1. Report Industry Investment Ratings - Not provided in the given content 2. Core Views of the Report - The outcome of the Israel-Iran conflict depends on the damage to Iranian nuclear facilities and Iran's level of retaliation. Market expectations are reflected in the rise of Middle - East stock markets on June 22 [8]. - PVC has short - term fluctuations and long - term downward pressure due to high production, high inventory, and uncertain export prospects [9][11][12]. - Stock index futures have a short - term consolidation but a medium - term bullish trend. There are opportunities to buy on dips [13]. 3. Summary by Related Catalogs 3.1 Israel - Iran Conflict - After the US attacked three Iranian nuclear facilities, Iran launched a "retaliatory attack". The US is ready for dialogue on June 23. The conflict's development will affect the market [8][25]. - On June 22, Middle - East stock markets opened higher, with the Israeli TA - 125 index rising 1% and the TA - 35 benchmark index rising 1.2% [8]. 3.2 PVC - PVC has a short - term shock, but the trend is under pressure. The high - production and high - inventory structure is difficult to change in the short term. The export demand can only relieve the pressure temporarily, and the overall drive is downward [9][11][12]. - In the future, there will be more capacity put into production, with an expected 1.1 million tons in June - July. The anti - dumping policy may be implemented in early July, and the domestic demand related to real estate is weak [11]. 3.3 Stock Index Futures - The short - term trend is related to the Israel - Iran situation. The medium - term trend is positive due to policy support, low interest rates, and capital market system reforms. There are opportunities to buy on dips [13]. 3.4 Other Commodities 3.4.1 Precious Metals - Gold: Geopolitical risks have increased. Silver: Continuing to rise [16][20]. 3.4.2 Base Metals - Copper: The strengthening of LME copper spot prices supports the price [16][26]. - Aluminum: Waiting for the inventory inflection point. Alumina: Narrow - range fluctuations. Aluminum alloy: Range - bound fluctuations [16][29]. - Zinc: Supply surplus may become apparent, and the price is under pressure [16][32]. - Lead: Weak supply and demand, with prices oscillating [16][35]. - Tin: Tight current situation but weak expectations [16][38]. - Nickel: The future expectation of the nickel ore end is loose, restricting the upward elasticity of the smelting end. Stainless steel: Supply and demand are both marginally weak, and steel prices are oscillating at a low level [16][43]. 3.4.3 Energy and Chemicals - Carbonate lithium: As the delivery month approaches, attention should be paid to the willingness to accept warehouse receipts [16][50]. - Industrial silicon: Limited upside space, suitable for short - selling on rallies. Polysilicon: Continue to short [16][52]. - Iron ore: Expectations are volatile, and prices are range - bound [16][55]. - Rebar and hot - rolled coil: Wide - range fluctuations [16][57][58]. - Ferrosilicon: Fluctuates widely due to sector sentiment resonance. Silicomanganese: Fluctuates widely with firm ore quotes [16][61]. - Coke and coking coal: Fluctuate widely with an increase in hot metal production [16][65][66]. - Steam coal: Demand needs to be released, and prices fluctuate widely [16][70].