Core Viewpoint - The article highlights the recent performance of precious metals and energy commodities, noting that gold, silver, and copper have reached historical highs, while oil prices have also increased due to geopolitical tensions and supply dynamics [1][2][3]. Precious Metals - International gold and silver prices have reached historical highs, with gold rising over 2% and silver increasing by more than 3% [1][2]. - The U.S. November CPI was reported at 2.7%, lower than the expected 3.1%, and the core CPI at 2.6%, below the anticipated 3%, which raises questions about inflation but provides room for potential interest rate cuts [2][20]. - The U.S. non-farm payroll data showed an increase of 64,000 jobs, better than the expected 50,000, but the unemployment rate rose to 4.6%, supporting the expectation of continued monetary easing by the Federal Reserve, which is bullish for precious metals [2][20]. Energy Commodities - Oil prices have seen a significant increase, with the SC night market rising by 2.01%. Saudi Arabia's average daily crude oil exports reached 7.1 million barrels in October, the highest in two and a half years, up from 6.46 million barrels in September [3][14]. - Geopolitical tensions, particularly regarding potential sanctions on Russia's energy sector, are influencing oil prices, although the overall trend remains uncertain [3][14]. Agricultural Products - The palm oil market is experiencing upward pressure due to Malaysia's reduction of export tax rates, although inventory levels remain high, and a significant improvement in the supply-demand balance is not expected until December [29]. - The soybean market is under pressure from slow export sales and strong production expectations in South America, leading to a bearish outlook for soybean prices [28]. Financial Markets - The U.S. stock indices have shown an upward trend, with significant market activity and a financing balance increase, indicating a potential long-term bullish trend supported by favorable policies and liquidity [11]. - The bond market is experiencing a general decline, with the 10-year government bond yield rising to 1.845%, reflecting a mixed economic outlook and expectations of future monetary policy adjustments [12][13]. Shipping Index - The European shipping index has shown a strong upward movement, with a reported increase of 8.77% in the EC contract, reflecting positive market sentiment and expectations for price stability in the near future [32][33].

1. Report's Industry Investment Ratings - **Bullish**: BR Rubber [1] - **Bearish**: Industrial Silicon, Palm Oil [1] - **Neutral (Oscillation)**: Bonds, Agricultural Products, Alumina, Zinc, Stainless Steel, Tin, Precious Metals (Gold, Silver, Platinum, Palladium), Rebar, Hot - Rolled Coil, Iron Ore, Manganese Ore, Ferrosilicon, Glass, Soda Ash, Coking Coal, Coke, Soybeans, Rapeseed Oil, Cotton, Sugar, Wheat, Corn, Pulp, Logs, Live Pigs, Crude Oil, Fuel Oil, Bitumen, Ethylene Glycol, Benzene - Naphtha, Urea, Propylene, PVC, Caustic Soda, LPG, Container Shipping to Europe [1] 2. Core Views of the Report - In the short term, the stock index is expected to continue its weak trend, but the market adjustment since mid - November has opened up space for the upward movement of the stock index next year [1] - Asset shortage and weak economy are beneficial to bond futures, but the central bank has recently warned about interest - rate risks [1] - The market sentiment is volatile, and there are opportunities to go long at low levels for some products [1] 3. Summary by Industry Macro - Financial - **Stock Index**: Short - term weak operation, long - term upward potential. Investors can gradually establish long positions during the adjustment period [1] - **Bonds**: Asset shortage and weak economy are favorable, but short - term interest - rate risks are warned. Pay attention to the Bank of Japan's interest - rate decision [1] Non - Ferrous Metals - **Aluminum**: High - level wide - range oscillation due to limited industrial drive and fluctuating macro sentiment [1] - **Alumina**: Weak domestic fundamentals, short - term price rebound but limited upward drive [1] - **Zinc**: Fundamentals improved, cost center shifted up, but price is under pressure. Pay attention to low - buying opportunities [1] - **Nickel**: After a sharp decline, there is a demand for position - reduction repair. Short - term trading is recommended, and the long - term supply of primary nickel is in surplus [1] - **Stainless Steel**: Short - term trading is recommended, waiting for opportunities to sell on rallies [1] - **Tin**: Short - term oscillation, long - term bullish. Pay attention to low - buying opportunities during corrections [1] Precious Metals and New Energy - **Precious Metals**: Supported by the cooling of the US CPI in November, but short - term volatility risks need to be vigilant [1] - **Industrial Silicon**: Bearish due to increased production in the northwest, reduced production in the southwest, and decreased production schedules of polysilicon and organic silicon in December [1] - **Polysilicon**: There is an expectation of capacity reduction in the long - term, marginal improvement in terminal installation in the fourth quarter, and strong price - holding and low - delivery willingness of large enterprises [1] - **Lithium**: In the traditional peak season of new energy vehicles, with strong energy - storage demand, increased production on the supply side, and the potential to break through previous highs [1] Ferrous Metals - **Rebar and Hot - Rolled Coil**: Roll over and take profits on cash - and - carry positions. Valuation is not high, and short - selling is not recommended [1] - **Iron Ore**: Near - month contracts are restricted by production cuts, but far - month contracts have upward potential [1] - **Manganese Ore and Ferrosilicon**: Prices are under pressure due to weak direct demand, high supply, and inventory accumulation [1] - **Glass and Soda Ash**: Supply and demand provide support, valuation is low, but short - term price fluctuations are strong [1] - **Coking Coal and Coke**: After a decline, there are signs of stabilization. Pay attention to winter - storage replenishment by downstream enterprises this week [1] Agricultural Products - **Palm Oil**: Short - term short - selling is recommended due to continuous negative high - frequency data and high pressure on the origin [1] - **Soybeans**: Pay attention to the negative impact of imported soybean auctions on the supply side [1] - **Rapeseed Oil**: It is recommended to short the 05 contract as the near - term raw - material shortage theme is expected to be exhausted [1] - **Cotton**: The market is currently supported but lacks a driving force. Pay attention to relevant policies and market conditions in the future [1] - **Sugar**: There is a consensus on short - selling, but there is strong cost support below. Pay attention to changes in the capital side [1] - **Wheat and Corn**: The short - term decline is limited by farmers' price - holding sentiment and downstream stocking demand before the Spring Festival [1] - **Pulp**: Unilateral trading is recommended to wait and see, and consider the 1 - 5 reverse spread [1] - **Logs**: The 01 contract is expected to oscillate weakly as it approaches the delivery month [1] - **Live Pigs**: Production capacity still needs to be further released [1] Energy and Chemical Industry - **Crude Oil and Fuel Oil**: Affected by OPEC+ production - suspension, the uncertainty of the Russia - Ukraine peace agreement, and US sanctions on Venezuelan oil exports [1] - **Bitumen**: Follows crude oil in the short term, with high profit and possible falsification of the 14th - Five - Year Plan's rush - demand [1] - **BR Rubber**: Bullish due to improved cost - side support, increased sales, and high operating rates [1] - **PTA and Short - Fiber**: The PTA device operates at a high load, and short - fiber prices follow costs closely [1] - **Ethylene Glycol**: Prices decline due to inventory accumulation and weakening cost support [1] - **Benzene - Naphtha**: There is slight cost - side support, but overall production economy is negative, and inventory is high [1] - **Urea, Propylene, PVC, and Caustic Soda**: Prices oscillate due to factors such as supply - demand imbalance, cost changes, and reduced anti - involution sentiment [1] - **LPG**: The market is affected by geopolitical factors, and prices oscillate after a decline. Pay attention to the impact of natural gas on near - month prices [1] Other - **Container Shipping to Europe**: The price increase in December was less than expected, and the supply of shipping capacity was relatively loose [1]

1. Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. 2. Core Views of the Report - The report provides daily views and evaluations of various futures contracts, covering multiple sectors such as finance, metals, energy, chemicals, and agricultural products, and gives corresponding operation suggestions based on market conditions [3]. 3. Summary by Relevant Catalogs 3.1 Daily Selected Views - NI2601 is expected to be weakly volatile [3]. - L2601 (LLDPE) is expected to be weakly volatile [3]. - rb2501 (coking coal) is expected to rebound from the bottom [3]. - M2605 (soybean meal) is expected to be weakly volatile [3]. 3.2 Full - Variety Daily Reviews 3.2.1 Financial Futures - **Stock Index Futures**: Due to weak economic data in November, the stock index continued to trade in a shrinking - volume range. There is no clear upward trend, and the market lacks a dominant theme. It is advisable to be cautious about the risk of chasing highs in the trading range and appropriately lay out bull spreads at low levels [3]. - **Treasury Bond Futures**: The bond market is still insensitive to economic data. In the absence of allocation demand, ultra - long bonds are weak. The upper limit of the 10 - year yield is not expected to deviate significantly from 1.85%. T2603 should pay attention to the support around 107.6. In the short term, it is advisable to wait and see, and consider the market as a narrow - range fluctuation. For the spot - futures strategy, pay attention to the positive arbitrage and basis widening opportunities of the 2603 contract [3]. - **Precious Metal Futures**: Gold needs to build momentum to break through the previous high. Pay attention to the impact of US economic data and Fed officials' statements on market sentiment. Buy gold below $4,300. Silver may enter the overbought zone, so it is recommended to wait and see. For platinum and palladium, operate based on the external market, buy on dips, or use out - of - the - money call options instead of long positions, and control positions [3]. 3.2.2 Commodity Futures Metals - **Steel and Iron Ore**: Iron ore is expected to be weakly volatile in the range of 730 - 780. Consider the opportunity to expand the ratio of rebar to iron ore as iron water production drops. Go long on the January rebar - to - iron ore ratio [3]. - **Coking Coal and Coke**: Coking coal is expected to trade in the range of 1,000 - 1,150, and consider a 1 - 5 reverse spread. Coke is expected to trade in the range of 1,450 - 1,600, and consider a 1 - 5 reverse spread [3]. - **Non - ferrous Metals**: For copper, hold long - term long positions and pay attention to the support at 90,000 - 91,000. For aluminum, the main contract is expected to trade in the range of 21,700 - 22,400, and go long on dips. For zinc, pay attention to the support at 23,000 - 23,200 and continue to hold the cross - market reverse arbitrage. For tin, hold previous long positions and buy on dips. For nickel, the main contract is expected to trade in the range of 110,000 - 118,000. For stainless steel, the main contract is expected to trade in the range of 12,200 - 12,800 [3]. Energy and Chemicals - **Petrochemicals**: PX is expected to be volatile at a high level in the short term. PTA is expected to be volatile at a high level in the short term, and pay attention to the low - level positive spread opportunity for TA5 - 9. For short - fiber, the processing fee is mainly compressed, and the operation is the same as PTA. For bottle - grade polyester, the inventory decline supports the processing fee, and pay attention to the device restart and production progress. For ethanol, sell EG2605 - C - 4100 to obtain time value [3]. - **Other Chemicals**: For natural rubber, the price is expected to trade in a range, and it is advisable to wait and see. For synthetic rubber, due to the strengthening of the cost side, BR has risen strongly, and sell BR2602 - C - 11200 at high prices [3]. Agricultural Products - **Grains and Oils**: For soybeans and soybean meal, the US soybeans have no bright spots, and pay attention to China's soybean customs clearance policy. For corn, the arrival volume has increased slightly, and the price is expected to be volatile and adjust. For edible oils, the US biodiesel blending quota is undecided, which may be negative for the oil market. The main contract of palm oil may test the support at 8,200 - 8,300 [3]. - **Livestock and Poultry Products**: For pigs, the market is in a bottom - grinding phase. For eggs, pay attention to the support at the previous low. For apples, the price is expected to be volatile around 9,500 in the short term. For dates, high - sell and low - buy due to supply pressure and weak demand [3]. - **Cash Crops**: For sugar, the price is expected to be weakly volatile. For cotton, the price is expected to be strongly volatile, and pay attention to the resistance around 14,050 - 14,100 [3].

Report Summary 1) Report Industry Investment Rating No investment rating for the industry is provided in the report. 2) Core Viewpoints - The short - term trading opportunities for A - share index futures are limited due to low trading volume and volatility [2]. - The current interest rate is approaching the high level before the end of September, and the allocation value of bonds within 10 years is relatively improved. The 30 - year bonds may be oversold under emotional drive. It is recommended to wait and see for the unilateral strategy and focus on the Politburo meeting and the new regulations on bond fund redemption fees [2]. - Gold is in a consolidation phase near $4200, and it is advisable to be cautious about chasing long positions unilaterally. Silver is oscillating strongly and may reach $60. Investors are advised to lock in profits after accumulating floating profits [2]. - The container shipping index is expected to fluctuate in the short - term [2]. - For steel, it is recommended to focus on the long - rebar and short - iron ore arbitrage. Iron ore is in high - level consolidation, and coking coal and coke are also in a consolidation state [2]. - Copper prices are rising again, and aluminum prices are rising with increased positions. Different trading strategies are recommended for various non - ferrous metals [2][3]. - For new energy and chemical products, different products have different market trends and corresponding trading suggestions, such as PX having strong support in the medium - term, while PTA's rebound space is limited [3]. - In the energy and chemical industry, different products have different market situations, such as LLDPE's trading volume weakening significantly and PP's supply having an upward expectation [3]. - In the agricultural products market, different products have different trends, such as palm oil falling due to potential inventory growth and sugar oscillating weakly [3]. 3) Summary by Related Catalogs Financial Sector - **Stock Index Futures**: A - share index futures have low trading volume and volatility, and the short - term trading space is limited. The dividend sector is firm, and the index futures are trading weakly [2]. - **Treasury Bonds**: The current interest rate is approaching the high level before the end of September. The 30 - year bonds are relatively weak, and the short - term market driver may come from the policy expectation difference. It is recommended to wait and see for the unilateral strategy and focus on the Politburo meeting and the new regulations on bond fund redemption fees. The positive arbitrage strategy for the 2603 contract is recommended for the spot - futures strategy [2]. - **Precious Metals**: Gold is in a consolidation phase near $4200, and it is advisable to sell out - of - the - money put options to earn time value. Silver is oscillating strongly and may reach $60. Investors are advised to lock in profits after accumulating floating profits. Platinum and palladium should be traded with a short - term high - selling and low - buying strategy, and the long - platinum and short - palladium hedge should take profits at high levels [2]. Black Sector - **Steel**: Steel mills are reducing production. It is recommended to focus on the long - rebar and short - iron ore arbitrage and narrow the spread between hot - rolled coil and rebar [2]. - **Iron Ore**: The shipment is increasing, the arrival is decreasing, and the port inventory is increasing. It is in high - level consolidation, with the range from 750 to 820 [2]. - **Coking Coal**: The price reduction range of coal in the production area is expanding, and the price of Mongolian coal is stable. The futures price is falling again, with the range from 1050 to 1150, and the 1 - 5 reverse spread is recommended [2]. - **Coke**: The first round of price cuts in December has been implemented, and the port trading price is falling. It is in a consolidation state, with the range from 1550 to 1700, and the 1 - 5 reverse spread is recommended [2]. Non - Ferrous Sector - **Copper**: The LME cancelled warehouse receipts are increasing significantly, and copper prices are rising again. The short - term decline space is limited [2]. - **Aluminum**: Aluminum prices are rising with increased positions. Different trading strategies are recommended for aluminum, waste aluminum, and aluminum alloy, with corresponding price ranges [2][3]. - **Other Non - Ferrous Metals**: For zinc, supply reduction and interest - rate cut expectations provide support, but the spot trading is dull [4]. For other non - ferrous metals such as tin, nickel, and stainless steel, different market trends and trading suggestions are provided [3]. New Energy and Chemical Sector - **New Energy**: Different new energy products such as polysilicon and lithium carbonate have different market trends and corresponding trading suggestions, such as polysilicon futures rising while the spot price is stable [3]. - **Chemical Products**: Different chemical products have different market situations, such as PX having strong support in the medium - term, while PTA's rebound space is limited. Different trading strategies are recommended for each product [3]. Energy and Chemical Sector - Different energy and chemical products such as LLDPE, PP, and methanol have different market trends and corresponding trading suggestions, such as LLDPE's trading volume weakening significantly and PP's supply having an upward expectation [3]. Agricultural Products Sector - Different agricultural products such as palm oil, sugar, and cotton have different market trends and corresponding trading suggestions, such as palm oil falling due to potential inventory growth and sugar oscillating weakly [3].

原油： sc夜盘上涨0.36%。市场对乌克兰和平进程能否重启抱有希望，同时也存在怀疑态度。乌克兰总统泽连斯 基称，美国与乌克兰代表团将于本周会面，商讨在日内瓦会谈中提出的方案，以期实现和平并为乌克兰提供安全 保障。国际能源署评估10月份欧佩克有配额的9国原油日供应量为2377万桶，比修正过的9月份日供应量减少了18 万桶，比其目标日产量高72万桶。贝克休斯公布的数据显示，截止11月26日的一周，美国在线钻探油井数量407 座，比前周减少12座；为2021年9月份以来最低，比去年同期减少70座。整体向下趋势难改。 首席点评： 商品驱动分化 国务院总理李强在主持专题学习时指出，新型城镇化是扩大内需和促进产业升级、做强国内大循环的重要载体。要因 地制宜实施好新型城镇化规划。科学有序推进农业转移人口市民化。美国 11月"小非农"创两年半来最大降幅，美联储 降息预期进一步升温。最新公布的ADP就业数据显示，11月私营企业减少3.2万个工作岗位，为2023年3月以来最大降 幅，远不及市场预期的增加1万个。据商务部，今年1—11月，消费品以旧换新带动相关商品销售额超2.5万亿元，惠及 超3.6亿人次。 重点品种： 原油，铜 ...

Group 1: Energy and Metals Crude Oil - Overnight international oil prices rebounded, with the Brent 01 contract rising 1.41%. The Russia-Ukraine geopolitical risk is entangled between sanctions and peace talks. Supply and demand face greater inventory accumulation expectations in Q4 and Q1 next year, and the downward drive for oil prices remains. Focus on the progress of the Russia-Ukraine peace plan negotiation and the Venezuelan geopolitical risk [1] Precious Metals - Overnight precious metals rose. As several Fed officials advocated a December rate cut, the implied rate cut probability in the interest rate market rose to 80%. The market is uncertain, and precious metals are oscillating at high levels waiting for a directional breakthrough [2] Copper - Overnight copper prices oscillated. LME copper rose with precious metals at the end of the session. The domestic spot market has a certain bullish sentiment, and the SMM social inventory decreased by 1.39 million tons to 18.06 million tons [3] Aluminum - Overnight SHFE aluminum fluctuated narrowly. The social inventory of aluminum ingots and bars decreased by 0.8 million tons on Monday. The aluminum price may continue to adjust, with support around 21,100 yuan [4] Alumina - Alumina's operating capacity is at a historical high, and the supply surplus pattern remains unchanged. It will operate weakly before large-scale production cuts [5] Cast Aluminum Alloy - The spot price of Baotai ADC12 remained at 20,700 yuan. The supply of scrap aluminum is tight, and it will continue to follow the aluminum price, with the possibility of a narrowing spread with AL [6] Zinc - Domestic and overseas mine TC continued to decline. SHFE zinc oscillated in the range of 22,200 - 23,000 yuan/ton. The external demand supports zinc consumption, but the domestic demand is expected to weaken [7] Lead - SHFE lead oscillated in the range of 17,000 - 17,500 yuan/ton. The export of lead-acid batteries is expected to remain under pressure [8] Nickel and Stainless Steel - SHFE nickel rebounded, and stainless steel inventory decreased. However, the short-term contradiction lies in the macro level, and it is advisable to short on rebounds [9] Tin - LME tin closed higher, and SHFE tin oscillated at high levels. It is still advisable to short, and at the same time, match with out-of-the-money call options to hedge risks [10] Lithium Carbonate - The futures price of lithium carbonate opened low and moved lower. The market is highly divergent, and risk control should be prioritized [11] Polysilicon - The fundamentals of polysilicon are weak. The futures price will maintain an oscillating pattern [12] Industrial Silicon - The industrial silicon futures closed slightly lower. It will maintain an oscillating pattern in the short term [13] Iron Ore - The iron ore futures oscillated strongly overnight. The fundamentals are marginally looser, and the price is expected to oscillate [15] Coke - The coke price oscillated. It may oscillate weakly [16] Coking Coal - The coking coal price oscillated weakly. It may oscillate weakly [17] Manganese Silicon - The manganese silicon price oscillated. The bottom support is expected to move down [18] Silicon Ferrosilicon - The silicon ferrosilicon price oscillated. The bottom support will be tested [19] Fuel Oil and Low-Sulfur Fuel Oil - Both high-sulfur and low-sulfur fuel oils face pressure from abundant supply and weak demand [21] Asphalt - The asphalt price is expected to oscillate weakly under pressure [22] Group 2: Chemicals Urea - Urea supply remains sufficient. The market may return to a stalemate [23] Methanol - The methanol futures rose sharply. It is advisable to try to go long on the 5 - 9 spread at low prices [24] Pure Benzene - It is advisable to continue the idea of shorting on rebounds and consider option allocation [25] Styrene - The supply and demand of styrene are in a tight balance, but the support from the cost and demand sides is questionable [26] Polypropylene, Plastic, and Propylene - The market lacks guidance. Polyethylene supply pressure increases, and polypropylene supply is expected to increase slightly [27] PVC and Caustic Soda - PVC may follow the cost. Caustic soda will operate weakly [28] PX and PTA - PX is still strong before new capacity is put into production. PTA is driven by cost [29] Ethylene Glycol - The ethylene glycol price has a short-term rebound expectation, but the rebound space is limited [30] Short Fiber and Bottle Chip - Short fiber prices fluctuate with raw materials. Bottle chip is cost-driven [31] Group 3: Agricultural Products Soybean and Soybean Meal - The soybean meal futures rebounded. Pay attention to the impact of La Niña on South American soybean production [35] Soybean Oil and Palm Oil - Soybean oil and palm oil will oscillate in the short term. Palm oil is weaker [36] Rapeseed Meal and Rapeseed Oil - The rapeseed market focuses on Australian seeds. It is advisable to wait and see in the short term [37] Domestic Soybeans - Domestic soybeans rebounded strongly. Pay attention to the spot market and policy guidance [38] Corn - The corn futures oscillated at a high level. Pay attention to the sales progress of new corn in the Northeast [39] Live Hogs - The far-month hog futures rose, and the near-month is weak. The price may form a double bottom [40] Eggs - The number of newly laid hens is expected to decrease in December. Pay attention to the spot price [41] Cotton - The cotton futures may oscillate in the short term. It is advisable to wait and see [42] Sugar - The international sugar supply is sufficient. Pay attention to the production in India, Thailand, and Guangxi [43] Apples - The apple futures oscillated at a high level. Pay attention to the inventory removal [44] Wood - The wood futures oscillated. It is advisable to wait and see [45] Pulp - The pulp futures fell slightly. It is advisable to wait and see [46] Group 4: Financial Futures Stock Index Futures - A-shares rose in a shrinking volume. The short-term macro liquidity is uncertain. It is advisable to wait and see [47] Treasury Bond Futures - The treasury bond futures oscillated upward. The yield curve may flatten slightly [48] Group 5: Shipping Container Freight Index (European Line) - The SCFIS European route index rose sharply. The 02 contract may maintain a discount [20]

Report Industry Investment Rating No specific industry investment ratings are provided in the report. Core View of the Report The global risk appetite has cooled due to hawkish signals from Fed officials and a slowdown in China's economic growth. The short - term upward macro - drive has weakened, and various asset classes are expected to show short - term oscillations. The market is focusing on domestic incremental stimulus policies, economic growth, and changes in Fed monetary policy expectations [2]. Summary by Relevant Catalogs Macro Finance - Overseas, Fed officials oppose a December rate cut, reducing the market's December rate - cut expectation probability to 40%, leading to a slight rebound in the US dollar index and a cooling of global risk appetite. Domestically, China's economic data in October was weaker than in September, and the central bank's liquidity - releasing measures were countered by the Fed's hawkish signals. The short - term macro - upward drive has weakened, with stock indices and government bonds expected to oscillate in the short term, and a cautious approach is recommended for both [2]. Stock Indices - Affected by sectors such as semiconductor chips, consumer electronics, and artificial intelligence, the domestic stock market fell. With weaker economic data and Fed hawkish signals, the short - term upward macro - drive has weakened. Stock indices are expected to oscillate in the short term, and short - term cautious long - positions are advised [3]. Precious Metals - The precious metals market fell on Friday night. Affected by Fed officials' hawkish remarks, the short - term trend is oscillatory, but the medium - to - long - term upward trend remains. Short - term cautious observation is recommended, and medium - to - long - term buying on dips is advisable [3]. Black Metals - **Steel**: The domestic steel spot market declined slightly on Friday, with the futures price oscillating at the bottom. Weak economic data and reduced demand have led to a short - term oscillation in the steel market, but the downside below 3000 points for rebar is limited [6]. - **Iron Ore**: The iron ore spot price was flat on Friday, with the futures price oscillating. Although iron - water production has slightly increased, the profitability of steel mills is decreasing, and the supply is still in surplus. The short - term trend is expected to be range - bound [6]. - **Silicon Manganese/Silicon Iron**: The spot prices of silicon iron and silicon manganese were flat on Friday, with the silicon - iron futures price rebounding slightly and the silicon - manganese futures price weakening. With a slight decline in steel production, the demand for ferroalloys has decreased. The futures prices of both are expected to oscillate in the short term [7]. Chemicals - **Soda Ash**: The soda - ash futures contract oscillated last week. Supply decreased marginally due to plant maintenance but remained ample, while demand improved slightly. It is expected to oscillate in the short term and be bearish in the medium to long term [8]. - **Glass**: The glass futures contract oscillated weakly last week. Supply remained stable, demand improved marginally, and inventory was high. The overall supply - demand situation is weak, and it is expected to oscillate weakly in the short term [8][9]. Non - ferrous Metals and New Energy - **Copper**: The US government's potential end of the shutdown, Fed officials' caution on rate cuts, and poor economic data have created a complex macro - environment. High copper inventories in the US and China are constraining prices, while a mine shutdown in Indonesia supports prices. The short - term trend is expected to be high - level oscillation [10]. - **Aluminum**: Affected by the decline in Fed rate - cut expectations and poor domestic economic data, the price of Shanghai aluminum fell on Friday. There may be further downside in the short term, and if expectations are not met later, the price may experience a significant correction [11]. - **Tin**: The supply of tin is still tight, but demand is weak, and inventory is increasing. The price is expected to oscillate at a high level in the short to medium term [12]. - **Lithium Carbonate**: The production of lithium carbonate has increased slightly, and the price of lithium concentrate has risen. The supply - demand situation is strong, and the inventory is decreasing. The price is expected to oscillate strongly, but supply - side disturbances and hedging pressure should be watched [13]. - **Industrial Silicon**: The production of industrial silicon has increased, and the demand is relatively stable. The overall supply - demand situation is weak, and the price is expected to oscillate, with attention on cost support [14]. - **Polysilicon**: The downstream demand for polysilicon is weak, but there is policy support. The price is expected to oscillate in a high - level range, and buying on dips is recommended [14]. Energy and Chemicals - **Crude Oil**: Geopolitical risks support oil prices in the short term, but Fed hawkishness has led to a decline. The short - term spot market is weak, and the long - term outlook is bearish [15]. - **Asphalt**: The price of asphalt remains low, with inventory gradually decreasing. The supply is still excessive, and attention should be paid to oil - price fluctuations [15]. - **PX**: The PX market is tight, with the PXN spread rising slightly. The short - term price is mainly driven by crude - oil cost fluctuations [15]. - **PTA**: The upward momentum of PTA has faded, and the downstream demand is weakening seasonally. The supply is high, and the medium - to - long - term pressure is bearish [16]. - **Ethylene Glycol**: The port inventory of ethylene glycol has increased, and the downstream demand is decreasing. The price is expected to stop falling and oscillate [16][17]. - **Short - fiber**: The short - fiber price has declined slightly, and the terminal demand is seasonally weakening. The medium - term trend is bearish, and short - selling on rebounds is advisable [17]. - **Methanol**: The inventory of methanol is rising, and the supply is expected to increase. The demand is weak, and the price is expected to be weak in the short term, waiting for positive factors [17]. - **PP**: The demand for polypropylene has improved slightly, but the supply growth is too fast, and the price is expected to continue to decline [17]. - **LLDPE**: The supply pressure of polyethylene is increasing, and the demand is weakening. The price is expected to remain under pressure [18]. - **Urea**: The supply of urea is high, and the demand is divided. The price is under downward pressure in the short term and may stabilize in the medium to long term [18]. Agricultural Products - **US Soybeans**: The November USDA report was slightly bullish, but there is a risk of the bullish factors being exhausted. The price center may be higher than before [19]. - **Domestic Bean and Rapeseed Meal**: The supply of domestic bean meal is loose, and it may weaken in the short term following the potential decline of US soybeans. Rapeseed meal may also enter a weak - oscillation phase [20][21]. - **Edible Oils**: The supply - demand situation of soybean oil is weak, but the price is stable. Rapeseed oil is expected to be strong due to inventory reduction and policy support. Palm oil is expected to oscillate in the short term [21]. - **Corn**: The inventory of corn is low, and the market has a bullish sentiment. The futures price may repair the basis and rise steadily [22]. - **Hogs**: The current pig price is weak, and the supply is still excessive. The short - term price is expected to oscillate weakly, but there is some support from farmers' reluctance to sell [22].

Report Industry Investment Rating No relevant content provided. Core View of the Report The report analyzes the market conditions of various asset classes including stocks, bonds, commodities, and agricultural products. It points out that the short - term macro upward drive has weakened, and the market is mainly focused on domestic incremental stimulus policies and economic growth. Different asset classes are expected to have different trends, with most showing short - term oscillations and some having long - term trends influenced by supply - demand fundamentals and policy factors [2][3]. Summary by Directory Macro Finance - The US labor market is weak, with the number of Challenger job cuts in October reaching a 20 - year high. The global risk appetite has significantly cooled. In China, the manufacturing prosperity declined in October, and economic growth slowed down, but policy stimulus expectations have increased after the Fourth Plenary Session of the CPC Central Committee. The short - term macro upward drive has weakened, and the market should focus on domestic economic growth and policy implementation. For assets, stocks are expected to oscillate in the short term, and it is advisable to be cautiously bullish; bonds are expected to oscillate and rebound, and it is advisable to be cautiously bullish; most commodity sectors are expected to oscillate, and it is advisable to be cautiously watchful [2]. Stock Index - Driven by sectors such as phosphoric chemical, aluminum, and semiconductors, the domestic stock market rose significantly. Fundamentally, China's manufacturing prosperity declined in October, and economic growth slowed down, but policy stimulus expectations increased. The short - term macro upward drive has weakened, and it is advisable to be cautiously bullish in the short term [3]. Precious Metals - The precious metals market rose on Thursday night. The main contracts of Shanghai gold and silver increased. It was boosted by the weakening US dollar and rising safe - haven demand. The short - term trend is oscillatory, and the medium - to - long - term upward pattern remains unchanged. It is advisable to watch in the short term and buy on dips in the medium - to - long - term [3]. Black Metals - **Steel**: The spot and futures prices of domestic steel rebounded slightly on Thursday. The market's macro sentiment was repaired, but the fundamentals were still weak. The demand for steel has basically peaked this week, and the inventory decline has slowed down significantly. The supply contraction may further intensify. The short - term steel market is expected to be oscillatory and weak [4]. - **Iron Ore**: The spot and futures prices of iron ore strengthened slightly on Thursday. Although steel mills are still expected to cut production, the molten iron output increased slightly this week. The supply pressure is still large, and the short - term trend is expected to be range - bound [6]. - **Silicon Manganese/Silicon Iron**: The spot prices of silicon iron and silicon manganese were flat on Thursday, and the futures prices continued to rebound slightly. The demand for ferroalloys decreased as the output of five major steel products declined. The supply of silicon manganese was relatively stable, and the supply of silicon iron was also in a certain state. The futures prices of silicon iron and silicon manganese are expected to continue to oscillate within a range [7]. - **Soda Ash**: The main contract of soda ash oscillated within a range on Thursday. The supply increased this week, and there are capacity expansion plans in the fourth quarter. The supply is in a loose pattern, and the pressure remains. It is advisable to take a bearish view in the medium - to - long - term [8]. - **Glass**: The main contract of glass oscillated on Thursday. Affected by news from Shahe, the price was supported. The supply was stable, the demand was weak year - on - year, and the inventory was relatively high. It is expected to be strong in the short term due to previous large declines and the impact of Shahe, and attention should be paid to the demand during the year - end completion peak [8]. Non - ferrous Metals and New Energy - **Copper**: The number of Challenger job cuts in the US in October increased significantly. The US copper inventory continued to rise, and the domestic refined copper de - stocking was less than expected. The suspension of Indonesia's second - largest copper mine has intensified the global copper shortage, and the short - term trend is expected to be high - level oscillatory [9][10]. - **Aluminum**: The Shanghai aluminum price rose significantly on Thursday. The European aluminum premium rebounded. The domestic de - stocking was not smooth, and the supply and imports were at a high level, while the demand was weakening marginally. The short - term price is expected to oscillate, and it is advisable to try shorting if the price rises above 21,800 [10]. - **Tin**: The supply of tin ore is expected to increase, and the demand is still weak. The tin price is at a historical high, and the high price has begun to suppress physical demand. The short - to - medium - term price is expected to oscillate at a high level [11]. - **Lithium Carbonate**: The main contract of lithium carbonate rose on Thursday. The Jiangxi Natural Resources Department released a mining right transfer income assessment report, which may promote the resumption of production at Jiaxiaowo. It is advisable to hold a light position and wait for the "emotional bottom" [12]. - **Industrial Silicon**: The main contract of industrial silicon rose on Thursday. The demand was relatively stable, and the social inventory increased slightly at a high level. The market is expected to oscillate within a range, and attention should be paid to the cash - flow cost support of large enterprises [12]. - **Polysilicon**: The main contract of polysilicon declined slightly on Thursday. There is a stalemate between strong policy expectations and weak reality. The spot price is supported by policy expectations, but the terminal demand is weak. It is expected to oscillate within a high - level range, and range - bound operations are advisable [13][14]. Energy and Chemicals - **Crude Oil**: The Fed's hawkish stance and employment data have increased the uncertainty of a December interest rate cut. The government shutdown will continue, and the oil price is under medium - to - long - term pressure [15]. - **Asphalt**: The price of asphalt continued to break through the previous low and has not bottomed out yet. The basis is low, and the inventory is accumulating. The supply pressure is increasing, and attention should be paid to the cost fluctuations of crude oil [15]. - **PX**: The price of PX fluctuated due to news of polyester production cuts. The demand is supported by high PTA开工, and the supply is tight. The short - term price is mainly driven by crude oil cost fluctuations [16]. - **PTA**: The price of PTA rose due to production cut news but fell back at night. The market doubts the authenticity of the news. The downstream开工 has declined, and the supply is high. The price is under pressure in the short term [16]. - **Ethylene Glycol**: The price of ethylene glycol rose with the polyester market but is still under pressure. The port inventory is accumulating, and the demand is weak. It is advisable to be cautious before the price reaches a new low [17]. - **Short - fiber**: The price of short - fiber rose slightly with the polyester sector but is under pressure later. The terminal orders are declining seasonally, and the inventory is accumulating. It is advisable to short on rallies in the medium - term [17]. - **Methanol**: The port spot price of methanol rebounded, and the basis strengthened slightly. The port inventory is at a high level but is showing a slight de - stocking trend. The inland inventory is accumulating, and the price is weakening. The short - term price may decline, but the downward space is limited, and it is expected to oscillate later [18]. - **PP**: The market price of PP moved slightly downward. The supply growth rate is higher than the demand recovery rate, but the demand has shown marginal improvement. The crude oil price rebound supports the cost. The price is expected to decline inertia in the short term [19]. - **LLDPE**: The price of LLDPE declined. The supply pressure is increasing, and the demand is weakening after the peak season. The crude oil price provides limited support. The price is expected to continue to decline [19]. - **Urea**: The urea market is stable, with individual enterprises raising prices slightly. The supply is expected to increase, and the demand is mixed. The export price is expected to oscillate at a low level [20]. Agricultural Products - **US Soybeans**: The CBOT soybean price fell overnight. The market is optimistic about the repair of Sino - US soybean trade relations. The USDA will release a report on November 15. If the yield per unit is further lowered, the cost - repair logic of US soybeans will be enhanced [21]. - **Soybean Meal/Rapeseed Meal**: The pressure of concentrated soybean arrivals in China is increasing, and the supply of soybean meal is sufficient. With the repair of Sino - US agricultural trade relations, the soybean meal inventory may increase, which will limit the upside potential [22]. - **Palm Oil**: The price of Malaysian palm oil fell. The over - expected production increase since October has put pressure on the price. India's palm oil imports decreased in October, and the production in Malaysia continued to increase in November [22]. - **Soybean Oil/Rapeseed Oil**: The price of soybean oil adjusted weakly. The supply - demand situation is still unfavorable, but it is relatively resistant to decline. The rapeseed oil inventory is high, but the rapeseed inventory is low, and the basis is strong due to trade concerns [23]. - **Corn**: The price of corn in the northern port has limited upward momentum, and the supply - demand situation in North China is balanced. The supply exceeds demand, but the low downstream inventory and strong wheat price provide some support [23]. - **Pigs**: The national pig price has been falling since November. The supply pressure remains, and the price is unlikely to rebound significantly before the winter solstice pickling peak in December [24].

1. Report Industry Investment Ratings - Not provided in the given content 2. Core Views of the Report - The overall market is affected by various factors such as the Fed's attitude, domestic PMI data, and policy expectations. Different asset classes show different trends, with short - term volatility and varying degrees of risk and opportunity [2][3] - For commodities, different sectors like black metals, non - ferrous metals, energy chemicals, and agricultural products have their own supply - demand situations and price trends, which are influenced by both macro and micro factors [4][8][12][17] 3. Summary by Relevant Catalogs Macro Finance - Overseas, the dollar index is strengthening due to Powell's hawkish attitude, and global risk appetite is cooling. Domestically, the October PMI is 49.0%, down 0.8% from last month, indicating a slowdown in economic growth. Policy stimulus expectations are increasing. Index futures are expected to fluctuate in the short term, and government bonds may rebound slightly. For commodities, black, non - ferrous, and energy - chemical sectors may fluctuate, while precious metals may correct at high levels [2] Stock Index - Affected by sectors such as insurance, semiconductors, and small metals, the domestic stock market continued to decline. The weakening PMI data dampened market sentiment, but policy stimulus expectations may boost risk appetite. Short - term caution and wait - and - see are recommended [3] Precious Metals - The precious metals market rose on Friday night. The Fed's hawkish attitude and strong dollar index led to an overall shock adjustment of spot gold. In the short term, precious metals may fluctuate, but the medium - to - long - term upward trend remains. Short - term wait - and - see and medium - to - long - term buying on dips are advised [3] Black Metals - **Steel**: The spot market was flat last Friday, and the futures price declined slightly. Real demand is improving marginally, and speculative demand has also increased. However, steel mill profits are being compressed, and environmental restrictions may reduce supply. The short - term market is expected to fluctuate within a range [4][5] - **Iron Ore**: The spot price fell slightly last Friday, while the futures price strengthened. Macro expectations and reduced arrivals led to a recent rebound. But steel mill profits are low, and iron ore supply pressure is large. The price is expected to fluctuate in the short term [5] - **Silicon Manganese/Silicon Iron**: The spot price was flat last Friday, and the futures price declined slightly. The demand for ferroalloys is acceptable. The supply of silicon manganese decreased slightly, and the price of silicon iron raw materials was stable. The futures price is expected to continue to fluctuate in a range [6] - **Soda Ash**: The futures contract fluctuated last week. Supply is increasing, and there are capacity expansion plans in the fourth quarter. Demand is stable. The supply - side contradiction is the core factor suppressing the price, and a bearish view is recommended [7] - **Glass**: The futures contract fluctuated last week. Supply was stable, demand was weak, and inventory was high. Supported by policies, it may be slightly stronger in the short term, and the demand during the year - end completion peak needs attention [7] Non - Ferrous Metals and New Energy - **Copper**: The macro - environment has weakened. The Fed's attitude and China's PMI data are not optimistic. US copper inventories are high, and domestic de - stocking is not as expected. However, the suspension of an Indonesian copper mine may support the price, and it is expected to fluctuate at a high level in the short term [8] - **Aluminum**: The price reached a one - year high last Friday and then declined. The Fed's attitude and market sentiment affected the price. The fundamentals changed little, and overseas and domestic de - stocking was not as expected [8] - **Tin**: The smelting start - up rate is at a high level, and the supply is expected to increase. The demand is still weak, and the high price suppresses consumption. The price is expected to fluctuate at a high level in the short to medium term [9] - **Lithium Carbonate**: The production decreased slightly, and the price of raw materials increased. The supply and demand are both strong, and the inventory is decreasing. Due to rumors and hedging pressure, light - position wait - and - see is recommended [10] - **Industrial Silicon**: The production reached a new high. Supply pressure comes from Xinjiang, and demand is stable. The price is expected to fluctuate, and buying on dips is recommended [10][11] - **Polysilicon**: The inventory decreased significantly, and the number of warehouse receipts increased. The policy expectation and weak reality are in a stalemate. The price is expected to fluctuate in a high - level range, and buying on dips is recommended [11] Energy Chemicals - **Crude Oil**: The market is concerned about the lack of significant transfer of Asia - Pacific procurement after Russian oil sanctions. OPEC+ is increasing production, but geopolitical risks may cause a short - term rebound. The long - term price is expected to be bearish [12] - **Asphalt**: The cost support is weakening, and the price is falling. The inventory is being reduced, but the demand is approaching the off - season. The supply pressure is temporarily reduced, but the future trend depends on the rebound of crude oil [12] - **PX**: The crude oil price is fluctuating weakly. PTA's high start - up rate provides some demand support. The PXN spread has rebounded slightly, and the price is mainly driven by crude oil costs [13] - **PTA**: The downstream start - up rate has increased slightly, and the basis has improved. But the supply is still high, and the inventory accumulation pressure is large in November [13] - **Ethylene Glycol**: The port inventory has decreased, but the arrival volume is high. The inventory accumulation pressure is large in November, and the price is testing the previous low [13] - **Short Fiber**: It fluctuates with the polyester sector in the short term, but the pressure is large in the later period. Terminal orders are decreasing seasonally, and the inventory is accumulating [14][15] - **Methanol**: The market shows regional differentiation. The port inventory is decreasing slightly, while the inland inventory is increasing. The price may decline in the short term but is expected to enter a consolidation phase later [15] - **PP**: The supply growth rate is higher than the demand recovery rate, and the inventory is high. However, the demand is improving marginally, and the crude oil price provides some cost support. The price is expected to fluctuate weakly in the short term [15] - **LLDPE**: The supply pressure is increasing, and the demand is expected to weaken after the peak in early November. The crude oil price provides limited support, and the price is expected to be under pressure [16] - **Urea**: The supply is expected to increase, and the demand is weakening. The export is expected to remain at a low level [16] Agricultural Products - **US Soybeans**: The Sino - US trade window may open, and China's purchase plan may lead to an increase in export expectations. If the yield is further reduced, the cost - repair logic will be strengthened, and the price may continue to rise [17] - **Soybean and Rapeseed Meal**: The domestic soybean supply is sufficient, and the supply of soybean meal is abundant. The improvement of Sino - US trade relations may increase the cost of imported soybeans but reduce the risk of supply shortage. The spread between soybean and rapeseed meal is expected to widen [17] - **Palm Oil**: It has entered a technically oversold stage. Although there was over - production in October, the price may be supported by the increase in international oil and crude oil prices, and the seasonal de - stocking trend remains [18][19] - **Soybean and Rapeseed Oil**: Affected by the decline of palm and rapeseed oil, the price may continue to weaken. It is in the consumption season, and the high inventory of rapeseed oil is being reduced [19] - **Corn**: The pressure of wet grain sales is decreasing, and the spot price is stable. The futures price is weak, but the bottom - range support may be effective [19] - **Pigs**: The overall slaughter volume is expected to increase in November, and the profit is in a loss state. The pig price is unlikely to rebound significantly before the winter solstice in December [19]

Report Summary 1. Investment Ratings The report does not explicitly provide an overall industry investment rating. However, it offers specific trading suggestions for different sectors and varieties: - **Financial Sector** - **Equity Index Futures**: Try to lightly sell put options at the support level or construct a bull call spread for follow - up upside potential [3]. - **Treasury Bond Futures**: Go long on pullbacks for the unilateral strategy and pay attention to the positive arbitrage strategy for the cash - futures strategy [3]. - **Precious Metals**: For gold, there is pressure for a further decline; for silver, it is in a volatile consolidation. Trading suggestions are based on price trends [3]. - **Black Metals Sector** - **Steel**: Reduce long positions appropriately and hold the long - coking coal and short - hot - rolled coil arbitrage [3]. - **Iron Ore**: Close long positions and observe, and consider the 1 - 5 positive arbitrage [3]. - **Coking Coal and Coke**: Go long on pullbacks and hold the long - coking coal and short - coke arbitrage [3]. - **Non - ferrous Metals Sector** - **Copper**: Pay attention to the support around 87,000 [3]. - **Tin**: Adopt a low - buying strategy on pullbacks [3]. - **Energy and Chemical Sector** - **Crude Oil**: Go short in the short term [3]. - **Urea, PX, PTA, etc.**: Adopt different strategies such as reducing long positions, short - selling on rallies, and spread trading according to different varieties [3]. - **Agricultural Products Sector** - **Soybeans**: Hold long positions in the 2601 contract [3]. - **Palm Oil**: The main contract may test the support at 8,800 yuan [3]. - **Sugar**: It is in a bottom - oscillating state around 5,400 [3]. - **Cotton**: It is in a range - bound and upward - trending state, paying attention to the pressure around 13,800 [3]. - **Special and New Energy Sectors** - **Glass**: Look for short - term long opportunities based on the spot market [3]. - **Carbonate Lithium**: It is in a relatively strong state, with the main contract reference range of 83,000 - 87,000 [3]. 2. Core Views - **Market Environment**: Key factors such as the meeting between Chinese and US leaders, the release of the 15th Five - Year Plan draft, and the clarification of bond - fund redemption fees have an impact on the market. Risk - preference - enhancing factors are gradually materializing, and uncertainties in the market are decreasing [3]. - **Sector - specific Views** - **Financial Sector**: Stock index futures are affected by market sentiment and policy expectations; treasury bond futures are on an upward trend as negative factors are gradually digested; precious metals are affected by geopolitical and trade factors [3]. - **Black Metals Sector**: Supply and demand factors such as production, transportation, and inventory levels affect the price trends of steel, iron ore, coking coal, and coke [3]. - **Non - ferrous Metals Sector**: Prices are affected by factors such as macro - environment, supply - demand relationship, and technical levels [3]. - **Energy and Chemical Sector**: Supply - demand expectations, cost support, and inventory levels are the main factors affecting prices [3]. - **Agricultural Products Sector**: Factors such as procurement, supply pressure, and seasonal characteristics affect the price trends of various agricultural products [3]. - **Special and New Energy Sectors**: Macro - events and fundamental factors affect the price trends of glass, rubber, and new - energy products [3]. 3. Summary by Related Catalogs - **Financial Sector** - **Equity Index Futures**: After the meeting between Chinese and US leaders and the release of the 15th Five - Year Plan draft, the market has a short - term pullback after reaching a high. It is recommended to try light - selling put options or constructing a bull call spread [3]. - **Treasury Bond Futures**: As negative factors such as bond - fund redemption fees and central - bank bond - buying uncertainties are gradually digested, the bond market sentiment is improving. It is recommended to go long on pullbacks and consider the positive arbitrage strategy [3]. - **Precious Metals**: Gold is under pressure to decline due to factors such as the meeting between Chinese and US leaders and geopolitical concerns; silver is in a volatile consolidation [3]. - **Black Metals Sector** - **Steel**: The increase in apparent demand and the alleviation of inventory pressure lead to suggestions of reducing long positions and holding arbitrage positions [3]. - **Iron Ore**: The decline in shipping and arrivals, the increase in port inventory, and the sharp drop in molten - iron production lead to suggestions of closing long positions and considering arbitrage [3]. - **Coking Coal and Coke**: The strength of coking - coal prices and the cost support provided by coking coal lead to suggestions of going long on pullbacks and holding arbitrage positions [3]. - **Non - ferrous Metals Sector** - **Copper**: After the realization of positive expectations, the price is in a high - level oscillation. Pay attention to the support level [3]. - **Tin**: Affected by the Fed's interest - rate outlook, it is recommended to buy on pullbacks [3]. - **Energy and Chemical Sector** - **Crude Oil**: Although the macro - sentiment has eased and inventory has decreased, the increase in OPEC production limits the rebound height. It is recommended to go short in the short term [3]. - **Urea, PX, PTA, etc.**: Due to weak supply - demand expectations and limited cost support, different trading strategies are recommended for different varieties [3]. - **Agricultural Products Sector** - **Soybeans**: Supported by China's increased confidence in purchasing US soybeans, hold long positions [3]. - **Palm Oil**: The main contract may test the support level [3]. - **Sugar**: It is in a bottom - oscillating state due to abundant overseas supply [3]. - **Cotton**: With the solidification of new - cotton costs, it is in a range - bound and upward - trending state [3]. - **Special and New Energy Sectors** - **Glass**: Affected by macro - events, pay attention to short - term long opportunities based on the spot market [3]. - **Carbonate Lithium**: With the upward shift of the price center and the realization of demand benefits, it is in a relatively strong state [3].