Group 1: Magnesium Production Methods - The main method used domestically for magnesium production is the silicon thermal reduction method, which has a simpler process and lower investment costs [1] - The electrolytic method, which produces magnesium and chlorine gas from anhydrous magnesium chloride, is more complex and requires higher investment; however, companies are working to overcome technical challenges and reduce production costs [1] Group 2: Resource Availability - The company’s subsidiary, Chaohu Baomei, has a dolomite resource reserve of 90 million tons, currently in operation [2] - Another subsidiary, Wutai Baomei, has a dolomite resource reserve of 580 million tons, while the affiliated company Anhui Baomei holds 1.3 billion tons, which is not yet in production [2] - The ample mineral resources ensure stable raw material supply for magnesium and magnesium alloy production, laying a foundation for the company's full magnesium industry chain development [2] Group 3: Magnesium Alloy Applications - Magnesium alloy building templates are lightweight, have excellent surface release effects, and significant cost advantages; the company has improved surface treatment processes and reduced production costs [3] - The current application ratio of magnesium-aluminum building templates is 50% each, with positive feedback from customers, especially frontline workers [3] - The company has begun exporting magnesium alloy templates and is gradually developing the Southeast Asian market [3] Group 4: Automotive Industry Penetration - Magnesium prices have remained lower than aluminum prices, accelerating the penetration of magnesium in automotive lightweighting [4] - Die-casting factories are increasingly adopting magnesium die-casting, with many aluminum die-casting manufacturers expanding into magnesium [4] - Some automotive companies are using over 20 kg of magnesium alloy products per vehicle, with potential future usage reaching 50-100 kg as larger magnesium die-cast parts are integrated [4] Group 5: Strontium Products - Strontium is a rare alkaline earth metal that can enhance the strength, hardness, and corrosion resistance of alloys when added to aluminum and magnesium [5] - The company has an annual production capacity of 3,000 tons of metallic strontium, with an estimated annual output of about 2,500 tons [5]

Report Industry Investment Rating - The overall rating for commodities and stock index futures is neutral [4] Core Viewpoints - The domestic market has received frequent positive news, but the economic foundation still needs to be strengthened. The "15th Five-Year Plan" proposals were released, and the average GDP growth rate during the "15th Five-Year Plan" period is expected to be around 5%. The A-share market rebounded on November 3rd, and the thorium-based molten salt reactor concept stocks soared [2] - The Fed's pace of ending QT is still slow, and liquidity risks need to be monitored in November. The probability of a 25-basis-point rate cut by the Fed in December is 67.8%. The US government shutdown continues, and the selection of the Fed chair candidate will also affect future monetary policy [2] - For commodities, the overall strategy is to be neutral. Different commodity sectors have different outlooks: basic metals are strong, black sectors are affected by downstream demand, the energy supply is expected to be loose in the medium term, the "anti-involution" space in the chemical sector is worthy of attention, and the focus on agriculture products is on China's procurement plan and weather expectations. Precious metals may enter a consolidation phase [3] Summary by Directory Market Analysis - The "15th Five-Year Plan" proposals set goals for national development, and the average GDP growth rate during this period is expected to be around 5%, which boosts market sentiment. The China-US economic and trade teams reached a three - point consensus, which includes resolving the TikTok issue, suspending some US investigations and export control rules, and canceling the "fentanyl tariff" [2] - The manufacturing PMI in October showed a decline. The China-US export and import rush needs to be digested. The RatingDog manufacturing PMI was 50.6, down from the previous value of 51.2 [2][5] - The China-EU export control dialogue was held, aiming to promote the stability and smoothness of the industrial and supply chains [2][5] - The Fed cut interest rates by 25BP and will end balance sheet reduction on December 1st. However, short - term capital tensions persist. The probability of a December rate cut is 67.8%. The US government shutdown continues and may become the longest in history [2] Commodity Analysis - The basic metal market is strong, with aluminum prices likely to reach the highest closing price since May 2022, and copper prices approaching the historical high [3][5] - The black sector is dragged down by downstream demand expectations, and the "anti - involution" situation should be noted [3] - The long - term supply limitation in the non - ferrous sector has not been alleviated, and it has been boosted by global easing expectations [3] - The energy supply is expected to be loose in the medium term. OPEC+ will increase production by 137,000 barrels per day in November and December, and suspend production increase in the first quarter of next year [3] - In the chemical sector, the "anti - involution" space of methanol, caustic soda, urea and other products is worthy of attention [3] - For agricultural products, pay attention to China's procurement plan for US goods and next year's weather expectations [3] - Precious metals may enter a consolidation phase after short - term fluctuations. A new gold tax policy was announced, which will increase retailer costs [3] Strategy - The overall strategy for commodities and stock index futures is neutral [4] Risk - Geopolitical risks may cause an upward risk in the energy sector; global economic downturn, Fed tightening, and overseas liquidity shocks may lead to a downward risk for risk assets [4] To - Do List - The RatingDog manufacturing PMI in October was 50.6, down from the previous value [5] - The China - EU export control dialogue was held in Brussels to promote the stability of the industrial and supply chains [5] - The A - share market rebounded on November 3rd, with the GEM index rising 0.29%. The thorium - based molten salt reactor concept stocks soared [2][5] - Aluminum prices are likely to reach the highest closing price since May 2022, and copper prices are approaching the historical high [3][5] - OPEC+ will increase production in November and December and suspend production increase in the first quarter of next year [3][5] - A new gold tax policy was announced, which will increase retailer costs [3]

Core Insights - The report highlights significant changes in the Hong Kong Stock Connect holdings, with notable increases and decreases in ownership percentages for various companies [1][2]. Group 1: Increased Holdings - The companies with the largest increases in Hong Kong Stock Connect holdings include: - Hang Seng China Enterprises (02828) with an increase of 5.34%, bringing the total holding to 6.34% [2]. - Yingfu Fund (02800) increased by 3.09%, now at 4.83% [2]. - Chalco International (02068) saw a rise of 1.58%, reaching 21.71% [2]. - Tianqi Lithium (09696) increased by 1.48%, totaling 37.43% [2]. - Kinglong Permanent Magnet (06680) rose by 1.05%, now at 31.20% [2]. Group 2: Decreased Holdings - The companies with the largest decreases in Hong Kong Stock Connect holdings include: - Shandong Molong (00568) decreased by 2.08%, now at 57.95% [2]. - Changfei Optical Fiber (06869) saw a reduction of 1.44%, bringing the total to 62.02% [2]. - Huaneng International Power (00902) decreased by 1.32%, now at 46.41% [2]. - ZTE Corporation (00763) reduced by 1.21%, totaling 52.43% [2]. - Aneng Logistics (09956) decreased by 1.12%, now at 3.85% [2]. Group 3: Five-Day Changes - Over the last five trading days, the companies with the largest increases in holdings are: - Hang Seng China Enterprises (02828) with a 5.27% increase [3]. - Yingfu Fund (02800) increased by 2.67% [3]. - Zhaoyan New Drug (06127) rose by 2.14%, now at 53.64% [3]. - The companies with the largest decreases in holdings over the same period include: - Dongfang Electric (01072) decreased by 3.81%, now at 27.44% [3]. - Fule Glass (06865) saw a reduction of 3.31%, totaling 46.79% [3]. - Shandong Molong (00568) decreased by 3.16%, now at 57.95% [3]. Group 4: Twenty-Day Changes - In the last twenty days, the companies with the largest increases in holdings include: - GX Hang Seng Technology (02837) with an increase of 18.95%, now at 20.60% [4]. - Yingfu Fund (09606) increased by 13.54%, totaling 20.94% [4]. - Kinglong Permanent Magnet (06680) rose by 9.20%, now at 31.20% [4]. - The companies with the largest decreases in holdings over the same period include: - Changfei Optical Fiber (06869) decreased by 7.22%, now at 62.02% [4]. - Haichang Ocean Park (02255) saw a reduction of 4.96%, bringing the total to 10.18% [4]. - Huaneng International Power (01071) decreased by 4.18%, now at 50.99% [4].

Report Industry Investment Rating No relevant content provided in the report. Core Viewpoints - The policy on gold taxation may accelerate investors to concentrate on exchange channels, and ordinary investors may prefer indirect participation in gold investment through bank - agents' exchange products [7]. - For lithium carbonate, in the short - term, the price is expected to enter a correction state, but the long - term outlook for next year remains positive. The resumption of production may restrict the upward space, and the price will fluctuate within a range [9][10][46]. - The price of natural rubber is expected to be sorted around 15,000. Due to weather disturbances, the downside space is limited, and investors can consider waiting for low - level long - entry opportunities [11]. - Methanol has significant fundamental pressure, with high domestic supply in the short - term and weak operation under the background of weak macro - drive and weak industrial chain fundamentals [12][14]. - For Treasury bond futures, after a short - term repair, they are expected to fluctuate with a downward bias. It is recommended to pay attention to basis regression strategies and configuration opportunities at medium - and long - term key points [15][17]. Summary by Related Catalogs Gold - Policy: The new gold tax policy from November 1, 2025, to December 31, 2027, may accelerate investors' concentration on exchange channels [7]. - Market: Many brand investment gold bars on major e - commerce platforms are out of stock or have price increases [7]. - Outlook: Pay attention to US bank risks, with a trend strength of 0 [20][27]. Lithium Carbonate - Supply: Mines are expected to resume production, and the current rising price further boosts the resumption information [9]. - Demand: The power sector is about to enter the off - season, and the decline in power demand cannot be offset by the limited increase in energy - storage demand [9]. - Price: Short - term price correction is expected, but long - term optimism remains for next year. The resumption of production restricts the upward space, and it will fluctuate within a range [9][10][46]. Natural Rubber - Supply: Overseas raw material price increases slow down, and rainfall in domestic and overseas production areas affects tapping operations and output release [11]. - Inventory: As of October 26, 2025, China's natural rubber social inventory decreased by 1.1 million tons, a decline of 1%, continuing the destocking state [11]. - Price: It is expected to be sorted around 15,000, and investors can consider low - level long - entry opportunities [11]. Methanol - Supply: In early November, with the concentrated resumption of production of devices, domestic daily production increased significantly, and import sources are still abundant in the short - term [12]. - Demand: The MTO industry has increased fundamental pressure, and profit compression restricts the upward space of methanol prices [14]. - Price: It is in a state of weak operation, and attention should be paid to whether the return of port goods to the inland can support prices [14]. Treasury Bond Futures - Market: The central bank's resumption of Treasury bond trading and the meeting of Sino - US leaders, along with weak macro - data, boost short - term bond market performance [15]. - Outlook: After short - term repair, it is expected to fluctuate with a downward bias. Attention should be paid to basis regression strategies and configuration opportunities at key points [15][17].

Report Industry Investment Rating No relevant content provided. Core Views of the Report - Last week, copper prices retreated from high levels. Although China and the US reached important consensus on economic and trade issues, the cautious stance of the Fed Chairman and the ECB's decision to pause rate cuts made the continuation of global central bank easing uncertain, dampening capital market sentiment. However, the rapid development of emerging industries globally provides broad prospects for copper demand, so copper prices still have upward potential in the medium term. Fundamentally, overseas mines are slow to resume production, domestic refined copper output is decreasing monthly, social inventories in non-US regions are low, and the near-term futures contract has returned to par. [2][7][9] - Overall, the important economic and trade consensus between China and the US has boosted market risk appetite, but the hawkish remarks of Fed Chairman Powell after fulfilling the rate cut expectation have made the market more cautious. Fortunately, the rapid development of emerging markets globally provides broad space for copper consumption. Fundamentally, the slow resumption of overseas mines, decreasing domestic refined copper output, and low social inventories in non-US regions mean traditional industries can't provide effective demand increments, but emerging industries are growing rapidly. The strong fundamental expectations are driving the center of copper prices to move up continuously. It is expected that copper prices will return to an upward trend after a short-term adjustment. [2][7][9] Summary by Directory 1. Market Data - **Price Changes**: From October 24 to October 31, LME copper dropped from $10,947.00 to $10,891.50 per ton, a decrease of $55.50 or -0.51%; COMEX copper fell from 511.75 to 511.4 cents per pound, a decrease of 0.35 cents or -0.07%; SHFE copper declined from 87,720 to 87,010 yuan per ton, a decrease of 710 yuan or -0.81%; international copper decreased from 78,160 to 77,460 yuan per ton, a decrease of 700 yuan or -0.90%. The Shanghai-London ratio dropped from 8.01 to 7.99, and the LME spot premium decreased from -$25.97 to -$14.44 per ton, a change of $11.53 or -44.40%. The Shanghai spot premium decreased from 10 to 0 yuan per ton. [3] - **Inventory Changes**: As of October 31, the total inventory of LME, COMEX, SHFE, and Shanghai bonded area increased to 713,107 tons, a rise of 13,822 tons or 1.98% from October 24. Among them, LME copper inventory decreased by 1,725 tons (-1.27%), COMEX inventory increased by 7,699 short tons (2.21%), SHFE inventory increased by 11,348 tons (10.83%), and Shanghai bonded area inventory decreased by 3,500 tons (-3.18%). [6][7] 2. Market Analysis and Outlook - **Macro - aspect**: China and the US reached important economic and trade consensus, with the US canceling a 10% fentanyl tariff on Chinese goods, continuing to suspend a 24% reciprocal tariff for one year, and pausing the implementation of a 50% export control penetration rule for one year. China will suspend relevant export control measures and study specific plans, and the US will pause a 301 investigation on China's maritime, logistics, and shipbuilding industries for one year. The ECB maintained its three major interest rates unchanged for the third time, believing that the current policy is in a good position and can tolerate a temporary small deviation of inflation from the target. The Fed cut interest rates by 25 basis points for the second consecutive time and will stop the QT program in December, but the Fed Chairman said a December rate cut is not certain. The Bank of Canada cut interest rates by 25 basis points as expected, indicating that this round of rate cuts may be nearing an end. In China, the profit of industrial enterprises above designated size in September increased by 21.4% year - on - year, and from January to September, it increased by 3.2% year - on - year, the highest cumulative growth rate since August last year. [7][8] - **Supply - demand aspect**: In Indonesia, the Grasberg mine continues to be shut down and is expected to return to normal levels by 2027. The Panama government emphasizes the state - owned nature of Cobre Panama, and the underground pumping work at Kamoa is in progress, with an expected production reduction of 10 - 15 tons this year. On the refined copper side, shortages of ore and scrap copper have led to insufficient raw materials for smelting, and fourth - quarter production is expected to decline quarter - on - quarter. In terms of demand, power grid investment bidding has slowed down, the copper cable production rate is lower than in previous years, the domestic air - conditioning market has reached a bottleneck, and the marginal drag of real estate on copper consumption has slowed down. Traditional industries can't provide effective demand increments during the peak season, but emerging industries such as new - energy vehicles and AI - driven data centers have broad prospects for copper consumption. The domestic social inventory is low, and the fundamental situation remains in a tight balance, with the near - term futures spread returning to near par. [9] 3. Industry News - **Anglo American's Collahuasi Copper Mine**: The Collahuasi copper mine in Chile is facing a decline in ore grade, and its production will be restricted next year. It is expected to return to normal output levels in 2027, when the annual output is expected to reach about 600,000 tons. The main reasons for the output recovery are the mining of higher - grade ore areas in the open - pit mine and the full operation of a new seawater desalination plant next year. The potential lower - than - expected production next year will intensify the global copper supply shortage. After the merger of Anglo American and Teck Resources, the high - grade ore from Collahuasi will supply Teck Resources' nearby Quebrada Blanca copper mine, with an expected annual increase of 175,000 tons of copper production and an annual profit increase of about $1.4 billion. [10] - **Glencore's Copper Production**: In the third quarter of 2025, Glencore's copper production was 239,600 tons, a 36.1% increase quarter - on - quarter and a 1% decrease year - on - year. The quarter - on - quarter increase was mainly due to the improvement of ore grades at Katanga, Antapaccay, and Antamina. From January to September 2025, the cumulative copper production was 583,500 tons, a 17% decrease year - on - year, mainly due to the decline in ore grade and recovery rate affected by the planned mining sequence. Glencore has lowered its 2025 copper production guidance from 850,000 - 890,000 tons to 850,000 - 875,000 tons, with an expected fourth - quarter production of 266,000 - 291,000 tons. Antamina's equity copper production in the third quarter of 2025 was 34,500 tons, a 7% decrease year - on - year and a 52% increase quarter - on - quarter. The annual production guidance for 2025 is 126,000 - 129,000 tons, with an expected fourth - quarter production of 36,000 - 39,000 tons. The copper ore grade is expected to increase to 0.92% in the fourth quarter of 2025 from 0.81% as of September. [11][12] 4. Related Charts The report provides multiple charts showing the trends of copper prices, inventories, premiums, spreads, and ratios, including the price trends of SHFE copper and LME copper, LME and COMEX copper inventories and注销仓单 ratios, Shanghai non - ferrous copper spot premium trends, and copper import profit and loss trends, etc. All data sources are iFinD and Tongguan Jinyuan Futures. [13][16][19]

Summary of Upcoming IPOs - Three new stocks will be available for subscription next week, with one each from the Beijing Stock Exchange, ChiNext, and the Sci-Tech Innovation Board [1][2] - The subscription dates are November 3 for Beijing Mining Testing and November 7 for South Network Digital and Hengkun New Materials [1][2] Company Profiles Beijing Mining Testing - The offering price is set at 6.70 CNY per share with a price-to-earnings ratio of 14.99 [2][3] - It is recognized as a leading R&D and service provider in the field of non-ferrous metal testing and is classified as a national-level "little giant" enterprise [3] - Revenue projections for 2022 to 2024 are 92 million CNY, 110 million CNY, and 148 million CNY, with net profits of 32 million CNY, 46 million CNY, and 55 million CNY respectively [3] South Network Digital - This company is a leader in the energy digitalization sector and plans to issue 47,694,750 shares [4][5] - It ranks third in the number of shares issued this year and first among ChiNext IPOs, indicating a potentially high subscription rate [4] - Revenue forecasts for 2022 to 2024 are 5.686 billion CNY, 4.234 billion CNY, and 6.09 billion CNY, with net profits of 653 million CNY, 377 million CNY, and 570 million CNY respectively [5] Hengkun New Materials - Hengkun New Materials focuses on key materials for integrated circuits and plans to issue 6,739,790 shares [6][7] - The company specializes in the R&D and production of photoresist materials and is one of the few domestic firms capable of producing key materials for 12-inch integrated circuit wafers [7] - Revenue projections for 2022 to 2024 are 322 million CNY, 368 million CNY, and 548 million CNY, with net profits of 101 million CNY, 90 million CNY, and 97 million CNY respectively [7]

Group 1 - The core viewpoint of the article highlights that Hebei Steel Resources reported a decline in both revenue and net profit for the first three quarters of 2025 compared to the previous year [1] - The company's revenue for the first three quarters was approximately 4.303 billion yuan, representing a year-on-year decrease of 7.47% [1] - The net profit attributable to shareholders was about 538 million yuan, reflecting a year-on-year decrease of 6.91% [1] - Basic earnings per share were reported at 0.8237 yuan, which is a decrease of 6.92% year-on-year [1] Group 2 - As of the report, the market capitalization of Hebei Steel Resources stands at 12 billion yuan [2]

Core Viewpoint - HeSteel Resources reported a significant increase in net profit for the third quarter, indicating strong performance despite a decline in revenue for the first three quarters of the year [1] Financial Performance - In the third quarter, the company achieved an operating income of 1.482 billion yuan, representing a year-on-year increase of 6.19% [1] - The net profit attributable to shareholders for the third quarter was 276 million yuan, showing a substantial year-on-year growth of 175.26% [1] - For the first three quarters, the company recorded an operating income of 4.303 billion yuan, which is a year-on-year decrease of 7.47% [1] - The net profit attributable to shareholders for the first three quarters was 538 million yuan, reflecting a year-on-year decline of 6.91% [1]

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View of the Report - The report presents the latest copper fundamentals data, including prices, trading volumes, inventories, spreads, etc., and also lists recent macro and industry news, with a copper trend strength of 0, indicating a neutral view [1][3]. 3. Summary by Relevant Catalogs a. Copper Fundamentals Data - **Prices and Changes**: The closing price of the Shanghai Copper main contract yesterday was 88,710 with a daily increase of 1.99%, and the night - session closing price was 89,130 with a night - session increase of 0.47%; the closing price of the LME Copper 3M electronic disk yesterday was 11,090 with a daily increase of 0.55% [1]. - **Trading Volume and Position**: The trading volume of the Shanghai Copper Index yesterday was 347,234, a decrease of 49,131 from the previous day, and the position was 617,144, an increase of 22,023; the trading volume of the LME Copper 3M electronic disk was 29,130, an increase of 7,363, and the position was 328,000, an increase of 4,765 [1]. - **Inventory and Changes**: The Shanghai Copper inventory was 35,745, a decrease of 101; the LME Copper inventory was 135,350, an increase of 775, and the注销仓单 ratio was 10.84%, an increase of 2.54% [1]. - **Spreads**: The LME copper spread was - 19.54, an increase of 4.30 from the previous day; the Shanghai 1 bright copper price was 78,600, a decrease of 300; the spot - to - near - month futures spread was - 60, a decrease of 5 [1]. b. Macro and Industry News - **Macro News**: The Fed cut interest rates by 25 basis points as expected and ended QT, but Powell's hawkish remarks on the December interest - rate cut led the market's probability of a December rate cut to drop from 95% to 65%. Also, Xi Jinping will meet with US President Trump [1]. - **Industry News**: Antofagasta's copper production in Q3 2025 was 161,800 tons, a 1% increase quarter - on - quarter, and the annual production is expected to be at the lower end of the 660,000 - 700,000 - ton guidance range; Indonesia may allow Amman Mineral International to export copper concentrates; Trump overturned a pollution - prevention regulation on copper smelters; Anglo American's Q3 copper production this year was 184,000 tons, higher than the same period last year, but the production in the first three quarters decreased by 9% year - on - year to 526,000 tons; Glencore's copper production in the first three quarters decreased by 17% due to lower ore grades at some mines [1][3]. c. Trend Intensity - The copper trend intensity is 0, indicating a neutral view, with the range of trend intensity being integers in the [- 2,2] interval, where - 2 means most bearish and 2 means most bullish [3].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The Fed cut interest rates by 25 basis points, and Powell's hawkish stance reduced the expectation of a December rate cut, leading to a short - term profit - taking logic for gold [1][13]. - The Fed's rate cut and Powell's warning on a December rate cut led to a decline in market risk appetite and a rebound in the US dollar index [2][16]. - The start of the central enterprise strategic emerging industry development special fund and the positive news of Sino - US trade negotiations boosted the A - share market, and it is recommended to allocate various stock indices evenly [18][19]. - The performance of technology giants in the US supported the stock index, but the market risk appetite decreased due to the uncertainty of a December rate cut, and it is recommended to maintain a slightly bullish view in the short term [23]. - The bond market was slightly bullish in the short term, but the room for further strengthening was limited, and it is necessary to grasp the rhythm when going long [26][27]. - The supply of soybeans in the fourth quarter is expected to be sufficient, and the price of soybean meal futures is expected to be volatile [30]. - Zhengzhou cotton continued to strengthen due to positive external news, but the upside space is limited [36]. - Steel prices may be volatile and slightly bullish in the short term, but the upside space is limited [40]. - The price of thermal coal is expected to decline slightly in the short term and remain strong in the fourth quarter [42]. - The price of live pigs is expected to be volatile in the short term, and it is recommended to short on rallies [43]. - The price of iron ore followed the market slightly, but it is recommended to remain cautious and wait and see [45]. - The futures market of red dates is in a state of long - short game, and it is recommended to wait and see [47]. - The fundamentals of corn starch are better than expected, and there is still room for the price to strengthen [48]. - The price of corn is expected to be stable in the short term, and it is recommended to wait and see [51]. - The price of nickel is expected to rise gradually, and it is recommended to go long on dips [53]. - The spot price of polysilicon is expected to remain flat, and it is recommended to take profits on long positions in a timely manner [58]. - The price of lead may remain strong in the short term, and it is recommended to be cautious when going long [62]. - The price of zinc may be volatile and slightly bullish in the short term, and it is recommended to wait and see [63]. - The price of industrial silicon may have a lower limit, and it is recommended to go long on dips [66]. - The price of lithium carbonate is expected to be range - bound in the short term, and it is recommended to short after the demand peaks [68]. - The price of crude oil is expected to be volatile in the short term, and it is necessary to pay attention to geopolitical conflicts and OPEC+ meetings [71]. - The price of methanol is expected to be bearish, and it is recommended to hold short positions [73]. - The price of PVC may rebound slightly, but the upside space is limited due to weak supply - demand [75]. - The price of PTA may be slightly bullish in the short term, and it is recommended to hold long positions and wait and see [77]. - The valuation of the pure benzene - styrene industry chain is restricted, and it is necessary to pay attention to the Sino - US summit and oil prices [80]. - The downside space of soda ash is limited in the short term, and it is necessary to pay attention to coal prices and new capacity [81]. - The price of float glass may be under pressure in the short term, and it is recommended to wait and see [83]. - The container freight index is affected by macro - disturbances, and it is recommended to wait and see in the short term [84]. Summary by Directory 1. Financial News and Comments 1.1 Macro Strategy (Gold) - The Fed cut the federal funds rate by 25 basis points to 3.75% - 4.00% and will end the balance - sheet reduction on December 1st. There were differences among Fed officials on the rate cut. Powell's hawkish stance reduced the expectation of a December rate cut, and the short - term gold price is under pressure [12][13]. 1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Trump said he reached a trade agreement with South Korea. The Fed cut interest rates by 25 basis points and will stop shrinking the balance sheet in December. Powell warned that a December rate cut is not certain, leading to a decline in market risk appetite and a rebound in the US dollar index [14][16]. 1.3 Macro Strategy (Stock Index Futures) - The central enterprise strategic emerging industry development special fund with an initial scale of 51 billion yuan was launched. The A - share market was strong, with the Shanghai Composite Index breaking through 4000 points. It is recommended to allocate various stock indices evenly [18][19]. 1.4 Macro Strategy (US Stock Index Futures) - Microsoft's revenue increased nearly 20% last quarter, and Google's Q3 performance exceeded expectations. However, due to the uncertainty of a December rate cut, the market risk appetite decreased, and the US stock index was under pressure. It is recommended to maintain a slightly bullish view in the short term [21][23]. 1.5 Macro Strategy (Treasury Bond Futures) - The Sino - US leaders will meet, and the central bank conducted 557.7 billion yuan of 7 - day reverse repurchase operations. The bond market was slightly bullish in the short term, but the room for further strengthening was limited [25][26]. 2. Commodity News and Comments 2.1 Agricultural Products (Soybean Meal) - The estimated arrival of soybeans at domestic oil mills in November is about 9.685 million tons, and the production in Brazil and Paraguay in the 25/26 season is expected to increase. The price of soybean meal futures is expected to be volatile [28][30]. 2.2 Agricultural Products (Cotton) - Pakistan's cotton production decreased significantly. The port cotton inventory is expected to rebound. Zhengzhou cotton continued to strengthen due to positive news, but the upside space is limited [32][36]. 2.3 Black Metals (Rebar/Hot - Rolled Coil) - Thailand and Vietnam launched anti - circumvention investigations on Chinese steel products. The completion of transportation fixed - asset investment in the first three quarters was 2.6 trillion yuan. Steel prices may be volatile and slightly bullish in the short term, but the upside space is limited [37][40]. 2.4 Black Metals (Thermal Coal) - The import thermal coal market is weak. The price of thermal coal is expected to decline slightly in the short term and remain strong in the fourth quarter [42]. 2.5 Agricultural Products (Live Pigs) - Tangrenshen has reserved artificial meat technology. The price of live pigs is expected to be volatile in the short term, and it is recommended to short on rallies [43]. 2.6 Black Metals (Iron Ore) - The Simandou iron ore project is expected to achieve its first shipment by the end of 2025. The price of iron ore followed the market slightly, but it is recommended to remain cautious and wait and see [44][45]. 2.7 Agricultural Products (Red Dates) - The price of red dates in the Guangzhou Ruyifang market was strong. The futures market is in a state of long - short game, and it is recommended to wait and see [46][47]. 2.8 Agricultural Products (Corn Starch) - The operating rate of corn starch increased, and the inventory decreased seasonally. The fundamentals are better than expected, and there is still room for the price to strengthen [48]. 2.9 Agricultural Products (Corn) - The inventory of southern ports increased seasonally, and the inventory of northern ports decreased slightly. The price of corn is expected to be stable in the short term, and it is recommended to wait and see [51]. 2.10 Non - Ferrous Metals (Nickel) - The inventory of nickel in SHFE increased. The price of nickel is expected to rise gradually, and it is recommended to go long on dips [53]. 2.11 Non - Ferrous Metals (Polysilicon) - TCL Zhonghuan reported a net loss in the first three quarters. The price of polysilicon is expected to be flat, and it is recommended to take profits on long positions in a timely manner [56][58]. 2.12 Non - Ferrous Metals (Lead) - The LME lead was in contango. A new project in Liaoning was successfully ignited, and Camel Group's performance increased in the first three quarters. The price of lead may remain strong in the short term, and it is recommended to be cautious when going long [59][62]. 2.13 Non - Ferrous Metals (Zinc) - The LME zinc was in backwardation. The domestic TC price decreased, and the production in November may decline. The price of zinc may be volatile and slightly bullish in the short term, and it is recommended to wait and see [63]. 2.14 Non - Ferrous Metals (Industrial Silicon) - The production of industrial silicon in Sichuan decreased. The price may have a lower limit, and it is recommended to go long on dips [65][66]. 2.15 Non - Ferrous Metals (Lithium Carbonate) - Dazhong Mining's subsidiary obtained a lithium mine mining license. The price of lithium carbonate is expected to be range - bound in the short term, and it is recommended to short after the demand peaks [67][68]. 2.16 Energy Chemicals (Crude Oil) - The EIA commercial crude oil inventory decreased. The price of crude oil is expected to be volatile in the short term, and it is necessary to pay attention to geopolitical conflicts and OPEC+ meetings [71]. 2.17 Energy Chemicals (Methanol) - The methanol port inventory increased slightly. The price of methanol is expected to be bearish, and it is recommended to hold short positions [72][73]. 2.18 Energy Chemicals (PVC) - The price of PVC powder increased slightly. The supply is expected to increase, and the demand is weak. The upside space of the price is limited [74][75]. 2.19 Energy Chemicals (PTA) - The spot basis of PTA strengthened. The price may be slightly bullish in the short term, and it is recommended to hold long positions and wait and see [76][78]. 2.20 Energy Chemicals (Styrene) - A styrene plant in South China shut down due to a malfunction. The valuation of the pure benzene - styrene industry chain is restricted, and it is necessary to pay attention to the Sino - US summit and oil prices [79][80]. 2.21 Energy Chemicals (Soda Ash) - The price of soda ash in the Shahe area was volatile. The fundamentals have limited driving force, and the downside space depends on coal prices and new capacity [81]. 2.22 Energy Chemicals (Float Glass) - The price of float glass in the Shahe market was flat. The price may be under pressure in the short term, and it is recommended to wait and see [82][83]. 2.23 Shipping Index (Container Freight Rate) - HMM's shipping capacity exceeded 1 million TEU. The container freight index is affected by macro - disturbances, and it is recommended to wait and see in the short term [84].