Report Industry Investment Ratings No relevant information provided. Core Views of the Report - The A - share market shows a trend of rising and then falling, with the stock index facing issues such as insufficient trading volume and weak short - term technical trends. The bond market is affected by factors like Vanke's bond default and new regulations on public fund sales, and is expected to maintain a wide - range oscillation. [9][10] - In the black metal market, steel and ore are expected to oscillate in the short - term and remain bearish in the medium - to - long - term. Coal and coke prices may continue their weak oscillation in the short - term. For ferroalloys, there are opportunities to go long on ferrosilicon and engage in the "long ferrosilicon, short manganese silicon" arbitrage. [12][14][15] - In the non - ferrous and new materials market, zinc and lead prices are in a downward oscillation trend, with suggestions to hold short positions cautiously. Lithium carbonate shows wide - range oscillations, while industrial silicon and polysilicon continue to oscillate. [19][20][22] - In the agricultural products market, cotton oscillates and rebounds, sugar is under pressure but with cost support, eggs are expected to oscillate, apples are expected to be slightly bullish, and corn, dates, and live pigs have their own market characteristics and trends. [27][28][31] - In the energy and chemical market, crude oil is in a long - term downward trend, fuel oil follows oil price fluctuations, plastics are in a weak oscillation, and other energy and chemical products also have their own market outlooks. [40][41][43] Summaries by Directory Macro News - The State Council executive meeting chaired by Premier Li Qiang discussed multiple important matters, including promoting high - quality development, medical insurance, and relevant regulations. Vanke's stocks and bonds declined sharply. China and Malaysia communicated on the "Malaysia - US Equivalent Trade Agreement". The China Council for the Promotion of International Trade will organize a business delegation to visit the US in early December. From January to October, the national industrial enterprise profits increased year - on - year, but decreased in October. The NDRC studied price - related work. Putin stated that the US delegation will visit Moscow, and the ECB strengthened the expectation of the end of the interest - rate cut cycle. [6][7] Macro Finance Stock Index Futures - Adopt an oscillation strategy and temporarily wait and see. The A - share market rose and then fell, with issues such as insufficient trading volume. The selection of the Fed chairman is in the final stage. The short - term decline may lead to a rebound, but the market's anti - fragility is insufficient. [9] Treasury Bond Futures - The bond market is affected by Vanke's bond default and new regulations on public fund sales. The current capital situation is generally loose, and the bond market is expected to maintain a wide - range oscillation. [10] Black Metal Steel and Ore - In terms of policy, pay attention to the impact of the Politburo meeting and the Central Economic Work Conference on the macro - expectations of the market next year. On the fundamental side, the demand for building materials is weak, while the demand for coils is good. The supply side may see a decline in molten iron production, and the inventory is still at a high level compared to last year. The valuation of iron ore is relatively strong, and steel prices are likely to remain weak. In the short - term, it is expected to oscillate, and in the medium - to - long - term, it is bearish. [11][12] Coal and Coke - Prices may continue their weak oscillation in the short - term. Pay attention to the impact of coal mine production, safety supervision, and changes in molten iron production. [14] Ferroalloys - The ferrosilicon market has opportunities to go long in the medium - to - long - term, and pay attention to the "long ferrosilicon, short manganese silicon" arbitrage. In the short - term, pay attention to the impact of electricity settlement in Ningxia and Inner Mongolia on the market. [15] Non - ferrous and New Materials Zinc - The domestic zinc inventory has decreased. It is recommended to hold short positions at high levels or take profits temporarily and operate cyclically. The zinc price is in a downward oscillation trend with the possibility of a phased rebound. [19] Lead - The domestic lead inventory has decreased, and it is recommended to hold short positions cautiously. The lead price has a slight rebound, and the import lead trading activity is not high. [20][21] Lithium Carbonate - The short - term trend is in wide - range oscillations, with a game between short - term bearishness and long - term optimism. The recent demand shows signs of weakening, but the long - term demand is still promising. [22] Industrial Silicon and Polysilicon - Industrial silicon has limited downward adjustment space and continues to oscillate. Polysilicon also continues to oscillate, and it is necessary to be cautious when chasing long positions. [23] Agricultural Products Cotton - Affected by factors such as large supply pressure and weak demand, it oscillates and rebounds. The USDA report is bearish, and the domestic supply pressure remains. The valuation of Zhengzhou cotton futures is lower than the spot price, supporting its rebound. [27][28] Sugar - The domestic and international sugar markets are under pressure from supply surplus, but cost support limits the decline. It is recommended to wait and see. [28][29] Eggs - The inventory of laying hens is high, and consumption has not improved significantly. The spot price is expected to be weak. The 01 contract is expected to oscillate, and it is recommended to short at high levels with proper position control. [31] Apples - The apple market is expected to be slightly bullish. The apple storage is nearly finished, and the出库 has started. The inventory is lower than last year, and attention should be paid to consumption dynamics. [33] Corn - Pay attention to the upper pressure on the futures price. The current price increase is due to "supply - demand mismatch", and the spot price may回调, but the decline space is limited. [35] Dates - It is recommended to wait and see. The prices in production and sales areas are stable at a low level, and the futures price is weak. [36][37] Live Pigs - In the short - term, the supply pressure increases, and the demand is limited. It is recommended to short at high levels for near - month contracts. In the long - term, the decline in the number of breeding sows is beneficial to future pig prices. [38] Energy and Chemical Crude Oil - The oil price is in a long - term downward trend, affected by factors such as EIA inventory accumulation and geopolitical negotiations. It is recommended to short at high levels. [40] Fuel Oil - It follows the oil price fluctuations. The supply is loose, and the demand is weak. Pay attention to the impact of sanctions on Russia and the OPEC+ meeting. [41] Plastics - The supply pressure is large, and the demand is weak. It is recommended to adopt a weak - oscillation strategy. [43] Rubber - It is recommended to take profits appropriately for the ru - nr spread. It is short - term bullish due to weather factors, and it is necessary to be cautious when chasing high prices. [44] Synthetic Rubber - It may still have downward space. It is recommended to short at high levels. The restart of maintenance devices at the end of the month and in December may put further pressure on the price. [45] Methanol - The near - month and far - month contracts are recommended to adopt an oscillation strategy. If the inventory reduction is smooth, a slightly long - position configuration can be considered. [46] Caustic Soda - The spot price is weak, and it is recommended to adopt an oscillation strategy. [47] Asphalt - The price fluctuation is expected to increase, and attention should be paid to the price bottom after the winter storage game. [48] Polyester Industry Chain - It is expected to continue the oscillation adjustment in the short - term, affected by factors such as the decline in blending oil sentiment and weakening terminal demand. [50] Liquefied Petroleum Gas (LPG) - It may turn from strong to weak. The supply is abundant, and the demand is limited. The weakening of oil prices may accelerate its decline. [50] Pulp - The fundamentals are stable, and it is expected to enter an oscillation stage. It is recommended to wait and see. [51] Logs - The fundamentals are weakly bearish, and the price is under pressure. The inventory is expected to increase, and the market is in the off - season. [52] Urea - The现货 price may oscillate strongly, and the futures market may have short - term emotional trading. It is recommended to adopt a wide - range oscillation strategy. [53]

Group 1 - The State Council meeting, chaired by Premier Li Qiang, focused on promoting high-quality development and addressing issues identified in comprehensive inspections [1] - The meeting emphasized the importance of provincial-level coordination in basic medical insurance to enhance the insurance system's capability and efficiency [1] - The meeting discussed the draft of the "National Reading Promotion Regulations" to ensure legal support for nationwide reading initiatives and improve cultural literacy [2] Group 2 - The meeting highlighted the need for diverse reading promotion activities and the development of new technologies and facilities to enhance reading services for different demographics [2] - The draft amendment to the "Certified Public Accountant Law" was discussed, aiming to strengthen industry regulation and promote ethical practices among accountants [2]

Group 1: High-Quality Development and Medical Insurance - The State Council meeting emphasized the importance of high-quality development and the need for comprehensive supervision to address economic and social development issues [1] - The promotion of provincial-level coordination in basic medical insurance is highlighted as a crucial step to enhance the national insurance system, improve fund management, and better meet public healthcare needs [1] Group 2: National Reading Promotion and Legal Framework - The meeting discussed the need for legal support for national reading initiatives, aiming to enhance knowledge acquisition and cultural literacy among the population [2] - A draft amendment to the Certified Public Accountant Law was approved for submission to the National People's Congress, focusing on strengthening industry regulation and promoting ethical practices within the accounting profession [2]

Group 1 - The State Council meeting emphasized the importance of high-quality development and the need for comprehensive supervision to address economic and social development issues [1] - The meeting highlighted the significance of provincial-level coordination in basic medical insurance as a crucial step towards improving the universal medical insurance system [1] - The meeting called for tailored strategies for provincial-level coordination, enhancing fund management efficiency, and improving grassroots medical service capabilities [1] Group 2 - The meeting discussed the need for legal support for nationwide reading initiatives to enhance knowledge and cultural literacy among the population [2] - It was proposed to strengthen industry regulation and oversight in the accounting profession through the amendment of the Certified Public Accountant Law [2] - The meeting aimed to promote the healthy development of the accounting profession to protect investor rights and improve corporate governance [2]

Group 1 - The comprehensive inspection for promoting high-quality development aims to implement the important instructions from General Secretary Xi Jinping and the decisions of the Party Central Committee, achieving positive results in economic and social development [2] - The promotion of provincial-level coordination in basic medical insurance is a crucial measure to improve the universal medical insurance system, enhancing the insurance mutual assistance and solidarity advantages [3] - The draft of the National Reading Promotion Regulation was reviewed and aims to legally guarantee the public's access to knowledge and wisdom through reading [4] Group 2 - The inspection results should be effectively utilized, with a focus on rectifying major issues identified during the inspection and improving policies and work based on the suggestions provided [5] - Local governments are encouraged to adopt tailored strategies for provincial-level coordination of funds, improving fund utilization efficiency and enhancing grassroots medical service capabilities [6] - There is a push to increase the supply of quality content and improve reading services for different demographics, fostering a culture of reading to enhance the overall moral and cultural literacy of the nation [8] Group 3 - The draft amendment of the Certified Public Accountants Law was discussed and approved in principle, aiming to strengthen legal constraints and enhance industry regulation and financial supervision [8]

Group 1 - The State Council meeting, chaired by Premier Li Qiang, focused on promoting high-quality development and emphasized the importance of addressing issues identified in the comprehensive inspection to enhance economic and social development efforts [2] - The meeting highlighted the need for provincial-level coordination in basic medical insurance as a crucial step towards improving the universal healthcare system, aiming to enhance the insurance mutual assistance benefits and increase the insurance system's capacity [3] - The meeting discussed the draft of the "National Reading Promotion Regulations," aiming to legally support nationwide reading initiatives and enhance the public's access to knowledge and cultural literacy [4] Group 2 - The meeting reviewed the draft amendment to the "Certified Public Accountant Law," emphasizing the need for stronger legal constraints and enhanced industry regulation to ensure the integrity and accountability of the accounting profession [4] - The meeting also addressed the importance of improving the distribution of quality medical resources and strengthening grassroots healthcare services to better meet public medical needs [3]

Group 1 - The meeting emphasized the importance of high-quality development and the need for comprehensive supervision to address key issues in economic and social development [1] - The promotion of provincial-level coordination in basic medical insurance is seen as a crucial step to enhance the overall insurance system and improve fund management efficiency [1] - The meeting discussed the necessity of improving grassroots medical service capabilities and ensuring better access to quality medical resources for the public [1] Group 2 - Legal support for nationwide reading initiatives was highlighted, aiming to enhance knowledge acquisition and cultural literacy among the population [2] - The draft amendment to the Certified Public Accountant Law was discussed, focusing on strengthening industry regulation and promoting ethical practices within the profession [2]

Core Points - The State Council meeting was chaired by Li Qiang to discuss the draft amendment of the Certified Public Accountants Law of the People's Republic of China [1] Group 1 - The meeting focused on the revision of the Certified Public Accountants Law, indicating a potential shift in regulatory frameworks for the accounting industry [1]