp - The previous trading day saw the main 2505 contract closing at 5638 yuan/ton, down 1.02%. Some pulp mills have maintenance plans, and the port inventory has decreased [51][52]. - The downstream demand has a certain pattern, and the price is expected to be weak and oscillate in the short term [52]. Non - Ferrous Metals Lithium Carbonate - The previous trading day saw the lithium carbonate main contract closing up 0.49% to 74,360 yuan/ton. The supply is increasing, and the demand has improved, but the inventory is still rising [53]. - The upside pressure is large, and attention should be paid to upstream mine disturbances [53]. Copper - The previous trading day saw the Shanghai copper main contract closing at 79,820 yuan/ton, down 0.1%. The overseas economic data is mixed, and Trump's tariff policy has escalated [54]. - The copper concentrate supply is tight, and the domestic consumption is in the peak season, but the trade friction affects exports [54]. Aluminum - The previous trading day saw the Shanghai aluminum main contract closing at 20,415 yuan/ton, down 0.34%, and the alumina main contract closing at 2,942 yuan/ton, down 0.07% [56]. - The alumina supply pressure is strong, and the electrolytic aluminum consumption recovery is beneficial for inventory reduction [56]. Zinc - The previous trading day saw the Shanghai zinc main contract closing at 23,305 yuan/ton, down 0.91%. The zinc concentrate processing fee is rising, and the refined zinc production is expected to increase [58]. - The consumption is in the peak season, and the social inventory is expected to decrease [58]. Lead - The previous trading day saw the Shanghai lead main contract closing at 17,360 yuan/ton, down 0.26%. The primary lead production has declined slightly, and the secondary lead production is difficult to increase significantly [60]. - The "trade - in" policy has a slight impact on consumption, and the price is expected to oscillate under pressure [60]. Tin - The previous trading day saw tin up 0.89% to 289,000/ton. The mine - end supply is disturbed, and the domestic processing fee is low, and the inventory has increased [62]. - Attention should be paid to the impact of the earthquake in Myanmar [62]. Nickel - The previous trading day saw the nickel price up 0.49% to 129,300 yuan/ton. The cost is supported by factors such as policy and season, but the downstream acceptance of high prices is low [63]. - The stainless - steel demand is weak, and the market may remain in a supply - surplus situation [63]. Industrial Silicon and Polysilicon - The previous trading day saw the industrial silicon main contract closing at 9,790 yuan/ton, down 0.31%, and the polysilicon main contract closing at 43,560 yuan/ton, up 0.28% [64]. - The industrial silicon market is in a supply - surplus situation, while the polysilicon market is supported by supply and demand [64]. Agricultural Products Soybean Oil and Soybean Meal - The previous trading day saw the soybean - meal main contract down 0.92% to 2804/ton, and the soybean - oil main contract down 0.90% to 7896 yuan/ton [65]. - The US soybean planting area is slightly lower than expected, and the domestic soybean supply is expected to increase, while the demand has certain characteristics [65][66]. Palm Oil - The domestic palm - oil import in January - February 2025 decreased by 44.9% year - on - year, and the inventory is at a relatively low level [67]. - It is advisable to temporarily hold off on trading [68]. Rapeseed Meal and Rapeseed Oil - Canadian rapeseed has risen, and China has imposed a 100% tariff on Canadian rapeseed oil and oil residue cakes since March 20, 2025 [69]. - The impact on rapeseed

Investment Rating - The report assigns a "Buy" rating for the company, indicating a strong expectation for future stock performance [1]. Core Insights - The company achieved a total revenue of 35.471 billion yuan in 2024, representing a year-on-year growth of 5.4%. The net profit attributable to shareholders reached 10.031 billion yuan, a significant increase of 27.3% compared to the previous year [8]. - The brokerage and margin trading businesses benefited from an active market, with brokerage revenue increasing by 12.5% year-on-year, accounting for 27.2% of total revenue. The average daily trading volume in the market rose by 23.1% [8]. - The investment banking segment showed resilience, with total investment banking revenue increasing by 10.6% year-on-year, despite a decline in equity underwriting [8]. - The asset management business also saw revenue growth of 6.1%, although the total asset management scale decreased by 9.9% [8]. - The company's proprietary trading segment performed exceptionally well, with net investment income increasing by 50.2% year-on-year [8]. - The report forecasts net profits for 2025-2027 to be 12.639 billion yuan, 13.513 billion yuan, and 14.217 billion yuan, respectively, with corresponding year-on-year growth rates of 26%, 7%, and 5% [8]. Financial Summary - Total revenue for 2023 was 33.646 billion yuan, with a projected increase to 39.653 billion yuan by 2025, reflecting a compound annual growth rate [15]. - The earnings per share (EPS) for 2024 is estimated at 0.81 yuan, with projections of 1.16 yuan and 1.24 yuan for 2025 and 2026, respectively [1]. - The price-to-earnings (P/E) ratio is expected to decrease from 18.18 in 2023 to 10.23 by 2025, indicating a potentially undervalued stock [1].

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - The bond market is expected to have increased volatility, and caution is advised [5][6]. - The stock index is expected to have an upward trend despite short - term fluctuations, and it is advisable to go long on stock index futures on dips [7][8]. - The precious metals market has a strong medium - to long - term upward logic, and existing long positions can be held [9][10]. - For steel products such as rebar, hot - rolled coils, iron ore, and coking coal and coke, investors can look for low - level buying opportunities, take profits on rebounds, and participate with light positions [11][12][14]. - For iron alloys, it is expected to be slightly oversupplied currently. Opportunities for deep out - of - the - money call options on manganese silicon can be considered in the low - level range, and short - position exit opportunities for ferrosilicon can be considered at the bottom [19][20]. - For crude oil, fuel oil, and polyolefins, it is advisable to take long positions in the main contracts [23][24][27]. - For synthetic rubber, it is advisable to wait and see [30][31]. - For natural rubber, PVC, the downward space is limited [32][33][35]. - For urea, it is advisable to take an oscillatory approach [36][38]. - For PX and PTA, it is advisable to participate in the low - level range, considering the changes in the cost of crude oil and the supply side [39][40]. - For ethylene glycol, it is advisable to operate cautiously, paying attention to port inventory and upstream and downstream device changes [41]. - For short - fiber, it is advisable to operate in the range following the cost side, controlling risks [42]. - For bottle chips, it is expected to adjust following the cost side, paying attention to cost price changes, new device launches, and device overhauls [43]. - For soda ash, the short - term market is still demand - driven [44]. - For glass, the overall pattern is still loose, and it is necessary to be vigilant against the weakening of the market after the disappointment of the consumption improvement expectation [45]. - For caustic soda, it is expected to be oscillatory overall [46][47]. - For pulp, it is expected to be weakly oscillatory in the short term [48]. - For copper, it is advisable to be cautious about chasing up [50][51]. - For aluminum, it is expected to be in an oscillatory adjustment [52][53]. - For zinc, it is expected to be in an interval oscillation [54][55]. - For lead, it is expected to be under pressure and oscillatory [56][57]. - For tin, it is expected to oscillate under the influence of supply disturbances and weak demand [58][59]. - For nickel, the short - term price has support below, but the upward space is limited under the pattern of oversupply [60]. - For industrial silicon, it is expected to be in low - level oscillation in the short term, while polysilicon prices are expected to rise steadily [61][62]. - For soybean oil and soybean meal, it is advisable to wait and see, and long - position attempts can be considered in the bottom support range after the price decline [63][64]. - For palm oil, it is advisable to continue to reduce short positions and advance the stop - profit [65][67]. - For rapeseed meal and rapeseed oil, it is advisable to consider the opportunity to expand the spread after the narrowing of the soybean - rapeseed spread [68][69]. - For cotton, it is advisable to pay attention to the opportunity to short on rebounds [70][72]. - For sugar, it is advisable to go long on dips [73][75]. - For apples, it is advisable to go long on dips [76]. - For live pigs, it is advisable to try short - selling at high levels near the semi - annual line pressure [77][78]. - For eggs, it is advisable to sell deep out - of - the - money put options and pay attention to short - term short - selling opportunities at high levels in the far - month contracts [79][80]. - For corn, it is advisable to wait and see temporarily [81][82]. - For logs, it is necessary to be vigilant against a rapid decline if the reality is weaker than expected [83][84]. 3. Summary by Relevant Catalogs 3.1 Fixed - Income Market 3.1.1 Treasury Bonds - On the previous trading day, treasury bond futures closed higher across the board. The 30 - year, 10 - year, 5 - year, and 2 - year main contracts rose by 0.49%, 0.13%, 0.07%, and 0.02% respectively. The central bank conducted 3779 billion yuan of 7 - day reverse repurchase operations, with a net investment of 1046 billion yuan. It is expected that there will be no trend market in treasury bond futures in the future, and the volatility will increase [5]. 3.2 Equity - Related Market 3.2.1 Stock Index Futures - On the previous trading day, stock index futures showed mixed performance. The main contracts of CSI 300, SSE 50, CSI 500, and CSI 1000 stock index futures changed by 0.27%, 0.16%, 0.24%, and 0.12% respectively. It is expected that the stock index will have an upward trend, and it is advisable to go long on stock index futures on dips [7]. 3.3 Precious Metals Market 3.3.1 Gold and Silver - On the previous trading day, the closing price of the gold main contract was 706.76, with a decline of 0.05%, and the night - session closing price was 707.3; the closing price of the silver main contract was 8,249, with an increase of 0.01%, and the night - session closing price was 8360. The US economic data is weak, and international political and trade uncertainties provide new upward drivers for precious metals. The medium - to long - term logic is still strong, and existing long positions can be held [9]. 3.4 Black Metals Market 3.4.1 Rebar and Hot - Rolled Coils - On the previous trading day, rebar and hot - rolled coil futures rebounded slightly. The real - estate industry's downward trend has not reversed, but new macro - incremental policies may be introduced, and the peak demand season is coming, which may support prices. The valuation is low, and the downward space is limited. It is advisable to look for low - level buying opportunities, take profits on rebounds, and participate with light positions [11][12]. 3.4.2 Iron Ore - On the previous trading day, iron ore futures rebounded slightly. The increase in iron ore demand and the decrease in port inventory support the price. The valuation level has decreased, but it is still the highest among black - series products. It is advisable to look for low - level buying opportunities, take profits on rebounds, and participate with light positions [14]. 3.4.3 Coking Coal and Coke - On the previous trading day, coking coal and coke futures rebounded slightly. The market sentiment of coking coal has improved slightly, and the fundamentals of coke are continuously improving. It is advisable to look for low - level buying opportunities, take profits on rebounds, and participate with light positions, paying attention to the impact of sudden factors [16][17]. 3.4.4 Ferrosilicon and Manganese Silicon - On the previous trading day, the manganese silicon main contract fell 0.29% to 6108 yuan/ton, and the ferrosilicon main contract fell 0.50% to 6002 yuan/ton. It is expected to be slightly oversupplied currently. Opportunities for deep out - of - the - money call options on manganese silicon can be considered in the low - level range, and short - position exit opportunities for ferrosilicon can be considered at the bottom [19][20]. 3.5 Energy Market 3.5.1 Crude Oil - On the previous trading day, INE crude oil oscillated upward. The CFTC data shows that fund managers reduced their net long positions in US crude oil futures and options. The number of US oil and gas rigs increased. OPEC + announced a new compensatory production - cut plan. It is expected that the cease - fire agreement will be negotiated, and OPEC + will increase production on April 1. The current trend is mainly oscillatory and rebounding. It is advisable to take long positions in the main contract [21][23][24]. 3.5.2 Fuel Oil - On the previous trading day, fuel oil followed crude oil and oscillated upward. The market expects an increase in supply, and the spread of high - sulfur fuel oil in Asia has declined, but the decline in European inventory limits the downward space. It is expected that high - sulfur fuel oil will be in short supply, and the trade war will have a negative impact on fuel oil. It is advisable to take long positions in the main contract [25][26][27]. 3.6 Chemicals Market 3.6.1 Polyolefins - For polyethylene, the market price was adjusted, and the low - price transactions improved, but the supply - demand was weak, and the confidence of market participants was insufficient. For polypropylene, the futures rebounded slightly, and the cost support was stable, but the demand did not improve significantly. It is expected that the market will be in an oscillatory and slightly upward trend. It is advisable to take long positions in the PP and L main contracts [28][29]. 3.6.2 Synthetic Rubber - On the previous trading day, the synthetic rubber main contract fell 0.22%. The operating loss has narrowed, the operating rate has rebounded significantly, and the factory inventory has been reduced. The raw material price is weak, and the supply is high. It is advisable to wait and see [30][31]. 3.6.3 Natural Rubber - On the previous trading day, the main contract of natural rubber rose 0.44%, and the 20 - number rubber main contract rose 0.07%. The import was lower than expected, and the previous negative factors have basically disappeared. The supply in the domestic Yunnan production area is expected to increase, and the overseas is in the low - production season. The demand has improved slightly. The social inventory is at a low level, which supports the price. The downward space is limited, and it is advisable to wait for new fundamental drivers to go long [32][33]. 3.6.4 PVC - On the previous trading day, the PVC main contract rose 0.59%. The core contradiction in the market is the game between the continuous release of new production capacity and the weak recovery demand under policy support. It is expected that PVC will have upward space after bottoming out. The production capacity utilization rate has increased, the demand is stable, the export is still dependent on low prices, and the profit has improved. The social inventory has decreased [34][35]. 3.6.5 Urea - On the previous trading day, the urea main contract rose 0.70%. The market has expectations for exports, but it needs further confirmation. The high production in March and winter - storage goods put pressure on the market. It is expected that the short - term market will oscillate. The supply is stable, the agricultural demand is ending, and the industrial demand is strong. The inventory has decreased [36][37][38]. 3.6.6 PX - On the previous trading day, the PX2505 main contract rose 0.32%. The PXN spread was adjusted to 200 US dollars/ton, and the PX - MX spread was 85 US dollars/ton. The PX device maintenance increased, the load decreased, and the downstream PTA start - up increased. The short - term cost of crude oil oscillated and rose, and the supply - demand structure continued to improve. It is advisable to participate in the low - level range, paying attention to the changes in crude oil cost and supply [39]. 3.6.7 PTA - On the previous trading day, the PTA2505 main contract rose 0.29%. The supply increased, the demand improved, and the processing fee decreased. The short - term supply - demand of PTA improved, and the external crude oil price adjusted at the bottom after stopping falling. The short - term support improved. It is advisable to operate in the low - level range, paying attention to the supply - demand situation [40]. 3.6.8 Ethylene Glycol - On the previous trading day, the ethylene glycol main contract rose 0.56%. The overall start - up load decreased slightly, the inventory was high, and the de - stocking was difficult. The downstream polyester start - up increased, and the demand gradually improved. It is expected that the price will be under pressure, and the rebound height will be limited. It is advisable to operate cautiously, paying attention to port inventory and device changes [41]. 3.6.9 Short - Fiber - On the previous trading day, the short - fiber 2505 main contract fell 0.33%. The device load increased, the demand improved slightly, and the cost support was insufficient. It is expected that the short - fiber will oscillate in the future, and it is advisable to operate in the range following the cost side, controlling risks [42]. 3.6.10 Bottle Chips - On the previous trading day, the bottle - chip 2505 main contract fell 0.16%. The cost support was slightly insufficient, the supply increased slightly, and the demand for downstream soft drinks gradually recovered. It is expected to adjust following the cost side, paying attention to cost price changes, new device launches, and device overhauls [43]. 3.6.11 Soda Ash - On the previous trading day, the main 2505 contract closed at 1439 yuan/ton, with an increase of 0.49%. Some devices were under maintenance, and the supply increased slightly. The production decreased slightly, the inventory decreased slowly, and the demand was average. The market is still demand - driven in the short term [44]. 3.6.12 Glass - On the previous trading day, the main 2505 contract closed at 1260 yuan/ton, with an increase of 3.70%. The number of production lines decreased, the inventory decreased, and the production - sales rate was high. The overall pattern is still loose, and it is necessary to be vigilant against the weakening of the market after the disappointment of the consumption improvement expectation [45]. 3.6.13 Caustic Soda - On the previous trading day, the main 2505 contract closed at 2552 yuan/ton, with a decrease of 0.51%. The production decreased slightly, the demand was weak, and the inventory accumulated rapidly. The alumina market is oversupplied, and the non - aluminum demand is also weak. It is expected to be oscillatory overall [46][47]. 3.6.14 Pulp - On the previous trading day, the main 2505 contract closed at 5754 yuan/ton, with an increase of 0.07%. The Finnish company will conduct annual maintenance, and the downstream demand has difficulty accepting high - price pulp. It is expected to be weakly oscillatory in the short term [48]. 3.7 Non - Ferrous Metals Market 3.7.1 Lithium Carbonate - On the previous trading day, the lithium carbonate main contract rose 0.33% to 73800 yuan/ton. The ore price fell, the supply continued to increase, the consumption improved slightly, and the inventory continued to accumulate [49]. 3.7.2 Copper - On the previous trading day, the Shanghai copper main contract closed at 82780 yuan/ton, with an increase of 1.3%. The Fed maintained the interest - rate range, and the Trump tariff policy showed signs of easing. The domestic central bank over - renewed the MLF. The copper concentrate processing fee decreased, the production will decrease, the traditional consumption season is coming, but the high price affects the consumption. The social inventory decreased, and the external market drove the internal market. It is advisable to be cautious about chasing up [50][51]. 3.7.3 Aluminum - On the previous trading day, the Shanghai aluminum main contract closed at 20675 yuan/ton, with an increase of 0.05%; the alumina main contract closed at 3098 yuan/ton, with an increase of 0.68%. The imported ore provides the main increment, the alumina supply is loose, the electrolytic aluminum production increase is small, and the consumption is in the peak season. The inventory decreased. It is expected to be in an oscillatory adjustment [52][53]. 3.7.4 Zinc - On the previous trading day, the Shanghai zinc main contract closed at 24205 yuan/ton, with an increase of 0.27%. The import of zinc ore increased, the smelting profit improved, and the supply will increase. The consumption improved, and the inventory decreased. It is expected to be in an interval oscillation [54][55]. 3.7.5 Lead - On the previous trading day, the Shanghai lead main contract closed at 17660 yuan/ton, with an increase of 0.74%. The lead concentrate processing fee was stable, a large - scale smelter