长沙晚报掌上长沙1月6日讯（全媒体记者 刘军）6日，华友钴业、赤峰黄金、惠而浦等10家公司预告了 2025年业绩。东方财富数据中心数据显示，至此，A股市场已有超60家公司预告了2025年业绩，超八成 公司业绩预喜。上市湘企华菱钢铁发布预告表示，2025年预计公司归属于上市公司股东的净利润为26亿 元至30亿元，同比增长27.97%至47.66%。扣非后净利润23亿元至27亿元，同比增长76.14%至106.78%。 记者发现，业绩预喜公司主要集中在材料与采矿、新材料、电子通信以及消费服务等领域。业内人士表 示，在宏观经济复苏与产业升级的双重驱动下，具备核心技术壁垒的硬科技企业正迎来业绩释放期。 具体来看，受益于全球大宗商品价格回升及企业内部成本管控，上游资源与基础化工板块展现出较强的 业绩弹性，多家企业交出亮眼成绩单。例如，紫金矿业预计2025年实现归属于上市公司股东的净利润 510亿元至520亿元，同比增长约59%至62%。公告显示，公司业绩增长主要得益于矿产金、矿产铜、矿 产银等主要产品销售价格同比上升，以及产量稳步增长。 在60多只个股中，华菱钢铁是唯一公布2025年业绩预告的湘股。华菱钢铁的主营业务为 ...

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The report analyzes the performance and trends of various futures products, including bonds, stocks, precious metals, industrial metals, energy, agricultural products, etc., and provides corresponding investment suggestions based on market conditions and fundamentals [5][9][10] Summary by Related Catalogs Bonds - The previous trading day, most bond futures closed higher. The central bank conducted a 26 billion yuan 7-day reverse repurchase operation, with a net withdrawal of 20.8 billion yuan on the day. Beijing optimized real estate policies, and the central bank's monetary policy meeting suggested maintaining a loose policy. It is expected that bond futures still face some pressure, and caution is advised [5][6][7] Stocks - The previous trading day, stock index futures showed mixed performance. The domestic economy is stable, but the recovery momentum is not strong. However, domestic asset valuations are low, and the economy has sufficient resilience. Recently, market sentiment has warmed up, and incremental funds have continued to enter the market. It is expected that the volatility center of the stock index will gradually move up, and investors can choose the right time to go long [9] Precious Metals - The previous trading day, gold and silver futures both rose. The current global trade and financial environment is complex, and the "anti - globalization" and "de - dollarization" trends are beneficial to the allocation and hedging value of gold. Central bank gold purchases and the expected continuous interest rate cuts by the Federal Reserve are also beneficial to precious metals. It is expected that precious metals will continue to rise, and investors can wait and see for long - entry opportunities [10][11] Industrial Metals - **Steel Products**: The previous trading day, rebar and hot - rolled coil futures showed weak oscillations. The demand for rebar is expected to decline in the long - term due to the real estate downturn, and the market will enter the off - season. Although the supply pressure has eased, the inventory is higher than last year. It is expected that prices will continue to oscillate weakly, and investors can consider short - selling at high levels during rebounds [12] - **Iron Ore**: The previous trading day, iron ore futures oscillated. The iron ore market supply - demand pattern is weak, with a decline in iron water output, an increase in imports and a continuous rise in port inventory. Technically, it may face resistance near the previous high. Investors can look for short - selling opportunities at high levels [14] - **Coking Coal and Coke**: The previous trading day, coking coal and coke futures rebounded slightly. Coking coal production has decreased, while demand from downstream coke enterprises has increased. Coke procurement prices have been lowered for the third time, and steel mills' demand for coke has weakened. Technically, they may continue to rebound in the short - term, and investors can consider long - entry opportunities at low levels [15] - **Ferroalloys**: The previous trading day, manganese silicon and silicon iron futures declined slightly. Manganese ore supply has changed, and ferroalloy production has been falling. Although the short - term oversupply has slightly weakened, the overall pressure remains. Investors can consider long - entry opportunities at low levels after the spot loss widens [17][18] - **Copper**: The previous trading day, Shanghai copper futures declined. The macro - economic situation is complex, and the fundamentals of copper remain in tight balance. Although there is support from pre - Spring Festival stocking demand, there is short - term pressure from weak global industrial demand and the holiday season. Copper prices are expected to remain at a high level, but investors should be cautious about chasing the rise [39][40] - **Aluminum**: The previous trading day, Shanghai aluminum and alumina futures declined. Alumina is in oversupply, while the supply of electrolytic aluminum is relatively stable. Demand is average, and aluminum prices are expected to oscillate at a high level [42] - **Zinc**: The previous trading day, Shanghai zinc futures declined. Zinc concentrate processing fees are under pressure, and refined zinc production is decreasing. Demand from downstream industries is weak, and LME zinc inventory has increased. Zinc prices are expected to oscillate and adjust [44] - **Lead**: The previous trading day, Shanghai lead futures rose. Some primary lead enterprises are under maintenance, and some secondary lead enterprises have resumed production. Consumption has entered the off - season. Lead prices are expected to oscillate weakly within a range [45] - **Tin**: The previous trading day, tin futures declined. The supply of tin ore is tight, and the demand is showing some resilience. Refined tin inventory is decreasing, and tin prices are expected to oscillate strongly [47] - **Nickel**: The previous trading day, nickel futures declined. Indonesia's nickel policy has changed, and the cost is expected to rise. However, stainless steel is in the off - season, demand is weak, and primary nickel is in an oversupply situation. Investors should pay attention to Indonesia's policies [48][49] Energy - **Crude Oil**: The previous trading day, INE crude oil oscillated upward. CFTC data shows that US funds reduced their net short positions. There are uncertainties in the crude oil market due to various factors. Currently, Brent crude oil prices are stable near the $60 mark, and investors are advised to watch more and trade less during the holiday season [19][20] - **Fuel Oil**: The previous trading day, fuel oil oscillated slightly. The cost - end crude oil price is stable, which helps to stabilize fuel oil prices. Fuel oil has hit new lows this year, and there is a large rebound space. Investors can wait and see [21][22] Chemicals - **Polyolefins**: The previous trading day, the PP market in Hangzhou showed a slight rebound, and the LLDPE market in Yuyao was mostly stable. Polyolefin production enterprises are expected to be stable with minor fluctuations. The supply pressure of standard products may ease slightly, but downstream demand is expected to decline. In the short - term, the market is still in a negative feedback stage, and investors can look for long - entry opportunities [23][24][25] - **Synthetic Rubber**: The previous trading day, synthetic rubber futures rose. It is supported by cost and demand in the short - term, and the market is expected to oscillate. Investors need to pay attention to changes in the supply and demand sides [26][27] - **Natural Rubber**: The previous trading day, natural rubber futures rose. The market is expected to experience a tug - of - war between bulls and bears, and prices may oscillate. Supply is affected by domestic and overseas factors, and demand is weak. Inventory is increasing [28][29] - **PVC**: The previous trading day, PVC futures rose. The oversupply situation continues, but the downward space may be limited. After the holiday, investors should focus on exports and supply reduction. The inventory has decreased slightly [30] - **Urea**: The previous trading day, urea futures rose. It is expected that the urea market will fluctuate slightly this week. Supply is expected to remain stable, demand is expected to increase slightly, and industry profits have recovered slightly [31][32] - **PX**: The previous trading day, PX futures rose. The PXN spread has been repaired, and the short - process profit has improved. Supply and demand have improved, and cost - end oil prices may have a short - term rebound. PX is expected to adjust strongly in the short - term, and investors can look for long - entry opportunities at low levels [33] - **PTA**: The previous trading day, PTA futures rose. Supply has decreased, demand has been supported, and exports have increased. Processing fees have declined, and inventory is at a low level. PTA is expected to have good medium - and long - term supply and demand, and investors can follow the cost - end to participate at low levels [34] - **Ethylene Glycol**: The previous trading day, ethylene glycol futures rose. Supply pressure remains due to new production and restarts, and port inventory is increasing. It is expected to oscillate at the bottom, and investors can participate in a range - bound manner [35] - **Short - Fiber**: The previous trading day, short - fiber futures rose. Supply has declined but remains at a relatively high level, demand support has weakened, and cost - end drive has increased. Short - fiber is expected to oscillate following raw material prices [36] - **Bottle Chips**: The previous trading day, bottle - chip futures rose. Processing fees have declined, supply has decreased slightly, and exports have increased. It is expected to oscillate following the cost - end [37] - **Lithium Carbonate**: The previous trading day, lithium carbonate futures rose. Supply is at a high level, and demand from the energy storage and power battery sectors has improved. Inventory has decreased, and prices may be supported in the short - term. Investors should pay attention to the sustainability of consumption [38] Agricultural Products - **Soybean Oil and Meal**: The previous trading day, soybean meal and oil futures declined. Brazilian soybean planting is almost complete, and the domestic soybean supply is relatively loose. The demand for soybean meal is expected to grow moderately, and the demand for soybean oil has improved slightly. Investors can look for long - entry opportunities for soybean meal at the low - cost support level and for soybean oil through long - call options at the low - level range [50][51] - **Palm Oil**: Malaysian palm oil was basically flat. The production in December decreased, and the export situation was mixed. China's palm oil imports increased in November, and the inventory is at the middle level in the past seven years. Investors are advised to wait and see [52][53] - **Rapeseed Meal and Oil**: Canadian rapeseed futures rose. China's rapeseed, rapeseed oil, and rapeseed meal imports in November showed different trends. Rapeseed meal and oil inventories are at different levels in the past seven years. Investors are advised to wait and see [54][55] - **Cotton**: The previous trading day, domestic cotton futures oscillated strongly. The 2026 Xinjiang cotton planting policy will reduce the sown area. Although domestic cotton production is high, the inventory accumulation is less than expected. Cotton prices are expected to run strongly [56][58][59] - **Sugar**: The previous trading day, Zhengzhou sugar futures rebounded. China's sugar imports in November decreased year - on - year, and Brazil's sugar production and exports showed different trends. India's sugar production is expected to increase significantly. After the sharp rebound, the upward space may be limited, and investors are advised to wait and see [60][61][62] - **Apples**: The previous trading day, domestic apple futures oscillated. The current inventory is at a low level in recent years, and the new - season apple production and quality have declined. Apple prices are expected to run strongly [63][64] - **Hogs**: The previous trading day, hog futures rose. The northern hog market is expected to strengthen, and the southern market is stable. The supply and demand situation is complex, and investors are advised to wait and see [64][66] - **Eggs**: The previous trading day, egg futures rose. The egg supply is expected to remain at a high level in December, but the demand is weak. The supply - side improvement is offset by weak demand. Investors are advised to wait and see [67][68] - **Corn and Starch**: The previous trading day, corn and corn starch futures rose. The northern port corn inventory is increasing, and the demand is growing slightly. Corn starch demand has improved, but the supply is abundant, and the inventory is at a high level. It may follow the corn market [69][70][71]

【导读】昨日股票ETF资金净流入超157亿元 12月16日，三大指数集体低开低走。截至收盘，沪指跌1.11%，深证成指跌1.51%，创业板指跌2.1%。昨日全市场股票ETF（含跨境ETF）资金净流入达 157.10亿元。 从大类型来看，宽基ETF与港股市场ETF净流入居前，分别达61.77亿元与40.87亿元；商品ETF净流出居前，达1.32亿元。 具体到指数维度，12月16日，中证A500指数相关ETF资金净流入居前，达35.85亿元。从5日角度观测，近期资金流入中证A500指数ETF超171亿元、恒生 科技指数ETF超52亿元。 头部基金公司方面，易方达基金ETF最新规模达8087.8亿元，昨日资金净流入30.8亿元； 2025年以来，规模增加2081.3亿元（其中资金净流入646.0亿 元）。 易方达基金旗下创业板ETF资金净流入6.7亿元，科创板50ETF净流入5.0亿元，恒生科技ETF易方达净流入4.3亿元，中概互联网ETF净流入3.6亿元， A500ETF净流入3.4亿元，沪深300ETF净流入0.4亿元。 华夏基金ETF方面，12月16日，恒生科技指数ETF和科创50ETF资金净流入居前，分别净 ...

1. Report Industry Investment Ratings - Not provided in the given content 2. Core Views of the Report - The macro - economic recovery momentum needs to be strengthened, and monetary policy is expected to remain loose. Treasury bond futures are under some pressure and should be treated with caution [6][7]. - The domestic economic situation is stable, but the recovery momentum is weak. The valuation of domestic assets is low, and the stock index is expected to gradually move up, and investors can choose the right time to go long [8]. - The global trade and financial environment is complex. Precious metals are expected to continue rising, and investors can wait and see for long - entry opportunities [10]. - The supply - demand pattern of steel products, iron ore, and coking coal and coke is weak, and investors can pay attention to short - selling and long - buying opportunities respectively [12][14][17]. - The overall surplus of ferroalloys has eased, and investors can consider long - entry opportunities at low levels after the spot losses expand [19][20]. - The crude oil price is supported, and the fuel oil price is also affected by positive factors. Both are currently on a wait - and - see basis [21][22][25]. - The demand for polyolefins has a certain improvement under the influence of policies and seasons, and it is on a wait - and - see basis [27]. - Synthetic rubber is expected to fluctuate, and natural rubber can be considered for long - entry opportunities [29][30][32]. - PVC should focus on supply - side changes, and urea's downward space is limited [33][34][36]. - PX may fluctuate and adjust in the short term, PTA is expected to fluctuate, ethylene glycol is under pressure, short - fiber may follow the cost to fluctuate, and bottle - chip is expected to follow the cost to fluctuate [37][38][39][41][42][43]. - For lithium carbonate, pay attention to the consumption sustainability and the resumption of production at the mine end [44][45]. - Copper, aluminum, and zinc are expected to be strong in the short term, lead is expected to fluctuate within a range, and tin is expected to fluctuate strongly [46][47][48][50][51][52][53][54][55]. - Nickel is expected to fluctuate, and soybean oil and soybean meal can pay attention to long - entry opportunities in the low - cost support range [56][59]. - Palm oil can consider long - entry on pullbacks, and rapeseed meal and rapeseed oil are on a wait - and - see basis [60][61][63]. - The upward space of cotton is limited, sugar is expected to fluctuate, apples are expected to be strong, and the short - term trend of live pigs should pay attention to the supply and consumption changes. Eggs are on a wait - and - see basis, and corn and corn starch can pay attention to the far - month out - of - the - money put options [64][65][67][68][70][72][76][80]. 3. Summaries According to Relevant Catalogs Treasury Bonds - On the previous trading day, most treasury bond futures closed down. The central bank carried out 122.3 billion yuan of 7 - day reverse repurchase operations, with a net investment of 14.7 billion yuan. Due to the low treasury bond yield, stable economic recovery, rising core inflation, and increased market risk appetite, treasury bond futures are under pressure [5][7]. Stock Index - On the previous trading day, stock index futures showed mixed trends. The domestic economic recovery momentum is weak, but the asset valuation is low, and the market sentiment has increased recently. The stock index is expected to gradually move up, and investors can go long [8]. Precious Metals - On the previous trading day, the gold main contract fell, and the silver main contract rose. The complex global environment, central bank gold - buying behavior, and the possible continuous interest rate cuts by the Federal Reserve are beneficial to precious metals, which are expected to continue rising, and investors can wait for long - entry opportunities [10]. Steel Products (Rebar and Hot - Rolled Coil) - On the previous trading day, rebar and hot - rolled coil futures slightly pulled back. In the medium term, the demand for rebar is declining, the market will enter the off - season, the supply capacity is surplus, the inventory is high, and the price is expected to be weak. Hot - rolled coil may have a similar trend, and investors can short on rebounds [12]. Iron Ore - On the previous trading day, iron ore futures slightly fell. The national hot - metal daily output has declined, the import volume has increased, the port inventory has risen, and the market supply - demand pattern is weak. The futures may continue to pull back, and investors can short at high levels [14]. Coking Coal and Coke - On the previous trading day, coking coal and coke futures fell sharply. The supply of coking coal is increasing, and the demand is weakening. The first - round price reduction of coke has been implemented, and the demand may weaken. The futures are still in a weak state, and investors can buy at low levels [16][17]. Ferroalloys - On the previous trading day, manganese - silicon and silicon - iron main contracts fell. The manganese ore supply has changed, the cost is rising, the output is falling, the demand is weak, and the overall surplus is easing. After the price pull - back, investors can consider long - entry opportunities when the spot losses expand [19][20]. Crude Oil - On the previous trading day, INE crude oil fluctuated upward due to the tense relationship between the US and Venezuela. The reduction of net short positions by US funds and geopolitical factors support the oil price, and the main contract is on a wait - and - see basis [21][22][23]. Fuel Oil - On the previous trading day, fuel oil rose sharply. The short - term supply is sufficient, and the market is under pressure. However, the deepening of the Asian fuel oil spot discount and the strengthening of the cost - end crude oil are beneficial to the price, and the main contract is on a wait - and - see basis [24][25][26]. Polyolefins - On the previous trading day, the PP market in Hangzhou declined in some parts, and the LLDPE price in Yuyao fell. The demand for polypropylene products has a certain improvement under the influence of policies and seasons, and it is on a wait - and - see basis [27][28]. Synthetic Rubber - On the previous trading day, the synthetic rubber main contract rose. The supply - demand is in a weak balance, and it is expected to fluctuate. Pay attention to the supply - side device changes and the demand - side recovery [29][30]. Natural Rubber - On the previous trading day, the natural rubber main contract showed mixed trends. The supply and demand have changed, and it is expected to fluctuate within a range. Investors can pay attention to long - entry opportunities [31][32]. PVC - On the previous trading day, the PVC main contract fell. The supply exceeds demand, and the downward space is limited. Pay attention to the supply - side changes after the festival [33][34]. Urea - On the previous trading day, the urea main contract fell. The supply is expected to decline slightly, the demand of downstream products has changed, the profit has improved, and the downward space is limited [35][36]. PX - On the previous trading day, the PX main contract rose. The PX load has slightly decreased, the import has decreased, and the short - term price may fluctuate and adjust. Pay attention to the crude oil changes and macro - policies [37][38]. PTA - On the previous trading day, the PTA main contract fell. The supply and demand have changed little, the processing fee is low, and the inventory is low. It is expected to fluctuate, and pay attention to the oil price [39]. Ethylene Glycol - On the previous trading day, the ethylene glycol main contract fell. The supply is increasing, the inventory is accumulating, the demand support is limited, and it is under short - term pressure. Pay attention to the port inventory and supply changes [40][41]. Short - Fiber - On the previous trading day, the short - fiber main contract fell. The supply is at a relatively high level, the demand changes little, and it may follow the cost to fluctuate. Pay attention to the cost and macro - policies [42]. Bottle - Chip - On the previous trading day, the bottle - chip main contract fell. The raw material price support is limited, the load is stable, the export growth has slowed down, and it is expected to follow the cost to fluctuate [43]. Lithium Carbonate - On the previous trading day, the lithium carbonate main contract rose. The supply is at a high level, the consumption is improving, and the inventory is decreasing. Pay attention to the consumption sustainability and the resumption of production at the mine end [44][45]. Copper - On the previous trading day, the Shanghai copper main contract fell slightly. The macro - economic data in the US is not as expected, increasing the possibility of interest rate cuts. The copper supply is expected to tighten, the consumption is weak, and the price is expected to be strong in the medium - to - long term, but beware of pull - backs [46][47]. Aluminum - On the previous trading day, the Shanghai aluminum and alumina main contracts fell slightly. The alumina supply is in surplus, the electrolytic aluminum supply increment is limited, the consumption enters the off - season, and the price is expected to be strong before the situation changes [48][49][50]. Zinc - On the previous trading day, the Shanghai zinc main contract rose. The zinc concentrate processing fee has fallen, the supply is decreasing, the inventory is decreasing, and the price is expected to be strong in the short term [51][52]. Lead - On the previous trading day, the Shanghai lead main contract fell slightly. The lead concentrate processing fee has fallen, the production enthusiasm of smelters may be affected, and the price is expected to fluctuate within a range [53][54]. Tin - On the previous trading day, the tin main contract fell. The supply of tin ore is tight, the demand has certain resilience, the inventory is decreasing, and the price is expected to fluctuate strongly [55]. Nickel - On the previous trading day, the nickel main contract fell. The nickel ore price is stable, the downstream demand is weak, the inventory is relatively high, and the price is expected to fluctuate [56]. Soybean Oil and Soybean Meal - On the previous trading day, soybean oil and soybean meal main contracts fell. The Brazilian soybean planting progress is slightly slower, the US soybean harvest is basically completed, the supply pressure exists, the inventory is high, the demand has a certain improvement, and investors can pay attention to long - entry opportunities in the low - cost support range [57][58][59]. Palm Oil - The Malaysian palm oil price fell. The Chinese import of US soybeans is uncertain, the Indonesian policy may change, the Malaysian palm oil inventory may rise, and the domestic palm oil inventory is at a medium level. It can be considered to go long on pullbacks [60][61]. Rapeseed Meal and Rapeseed Oil - The Canadian rapeseed price fell. The Canadian rapeseed production has increased, the domestic import of rapeseed - related products has changed, the inventory of rapeseed meal has increased slightly, and the inventory of rapeseed oil has decreased. It is on a wait - and - see basis [62][63]. Cotton - The domestic and foreign cotton prices showed different trends. The US cotton production and inventory have increased, and the domestic cotton is in a bumper harvest, with weak demand and limited upward space [64][65][66]. Sugar - The domestic and foreign sugar prices rebounded slightly. The Brazilian sugar production is in the off - season, the Indian sugar production is expected to increase, the domestic sugar production is increasing, and the import is expected to be high. The price is expected to fluctuate [67][68][69]. Apples - The domestic apple futures fell. The apple inventory is at a low level in recent years, the production has decreased, and the price is expected to be strong [70][71]. Live Pigs - The live pig price has changed regionally. The supply and demand situation has changed, and investors should pay attention to the supply of farms and the consumption changes after the temperature drop. Consider closing the remaining short positions [72][73]. Eggs - The egg price has changed slightly. The egg supply is at a high level, but the supply - side improvement is offset by weak demand. It is on a wait - and - see basis [74][75][76]. Corn and Corn Starch - The corn and corn starch main contracts fell. The transportation of corn in the Northeast is difficult, the supply pressure exists, the import may increase in the future, the demand has a slight increase, and investors can pay attention to the far - month out - of - the - money put options. Corn starch may follow the corn trend [77][78][80].

Summary of Conference Call on Copper Market Outlook for 2026 Industry Overview - The focus is on the copper market, with a specific outlook for 2026, highlighting macroeconomic factors and supply-demand dynamics that could influence copper prices significantly [1][2][3]. Key Points and Arguments 1. **Price Expectations**: There is a strong expectation for copper prices to rise, with historical highs recently reached in both Shanghai and London copper markets, indicating robust market sentiment for 2026 [1][3]. 2. **Supply-Demand Dynamics**: A persistent supply-demand imbalance is noted, with the need for higher prices to stimulate supply. If copper prices do not increase significantly in the coming years, the supply-demand gap is expected to widen [2][9]. 3. **Inventory Levels**: Current inventory levels are low, particularly in non-US regions, which is a critical factor that could catalyze price increases. The low inventory situation is seen as a significant driver for future price movements [6][9]. 4. **Global Production Trends**: The production from the top 15 global copper mining companies is declining, with an expected reduction of 300,000 tons in total output for the year 2025. This trend is anticipated to continue into 2026, exacerbating supply constraints [10][11]. 5. **Impact of AI Development**: The rise of AI technologies is projected to significantly increase copper demand, with major projects like the Stargate initiative expected to require substantial amounts of copper, potentially doubling current demand levels [3][16]. 6. **Macroeconomic Factors**: The macroeconomic environment, particularly fiscal and monetary policies in the US and China, is expected to support copper prices. A potential recovery in manufacturing sectors could lead to significant price increases similar to those seen in early 2024 [4][8]. 7. **Future Supply Challenges**: New mining projects are unlikely to meet the anticipated demand growth of 800,000 to 1,000,000 tons, leading to a likely widening of the supply gap [11][12]. 8. **Long-term Capital Expenditure Trends**: Insufficient capital expenditure in the mining sector is expected to lead to ongoing supply tightness in the coming years, with current spending levels only half of previous cycle peaks [12][13]. Additional Important Insights - **Quarterly Demand Outlook**: The demand outlook for the fourth quarter of 2025 appears weak, but a potential recovery in early 2026 could lead to a strong price rally [7][8]. - **Historical Price Influences**: Past price movements have been influenced by various factors, including geopolitical events and production disruptions, which continue to play a role in shaping market expectations [5]. - **Electric Grid Investments**: Post-2023, investments in electric grids are expected to rise significantly, driven by the need to support renewable energy sources, which could further bolster copper demand [14]. This comprehensive analysis indicates a bullish outlook for copper prices in 2026, driven by a combination of low inventory levels, supply constraints, and increasing demand from emerging technologies and macroeconomic recovery.

国家统计局最新数据显示，10月CPI环比、同比均上涨0.2%，核心CPI同比上涨1.2%，涨幅连续6个月扩 大；PPI同比降幅收窄至2.1%，物价企稳回升趋势明确。专家预测，未来一季度CPI将维持温和上涨， 核心CPI回升势头更显著，"食品强、能源弱、核心稳"格局将直接利好食品饮料板块。 作为必选消费核心赛道，食品饮料行业受益于物价复苏传导，终端需求有望逐步改善。叠加8月以来 CPI从同比下降0.4%回升至正增长，宏观经济复苏动能持续向消费端渗透，为食品饮料企业业绩修复提 供坚实支撑，板块投资价值持续凸显。 【相关ETF】 食品饮料ETF(515170)； 消费30ETF(510630)。 ...

Core Insights - The performance of China's six major state-owned banks showed steady growth in the first three quarters, with total operating income reaching 2.72 trillion yuan, a year-on-year increase of 1.87%, and net profit attributable to shareholders reaching 1.07 trillion yuan, up 1.22% year-on-year [2][3] Financial Performance - All six major state-owned banks achieved year-on-year revenue growth in the first three quarters, with China Bank leading at a 2.69% increase, while the other five banks had growth rates between 0.82% and 2.17% [3][5] - The net profit growth rate for these banks turned positive in the third quarter, with Industrial and Commercial Bank of China (ICBC) reporting a single-quarter profit of 101.8 billion yuan, marking the first time it exceeded 100 billion yuan in a single quarter [3][4] - The net interest income for most banks declined year-on-year, but the rate of decline narrowed compared to the first half of the year, with only the Bank of Communications reporting an increase of 1.46% [6][8] Non-Interest Income - All six banks reported year-on-year growth in net fee and commission income, with Agricultural Bank of China leading at a 13.34% increase, and Postal Savings Bank of China also showing strong performance with an 11.48% increase [7][8] - The improvement in non-interest income is attributed to a recovery in capital markets and increased wealth management income [7][8] Asset Quality - Five out of six major state-owned banks reported a decrease in non-performing loan (NPL) ratios compared to the end of the previous year, indicating overall stable asset quality [9][11] - Postal Savings Bank was the only bank to see an increase in its NPL ratio, which rose to 0.94%, still the lowest among the six banks [9][11] Provision Coverage - The provision coverage ratio, a key indicator of risk resilience, showed that only China Bank fell below 200%, with a ratio of 196.60%, while Agricultural Bank had the highest at 295.08% [10][11] Inclusive Finance Initiatives - The banks reported significant growth in inclusive finance loans, with notable increases in loans for small and micro enterprises and pension management [12][13] - The banks are also advancing in technology and green finance, with substantial growth in technology loans and green loan balances [12][13]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - For Treasury bonds, it is expected that there will be no trending market, and caution should be maintained [5][6]. - For stock index futures, the risk of a significant decline is low, and one can choose the right time to go long [8][9]. - For precious metals, the short - term pricing is relatively full. After taking profits on long positions, one can wait and see [11][12]. - For rebar and hot - rolled coils, the prices may remain weak in the medium term. Investors can look for short - selling opportunities at high levels during rebounds and manage their positions carefully [13]. - For iron ore, the supply - demand pattern has weakened. Investors can look for short - selling opportunities at high levels and manage their positions carefully [15]. - For coking coal and coke, the futures may continue to be strong in the short term. Investors can look for buying opportunities during pullbacks and manage their positions carefully [17]. - For ferroalloys, there may be short - term supply surplus. One can consider long positions at low levels when the spot falls into the loss range again [20]. - For crude oil, investors can focus on long - buying opportunities for the main contract [21][22]. - For fuel oil, investors can focus on long - buying opportunities for the main contract [24][25]. - For polyolefins, investors can focus on short - selling opportunities [26][27]. - For synthetic rubber, it is expected to fluctuate [28][29]. - For natural rubber, one can focus on long - buying opportunities [30][31]. - For PVC, one should focus on changes in the supply side [32][33]. - For urea, the downside space is limited [34][35]. - For p - xylene (PX), in the short term, it may fluctuate and adjust. One can participate within the range, control positions, and be vigilant about crude oil changes [36]. - For PTA, in the short term, it may fluctuate. One should view it with caution, control risks, and pay attention to oil price changes [37]. - For ethylene glycol, in the short term, it may fluctuate. One can participate within the range and pay attention to port inventory and import changes [39]. - For short - fiber, in the short term, it may fluctuate following the cost. One should control risks and pay attention to cost changes and macro - policy adjustments [40]. - For bottle chips, in the future, it is expected to fluctuate following the cost. One should control risks [41][42]. - For lithium carbonate, pay attention to the sustainability of consumption [43]. - For copper, it may enter a sideways consolidation phase after the previous rise [44][45]. - For aluminum, it may maintain a high - level oscillation [45][46]. - For zinc, it is expected to continue to oscillate [47][48]. - For lead, be cautious about chasing long positions [48][49]. - For tin, it is expected to oscillate and strengthen [50]. - For nickel, it is expected to oscillate [52]. - For soybean oil and soybean meal, one can consider long - buying opportunities for soybean meal at the support level after adjustment, and temporarily wait and see for soybean oil [53][55]. - For palm oil, one can consider buying on pullbacks [56][57]. - For rapeseed meal and rapeseed oil, one can consider buying rapeseed oil on pullbacks [58][60]. - For cotton, the upside space of cotton prices is expected to be limited [63][64]. - For sugar, there is certain support below the price [65][68]. - For apples, it is expected to run strongly [69][70]. - For live pigs, one can consider short - selling opportunities on rebounds [71][73]. - For eggs, one can continue to hold short positions and look for opportunities to add short positions on rebounds [74][75]. - For corn and starch, it is advisable to wait and see for corn, and starch may follow the corn market [77][78]. Summaries by Related Catalogs Treasury Bonds - On the previous trading day, Treasury bond futures closed with mixed performance. The central bank conducted 355.1 billion yuan of 7 - day reverse repurchase operations, with a net investment of 187.1 billion yuan. China's October official manufacturing PMI declined, while the non - manufacturing PMI rose slightly. The macro - economic recovery momentum needs to be strengthened, and the Treasury bond yield is at a relatively low level [5]. Stock Index Futures - On the previous trading day, stock index futures showed mixed trends. The CSRC and the Asset Management Association of China issued relevant guidelines and rules for public - offering funds. The domestic economy is stable, but the recovery momentum is weak, and corporate profit growth is low. However, domestic asset valuations are low, and the market sentiment has warmed up. It is expected that the risk of a significant decline is low, and one can choose the right time to go long [7][8]. Precious Metals - On the previous trading day, gold and silver futures rose. The eurozone's October CPI and core CPI data were released. The government issued a tax policy on gold. The global trade and financial environment is complex, and the trends of "de - globalization" and "de - dollarization" are favorable for precious metals. However, the recent increase has been large, and the short - term pricing is relatively full [10][11]. Rebar and Hot - Rolled Coils - On the previous trading day, rebar and hot - rolled coil futures slightly corrected. In the medium term, the demand for rebar is still declining year - on - year, but there is a slight improvement in the traditional peak season. The supply side has over - capacity, and the weekly output of rebar has declined. The inventory is higher than last year, and the price may remain weak. The trend of hot - rolled coils may be similar to that of rebar. Investors can look for short - selling opportunities at high levels during rebounds [13]. Iron Ore - On the previous trading day, iron ore futures slightly corrected. The national hot - metal daily output has decreased, the supply of iron ore is expected to increase year - on - year in the fourth quarter, and the port inventory has risen. The supply - demand pattern has weakened, and investors can look for short - selling opportunities at high levels [15]. Coking Coal and Coke - On the previous trading day, coking coal and coke futures slightly declined. The supply of coking coal is slightly tight, and the demand is fair. The third - round price increase of coke procurement has started but has not been fully implemented. The supply of coke has decreased, and it is uncertain whether steel mills will accept the price increase. The futures may continue to be strong in the short term, and investors can look for buying opportunities during pullbacks [17]. Ferroalloys - On the previous trading day, manganese - silicon and silicon - iron futures declined. The supply of manganese ore has increased slightly, and the cost of ferroalloys has risen. The output of ferroalloys remains high, and the demand is weak, with short - term supply surplus. One can consider long positions at low levels when the spot falls into the loss range again [19][20]. Crude Oil - On the previous trading day, INE crude oil fluctuated within a range. The CFTC持仓 report was suspended. The number of US oil and gas rigs decreased. The proportion of Russian crude oil in HPCL's supply has decreased. It is expected that it is difficult for US crude oil production to increase significantly, and market attention has shifted to the OPEC meeting. Investors can focus on long - buying opportunities [21][22]. Fuel Oil - On the previous trading day, fuel oil slightly oscillated. The supply of Singapore fuel oil has recovered, which is negative for prices. Russia being sanctioned and the reduction of Sino - US trade frictions are positive for prices. Investors can focus on long - buying opportunities [23][24][25]. Polyolefins - On the previous trading day, the price of polyolefins declined. In November, the impact of maintenance is expected to be 416,000 tons, and the inventory is low year - on - year. November is the peak season for demand. There is support from maintenance and inventory, and the market is expected to rebound. Investors can focus on short - selling opportunities [26][27]. Synthetic Rubber - On the previous trading day, synthetic rubber futures declined. The cost is weak, the supply has decreased slightly, the demand has declined, and the inventory is expected to decrease. It is expected to oscillate [28][29]. Natural Rubber - On the previous trading day, natural rubber futures declined. The supply in overseas and domestic production areas has been affected by weather, and the demand has declined. The inventory has decreased. One should focus on long - buying opportunities [30][31]. PVC - On the previous trading day, PVC futures declined. The supply is in excess, but the downward space is limited. The production capacity utilization rate has increased, the pre - sales have increased, and the inventory has decreased slightly. One should focus on changes in the supply side [32][33]. Urea - On the previous trading day, urea futures declined. The supply has increased slightly, the demand is affected by the end of autumn fertilizer orders, the cost is stable, and the profit has narrowed. The inventory is lower than expected. The downside space is limited [34][35]. p - Xylene (PX) - On the previous trading day, PX futures declined. The PX load has increased, and the import has decreased. The short - term supply - demand structure has improved, and it may fluctuate and adjust [36]. PTA - On the previous trading day, PTA futures declined. The supply load has decreased slightly, and the demand is stable. The processing fee has slightly recovered, and the inventory is low. In the short term, it may fluctuate, and one should pay attention to oil price changes [37]. Ethylene Glycol - On the previous trading day, ethylene glycol futures declined. The supply load has increased, the port inventory has decreased, and the demand support is limited. In the short term, it may fluctuate, and one should pay attention to port inventory and import changes [38][39]. Short - Fiber - On the previous trading day, short - fiber futures declined. The supply load has decreased, the demand has improved slightly, and the processing fee has adjusted. In the short term, it may fluctuate following the cost, and one should pay attention to cost changes and macro - policy adjustments [40]. Bottle Chips - On the previous trading day, bottle - chip futures declined. The processing fee has decreased, the supply load has increased, and the export growth has slowed down. It is expected to fluctuate following the cost [41][42]. Lithium Carbonate - On the previous trading day, lithium carbonate futures declined. The supply is at a high level, and the consumption in the energy - storage and power - battery sectors has improved. The inventory has decreased, and one should pay attention to the sustainability of consumption [43]. Copper - On the previous trading day, copper futures declined. The Sino - US summit has ended, and the Fed has cut interest rates, but the overall progress is not as optimistic as expected. The supply of copper concentrate is tight, and high copper prices have suppressed consumption. The inventory has increased slightly. It may enter a sideways consolidation phase [44][45]. Aluminum - On the previous trading day, aluminum futures rose, and alumina futures declined. The supply of bauxite in the north has not recovered, and the alumina market is in excess supply. The production of electrolytic aluminum may be affected by winter restrictions, and the consumption is expected to decline. The inventory has increased slightly. It may maintain a high - level oscillation [45][46]. Zinc - On the previous trading day, zinc futures declined. The production of zinc mines is restricted, and the processing fee is under pressure. The demand is weak, and the inventory has decreased slightly. It is expected to continue to oscillate [47][48]. Lead - On the previous trading day, lead futures declined. The production of primary lead is stable, and the production of recycled lead has recovered slowly. High lead prices have suppressed demand, and the inventory has decreased. One should be cautious about chasing long positions [48][49]. Tin - On the previous trading day, tin futures rose. The supply of tin ore is tight, and the demand has certain resilience. The inventory has decreased. It is expected to oscillate and strengthen [50]. Nickel - On the previous trading day, nickel futures rose. The Fed has cut interest rates, and the Sino - US talks have released positive signals. The supply of nickel ore is expected to be affected by policy changes, and the downstream demand is weak. The inventory is relatively stable but at a high level. It is expected to oscillate [51][52]. Soybean Oil and Soybean Meal - On the previous trading day, soybean - meal futures rose, and soybean - oil futures declined. Sino - US trade friction is expected to improve, and Brazilian soybean sowing is progressing smoothly. The soybean - crushing volume remains high, the inventory of soybean meal has decreased, and the inventory of soybean oil is still under pressure. The consumption of soybean oil is affected, and the demand for soybean meal is expected to increase slightly. One can consider long - buying opportunities for soybean meal at the support level after adjustment, and temporarily wait and see for soybean oil [53][55]. Palm Oil - On the previous trading day, palm - oil futures declined. Malaysian palm - oil exports have increased, and China's palm - oil imports have decreased. The inventory is at a medium level. One can consider buying on pullbacks [56][57]. Rapeseed Meal and Rapeseed Oil - On the previous trading day, rapeseed - meal and rapeseed - oil futures were affected by the price of other oils. Sino - US trade negotiations have certain results. The import of rapeseed and rapeseed meal has decreased, and the import of rapeseed oil has increased. The inventory of rapeseed has decreased, and the inventory of rapeseed meal and rapeseed oil is at a high level. One can consider buying rapeseed oil on pullbacks [58][60]. Cotton - On the previous trading day, cotton futures oscillated. Sino - US leaders have met, and textile and clothing exports have shown a stable performance. The domestic cotton harvest is earlier, and the planting area and output have increased. The cotton price is expected to have limited upside space [61][63][64]. Sugar - On the previous trading day, sugar futures declined. Brazil's sugar production has slightly exceeded expectations, and the global sugar supply is expected to be in surplus. China's sugar import has increased year - on - year. The northern region has started sugar production, and the southern region will start in December. There is certain support below the price [65][68]. Apples - On the previous trading day, apple futures oscillated at a high level. The opening price of late - maturing apples is higher than last year, and the quality is poor. It is expected to run strongly [69][70]. Live Pigs - On the previous trading day, live - pig futures declined. The pig price is expected to decline weakly. The supply is expected to increase in the second half of the month, and one can consider short - selling opportunities on rebounds [71][73]. Eggs - On the previous trading day, egg futures declined. The cost of eggs has increased slightly, and the profit is low. The egg - laying hen inventory is at a high level, and the supply is expected to increase. The consumption is weak after the festival. One can continue to hold short positions and look for opportunities to add short positions on rebounds [74][75]. Corn and Starch - On the previous trading day, corn and starch futures rose. The price of corn is affected by the price of soybeans. The new - season corn harvest is almost completed, and the inventory of the northern port is expected to increase. The demand for corn is growing slightly, and the price may be under pressure. The demand for starch has improved slightly, and it may follow the corn market [76][77][78].

Core Insights - In September, China's total electricity consumption reached 888.6 billion kWh, marking a year-on-year increase of 4.5% [1][3] - From January to September, total electricity consumption accumulated to 7,767.5 billion kWh, with a year-on-year growth of 4.6% [1][3] - The third quarter saw a total electricity consumption of 2.9 trillion kWh, with significant monthly increases, indicating a new phase in energy consumption scale [1][3] Electricity Consumption by Sector - In September, electricity consumption by sector showed varied growth: primary industry at 12.9 billion kWh (7.3% increase), secondary industry at 5,705 billion kWh (5.7% increase), and tertiary industry at 1,765 billion kWh (6.3% increase) [3][4] - Urban and rural residential electricity consumption decreased by 2.6% to 128.7 billion kWh [3][4] - The secondary industry contributed significantly to the overall growth, with a 5.1% increase in the third quarter, accounting for 51% of total electricity consumption growth [4] Policy Impact and Industrial Recovery - Government policies have positively influenced the recovery of the secondary industry, with a notable increase in electricity consumption due to various industry stabilization plans [4] - High-energy-consuming industries saw a 3.2% increase in electricity consumption in the third quarter, driven by traditional peak seasons and recovery in production [4] - High-tech and equipment manufacturing sectors experienced a 9.5% increase in electricity consumption, surpassing the average growth rate of the manufacturing sector [4] Tertiary Industry Performance - The tertiary industry maintained robust growth, with a 7.5% year-on-year increase in electricity consumption for the first three quarters and an 8.3% increase in the third quarter [5] - New infrastructure developments, such as electric vehicles and 5G, significantly boosted electricity consumption in information transmission and retail sectors, with growth rates of 18.3% and 11.7% respectively [5] - The internet and related services saw a remarkable 33.8% increase in electricity consumption, while electric vehicle charging services surged by 49.6% [5] Regional Electricity Consumption Trends - Electricity consumption growth varied significantly across regions, with provinces like Hainan (18.6%), Tibet (15.4%), and Jilin (14.9%) showing the highest increases in September [6] - In the third quarter, Tibet (14.7%), Jilin (11.9%), and Hebei (11.7%) led in electricity consumption growth [6] - High temperatures during the summer contributed to record levels of residential electricity consumption, exceeding 500 billion kWh in the third quarter [6] Residential and Manufacturing Sector Insights - Urban and rural residential electricity consumption grew by 5.6% in the first three quarters, with a 6.4% increase in the third quarter [7] - Several provinces, including Tibet and Jilin, reported manufacturing electricity consumption growth exceeding 5%, with Tibet achieving a remarkable 25.8% increase [7]

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - The macro - economic recovery momentum needs strengthening, and monetary policy is expected to remain loose. Treasury bond futures are expected to have no trend - based market, and caution is advised [6]. - Stock index futures are expected to have increased volatility. Existing long positions can be liquidated to take profits [9][10]. - Precious metals have risen significantly. After taking profits on long positions, investors can wait and see [11][12]. - Rebar and hot - rolled coil prices are expected to remain weak in the medium term. Investors can look for short - selling opportunities at high levels during rebounds [14]. - Iron ore prices are supported in the short - term but may weaken in the medium - term. Investors can look for buying opportunities during pullbacks [16]. - Coking coal and coke futures are expected to continue to fluctuate in the short - term. Investors can look for buying opportunities during pullbacks [19]. - Ferroalloys may continue to have oversupply in the short - term. After a decline, investors can consider long positions at low levels when the spot market falls into a loss range [22]. - For crude oil, investors can focus on long - buying opportunities for the main contract [24]. - For fuel oil, investors can widen the spread between high - sulfur and low - sulfur fuel oils [27]. - Synthetic rubber is expected to oscillate [28][29]. - Natural rubber investors can focus on long - buying opportunities [32]. - For PVC, investors should focus on supply - side changes [35]. - The downside space for urea is limited [38]. - PX may adjust weakly in a volatile manner in the short - term. Investors should control positions and pay attention to crude oil changes and macro - policy shifts [39]. - PTA is expected to oscillate in the short - term. Investors should be cautious, control risks, and pay attention to oil price changes [41]. - Ethylene glycol may operate weakly in a volatile manner in the short - term. Investors should pay attention to port inventory and import changes [42]. - Short - fiber is expected to oscillate following costs. Investors should control risks and pay attention to cost changes and macro - policy adjustments [44]. - Bottle chips are expected to oscillate following the cost side. Investors should control risks [45]. - For lithium carbonate, attention should be paid to the sustainability of consumption [46]. - For copper, investors should temporarily wait and see [49]. - Tin prices are expected to oscillate strongly [50]. - Nickel prices are expected to oscillate [53]. - For soybean meal, after adjustment, investors can consider long positions in call options at the lower support range. For soybean oil, investors can temporarily wait and see [56]. - For palm oil, investors should temporarily wait and see [58]. - For rapeseed meal and rapeseed oil, investors should temporarily wait and see [61]. - Cotton prices are expected to remain under pressure [65]. - For sugar, investors should wait and see [69]. - For apples, investors should wait and see [71]. - For live pigs, after short - term profit - taking on short positions, investors can wait and see and look for short - selling opportunities on rebounds. For arbitrage, a reverse arbitrage strategy can be considered [73]. - For eggs, short positions should be held [76]. - For corn and starch, it is advisable to wait and see [79]. 3. Summaries According to Relevant Catalogs Treasury Bonds - The previous trading day, treasury bond futures closed up across the board. The central bank conducted 159.5 billion yuan of 7 - day reverse repurchase operations, with a net investment of 6.85 billion yuan. The macro - economic recovery momentum needs strengthening, and treasury bond futures are expected to have no trend - based market [5][6]. Stock Index - The previous trading day, stock index futures showed mixed performance. The domestic economy is stable, but the recovery momentum is weak. Asset valuations are low, and market sentiment has warmed up. Volatility is expected to increase, and existing long positions can be liquidated [8][9][10]. Precious Metals - The previous trading day, gold and silver futures rose. The global trade and financial environment is complex, and central bank gold purchases support prices. However, the recent increase has been large, and after taking profits on long positions, investors can wait and see [11][12]. Rebar and Hot - Rolled Coil - The previous trading day, rebar and hot - rolled coil futures oscillated weakly. In the medium - term, the supply - demand relationship in the industry dominates. Rebar demand is declining year - on - year, and inventory pressure has increased. Prices are expected to remain weak, and investors can short - sell at high levels during rebounds [13][14]. Iron Ore - The previous trading day, iron ore futures oscillated and sorted. Demand supports prices in the short - term, but the supply - demand pattern may weaken in the medium - term. Investors can look for buying opportunities during pullbacks [16]. Coking Coal and Coke - The previous trading day, coking coal and coke futures significantly corrected. Coking coal supply pressure is not large, and coke prices have started to rise after two rounds of cuts. Futures are expected to continue to oscillate in the short - term, and investors can buy during pullbacks [18][19]. Ferroalloys - The previous trading day, manganese - silicon futures fell, and silicon - iron futures rose. Manganese ore supply has increased, and the cost of ferroalloys has risen. Production remains high, and demand is weak. There may be short - term oversupply, and investors can consider long positions at low levels [21][22]. Crude Oil - The previous trading day, INE crude oil hit a new low and then rebounded. The number of US oil and gas rigs has increased, and the global oil market may face an oversupply next year. However, there is support near the integer level, and investors can focus on long - buying opportunities [23][24]. Fuel Oil - The previous trading day, fuel oil hit a new low and then rebounded. The Asian fuel oil market is affected by sufficient supply. There are different views on the supply of high - sulfur fuel oil at the end of the year. Investors can widen the spread between high - sulfur and low - sulfur fuel oils [25][27]. Synthetic Rubber - The previous trading day, synthetic rubber futures rose. The increase in short - and medium - term maintenance expectations has driven the market to stop falling and rebound. It is expected to oscillate, and investors should pay attention to raw material prices and supply changes [28][29]. Natural Rubber - The previous trading day, natural rubber futures rose. Affected by Sino - US trade frictions, the overall sentiment of bulk commodities is bearish. The supply in Thailand is affected by rainfall, and demand has recovered. Investors can focus on long - buying opportunities [30][32]. PVC - The previous trading day, PVC futures fell. The supply - demand imbalance persists, but the downward space may be limited. After the holiday, attention should be paid to exports and supply reduction [33][35]. Urea - The previous trading day, urea futures rose slightly. After prices fell below the lowest level at the beginning of the year, there was a small rebound. Supply has increased, and demand has improved slightly. The downward space is limited [36][38]. PX - The previous trading day, PX futures rose. The PX load has decreased, and imports have declined. The short - term supply - demand balance has loosened, and prices may adjust weakly in a volatile manner [39]. PTA - The previous trading day, PTA futures oscillated. Supply has increased, and demand has shown limited improvement. Processing fees have declined, and prices are expected to oscillate. Attention should be paid to oil prices [40][41]. Ethylene Glycol - The previous trading day, ethylene glycol futures fell. Supply has increased, inventory has accumulated, and demand support is limited. Prices are expected to oscillate weakly, and attention should be paid to port inventory and imports [42]. Short - Fiber - The previous trading day, short - fiber futures rose slightly. Supply remains at a relatively high level, demand is average, and cost support is weak. Prices are expected to oscillate following costs [43][44]. Bottle Chips - The previous trading day, bottle - chip futures oscillated. Processing fees have increased, supply has risen, and export growth has slowed. Prices are expected to oscillate following the cost side [45]. Lithium Carbonate - The previous trading day, lithium carbonate futures fell. Supply remains at a high level, and demand in the energy storage and power battery sectors has improved. Attention should be paid to the sustainability of consumption [46]. Copper - The previous trading day, Shanghai copper futures rose. Sino - US relations have eased, and the suspension of production of an Indonesian copper mine supports prices. Investors should temporarily wait and see [47][49]. Tin - The previous trading day, tin futures rose. The supply of tin ore is tight, and demand shows some resilience. Prices are expected to oscillate strongly [50]. Nickel - The previous trading day, nickel futures fell. Concerns about supply have resurfaced, but the market is still in an oversupply situation. Prices are expected to oscillate [53]. Soybean Meal and Soybean Oil - The previous trading day, soybean meal and soybean oil futures fell. The soybean crushing volume has recovered, and inventory pressure remains. For soybean meal, long positions in call options can be considered after adjustment; for soybean oil, wait and see [55][56]. Palm Oil - The previous trading day, Malaysian palm oil prices fell. EU policies have changed, and Chinese imports have decreased. Inventory has accumulated. Investors should temporarily wait and see [57][58]. Rapeseed Meal and Rapeseed Oil - Canadian rapeseed prices rose slightly. Chinese imports have changed, and inventory levels vary. Investors should temporarily wait and see [59][61]. Cotton - The previous trading day, domestic cotton futures rose. Sino - US relations may improve, which is beneficial to cotton trade. Domestic cotton production is expected to be high, and prices are expected to remain under pressure [62][64][65]. Sugar - The previous trading day, Zhengzhou sugar futures oscillated at a low level. Brazilian sugar production has slightly exceeded expectations, and the global sugar supply may be in surplus. Domestic northern regions have started sugar production. Investors should wait and see [66][68][69]. Apples - The previous trading day, domestic apple futures oscillated at a high level. This year's apple production has increased slightly, and the quality of late - maturing apples is poor. The opening price is higher than last year. Investors should wait and see [70][71]. Live Pigs - The previous trading day, the national average price of live pigs rose. Supply is expected to increase in the second half of the month. After short - term profit - taking on short positions, investors can wait and see and look for short - selling opportunities on rebounds [72][73]. Eggs - The previous trading day, egg prices fell. The inventory of laying hens is at a high level, and supply is increasing. Consumption may be lower than expected. Short positions should be held [74][76]. Corn and Starch - The previous trading day, corn and corn starch futures rose. The new - season corn harvest is under pressure, and inventory is increasing. Demand shows a slight increase. It is advisable to wait and see [77][78][79].