Report Summary 1. Industry Investment Ratings - **Bullish**: PR, BR rubber [1] - **Bearish**: Stainless steel, asphalt, short - term corn, M05 of soybean meal, PVC, PP, some petrochemical products [1] - **Neutral (Oscillating)**: Index, Treasury bonds, copper, aluminum, zinc, nickel, stainless steel, precious metals, industrial silicon, polysilicon, lithium carbonate, rebar, iron ore, manganese silicon, silicon carbide, glass, pure alkali, coking coal, coke, cotton, pulp, logs, crude oil, fuel oil, short - term soybean oil, long - term tin [1] 2. Core Views - The current macro environment is in a relatively vacuum period. A - share lacks a clear upward trend, and trading volume remains low. Short - term market differences will be gradually digested during index fluctuations, waiting for new driving forces to push the index up [1]. - Asset shortage and weak economy are beneficial for bond futures, but the central bank's short - term interest rate risk warning restricts the upward movement [1]. - The Fed's December interest - rate cut expectation has cooled down, affecting the prices of various commodities, but different commodities have different responses based on their own fundamentals [1]. 3. Summary by Categories Equity and Bond Markets - **Index**: Short - term market differences will be digested during fluctuations, waiting for new driving forces for upward movement [1] - **Treasury Bonds**: Asset shortage and weak economy are favorable, but short - term interest rate risk warning restricts the rise [1] Commodity Markets - **Non - ferrous Metals**: The Fed's interest - rate cut expectation cooling affects prices. Copper price decline is limited; aluminum price fluctuates at a high level; zinc has support below; nickel price fluctuates downward; stainless steel needs to pay attention to production; tin is bullish in the long - term [1] - **Energy and Chemicals**: Crude oil is affected by OPEC+ production increase, geopolitical factors, and trade policies; asphalt is bearish; PR is bullish; BR rubber may rebound; PTA production declines; ethylene glycol is affected by multiple factors; PP and PVC are bearish; LPG fundamentals are stable [1] - **Agricultural Products**: New energy vehicle demand is strong, but lithium carbonate has upward pressure; cotton market is in a state of "support but no driver"; corn, soybean meal, and other grains have different price trends; pulp and logs have limited upward space; livestock products such as pigs have over - capacity issues [1] - **Building Materials and Metals**: Rebar and iron ore are affected by supply and demand and macro factors; coking coal and coke are affected by steel prices and supply - demand relationships; glass and pure alkali have limited upward space [1] - **Fuel and Oil Products**: Crude oil price fluctuates; fuel oil follows crude oil; asphalt is bearish; PR is bullish; BR rubber may rebound [1]