Group 1: Report Industry Investment Ratings - No relevant content found Group 2: Core Views of the Report - The market trading divergence is obvious, and the macro - impact uncertainty is amplified this week due to the Fed's interest - rate decision. It is recommended to control portfolio risks, reduce futures positions in a timely manner, and try double - buying to increase volatility [3]. - The bond market lacks a new main - line driver, and the 10 - year Treasury bond rate may face significant resistance around 1.8%, with short - term fluctuations in the 1.8% - 1.85% range. The T2603 contract may fluctuate in the 108 - 108.3 range. It is advisable to maintain range - bound operations for the unilateral strategy and arrange position transfers in advance before the Spring Festival [3]. - The precious metals market is boosted by safe - haven sentiment and supply - demand factors, but silver price fluctuations are large in the short term. Platinum's upward space may be limited, and it is advisable to go long on gold futures at low prices [3]. - The steel price is stable, and the spread between hot - rolled coils and rebar is widening. It is advisable to hold the long position of the spread between hot - rolled coils and rebar [3]. - For iron ore, as the steel mill's replenishment is nearing the end, it is advisable to short around 800 [3]. - For coking coal and coke, they are regarded as bearish in the short - term, and the strategy of going long on coking coal and short on coke can be considered [3]. - For copper, it is advisable to take profits on long positions at high prices [3]. - For aluminum, it is not advisable to chase the rise, and it is recommended to go long after a pullback [3]. - For zinc, it is advisable to go long at low prices in the long - term and hold the cross - market reverse arbitrage [3]. - For tin, it is advisable to be cautious in the short - term and try to go long at low prices after the sentiment stabilizes [3]. - For various chemical products, their price trends and corresponding operation suggestions vary. For example, for PX and PTA, they are expected to be bullish in the medium - term but fluctuate in the short - term; for short - staple fiber, it follows the raw material fluctuations, etc. [3]. - For agricultural products, their price trends also vary. For example, palm oil is expected to be bullish, while jujube is expected to be bearish in the short - term [3]. Group 3: Summaries by Related Catalogs Daily Selected Views - Aluminum (AL2603): Bullish [3] - Methanol (MA2605): Bullish with a sideways trend [3] - Iron ore (I2605): Bearish adjustment [3] - Palm oil (P2605): Bullish in the short - term [3] - Gold (AU2604): Bullish with a sideways trend [3] Full - Variety Daily Reviews Financial - **Stock Index**: The pro - cyclical sectors are rising, and the stock index is oscillating at a high level. It is recommended to control portfolio risks, reduce futures positions, and try double - buying to increase volatility [3]. - **Treasury Bonds**: The bond market is difficult to break through the range - bound oscillation in the short - term. It is advisable to maintain range - bound operations for the unilateral strategy and arrange position transfers in advance before the Spring Festival [3]. - **Precious Metals**: The precious metals market is boosted by safe - haven sentiment and supply - demand factors. It is advisable to take profits on long positions of gold at high prices, buy call options for silver, and go long on platinum futures at low prices [3]. - **Container Shipping**: The EC contract is oscillating upwards. It is advisable to observe cautiously [3]. Metals - **Steel**: The steel price is stable, and the spread between hot - rolled coils and rebar is widening. The rebar fluctuates in the 3000 - 3200 range, and the hot - rolled coil fluctuates in the 3150 - 3350 range. It is advisable to hold the long position of the spread between hot - rolled coils and rebar [3]. - **Iron Ore**: As the steel mill's replenishment is nearing the end, it is advisable to short around 800 [3]. - **Coking Coal and Coke**: They are regarded as bearish in the short - term, and the strategy of going long on coking coal and short on coke can be considered [3]. - **Non - ferrous Metals**: For copper, it is advisable to take profits on long positions at high prices; for aluminum, it is not advisable to chase the rise, and it is recommended to go long after a pullback; for zinc, it is advisable to go long at low prices in the long - term and hold the cross - market reverse arbitrage; for tin, it is advisable to be cautious in the short - term and try to go long at low prices after the sentiment stabilizes, etc. [3] Energy and Chemicals - **Energy**: For PX and PTA, they are expected to be bullish in the medium - term but fluctuate in the short - term; for short - staple fiber, it follows the raw material fluctuations; for ethanol, it is advisable to conduct positive arbitrage on EG5 - 9 and hold the seller position of the put option EG2605 - P - 3800 [3]. - **Chemicals**: For various chemical products such as PVC, urea, soda ash, glass, etc., their price trends and corresponding operation suggestions vary [3]. Agricultural Products - For palm oil, it is expected to be bullish; for jujube, it is expected to be bearish in the short - term; for other agricultural products, their price trends also vary [3].

Report Industry Investment Rating - The report gives a "sideways to bullish" rating for the cotton industry, suggesting to focus on downstream demand [1] Core Viewpoints - The cotton market is expected to be sideways to bullish, and attention should be paid to downstream demand [1] Summary by Relevant Catalogs Fundamental Tracking - **Futures Prices**: CF2601 closed at 13,750 yuan/ton with 0.00% daily increase and 13,765 yuan/ton in night trading with 0.11% increase; CY2603 closed at 19,980 yuan/ton with - 0.12% daily increase and 19,970 yuan/ton in night trading with - 0.05% increase; ICE US cotton 3 closed at 63.74 cents/pound with - 0.33% decrease [1] - **Trading Volume and Open Interest**: CF2601 had a trading volume of 305,589 lots, an increase of 25,149 lots from the previous day, and an open interest of 1,044,111 lots, an increase of 5,249 lots; CY2603 had a trading volume of 4,420 lots, a decrease of 1,999 lots from the previous day, and an open interest of 16,063 lots, an increase of 1,045 lots [1] - **Warehouse Receipts**: Zhengzhou cotton had 2,753 warehouse receipts, an increase of 44, and 3,004 valid forecasts, an increase of 223; cotton yarn had 13 warehouse receipts, an increase of 1, and 0 valid forecasts, an increase of 12 [1] - **Spot Prices**: The price of Beijiang 3128 machine - picked cotton was 14,606 yuan/ton, a decrease of 20 yuan from the previous day; the price of Nanjiang 3128 machine - picked cotton was 14,633 yuan/ton, a decrease of 10 yuan from the previous day; the price in Shandong was 15,019 yuan/ton, a decrease of 7 yuan from the previous day; the price in Hebei was 15,006 yuan/ton, a decrease of 11 yuan from the previous day; the 3128B index was 15,009 yuan/ton, a decrease of 13 yuan from the previous day; the international cotton index M was 72.02 cents/pound, a decrease of 0.15% from the previous day; the price of pure - cotton carded yarn 32S was 20,800 yuan/ton, an increase of 30 yuan from the previous day; the arrival price of pure - cotton carded yarn 32S was 21,053 yuan/ton, an increase of 74 yuan from the previous day [1] - **Price Spreads**: The CF1 - 5 spread was not given, and the previous day's spread decreased by 5; the spread between Beijiang 3128 machine - picked cotton and CF601 was not given, and the previous day's spread decreased by 20 [1] Macro and Industry News - **Domestic Cotton Spot**: Cotton spot trading was dull, high - basis trading was poor, and there was insufficient motivation to reduce the price of high - basis goods due to low inventory pressure [2] - **Domestic Cotton Textile Enterprises**: The price of pure - cotton yarn fluctuated slightly, with individual counts seeing a slight improvement in trading, but overall trading was dull. Some large spinning mills slightly reduced the price of regular yarns to clear inventory. The combed 40S category had good sales and stable to rising prices. Recently, some spinning mills of low - count yarns had more orders than before, but the overall atmosphere was still not good. The full - cotton grey fabric market was divided, with some home textile anti - down fabric varieties having continuous sales and declining inventory, but prices were difficult to rise. Regular varieties had average sales, inventory was digested, and prices were market - driven. Current spring and summer orders were less than in previous years, mainly small and scattered orders [2] - **US Cotton**: ICE cotton futures rose first and then fell. The USDA's US cotton export sales data as of November 6 was better than expected, which once pushed up ICE cotton. However, due to the upcoming Fed interest - rate decision and the USDA's monthly supply - demand report, the market was cautious, and finally ICE cotton followed the overall commodity market trend and slightly declined [3] Trend Intensity - The trend intensity of cotton is 0, indicating a neutral view, with a value range of [- 2, 2] [5]

1. Report Industry Investment Ratings No investment ratings are provided in the report. 2. Core Views - Palm oil: Wait for the inflection point confirmation and conduct range - bound operations for now [2][4] - Soybean oil: Lack of driving force from US soybeans, mainly in a volatile state [2][4] - Soybean meal: Weakly volatile, be cautious about the risks associated with the USDA report [2][11] - Soybean: The market is oscillating [2][11] - Corn: Focus on the spot market [2][14] - Sugar: Narrow - range fluctuations [2][18] - Cotton: Oscillating with a slight upward trend, pay attention to downstream demand [2][22] - Peanuts: Focus on the purchases by oil mills [2][27] 3. Summary by Related Catalogs 3.1 Palm Oil and Soybean Oil - **Fundamental Data**: Palm oil's closing price (day session) was 8,706 yuan/ton with a decline of 0.73%, and the night - session closing price was 8,698 yuan/ton with a decline of 0.09%. Soybean oil's closing price (day session) was 8,230 yuan/ton with a decline of 0.44%, and the night - session closing price was 8,026 yuan/ton with a decline of 2.48% [4] - **Macro and Industry News**: An Indonesian official said that a special task force has ordered dozens of palm oil and mining companies to pay a total fine of 38.62 trillion Indonesian rupiah (equivalent to $2.31 billion) for illegal operations in forest areas. The US government will provide $12 billion in assistance to American farmers. Private exporters reported selling 132,000 tons of soybeans to China for delivery in the 2025/2026 season. As of December 5, Brazil's soybean sowing rate was 90.3% [4][5][7] - **Trend Intensity**: Palm oil and soybean oil both have a trend intensity of 0 [10] 3.2 Soybean Meal and Soybean - **Fundamental Data**: DCE soybean 2601's closing price (day session) was 4,085 yuan/ton with a decline of 0.07%, and the night - session closing price was 4,077 yuan/ton with a decline of 0.17%. DCE soybean meal 2605's closing price (day session) was 2,778 yuan/ton with a decline of 1.77% [11] - **Macro and Industry News**: On December 8, CBOT soybean futures closed lower due to uncertain Chinese demand and favorable South American weather. The USDA will release a supply - demand report, and traders are concerned about a possible downward adjustment of US soybean export forecasts. Brazil's crop outlook remains strong with expected widespread rainfall [11][13] - **Trend Intensity**: Soybean meal has a trend intensity of - 1, and soybean has a trend intensity of 0 [13] 3.3 Corn - **Fundamental Data**: The closing price of C2601 was 2,261 yuan/ton with a decline of 1.57%, and the night - session closing price was 2,242 yuan/ton with a decline of 0.84%. The closing price of C2603 was 2,232 yuan/ton with a decline of 1.59%, and the night - session closing price was 2,220 yuan/ton with a decline of 0.54% [15] - **Macro and Industry News**: Northern corn bulk shipping port prices increased by 10 yuan/ton, while Guangdong Shekou's bulk shipping prices decreased by 10 yuan/ton. Northeast deep - processing corn prices continued to rise, and North China's corn prices showed mixed trends [16] - **Trend Intensity**: Corn has a trend intensity of 0 [17] 3.4 Sugar - **Fundamental Data**: The raw sugar price was 14.82 cents/pound, the mainstream spot price was 5,420 yuan/ton, and the futures main - contract price was 5,337 yuan/ton [18] - **Macro and Industry News**: As of the end of November, India's sugar production in the 2025/2026 season increased by 49.8% year - on - year. Brazil's sugar production in the second half of November increased by 9% year - on - year. China imported 750,000 tons of sugar in October [18] - **Trend Intensity**: Sugar has a trend intensity of - 1 [20] 3.5 Cotton - **Fundamental Data**: The closing price of CF2601 was 13,750 yuan/ton with no change, and the night - session closing price was 13,765 yuan/ton with an increase of 0.11%. The closing price of CY2603 was 19,980 yuan/ton with a decline of 0.12%, and the night - session closing price was 19,970 yuan/ton with a decline of 0.05% [22] - **Macro and Industry News**: Cotton spot trading was dull, and high - basis trading was poor. Cotton yarn prices fluctuated slightly, and the full - cotton grey fabric market showed a differentiated situation. ICE cotton futures declined after an initial rise [23][24] - **Trend Intensity**: Cotton has a trend intensity of 0 [26] 3.6 Peanuts - **Fundamental Data**: The closing price of PK601 was 8,068 yuan/ton with a decline of 0.05%, and the closing price of PK603 was 8,076 yuan/ton with an increase of 0.05% [27] - **Macro and Industry News**: In Henan, peanut prices were stable with a slight upward trend; in Jilin, prices were stable with a slight upward trend; in Liaoning, prices were basically stable; in Shandong, prices were basically stable. Some oil mills started purchasing on December 8 [28] - **Trend Intensity**: Peanuts have a trend intensity of 0 [29]

Core Viewpoint - The market is currently experiencing a tug-of-war, with mixed movements influenced by the upcoming Federal Reserve's interest rate decision, leading to a cautious sentiment among investors [1] Market Performance - Early market activity saw a rise in sectors such as robotics and photolithography, but this was followed by a pullback as investors awaited the Federal Reserve's decision [1] - The robotics sector showed strong performance in key stocks, while there was some differentiation among lesser-known stocks [1] - Afternoon trading saw a return of funds to the robotics sector, indicating a "buy-back" action [1] Investor Sentiment - Most funds are in a wait-and-see mode, anticipating the Federal Reserve's decision, which has led to tentative trading strategies with small positions being taken [1] - There is a focus on potential gains in the robotics sector post-decision, with some smaller funds looking to capitalize on feedback from precious metals and other areas, particularly in response to expected domestic policy support [1] - Notable movements were observed in northern-related stocks and brokerage sectors towards the end of the trading day, indicating active interest [1]