Report Summary 1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views - **Overall Market**: Amid Sino - US trade frictions, market risk preferences may be suppressed in the short - term, but the long - term upward trend of the stock index remains unchanged. The bond market is affected by the strong stock market, and gold and silver maintain their strength due to geopolitical and policy factors [2]. - **Commodity Markets**: Different commodities have different trends. For example, the shipping index is short - term strong, while steel and iron ore markets are affected by supply and demand factors, and most chemical products are under downward pressure due to supply - demand imbalances [2]. 3. Summary by Related Catalogs **Equity Index** - **Trend**: Sino - US trade frictions lead to short - term fluctuations in the stock index, which is expected to fall first and then rebound. In the long - term, the upward trend remains unchanged. The export chain is warming up, and the index rebounds with shrinking volume [2]. - **Operation Suggestion**: Conservative investors can wait for the volatility to converge and then enter the market at low prices, mainly by selling put options at the support level [2]. **Treasury Bonds** - **Trend**: The 10 - year Treasury bond has different values at different interest rate levels. The short - term bond futures are expected to continue to fluctuate within the range, and the T2512 fluctuation range may be between 107.4 - 108.3 [2]. - **Operation Suggestion**: It is recommended to wait and see for over - adjustment opportunities [2]. **Precious Metals** - **Trend**: Gold remains strong before the geopolitical conflict eases and the US policy situation becomes clear. Silver also maintains its strength due to slow overseas EFP conversion progress [2]. - **Operation Suggestion**: Hold long positions in gold and set stop - loss and take - profit levels. Keep a long - buying idea for silver above 11000 yuan [2]. **Shipping Index (EC - European Line)** - **Trend**: The short - term trend is strong and fluctuating [2]. - **Operation Suggestion**: Cautiously go long [2]. **Steel** - **Trend**: Hot - rolled coils have accumulated a large amount of inventory, and attention should be paid to the post - holiday demand recovery. The profit of the steel market is converging [2]. - **Operation Suggestion**: Unilateral positions should wait and see, and the month - spread should be short - sold at high prices. The spread between hot - rolled coils and rebar is converging [2]. **Iron Ore** - **Trend**: Supply - side disturbances are weakening, and the market is turning weak [2]. - **Operation Suggestion**: Unilateral positions should wait and see, and the range is between 750 - 800. For arbitrage, go long on coking coal and short on iron ore [2]. **Coking Coal and Coke** - **Trend**: After the holiday, the coal price in the producing areas is weak, and the downstream replenishment demand is weakening. The first round of coke price increase was implemented before the holiday, but further increases are difficult [2]. - **Operation Suggestion**: Go long on coking coal 2601 at low prices, with a range of 1080 - 1200. Go long on coke 2601 at low prices, with a range of 1550 - 1700. For arbitrage, go long on coking coal and short on coke [2]. **Non - ferrous Metals** - **Trend**: Copper prices fluctuate, alumina cost support is loosening, aluminum and its alloys maintain high - level oscillations, zinc prices have limited support, tin prices are weak, nickel prices oscillate, and stainless steel demand is insufficient [2]. - **Operation Suggestion**: For copper, pay attention to the support at 84000 - 85000. For other metals, different operation suggestions are given according to their trends, such as waiting for buying opportunities for tin [2]. **Energy and Chemicals** - **Trend**: Oil prices are under pressure due to Sino - US trade tensions and pessimistic IEA reports. Most chemical products are affected by supply - demand imbalances, such as inventory accumulation and weak downstream demand [2]. - **Operation Suggestion**: Different operation suggestions are given for each product, such as short - selling at high prices, holding short positions, and conducting arbitrage operations [2]. **Agricultural Products** - **Trend**: Different agricultural products have different trends. For example, palm oil is strong, while sugar, cotton, and eggs are weak [2]. - **Operation Suggestion**: Different operation suggestions are given according to the trends of each product, such as holding 3 - 7 reverse spreads for live pigs [2]. **Special and New Energy Commodities** - **Trend**: Glass production and sales are average, rubber is affected by the peak production season, industrial silicon prices are weak, polysilicon prices are rising, and lithium carbonate maintains oscillations [2]. - **Operation Suggestion**: Different operation suggestions are given according to the trends of each product, such as holding long positions for polysilicon [2].