Core Viewpoint - The A-share market is currently experiencing a tug-of-war around the 4000-point mark, with a critical trading volume threshold of 2.5 trillion yuan that needs to be surpassed for a sustained upward movement [1][3]. Market Conditions - The A-share market has been in a "vacuum period" with a lack of strong catalysts, as the third-quarter reports have just been released and the annual reports are still pending [3]. - There has been a significant net outflow of 236.9 billion yuan from the A-share market, indicating a retreat of existing funds despite a year-on-year revenue growth of 58.27% and net profit growth of 53.58% for listed companies [3][5]. - Foreign capital has shown a cautious attitude, with recent net outflows from northbound funds despite the optimization of the Qualified Foreign Institutional Investor (QFII) system [3][8]. Technical Analysis - The market is showing signs of a potential top, with all three major indices exhibiting a divergence pattern, where the indices are rising while key technical indicators like MACD are not reaching new highs [3][5]. - The current trading volume is around 2 trillion yuan, which is approximately 20% lower than the peak in August, indicating a volume-price divergence that could hinder a breakout [5]. Sector Performance - There is a noticeable rotation among sectors, with recent leaders like pharmaceuticals and AI applications experiencing adjustments, while sectors such as power generation and chemicals have taken the lead [5][6]. - The technology sector is showing significant differentiation, with high valuations in AI-related stocks, while leading companies maintain stability due to their technological advantages [6]. Policy Support - Recent policy measures from the central bank and the China Securities Regulatory Commission (CSRC) have provided a supportive environment for the market, including a 700 billion yuan reverse repurchase operation to ensure liquidity [8]. - The market sentiment has cooled compared to previous bullish trends, with a more rational investor mindset reflected in the changes in trading volume [8]. Investment Strategies - Institutional funds are quietly adjusting their portfolios, with social security and public funds showing significant overlap in holdings, particularly in technology innovation sectors [8]. - The current A-share market valuation is significantly lower compared to 2015, with a healthier market structure as hard tech companies have risen in prominence [10]. Upcoming Events - The market is expected to face critical tests in the coming week, focusing on trading volume expansion, sustainability of leading sectors, and the movement of northbound funds [11]. - Key economic data will be released on November 14, which may provide new directional guidance for the market [13].

Core Insights - Morocco's food sovereignty faces structural risks due to increasing reliance on imports for essential food items, impacting national food security and fiscal stability [1][2] Group 1: Food Production and Imports - Since 2019, Morocco's food production has been declining, with an average annual total production of less than 5 million tons, which is only half of the highest production year [1] - The proportion of staple food imports exceeds 70%, with food imports reaching 5.2 million tons in 2022, costing over 2 billion euros [1] Group 2: Government Subsidies and Fiscal Impact - To stabilize domestic food prices, government subsidy expenditures have been rising, with wheat subsidies reaching 134 million USD in 2023 and sugar subsidies projected at 438 million USD in 2024, further increasing fiscal burdens [1] Group 3: Dietary Concerns - Sugar consumption has reached 48 kilograms per person per year, which is four times the recommended nutritional value, while the consumption of traditional healthy foods like legumes has significantly decreased, leading to an imbalanced diet that threatens local residents' health [1] Group 4: Agricultural Development Model - Morocco's agricultural development model has been export-oriented, focusing on high-value export crops, which has led to issues such as over-extraction of groundwater, uneven regional development, and widening gaps between large farms and smallholders [2] - The agricultural system's high dependence on imported fertilizers, seeds, machinery, and feed makes food production and supply chains vulnerable to international market fluctuations, posing structural risks to food security [2] Group 5: Policy Recommendations - MIPA calls for the government to reassess agricultural policies, strengthen local production and short supply chains, support small and medium-sized farmers, and promote healthier and more sustainable consumption patterns [2]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - Overall sentiment remains positive despite a slight retreat in market bullishness after the Sino - US leaders' meeting and the Fed's expected rate cut. The probability of a further rate cut in December is low but not a major negative. [2][3] - For copper, with tight raw material supply and low inventories, copper prices are expected to be well - supported after a correction. [3] - For aluminum, supply disruptions and low domestic inventories are likely to drive aluminum prices to fluctuate strongly. [5] - For lead, due to de - stocking of visible lead ore inventories, improved demand, and a positive market atmosphere, Shanghai lead is expected to be strong in the short term. [8] - For zinc, with zinc ore inventory accumulation, high structural risks in LME zinc, and a positive market atmosphere, Shanghai zinc is expected to fluctuate strongly in the short term. [11] - For tin, short - term supply - demand is in a tight balance, and with the peak season demand recovery, tin prices may remain high and volatile. [14] - For nickel, high refined nickel inventory pressure drags down prices in the short term, but long - term global fiscal and monetary easing may support nickel prices. [16] - For lithium carbonate, the fundamental outlook is improving, but market sentiment is volatile, so cautious operation is recommended. [20] - For alumina, although there is over - capacity in the short term, the price is close to the cost line, and short - term short - selling is not recommended. [23] - For stainless steel, the market sentiment has improved after the production cut plan, but the supply - demand contradiction remains, and it is advisable to wait and see. [25] - For cast aluminum alloy, strong cost support and supply tightness are likely to support prices. [28] 3. Summary by Metal Copper - **Market Information**: After the Sino - US leaders' meeting, copper prices declined. LME copper 3M contract fell 1.44% to $10930/ton, and SHFE copper main contract closed at 87270 yuan/ton. LME copper inventory decreased by 400 tons, and domestic inventories also changed. [2] - **Strategy**: The expected tight supply of copper raw materials and low inventories are likely to support copper prices after a correction. The operating range for SHFE copper main contract is 86500 - 88200 yuan/ton, and for LME copper 3M is 10800 - 11050 dollars/ton. [3] Aluminum - **Market Information**: Aluminum prices declined and then rebounded. LME aluminum closed flat at $2870/ton, and SHFE aluminum main contract closed at 21265 yuan/ton. Domestic aluminum inventories decreased, and the trading atmosphere was average. [4] - **Strategy**: Supply disruptions overseas and low domestic inventories are likely to drive aluminum prices to fluctuate strongly. The operating range for SHFE aluminum main contract is 21100 - 21400 yuan/ton, and for LME aluminum 3M is 2820 - 2900 dollars/ton. [5] Lead - **Market Information**: Shanghai lead index fell 0.07% to 17353 yuan/ton. LME lead 3S fell to $2022/ton. Domestic and LME lead inventories changed, and the refined - scrap lead price difference was 50 yuan/ton. [7] - **Strategy**: With de - stocking of lead ore visible inventories, improved demand, and a positive market atmosphere, Shanghai lead is expected to be strong in the short term. [8] Zinc - **Market Information**: Shanghai zinc index fell 0.26% to 22382 yuan/ton. LME zinc 3S fell to $3051/ton. Domestic social inventories decreased slightly, and the structural risk of LME zinc is high. [10] - **Strategy**: Zinc ore inventory accumulation, high structural risks in LME zinc, and a positive market atmosphere are likely to drive Shanghai zinc to fluctuate strongly in the short term. [11] Tin - **Market Information**: On October 30, 2025, SHFE tin main contract closed at 283600 yuan/ton, down 1.09%. Supply from Myanmar and Indonesia is a concern, and demand in some sectors is weak. [13] - **Strategy**: Short - term supply - demand is in a tight balance, and with the peak season demand recovery, tin prices may remain high and volatile. It is advisable to wait and see. The domestic main contract operating range is 270000 - 292000 yuan/ton, and the overseas LME tin is 35500 - 37000 dollars/ton. [14] Nickel - **Market Information**: Nickel prices declined. SHFE nickel main contract closed at 120660 yuan/ton, down 0.49%. Nickel ore prices were stable to strong, and nickel - iron prices were stable. [15] - **Strategy**: High refined nickel inventory pressure drags down prices in the short term, but long - term global fiscal and monetary easing may support nickel prices. It is advisable to wait and see, and consider building long positions if the price drops sufficiently. The short - term operating range for SHFE nickel main contract is 115000 - 128000 yuan/ton, and for LME nickel 3M is 14500 - 16500 dollars/ton. [16] Lithium Carbonate - **Market Information**: The MMLC spot index rose 1.47%. Battery - grade and industrial - grade lithium carbonate prices increased, and the LC2601 contract also rose. [19] - **Strategy**: Domestic production decreased, social inventories decreased rapidly, and market rumors boosted the market. The fundamental outlook is improving, but market sentiment is volatile. The operating range for the GFI lithium carbonate 2601 contract is 81600 - 85000 yuan/ton. [20] Alumina - **Market Information**: On October 30, 2025, the alumina index fell 2.04% to 2831 yuan/ton. The trading volume increased, and inventories and prices in different regions changed. [22] - **Strategy**: Although there is over - capacity in the short term, the price is close to the cost line, and short - term short - selling is not recommended. The operating range for the domestic main contract AO2601 is 2700 - 3000 yuan/ton. [23] Stainless Steel - **Market Information**: The stainless steel main contract closed at 12725 yuan/ton, down 0.62%. Spot prices were stable, and inventories changed. [25] - **Strategy**: The market sentiment has improved after the production cut plan, but the supply - demand contradiction remains, and it is advisable to wait and see. [25] Cast Aluminum Alloy - **Market Information**: Cast aluminum alloy prices declined. The AD2512 contract fell 0.34% to 20620 yuan/ton. Inventories decreased, and the trading volume increased. [27] - **Strategy**: Strong cost support and supply tightness are likely to support prices. [28]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - **Lead Market**: The lead market shows a situation of both supply and demand increasing. However, refinery operations are below expectations due to factors such as raw materials, leading to tight spot circulation and extremely low social inventories. The lead price has strongly rallied, breaking through the 17,300 yuan/ton resistance level. There is a need to be vigilant about the possibility of the lead price falling after a sharp rise [1]. - **Zinc Market**: The macro - sentiment has improved, and the domestic mine supply situation has tightened, making the domestic TC (Treatment and Refining Charges) more likely to fall than rise. The zinc price has received some support at the bottom and has rebounded in a volatile manner. Attention should be paid to overseas structural risks as the LME 0 - 3 back structure deepens with the continuous decline of LME zinc inventories [1]. 3. Summary by Relevant Catalogs Lead - **Price and Market Indicators**: On October 24, 2025, the average price of SMM1 lead ingots was 17,125 yuan/ton, up 0.74%; the closing price of the main futures contract of Shanghai lead was 17,615 yuan/ton, up 2.65%. The trading volume of the active futures contract increased by 155.10% to 74,008 lots, while the open interest decreased by 12.28% to 23,288 lots. The LME inventory remained unchanged at 239,750 tons, and the Shanghai lead warehouse receipt inventory decreased by 4.98% to 23,734 tons [1]. - **Supply and Demand**: In terms of supply, there is no expected increase in lead concentrate imports, and processing fees are likely to rise. Some refineries have maintenance plans, and the operation of primary lead has small fluctuations. For secondary lead, refineries that had previous maintenance have gradually resumed production, increasing supply. On the demand side, the terminal market has improved, and the operation of lead - acid battery enterprises is good, increasing demand [1]. - **Industry News**: According to the rules of the electric bicycle trade - in activity in Qingyuan City, Guangdong Province in 2025, individual consumers can get a one - time subsidy of 500 yuan when they trade in old electric bicycles (including batteries) for new ones priced at 1,500 yuan or more. Starting from October 29, 2025, subsidy qualification vouchers will be publicly distributed through the "Yuehuanxin" platform on the Cloud Flash Pay APP. On October 22, the LME 0 - 3 lead was at a discount of 39.73 dollars/ton, and the open interest decreased by 963 lots to 152,853 lots [1]. Zinc - **Price and Market Indicators**: On October 24, 2025, the average price of SMM1 zinc ingots was 22,030 yuan/ton, up 0.92%; the closing price of the main futures contract of Shanghai zinc was 22,345 yuan/ton, up 1.57%. The trading volume of the active futures contract increased by 60.71% to 164,360 lots, while the open interest decreased by 5.99% to 124,740 lots. The LME inventory remained unchanged at 34,700 tons, and the Shanghai zinc warehouse receipt inventory increased by 0.49% to 65,529 tons [1]. - **Supply and Demand**: In terms of supply, refineries have sufficient raw material inventories, and zinc ore processing fees have continued to rise. Refineries mainly purchase domestic ores, and the domestic TC in October may still decline. Refinery profits and production enthusiasm have improved, and the monthly output is expected to remain at around 600,000 tons. On the demand side, there is no significant improvement, but with the continuous deterioration of the Shanghai - London ratio, the zinc ingot export window is expected to open [1]. - **Industry News**: On October 22, Boliden announced its Q3 2025 results. The overall output of its lead - zinc concentrate increased quarter - on - quarter. However, the output of the Tara mine climbed slower than expected due to seasonal factors, lower - than - expected mine development progress, and an unplanned power outage. Boliden reduced its annual planned grinding volume from 1.8 million tons to 1.6 million tons. SMM expects the annual zinc concentrate output to be reduced by about 0.5 - 10,000 metric tons and the lead concentrate output to be reduced by about 2,000 metric tons. In the smelting segment, the refined zinc output of the Odda smelter decreased quarter - on - quarter, and SMM expects its actual output in 2025 to be about 170,000 - 180,000 tons. On October 22, the LME 0 - 3 zinc was at a premium of 338.74 dollars/ton, and the open interest decreased by 2,424 lots to 221,589 lots [1]. 4. Trading Strategies - **Lead**: Consider lightly shorting at high prices [1]. - **Zinc**: Temporarily adopt a wait - and - see approach [1].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The lead market shows a situation of increasing supply and demand. The uncertainty of the start - up of secondary lead due to raw material issues provides some support for lead prices, and short - term lead prices are expected to remain range - bound. For zinc, the fundamental situation of SHFE zinc continues to be weak with strong supply and weak demand, and the price is under pressure. Additionally, attention should be paid to the increasing LME 0 - 3 back structure as LME zinc inventories are continuously depleted [1] Summary by Relevant Catalogs Lead Market - **Price and Market Indicators**: The average price of SMM1 lead ingots remained unchanged from the previous day at 17,000 yuan/ton, and the closing price of the SHFE lead main contract also remained unchanged at 17,160 yuan/ton. The trading volume of the active futures contract decreased by 33.36% to 29,011 lots, and the open interest decreased by 20.89% to 26,547 lots. The LME inventory remained unchanged at 244,125 tons, and the SHFE lead warrant inventory decreased by 11.22% to 24,977 tons [1] - **Fundamentals**: There is no expected increase in lead concentrate imports, and processing fees are likely to rise but difficult to fall, which has not had a substantial impact on smelter operations. Some primary lead smelters have maintenance plans, with a slight fluctuation in the start - up rate. For secondary lead, previously shut - down smelters are gradually resuming production, increasing supply. On the demand side, the terminal market has improved, and lead - acid battery enterprises are operating well, with an increase in demand [1] - **Company News**: Boliden reduced its annual planned grinding volume from 1.8 million tons to 1.6 million tons. SMM expects the annual zinc concentrate production to be reduced by about 0.5 - 10,000 metric tons and lead concentrate production to be reduced by about 2,000 metric tons. MMG's zinc mine production in Q3 2025 was 58,700 tons, a year - on - year increase of 26% [1] - **Investment Strategy**: Temporarily hold off on trading and continue to monitor the start - up of upstream and downstream enterprises and changes in macro - sentiment [1] Zinc Market - **Price and Market Indicators**: The average price of SMM1 zinc ingots decreased by 0.18% to 21,830 yuan/ton, while the closing price of the SHFE zinc main contract increased by 0.14% to 22,000 yuan/ton. The trading volume of the active futures contract decreased by 5.76% to 102,274 lots, and the open interest increased by 1.72% to 132,692 lots. The LME inventory remained unchanged at 35,300 tons, and the SHFE zinc warrant inventory decreased by 1.60% to 65,209 tons [1] - **Fundamentals**: Smelters have sufficient raw material inventories, and zinc concentrate processing fees are continuously rising. The domestic zinc concentrate processing fee decreased to 3,400 yuan/metal ton last week, and the import zinc concentrate processing fee index increased to 118.75 dollars/dry ton. The profit and production enthusiasm of smelters have improved, and the monthly production is expected to remain at around 600,000 tons. There is no significant improvement in demand, and the zinc ingot export window is expected to open as the SHFE - LME ratio continues to deteriorate [1] - **Company News**: MMG's zinc mine production in Q3 2025 was 58,700 tons, a year - on - year increase of 26%. Boliden's Odda smelter's refined zinc production decreased compared to the previous quarter, affected by a shortage of intermediate materials, and SMM expects its 2025 actual output to be about 170,000 - 180,000 tons [1] - **Investment Strategy**: Temporarily hold off on trading and be vigilant about overseas structural risks [1]

Core Viewpoint - The current market sentiment is that "liquidity outweighs fundamentals," driven by rising expectations of interest rate cuts by the Federal Reserve, which is expected to inject upward momentum into risk assets [1] Group 1: Market Environment - The current market environment is compared to two historical periods: the mid-1990s when the Federal Reserve's preemptive rate cuts extended the economic expansion and fueled a stock market surge, and the 1970s before the collapse of the Bretton Woods system, characterized by dollar depreciation and weakened trust in U.S. government debt [1] - There is a significant amount of idle capital ready to buy on dips, which is likely to prolong the current market cycle [1] Group 2: Trust in U.S. Debt - A warning is issued regarding foreign central banks' gold reserves surpassing U.S. Treasury holdings for the first time in thirty years, indicating a potential erosion of trust in U.S. government debt [1] - The current cycle may end due to a breakdown in trust, despite the ongoing liquidity-driven market rally [1] Group 3: Structural Risks - While liquidity may continue to drive market enthusiasm, structural risks should not be overlooked [1]

Core Viewpoint - The current market sentiment is characterized by "liquidity over fundamentals," with expectations of interest rate cuts by the Federal Reserve driving idle capital to buy on market dips, thereby extending the economic cycle and boosting risk assets [1] Group 1: Market Environment - The current market environment bears striking similarities to two historical periods: the mid-1990s when the Fed's preemptive rate cuts successfully extended economic expansion and ignited a new stock market rally [1] - A concerning historical warning is emerging, as the continuous depreciation of the dollar against physical assets and the weakening trust in government debt by central banks evoke memories of the collapse of the Bretton Woods system in the 1970s [1] Group 2: Structural Signals - A key structural signal is that for the first time in thirty years, foreign central banks' gold reserves have surpassed their holdings of U.S. Treasury securities, reflecting a growing erosion of trust in U.S. government debt [1] - The potential end of the current cycle may not stem from economic weakness but rather from a complete breakdown of trust, indicating that while liquidity-driven market exuberance may continue, the underlying structural risks cannot be ignored [1]

Group 1 - The A-share index has been on the rise since April 2025, with the Shanghai Composite Index reaching 3605.73 points on July 24, 2023 [1] - Major broad-based indices have shown significant increases, with the North China 50 Index rising by 39.86% and other indices like the CSI 1000 and CSI 500 also experiencing notable gains [1] Group 2 - Huaxia Fund indicates that structural risks are accumulating but no clear turning point has been observed; the market is currently in a main upward trend with strong risk appetite and capital support [2] - Recent meetings have released positive signals for expanding domestic demand and "anti-involution" policies, boosting market sentiment; upcoming policy changes may act as new catalysts for market performance [2] - Long-term views suggest that the trend of asset revaluation in China remains unchanged, supported by global capital rebalancing and accelerated industrial upgrades [2] - Great Wall Fund maintains a cautiously optimistic short-term outlook, suggesting that while the market may still be in an upward trend, defensive positioning is necessary to avoid excessive chasing of highs [2]

Core Viewpoint - The report by Goldman Sachs indicates a significant decline in housing demand in China due to population decrease and urbanization slowdown, predicting a shift towards a "housing for living, not for speculation" model in the real estate market [1][4]. Demand and Supply Dynamics - The annual demand for urban housing in China is expected to drop from an average of 9.4 million units in the 2010s to 4.1 million units between 2025 and 2030, significantly lower than the peak demand of 20 million units in 2017 [1][4]. - The housing unit-to-household ratio has reached 1.16, exceeding the international warning line of 1.1, with a vacancy rate of 12.1%, indicating a severe supply-demand imbalance [5][6]. - The total inventory of commercial housing amounts to 93 trillion yuan, which is 70% of GDP, with a de-stocking cycle exceeding 30 months, suggesting that the demand side is nearing saturation [5][6]. Market Sentiment and Future Outlook - The ongoing decline in housing prices is expected to deter investment interest, with predictions that housing prices may drop by 20%-25% by 2025, further exacerbating market hesitance [9]. - The real estate sector, which contributes approximately 25% to GDP, is likely to face negative effects on investment and consumption due to shrinking demand [9]. - The report suggests that the real estate market will enter an "L-shaped" adjustment period over the next decade, characterized by structural differentiation and a policy-driven weak recovery rather than a complete downturn [12]. Demographic Trends - The population of individuals born in the 1990s is 40 million less than that of the 1980s, and the number of newborns has plummeted by 40% compared to eight years ago, leading to a shrinking pool of first-time homebuyers [5][12]. - The marriage registration numbers have declined for nine consecutive years, contributing to a decrease in "marriage housing" demand and reinforcing the trend towards rental housing [13]. Policy Implications - The report highlights the need for policy adjustments, such as promoting affordable housing and urban renewal, to address the challenges faced by the real estate sector [9][12]. - The shift from a focus on quantity to quality in housing demand is anticipated as urbanization approaches its limits, with a growing preference for smaller and more suitable housing options [12][13].