Group 1 - The core viewpoint of the news is that Xin Ya Qiang's stock has experienced fluctuations, with a recent decline of 2.12% and a year-to-date increase of 36.12% [1] - As of November 18, the stock price is reported at 17.56 CNY per share, with a total market capitalization of 5.545 billion CNY [1] - The company has seen a net outflow of main funds amounting to 5.8692 million CNY, with significant selling pressure from large orders [1] Group 2 - For the period from January to September 2025, Xin Ya Qiang reported operating revenue of 451 million CNY, a year-on-year decrease of 19.05%, and a net profit attributable to shareholders of 78.8527 million CNY, down 20.39% year-on-year [2] - The number of shareholders has decreased by 47.19% to 20,000, while the average circulating shares per person increased by 89.35% to 15,753 shares [2] Group 3 - Since its A-share listing, Xin Ya Qiang has distributed a total of 735 million CNY in dividends, with 494 million CNY distributed over the past three years [3]

Report Summary 1. Hot News - This year from January to October, China's national fiscal revenue was 18.65 trillion yuan, a year-on-year increase of 0.8%. In October alone, the national fiscal revenue was 2.26 trillion yuan, a year-on-year increase of 3.2%. From January to October, national fiscal expenditure was 2.258 trillion yuan, a year-on-year increase of 2% [2] - Since November 18, the Ministry of Commerce has initiated a final review investigation into the anti - dumping and counter -vailing measures on imported n - propanol originating from the United States. During the investigation period, anti - dumping duties of 254.4% - 267.4% and counter -vailing duties of 34.2% - 37.7% will continue to be imposed [2] - On November 18, the actual controllers of multiple silicone companies will gather in Shanghai to discuss "anti - involution". The industry has reached a preliminary consensus on details such as production reduction targets and time, and relevant details are expected to be finalized at this meeting [2] - The European Commission stated that the eurozone economy may expand faster than expected this year and reach or exceed the potential growth rate in 2026 and 2027. However, due to defense spending, debt and deficits will also rise. It is expected that the eurozone GDP will grow by 1.3% this year, higher than the 0.9% forecast in April [2] - India signed its first long - term contract to purchase liquefied petroleum gas (LPG) from the United States. In 2026, Indian state - owned oil companies will import about 2.2 million tons of LPG from the United States, accounting for about 10% of India's annual imports [2] 2. Key Focus - Key commodities to focus on include urea, lithium carbonate, coking coal, polysilicon, and asphalt [3] 3. Night - session Performance - In the night - session of commodity futures, the non - metallic building materials sector rose 3.30%, the precious metals sector rose 28.87%, the oilseeds and oils sector rose 9.94%, the non - ferrous metals sector rose 23.66%, the soft commodities sector rose 2.60%, the coal, coke, steel and ore sector rose 12.58%, the energy sector rose 2.87%, the chemical sector rose 11.02%, the grains sector rose 1.18%, and the agricultural and sideline products sector rose 3.98% [3] 4. Sector Positions - The chart shows the changes in the positions of commodity futures sectors in the past five days [4] 5. Performance of Major Asset Classes | Category | Name | Daily Return (%) | Monthly Return (%) | Year - to - Date Return (%) | | --- | --- | --- | --- | --- | | Equity | Shanghai Composite Index | - 0.46 | 0.44 | 18.51 | | | SSE 50 | - 0.87 | 0.02 | 12.19 | | | CSI 300 | - 0.65 | - 0.92 | 16.85 | | | CSI 500 | - 0.00 | - 1.30 | 26.37 | | | S&P 500 | - 0.92 | - 2.45 | 13.44 | | | Hang Seng Index | - 0.71 | 1.84 | 31.53 | | | German DAX | - 1.20 | - 1.54 | 18.49 | | | Nikkei 225 | - 0.10 | - 3.98 | 26.14 | | | FTSE 100 | - 0.24 | - 0.43 | 18.38 | | Fixed - income | 10 - year Treasury Bond Futures | 0.09 | - 0.18 | - 0.40 | | | 5 - year Treasury Bond Futures | 0.05 | - 0.15 | - 0.60 | | | 2 - year Treasury Bond Futures | 0.03 | - 0.06 | - 0.48 | | Commodity | CRB Commodity Index | - 0.23 | - 0.30 | 1.66 | | | WTI Crude Oil | - 0.70 | - 1.97 | - 17.03 | | | London Spot Gold | - 0.92 | 1.04 | 54.13 | | | LME Copper | - 0.79 | - 1.15 | 22.60 | | | Wind Commodity Index | - 3.38 | - 1.50 | 28.67 | | Other | US Dollar Index | 0.25 | - 0.20 | - 8.25 | | | CBOE Volatility Index | 0.00 | 13.70 | 14.29 | [5]

Report Industry Investment Ratings No relevant information provided. Core Views of the Report - **Macro - Financial**: A - shares are in a weak and volatile state. For stock index futures, it's recommended to take a wait - and - see approach with a volatile mindset. For treasury bond futures, although the market's expectation of easing has declined, there's still a possibility of interest rate cuts, and it's judged that Q4 will see more easing measures. [8][10] - **Black (Steel and Minerals)**: In the short - term, steel and minerals are expected to fluctuate or rebound, while in the medium - to - long - term, a bearish view on rallies is maintained. [12] - **Coal and Coke**: The prices of coking coal and coke are expected to continue to fluctuate in the short - term. Attention should be paid to the disturbances caused by coal mine production, safety inspections, and changes in downstream hot metal production. [14] - **Ferroalloys**: There's a risk of the silicon iron and manganese silicon futures prices rising first and then falling. [16] - **Soda Ash and Glass**: Currently, it's advisable to take a wait - and - see approach. [17] - **Non - ferrous Metals and New Materials**: For zinc, it's recommended to hold short positions at high levels. For lithium carbonate, there's an opportunity to buy on dips. For industrial silicon, it can be bought on dips or sell out - of - the - money put options. For polysilicon, it will continue to fluctuate. [19][20][22][23] - **Agricultural Products**: Cotton is expected to fluctuate at a low level. For sugar, it's advisable to wait and see before a large amount of new sugar enters the market. Eggs may fluctuate. Apples will fluctuate. Corn should be watched for the upper pressure on the futures price. For jujubes, it's advisable to wait and see. For live pigs, it's recommended to take a short - selling approach on rallies for near - month contracts. [25][26][28][30][31][33] - **Energy and Chemicals**: Crude oil prices are expected to fluctuate. Fuel oil prices will follow crude oil prices. Polyolefins are expected to fluctuate weakly. For rubber, attention should be paid to the strategy of expanding the ru - nr spread. For methanol, near - month contracts should be treated with a weakly - fluctuating mindset, and far - month contracts can be slightly long - configured after a rebound. For caustic soda, it's advisable to wait for a long - position opportunity after short - position reduction. For asphalt, the future focus is on the price bottom after the winter storage game. The polyester industry chain is expected to fluctuate in the short - term. For liquefied petroleum gas, it's not advisable to chase the rise, and short - selling on rallies can be considered in the medium - to - long - term. For pulp, it will maintain a wide - range fluctuation. For logs, it's expected to be under pressure. Urea prices are expected to strengthen. Synthetic rubber will maintain a bottom - range fluctuation in the short - term. [35][37][39][40][41][43][44][45][46][47][48][49][51] Summary by Related Catalogs Macro - Financial - **Stock Index Futures**: A - shares are in a weak and volatile state. The Shanghai Composite Index fell 0.46% to 3972.03 points, with a trading volume of 1.93 trillion yuan. The decline in October's macro data may be due to technical factors, export slowdown, "anti - involution", and the real - estate downturn [8]. - **Treasury Bond Futures**: The market's expectation of easing has declined, but there's still a possibility of interest rate cuts. The money market fluctuates, and the bond market shows a seesaw effect with the stock market. The reasons for the decline in October's macro data are similar to those of stock index futures [10]. Black (Steel and Minerals) - **Policy and Market Outlook**: Macro events have basically landed, and the industry is expected to return to fundamentals in the short - term. Attention should be paid to the impact of the Central Political Bureau Meeting in early December and the Central Economic Work Conference in mid - December on the market's macro expectations [11]. - **Fundamentals**: On the demand side, real - estate sales are weak, infrastructure projects face capital pressure, and overall building material demand is weak, while the demand for coils is fair. On the supply side, steel mill profits are low, iron - water production may decline, and the five major steel products' inventory is 22.7% higher than last year [11]. - **Valuation and Trend**: The futures prices of raw materials fluctuate, and steel prices are likely to remain weak. In the short - term, steel and minerals may fluctuate or rebound, and in the medium - to - long - term, a bearish view on rallies is maintained [12]. - **Spot Market**: Steel and iron ore spot prices have increased, and the trading volume of steel is fair, while the trading volume of iron ore has decreased [13]. Coal and Coke - **Current Situation**: Coal mine production has increased slightly but remains at a low level. Coke's fourth - round price increase has been implemented, but profits are still negative. Steel mills' hot metal production has increased slightly, supporting raw - material demand in the short - term [15]. - **Future Outlook**: Coal supply may be restricted in the medium - term, but there may be an increase in the short - term. The potential negative feedback risk still restricts coal and coke prices in the short - term [15]. Ferroalloys - **Market Outlook**: There's a risk of the silicon iron and manganese silicon futures prices rising first and then falling. The manganese silicon futures may be under pressure due to potential inventory accumulation at Tianjin Port [16]. - **Fluctuation Reason**: The silicon iron futures were affected by the lanthanum market, and the overall black market sentiment was high [16]. Soda Ash and Glass - **Fluctuation Reason**: The soda ash and glass industry chain is fluctuating, and glass is relatively weak [17]. - **Viewpoint**: Currently, it's advisable to take a wait - and - see approach. For soda ash, inventory has decreased, and production has slightly declined. For glass, the strong sales situation has not continued, and there's a high inventory of mid - stream futures [17]. Non - ferrous Metals and New Materials - **Zinc**: As of November 17, domestic zinc inventories have decreased. Zinc prices are in a downward - fluctuating trend with potential for rebounds. It's recommended to hold short positions at high levels [19]. - **Lithium Carbonate**: In November, demand has increased slightly, and inventory has decreased by about 1.5 million tons. There's an opportunity to buy on dips [20][21]. - **Industrial Silicon**: The supply - demand contradiction is not prominent. It can be bought on dips or sell out - of - the - money put options [22]. - **Polysilicon**: The industry still expects "anti - involution" policies. The price will continue to fluctuate [23]. Agricultural Products - **Cotton**: Supply pressure is high, demand is weak, and the price is expected to fluctuate at a low level. The US and global cotton production and inventory have increased, while Brazilian cotton may have a slight reduction in production [25]. - **Sugar**: The global sugar supply is expected to be in surplus. Domestic sugar prices are affected by production increases and low import costs. It's advisable to wait and see before a large amount of new sugar enters the market [26][27]. - **Eggs**: Spot prices are weak, and futures prices may fluctuate. The in - production laying - hen inventory is high, but it's expected to decline gradually [28][29]. - **Apples**: The price is expected to fluctuate. The acquisition of late - maturing Fuji apples is coming to an end, and the inventory is relatively low [30]. - **Corn**: Spot prices have rebounded, but there's still supply pressure. It's necessary to pay attention to the upper pressure on the futures price [31][32]. - **Jujubes**: The price is in a low - level and stable state, and it's advisable to wait and see [33]. - **Live Pigs**: Supply pressure continues, and demand is average. It's recommended to take a short - selling approach on rallies for near - month contracts [33]. Energy and Chemicals - **Crude Oil**: Geopolitical influence has weakened, and prices have fallen. The market expects a supply surplus in Q1 next year, and OPEC +'s measures to stabilize prices have limited effects [35]. - **Fuel Oil**: Prices will follow crude oil prices, and the supply - demand structure is loose [37]. - **Polyolefins**: Supply pressure is high, and prices are expected to fluctuate weakly. Although production enterprises are suffering losses, there may be some support [39]. - **Rubber**: The price may fluctuate. Attention should be paid to the strategy of expanding the ru - nr spread [40]. - **Methanol**: The market is highly volatile, and the supply - demand situation is weak. It's recommended to take a weakly - fluctuating approach for near - month contracts and a slightly long - configured approach for far - month contracts after a rebound [41]. - **Caustic Soda**: Spot prices are falling, and futures prices are weak. It's advisable to wait for a long - position opportunity after short - position reduction [43]. - **Asphalt**: The price fluctuation range is expected to increase, and the future focus is on the price bottom after the winter storage game [44]. - **Polyester Industry Chain**: The upstream supply structure has improved marginally, but downstream demand is weak. The industry chain is expected to fluctuate in the short - term [45]. - **Liquefied Petroleum Gas**: The price has risen, but it's not advisable to chase the rise. Short - selling on rallies can be considered in the medium - to - long - term [46]. - **Pulp**: The price will maintain a wide - range fluctuation. Attention should be paid to the digestion of old warehouse receipts and spot trading [47]. - **Logs**: The price is expected to be under pressure. The supply pressure has slightly decreased, and the inventory is expected to accumulate [48]. - **Urea**: Spot and futures prices are expected to strengthen [49][50]. - **Synthetic Rubber**: The price will maintain a bottom - range fluctuation in the short - term. It's advisable to be cautious when going long and consider selling call options after a rebound [51].

Group 1: Industry Developments - The silicone industry is set to hold a meeting on November 18 to potentially determine production reduction targets, with many manufacturers currently in a state of suspended reporting and pricing [1] - The semiconductor industry is experiencing a supply shortage, particularly in storage components like NOR/NAND Flash and MCUs, leading to expectations of sustained high prices [5] - The film industry in China has decided to postpone the release of several Japanese films, including "Crayon Shin-chan: The Hot Spring Dance of the Spring Department" and "Cells at Work," due to market performance and audience sentiment evaluations [3] Group 2: Financial Performance - From January to October, China's general public budget revenue reached 186.49 billion yuan, a year-on-year increase of 0.8%, with tax revenue at 153.36 billion yuan, up 1.7% [4] - Xiaopeng Motors reported third-quarter revenue of 20.38 billion yuan, a 102% year-on-year increase, with a net loss of 3.8 billion yuan [18] Group 3: Corporate Actions - Semiconductor company Lianmicro announced plans to invest 2.262 billion yuan in a project to produce 1.8 million pieces of 12-inch heavily doped substrate wafers [10] - The company Shengke Communication's second-largest shareholder, the Big Fund, has completed a share reduction plan, selling 10.1891 million shares [11] - Pingtan Development's stock has surged 255% since October 17, leading to a suspension for review due to significant deviation from the company's fundamentals [7] Group 4: Market Trends - The U.S. stock market saw declines across major indices, with the Dow Jones down 1.18%, S&P 500 down 0.92%, and Nasdaq down 0.84%, while large tech stocks mostly fell [19] - The cryptocurrency market continues to experience a sell-off, with small-cap tokens dropping to their lowest levels since the pandemic, indicating a sharp decline in speculative sentiment [25]

盘前要闻 1、市场期待拉满!有机硅行业将召开实控人会议，商定反内卷减产目标 情绪影响：正面 类型：行业 情绪影响：正面 11月18日，多家有机硅公司实控人将齐聚上海讨论"反内卷"，此前一周，行业公司已就减产目标和时间 等细节达成初步共识，业内预计相关细节有望在本次实控人大会上最终确定。产业链人士表示，考虑到 目前正值行业淡季，此次行业减产挺价效果如何仍有待进一步观察。 2、累计暴涨超200%!福建概念两只大牛股因股票交易异常波动停牌核查 类型：公司 情绪影响：负面 海峡创新发布公告称，公司股票自10月27日至11月17日价格涨幅为185.89%，严重背离公司基本面，公 司将就股票交易波动情况进行核查。平潭发展也公告称，股价涨幅严重背离公司基本面，公司股票自11 月18日开市起停牌，该股走出"21天13板"行情，股价累计涨幅255.19%。 3、外资又来唱多!大摩展望2026年：中国股市有望进一步上涨 类型：市场 摩根士丹利最新预测，中国股市2026年有望进一步上涨，延续今年的强劲涨势。摩根士丹利表示，其对 2026年恒生指数的目标为27500点，对2026年沪深300指数的年终目标为4840点，分别较当前水平 ...

Group 1 - The core viewpoint of the news highlights significant fluctuations in various commodities, with lithium carbonate experiencing a strong price surge, while other commodities like gold and copper face notable capital outflows [5][4][17] - Lithium carbonate's main contract hit a limit-up, increasing by 9% to 95,200 yuan/ton, marking a new high since July 2024, driven by strong market sentiment and ongoing inventory depletion [5][12] - The market is witnessing a mixed performance, with some commodities like caustic soda and crude oil showing increased positions, indicating new capital inflow and heightened trading activity [3][4] Group 2 - The palm oil export volume from Malaysia for the first half of November decreased by 10% compared to the previous month, indicating a potential supply constraint in the market [6] - The organic silicon industry is set to hold a meeting on November 18 to discuss production cuts, which could impact supply dynamics in the sector [7] - A coal mine in the Lüliang Zhongyang area resumed production on November 16 after a 63-day shutdown, with an annual capacity of 1.2 million tons, which may affect coal supply in the region [8] Group 3 - The market for precious metals, particularly gold and silver, is under pressure due to hawkish comments from Federal Reserve officials, leading to a decline in prices as market expectations for a December rate cut are adjusted [17][18] - The domestic gold jewelry market is experiencing price increases, but this may suppress demand in the short term as consumers adjust to the new pricing [18] - The shipping index for the European route saw a significant increase, but expectations for price hikes during the year-end peak season are tempered by supply concerns [14][15]

Market Overview - The decline in the stock markets is attributed to multiple negative factors over the weekend, with Hong Kong stocks dropping by 0.71% [1] - The most significant influence on the stock market is the deteriorating Sino-Japanese relations, particularly comments from Japan's Prime Minister suggesting potential military involvement in Taiwan, prompting strong responses from China [1] - The Chinese government has advised citizens to avoid traveling to Japan, indicating potential impacts on Japanese tourism and consumer stocks [1] Economic and Investment Insights - There is considerable uncertainty in the current market, leading to a risk-averse approach from investors; traditionally, gold prices rise during tensions, but they have fallen this time due to expectations of no hot war [2] - The People's Bank of China conducted an 800 billion yuan reverse repurchase operation to inject medium-term liquidity, with market focus shifting to the upcoming LPR announcement on November 20 [3] - Predictions for lithium prices suggest a potential surge due to structural changes in demand, particularly from the energy storage sector, with a forecasted price increase to 150,000 to 200,000 yuan per ton by 2026 [3] Company Developments - CATL's stock fell nearly 3% following news of a major shareholder's plan to reduce holdings by 1%, valued at approximately 18.4 billion yuan [4] - The organic silicon industry is facing significant price declines, with a potential meeting to set production reduction targets that could benefit leading companies like Dongyue Group [4] - Huawei is set to release a breakthrough AI technology on November 21, which could significantly enhance the efficiency of computing resources, benefiting companies collaborating with Huawei [6] Airline Industry Performance - China Eastern Airlines reported a turnaround in Q3, achieving a net profit of 2.103 billion yuan compared to a loss in the previous year, with a 3.73% increase in revenue [7] - The airline has expanded its international routes, including a new long-haul route that will set a record for the longest single journey, enhancing its competitive edge [8] - The overall airline industry is experiencing a recovery, with rising passenger traffic and improved load factors, supported by decreasing oil prices [8]

Core Insights - The company, Runhe Materials, achieved a score of 72 in the 2025 EcoVadis corporate social responsibility assessment, earning a silver medal and surpassing 87% of global participants in sustainability performance [1][2] - EcoVadis is recognized as a global standard for corporate sustainability assessments, evaluating companies across four key dimensions: environment, labor and human rights, business ethics, and sustainable procurement [1] - The silver certification reflects the company's long-term commitment to integrating sustainability into every aspect of its operations [1][2] Environmental Initiatives - The company focuses on green manufacturing, implementing carbon reduction, circular economy practices, and clean production to drive low-carbon development [2] - Runhe Materials is customizing a three-in-one immersion solution for the electronic/new energy sector to align with the green low-carbon transformation trend [2] Labor and Human Rights - The company adheres to a people-oriented philosophy, ensuring employee rights and fostering a diverse and equitable workplace environment [2] Business Ethics - Runhe Materials emphasizes integrity in business operations, establishing a robust anti-corruption and information security system to build trust [2] Sustainable Procurement - The company extends its responsibility throughout the value chain by implementing strict selection and management processes to enhance the sustainability of supply chain partners [2] Market Position and Growth - Runhe Materials has a strong reputation in the industry, recognized with various trademarks and experiencing continuous sales growth and an expanding customer base globally [3] - The company aims to further its sustainable development goals, collaborating with partners to contribute to the industry's and society's sustainability [3]

Market Overview - The A-share market experienced fluctuations with the Shanghai Composite Index closing down 0.46% at 3972.03, the Shenzhen Component Index down 0.11% at 13202.00, and the ChiNext Index down 0.20% at 3105.20 [2][3] - The energy metal sector saw a significant increase, rising by 5.26% [3][4] Energy Metals Sector - The energy metal sector led the market with a 5.26% increase, with key stocks such as Shengxin Lithium Energy and Rongjie Co. hitting the daily limit [3][4] - Major players like Tianqi Lithium and Ganfeng Lithium also experienced substantial gains, with Tianqi Lithium up 9.87% and Ganfeng Lithium up 7.48% [4] Lithium Battery Materials - Lithium battery material stocks surged, with companies like Rongbai Technology and Tianhua New Energy reaching their daily limit [4][5] - Fengyuan Co. has seen a continuous rise, achieving a "three consecutive boards" status [5] Market Sentiment and Strategy - According to CITIC Securities, there is active capital in thematic investments and growth sectors, suggesting a continued state of market rotation [2] - Recommended sectors for mid-term allocation include dividends, new chemical materials, lithium materials, steel, agriculture, and AI [2] Lithium Carbonate Market - The futures market for lithium carbonate saw a significant increase, with the main contract rising to over 95,200 yuan per ton, marking a 9% increase [6] - The supply side of lithium ore faces bottlenecks, while strong terminal demand and inventory depletion contribute to a positive outlook for the lithium market [7] Organic Silicon Sector - The organic silicon sector experienced a rally, with stocks like Dongyue Silicon Material rising nearly 10% [8] - The operating rate for organic silicon in October was reported at 70.08%, with stable inventory levels despite new capacity [9]

Group 1 - The organic silicon sector in A-shares experienced a significant increase, with the sector index rising nearly 3% as of the report time on November 17 [1] - The organic silicon index closed at 4639.55, up from the previous close of 4505.63, with a trading volume of 6.4 billion and a total transaction amount of 12.5 billion [2] - Key companies in the sector saw substantial gains, including Morning Light New Materials reaching a limit up, Dongyue Silicon Materials increasing over 11%, and other companies like Silicon Treasure Technology and He Sheng Silicon Industry also showing positive trends [3][4] Group 2 - A meeting for the actual controllers of the organic silicon industry is scheduled for November 18, which may establish production reduction targets [5] - Currently, most organic silicon manufacturers are in a state of suspended reporting and trading [5]