Market Performance - The three major U.S. indices showed mixed results, with the Dow Jones down by 31.96 points (0.07%) to 47850.94, the Nasdaq up by 51.04 points (0.22%) to 23505.14, and the S&P 500 up by 7.40 points (0.11%) to 6857.12 [1] - European indices also saw gains, with the German DAX30 up by 212.58 points (0.90%) to 23895.03, the UK FTSE 100 up by 23.03 points (0.24%) to 9715.10, and the French CAC40 up by 34.61 points (0.43%) to 8122.03 [1] Commodity Prices - Light crude oil futures for January 2026 rose by $0.72 to $59.67 per barrel, a 1.22% increase, while February Brent crude oil futures increased by $0.59 to $63.26 per barrel, a 0.94% rise [2] - Spot gold increased by 0.14% to $4208.73 [4] Cryptocurrency Market - Bitcoin fell by 1.2% to $92310.95, and Ethereum dropped over 1.6% to $3136.99 [3] Macroeconomic Indicators - Initial jobless claims in the U.S. decreased to 191,000, with a four-week moving average dropping to 214,700 [5] - The U.S. Treasury debt surpassed $30 trillion for the first time, growing over 100% since 2018, with total national debt reaching $38.4 trillion [6] - The average rate for a 30-year fixed mortgage in the U.S. fell to 6.19%, the lowest since October of the previous year, leading to a 2.5% increase in mortgage applications [6] Company News - Meta Platforms plans to cut its metaverse budget by up to 30%, indicating a shift in strategy as the anticipated industry competition has not materialized [7] - Apple announced a high-level executive change, with Jennifer Newstead set to become the new General Counsel in March 2026, succeeding Kate Adams [8] - The European Commission is seeking industry feedback on Google's proposed compliance measures to address antitrust issues related to its advertising technology business, which has faced fines of nearly €3 billion (approximately $3.5 billion) [9]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View - In early December, the market will still be in a multi - vacuum period of macro data, performance, and policies. Without clear trading guidance, the market is expected to maintain a random - walk state, and stock index futures will remain volatile. The domestic economic fundamentals, with all three major PMI indices in the contraction range in November, especially the manufacturing PMI in contraction for 8 consecutive months, may have a negative impact on market sentiment [2]. 3. Summary by Related Catalogs Futures Contract Prices - IF主力合约（2512）price is 4530.6, up 17.2; IH主力合约（2512）price is 2968.2, up 13.0; IC主力合约（2512）price is 6983.2, up 42.0; IM主力合约（2512）price is 7213.4, up 28.0 [2]. - Price differences between different contracts show various changes, such as IF - IH当月合约价差 up 2.6 to 1562.4, IC - IF当月合约价差 up 20.4 to 2452.6 [2]. - Differences between different quarters and the current month also vary, e.g., IF当季 - 当月 is - 38.4, down 2.6 [2]. Futures Position - IF前20名净持仓 is - 19,498.00, down 175.0; IH前20名净持仓 is - 11,870.00, up 487.0; IC前20名净持仓 is - 21,167.00, up 182.0; IM前20名净持仓 is - 33,240.00, down 1242.0 [2]. Spot Prices - The Shanghai - Shenzhen 300 index is 4546.57, up 15.5; the Shanghai Stock Exchange 50 index is 2974.3, up 11.3; the China Securities 500 index is 7012.8, up 16.5; the China Securities 1000 index data is provided, and A - share trading volume is 15,616.65 billion yuan, up 0.4 [2]. Market Sentiment - North - bound trading volume is 1873.09 billion yuan, up 75.49; main - force funds are - 686.96 billion yuan, down 321.57; the proportion of rising stocks is 26.67%, up 0.22; Shibor is 1.302%, up 0.001 [2]. - IO平值看涨期权收盘价（2512）is 40.60, up 3.40; IO平值看跌期权收盘价（2512）is 58.40, down 8.60 [2]. - The 20 - day volatility of the Shanghai - Shenzhen 300 index is 13.89%, down 0.97; the trading volume PCR is 60.61%, down 13.68; the open - interest PCR is 73.71%, up 0.39 [2]. Wind Market Strength - Weakness Analysis - The strength of all A - shares is 3.80, up 0.40; the technical aspect is 2.70, up 0.10; the capital aspect is 5.00, up 0.80 [2]. Industry News - A - share major indices closed with mixed results. The Shanghai Composite Index fell 0.06%, the Shenzhen Component Index rose 0.4%, and the ChiNext Index rose 1.01%. Trading volume in the Shanghai and Shenzhen stock markets declined significantly, with nearly 3900 stocks falling. Most industry sectors declined, with the comprehensive and beauty - care sectors leading the decline, and the machinery and electronics sectors leading the gain [2]. - Overseas, the US small non - farm payrolls in November weakened significantly, supporting the expectation of a Fed rate cut in December. Domestically, in November, among the three major PMI indices, the non - manufacturing PMI and the composite PMI declined compared to October, only the manufacturing PMI rose slightly, and all three were in the contraction range, putting pressure on the market [2]. Key Data to Watch - On December 4, 20:30, watch the US Challenger job - cuts in November; 21:30, watch the US initial jobless claims for the week ending November 29. On December 5, 23:00, watch the US PCE and core PCE for November [3].

【国富期货早间看点】市场预计马棕11月库存为266万吨 阿根廷 25/26年度大豆产量预计为4690万吨 20251204 国富研究 国富研究 2025年12月4日 07:57 上海 01 隔夜行情 | | 收盘价 | 上日涨跌幅(%) | 隔夜涨跌幅(%) | | --- | --- | --- | --- | | 马棕油02(BMD) | 4130.00 | -0. 02 | -0. 63 | | 布伦特02(ICE) | 62. 75 | 0.58 | -0. 35 | | 美原油01(NYMEX) | 59.11 | 0. 89 | -0. 15 | | 美豆01(CBOT) | 1116. 25 | -0. 69 | -0. 53 | | 美豆粕01(CBOT) | 311.20 | -0. 13 | -0.26 | | 美豆油01(CBOT) | 51. 71 | -1. 65 | -1. 11 | | | 最新价 | 涨跌幅(%) | 十日涨跌幅 | | --- | --- | --- | --- | | 美元指数 | 98. 90 | -0. 44 | | | 人民币(CNY/USD) | 7 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The short - term view of TL2603 is volatile, the medium - term view is volatile, and the intraday view is weak, with an overall view of volatile consolidation. The core logic is that the short - term expectation of interest rate cuts has decreased, while the medium - and long - term expectation of monetary easing still exists [1]. - For financial futures in the bond index sector (TL, T, TF, TS), the intraday view is weak, the medium - term view is volatile, and the reference view is volatile consolidation. The core logic is that on one hand, the marginal weakening of macro data in October indicates that the future monetary policy environment is expected to be loose, providing strong support for bond futures. On the other hand, the difficulty of achieving the annual growth target is low, so there is no strong need for a comprehensive interest rate cut in the short term, resulting in insufficient upward momentum for bond futures. Overall, bond futures will mainly show volatile consolidation in the short term [5]. Group 3: Summary by Related Catalogs Variety Viewpoint Reference - Financial Futures Bond Index Sector - For TL2603, the short - term is volatile, the medium - term is volatile, the intraday is weak, with a view of volatile consolidation. The core logic is the change in interest rate cut expectations [1]. Main Variety Price Market Driving Logic - Financial Futures Bond Index Sector - The intraday view of TL, T, TF, TS is weak, the medium - term view is volatile, and the reference view is volatile consolidation. The driving factors include the weakening of October macro data and the low difficulty of achieving the annual growth target [5].

三大利空集体来袭，A股承压？踏空者或因此避险，散户如何应对 2025年的A股市场真是让散户朋友们捏了把汗，刚熬过年初的震荡调整，最近盘面又变得沉甸甸的——指数上攻乏力，热门 板块轮流跳水，手里的股票不涨反跌，没入场的踏空者更是不敢轻易出手。打开财经新闻，各种利空消息似乎凑到了一 起：行业监管政策收紧、宏观经济数据不及预期、市场资金面承压，三重压力叠加让A股蒙上阴影。不少散户疑惑：这到底 是短期回调的"纸老虎"，还是新一轮下跌的信号？踏空者该趁机避险，还是抄底入场？持有股票的又该如何守住收益、避 开雷区？ 今天就聊聊2025年官方实锤的几大核心利空，再给散户们送上接地气的应对攻略，所有信息都有权威来源，绝不瞎忽悠。 一、行业监管"亮红灯"：两大板块迎政策收紧，利空落地 2025年下半年，监管层针对重点行业的调控政策密集出台，直接击中部分板块的核心逻辑，成为A股局部承压的重要原因。 房地产板块首当其冲。2025年11月15日，住建部发布《关于进一步规范房地产开发企业融资行为的通知》，明确要求房企 融资杠杆率不得超过50%，同时加强预售资金监管，严禁挪用预售款。紧接着11月20日，多地跟进暂停第三套及以上住房 商业 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The expectation of further loose monetary policy is not strong, and the bond market lacks short - term drivers [2]. - The money market was tight at the beginning of last week and then loosened. The weighted money interest rate increased marginally. Next week, there will be a large maturity of reverse repurchase in the open market, 90 billion yuan of MLF will mature, and government bond payments may reach 20 - 30 billion yuan. The central bank is likely to increase reverse repurchase and renew MLF in time, but the money interest rate may fluctuate at the end of the month [5]. - Overseas, the trading of the US interest - rate cut expectation has changed. The expectation of a December interest - rate cut has declined. After adjustment, there may still be trading opportunities [5]. - The bond market adjusted last week, especially the 30 - year variety. The short - term bond market is in a box - shock stage. The driving factors that may break the shock in the future include the implementation of the redemption fee new rule, the announcement of the central bank's bond - buying scale at the end of the month, and the release of November economic data. Unilateral strategies suggest range operation, and short - position investors can speed up the position - shifting pace next week [5]. 3. Summary According to the Table of Contents 3.1. Treasury Bond Futures Market - **Price Changes**: Last week, the 30 - year treasury bond futures main contract 2512 changed - 0.51% to 115.57, the 10 - year main contract 2512 changed 0.01% to 108.43, the 5 - year 2512 changed - 0.02% to 105.86, and the 2 - year 2512 changed 0.01% to 102.46 [19]. - **Trading Volume and Open Interest**: Last week, the trading volume of each variety significantly recovered, and the progress of position - shifting and contract - changing accelerated. The open interest of each variety decreased. For example, the 30 - year treasury bond futures had 176,275 open interests, a change of - 3026 hands compared with last week [26]. - **Basis and Implied Spread**: As of November 21, the basis of TL2512, T2512, TF2512, and TS2512 were 0.14, 0.08, 0.02, 0.00 respectively, with corresponding changes of 0, - 0.03, 0.01, 0 compared with last week. The implied spreads were 0.33BP, 0.27BP, 0.89BP, 0.09BP respectively, with corresponding changes of 0.1BP, - 0.25BP, 0.58BP, 0.12BP compared with last week [30]. - **Inter - period Spread**: The inter - period spreads of TL, T, TF, TS contracts 2512 - 2603 were 0.2, 0.19, - 0.05, 0.05 respectively, with corresponding changes of - 0.03, - 0.04, - 0.05, - 0.01 compared with last week. The inter - period spreads are expected to narrow, and it is recommended that long - position investors shift positions earlier and short - position investors later [34]. - **Cross - variety Spread**: The inter - period spreads of varieties within 10 years mostly narrowed last week, while the spreads between the 30 - year variety and the short - end widened, showing a differentiated feature [48]. 3.2. Macroeconomic Fundamental Tracking - **October PMI**: Slightly lower than expected. The manufacturing PMI was 49.0, a decrease of 0.8 points month - on - month. The decline was slightly larger than the seasonal average. The construction industry PMI fell 0.2 percentage points to 49.1%, but the new order and business activity expectation indexes rebounded. The service industry PMI rose 0.1 percentage points to 50.2% [52][60][64]. - **October Inflation Data**: Continued to improve, slightly higher than expected. CPI turned positive year - on - year, rising 0.5 percentage points to 0.2%. PPI was - 2.1% year - on - year, with the decline narrowing by 0.2% [72]. - **October Financial Data**: Weaker than expected. The new social financing scale was 81.5 billion yuan, a year - on - year decrease of 59.7 billion yuan. The new loan scale was - 2.01 billion yuan, a year - on - year decline of 31.66 billion yuan [78]. - **October Export**: The year - on - year growth was - 1.1%, lower than the cumulative year - on - year of the first three quarters (6.1%) and the third - quarter year - on - year (6.6%). Exports to most regions slowed down, and the export of labor - intensive consumer goods declined [79][83]. - **October Industrial Added Value**: Declined. The month - on - month seasonally adjusted was 0.17%, significantly lower than the previous value of 0.65%. The production of some products decreased, and the reasons may include the transfer of export decline, the limited impact of policy - based financial instruments on construction products, and the negative impact of "anti - involution" on new energy products [90][96]. - **October Consumption**: Most categories improved, but the growth rate of high - base durable goods declined. The retail sales of consumer goods excluding automobiles increased 4.0% year - on - year, higher than the previous value of 3.2% [99]. - **October Fixed - Asset Investment**: Remained weak. The decline expanded, with the cumulative year - on - year changing from - 0.5% to - 1.7%, and the corresponding month - on - year was - 11.2% [111]. - **Consumption High - frequency Data**: Real - estate sales declined year - on - year, and automobile sales growth slowed down. Metro passenger volume and domestic flight numbers showed different trends [112]. - **Export High - frequency Data**: Although the export growth rate declined, it was resilient. The export container freight rate index rebounded in November, and the port throughput increased year - on - year [121][135]. 3.3. Policy - related Tracking - **15th Five - Year Plan Suggestions vs. 14th Five - Year Plan Suggestions**: The 15th Five - Year Plan pays more attention to total demand issues, emphasizes scientific and technological self - reliance, and has more specific goals in promoting consumption. It also has new requirements in industrial development, scientific and technological innovation, expanding domestic demand, system reform, opening - up, green development, and people's livelihood protection [145][146][147]. - **Recent Policy Meetings and Measures**: The State Council has made arrangements for the "two new" policies, and relevant departments have issued policies such as promoting urban high - quality development, increasing special bond issuance, and accelerating the investment of policy - based financial instruments [149]. - **Central Bank's Bond - trading Operations**: The central bank will resume open - market treasury bond trading operations. The net investment of various monetary policy tools in the current period shows different situations [150][151]. - **Trade War Progress**: Since 2025, the trade war and tariff game have intensified. The United States has continuously increased tariffs on Chinese imports, and China has carried out counter - measures. There was a brief easing in May, but the US tariff policy has encountered domestic resistance [154][156].

Core Points - The euro has shown a slight increase against the dollar, trading around 1.1520 after hitting a two-week low of 1.1490 [1] - The dollar index has retreated from multi-week highs, influenced by dovish comments from New York Fed President John Williams, leading to expectations of further easing in monetary policy by the Fed [2] - Recent macroeconomic data indicates a divergence in economic performance between the US and the Eurozone, with positive indicators in the US contrasting with weaker manufacturing activity in the Eurozone [3] - Market focus has shifted to upcoming economic data and policy signals from the Eurozone, particularly the German IFO Business Climate Index and comments from ECB President Christine Lagarde [4] - Technical analysis suggests the euro/dollar pair is in a short-term downtrend, facing resistance around 1.1550 and support at the psychological level of 1.1500 [6]

Report Summary Core Viewpoints - The report provides a forward - looking analysis of key events and data releases in the current week, including economic data from the US and China, central bank operations, and new product listings in the futures market. It also analyzes the potential impact of these events on various futures prices [2]. Key Events and Data by Date November 24 - The National Bureau of Statistics will release the market prices of important production materials in the circulation field in mid - November, covering 9 categories and 50 products [3]. November 25 - 900 billion yuan of MLF is due, and the central bank is expected to conduct incremental roll - over operations [4]. - The US Department of Labor will announce the September PPI, with an expected annual rate of 2.7% and a previous value of 2.6%; the expected annual rate of core PPI is 2.7%, and the previous value is 2.8% [5]. - The US Department of Commerce will announce US September retail sales, with an August monthly rate of 0.63% and an annual rate of 5.00% [7]. - The US Conference Board will announce the November consumer confidence index, with an expected value of 93.3 and a previous value of 94.6. A lower value may boost gold and silver futures prices but suppress non - ferrous metals, crude oil, and related commodity futures prices [8]. November 26 - The US Department of Labor will announce the number of initial jobless claims for the week ending November 22, with an expected value of 215,000 and a previous value of 220,000. A slightly lower value may slightly boost industrial product futures (except gold and silver) but suppress gold and silver futures [9]. - The US Department of Commerce will announce the preliminary monthly rate of durable goods orders in October, with an expected value of 0.2% and a previous value of 2.9%. A lower value may suppress non - ferrous metals, crude oil, and related commodity futures prices but boost gold and silver futures prices [10]. - The US Department of Commerce will announce the September PCE price index. The expected annual rate of PCE price index is 2.7%, the previous value is 2.7%; the expected annual rate of core PCE price index is 2.9%, the previous value is 2.9%; the expected monthly rate of PCE core price index is 0.3%, and the previous value is 0.2%. Slight changes may strengthen the market's expectation of a 25 - basis - point interest rate cut by the Fed in November [11]. - The US Department of Commerce will announce the revised value of the third - quarter GDP. The expected annualized quarterly rate of real GDP is 3.0%, the initial value is 3.8%, and the final value of the second - quarter annualized quarterly rate is 3.0% [12]. - The US Department of Commerce will announce October new home sales. The expected annualized total of seasonally - adjusted new home sales is 700,000 units, the previous value is 800,000 units; the expected monthly rate is - 11.5%, and the previous value is 20.5%. A significantly lower value may suppress non - ferrous metals futures prices but boost gold and silver futures prices [13]. - The US EIA will announce the change in EIA crude oil inventories for the week ending November 21. A continued decline may boost crude oil and related commodity futures prices [15]. November 27 - The Fed will release the Beige Book of Economic Conditions. Attention should be paid to its content and impact on related futures prices [16]. - Platinum and palladium futures contracts will be listed on the Guangzhou Futures Exchange. Platinum and palladium option contracts will be listed on November 28. These listings will enrich the futures market product system in China [17][18]. - The National Bureau of Statistics will announce the profits of industrial enterprises above designated size in October. The profit of these enterprises increased by 21.6% in September [19]. November 30 - The National Bureau of Statistics and the China Federation of Logistics and Purchasing will announce China's official manufacturing PMI and non - manufacturing PMI for November. The expected manufacturing PMI is 48.8, the previous value is 49.0; the expected non - manufacturing PMI is 50.0, the previous value is 50.1. Slightly lower values may slightly suppress commodity futures (mainly industrial product futures) and stock index futures but boost treasury bond futures [20]. - The 40th OPEC and non - OPEC Ministerial Meeting, the 63rd OPEC+ Ministerial Monitoring Committee (JMMC) Meeting, and the monthly meeting of eight OPEC+ member countries will be held. Attention should be paid to the meeting results and their impact on crude oil and related commodity futures prices [22].

Energy Production in October 2025 - In October, the production of raw coal remained high, with an output of 410 million tons, a year-on-year decrease of 2.3%. The average daily output was 13.12 million tons [7] - Crude oil production increased to 18 million tons, a year-on-year growth of 1.3%, with a daily average of 581,000 tons [7] - Natural gas production was 22.1 billion cubic meters, showing a year-on-year increase of 5.9%, with a daily average of 710 million cubic meters [7] - Electricity production saw a significant increase, reaching 800.2 billion kilowatt-hours, a year-on-year growth of 7.9% [7][8] Social Consumer Goods Retail - The total retail sales of consumer goods in October reached 462.91 billion yuan, growing by 2.9% year-on-year. Excluding automobiles, the retail sales amounted to 420.36 billion yuan, with a growth of 4.0% [10] - Online retail sales from January to October totaled 1.279 trillion yuan, a year-on-year increase of 9.6%, with physical goods online retail sales at 1.03984 trillion yuan, growing by 6.3% [11] Fixed Asset Investment - From January to October, fixed asset investment (excluding rural households) was 4.08914 trillion yuan, a year-on-year decrease of 1.7%. In October alone, the investment dropped by 1.62% [13] - Investment in the primary industry was 80.75 billion yuan, increasing by 2.9%, while the secondary industry saw an investment of 1.48411 trillion yuan, growing by 4.8% [14] - The tertiary industry experienced a decline in investment by 5.3%, with infrastructure investment (excluding power, heat, gas, and water production and supply) decreasing by 0.1% [15] Industrial Value Added - The industrial value added for October showed a year-on-year growth of 4.9%, with a month-on-month increase of 0.17% [18] - The mining industry increased by 4.5%, manufacturing by 4.9%, and electricity, heat, gas, and water production and supply by 5.4% [19] - Among 41 major industries, 29 reported a year-on-year increase in value added, with notable growth in coal mining (6.5%) and automotive manufacturing (16.8%) [20][21]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - Through macro - fundamental and technical analysis, the report predicts the trend of various futures contracts on November 18, 2025, including the weak - side shock of stock index futures, the wide - range shock of ten - year and thirty - year treasury bond futures, the weak - side shock of precious metal and base metal futures, and the strong - side shock of some energy and agricultural product futures [2][3]. - The report also provides macro - economic information and recent price trends of related commodities, which may have an impact on futures prices [8][10]. Summary by Relevant Catalogs Futures Market Outlook - **Stock Index Futures**: IF2512, IH2512, IC2512, and IM2512 are expected to have a weak - side shock on November 18, 2025, with specific resistance and support levels provided [2]. - **Treasury Bond Futures**: The ten - year T2512 and thirty - year TL2512 are expected to have a wide - range shock on November 18, 2025, with corresponding resistance and support levels [2]. - **Precious Metal Futures**: Gold (AU2512) and silver (AG2602) futures are expected to have a weak - side shock on November 18, 2025, and will test support levels [2][3]. - **Base Metal Futures**: Copper (CU2512), aluminum (AL2601), alumina (AO2601), and others are expected to have a weak - side shock on November 18, 2025, with support and resistance levels given [2][3]. - **Energy Futures**: Crude oil (SC2601) and fuel oil (FU2601) are expected to have a strong - side shock on November 18, 2025, and will attack resistance levels [3][5]. - **Agricultural Product Futures**: PTA (TA601), natural rubber (RU2601), and bean meal (M2601) are expected to have a strong - side shock on November 18, 2025, while PVC (V2601) and methanol (MA601) are expected to have a weak - side shock [3][7]. Macro - Information and Trading Tips - China - Germany high - level financial and economic dialogue promotes financial infrastructure connectivity [8]. - China protests against Japan's wrong remarks on Taiwan, and Premier Li Qiang has no arrangement to meet Japanese leaders during the G20 Summit [8]. - From January to October this year, China's national fiscal revenue was 18.65 trillion yuan, a year - on - year increase of 0.8%, and fiscal expenditure was 22.58 trillion yuan, a year - on - year increase of 2% [8]. - In October, the bank settlement and sales surplus was 177 billion US dollars, and cross - border capital inflows increased [9]. - China conducts a final review of anti - dumping and counter -vailing measures on imported n - propanol from the US [9]. - Fed officials have different views on interest rate cuts and economic trends [9]. - Japan's Q3 GDP contracted by 0.4% quarter - on - quarter, and the eurozone economy is expected to expand faster [10]. Commodity Futures Information - On November 17, most lithium carbonate futures contracts hit the daily limit, and the price may break through 150,000 - 200,000 yuan/ton in 2026 if demand grows strongly [10]. - On November 17, international precious metal futures generally fell, and oil futures also declined, with institutions predicting lower oil prices in 2026 [11][12]. - Indonesia plans to impose an export tax on gold products, and India signs a long - term LPG purchase contract with the US [13]. Futures Market Analysis and Outlook - **Stock Index Futures**: On November 17, most stock index futures contracts showed a downward trend, with increased short - term downward pressure [15][16]. - **Treasury Bond Futures**: On November 17, treasury bond futures closed higher, and the ten - year and thirty - year contracts are expected to have a wide - range shock on November 18 [36][40]. - **Precious Metal Futures**: On November 17, gold and silver futures contracts declined, with increased short - term downward pressure, but are expected to have a strong - side wide - range shock in November [43][49]. - **Base Metal Futures**: On November 17, copper, aluminum, and other base metal futures contracts showed a downward trend, with increased short - term downward pressure, and are expected to have a weak - side shock on November 18 [53][58]. - **Lithium Carbonate Futures**: On November 17, the lithium carbonate futures contract LC2601 hit the daily limit, and is expected to have a strong - side shock in November [65][66]. - **Building Material Futures**: On November 17, glass and soda ash futures contracts showed a downward trend, and are expected to have a weak - side shock in November [89][93]. - **Energy Futures**: On November 17, crude oil and fuel oil futures contracts showed a downward trend, and are expected to have a strong - side shock on November 18 [98][103]. - **Agricultural Product Futures**: On November 17, PTA, PVC, and methanol futures contracts showed a downward trend, while natural rubber and bean meal futures contracts showed an upward trend, and their trends on November 18 are predicted accordingly [104][111].