Report Summary 1. Report Industry Investment Ratings - **Bullish**: EC2508 (Container Shipping Index - European Line), T2509, TF2509, TS2509 (Treasury Bonds), AU2510, AG2510 (Precious Metals), RB2510, I2509, JM2509, J2509 (Black Metals), SH2509 (Caustic Soda), M2509, RM509 (Meals), P2509, Y25 (Fats and Oils), CF2509 (Cotton) [2] - **Bearish**: FH2509 (Hogs), SR2509 (Sugar), JD2509 (Eggs), SA2509 (Soda Ash), FG2509 (Glass), RU2509 (Rubber) [2] - **Neutral**: IF2509, IH2509, IC2507, IM2509 (Stock Index Futures), EC2508 (Container Shipping Index - European Line) (for unilateral operation), RB2510 (for unilateral operation), CU2508, AO2509, AL2508, AD2511, ZN2508, SN2508, NI2508, SS2508 (Non - ferrous Metals), UR2509, PX2509, TA2509, PF2508, PR2509, EG2509, V2509, BZ2603, EB2508, BR2508, LLDPE2509, PP2509, MA2509 (Energy and Chemicals), C2509 (Corn), AP2510 (Apples), CJ2601 (Jujubes), PK2510 (Peanuts), Si2509 (Industrial Silicon), PS2507 (Polysilicon), LC2509 (Lithium Carbonate) [2] 2. Core Views - **Stock Index Futures**: Entering a new window for US trade policy negotiations, the index has broken through the upper edge of the short - term shock range, with the central position continuing to rise. However, caution is needed when testing key positions. The market shows a structural pattern with sector rotation and shocks [2]. - **Treasury Bonds**: The central bank's increased purchase of new - style reverse repurchase shows a caring attitude, driving the bond market sentiment to improve. The performance of the capital market during the tax period needs further observation [2]. - **Precious Metals**: The gold price remains in a high - level shock above $3300 per ounce, with certain support at the 60 - day moving average. Silver may have phased impulse - type rises, but chasing high prices should be cautious [2]. - **Container Shipping Index (European Line)**: The EC contract is expected to be strongly volatile, and the 12 - contract is bullish [2]. - **Black Metals**: The sentiment in the black metal market has improved. Steel mills' restocking is supported, and the prices of coking coal, coke, and iron ore are expected to rise [2]. - **Non - ferrous Metals**: The US restocking has ended, and non - US regions have returned to fundamental pricing. The medium - term oversupply pattern in the copper market remains unchanged [2]. - **Energy and Chemicals**: The performance of different varieties varies. For example, the demand for industrial materials is weak, and the inventory situation is poor. The supply and demand of some chemical products are also facing different challenges [2]. - **Agricultural Products**: The prices of different agricultural products are affected by factors such as import costs, supply and demand, and inventory. For example, the potential supply pressure of hogs is accumulating, and the price of sugar is expected to decline on rebounds [2]. - **Special Commodities**: The prices of glass and rubber are affected by factors such as spot price changes and raw material supply [2]. - **New Energy**: The futures prices of polysilicon are rising in a shock, and the lithium carbonate market has support but also faces fundamental pressure [2]. 3. Summary by Related Catalogs **Financial Futures** - **Stock Index Futures**: The index has broken through the short - term shock range, but caution is needed at key positions. Suggested to wait and see for now, and consider interval operations and appropriate long - positions on dips for the unilateral strategy [2]. - **Treasury Bonds**: The central bank's actions have improved market sentiment. Pay attention to the capital market and central bank's open - market operations. Consider appropriate curve - steepening strategies [2]. - **Precious Metals**: Gold is in a high - level shock, and silver may have phased rises. Consider buying on dips if the gold price breaks through the support level, but be cautious when chasing high prices [2]. **Commodity Futures** - **Container Shipping Index (European Line)**: Expected to be strongly volatile, bullish on the 12 - contract. Suggested to wait and see for unilateral operations and consider long - materials and short - raw - materials arbitrage [2]. - **Black Metals**: The sentiment has improved, and steel mills' restocking is supported. Suggested to go long on dips for iron ore, coking coal, and coke [2]. - **Non - ferrous Metals**: The US restocking has ended, and the copper market has a medium - term oversupply pattern. Pay attention to the support levels of different varieties [2]. - **Energy and Chemicals**: Different varieties have different supply - demand situations. For example, the demand for industrial materials is weak, and the supply of some chemical products is affected by factors such as device restarts and inventory [2]. - **Agricultural Products**: The prices are affected by factors such as import costs, supply and demand, and inventory. Different trading strategies are suggested for different varieties [2]. - **Special Commodities**: The prices of glass and rubber are affected by spot price changes and raw material supply. Suggested trading strategies include waiting and seeing and short - selling on highs [2]. - **New Energy**: The futures prices of polysilicon are rising in a shock, and the lithium carbonate market has support but also faces fundamental pressure. Suggested to wait and see [2].