1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - The short - term macro upward driving force has increased, with the stock index having a short - term oscillatory rebound; attention should be paid to the domestic economic growth and the implementation of incremental policies later [3][4] - Precious metals are expected to have a short - term oscillatory rebound and a long - term upward trend [5] - For the black commodity sector, it will be in short - term oscillation; the non - ferrous sector will have a short - term oscillatory rebound; the energy and chemical sector will be in short - term oscillation; and the precious metals sector will have a short - term oscillatory rebound [3] 3. Summary by Related Catalogs Macro - finance - Overseas: The market anticipates that a large amount of economic data to be released after the US government reopens will strengthen the Fed's expectation of a December interest rate cut, leading to a weakening of the US dollar index and US Treasury yields, and an overall increase in global risk appetite [3] - Domestic: China's manufacturing prosperity declined in October, and exports decreased unexpectedly, but inflation data rebounded beyond expectations, and the central bank's policy increased liquidity, boosting domestic risk appetite [3] Equity Index - Affected by sectors such as cultivated diamonds, photovoltaics, and batteries, the domestic stock market declined slightly. With short - term macro upward driving force increasing, the stock index will have a short - term oscillatory rebound, but attention should be paid to domestic economic growth and policy implementation later [4] Precious Metals - The precious metals market rose on Wednesday night. Due to the decline in US Treasury yields and the weakening of the US dollar index, the precious metals market is expected to have a short - term oscillatory rebound, and it is advisable to be cautiously long [5] Black Metals - Steel: The spot and futures prices of steel continued to oscillate at the bottom. In November, the macro - policy was in a vacuum period, demand weakened, and supply was restricted. The steel market will continue to oscillate in the short term, and the decline space below 3000 points for rebar is limited [8] - Iron Ore: The spot and futures prices of iron ore rebounded on Wednesday. Although the Simandou iron ore was put into production, the market had already priced in some of the negative news. The key factor for the iron ore price is the decline process and the bottom of pig iron production, and it is expected to oscillate in the short term [8] - Silicon Manganese/Silicon Iron: The spot and futures prices of silicon iron and silicon manganese declined to varying degrees on Wednesday. Affected by the decline in coal prices and the decrease in demand, the prices are expected to continue to oscillate in the short term [9] Chemicals - Soda Ash: The main contract of soda ash oscillated on Wednesday. Supply increased, and there is a capacity expansion plan in the fourth quarter. With stable demand, the supply pressure remains, and a bearish view is recommended in the medium - to - long term [10] - Glass: The main contract of glass oscillated in a range on Wednesday. Supply remained stable, demand was weak, and inventory was high. Supported by anti - involution policies, it is advisable to buy on dips in the short - term oscillatory range [11] Non - ferrous Metals and New Energy - Copper: The Fed has increasing differences on the December interest rate cut. US copper inventories are at a historical high, and domestic refined copper de - stocking is less than expected. The suspension of Indonesia's second - largest copper mine will support the price, and it is expected to oscillate at a high level in the short term [12] - Aluminum: The Shanghai aluminum price rose strongly on Wednesday. The market sentiment is positive, but there are concerns about future supply. It is expected to be strong in the short term, but there may be a significant correction later [12] - Tin: The supply of tin is still tight, and demand is weak. The social inventory of tin ingots has increased. The tin price is expected to oscillate at a high level in the medium - to - short term [13] - Lithium Carbonate: The main contract of lithium carbonate declined on Wednesday. The market digested the negative news quickly, and the demand logic dominates. It is expected to oscillate strongly, but attention should be paid to supply disturbances and hedging pressure [15] - Industrial Silicon: The main contract of industrial silicon declined on Wednesday. After the end of the wet season, production decreased, and demand was stable. It is expected to oscillate in a range, and it is advisable to operate within the range and buy on dips [15] - Polysilicon: The main contract of polysilicon rose on Wednesday. There is a stalemate between strong policy expectations and weak reality. It is expected to oscillate in a high - level range, and it is advisable to buy on dips [16] Energy and Chemicals - Crude Oil: OPEC indicates that global oil supply exceeds demand earlier than expected, and the market is under bearish pressure due to the lack of positive catalysts and stable geopolitical risks [17] - Asphalt: Asphalt prices fell again following crude oil. With weakening cost support and demand, it will continue to explore the bottom, and inventory pressure is increasing [17] - PX: The polyester sector's previous positive factors have been priced in, and terminal demand has declined slightly. PX is still in a tight supply situation, and its price is mainly driven by crude oil cost fluctuations [18] - PTA: Affected by crude oil prices and terminal demand, the expected inventory accumulation in November - December has decreased, but there is still downward pressure in the later period [19] - Ethylene Glycol: The main contract of ethylene glycol continued to decline. Port inventory has increased significantly, and there is a large inventory accumulation pressure in mid - to - late November [19] - Short - fiber: Short - fiber prices declined slightly following the polyester sector, and there is still significant pressure in the later period, with limited upward space [19] - Methanol: The domestic methanol market was stable, and the port market was weak. Inventory increased both inland and at ports. The price is expected to oscillate downward in the short term, but the decline rate may slow down [20] - PP: The PP price oscillated weakly. Demand improved, but supply growth led to inventory increase. With the approaching of the off - season, the price is expected to continue to decline [21] - LLDPE: The LLDPE price was adjusted. Supply pressure continued to accumulate, demand weakened, and the price is expected to remain under pressure [22] - Urea: The domestic urea market was stable with a slight decline. Supply is expected to increase, demand is differentiated, and the price is expected to continue to decline slightly in the short term [23] Agricultural Products - US Soybeans: The CBOT soybean price rose overnight. The market is optimistic about the repair of Sino - US soybean trade relations. Attention should be paid to the USDA report, and if the single - yield is lowered, the US soybean's ending inventory will shrink [24] - Soybean and Rapeseed Meal: The supply of soybean meal is loose, and the basis is weak. With the repair of Sino - US agricultural trade relations, the import cost of domestic soybeans has increased, and the inventory may rise. Rapeseed meal generally follows the soybean meal market [24] - Oils: Palm oil prices stabilized with cost fluctuations. It is in the production - reduction cycle, and the seasonal de - stocking trend remains. Soybean oil's supply - demand pressure has been relieved, and rapeseed oil's inventory has decreased, with a strong basis [25] - Corn: The futures price of corn has been rising recently, driving up the price in the Northeast. With low inventory and increasing processing profits, the price is expected to remain strong [25] - Hogs: The average price of live hogs declined. Supply is loose, but demand is expected to increase seasonally. The price is expected to be weakly stable, and there may be strong support under the futures discount [26][27]