Report Industry Investment Rating No relevant content provided. Core Viewpoints - Amid policy expectation swings, focus on high - certainty sectors like non - ferrous metals and precious metals, and make risk plans for potential market adjustments [1][4] - Suggest buying stock index futures, precious metals, and non - ferrous metals on dips [5] Summary by Related Catalogs Market Analysis - Chinese policies emphasize active fiscal and moderately loose monetary policies, with multiple ministries responding. The US will not impose additional tariffs on Chinese chips for at least 18 months. In November, China's foreign trade rebounded, but the economy was still under pressure. On December 25, A - share indices rose, the offshore RMB broke through 7.0 against the US dollar [1] - The Fed restarted a "restrictive" stance, buying $40 billion of short - term bonds in 30 days and cutting rates by 25 basis points. The US economic data showed a mixed picture. There are risks of macro - and fundamental resonance if market sentiment turns cold [2] - The Bank of Japan raised interest rates by 25 basis points. The impact of this rate hike was limited due to low foreign ownership of Japanese bonds and stable dollar - yen net long positions [3] Commodity Analysis - In the inflation - expectation game, focus on non - ferrous metals and precious metals. Non - ferrous metals have long - term supply constraints. Energy has supply - related issues, and geopolitical factors affect the market. The "anti - involution" space in the chemical sector and agricultural product procurement plans are also worth attention. For precious metals, look for buying opportunities on dips, but beware of short - term silver risks [4] Strategy - Suggest buying stock index futures, precious metals, and non - ferrous metals on dips [5] To - do News - The Shanghai Composite Index had a 7 - day winning streak. The RMB against the US dollar reached new highs. The volume of pledged repurchase hit a new high. The US will not impose additional tariffs on Chinese chips for at least 18 months [7] - Israel and Hamas had a new dispute, and Zelensky stated that Ukraine would not give up joining NATO [8]

Report Industry Investment Rating - The overall rating for commodities and stock index futures is neutral [4] Core Viewpoints - Policy expectations in China are swinging. After important meetings at the end of the year, attention should be paid to the government work report around February next year and the risk of policy expectation swings. The Fed has restarted a "restrictive" stance, and there are risks in the market due to various factors. In the commodity market, focus on high - certainty sectors such as non - ferrous metals and precious metals [1][2][3] Summaries by Related Catalogs Market Analysis - China's policies continue to emphasize active fiscal and moderately loose monetary policies. In November, China's foreign trade grew, manufacturing PMI improved, and there were changes in industrial and consumer data. The Fed cut interest rates by 25 basis points and plans to buy short - term bonds. The ADP employment in the US decreased in November [1][2] Commodity Analysis - Focus on non - ferrous metals and precious metals during the inflation expectation game. The long - term supply limitation in the non - ferrous sector remains. In the energy sector, the global oil supply surplus expectation was lowered, and there are additional production cut plans. In the chemical sector, the "anti - involution" space of some varieties is worth noting. In the agricultural sector, pay attention to China's procurement plan and weather expectations. There are opportunities for buying precious metals at low prices [3] Strategy - The overall strategy for commodities and stock index futures is neutral [4]