Report Industry Investment Ratings - Macro-finance: Index futures are expected to fluctuate, and treasury bonds are expected to rise in the short term [1][5] - Black building materials: Rebar is expected to fluctuate, iron ore is expected to be weak in oscillation, and coking coal and coke are expected to fluctuate [1][7][9] - Non-ferrous metals: Copper is recommended for cautious trading within a range, aluminum is recommended to wait and see, nickel is recommended to wait and see or short on rallies, tin is recommended for trading within a range, and gold and silver are recommended for trading within a range [1][11][17] - Energy and chemicals: PVC, caustic soda, rubber, urea, methanol, and plastic are expected to fluctuate, and soda ash is recommended to hold short call options [1][19][28] - Cotton textile industry chain: Cotton and cotton yarn are expected to fluctuate sharply, apples are expected to strengthen in oscillation, and PTA is expected to be weak in oscillation [1][29][30] - Agricultural and livestock products: Pigs are expected to fluctuate within a range, eggs are recommended to be short on rallies, corn is recommended to go long on dips, soybean meal is expected to decline in oscillation, and oils are expected to fluctuate [1][31][38] Core Views - The global economic situation is complex and volatile, with factors such as trade policies, economic data, and geopolitical issues affecting the market [5][7][11] - Different industries and varieties have different supply and demand situations and price trends, and investment strategies need to be adjusted according to specific circumstances [1][5][7] - Attention should be paid to policy changes, inventory levels, and seasonal factors, and risk control should be strengthened [7][19][20] Summary by Directory Macro-finance - Index futures: The U.S. trade policy and domestic policies affect the market, and it is recommended to defend during the holiday [5] - Treasury bonds: Pay attention to the official PMI data in April, and the current interest rate trading needs to pay more attention to the safety margin [5] Black building materials - Rebar: The price is expected to fluctuate, and attention should be paid to the implementation of production restriction policies [7] - Iron ore: The price is expected to be weak in oscillation, and attention should be paid to the 720 pressure level [8] - Coking coal and coke: The market is expected to fluctuate, and attention should be paid to the changes in blast furnace hot metal production and steel mill raw material inventory digestion rhythm [9][10] Non-ferrous metals - Copper: The price is expected to be strong in oscillation, and it is recommended to trade cautiously within a range [11] - Aluminum: It is recommended to wait and see, and the main contract is expected to run in the range of 19,200 - 20,000 [13] - Nickel: It is recommended to wait and see or short on rallies, and the main contract is expected to run in the range of 122,000 - 129,000 yuan/ton [15] - Tin: The price is expected to fluctuate, and it is recommended to trade within a range, with the reference range of 250,000 - 273,000 yuan/ton for the SHFE tin 06 contract [16] - Gold and silver: The price is expected to be in an adjustment state, and it is recommended to wait for the price to fully correct before building positions, with the reference range of 760 - 802 for the SHFE gold 06 contract and 7,800 - 8,600 for the SHFE silver 06 contract [17][18] Energy and chemicals - PVC: The price is expected to fluctuate, and attention should be paid to the progress of tariff negotiations and the intensity of domestic stimulus policies [19] - Caustic soda: The price is expected to be weak in oscillation, and attention should be paid to the delivery situation of the 05 contract and the inventory removal situation [20] - Rubber: The price is expected to fluctuate, and attention should be paid to the supply situation after the start of tapping [21][22] - Urea: It is recommended to operate within a range, and the 09 contract is expected to run in the range of 1,730 - 1,850 [24] - Methanol: It is recommended to operate within a range, and the 09 contract is expected to run in the range of 2,200 - 2,350 [26] - Plastic: The price is expected to be low in oscillation in the short term, and attention should be paid to downstream demand, the subsequent impact of the Iranian port, and the tariff game [28] - Soda ash: It is recommended to hold short call options, and the price is expected to be weak in oscillation [28] Cotton textile industry chain - Cotton: The Trump tariff policy is uncertain, and it is recommended to wait and see in the near term [29] - Apples: The price is expected to strengthen in oscillation, but attention should be paid to macro risks [29][30] - PTA: The price is expected to be weak in oscillation, and attention should be paid to the 4,200 support level [30] Agricultural and livestock products - Pigs: The price is expected to fluctuate within a range, and it is recommended to sell out-of-the-money call options on rallies [31][32] - Eggs: It is recommended to be short on rallies, and the 06 contract is recommended to hold a light position during the holiday [33][34] - Corn: It is recommended to go long on dips, and attention should be paid to the 2,400 pressure level and the 2,280 - 2,300 support level for the 07 contract [34][36] - Soybean meal: It is recommended to be short on rallies in the short term and long on dips in the long term, and attention should be paid to the 2,900 support level [36][37] - Oils: It is recommended to be cautious about chasing up, and attention should be paid to the 7,800 - 8,000, 8,300 - 8,400, and 9,600 pressure levels [38][43]