Core Viewpoint - The article emphasizes the importance of understanding the core characteristics of the company, specifically focusing on its three main business segments: offshore wind power, export of automobiles and large equipment, and pulp transportation [4]. Financial Performance - In the 2025 annual report, the company reported a total revenue of 23.2 billion, a year-on-year increase of 38%, and a net profit attributable to shareholders of 1.75 billion, up 35% year-on-year [6]. - The operating cash flow reached 6.3 billion, reflecting a significant increase of 75% year-on-year [6]. - The company's return on equity (ROE) after deducting non-recurring items has shown consecutive growth, increasing from 6.8% in 2023 to 10.8% in 2024, and further to 11.2% in 2025 [7]. Fleet Structure and Operations - The company's deadweight tonnage increased from 6.14 million tons to 9.12 million tons, representing a nearly 50% growth [7]. - The fleet structure includes various types of vessels, with a notable increase in operating leases, which nearly doubled from 49 to 97 vessels, and corresponding deadweight tonnage increased from 3 million tons to 6 million tons [10]. - The company has diversified its fleet with new types of vessels, including 9 additional heavy-lift ships and 28 new multi-purpose vessels, enhancing its service capabilities in high-value cargo transportation [14]. Business Segments Performance - The heavy-lift vessel segment generated revenue of 3.2 billion, a year-on-year increase of 44% [16]. - The new multi-purpose vessel segment achieved revenue of 6 billion, up 35% year-on-year [16]. - The automobile shipping segment saw a remarkable revenue increase of 2.14 times, reaching 4.4 billion [16]. - The semi-submersible vessel segment also performed well, with revenue of 2.9 billion, reflecting a 10% year-on-year growth [16]. Market Dynamics - The company is well-positioned in the market, with strong demand for its services driven by the offshore wind power sector and the export of advanced manufacturing products [19]. - The company has established long-term contracts with major industry clients, enhancing market share and customer loyalty [14]. - Despite rapid revenue growth, the overall gross margin has remained stable, indicating a balanced supply-demand dynamic across its business lines [17]. Shareholder Returns - The company has maintained a high dividend payout ratio of 50% over the past three years, ensuring consistent returns to shareholders [21].

Core Viewpoint - The global marine economy is rapidly transforming from traditional marine industries to marine technology, high-end manufacturing, and modern shipping services, with ports and shipping as key hubs for connectivity and logistics [1][3]. Group 1: Industry Transformation - The shipping industry is recognized as a crucial platform for cooperation and logistics, facilitating the integration of marine emerging industries and traditional shipping [1][3]. - China COSCO Shipping Group emphasizes the importance of dual empowerment between the shipping industry and emerging marine industries for integrated development [1][3]. Group 2: Global Operations and Infrastructure - China COSCO Shipping operates 58 global investment terminals, with 22 located in countries and regions along the Belt and Road Initiative, creating a broad and efficient global network [1][3]. - The company aims to enhance the hub capabilities of its ports and optimize the integration of land-sea connections, port-port connections, and port-industry connections for high-quality development of the blue economy [1][3]. Group 3: Green Development Initiatives - China COSCO Shipping prioritizes green development, promoting low-carbon transformation across the entire logistics chain, including ports and vessels [2][4]. - The company has invested in the first green smart terminal in South America, featuring 100% electrification of major port machinery and full digital operation to achieve low-carbon and pollution-free operations [2][4]. - By 2025, the company plans for clean energy to account for over 33% of new power operations, and it has successfully launched the world's first methanol dual-fuel container ship [2][4].

Investment Rating - The report maintains a "Buy" rating for China COSCO Shipping International (00517) [2][7] Core Views - The company's performance for 2025 met expectations, with revenue of HKD 3.7 billion, a 2% year-on-year increase, and a net profit attributable to shareholders of HKD 771 million, a 9% increase year-on-year [7] - The coatings business shows growth potential, with revenue from coatings production and sales reaching HKD 1.63 billion in 2025, a 22% increase year-on-year, and a segment profit before tax of HKD 430 million, a 31% increase year-on-year [7] - The company is focusing on green methanol production, planning to establish a joint venture with a capacity of 200,000 tons per year, expected to start production in 2026 [7] - The company emphasizes shareholder returns, planning to implement a special dividend, with a payout ratio of 99% for 2025, potentially reaching 118% with the special dividend [7] - The report highlights the company's growth potential and high dividend yield, maintaining the "Buy" rating despite a downward adjustment in revenue growth for the ship spare parts business to 0% for 2026 [7] Financial Summary - Revenue projections for the company are as follows: HKD 3.63 billion for 2026, with a slight decrease to HKD 3.59 billion in 2027 and 2028 [6][9] - Net profit attributable to shareholders is projected to be HKD 822 million for 2026, increasing to HKD 881 million by 2028 [6][9] - Earnings per share are expected to rise from HKD 0.56 in 2026 to HKD 0.60 in 2028, with a price-to-earnings ratio of 12 for 2026 and 11 for 2028 [6][9]

Report Summary 1. Report Industry Investment Rating - Not provided 2. Core View - The market shows a pattern of weakening in both futures and spot prices, with a weak and volatile trend and the convergence of spreads among contracts. The fundamental driving force is the weak spot market. Maersk significantly lowered its cabin opening quotation for the key 15th week to 2300, and other alliances also face pressure to follow suit. Some spot prices on certain routes have reached relatively low levels, indicating that the recovery of freight demand remains slow and fails to provide sufficient cargo volume to support freight rates. Based on the spot quotation, the 04 contract will be delivered around 1800 points. The premium expectation previously included in the futures market, especially the 04 contract approaching delivery, will be squeezed out, and it will follow the spot price more closely in the future, expected to fluctuate in a range around the new central point of 1800. The overall logical chain is "spot price cut → confirmation of weak demand → suppression of futures valuation → near - month contracts move closer to the spot" [6] 3. Summary by Related Content Shipping Derivatives Data - **China Export Container Freight Rates**: The current values, previous values, and percentage changes of various container freight rate indices are as follows: - SCFI - West America: Current value 1121, previous value 1109, increase of 1.11% [1] - SCFI - East America: Current value 1707, previous value 1710, decrease of 0.20% [1] - SCFIS - West America: Current value 2922, previous value 2249, increase of 4.52% [1] - SCFI - Northwest Europe: Current value 1636, previous value 1618, increase of 1.07% [1] - CCFI Composite Index: Current value 2054, previous value 3111, decrease of 8.67% [1] - SCFI - Mediterranean: Current value 1556, previous value 1545, increase of 0.71% [1][2] - SCFIS - Northwest Europe: Current value 2784, previous value 2666, increase of 4.43% [1][2] Market News - US President Trump threatened to destroy and paralyze Iranian power plants if Iran fails to fully open the Strait of Hormuz within 48 hours without any threat [3] - At least one tanker operator has paid about $2 million to Iran for the right to pass through the Strait of Hormuz [3] - Iranian military sources said that if the US carries out its threat of military aggression against Kharg Island, it will face an "unexpected" counter - attack from Iran [3] - Houthi rebels may join the battle early next week according to Israeli media [3] - Deterring other straits including the Bab - el - Mandeb and the Red Sea is one of the options for the "Resistance Front" according to Iranian military sources [3] Market Condition - The market is in a downward trend [4] Strategy - The recommended strategy is to wait and see [8]

Investment Rating - The report maintains a "Recommendation" rating for Haitong Development (603162) [1] Core Views - The company achieved a net profit of 210 million yuan in Q4 2025, representing a year-on-year increase of 53%, indicating strong performance amid market recovery [1][6] - The report highlights the company's operational resilience and capacity expansion, with a total of 18 new vessels added in 2025, leading to a 33% year-on-year increase in deadweight tonnage [6] - The report anticipates continued growth in the dry bulk market, driven by limited supply growth and the commencement of the Simandou iron ore project, which could significantly impact global shipping demand [6] Financial Summary - Total revenue for 2025 is projected at 4,443 million yuan, with a year-on-year growth rate of 21.4% [2][7] - The net profit attributable to shareholders is expected to be 465 million yuan in 2025, reflecting a decline of 15.3% year-on-year, but with a strong recovery forecast for subsequent years [2][7] - Earnings per share (EPS) is projected to increase from 0.50 yuan in 2025 to 1.62 yuan by 2028 [2][7] - The price-to-earnings (P/E) ratio is expected to decrease from 26 times in 2025 to 8 times in 2028, indicating potential undervaluation as earnings grow [2][7] Market Performance - The report notes that the Baltic Dry Index (BDI) averaged 1,681 points in 2025, down 4.2% year-on-year, but showed a significant recovery in Q4 with an average of 2,159 points, up 47% year-on-year [6] - The company’s stock price target is set at 17.5 yuan, representing a 33% upside from the current price of 13.07 yuan [2][6]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The valuation of the main contract EC2604 is gradually becoming clear, but the far - month contracts may still face emotional disturbances. The 6, 7, and 8 - month contracts in the peak season have strong expectations, but the actual freight rates are still uncertain. The blockade of the Mandeb Strait by the Houthi rebels may drive up the freight rates of far - month contracts [4][5][7] 3. Summary by Directory 3.1 Market Analysis - Online quotes from different shipping companies for Shanghai - Rotterdam routes in different weeks and months are provided, including quotes from Gemini Cooperation, HPL, MSC + Premier Alliance, Ocean Alliance, etc. [1] 3.2 Geopolitical Situation - An Iranian military source said that Iran is monitoring the enemy's movements. If the enemy takes actions in Iranian territory or increases Iran's defense costs through maritime activities, Iran will respond. Iran has the ability to threaten the Mandeb Strait. [2] 3.3 Supply Situation - **Static Supply**: As of February 28, 2026, 27 container ships with a total capacity of 174,232 TEU have been delivered in 2026. The delivery expectations for 12,000 - 16,999 TEU and 17,000 + TEU ships from 2026 to 2029 are provided. The delivery pressure of ultra - large ships in 2026 is relatively small. [2][3] - **Dynamic Supply**: The weekly average capacity of China - European base ports from March to May is given. There are TBNs and empty flights in April and May. [3] 3.4 Contract Analysis - **Main Contract EC2604**: Maersk's freight rate in the second week of April decreased. The valuation of the April contract is gradually clear, but due to geopolitical risks, the volatility of the contract may be amplified. It is recommended that investors follow the spot market and operate flexibly. [4] - **Peak - season Contracts (6, 7, 8 months)**: The expectations for these contracts are strong. The reasons include the low probability of the Suez Canal's resumption in the first half of 2026, the relatively small delivery pressure of ultra - large container ships in the first half of 2026, and the relatively high year - on - year growth rate of the Asian - European demand side. However, the actual freight rates are still uncertain, and investors need to respond flexibly. [5][6] 3.5 Market Impact - The Houthi rebels' possible blockade of the Mandeb Strait may drive up the freight rates of far - month contracts. Since December 2023, the number of ships passing through the Aden Gulf has decreased significantly. [7] 3.6 Shipping Company News - On March 25, COSCO Shipping Lines resumed new booking business for ordinary containers to Middle - East Gulf countries. However, ships will not pass through the Hormuz Strait directly but will use land transfer after reaching ports on the east side of the strait. [7] 3.7 Market Data - As of March 25, 2026, the total open interest of all contracts of the container shipping index for European routes is 38,261.00 lots, and the single - day trading volume is 35,860.00 lots. The closing prices of different contracts are provided. SCFI and SCFIS prices for different routes are also given. [8] 3.8 Strategy - **Unilateral**: None - **Arbitrage**: Long EC2606 and short EC2610 [9]

Group 1: Stock Market Movements - China Merchants Energy (01138) fell over 5%, currently down 4.09%, as the company assesses safety conditions regarding its vessels in the Strait of Hormuz [1] - Shenzhen Expressway (00548) dropped over 9%, currently down 7.86%, after reporting 2025 revenue of approximately 9.264 billion yuan, a 0.2% year-on-year increase, and a net profit of about 1.149 billion yuan, up 0.38% [1] - Television Broadcasts (00511) rose nearly 3% after announcing a 2025 revenue of 3.192 billion HKD, a 2.02% decrease, and a shareholder loss of 491 million HKD [2] - Chaoyun Group (06601) increased over 6%, currently up 4.07%, reporting a revenue of 1.988 billion yuan, a 9.24% year-on-year growth, and a net profit of 224 million yuan, up 9.98% [2] - Golden stocks fell again, with companies like Zijing Mining (02899) and Shandong Gold (01787) experiencing declines of 3.09% and 4.02% respectively, as spot gold prices dipped below 4500 USD [3] Group 2: Company Earnings and Forecasts - GSK Group (01285) surged over 40%, currently up 31.87%, after announcing an expected net profit of between 101.4 million and 111.1 million yuan for the year ending December 31, 2025, representing a year-on-year increase of approximately 210% to 230% [4] - Aoda Holdings (09929) fell over 12%, currently down 16.19%, reporting a revenue of 66.258 million HKD, a 27.75% decrease, and a net loss of 18.856 million HKD [5] - Peijia Medical (09996) rose nearly 4%, reporting a revenue of 713 million yuan, a 15.82% year-on-year increase, and a narrowed net loss [3] Group 3: Market Trends and Sector Performance - The pork concept stocks collectively declined, with COFCO Joycome (01610) down 3.57% as the average trading price of lean pigs fell below 10 yuan/kg, marking a 15-year low [3] - Semiconductor stocks saw a strong start, with Arm Holdings (ARM.US) rising 16.38% after announcing its entry into chip manufacturing, aiming for 15 billion USD in annual revenue within five years [8] - AI application software stocks collectively rose, with Braze (BRZE.US) increasing by 19.87% [8]

Core Viewpoint - China COSCO Shipping International (00517) experienced a decline of over 5% following its earnings report, with a current drop of 4.67% to HKD 6.53, and a trading volume of HKD 27.09 million [1] Financial Performance - For the fiscal year ending December 31, 2025, the company reported a revenue increase of 2% to HKD 3.706 billion, primarily driven by higher income from the coatings and ship trading agency segments [1] - The profit attributable to equity holders rose by 9% to HKD 771 million, mainly due to increased revenue, share of profits from a joint venture, and net foreign exchange gains [1] - Basic and diluted earnings per share increased by 9% to HKD 0.526 [1] Dividend Proposal - The board of directors proposed a final dividend of HKD 0.19 per share and an additional special dividend of HKD 0.10 per share [1]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The EC2604 contract is expected to fluctuate today due to the contradiction between its weak fundamentals and potential fuel cost increases. The EC2610 contract follows the cost - support logic, and it is recommended to wait and see in the short term. Other far - month contracts' core lies in the blockade time of the Strait of Hormuz. It is advised to avoid the high - volatility risk of far - month unilateral trading and look for arbitrage opportunities from the valuation of month spreads [3] Group 3: Summary by Related Catalogs Futures Contract Information - The closing prices of EC2604, EC2605, EC2606, EC2607, EC2608, EC2609, EC2610, and EC2612 are 1803.0, 2086.0, 2364.1, 2475.2, 2354.2, 1658.1, 1567.9, and 1716.7 respectively, with price drops of 5.05%, 4.23%, 3.08%, 3.58%, 2.35%, 3.60%, 0.32%, and 3.23% respectively. Their trading volumes are 18169, 1146, 12555, 421, 1120, 84, 2222, and 143 respectively, and the changes in open interest are - 3207, - 155, FF60, - 22, - 108, B, - 172, and નિર્ respectively [2] - The day - on - day changes of EC2604 - 2606, EC2604 - 2605, and EC2606 - 2610 are - 20.8, - 3.7, and - 70.0 respectively, and the week - on - week changes are - 89.9, - 253.0, and - 28.4 respectively [2] Spot Market Information - The spot price of the (European Line) on March 23, 2026, is 1693.26 points, with a 8.79% increase from the previous period. The SCFI on March 20, 2026, is 1636 dollars/TEU, with a 1.11% increase from the previous period [2] - In Week 13, MSK opened at 2250 US dollars, PA reported 2400 - 2500, and some voyages reported 2200 (2000 for large shipments). The average spot price converted to the futures盘面 is about 1700 - 1800 points. In the first half of April, YML and ONE reported 2500 US dollars, EMC reported 3160 US dollars, and OOCL reported 3100 US dollars. Maersk reported 2650 US dollars in Week 14 (a 400 - dollar increase from the previous period) and 2350 US dollars in Week 15 (a 300 - dollar decrease from the previous period) [4] Relevant News - On March 25, Cosco Shipping resumed bookings for Gulf countries, but ships will not pass through the Strait of Hormuz for now. Instead, containers will be shipped to ports on the east side of the strait and then transferred by land [5] - On March 25, Iran put forward five cease - fire conditions. The US media reported that the White House was planning a negotiation with Iran over the weekend, and the US vice - president might attend [5] - On March 26, the White House press secretary reiterated that the time frame for Iran's actions was 4 to 6 weeks. Iran was willing to have a dialogue, and Trump was ready to participate [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - After the TACO landed this week, the short - term conflict risk in the Middle East has not dissipated, but there is a possibility of situation downgrade in the medium - term. The current game pattern of fighting and talking has limited the upper limit of the full - scale escalation of the conflict, and the ground war is still in a vague state. The extreme pressure situation will continue in the short - term. The secondary inflation risk brought by the oil price shock is reversing the global liquidity expectation. The Fed's policy path has shifted from the initial interest - rate cut convergence to tightening divergence. The domestic A - shares are in the risk - release stage of peripheral risk transmission in the short - term, and the core investment strategy should be defensive counter - attack [2]. - In the short - term, the RMB exchange rate is expected to follow the US dollar index for synchronous fluctuations, and there is no clear directional trend. Export enterprises can lock in forward foreign exchange settlement in batches at around 6.93, and import enterprises can adopt a rolling foreign exchange purchase strategy at the 6.85 mark [3]. - The short - term trend of the stock index is expected to be volatile, and the trading power of treasury bonds is insufficient. For the shipping index (European line) futures, it is expected to maintain a weak and volatile pattern in the short - term [5][6][10]. - For new energy products, lithium carbonate is expected to fluctuate widely in the range of 130,000 - 160,000 yuan/ton, and industrial silicon and polysilicon are also in a wide - range fluctuation state [13][15]. - In the aluminum market, the core contradiction lies in the game between the "overseas supply contraction expectation" and the "domestic high - inventory reality". Copper's pressure level has moved up, zinc is mainly volatile, nickel - stainless steel is strong, tin's trend conversion is uncertain, and lead's overall trend is consistent with the sector [20][23][25][27][28][29]. - For oilseeds, hold the reverse spread between months. For oils and fats, the short - term trend is weak following the crude oil, and attention should be paid to the progress of the US - Iran negotiation [30][31]. - For energy and oil and gas, it is too early to trade the end of the conflict in the short - term. For fuel oil, wait patiently for short - selling opportunities, and for asphalt, wait for short - selling opportunities at the absolute price [35][36][38]. - For precious metals, maintain a strategic long - term bullish view, and regard the callback as an opportunity for medium - and long - term long - position layout [42][44]. - For pulp - offset paper, pulp can be traded in the range or wait and see in the short - term, and offset printing paper can try the high - short strategy. For pure benzene - styrene, they are expected to be volatile and strong in the short - term. For LPG, it is in a neutral and volatile state, and the positive spread strategy can be adopted at low prices. For PP - propylene and plastics, it is recommended to wait and see in the short - term. For rubber, synthetic rubber may maintain a strong and wide - range fluctuation, and natural rubber is expected to fluctuate with the macro - sentiment [46][48][51][54][56][62][63]. - For glass and soda ash, soda ash supply pressure persists, and glass is restricted by supply return expectation and high intermediate inventory [66][67]. - For black products, the short - term furnace charge is strong and volatile, driving the rebound of steel prices, but the rebound height is limited. Iron ore is event - driven, coking coal follows the energy expectation, and ferrosilicon and ferromanganese have cost support [70][71][73][74]. - For agricultural and soft commodities, sell the call options of the main hog contract, cotton runs in the range, sugar is expected to be volatile in the short - term, sell the call options of the main egg contract, apples are in high - level adjustment, peanuts can be lightly short - sold, red dates are in a low - level volatile bottom - building state, and logs can be traded in the range [76][78][80][82][89][91][94][96]. 3. Summary According to Relevant Catalogs Financial Futures - **Macro**: The pricing of the global central bank's tightening transaction is approaching saturation. The short - term conflict risk in the Middle East has not dissipated, and the secondary inflation risk brought by the oil price shock is reversing the global liquidity expectation [1][2]. - **RMB Exchange Rate**: The RMB exchange rate follows the US dollar index for synchronous fluctuations. Export enterprises can lock in forward foreign exchange settlement in batches at around 6.93, and import enterprises can adopt a rolling foreign exchange purchase strategy at the 6.85 mark [3]. - **Stock Index**: The short - term trend is expected to be volatile, and it is difficult to form a trend - like rise [5]. - **Treasury Bonds**: The trading power is insufficient, and the short - term grid operation idea can be maintained [6]. - **Shipping Index (European Line)**: It is expected to maintain a weak and volatile pattern in the short - term, and the market focus is shifting from geopolitical risk premium to supply - demand fundamentals [7][8][9][10]. Commodities New Energy - **Lithium Carbonate**: It is expected to fluctuate widely in the range of 130,000 - 160,000 yuan/ton, and the long - term value support from the industry fundamentals is still stable [12][13]. - **Industrial Silicon & Polysilicon**: They are in a wide - range fluctuation state, and the core contradiction is the imbalance between supply and demand [14][15]. Non - ferrous Metals - **Aluminum Industry Chain**: The core contradiction lies in the game between the "overseas supply contraction expectation" and the "domestic high - inventory reality", and the internal and external markets show a differentiated and volatile pattern [17][18][19][20]. - **Copper**: The pressure level has moved up, and investors can consider selling options to protect existing positions [21][23]. - **Zinc**: It is mainly volatile, and interval operation can be tried [24][25]. - **Nickel - Stainless Steel**: The intraday trend is strong, and the new Indonesian policy may support the price [26][27]. - **Tin**: The trend conversion is uncertain, and it should be regarded as volatile in the short - term [28]. - **Lead**: The overall trend is consistent with the sector, and it is mainly volatile with interval operation [29]. Oils and Fats and Feeds - **Oilseeds**: Hold the reverse spread between months. Pay attention to the Brazilian shipment and port clearance progress [30]. - **Oils and Fats**: The short - term trend is weak following the crude oil, and attention should be paid to the progress of the US - Iran negotiation [31]. Energy and Oil and Gas - **SC**: It is too early to trade the end of the conflict in the short - term, as there are differences in the conditions between the US and Iran [33][34][35]. - **Fuel Oil**: Wait patiently for short - selling opportunities, and the medium - term supply of low - sulfur fuel oil in Asia is still in a tight - balance state [36]. - **Asphalt**: The cracking may be strong, and wait for short - selling opportunities at the absolute price. Pay attention to position control [38]. Precious Metals - **Platinum and Palladium**: They are in a weak and volatile state. Maintain a strategic long - term bullish view and pay attention to position control [40][41][42]. - **Gold & Silver**: They maintain a volatile state. Maintain a strategic long - term bullish view, and the short - term rebound may be limited [43][44]. Chemicals - **Pulp - Offset Paper**: Pulp can be traded in the range or wait and see in the short - term, and offset printing paper can try the high - short strategy [46]. - **Pure Benzene - Styrene**: They are expected to be volatile and strong in the short - term, and attention should be paid to the supply reduction caused by the closure of the Strait of Hormuz [47][48]. - **LPG**: It is in a neutral and volatile state, and the positive spread strategy can be adopted at low prices. Pay attention to the US - Iran negotiation and the navigation status of the Strait of Hormuz [49][50][51]. - **PP - Propylene**: It is recommended to wait and see in the short - term, and the short - term supply reduction provides fundamental support [52][53][54]. - **Plastics**: It is in a short - term weak and volatile state, and the short - term supply is expected to remain at a low level. It is recommended to wait and see [55][56]. - **Rubber**: Synthetic rubber may maintain a strong and wide - range fluctuation, and natural rubber is expected to fluctuate with the macro - sentiment. Different strategies can be adopted for different types of rubber [57][62][63][64]. - **Glass and Soda Ash**: Soda ash supply pressure persists, and glass is restricted by supply return expectation and high intermediate inventory [65][66][67]. Black Products - **Rebar & Hot - Rolled Coil**: The short - term furnace charge is strong and volatile, driving the rebound of steel prices, but the rebound height is limited [68][69][70]. - **Iron Ore**: It is event - driven, with a "near - strong and far - weak" fundamental characteristic [71]. - **Coking Coal**: It follows the energy supply expectation and fluctuates widely, and its price is difficult to rise independently from the fundamentals [72][73]. - **Ferrosilicon & Ferromanganese**: They have cost support, and attention should be paid to the impact of the hurricane on the manganese ore production area [73][74]. Agricultural and Soft Commodities - **Hogs**: The price is in a low - level volatile state, and sell the call options of the main contract [76]. - **Cotton**: It runs in the range. Pay attention to the USDA's new - year planting intention report and the downstream demand [77][78]. - **Sugar**: It is expected to be volatile in the short - term, considering the geopolitical situation and market sentiment [79][80]. - **Eggs**: The price is in a wide - range volatile state, and sell the call options of the main contract [81][82]. - **Apples**: They are in high - level adjustment, and the 05 contract is strongly supported in the short - term [89][90]. - **Peanuts**: The price is expected to continue to correct, and light short - selling can be considered [91][92][93]. - **Red Dates**: They are in a low - level volatile bottom - building state, and the price is under pressure due to the loose supply and demand [94]. - **Logs**: The price of 3 - meter timber has risen, and the futures price has bottom support. It can be traded in the range [95][96].