Report Industry Investment Rating - Not provided Core Views - For industrial silicon, the spot price remains stable, and the supply - demand pattern may improve during the dry season but still shows a cumulative inventory pattern. The industrial silicon futures are mainly affected by overall commodity sentiment and policy news. If there are policies to promote, the futures may have room to rise. For polysilicon, the supply and demand both weaken, with high inventory pressure and general consumption performance. The futures are affected by anti - involution policies and weak reality, and are expected to fluctuate mainly [3][6] Market Analysis Industrial Silicon - On November 26, 2025, the industrial silicon futures price fluctuated. The main contract 2601 opened at 8,960 yuan/ton and closed at 9,020 yuan/ton, a change of 0.28% from the previous settlement. The position of the 2511 main contract was 260,529 lots, and the number of warehouse receipts was 40,425 lots, a decrease of 289 lots from the previous day. The spot price of industrial silicon remained stable, with prices in various regions unchanged [1] - The Lanzhou Dongjin Silicon Industry Co., Ltd. organic silicon integration project (change) has its total land area changed to 1,667.45 mu. The first - phase product is changed to 400,000 tons/year of industrial silicon blocks, and the second - phase will build a production line for 400,000 tons/year of organic silicon monomers and supporting downstream products [2] - The organic silicon DMC market is stable, with a current mainstream quotation of 13,100 - 13,200 yuan/ton. Manufacturers have a strong willingness to hold prices, and downstream enterprises actively follow up, with increased market confidence. It is expected to run steadily and strongly in the short term [2] Polysilicon - On November 26, 2025, the polysilicon futures main contract 2601 showed a strong - side fluctuation, opening at 54,730 yuan/ton and closing at 55,895 yuan/ton, a 2.93% change from the previous trading day. The position of the main contract reached 143,043 lots, and the trading volume was 330,316 lots [4] - The polysilicon spot price weakened slightly. The polysilicon manufacturer inventory and silicon wafer inventory increased, with polysilicon inventory at 271,000 tons (a 1.50% change) and silicon wafer inventory at 18.72 GW (a 1.63% change). The weekly polysilicon production was 27,100 tons (a 1.11% change), and the silicon wafer production was 12.78 GW (a - 2.59% change) [4][5] - The prices of silicon wafers, battery cells, and components were provided, with some prices remaining stable and some having slight changes [5] Strategy Industrial Silicon - The spot price is stable. The industrial silicon futures are mainly affected by overall commodity sentiment and policy news. Short - term interval operation is recommended, and contracts during the dry season can be bought at low prices [3] Polysilicon - The polysilicon futures are affected by anti - involution policies and weak reality. Short - term interval operation is recommended, and the main contract is expected to fluctuate in the range of 50,000 - 57,000 yuan/ton [6]

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The rise of AI computing power has opened up new demand space for non - ferrous metals, and the pricing logic and demand landscape of commodities may be reconstructed. The new development in the AI field is becoming an indispensable new driving force for the growth of non - ferrous metal demand. At present, one should maintain sufficient imagination for the non - ferrous metal demand prospects brought by AI while closely tracking the micro - demand and high - frequency data of each variety [2][3][40] Summary by Relevant Catalogs 1. AI Industry from "Algorithm Economy" to "Industrial Integration" 1.1 AI Industry Development History Review - The AI industry has generally gone through six stages: start, reflection, application, depression, steady and booming development. Before 2011, it was in the exploration and accumulation stage focused on algorithm theory and early model verification. From the 1950s to the 1990s, it experienced two booms and troughs. After the 1990s, new technologies injected new life but had limited impact on hardware and materials [7] - From 2012 - 2023, AI entered the breakthrough and expansion periods driven by deep learning and computing power. It was mainly "algorithm - economy" centered, with capital and technology concentrated on software and chips, indirectly affecting the traditional industrial chain [8] - In 2024, it became a double - inflection point of technology and demand. The AI industry entered the acceleration period of industrial integration and infrastructure construction, with the growth focus shifting from "algorithm dividends" to "computing power bottlenecks", and from "virtual innovation" to "physical expansion" [10][11] 1.2 Current State of AI Commercialization - After the "computing power arms race" and capital frenzy, the AI industry has entered a new stage. Commercialization and verifiable profit models have become key factors, and the global commercialization path shows differences [12][13] - In terms of Sino - US development comparison, although the US still leads in some aspects, China is catching up rapidly. The decline in reasoning costs provides conditions for AI commercialization and large - scale application, and the financial reports of tech giants verify the entry into the second half of AI commercialization [14][20][24] - Tech giants are still increasing capital expenditure on computing power and data centers. It is expected that the total capital expenditure of tech giants will exceed $350 billion in 2025, $450 billion in 2026, and $500 billion in 2027 [26] 2. AI Industry Development Spurs New Demand for Non - Ferrous Metals 2.1 Panoramic Insight into the AI Industry Chain - The AI industry chain is a multi - level system composed of the basic layer, technology layer, and application layer, with non - ferrous metals running through it [28] - The basic layer provides computing power, with chips as the core carrier, and AI servers, optical modules, and data centers as important infrastructure, promoting the coordinated development of related industries [29] - The technology layer transforms basic resources into practical capabilities, with algorithm paradigms evolving, and multi - modal large models emerging. The application layer integrates AI with the real economy, promoting efficiency improvement and industrial transformation, and non - ferrous metals become the cornerstone of AI industrial implementation [30][31][32] 2.2 "AI + Non - Ferrous Metals" Leads the Industry to Higher - end and Intelligent Development - China's non - ferrous metal industry has developed rapidly but faces problems such as insufficient resource security and high - end supply. The "Work Plan" aims to promote high - quality development, emphasizing digital transformation and the "AI + non - ferrous metals" action [34][35][36] 3. Conclusion: Symbiosis of Non - Ferrous Metals and AI Industry, Key Reconstruction Period for the "Demand Map" - AI has opened up new demand space for non - ferrous metals, and the pricing logic and demand landscape may be reconstructed. Copper, aluminum, and tin have broad application prospects in the AI field due to their unique physical and chemical properties [40][41][42] - The next report will focus on evaluating the incremental demand for non - ferrous metals from the development of data centers (computing power centers) [43]

Core Viewpoint - The equity market's confidence has gradually improved throughout the year, characterized by distinct structural trends in different phases, including AI-led trends, innovative drug sectors, and the recent strength in low-volatility dividend assets [1] Market Trends - The market has experienced significant sector rotation, with notable phases including AI dominance at the beginning of the year, innovative pharmaceuticals after April, and technology growth led by semiconductors and AI in August and September [1] - Following October, low-volatility dividend assets have shown a phase of strength, indicating a shift in investor focus [1] Investment Insights - With the decline in risk-free rates, the cost of capital has decreased, enhancing the attractiveness of equity assets and increasing investor risk appetite [1] - The effectiveness of market pricing is improving, yet small-cap stocks remain under-researched, presenting more opportunities for value discovery [1] - Current market liquidity favors small and micro-cap stocks, providing numerous trading opportunities [1] - The valuation structure indicates that small and micro-cap stocks, primarily assessed by price-to-book (PB) ratios, still offer a good margin of safety compared to large-cap stocks, making them appealing from a defensive standpoint [1]

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

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

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

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

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

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

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