Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - For the stock index, after a continuous rise, the hot sectors are rotating rapidly, with technology remaining the market's main line. Policy support for the capital market remains unchanged, and the medium - to long - term strategy is mainly to go long on dips [4]. - For treasury bonds, the central bank's restart of trading treasury bonds is short - term positive for the bond market sentiment. In the fourth quarter, the bond market is mainly affected by fundamentals, the implementation time of fund fee regulations, and institutional allocation power. The bond market is expected to oscillate and recover [7]. - For precious metals, with the Fed's indication of future easing policies, it is recommended to go long on silver on dips. The reference operating ranges for Shanghai gold and silver are provided [9]. - For non - ferrous metals, different metals have different outlooks. For example, copper prices are expected to be supported at the bottom; aluminum prices may be supported by supply - side disturbances; zinc and lead are expected to be strong in the short - term; nickel is recommended to be observed in the short - term; tin is expected to oscillate, and it is recommended to go long on dips; the lithium carbonate market is expected to oscillate after a correction; alumina is recommended to be observed; stainless steel is expected to continue to be weak; and casting aluminum alloy prices are expected to be strongly supported [12][14][17][19][21][24][26][29][30][32]. - For black building materials, steel demand is in the off - season, but future demand may recover. Iron ore prices are at risk of a phased decline. Glass and soda ash markets have different supply - demand situations and price trends. Manganese silicon and silicon iron are likely to follow the black sector's trend. Industrial silicon and polysilicon prices are affected by supply and demand and are expected to be weak in the short - term [35][37][39][41][45][47][50]. - For energy chemicals, rubber is recommended for short - term long trading with a stop - loss set. Oil prices are recommended to be observed in the short - term. Methanol, urea, and PVC are recommended to be observed. Pure benzene and styrene prices may stop falling. Ethylene glycol is recommended to be shorted on rallies. PTA is recommended to focus on processing fee repair opportunities. PX is recommended to be observed as it mainly follows crude oil fluctuations [56][58][60][63][65][70][72][75]. - For agricultural products, it is recommended to short pigs on rallies; eggs are expected to be strong in the short - term; bean and rapeseed meal are expected to rise in the short - term and be shorted on rebounds in the medium - term; palm oil is recommended to be treated as oscillating weakly before exports improve; sugar is recommended to be shorted after a rebound; and cotton is expected to continue to oscillate [83][85][88][90][93][95]. Summary by Relevant Catalogs Macro - Financial Category Stock Index - **Market Information**: The central bank conducted 700 billion yuan of outright reverse repurchase operations on November 5th. The 2025 6G Development Conference will be held in Beijing from November 13th - 14th. Apple tightened its China - region distribution channels. Goldman Sachs and Morgan Stanley warned of a decline in the US stock market in the next two years, while expressing continued interest in China from global capital allocators [2]. - **Basis Ratio**: The basis ratios of IF, IC, IM, and IH for different terms are provided [3]. - **Strategy Viewpoint**: After a continuous rise, the hot sectors are rotating rapidly, with technology remaining the main line. The long - term strategy is to go long on dips [4]. Treasury Bonds - **Market Information**: On November 3rd, Fed governors mentioned potential interest rate cuts. US financial system liquidity is approaching a dangerous level. On Tuesday, the central bank conducted 117.5 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 357.8 billion yuan [5][6]. - **Strategy Viewpoint**: The central bank's restart of trading treasury bonds is short - term positive for the bond market. In the fourth quarter, the bond market is affected by multiple factors and is expected to oscillate and recover [7]. Precious Metals - **Market Information**: Shanghai gold and silver prices fell. COMEX gold and silver prices are provided. US 10 - year treasury bond yields and the US dollar index are given. The Fed is expected to expand its balance sheet, and silver demand in India is strong [8]. - **Strategy Viewpoint**: With the Fed's indication of future easing policies, it is recommended to go long on silver on dips, and the reference operating ranges for Shanghai gold and silver are provided [9]. Non - Ferrous Metals Category Copper - **Market Information**: The US dollar index reached 100, and copper prices continued to correct. LME copper inventory increased, and domestic spot trading showed different situations. The domestic copper spot import loss was about 700 yuan/ton [11]. - **Strategy Viewpoint**: Although sentiment is under pressure, it is expected to be supported. The copper supply is expected to be marginally tight, providing strong support for copper prices. The reference operating ranges for Shanghai copper and LME copper are provided [12]. Aluminum - **Market Information**: The decline in precious metals and copper prices led to a decline in aluminum price optimism. LME aluminum and Shanghai aluminum prices fell. Aluminum inventories showed different trends, and the spot was at a discount to the futures [13]. - **Strategy Viewpoint**: The increase in electrolytic aluminum production and the improvement in trade and inventory conditions are expected to support aluminum prices. Short - term support levels are to be noted [14]. Zinc - **Market Information**: Shanghai zinc index rose slightly, and LME zinc prices also increased. Zinc inventories and basis data are provided [15][16]. - **Strategy Viewpoint**: Domestic zinc mine inventory declined, and zinc production decreased. Downstream demand was stable, and inventories were slowly increasing. It is expected that Shanghai zinc will be strong in the short - term, but the upside space is limited [17]. Lead - **Market Information**: Shanghai lead index fell slightly, and LME lead prices decreased. Lead inventories and basis data are provided [18]. - **Strategy Viewpoint**: Lead ore inventory declined, and lead production showed different trends. Downstream demand was weak, and inventories were at a low level. It is expected that Shanghai lead will be strong in the short - term [19]. Nickel - **Market Information**: Nickel prices oscillated and fell. Spot prices and cost data are provided [20]. - **Strategy Viewpoint**: Refined nickel inventory pressure is significant, and nickel prices are dragged down. In the long - term, nickel prices may be supported. Short - term observation is recommended, and long positions can be considered at appropriate prices [21]. Tin - **Market Information**: Shanghai tin prices fell. Tin inventories increased, and supply was affected by raw material shortages. Demand from emerging fields provided support [23]. - **Strategy Viewpoint**: The short - term tin supply - demand is in a tight balance, and prices are expected to oscillate. It is recommended to go long on dips, and the reference operating ranges are provided [24]. Lithium Carbonate - **Market Information**: The lithium carbonate spot index and futures prices fell. The production and sales of new energy vehicles increased [25]. - **Strategy Viewpoint**: The fundamentals lack continuous positive factors. After a correction, the market is expected to oscillate. Attention should be paid to ore prices and production schedules [26]. Alumina - **Market Information**: The alumina index fell, and trading volume increased. Basis, overseas prices, and inventory data are provided [27][28]. - **Strategy Viewpoint**: Ore prices may be under pressure after the rainy season. Alumina production capacity is in excess, but the current price is close to the cost line. Short - term observation is recommended, and the reference operating range is provided [29]. Stainless Steel - **Market Information**: Stainless steel prices fell, and trading volume increased. Spot prices and raw material prices are provided [30]. - **Strategy Viewpoint**: The price of stainless steel spot is relatively firm, but the demand is expected to be weak in the short - term, and the price is expected to continue to be weak [30]. Casting Aluminum Alloy - **Market Information**: Casting aluminum alloy prices fell, and trading volume decreased. Inventory data are provided [31]. - **Strategy Viewpoint**: The cost of casting aluminum alloy has strong support, and supply is tight. Prices are expected to be strongly supported [32]. Black Building Materials Category Steel - **Market Information**: Rebar and hot - rolled coil prices fell. Futures and spot prices, as well as inventory and trading volume data, are provided [34]. - **Strategy Viewpoint**: The commodity market was weak, and steel prices oscillated weakly. Although demand is in the off - season, it may recover in the future with policy implementation and macro - environment changes [35]. Iron Ore - **Market Information**: Iron ore prices fell, and trading volume increased. Spot prices and basis data are provided [36]. - **Strategy Viewpoint**: Overseas iron ore shipments decreased, and demand weakened. Inventory pressure increased. There is a risk of a phased decline in ore prices [37]. Glass and Soda Ash - **Glass Market Information**: Glass prices rose, and inventory decreased. Trading volume data are provided [38]. - **Glass Strategy Viewpoint**: Market sentiment was boosted, but the fundamentals are weak. The impact of policies and production cuts needs to be observed [39]. - **Soda Ash Market Information**: Soda ash prices fell, and inventory decreased. Trading volume data are provided [40]. - **Soda Ash Strategy Viewpoint**: The industry's high - capacity utilization rate and weak demand lead to weak price trends. Prices are expected to oscillate weakly in the short - term [41]. Manganese Silicon and Silicon Iron - **Market Information**: Manganese silicon and silicon iron prices fell. Spot prices and basis data are provided [42]. - **Strategy Viewpoint**: Macro events did not provide strong support for the market. The black sector's rebound was adjusted. Manganese silicon and silicon iron are likely to follow the black sector's trend [43][44][45]. Industrial Silicon and Polysilicon - **Industrial Silicon Market Information**: Industrial silicon prices fell, and trading volume increased. Spot prices and basis data are provided [46]. - **Industrial Silicon Strategy Viewpoint**: The supply of industrial silicon is under pressure, and demand is weakening. Prices are expected to be weak in the short - term, but cost support exists [47]. - **Polysilicon Market Information**: Polysilicon prices fell, and trading volume decreased. Spot prices and basis data are provided [48][49]. - **Polysilicon Strategy Viewpoint**: Polysilicon production is expected to decline, and the supply - demand pattern may improve marginally. Attention should be paid to platform company progress [50]. Energy Chemicals Category Rubber - **Market Information**: Rubber prices were weakly sorted. There were different views on the rise and fall of rubber prices. Tire production and inventory data, as well as spot prices, are provided [52][53][54][55]. - **Strategy Viewpoint**: Rubber prices are near the previous low. Short - term long trading with a stop - loss set is recommended, and partial hedging positions can be established [56]. Crude Oil - **Market Information**: Crude oil and refined oil prices fell. Inventory data are provided [57]. - **Strategy Viewpoint**: Although geopolitical premiums have disappeared, oil prices should not be overly shorted in the short - term. A range strategy is maintained, and short - term observation is recommended [58]. Methanol - **Market Information**: Methanol prices fell, and basis data are provided [59]. - **Strategy Viewpoint**: Port prices fell, and inventory was high. Supply increased, and demand weakened. Observation is recommended [60]. Urea - **Market Information**: Urea prices showed different trends in different regions, and basis data are provided [61][62]. - **Strategy Viewpoint**: Urea supply and demand increased, but the market is in a relatively loose pattern. Observation is recommended [63]. Pure Benzene and Styrene - **Market Information**: Pure benzene and styrene prices showed different trends. Supply, demand, and inventory data are provided [64]. - **Strategy Viewpoint**: Pure benzene and styrene prices may stop falling. The BZN spread has room for upward repair [65]. PVC - **Market Information**: PVC prices fell, and cost, supply, demand, and inventory data are provided [66]. - **Strategy Viewpoint**: The fundamentals are poor, with strong supply and weak demand. Attention should be paid to short - selling opportunities on rallies [67][68]. Ethylene Glycol - **Market Information**: Ethylene glycol prices fell, and cost, supply, demand, and inventory data are provided [69]. - **Strategy Viewpoint**: Supply is high, and inventory is expected to increase. It is recommended to short on rallies [70]. PTA - **Market Information**: PTA prices rose, and cost, supply, demand, and inventory data are provided [71]. - **Strategy Viewpoint**: Supply is expected to decrease, and demand is expected to be stable. Attention should be paid to PTA processing fee repair opportunities [72]. p - Xylene - **Market Information**: p - Xylene prices rose, and cost, supply, demand, and inventory data are provided [73][74]. - **Strategy Viewpoint**: p - Xylene supply is high, and demand is weak. PXN is expected to be under pressure in November. Observation is recommended [75]. Polyethylene (PE) - **Market Information**: PE prices fell, and supply, demand, and inventory data are provided [76]. - **Strategy Viewpoint**: PE prices are expected to oscillate at a low level. The impact of cost and supply - demand factors needs to be considered [77]. Polypropylene (PP) - **Market Information**: PP prices fell, and supply, demand, and inventory data are provided [78]. - **Strategy Viewpoint**: PP prices are affected by cost and supply - demand factors. The market is in a weak pattern, and short - term observation is recommended [79][80]. Agricultural Products Category Pigs - **Market Information**: Pig prices continued to fall, and supply and demand factors are provided [82]. - **Strategy Viewpoint**: It is recommended to short pigs on rallies. Cautious investors can use reverse - spread positions [83]. Eggs - **Market Information**: Egg prices were stable, and supply and demand factors are provided [84]. - **Strategy Viewpoint**: Egg prices are expected to be strong in the short - term. Observation or short - term trading is recommended, and attention should be paid to upper - level pressure [85]. Bean and Rapeseed Meal - **Market Information**: CBOT soybean prices fell, and domestic soybean and bean meal supply, demand, and cost data are provided [86][87]. - **Strategy Viewpoint**: Bean meal prices are expected to rise in the short - term and be shorted on rebounds in the medium - term [88]. Oils - **Market Information**: Malaysian palm oil production and export data are provided. Domestic oil consumption is expected to enter the peak season, and inventory is expected to decrease seasonally [89]. - **Strategy Viewpoint**: Palm oil prices are expected to be oscillating weakly before exports improve. A change in strategy can be considered if production declines [90]. Sugar - **Market Information**: Sugar prices oscillated, and Brazilian sugar production data are provided [91][92]. - **Strategy Viewpoint**: It is recommended to short sugar after a rebound due to strong supply and weak external market trends [93]. Cotton - **Market Information**: Cotton prices oscillated, and supply, demand, and price data are provided [94]. - **Strategy Viewpoint**: Cotton prices are expected to continue to oscillate due to weak fundamentals [95].

Core Viewpoint - The competition for the 6GHz frequency band has intensified, with the FCC's recent decision to auction off parts of this band marking a significant shift in the global telecommunications landscape [1][11][12]. Group 1: Importance of 6GHz Frequency Band - The 6GHz frequency band is a critical resource due to its combination of wide coverage and high capacity, making it a strategic asset for both mobile communication and WiFi technologies [1][5][6]. - The 6GHz band is seen as essential for the development of future mobile communication systems, particularly 6G, over the next 5 to 10 years [7][13]. Group 2: Global Positioning and Strategies - China has already taken a clear stance by allocating the upper part of the 6GHz band (6425—7125MHz) for IMT systems in 2023, positioning itself as a leader in the global telecommunications race [1][15]. - The U.S. initially opposed this allocation, having designated the entire 6GHz band for WiFi use in 2020, but has now reversed its position to allow for IMT system usage through an auction process [1][11][12]. Group 3: Industry Dynamics - The mobile communication camp, including major operators and equipment manufacturers, has united to advocate for the use of the 6GHz band for mobile systems, highlighting its importance for future developments [7][13]. - Conversely, the WiFi camp is pushing for access to the 6GHz band to alleviate congestion issues faced by existing 2.4GHz and 5GHz bands, which are becoming increasingly inadequate for modern applications [7][8]. Group 4: Regional Developments - India has also announced its allocation plan for the 6GHz band, designating the upper part for 6G systems and the lower part for WiFi, reflecting a trend towards a balanced approach in frequency allocation [10][14]. - The FCC's recent decision aligns with a growing consensus among global telecommunications operators, including those in Europe, advocating for the upper part of the 6GHz band to be reserved for mobile networks to maintain competitive advantage [13][14].