Group 1: Hot News - In October, China's industrial added - value above designated size increased by 4.9% year - on - year, high - tech manufacturing by 7.2%, service production index by 4.6%, and social consumer goods retail by 2.9%. From January to October, national fixed - asset investment decreased by 1.7%, real estate development investment by 14.7%, and new commercial housing sales area by 6.8% [2] - In October, housing prices in 70 large and medium - sized cities declined both month - on - month and year - on - year. All 70 cities saw a month - on - month decline in second - hand housing prices, with narrowing declines in first - and second - tier cities. The number of cities with rising new housing prices month - on - month was 7, one more than last month [2] - Platinum and palladium futures contracts will be listed on the Guangzhou Futures Exchange on November 27. The initial trading margin is 9% of the contract value, and the daily price limit is 14% [2] - In October, global physical gold ETFs had an inflow of $8.2 billion, the fifth consecutive month of inflows. The cumulative net inflow of $72 billion in the first ten months set a record [3] - Russia's Novorossiysk Black Sea port resumed oil loading operations on November 16 [3] Group 2: Sector Performance - Key sectors to watch: urea, Shanghai copper, silver, crude oil, PVC [4] - Night - session performance: non - metallic building materials rose 3.24%, precious metals 30.16%, oilseeds and oils 9.85%, soft commodities 2.51%, non - ferrous metals 23.35%, coal, coke, steel and ore 12.33%, energy 2.76%, chemicals 10.75%, grains 1.16%, and agricultural and sideline products 3.88% [4] Group 3: Sector Positions - The chart shows the position changes of commodity futures sectors in the past five days [5] Group 4: Performance of Major Asset Classes | Category | Name | Daily Change (%) | Monthly Change (%) | Year - to - Date Change (%) | | --- | --- | --- | --- | --- | | Equity | Shanghai Composite Index | - 0.97 | 0.90 | 19.06 | | | SSE 50 | - 1.15 | 0.89 | 13.17 | | | CSI 300 | - 1.57 | - 0.27 | 17.62 | | | CSI 500 | - 1.63 | - 1.30 | 26.37 | | | S&P 500 | - 0.05 | - 1.55 | 14.49 | | | Hang Seng Index | - 1.85 | 2.57 | 32.47 | | | German DAX | - 0.69 | - 0.34 | 19.93 | | | Nikkei 225 | - 1.77 | - 3.88 | 26.27 | | | UK FTSE 100 | - 1.11 | - 0.19 | 18.66 | | Fixed - income | 10 - year Treasury bond futures | 0.00 | - 0.24 | - 0.47 | | | 5 - year Treasury bond futures | - 0.00 | - 0.18 | - 0.62 | | | 2 - year Treasury bond futures | - 0.01 | - 0.09 | - 0.50 | | Commodity | CRB Commodity Index | 0.00 | - 0.06 | 1.90 | | | WTI Crude Oil | 2.10 | - 1.56 | - 16.69 | | | London Spot Gold | - 2.13 | 1.99 | 55.56 | | | LME Copper | - 1.00 | - 0.42 | 23.51 | | | Wind Commodity Index | - 1.44 | 1.95 | 33.18 | | Other | US Dollar Index | 0.11 | - 0.45 | - 8.48 | | | CBOE Volatility Index | - 0.85 | 13.70 | 14.29 | [6]

Core Viewpoint - The China Securities Regulatory Commission has approved the registration of platinum and palladium futures and options contracts at the Guangzhou Futures Exchange, with platinum futures set to launch on November 27, 2025 [1] Group 1: Regulatory Approval - The China Securities Regulatory Commission officially approved the registration of platinum (Pt) and palladium (Pd) futures and options contracts on November 7 [1] - The first batch of platinum futures contracts to be listed includes PT2606, PT2608, and PT2610 [1] Group 2: Market Impact - The listing of platinum and palladium futures is expected to bring significant changes to the price discovery and hedging aspects of the platinum and palladium markets [1] - The introduction of these futures will allow Chinese enterprises to settle in RMB and utilize a domestic delivery system, which is anticipated to attract international participants and enhance the pricing influence of the Chinese platinum and palladium markets [1]

Core Points - The Shanghai Futures Exchange announced that futures for coated printing paper will be listed for trading starting September 10, 2025 [1] - The initial trading session will include a collective bidding period from 08:55 to 09:00, followed by the market opening at 09:00 [1] - The trading margin is set at 8% of the contract value, with a reduced margin of 7% for hedging transactions [1] - The price fluctuation limit is ±6%, with a doubled limit for the first trading day [1] - The transaction fee is 0.01% of the transaction amount, with a similar fee for closing positions [1] - From the listing date until December 31, 2025, there will be a 50% discount on transaction fees for hedging trades, excluding high-frequency traders recognized by the exchange [1]

Report Industry Investment Rating - Not provided Core Viewpoints - The industrial silicon and photovoltaic industry chain prices have significant fluctuations, and risks need to be closely monitored [1][6] - The coking coal futures sentiment is still strong in the short - term, and attention should be paid to subsequent production changes [2] - The photovoltaic industry chain prices have been greatly adjusted recently, and it is necessary to wait for price transmission [6] Market Analysis Industrial Silicon - On July 23, 2025, the industrial silicon futures price rose sharply and then fell. The main contract 2509 opened at 9810 yuan/ton and closed at 9525 yuan/ton, a change of 0.58% from the previous settlement [1] - The industrial silicon spot price increased. The price of East China oxygen - passing 553 silicon was 9900 - 10100 yuan/ton, and 421 silicon was 10100 - 10400 yuan/ton [1] - The organic silicon DMC quotation was 11600 - 12500 yuan/ton. A monomer enterprise in Shandong Zibo stopped production with an 800,000 - ton monomer capacity, and the shutdown duration is uncertain [1] Polysilicon - On July 23, 2025, the polysilicon futures main contract 2509 hit the daily limit and then fell, closing at 50080 yuan/ton, a 5.50% change from the previous trading day [3] - The polysilicon spot price remained stable. N - type material was 43.00 - 49.00 yuan/kg, and n - type granular silicon was 42.00 - 46.00 yuan/kg [3] - Polysilicon and silicon wafer inventories decreased. The polysilicon inventory was 24.90, a - 9.78% change, and the silicon wafer inventory was 16.02GW, a - 5.70% change [3] Battery and Component - The prices of various types of battery cells and components remained relatively stable, with little change [4][5] - In June, the new photovoltaic installed capacity decreased by 38.45% year - on - year. As of June, the cumulative solar power installed capacity was 1.1 billion kilowatts, a 54.2% year - on - year increase [5] Strategies Coking Coal - In the short - term, it is cautiously bullish. If it rises significantly, sell - hedging can be considered [2] Photovoltaic - In the short - term, conduct range trading [6]

Core Viewpoint - Propylene futures were listed for trading on the Zhengzhou Commodity Exchange today, with a benchmark price of 6,350 CNY per ton, and the main contract (PL2601) saw a significant increase of 4.66%, currently priced at 6,671 CNY per ton [1] Group 1 - Propylene futures have officially started trading on the Zhengzhou Commodity Exchange [1] - The initial listing price for propylene futures was set at 6,350 CNY per ton [1] - The main contract (PL2601) experienced a notable price increase on its first trading day, rising by 4.66% [1]

Core Viewpoint - The launch of aluminum alloy futures marks a significant development in China's metal futures market, with the first contract being the 2511 contract, and the market sentiment is cautious due to seasonal consumption factors and price differentials [1][4]. Industry Overview - The aluminum alloy futures market is structured from scrap aluminum to casting aluminum alloy, then to die-cast parts, with the transportation sector being the largest consumer [1]. - The primary delivery standard for the futures is ADC12, which is currently in a consumption off-season, leading to a significant price discount compared to A00 aluminum [1]. Market Dynamics - The current market sentiment is cautious, influenced by the seasonal demand and the price disparity between different quoting platforms, with Jiangxi Baotai generally offering lower prices compared to Shanghai Steel Union and Shanghai Nonferrous [2]. - The market is divided into two categories: high-quality aluminum water for mainframe manufacturers and lower-quality alloy ingots for secondary suppliers, affecting the delivery dynamics [2][3]. Supply and Demand Analysis - The second quarter is characterized as a consumption off-season, with limited support for aluminum prices due to low demand and high production capacity [4]. - Despite an overall surplus in aluminum alloy production, the actual circulation of alloy ingots is minimal, resulting in low social inventory levels of 10,000 to 20,000 tons, providing some support for prices [4]. Price Expectations - The expected price range for the first trading day of aluminum alloy futures is between 19,000 and 19,800 yuan per ton, with various factors influencing both the upper and lower limits of this range [5]. - The upper limit is based on recent pricing from Jiangxi Baotai and includes additional costs, while the lower limit considers historical cost and price differentials [5]. Trading Strategies - The initial trading strategy suggests a focus on short to medium-term trading, with a recommendation for competitive buying due to the low listing price, while also being cautious of potential price corrections [6]. - Additional strategies include considering options for hedging and potential arbitrage opportunities due to expected seasonal price peaks and price differentials between ADC12 and A00 [7].