Core Viewpoint - The A-share market experienced a downward trend on December 3, with the power sector showing resilience as certain ETFs related to clean energy and public utilities posted gains, indicating a potential investment opportunity in the energy sector [1] Group 1: Market Performance - The three major A-share indices collectively declined, while the public utility ETF (159301) rose by 0.52% and the green energy ETF (562550) increased by 0.27% [1] - Key power stocks such as Min Energy, Jingneng Power, and others saw collective gains, reflecting investor interest in the sector despite broader market declines [1] Group 2: Policy Developments - The National Energy Administration plans to establish seven standardized technical organizations focusing on various aspects of energy management, including greenhouse gas emissions and hydrogen energy, aimed at promoting innovation in the energy industry [1] - The National Development and Reform Commission and the National Energy Administration will release guidelines to ensure the reasonable consumption of 200 million kilowatts of new energy annually by 2030, reinforcing the commitment to large-scale development of renewable energy [1] Group 3: Investment Recommendations - Guosheng Securities recommends focusing on green power operators with advantageous resource locations, high project development efficiency, and low financing costs, particularly highlighting the relative advantages of offshore wind energy [1] - The report also suggests paying attention to flexible resources like thermal power, as well as investment opportunities in energy storage and virtual power plants [1]

Investment Rating - The report maintains an "Accumulate" rating for the electricity sector [5] Core Insights - In October, the national electricity consumption increased by 10.4% year-on-year, with a cumulative electricity consumption of 86,246 billion kWh from January to October, representing a 5.1% year-on-year growth [1][10] - The first industry saw a significant increase in electricity demand, with a monthly growth rate of 13.2% in October, while the second industry improved to a 6.2% year-on-year growth in the same month [2][16] - The third industry experienced a notable increase in electricity consumption, with a monthly growth rate of 17.1% in October, driven by rapid growth in the charging and information technology service sectors [2][12] - Residential electricity consumption surged to a monthly growth rate of 23.9% in October, influenced by cold weather [2][12] Summary by Sections Electricity Consumption - In October, the total electricity consumption reached 8,572 billion kWh, marking a 10.4% increase year-on-year [1][10] - From January to October, the cumulative electricity consumption was 86,246 billion kWh, with the industrial electricity generation amounting to 80,625 billion kWh [1][10] Electricity Generation - In October, the industrial electricity generation was 8,002 billion kWh, reflecting a year-on-year growth of 7.9% [2][27] - The report highlights a shift in electricity generation types, with industrial thermal power increasing by 7.3% in October, while hydroelectric and solar power growth rates slowed down [3][32] Investment Recommendations - The report emphasizes the importance of developing renewable energy and suggests focusing on green electricity operators with advantageous resource locations and low financing costs [4][50] - Specific companies recommended for investment include Huaneng International, Huadian International, and China Nuclear Power, among others [4][50]

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the electric equipment and new energy industry [1]. Core Viewpoints - Tesla plans to expand its Texas Gigafactory, aiming to establish a production base for the Optimus humanoid robot with an annual capacity of 10 million units by 2027 [1]. - The completion of IPO guidance for Yushu Technology has been reported, indicating progress in the company's public offering process [1]. - The National Energy Administration has issued guidelines to promote the integrated development of new energy, emphasizing the importance of reliable replacement levels and market competitiveness by 2030 [2]. - The National Development and Reform Commission and the National Energy Administration have released guidance on new energy consumption and regulation, aiming to establish a multi-level consumption regulation system by 2030 [3]. Summary by Relevant Sections Market Performance - The report highlights the recent market performance of the electric equipment and new energy industry, noting significant developments such as Tesla's expansion plans and Yushu Technology's IPO progress [1][2]. Price Tracking - The report provides price tracking data for polysilicon, silicon wafers, battery cells, and modules, indicating stable prices for polysilicon and slight declines in silicon wafer prices due to weak demand [5][7][8]. - The average price of polysilicon remains at 52.0 CNY/kg, while silicon wafer prices have decreased by 3.7% for N-type wafers [5][7]. Investment Recommendations - The report recommends several companies based on different strategic focuses, including: - BC new technology: Aishuo Co., Longi Green Energy - Supply-side focus: Daqian Energy, Fulete - Light storage direction: Sunshine Power, Deyi Co. - Market-oriented direction: Langxin Group - Domestic substitution: Quartz Co. - Overseas layout: Hengdian East Magnetic, Bowei Alloy [9].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - The research report analyzes the market conditions of various non - ferrous metals including copper, alumina, electrolytic aluminum, etc., and provides corresponding trading strategies based on macro - environment, supply - demand relationship, and cost - profit analysis [1][9][17] Group 3: Summary by Related Catalogs Copper - **Market Review**: The main contract of Shanghai copper 2512 closed at 86,840 yuan/ton, up 0.16%. Spot trading improved slightly, with different premiums in different regions [1] - **Important Information**: Weak ADP employment data in the US, potential end of government shutdown, and production changes in some copper mines [1] - **Logic Analysis**: Loose macro - environment, tight supply in the short - term, and demand supported by power grid tenders [2][4] - **Trading Strategy**: Wait - and - see for one - sided trading, long - term bullish; possible phased rebound in ratio for arbitrage; wait - and - see for options [5][6][7] Alumina - **Market Review**: The 2601 contract of alumina fell 5 yuan to 2,821 yuan/ton, and spot prices in different regions showed different trends [9] - **Related Information**: Procurement prices in different regions, government actions in Guinea, production capacity changes, and cost data [10][11][12] - **Logic Analysis**: Supply - demand surplus, expected reduction in production, but new investment pressure at the end of the year [14] - **Trading Strategy**: Short - term narrow - range rebound, beware of selling pressure; wait - and - see for arbitrage and options [15][16] Electrolytic Aluminum - **Market Review**: The 2601 contract of Shanghai aluminum rose 190 yuan to 21,880 yuan/ton, and spot prices in different regions increased [18] - **Related Information**: US economic data, government shutdown news, inventory changes, and production capacity changes [18][19][21] - **Trading Logic**: Loose macro - environment, tight overseas supply, and domestic demand with certain resilience [22] - **Trading Strategy**: Maintain a volatile and strong trend for one - sided trading; wait - and - see for arbitrage and options [23][24] Casting Aluminum Alloy - **Market Review**: The 2601 contract of casting aluminum alloy rose 175 yuan to 21,245 yuan/ton, and spot prices showed different trends [26] - **Related Information**: US economic data, cost - profit data, and changes in warehouse receipts [26][27] - **Trading Logic**: Loose macro - environment, tight waste aluminum supply, and cost support [30] - **Trading Strategy**: Aluminum alloy prices are strong along with aluminum prices; wait - and - see for arbitrage and options [31] Zinc - **Market Review**: The 2512 contract of Shanghai zinc fell 0.18% to 22,680 yuan/ton, and spot trading was cold [33] - **Related Information**: Processing fee guidance price, inventory changes, and production reduction expectations in mines and smelters [34][35] - **Logic Analysis**: Tight supply at the mine end, reduced smelter profits, and limited upward space [35] - **Trading Strategy**: Range - bound for one - sided trading; hold SHFE - LME arbitrage; wait - and - see for options [37] Lead - **Market Review**: The 2512 contract of Shanghai lead rose 0.97% to 17,660 yuan/ton, and spot trading was okay [39] - **Related Information**: Inventory changes, profit conditions of recycling enterprises, and supply of recycled lead [40] - **Logic Analysis**: Supply is recovering, demand is weakening, and prices are under pressure [41] - **Trading Strategy**: Short at high levels for one - sided trading; wait - and - see for arbitrage; sell out - of - the - money call options [42] Nickel - **Market Review**: The main contract of Shanghai nickel NI2512 fell 740 to 118,710 yuan/ton, and spot premiums changed [44][45] - **Important Information**: Indonesia's policy on nickel smelters [47] - **Logic Analysis**: Loose supply - demand, limited rebound, and expected weakening in the off - season [47] - **Trading Strategy**: Short on rebounds for one - sided trading; wait - and - see for arbitrage; sell out - of - the - money call options [48][49][50] Stainless Steel - **Market Review**: The main contract of stainless steel SS2512 fell 95 to 12,425 yuan/ton, and spot prices were in a certain range [52] - **Important Information**: Decline in high - nickel pig iron prices and export price cuts by Indonesian enterprises [53] - **Logic Analysis**: Weak trading atmosphere, abundant cold - rolled supply, and downward - trending costs [53][55] - **Trading Strategy**: Short on rebounds for one - sided trading; wait - and - see for arbitrage [56][57] Tin - **Market Review**: The main contract of Shanghai tin 2512 closed at 292,440 yuan/ton, up 1.75%, and spot prices rose [59] - **Related Information**: US economic data and decline in Indonesian tin exports [60] - **Logic Analysis**: Potential end of US government shutdown, tight supply at the mine end, and slow demand recovery [61] - **Trading Strategy**: Tin prices may test previous highs; wait - and - see for options [62][63] Industrial Silicon - **Important Information**: Policies on new energy consumption and regulation [65] - **Logic Analysis**: Reduced demand for polysilicon, increased power prices in some areas, and limited upward space [66] - **Strategy Suggestion**: Range - bound operation for one - sided trading; long Si2512 and short Si2601 for arbitrage; sell out - of - the - money put options to take profit [67][68] Polysilicon - **Important Information**: News about the potential establishment of a storage platform [70] - **Logic Analysis**: Reduced supply and demand, marginal improvement in supply - demand, and short - term range - bound [70] - **Strategy Suggestion**: Range - bound operation and buy at low levels for one - sided trading; long PS2512 and short PS2601 for arbitrage; no suggestion for options [72][73][74] Lithium Carbonate - **Market Review**: The 2601 contract of lithium carbonate fell 180 to 86,580 yuan/ton, and spot prices rose [76] - **Important Information**: Policies on new energy, progress of a lithium salt project, and growth in global energy storage cell shipments [77] - **Logic Analysis**: Increased demand and supply - side disturbances support high - level prices [78] - **Trading Strategy**: High - level operation in the short - term; wait - and - see for arbitrage; sell out - of - the money put options [79][80][82]

Core Insights - China's renewable energy sector is experiencing rapid growth and increasing consumption pressure, necessitating a strategic approach to balance development and consumption [1][2] - The National Development and Reform Commission and the National Energy Administration have issued guidelines to promote renewable energy consumption and regulation [1] Group 1: New Guidelines and Strategies - The guidelines categorize renewable energy development and consumption into five types, specifying targeted measures for each category [1] - Key categories include optimizing the integration of water, wind, and solar energy, promoting orderly development of offshore wind energy, and expanding distributed renewable energy consumption [1] Group 2: New Consumption Models and Targets - The guidelines outline innovative consumption models under the "dual carbon" goals, including integrated development of renewable energy and industry, and support for various new consumption formats [2] - By 2030, a multi-level renewable energy consumption regulation system is expected to be established, with new electricity demand primarily met by renewable energy generation [2] - By 2035, a high-proportion renewable energy adaptation system is anticipated to be fully developed, further enhancing the renewable energy consumption regulation framework [2]

Core Viewpoint - The A-share market experienced a downward trend on November 11, with the ChiNext New Energy ETF (Hua Xia, 159368) showing weak fluctuations but a slight increase of 0.19%. The market is reacting to new guidelines from the National Development and Reform Commission and the National Energy Administration aimed at promoting renewable energy consumption and regulation [1][2]. Group 1: Market Performance - The ChiNext New Energy ETF (Hua Xia, 159368) is the largest ETF tracking the ChiNext New Energy Index, which includes sectors like batteries and photovoltaics [2]. - The ETF has the highest trading volume, with a recent average daily transaction of 90.05 million yuan, and a total scale of 829 million yuan as of October 31, 2025 [2]. - Notable stocks in the sector include Zhonglai Co., which hit the daily limit, and Penghui Energy, which rose by 8.23%, with several others increasing by over 5% [1]. Group 2: Policy and Future Outlook - The new guidelines emphasize enhancing the adaptability of new power systems to renewable energy, promoting advanced and efficient new storage technologies, and improving the utilization of renewable energy [1]. - By 2035, the goal is to establish a new power system capable of accommodating a high proportion of renewable energy, with a more refined renewable energy consumption and regulation system [1]. - CICC forecasts that by 2026, policies will focus on both supply and demand to achieve around 5% economic growth, suggesting an increase in quality consumption supply and a reduction in inefficient capacity [1].

Core Viewpoint - The A-share market for power equipment stocks has seen a collective surge, driven by new government guidelines aimed at promoting renewable energy consumption and regulation, with significant price increases observed in various companies [1] Group 1: Market Performance - Zhonglai Co., Ltd. reached a 20% limit up, while Haibo Technology surged over 11% [1] - Other notable performers include Tuori New Energy, GCL-Poly Energy, and Jincheng Co., Ltd., all hitting the 10% limit up [1] - Yunnan Energy Investment, Yijing Optoelectronics, and Kuaike Electronics saw increases of over 6% [1] Group 2: Government Guidelines - The National Development and Reform Commission and the National Energy Administration released guidelines to enhance renewable energy consumption and regulation [1] - By 2030, a multi-level renewable energy consumption regulation system is expected to be established, ensuring smooth grid connection and efficient operation of renewable energy [1] - The guidelines aim to meet an annual demand for 200 million kilowatts of new renewable energy consumption, supporting carbon peak goals [1] - By 2035, a new power system compatible with high proportions of renewable energy is anticipated to be in place [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The current economic recovery has many setbacks, with slow balance - sheet repair in the real economy. Super - conventional monetary and fiscal policies to manage inflation expectations may promote balance - sheet repair [29]. - In the bond market, credit spread compression is in the second half, and the year - end market may shift to medium - and long - term credit bonds. Credit bonds should focus on structural opportunities [29]. - In the bond market's oscillations, it's necessary to balance credit bond coupons and individual bond liquidity, and pay attention to the possibility of further overall easing [29]. - After the slowdown of gold price increase and the weakening of low - base and fiscal subsidy factors, core inflation may gradually decline, and the low - inflation pattern in China may continue. Monetary policy may push down nominal interest rates, and the domestic bond market is expected to perform well [30]. - The price of goods is bottoming out and recovering, which is positive for the stock market in the long - term, but the impact on the bond market needs further observation [31]. 3. Summary by Directory 3.1 Macro Data - In Q3 2025, GDP growth was 4.8% year - on - year, lower than the previous quarter. The manufacturing PMI in October was 49.0%, down from the previous month. The non - manufacturing PMI was 50.1%, slightly up [1]. - In September 2025, the year - on - year growth rates of M0, M1, and M2 were 11.5%, 7.2%, and 8.4% respectively. The new RMB loans in September were 1290 billion yuan [1]. - In October 2025, CPI was 0.2% year - on - year, and PPI was - 2.1% year - on - year. The year - on - year growth rate of exports was - 1.1%, and that of imports was 1.0% [1]. 3.2 Commodity Investment 3.2.1 Comprehensive - The US suspended the 301 investigation on China's shipbuilding and other industries for one year. China suspended relevant fees and anti - countermeasures and adjusted the export management of precursor chemicals [2]. - The Shanghai Gold Exchange waived trading fees for certain international board contracts from November 11, 2025, to the end of 2026 [2]. - On November 10, 2025, 38 domestic commodity varieties had positive basis, and 31 had negative basis [2]. - The CSRC approved the registration of platinum and palladium futures and options, which will increase the number of market varieties to 164 [3]. - After a 40 - day government shutdown, the US Senate passed a temporary appropriation bill, and the government shutdown may end this weekend [3]. - Fed's Daly believes that inflation in commodity prices is under control, and the current policy is in a good state [3]. 3.2.2 Metals - On November 10, 2025, the price of battery - grade lithium carbonate rose by 430 yuan to 80,800 yuan/ton, and that of battery - grade lithium hydroxide rose by 130 yuan to 75,700 yuan/ton [4]. - In the first three quarters of 2025, China's gold consumption was 682,730 tons, a year - on - year decrease of 7.95%. Gold ETFs increased their positions by 79,015 tons, a year - on - year increase of 164.03% [5]. - Ganfeng Lithium's project in Argentina made key progress, with proven + controlled lithium resources of about 15.07 million tons of LCE [5]. - After Trump supported the government shutdown agreement, aluminum and copper prices rose. Chile's copper production in September decreased by 7.2% year - on - year [6][7]. - J.P. Morgan Private Bank believes that gold prices may exceed $5000 per ounce next year, driven by central bank purchases in emerging economies [7]. 3.2.3 Coal, Coke, Steel, and Minerals - Multiple provinces and cities issued pollution prevention plans for the autumn and winter, involving steel production regulation [9]. - Affected by factors such as the continuous decline of steel enterprises' purchase prices of molybdenum iron, the prices of molybdenum products decreased, but market trading volume increased [10]. - In late October 2025, key steel enterprises produced 19.99 million tons of crude steel, with an average daily output of 1.817 million tons, a 9.8% decrease from the previous month [11]. 3.2.4 Energy and Chemicals - Domestic refined oil prices were raised for the seventh time this year, with gasoline and diesel prices increasing by 125 yuan and 120 yuan per ton respectively [12]. - Two departments issued a guidance on promoting new energy consumption and regulation, aiming to build a new - energy consumption and regulation system by 2030 and 2035 [12]. - From November 8 - 10, 2025, Sinopec's Tianjin LNG receiving terminal unloaded about 160,000 tons of LNG, ensuring heating supply in North China [13]. 3.2.5 Agricultural Products - In Shanxi, autumn grain harvesting is almost finished, and wheat sowing is progressing. As of November 7, over 70% of the wheat has been sown [14]. - The market is stable macro - economically, and the resumption of the soybean export qualification of three US enterprises has improved the export prospects of US soybeans, but future imports are still uncertain [14]. 3.3 Financial News 3.3.1 Open Market - On November 10, 2025, the central bank conducted 119.9 billion yuan of 7 - day reverse repurchase operations, with a net investment of 41.6 billion yuan [15]. 3.3.2 Important News - The US suspended the 301 investigation on China for one year, and China made corresponding adjustments [16]. - The US Senate passed a temporary appropriation bill to end the government shutdown, which still needs House approval [17]. - The State Council issued measures to promote private investment, and ten departments released a plan to promote logistics data sharing [17]. - The 8th China International Import Expo closed with a record - high intended transaction volume of $83.49 billion, a 4.4% increase from the previous session [18]. - Central enterprises increased investment in key areas in the first three quarters, with fixed - asset investment exceeding 3 trillion yuan, a growth of over 3% [18]. - The Ministry of Finance will continue to issue local government debt quotas in advance, and many places have started project reserve work for 2026 [18]. - In October 2025, the retail sales of passenger cars decreased by 0.8% year - on - year, while the wholesale sales of new - energy passenger cars increased by 18.5% [18]. - In Shenzhen, the number of second - hand housing transactions has remained above 5000 for 8 consecutive months [19]. - The Ministry of Finance will issue up to 47.71 billion yuan of electronic savings bonds from November 10 - 19, 2025 [19]. - Hong Kong plans to issue multi - currency digital bonds for the third time [19]. - Some small and medium - sized banks have adjusted long - term deposit products due to the downward trend of net interest margins [20]. - The US Treasury Secretary said that Trump's proposed $2000 tariff dividend could be achieved through tax cuts [20]. - Japan's new government asked the central bank to postpone interest rate hikes, but the central bank may raise rates in December [20]. - There are bond - related events such as self - discipline punishments, full redemptions, and senior management investigations [21][22]. - Some overseas companies received credit rating confirmations or new ratings [22]. 3.3.3 Bond Market Summary - The Chinese bond market strengthened with long - term bonds performing better. Bond futures mostly rose, and the money market tightened [23]. - In the exchange bond market, Vanke's bonds generally fell, while some other bonds rose [23]. - The convertible bond index rose, and the money market interest rates mostly went up [24]. - Bond issuance and trading data showed different trends, and overseas bond yields also changed [26]. 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar rose 50 basis points at the 16:30 close, and the central parity rate was depreciated by 20 basis points [27]. - The US dollar index rose 0.07%, and non - US currencies showed mixed performance [27]. 3.3.5 Research Report Highlights - CITIC Securities believes that super - conventional policies may promote balance - sheet repair in the real economy [29]. - Guosheng Fixed - Income expects the bond market to decline further from November - December, and credit bonds should focus on structural opportunities [29]. - Xingzheng Fixed - Income emphasizes balancing credit bond coupons and individual bond liquidity [29]. - CICC Fixed - Income expects core inflation to gradually weaken, and is optimistic about the domestic bond market [30]. - CITIC Securities is optimistic about the central bank's future bond - buying scale [30]. - Huatai Fixed - Income believes that prices are bottoming out, which is positive for stocks and needs further observation for bonds [31]. 3.4 Stock Market News - The Asset Management Association of China solicited opinions on the management guidelines for the thematic investment styles of public funds [33]. - On Monday, the A - share market showed a divergence, with the Shanghai Composite Index rising 0.53%, the Shenzhen Component Index rising 0.18%, and the ChiNext Index falling 0.92% [33]. - The Hong Kong Hang Seng Index rose 1.55%, and southbound funds' cumulative net purchases exceeded HK$5 trillion [34]. - The China Securities Index Company will release two new indices on November 11, 2025 [34].

Core Viewpoint - The article highlights the positive market movements in the A-share and Hong Kong stock markets, driven by specific sectors such as photovoltaic equipment and technology, following the release of new government guidelines on renewable energy consumption and regulation [3][4][6]. Market Performance - A-shares opened higher with the Shanghai Composite Index up by 0.13%, Shenzhen Component Index up by 0.36%, and ChiNext Index up by 0.58% [4][5]. - The photovoltaic equipment sector saw significant gains, with companies like Guosheng Technology hitting the daily limit, and others such as Aters, Jincheng Co., and Sunshine Power also rising [3]. - The Hong Kong market also opened positively, with the Hang Seng Index up by 0.37% and the Hang Seng Tech Index up by 0.79%, led by gains in sectors like metals, software, and semiconductors [6]. Government Policy Impact - The National Development and Reform Commission and the National Energy Administration released guidelines aimed at promoting the consumption and regulation of renewable energy, with a target to establish a new power system compatible with high proportions of renewable energy by 2035 [3].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - On November 10, all current-month contracts of the four major stock index futures rose. IF rose 0.28%, IH rose 0.45%, IC rose 0.14%, and IM rose 0.22% [1] - On this trading day, the total trading volume of stock index futures rebounded, indicating an increase in investors' trading enthusiasm. Specifically, the total trading volume of IF increased by 20,335 lots, IH by 8,106 lots, IC by 15,775 lots, and IM by 6,856 lots. In terms of positions, the total positions of IF increased by 10,827 lots, IH by 5,768 lots, IC by 8,841 lots; while the total positions of IM decreased by 1,747 lots [2] - The trend strength of IF and IH is 1, and that of IC and IM is also 1. The trend strength ranges from -2 to 2, with -2 being the most bearish and 2 being the most bullish [6] Group 3: Summary by Relevant Catalogs 1. Stock Index Futures Data Tracking - **IF Contracts**: The closing prices of IF2511, IF2512, IF2603, and IF2606 were 4,686.2, 4,672, 4,640, and 4,595.4 respectively, with increases of 0.28%, 0.28%, 0.27%, and 0.23%. The trading volumes were 22,468, 69,883, 11,109, and 3,325 respectively, with increases of 3,928, 13,471, 2,411, and 525. The positions were 41,206, 156,162, 58,126, and 12,819 respectively, with increases of 2,927, 6,246, 1,449, and 205 [1] - **IH Contracts**: The closing prices of IH2511, IH2512, IH2603, and IH2606 were 3,054.8, 3,054, 3,049.6, and 3,043.6 respectively, with increases of 0.45%, 0.45%, 0.45%, and 0.47%. The trading volumes were 9,753, 30,249, 4,315, and 1,593 respectively, with increases of 1,863, 4,947, 1,066, and 230. The positions were 13,871, 61,599, 16,735, and 4,506 respectively, with increases of 431, 3,798, 1,097, and 442 [1] - **IC Contracts**: The closing prices of IC2511, IC2512, IC2603, and IC2606 were 7,302.8, 7,235.8, 7,065, and 6,874.8 respectively, with increases of 0.14%, 0.07%, 0.03%, and a decrease of 0.01%. The trading volumes were 23,580, 76,452, 16,831, and 5,873 respectively, with increases of 3,318, 7,575, 3,453, and 1,429. The positions were 44,924, 132,910, 53,041, and 18,458 respectively, with increases of 1,285, 5,781, 1,321, and 454 [1] - **IM Contracts**: The closing prices of IM2511, IM2512, IM2603, and IM2606 were 7,508.8, 7,421, 7,199.2, and 6,984.2 respectively, with increases of 0.22%, 0.13%, 0.08%, and 0.14%. The trading volumes were 33,873, 128,195, 22,461, and 9,944 respectively, with increases of 2,467, 608, 1,892, and 1,889. The positions were 61,772, 179,090, 79,103, and 34,712 respectively, with a decrease of 2,391 for IM2511 and increases of 51,961, 460, and 1,533 for the others [1] 2. Top 20 Member Positions Changes - **IF Contracts**: For IF2511, the long positions increased by 3,129 and short positions by 2,722; for IF2512, long positions increased by 5,253 and short positions by 4,407; for IF2603, long positions increased by 1,362 and short positions by 1,093; for IF2606, long positions decreased by 1 and short positions increased by 98 [5] - **IH Contracts**: For IH2511, long positions increased by 579 and short positions by 276; for IH2512, long positions increased by 3,451 and short positions by 3,684; for IH2603, long positions increased by 1,080 and short positions by 999; the data for IH2606 was not released [5] - **IC Contracts**: For IC2511, long positions increased by 1,759 and short positions by 712; for IC2512, long positions increased by 5,675 and short positions by 4,034; for IC2603, long positions increased by 1,080 and short positions by 664; for IC2606, long positions increased by 260 and short positions by 409 [5] - **IM Contracts**: For IM2511, long positions decreased by 1,055 and short positions by 1,279; for IM2512, long positions increased by 1,371 and short positions by 500; for IM2603, long positions increased by 114 and short positions by 271; the data for IM2606 was not released [5] 3. Important Drives - The Ministry of Transport announced that, with the approval of the State Council, starting from 13:01 on November 10, 2025, in synchronization with the suspension of the final measures of the Section 301 investigation on China's maritime, logistics, and shipbuilding industries by the US, China will suspend the implementation of relevant notices and announcements for one year [6] - The Ministry of Commerce announced that it will suspend the counter - measures against five US - related subsidiaries of Hanwha Ocean Co., Ltd. for one year starting from November 10, 2025 [6] - Two departments issued the "Guiding Opinions on Promoting the Consumption and Regulation of New Energy". By 2030, a multi - level new energy consumption and regulation system will be basically established, and by 2035, a new power system adapted to a high proportion of new energy will be basically completed [7] 4. Stock Market Performance - The Shanghai Composite Index rose 0.53% to 4,018.6 points, the Shenzhen Component Index rose 0.18%, and the ChiNext Index fell 0.92%. The total trading volume of A - shares was 2.19 trillion yuan, compared with 2.02 trillion yuan the previous day. The large - consumption sector boomed, and chemical stocks continued to be strong, while some computing hardware stocks and humanoid robot concept stocks performed poorly [7]