1. Report Industry Investment Ratings - Copper: ★☆☆ [1] - Aluminum: ★☆☆ [1] - Alumina: ☆☆☆ [1] - Cast Aluminum Alloy: ★☆☆ [1] - Zinc: ★☆☆ [1] - Nickel and Stainless Steel: ★☆☆ [1] - Tin: ★☆☆ [1] - Lithium Carbonate: ★★★ [1] - Industrial Silicon: ★★★ [1] - Polysilicon: ☆☆☆ [1] 2. Core Views of the Report - The overall non - ferrous metals market is in a state of adjustment, with many varieties showing a pattern of reduced positions and price fluctuations. The market is affected by multiple factors such as macro - economic data, policy expectations, and supply - demand fundamentals [2][3][4] - Different non - ferrous metal varieties have different price trends and influencing factors, and investment opportunities and risks vary [1][2][3] 3. Summary by Related Catalogs Copper - Shanghai copper reduced positions and declined, testing the MA40 moving average again in the short - term. The domestic refined copper was reported at 85,815 yuan, and the premiums in Shanghai and Guangdong slightly increased. Technically, LME copper temporarily fell below the 40 - day moving average, with potential support at the MA60 moving average. Short - positions should adjust the stop - loss level to 86,500 yuan [2] Aluminum & Alumina & Aluminum Alloy - Shanghai aluminum oscillated weakly, and the spot discounts in East China, Central China, and South China slightly narrowed. The short - term fundamentals of the aluminum market are average, with poor inventory accumulation feedback, and the adjustment may continue. The price of cast aluminum alloy follows the aluminum price, and the price difference with AL may narrow. Alumina has a high operating capacity, with rising inventory and supply surplus. Before large - scale production cuts, alumina will operate weakly [3][6] Zinc - Affected by the divergence of US non - farm payrolls and unemployment rate data and the unclear prospect of the Fed's December interest rate cut, the long - position funds in the non - ferrous sector continued to reduce positions. Shanghai zinc, as a low - valued variety, was more resistant to decline than Shanghai aluminum. There is still a profit opportunity for cross - market reverse arbitrage on the disk, and it is expected to oscillate in the range of 22,000 - 23,000 yuan/ton [4] Nickel and Stainless Steel - Shanghai nickel hit a new low recently, and the market trading activity increased. The support from the rebound of upstream prices is weakening, which may drag down the price level of the nickel industry chain. Nickel inventory increased, and the nickel price is running weakly with a downward - trending center of gravity [7] Tin - Shanghai tin reduced positions and declined. In October, the import of domestic tin concentrates increased significantly month - on - month. The long - term short - positions should hold with a stop - loss level of 295,000 yuan [8] Lithium Carbonate - Lithium carbonate once hit the daily limit down. The market is worried about systemic risks due to the overnight plunge of overseas US stocks, and the futures price is oscillating at a high level. Risk control should be the top priority [9] Industrial Silicon - The industrial silicon futures continued to decline with reduced positions. The spot prices of industrial silicon and silicone remained unchanged. The impact of the expected reduction in silicone demand on the supply - demand pattern of industrial silicon is relatively limited. It is expected to oscillate in the short - term, and attention should be paid to the price dynamics of silicone [10] Polysilicon - The polysilicon futures opened lower and then oscillated higher. The prices of silicon wafers and battery cells are weakening. The supply - demand improvement of polysilicon is limited, and the short - term futures price is affected by the "anti - involution" sentiment and maintains an oscillating pattern [11]

Report Industry Investment Ratings - **Macrofinance**: Index futures are recommended for long - term bullishness with a strategy of buying on dips; treasury bonds are expected to trade sideways [1][5] - **Black Building Materials**: Coking coal and rebar are advised for range trading; glass is recommended to sell call options [1][7][9] - **Non - ferrous Metals**: Copper is for range short - term trading; aluminum is for long - position reduction; nickel is for waiting and watching or shorting on rallies; tin, gold, and silver are for range trading; lithium carbonate is expected to be in a relatively strong sideways trend [1][11][17][19] - **Energy and Chemicals**: PVC, caustic soda, styrene, rubber, urea, methanol, and polyolefins are expected to trade sideways; soda ash 01 contract bears are advised to exit and wait and watch [1][20][23][32] - **Cotton Textile Industry Chain**: Cotton and cotton yarn are expected to trade sideways; PTA is in a low - level sideways trend; apples are expected to be in a slightly strong sideways trend; red dates are expected to be in a slightly weak sideways trend [1][35][37] - **Agriculture and Animal Husbandry**: Pigs are under pressure for rebound; eggs have limited upside potential; corn is in a bottom - building sideways trend; soybean meal is in a range - bound trend; oils and fats are in a weak adjustment [1][40][43][44] Core Views The report provides investment strategies and market outlooks for various futures products based on their fundamentals, macroeconomic factors, and supply - demand relationships. It analyzes factors such as economic data, policy expectations, production, consumption, and inventory levels to predict price trends and gives corresponding trading suggestions [1][5][7] Summary by Directory Macrofinance - **Index Futures**: They are expected to trade sideways in the short - term and are long - term bullish. With market hotspots rotating quickly and no clear main line, factors like US employment data and policy expectations affect the market. A strategy of buying on dips is recommended [5] - **Treasury Bonds**: They are expected to trade sideways. After previous trading operations, the most fluent phase of yield decline has ended, and the market is in a range - bound pattern. Short - term trading is influenced by news, economic data, and policy expectations, while long - term trading awaits signals from the Central Economic Work Conference [5] Black Building Materials - **Coking Coal**: It is in a sideways trend. The coal market is experiencing price cuts, weak demand, and high inventory, with low purchasing willingness from various parties [7][8] - **Rebar**: It is expected to trade sideways. The futures price has fallen below certain cost levels, and in the short - term, there is no major supply - demand contradiction, with steel prices likely to be in a low - level sideways trend [8] - **Glass**: It is recommended to sell call options. The main contract's position has reached a new high, and the market is weak due to factors such as unchanged supply, slowdown in restocking, and weakening demand. There is a risk of further demand decline and delivery pressure in the near - term [9][10] Non - ferrous Metals - **Copper**: It is in a high - level sideways trend. Market sentiment has turned cautious, and factors such as US government policies, economic data, and supply - demand fundamentals affect the price. Although there is long - term potential, short - term risks exist, and range trading or waiting and watching is advised [11] - **Aluminum**: It is expected to trade sideways. Alumina production has some fluctuations, and electrolytic aluminum supply and demand are balanced. With the approach of the off - season and other factors, the price is likely to be range - bound [12] - **Nickel**: It is recommended to wait and watch or short on rallies. Indonesia's policy adjustment may affect supply, and there is an overall surplus in the nickel market, with different trends in various nickel products [16] - **Tin**: It is for cautious range trading. Supply is expected to improve, and demand is weak, but low overseas inventory provides some support [17] - **Silver and Gold**: They are expected to trade sideways. The US government's policy and Fed's interest - rate expectations affect the prices, and there is support from interest - rate cut expectations and risk - aversion demand [19] - **Lithium Carbonate**: It is expected to be in a relatively strong sideways trend. Supply and demand are in a tight balance, and downstream demand is strong. Attention should be paid to the progress of mine certificates in Yichun and downstream production schedules [20] Energy and Chemicals - **PVC**: It is expected to trade sideways with a weakening trend. High supply, weak demand, and uncertain exports are the main factors, and attention should be paid to cost, policy, and inventory changes [20] - **Caustic Soda**: It is expected to trade sideways with a weakening trend. High inventory in the alumina industry exerts pressure on the caustic soda spot market, and attention should be paid to the verification of production - reduction expectations [23] - **Styrene**: It is expected to trade sideways. Cost, supply, and demand factors lead to a balanced market, and attention should be paid to factors such as oil prices and production schedules [24][25] - **Rubber**: It is expected to trade sideways, with support at the 15000 level. Cost support and inventory pressure coexist, and the tire industry's production capacity utilization rate has some fluctuations [26] - **Urea**: It is expected to trade sideways. High supply, increasing demand in some sectors, and high inventory limit the upward potential of prices [28] - **Methanol**: It is expected to trade sideways. Supply is increasing, demand is weakening, and inventory is accumulating. Attention should be paid to factors such as macro - level changes and production schedules [29] - **Polyolefins**: PE is expected to trade in a range, and PP is expected to trade sideways with a weakening trend. Cost compression, increasing supply, and weakening demand lead to a potential expansion of the supply - demand gap [30][31] - **Soda Ash**: 01 contract bears are advised to exit and wait and watch. Supply is expected to contract, and cost support is strong, with limited downward space for the price [34][35] Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: They are expected to trade sideways. Global supply - demand data is relatively loose, and downstream consumption is weak [35] - **PTA**: It is in a low - level sideways trend. Supply is accumulating, demand is weak, and the price is affected by factors such as oil prices and cost [35][37] - **Apples**: They are expected to be in a slightly strong sideways trend. With a decline in both production and quality, prices are likely to remain strong [37] - **Red Dates**: They are expected to trade sideways with a weakening trend. The acquisition progress is accelerating, and prices are slightly loosening [38] Agriculture and Animal Husbandry - **Pigs**: They are under pressure for rebound. Short - term price fluctuations are affected by factors such as secondary fattening and demand, and long - term supply remains high [40] - **Eggs**: They have limited upside potential. Supply is sufficient in the short - term, and demand is stable. In the long - term, supply pressure may gradually ease [43] - **Corn**: It is in a bottom - building sideways trend. Short - term price is affected by new - grain listing, and long - term supply - demand is relatively balanced with some pressure on the upside [44][45] - **Soybean Meal**: It is in a range - bound trend. US soybean supply - demand and domestic buying and selling affect the price, and range trading or basis pricing is recommended [45] - **Oils and Fats**: They are in a weak adjustment. Different oils have different supply - demand situations, and short - term adjustment risks exist, with long - term potential for wide - range fluctuations [46][51]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - For industrial silicon, the spot price has a slight increase, and after the production reduction in Southwest China during the dry - season, the supply - demand pattern may improve, and inventory accumulation slows down. The industrial silicon futures are mainly affected by the overall commodity sentiment and policy news. If there are policies pushing for capacity exit, the futures price may rise. - For polysilicon, both supply and demand have weakened, with large inventory pressure and average consumption performance. The futures price is affected by anti - involution policies and weak reality, and it is expected to fluctuate mainly [2][7]. 3. Summary by Topic Industrial Silicon - **Futures Market**: On November 20, 2025, the industrial silicon futures price dropped. The main contract 2601 opened at 9365 yuan/ton and closed at 9075 yuan/ton, a change of - 2.37% from the previous settlement. The 2511 main contract held 273978 positions, and the number of warehouse receipts was 43297, a decrease of 115 from the previous day [1]. - **Spot Market**: The industrial silicon spot price increased. The price of East China oxygen - passing 553 silicon was 9500 - 9600 yuan/ton, 421 silicon was 9700 - 9900 yuan/ton, Xinjiang oxygen - passing 553 silicon was 8900 - 9100 yuan/ton, and 99 silicon was 8900 - 9100 yuan/ton [1]. - **Inventory**: As of November 20, the total social inventory of industrial silicon in major areas was 54.8 tons, an increase of 0.2 tons from last week. The social general warehouse inventory was 12.9 tons, an increase of 0.2 tons, and the social delivery warehouse inventory was 41.9 tons, unchanged from last week [1]. - **Export and Import**: In October 2025, the export volume of industrial silicon was 4.51 tons, a sharp decrease of 36% month - on - month and 31% year - on - year. From January to October 2025, the cumulative export volume was 60.67 tons, a decrease of 1% year - on - year. The cumulative import volume from January to October 2025 was 0.86 tons, a decrease of 67% year - on - year [2]. - **Consumption**: The price of silicone DMC continued to rise, with the current market quotation ranging from 13000 to 13200 yuan/ton, an increase of about 850 yuan/ton or 6.9% from last week's average price. In October 2025, the export volume of primary polysiloxanes from China was 4.1 tons, a decrease of 13.5% month - on - month and 5.7% year - on - year [2]. - **Strategy**: Short - term range operation, and for dry - season contracts, buy on dips [2]. Polysilicon - **Futures Market**: On November 20, 2025, the main polysilicon futures contract 2601 fluctuated weakly. It opened at 54500 yuan/ton and closed at 52450 yuan/ton, a decrease of 2.33% from the previous trading day. The main contract held 134292 positions, and the trading volume was 304835 [5]. - **Spot Market**: The polysilicon spot price weakened slightly. The price of N - type material was 49.70 - 54.90 yuan/kg, and n - type granular silicon was 50.00 - 51.00 yuan/kg [5]. - **Inventory and Production**: Polysilicon factory inventory and silicon wafer inventory increased. The latest polysilicon inventory was 27.10, a change of 1.50% month - on - month, and the silicon wafer inventory was 18.72GW, a change of 1.63% month - on - month. The weekly polysilicon production was 27100.00 tons, a change of 1.11% month - on - month, and the silicon wafer production was 12.78GW, a change of - 2.59% month - on - month [5]. - **Silicon Wafer, Battery, and Component Prices**: Silicon wafer prices fell due to poor order demand. The price of domestic N - type 18Xmm silicon wafers was 1.26 yuan/piece, N - type 210mm was 1.60 yuan/piece, and N - type 210R silicon wafers was 1.27 yuan/piece. The prices of various types of battery cells and components remained stable [5][6]. - **Strategy**: Short - term range operation, and the main contract is expected to fluctuate between 48,000 and 55,000 yuan/ton [7].

Market Overview - On November 20, A-shares experienced significant fluctuations, with the Shanghai Composite Index closing down by 0.4%, the Shenzhen Component Index down by 0.76%, and the ChiNext Index down by 1.12% [1][2] - The total market turnover exceeded 1.7 trillion yuan, with over 3,800 stocks declining [2] Stock Performance - The banking sector showed resilience, with China Bank and Industrial and Commercial Bank reaching new highs [2] - The Hainan Free Trade Zone sector surged, with Hainan Haiyao hitting the daily limit [2] - The lithium extraction sector also saw gains, with companies like Beijiete and Zhengguang shares hitting the daily limit of 20% [2] - Conversely, sectors such as coal, prepared dishes, dairy, and organic silicon experienced declines [2] Company Specifics - Heff China resumed trading and hit the daily limit, closing at 26.18 yuan per share after a significant rise of 291.92% over 15 trading days prior to November 17 [3][5] - Heff China's main business includes AI-assisted clinical diagnosis systems, remote medical services, and management of medical resources [5] - The stock of Heff China was suspended for trading due to abnormal fluctuations, but no additional favorable information was disclosed upon resumption [5] Notable Stock Movements - The stock of Renmin Tongtai faced a consecutive drop, hitting the limit down after a previous six-day surge of 88.71% [6][8] - ST Lvkang also experienced a "heaven and earth board" phenomenon, with significant volatility following a nine-day rise [8] - Jiumuwang exhibited extreme volatility, opening at the limit up, then hitting the limit down, before recovering to the limit up again, with a cumulative increase of 99.46% in November [10][12]

Report Industry Investment Ratings - **Bullish**: Index futures (medium to long - term) [1][4] - **Bearish**: Glass (sell call options),红枣 (oscillate weakly),生猪 (rebound under pressure),鸡蛋 (rise limited),玉米 (weakly oscillate),油脂 (rebound limited) [1][7][36][38][40][42][45] - **Neutral**: Treasury bonds,焦煤,螺纹钢,铜,铝,镍,锡,黄金,白银,PVC,烧碱,苯乙烯,橡胶,尿素,甲醇,聚烯烃,棉花 and棉纱,PTA,苹果 [1][4][6][9][10][15][16][17][18][26][34] Core Views - The market shows diversified trends across different sectors. In the macro - financial area, index futures are expected to rise in the long - run but may oscillate in the short - term, while treasury bonds will likely move in a range. In the black building materials sector, products like coking coal and rebar are in a state of oscillation. The non - ferrous metals market is generally neutral with different metals having their own influencing factors. The energy and chemical industry is mostly in a state of oscillation or weak oscillation. The cotton - spinning and agricultural livestock sectors also present various trends based on supply - demand and seasonal factors [1][4][6][9][18][34][38] Summary by Categories Macro - financial - **Index Futures**: Medium to long - term bullish, recommended to buy on dips. The market is currently oscillating with rapid rotation of hotspots and an unclear main line. The general public budget revenue and expenditure data have certain impacts on the market [4] - **Treasury Bonds**: Expected to oscillate. The third - quarter monetary policy report indicates a limited possibility of using total - volume monetary policy tools this year, and the market is in a wait - and - see and oscillating pattern [4][5] Black Building Materials - **Coking Coal**: Suggested for range trading. The coal market is experiencing price cuts, weak demand, and high inventory [6] - **Rebar**: Expected to oscillate. The price is at a low level with low static valuation, and the short - term steel price will mainly oscillate at a low level due to factors such as weakening demand and potential steel mill production cuts [6][7] - **Glass**: Recommended to sell call options. The market is weak with high inventory and weakening demand, and the technical indicators show a bearish trend [7] Non - ferrous Metals - **Copper**: Expected to oscillate at a high level. The market is influenced by factors such as US government policies, Fed policy expectations, and copper supply - demand fundamentals. It is recommended to observe or conduct light - position range trading [9][10] - **Aluminum**: The market is neutral and oscillating at a high level. The price is affected by factors such as bauxite prices, alumina production capacity, and downstream demand. It is recommended to strengthen observation [9][10][11] - **Nickel**: The market is neutral and oscillating. The new RKAB policy in Indonesia brings uncertainty to the supply, and it is recommended to observe or short on rallies [15] - **Tin**: The market is neutral and oscillating. The supply is expected to improve, and the downstream demand is weak. It is recommended for cautious range trading [16] - **Gold and Silver**: Both are expected to oscillate. The prices are affected by factors such as US government policies, Fed policy expectations, and economic data. It is recommended for cautious range trading [16][17] Energy and Chemical - **PVC**: Expected to oscillate weakly. The market is affected by factors such as cost, supply, demand, and macro - policies [18][19][20] - **Caustic Soda**: Expected to oscillate weakly. The market is influenced by factors such as alumina production and inventory, and chlorine price [20][21] - **Styrene**: Expected to oscillate weakly. The market is affected by factors such as oil prices, pure benzene supply, and macro - data [21][22][23] - **Rubber**: Expected to oscillate. The supply is affected by weather, and the demand is related to tire production. It is recommended to observe the 15000 support level [23][24][25] - **Urea**: Expected to oscillate. The market is affected by factors such as supply, cost, and demand [26][27] - **Methanol**: Expected to oscillate. The market is influenced by factors such as supply, demand, and coal prices [26][27] - **Polyolefins**: Expected to oscillate weakly. The market is affected by factors such as supply, demand, and cost [28][29] - **Soda Ash**: It is recommended for 01 - contract short - position holders to exit and observe. The supply is expected to shrink, and the cost support is strong [30][31][33] Cotton - spinning - **Cotton and Cotton Yarn**: Expected to oscillate. The global cotton supply - demand data is relatively loose, and the downstream consumption is weak [34] - **PTA**: Expected to oscillate at a low level. The market is affected by factors such as oil prices, supply - demand, and inventory [34][35] - **Apples**: Expected to oscillate strongly. The production and quality of apples have declined, and the price is expected to remain strong [35] - **Jujubes**: Expected to oscillate weakly. The acquisition progress is accelerating, and the price is slightly loosening [36] Agricultural Livestock - **Hogs**: The price is under pressure. The short - term price is in a narrow - range consolidation, and the medium - to long - term price is affected by factors such as supply and demand, and production capacity reduction [38][39] - **Eggs**: The price increase is limited. The short - term supply is sufficient, and the long - term supply pressure needs time to ease [40][41] - **Corn**: Expected to build a bottom through oscillation. The short - term price is supported by the slowdown of new - grain listing, and the medium - to long - term price is affected by factors such as supply and demand, and cost [42][43] - **Soybean Meal**: Expected to oscillate within a range. The domestic and international soybean markets are affected by factors such as supply and demand, and price differentials [44][45] - **Oils and Fats**: The rebound is limited. The short - term price is in a low - level oscillation, and the long - term price is affected by factors such as policies and weather [45][47][49][50][51]

Group 1: Economic Overview - The Hong Kong stock market showed weakness in November, with the Hang Seng Index falling by 1.85%, the Hang Seng China Enterprises Index down by 2.09%, and the Hang Seng Tech Index decreasing by 2.82% [2] - In October, China's industrial production maintained growth, with a year-on-year increase of 4.9% and a month-on-month increase of 0.17%. The equipment manufacturing and high-tech manufacturing sectors performed particularly well, growing by 8.0% and 7.2% respectively [3][4] - The retail sales of consumer goods increased by 2.9% year-on-year, while fixed asset investment decreased by 1.7%, primarily due to a decline in real estate investment [4] Group 2: Company Analysis - Shoujia Technology - Shoujia Technology, established in 1991 and listed in Hong Kong in 1992, is a leading producer of steel wire for tires in China, with plans to expand its production capacity to over 300,000 tons [6] - The company is entering the new market of robotic tendons, leveraging its existing production technology for steel wire. It has initiated a joint research and development project with Stardust Intelligent [6] - Financial forecasts indicate that Shoujia Technology's revenue will reach HKD 2.42 billion, HKD 2.58 billion, and HKD 2.79 billion from 2025 to 2027, with net profit expected to grow significantly [7] Group 3: Investment Recommendation - Shoujia Technology is recognized as a leading player in the steel wire industry with strong shareholder backing and unique capabilities in transitioning to robotic tendon production [7] - A comparison with A-share company Daye Co., which has a projected PE ratio of 45.3, shows Shoujia Technology's PE at 32.1, indicating potential undervaluation [7] - The estimated market value of Shoujia Technology is HKD 2.61 billion, suggesting a target share price of HKD 4.9, with a recommended buy rating [7]

Group 1 - Public funds have increased their positions in TMT, electric equipment, and non-ferrous metals, indicating a potential new "hugging" trend in the market [1] - The current market is experiencing fluctuations, and while there are concerns about the collapse of this "hugging" trend, there are still opportunities in specific sectors [1] - The long-term prospects for AI are generally viewed positively, although there are concerns regarding computing power [1] Group 2 - In the renewable energy sector, energy storage and solid-state batteries are identified as new growth points, with solar and wind power also presenting opportunities [1] - Non-ferrous metals are favored due to risk aversion, and recent performance in energy storage and solid-state batteries has been strong, leading to rapid growth in related ETFs [1] - Alibaba's launch of the "Qianwen" project has boosted the Hang Seng Technology Index, resulting in an increase in the scale of the Hang Seng Technology ETF [1]

Market Overview - The market has rebounded from previous adjustments, with a significant increase in both price and volume, leading to a trading volume exceeding 2 trillion yuan. The Shanghai Composite Index reached a new 10-year high, while the ChiNext Index regained all short- and medium-term moving averages [1] - Nearly 4,000 stocks experienced gains, with around 120 stocks rising over 10%, marking a recent peak in performance. The micro-cap stock index also hit a historical high, indicating strong profitability in the small-cap sector [1] Index Performance - At market close, the Shanghai Composite Index rose by 0.73%, the Shenzhen Component Index increased by 1.78%, and the ChiNext Index surged by 2.55% [1] Sector Performance - The top-performing sectors included lithium batteries, organic silicon, and free trade zone concepts, with notable increases in their respective stock performances compared to previous weeks [3] - Lithium battery stocks led the gains with 45 stocks performing well, followed by consumer goods and diamond cultivation sectors [3]

Market Overview - The Hong Kong stock market opened lower after three consecutive days of gains, with the Hang Seng Index at 26,779.48 points, down 143.25 points, a decline of 0.53% [1] - The Hang Seng Technology Index reported a decrease of 48.77 points, down 0.82%, reaching 5,885.22 points [2] Company Earnings Reports - BeiGene (06160.HK) reported a revenue of 27.595 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 44.2%. The net profit attributable to shareholders was 1.139 billion yuan, with earnings per share at 0.81 yuan. The net profit for the third quarter alone was 689 million yuan [4] - Tencent Music (01698.HK) announced a total revenue of 8.46 billion yuan for the third quarter, reflecting a year-on-year growth of 20.6%. The net profit was 2.15 billion yuan, up 36.0%. However, the monthly active users for online music services decreased to 551 million [6] - Chow Tai Fook (06168.HK) reported a 32% year-on-year growth in e-commerce revenue for the first ten months, with a net profit increase of 71% and a net profit margin exceeding 8% [7] Stock Performance - BeiGene's stock surged by 7.7% yesterday and opened 4.61% higher today, with a current increase of over 6%, reaching a new high since 2021. Haitong International raised its revenue forecasts for BeiGene for 2025-2027 to 5.3 billion, 6.4 billion, and 7.1 billion USD, respectively, with a corresponding three-year revenue CAGR of 23% [5] - Despite Tencent Music's revenue growth, its stock price fell significantly, with a decline of over 10% as of the latest update [6] Sector Insights - Haitong International emphasized that technology stocks remain a key focus, while招商证券 suggested attention on AI-related internet sectors and humanoid robotics [8] - The Hang Seng High Dividend Yield Index offers a dividend yield of approximately 6%, making it attractive to long-term funds amid an "asset shortage" environment [8]

Report Industry Investment Ratings - Index futures: Medium to long - term bullish, buy on dips [1][5][6] - Treasury bonds: Range - bound [1][5][6] - Coking coal: Range trading [1] - Rebar: Range trading [1] - Glass: Sell call options [1][9][10] - Copper: Exit long positions at high levels or range - bound short - term trading [1][11] - Aluminum: Suggest to buy on dips [1] - Nickel: Suggest to wait and see or short on rallies [1][17] - Tin: Range trading [1][18][19] - Gold: Range trading [1][19][20] - Silver: Range trading [1][19] - PVC: Range - bound with a weak bias, focus on 4700 resistance for 01 contract [22][23] - Caustic soda: Range - bound with a weak bias, focus on 2400 resistance for 01 contract [24][25] - Soda ash: Bearish strategy for 01 contract [1][32][34] - Styrene: Range - bound with a weak bias, focus on 6500 resistance [25][26] - Rubber: Range - bound, focus on 15000 support [27][28] - Urea: Range - bound [29][30] - Methanol: Range - bound [31] - Polyolefins: PE to range - bound, focus on 6800 support; PP to trade weakly, focus on 6500 support [32][33] - Cotton and cotton yarn: Range - bound [37] - PTA: Low - level range - bound [37][38] - Apples: Range - bound with a strong bias [38] - Red dates: Range - bound with a downward trend [38] - Live pigs: Rebound under pressure [1][40][41] - Eggs: Limited upside [42][43] - Corn: Bottom - building in a range [44][46] - Soybean meal: Range - bound [47] - Oils and fats: Bottom - building and rebounding [48][53] Core Views - The global risk appetite and domestic favorable policies fail to boost the domestic market sentiment, and the index futures may trade in a range; the bond market lacks a clear core logic, and treasury bonds may also trade in a range [6] - The coal market shows a pattern of tight supply and rising prices, and the prices of coking coal and rebar may be range - bound; the supply of glass is high and demand is weak, and it is recommended to sell call options [8][9][10] - Copper prices are affected by macro and fundamental factors and are expected to trade at high levels in a range; aluminum prices are affected by supply, demand and inventory, and it is recommended to strengthen observation [11][12] - Nickel supply is expected to be abundant in the medium - long term, and it is recommended to wait and see or short on rallies; tin supply is expected to improve, and it is recommended to trade in a range [17][18][19] - Gold and silver prices are affected by the US economic situation and Fed policies, and are expected to trade in a range [19][20] - PVC, caustic soda, styrene, etc. are affected by factors such as cost, supply, demand and macro policies, and are expected to trade weakly in a range; rubber is expected to trade in a range [23][25][28] - Urea and methanol are affected by supply, demand and cost, and are expected to trade in a range; polyolefins are affected by cost, supply and demand, and are expected to trade weakly [29][31][33] - Cotton and cotton yarn are expected to trade in a range; PTA is expected to trade at a low level in a range; apples are expected to trade strongly in a range; red dates are expected to trade downward in a range [37][38] - Live pig prices are affected by supply and demand in different periods, and it is recommended to hold short positions and pay attention to arbitrage; egg prices are affected by supply and demand, and it is recommended to short on rallies for the 12 - contract [40][42][43] - Corn prices are affected by new grain listing and demand, and it is recommended to hedge on rallies and pay attention to arbitrage; soybean meal prices are affected by US soybean supply and demand, and are expected to trade in a range [44][46][47] - Oils and fats prices are affected by palm oil, soybean oil and rapeseed oil supply and demand, and are expected to bottom - build and rebound, and it is recommended to trade in a range and pay attention to arbitrage [48][53][54] Summary by Categories Macro Finance - Index futures: Affected by factors such as the decline in US private - sector employment and domestic market sentiment, it is expected to trade in a range [6] - Treasury bonds: Due to the unclear core logic of the bond market and the need to focus on the entry of allocation funds and the actions of the central bank, it is expected to trade in a range [6] Black Building Materials - Coking coal: The coal market has tight supply and rising prices, and it is expected to trade in a range [8] - Rebar: With narrow - range price fluctuations and weakening supply - demand margins, it is expected to trade in a range [8] - Glass: High supply, weak demand, and low - season downstream replenishment, it is recommended to sell call options [9][10] Non - ferrous Metals - Copper: Affected by macro and fundamental factors, it is expected to trade at high levels in a range [11] - Aluminum: Affected by supply, demand and inventory, it is recommended to strengthen observation [12] - Nickel: Medium - long - term supply is expected to be abundant, it is recommended to wait and see or short on rallies [17] - Tin: Supply is expected to improve, it is recommended to trade in a range [18][19] - Gold and Silver: Affected by the US economic situation and Fed policies, they are expected to trade in a range [19][20] Energy and Chemicals - PVC: Affected by factors such as cost, supply, demand and macro policies, it is expected to trade weakly in a range [23] - Caustic soda: Affected by alumina production and demand, it is expected to trade weakly in a range [25] - Soda ash: Supply is in excess, it is recommended to adopt a bearish strategy for the 01 contract [35][36] - Styrene: Affected by cost and supply - demand, it is expected to trade weakly in a range [26] - Rubber: Affected by supply and demand and inventory, it is expected to trade in a range [28] - Urea: Affected by supply, demand and cost, it is expected to trade in a range [29][30] - Methanol: Affected by supply, demand and cost, it is expected to trade in a range [31] - Polyolefins: Affected by cost, supply and demand, PE is expected to trade in a range, and PP is expected to trade weakly [32][33] Cotton Textile Industry Chain - Cotton and cotton yarn: Affected by global supply - demand and trade negotiations, it is expected to trade in a range [37] - PTA: Affected by oil prices and supply - demand, it is expected to trade at a low level in a range [37][38] - Apples: Affected by production and sales, it is expected to trade strongly in a range [38] - Red dates: Affected by supply and demand, it is expected to trade downward in a range [38] Agricultural and Livestock - Live pigs: Affected by supply and demand in different periods, it is recommended to hold short positions and pay attention to arbitrage [40][41] - Eggs: Affected by supply and demand, it is recommended to short on rallies for the 12 - contract [42][43] - Corn: Affected by new grain listing and demand, it is recommended to hedge on rallies and pay attention to arbitrage [44][46] - Soybean meal: Affected by US soybean supply and demand, it is expected to trade in a range [47] - Oils and fats: Affected by palm oil, soybean oil and rapeseed oil supply and demand, it is expected to bottom - build and rebound, and it is recommended to trade in a range and pay attention to arbitrage [48][53][54]