1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Views of the Report - The reinstatement of Trump's tariff policy exposes the hidden concerns of the US economic governance coordination, and is not good news for the US stock, bond, and foreign exchange assets [5]. - Glass is currently weak in the short - term, and the key lies in the weak demand and continuous pressure of warehouse receipt pricing. Future improvement depends on the recovery of glass demand [6][7]. - Fuel oil and low - sulfur fuel oil are supported by the peak demand season. High - sulfur fuel oil is expected to remain strong in the short - term, while low - sulfur fuel oil may continue to be weaker than high - sulfur fuel oil [8]. - The shipment of asphalt is slowing down, and it is weak in the near - end. The main contradiction lies in the demand, especially in the South due to the approaching rainy season [9][10]. 3. Summary by Relevant Catalogs 3.1 Metals 3.1.1 Gold and Silver - Gold is in a state of oscillating decline, and silver follows the downward trend. The trend intensities of both are 0 [14][18][22]. 3.1.2 Copper - The decrease in copper inventory supports its price, and the trend intensity is 0. In March 2025, the global refined copper market had a supply surplus [24][26]. 3.1.3 Aluminum and Alumina - Aluminum is in range - bound oscillation, and alumina is significantly supported by costs. The trend intensities of both are 0 [27][29]. 3.1.4 Zinc - Zinc faces pressure above, and the trend intensity is 0 [30][31]. 3.1.5 Lead - Lead is in range - bound oscillation, and the trend intensity is 0 [33][34]. 3.1.6 Tin - Tin breaks below the oscillation range, and the trend intensity is - 1 [36][39]. 3.1.7 Nickel and Stainless Steel - Nickel is supported by short - term costs, but weak expectations limit its elasticity. Stainless steel has an increasing marginal reduction in production due to negative feedback and is difficult to fall deeply. The trend intensities of both are 0 [40][41][46]. 3.1.8 Carbonate Lithium - The de - stocking speed of carbonate lithium is slow, and its trend may remain weak. The trend intensity is - 1 [48][50]. 3.2 Industrial Silicon and Polysilicon - Industrial silicon hits a new low on the disk, and polysilicon has amplified fluctuations. The trend intensities of both are - 1 [14][51][53]. 3.3 Ferrous Metals 3.3.1 Iron Ore - The downstream demand for iron ore has reached a phased peak, and it is in a weak oscillation. The trend intensity is - 1 [54]. 3.3.2 Rebar and Hot - Rolled Coil - Rebar and hot - rolled coil are in a low - level oscillation with negative feedback expectations leading. The trend intensities of both are 0 [57][58][60]. 3.3.3 Ferrosilicon and Silicomanganese - Ferrosilicon and silicomanganese are in a weak oscillation. The trend intensities of both are - 1 [62][65]. 3.3.4 Coke and Coking Coal - Coke has completed the second round of price cuts and is in bottom - bound oscillation. Coking coal is also in bottom - bound oscillation. The trend intensities of both are - 1 [66][68]. 3.3.5 Thermal Coal - The inventory of thermal coal mines is increasing, and it is in a weak oscillation. The trend intensity is 0 [69][71]. 3.4 Others 3.4.1 Logs - Logs are in repeated oscillations [72].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - On May 20, 2025, the 1 - year and 5 - year LPR rates were both cut by 10 basis points, in line with market expectations. A new round of deposit rate cuts may drive more funds into the stock market, bond market, and wealth management products, bringing new liquidity to the capital market. The decline in LPR is expected to boost residents' housing consumption and is more significant for the stock market from the perspective of investment yield and wealth effect [7]. - The precious metals sector rebounded significantly last night, with gold rising nearly 2%. Due to factors such as the setbacks in the Russia - Ukraine negotiations, the downgrade of the US sovereign credit rating by Moody's, and the increase in China's gold imports in April, gold still has long - term allocation value [8][9]. - Since May, the stock index futures market has continued to rise after filling the gap caused by reciprocal tariffs. The upward movement is mainly driven by policy easing and lower interest rates, but the macro - economic fundamentals are complex, and short - term fluctuations may occur [10][11]. - The industrial silicon market has a weak fundamental situation. With the approaching of the rainy season in Southwest China and the expected resumption of production in Northwest China, supply may increase, while demand remains weak. It is recommended to short at high prices [12]. 3. Summary by Relevant Catalogs Precious Metals - Last night, the precious metals sector rebounded strongly, with gold rising nearly 2%. The reasons for the rebound include the setbacks in the Russia - Ukraine negotiations, the downgrade of the US sovereign credit rating by Moody's, and the increase in China's gold imports in April. Gold still has long - term allocation value [8][9]. - Gold trend strength is 1, and silver trend strength is 1 [22]. Stock Index Futures - Since May, the market has continued to rise after filling the gap caused by reciprocal tariffs. The upward movement is driven by policy easing and lower interest rates. However, the macro - economic fundamentals are complex, and short - term fluctuations may occur. Overall, the market is expected to be bullish in the medium - term, but short - term disturbances from the real economy should be noted [10][11]. Industrial Silicon - The fundamental situation is weak. Supply is expected to increase as silicon plants in Southwest and Northwest China may resume production, while demand remains weak, mainly for rigid replenishment. It is recommended to short at high prices [12]. - Industrial silicon trend strength is - 1 [50]. Copper - Copper inventory is continuously decreasing, which supports the price. Macro - news includes Japan's consideration of accepting US tariff cuts and the progress of the India - US trade agreement. Micro - news includes the cooperation between Codelco and Rio Tinto and the clearance of scrap copper in the US. China's refined copper production in April 2025 increased year - on - year [24][26]. - Copper trend strength is 1 [26]. Aluminum and Alumina - Aluminum is expected to fluctuate strongly, and alumina is expected to trade in a range. An alumina plant in Shanxi postponed its maintenance, and China's alumina exports in April 2025 increased year - on - year while imports decreased [27][29]. - Aluminum trend strength is 0, and alumina trend strength is 0 [29]. Zinc - Zinc is in a range - adjustment phase. High - profile news includes the prediction of the EU - US negotiation by Goldman Sachs and the progress of the India - US and Japan - US trade agreements [30][31]. - Zinc trend strength is 0 [31]. Lead - Lead is expected to trade in a range. Similar to zinc, high - profile news includes international trade - related news [33]. - Lead trend strength is 0 [33]. Tin - Tin is in a narrow - range oscillation. Macro and industry news includes multiple international events such as the potential attack on Iran's nuclear facilities by Israel [35][37]. - Tin trend strength is - 1 [38]. Nickel and Stainless Steel - For nickel, the contradiction in nickel ore provides support, but the economic viability of conversion may limit the upside potential. For stainless steel, the cost bottom is clear, but there is a lack of substantial driving force for upward movement. Indonesia has adjusted the resource tax rates for nickel products, and there are also news about production and trade in the nickel industry [39][40][43]. - Nickel trend strength is 0, and stainless steel trend strength is 0 [44]. Lithium Carbonate - Lithium carbonate is in a weak oscillation, and attention should be paid to the trading situation at the mine end. The prices of lithium carbonate and related raw materials are declining, and China's imports of lithium - related products in April 2025 showed different trends [45][47]. - Lithium carbonate trend strength is - 1 [47]. Iron Ore - Short - term positive factors have been realized, and the driving force for price increases is slowing down. The LPR rate cut on May 20 is the latest macro - news [51][52]. - Iron ore trend strength is - 1 [52]. Rebar and Hot - Rolled Coil - Both rebar and hot - rolled coil are in a low - level oscillation. News includes South Korea's anti - dumping tax on stainless steel plates and China's steel production data in April 2025 [54][57]. - Rebar trend strength is 0, and hot - rolled coil trend strength is 0 [57][58]. Ferrosilicon and Silicomanganese - Ferrosilicon is expected to fluctuate weakly due to the resonance of the black - metal sector, and silicomanganese is expected to fluctuate weakly as Australian manganese ore shipments resume. There is a lot of news about the spot prices, production, and trade of ferrosilicon and silicomanganese [59][62]. - Ferrosilicon trend strength is 0, and silicomanganese trend strength is 0 [63]. Coke and Coking Coal - Both coke and coking coal are in a bottom - oscillation phase. There is information about their spot prices, basis, and position changes [64][66]. - Coke trend strength is 0, and coking coal trend strength is 0 [67]. Steam Coal - Steam coal is expected to oscillate weakly as coal mine inventories increase. There is information about its spot prices and position changes [68][69]. - Steam coal trend strength is 0 [70]. Logs - Logs are in a weak oscillation. No specific analysis details are provided [71].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The US and UK reached a limited trade agreement, boosting market risk appetite. Attention should be paid to the progress of Sino-US trade negotiations and various economic data [2]. - The prices of most commodities showed different trends of fluctuations. Precious metals prices continued to adjust, copper prices were strongly volatile, aluminum prices were weakly volatile, and the prices of other commodities also changed according to their respective fundamentals [3][6][8]. Summary by Related Catalogs Macro - Overseas: The US and UK reached a limited trade agreement, with the US retaining a 10% benchmark tariff on the UK, expanding market access, canceling steel - aluminum tariffs, implementing a 0% tariff on US agricultural products, and a stepped tariff on UK car imports. Trump encouraged stock - buying, leading to a rebound in US stocks and cryptocurrencies, the US dollar index stabilizing above 100, the US bond yield rising to 4.37%, and the gold price falling by over 1%. Oil and copper prices closed higher [2]. - Domestic: A - shares rose with reduced trading volume, with the turnover of the two markets dropping to 1.32 trillion. The ChiNext and small - cap stocks performed well, and sectors such as military and optical modules led the gains. The Shanghai Composite Index recovered the decline since the announcement of reciprocal tariffs in April. In the bond market, after the reserve requirement ratio and interest rate cuts, the money market became looser, and the yield curve continued to steepen. Attention should be paid to April's foreign trade, financial, and price data [2]. Precious Metals - On Thursday, international precious metal futures closed down. COMEX gold futures tumbled 2.40% to $3310 per ounce, and COMEX silver futures edged down 0.57% to $32.6 per ounce. The trade agreement between the US and the UK reduced the appeal of gold as a safe - haven asset. If the Sino - US trade talks reach an agreement, the gold price may face further downward pressure [3]. Copper - On Thursday, SHFE copper was weakly volatile, and LME copper soared overnight. The spot market trading was light, and the LME inventory decreased to 194,000 tons. The first - quarter copper production of First Quantum decreased by 10.7% quarter - on - quarter. In the short term, copper prices are expected to remain volatile, and attention should be paid to Sino - US trade negotiations [6][7]. Aluminum - On Thursday, SHFE aluminum closed at 19,510 yuan per ton, down 0.69%. LME aluminum rose 0.17%. The electrolytic aluminum ingot inventory decreased by 16,000 tons, and the aluminum rod inventory decreased by 9,000 tons. The market sentiment was relieved by the US - UK trade agreement. The aluminum price is expected to remain weakly volatile due to consumption concerns [8]. Alumina - On Thursday, the alumina futures main contract rose 3.25% to 2794 yuan per ton. Negative news about new capacity led to a small rebound in alumina prices, but the sustainability and height of the rebound are expected to be limited [9]. Zinc - On Thursday, SHFE zinc first rose and then declined, and LME zinc closed up. Recently, imported zinc ingots have flowed in, and with the approaching end of the consumption peak season, the zinc price is under pressure, and short positions can be held against the 10 - day moving average [10][11]. Lead - On Thursday, SHFE lead fluctuated narrowly, and LME lead also had a narrow - range fluctuation. The social inventory increased. Some lead smelters plan to conduct maintenance, and the supply reduction provides support. The lead price is expected to move sideways in the short term [12][14]. Tin - On Thursday, SHFE tin first rose and then declined, and LME tin had a narrow - range fluctuation. The supply of tin ore is expected to improve slightly, and the consumption is stable. The tin price is expected to fluctuate [15]. Industrial Silicon - On Thursday, the industrial silicon main contract trended downwards. The supply side has limited expansion power, and the demand side is weak. The social inventory remains at 600,000 tons, and the industrial silicon price is expected to continue to decline in the short term [16][17]. Lithium Carbonate - On Thursday, the lithium carbonate price fluctuated widely, and the spot price fell. The short - selling sentiment subsided after the price failed to break through. The downstream purchasing is weak, and the basis correction risk has materialized. Attention should be paid to inventory changes [18][19]. Nickel - On Thursday, the nickel price fluctuated widely. The macro - level still has tariff risks, and the downstream replenishment willingness is weak after the holiday. The nickel price is expected to fluctuate [20]. Crude Oil - On Thursday, crude oil trended strongly. The false news of Kazakhstan's production cut and geopolitical conflicts co - existed. The long - term downward pressure on oil prices comes from OPEC +'s continuous large - scale production increase. The short - term price is expected to fluctuate [21]. Steel (Screw and Coil) - On Thursday, steel futures declined. The supply of the five major steel products decreased, the inventory increased, and the apparent consumption decreased. The steel price is expected to weaken due to weak supply and demand [22][23]. Iron Ore - On Thursday, iron ore futures fluctuated. Downstream steel mills cut production, and the supply is relatively loose. The iron ore price is expected to trend weakly [24]. Bean and Rapeseed Meal - On Thursday, the bean meal 09 contract and the rapeseed meal 09 contract declined. The Buenos Aires Grain Exchange in Argentina raised the soybean harvest forecast. The double - meal prices are expected to weakly fluctuate in the short term [25]. Palm Oil - On Thursday, the palm oil 09 contract declined. The BIMP - EAGA Commercial Committee plans to strengthen the quality monitoring of crude palm oil. The palm oil price is expected to weakly fluctuate in the short term [26][27].