Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Report's Core View - The current supply - demand situation of various commodities is complex, with different trends and influencing factors for each commodity. For example, the pig market shows a pattern of strong supply and weak demand, sugar has a changing supply - demand balance both internationally and domestically, the oil market is affected by supply - side and demand - side factors, and PVC has issues with weak domestic demand and ongoing inventory reduction [1][2][4][7]. 3. Summary by Commodity Pig - **Day - to - day View**: Weak and stable [1] - **Medium - term View**: Wide - range oscillation [1] - **Reference Strategy**: Sell out - of - the - money put options [1] - **Core Logic**: Supply is abundant as the inventory of breeding sows has been high, and the pressure of supply is postponed. Demand has the potential to increase due to possible stockpiling by slaughterhouses. Currently, the pattern of strong supply and weak demand remains unchanged, and the pig price is likely to decline in the short term [1][2] Sugar - **Day - to - day View**: Reach the bottom and then rise [3] - **Medium - term View**: Rise first and then fall [3] - **Reference Strategy**: Cumulative purchase options [3] - **Core Logic**: Internationally, Brazil's new sugar - making season is expected to increase production, while India has a significant reduction. Domestically, the production increase expectation has been basically fulfilled, and the sales progress is good. The overall supply - demand is tight, and the sugar price is expected to fluctuate weakly [4][5] Crude Oil - **Day - to - day View**: Weak oscillation [6] - **Medium - term View**: Under pressure [6] - **Reference Strategy**: Sell futures contracts and buy call options for protection [6] - **Core Logic**: On the supply side, OPEC+ will increase production, and US sanctions may affect the supply of some countries. On the demand side, there is a seasonal increase in demand, but the refinery's operating rate is low. The overall oil price will be volatile, with potential for short - term increases but also a risk of decline in the second quarter [7][8][9] PVC - **Day - to - day View**: Weak operation [10] - **Medium - term View**: Lack of upward driving force [12] - **Reference Strategy**: Sell PVC out - of - the - money put options at an appropriate time [12] - **Core Logic**: The cost of calcium carbide is supported, supply has increased, domestic demand is weak, and inventory has been decreasing. The future price may be affected by macro - policies [10][11]