Group 1: Investment Ratings - No investment ratings provided in the report Group 2: Core Views - The Fed cut interest rates by 25bp as expected, leading to short - term profit - taking in the index. The technology sector still dominates the market, but with the holiday approaching, it is recommended to wait and see [2]. - The 10 - year Treasury bond interest rate may have a high of 1.8% without incremental negative news, and the short - term downward movement is limited. The T2512 contract is expected to fluctuate between 107.5 - 108.35 [2]. - Gold may enter a high - level shock consolidation, and silver fluctuates in the 41 - 42.5 - dollar range [2]. - The EC (European line) of the container shipping index continues to decline, and the steel price drops with the convergence of the coil - rebar spread [2]. - The iron ore price is supported by the recovery of shipments, the increase in hot metal, and restocking demand. The coal and coke futures have a rebound expectation [2]. - The prices of non - ferrous metals are affected by various factors such as supply disturbances and interest rate cuts [2]. - The prices of energy and chemical products are affected by factors like supply - demand expectations, new device production, and检修 (maintenance) [2]. - The prices of agricultural products are affected by factors such as supply prospects, inventory, and market demand [2]. - The prices of special and new - energy products are affected by factors such as production reduction expectations and macro - emotions [2] Group 3: Summary by Categories Financial - **Stock Index**: The overseas interest rate cut led to a rise and then a fall in A - shares. It is recommended to wait and see before the holiday [2]. - **Treasury Bond**: The capital situation remains tight, and the bond futures have a slight correction. It is recommended to operate within the range and be cautious about chasing up in the short term [2]. - **Precious Metals**: Gold can be bought at a low price below 3600 dollars (820 yuan), and it is recommended to sell out - of - the - money put options on silver [2]. Black - **Steel**: Try short - term long positions during the correction and shrink the coil - rebar spread of the January contract. Do long - short operations between iron ore and hot - rolled coils [2]. - **Iron Ore**: Do long on the 2601 contract within the 780 - 850 range and go long on iron ore and short on hot - rolled coils [2]. - **Coal and Coke**: Do long on the 2601 contracts of coking coal, coke, etc., within the corresponding price ranges and conduct long - short arbitrage [2]. Non - Ferrous - **Copper**: The main contract is expected to fluctuate between 79000 - 81000 [2]. - **Aluminum and Related Products**: The prices are affected by various factors, and different contracts have corresponding operation suggestions [2]. - **Zinc**: The main contract is expected to fluctuate between 21500 - 22500 [2]. - **Tin**: The main contract is expected to operate between 285000 - 265000 [2][3]. Energy and Chemical - **Crude Oil**: There is a lack of strong short - term drivers, and attention should be paid to refinery start - up trends. Options can be considered after the volatility increases [2]. - **Other Chemical Products**: Different products have different operation suggestions based on supply - demand, production, and price trends [2]. Agricultural - **Grains and Oils**: The prices are affected by factors such as policies and supply - demand, and different products have corresponding operation suggestions [2]. - **Livestock and Poultry**: The prices are affected by factors such as supply pressure and market demand, and different products have corresponding operation suggestions [2]. - **Other Agricultural Products**: The prices are affected by factors such as supply prospects and inventory, and different products have corresponding operation suggestions [2]. Special and New - Energy - **Special Commodities**: The prices of glass, rubber, etc. are affected by factors such as production and sales and macro - drivers, and most are recommended to wait and see [2]. - **New - Energy Products**: The prices of polysilicon and lithium carbonate are affected by factors such as production reduction expectations and macro - emotions, and corresponding operation suggestions are given [2].