Core Insights - The article highlights the significant achievements of Bazhong City during the "14th Five-Year Plan" period, emphasizing the city's commitment to high-quality development and the implementation of the "One City, Four Districts, Three Areas" development strategy [1][3]. Economic Development - Bazhong's GDP growth rate improved from 15th among 20 revolutionary old districts in 2020 to 2nd in 2024, with the city achieving its best position in nearly a decade [4]. - The local public budget revenue has seen a continuous growth rate for 17 months, while the industrial added value has maintained double-digit growth for 18 months, placing Bazhong in the top tier of provincial rankings [4]. Industrial Development - The city has established a modern industrial system categorized as "5+2+3," focusing on ecological industry and advanced manufacturing [6]. - Key industries include advanced materials, low-altitude economy, and clean energy projects, with significant investments in wind, solar, and hydropower [6]. Urban-Rural Integration - Bazhong has promoted urban-rural integration, enhancing the quality of life in both urban and rural areas, and has seen a 4.34 percentage point increase in urbanization rate since 2020 [8]. - The city has successfully integrated into the "two-hour economic circle" of Chengdu and Chongqing, improving transportation links significantly [8]. Reform and Innovation - The city has implemented measures to create a business-friendly environment, including the introduction of local regulations to optimize services for enterprises [9][10]. - Bazhong has initiated a systematic assessment of various resources to enhance their value and promote economic development [10]. Environmental Sustainability - Bazhong has made strides in ecological development, becoming the first prefecture-level city in Sichuan to establish a national ecological civilization demonstration zone [12]. - The city has developed a GEP accounting system, achieving an ecological system production value of 2,586.36 billion yuan in 2023 [12]. Social Welfare - The city has focused on improving the quality of life for its residents, allocating over 70% of new financial resources to social welfare projects [13]. - Initiatives in education and healthcare have been prioritized, including the establishment of a cloud-based education platform and improved access to medical services [13][14].

Report Summary 1) Report Industry Investment Ratings - The report does not explicitly provide overall industry investment ratings. However, it gives outlooks for various commodities, including "看多" (bullish) for copper, nickel, stainless steel, and soybeans, and "震荡" (sideways) for most other commodities such as aluminum, zinc, gold, silver, etc. [1] 2) Core Views - The A-share market is currently in a relatively vacuous macro environment, lacking a clear upward trend. It is in a sideways movement, accumulating momentum for the next upward move. With policy support and ample macro - liquidity, the stock index has strong downside support. [1] - The bond futures are favored by the asset shortage and weak economy, but the central bank's short - term interest rate risk warning restricts the upside. [1] - For commodities, different factors affect their prices. For example, high copper prices suppress downstream demand, but the increasing acceptance of copper prices by downstream and improved macro sentiment may lead to a stronger copper price. [1] 3) Summary by Commodity Categories Macro - Financial - The A - share market is in a sideways trend, accumulating energy for an upward move. With policy and liquidity support, the downside of the stock index is limited. Asset shortage and weak economy are favorable for bond futures, but short - term interest rate risk warnings restrict the upside. [1] Non - Ferrous Metals - **Copper**: High copper prices suppress downstream demand, but the increasing acceptance of copper prices by downstream and improved macro sentiment may lead to a stronger copper price. [1] - **Aluminum**: Limited industrial drivers recently, but improved macro sentiment leads to a stronger aluminum price. [1] - **Alumina**: With production still having a small profit, domestic alumina production capacity is continuously released, resulting in a double - increase in production and inventory, and a weak fundamental pattern. [1] - **Zinc**: There is still a risk of a squeeze in LME zinc, and the zinc price is expected to remain high. However, due to the domestic supply surplus, caution is needed when chasing high prices. [1] - **Nickel**: The US Senate's progress on ending the government shutdown causes fluctuations in market risk appetite. Indonesia restricts nickel - related smelting project approvals. The nickel price may fluctuate in the short term, and high inventory pressure should be watched out for. [1] - **Stainless Steel**: The price of raw material ferronickel weakens, and the social inventory of stainless steel decreases slightly. Steel mills' production in November decreases. The stainless steel futures are looking for a bottom in a sideways movement. [1] - **Tin**: The raw material end has not recovered, and the new demand is expected to be good. It is recommended to pay attention to buying opportunities on dips in the medium - to - long term. [1] Precious Metals and New Energy - **Gold**: Supported by the dual - liquidity easing expectations of the US fiscal and monetary policies, but there are still differences within the Fed regarding a December interest rate cut. The gold price may fluctuate in a high - level range. [1] - **Silver**: Boosted by liquidity, the silver price may be stronger in the short term. [1] - **Industrial Silicon**: Northwest production capacity is recovering, and the impact of the dry season is weakening. Polysilicon production in November is decreasing. [1] - **Polysilicon**: There is an expectation of production capacity reduction in the long term, and the terminal installation in the fourth quarter is increasing marginally. [1] - **Lithium Carbonate**: The traditional peak season for new energy vehicles is approaching, and the energy storage demand is strong, but there is high hedging pressure. [1] Steel and Iron - **Rebar**: There are concerns about potential weakening of industrial demand in the off - season. After the macro sentiment is realized, attention should be paid to the upward pressure on prices. [1] - **Hot Rolled Coil**: The off - season effect is not obvious, but the industrial structure is still loose. Attention should be paid to the upward pressure on prices after the macro sentiment is realized. [1] - **Iron Ore**: The near - month contract is restricted by production cuts, but the far - month contract still has upward potential due to good commodity sentiment. [1] - **Coking Coal and Coke**: Coking coal is struggling at the previous high. Coke's price includes the expectation of five rounds of price increases, but the steel - coking game is intense. It is recommended to wait and see in the short term and go long at low levels in the medium - to - long term. [1] Agricultural Products - **Palm Oil**: A 4% production cut in Malaysia in early November fails to drive inventory reduction, and the domestic supply in the fourth quarter is relatively loose. [1] - **Soybean Oil**: China's commitment to purchase US soybeans has no substantial impact on soybean oil, and the domestic inventory is decreasing. It is recommended to be long in arbitrage. [1] - **Cotton**: The new domestic cotton harvest is expected to be good, and the purchase price supports the cost of lint. The downstream demand is weak, but there is rigid restocking demand. The cotton market is currently in a situation of "having support but no driver". [1] - **Sugar**: The global sugar supply changes from shortage to surplus, and the domestic new - crop supply pressure increases year - on - year. The Zhengzhou sugar price is expected to follow the decline of the raw sugar price. [1] - **Corn**: The short - term market has a strong willingness to purchase high - quality corn, and the spot price is firm. The upward movement of the futures price lacks strong drivers before the supply pressure is fully released. [1] - **Soybeans**: The domestic soybean purchase and crushing profit is poor, and the purchase progress for the 12 - 1 ship is slow. The domestic futures are expected to follow the US market and move sideways and strongly before the USDA report. [1] Energy and Chemicals - **Crude Oil**: OPEC+ plans to maintain a small increase in production in December. The short - term geopolitical situation cools down, and the market sentiment eases. [1] - **Fuel Oil**: Similar to crude oil, affected by OPEC+ production plans, geopolitical situation, and market sentiment. [1] - **Asphalt**: The raw material cost has strong support, the futures - spot price difference is low, and the commodity market sentiment is positive. [1] - **Natural Rubber**: The cost of butadiene provides insufficient support, the synthetic rubber supply is loose, and the price has stopped falling recently. [1] - **PTA**: Gasoline profit and low benzene price support PX. Overseas and domestic device problems lead to a decline in PTA production. [1] - **Ethylene Glycol**: The ethylene glycol price follows the decline of the crude oil price, and the coal - based cost support strengthens slightly. [1] - **Short Fiber**: The short - fiber price closely follows the cost due to the support of PX and the strengthening of the basis. [1] - **Benzene and Styrene**: The Asian benzene price is weak, the US benzene price rises, and the number of styrene overhauls increases. [1] - **Urea**: The export sentiment eases, the domestic demand is insufficient, but there is support from anti -内卷 policies and the cost end. [1] - **PP**: New production capacity is released, the overhaul intensity weakens, and the downstream improvement is less than expected. [1] - **PVC**: The market returns to fundamentals, the number of overhauls increases slightly, but demand weakens. [1] - **Caustic Soda**: Guangxi alumina starts delivery, the subsequent overhaul concentration decreases, the caustic soda inventory decreases, and there is a risk of a squeeze in the near - month contract. [1] - **LPG**: The international oil and gas fundamentals are loose, the CP/FEI price weakens, and the domestic LPG fundamentals are stable. [1] Shipping - **Container Shipping to Europe**: The macro - positive sentiment is gradually digested, the peak - season price increase expectation is priced in advance, and the shipping capacity supply in November is relatively loose. [1]

1. Report Industry Investment Rating - Not provided 2. Core View of the Report - The crude oil 2601 contract is expected to run weakly in the short - term and fluctuate in the medium - term. It is likely to maintain a weak trend on Thursday, November 14, 2025 [1][5]. 3. Summary by Related Catalogs 3.1 Price Performance - On the night of Wednesday, November 13, 2025, domestic and international crude oil futures prices dropped significantly. The domestic crude oil futures 2601 contract closed down 3.22% to 453.8 yuan/barrel [5]. 3.2 Core Logic - OPEC's latest quarterly report changed the global oil market in the third quarter from "supply shortage" to "a daily surplus of 500,000 barrels", amplifying the expectation of loose supply [5]. - The US EIA lowered the price forecasts of WTI and Brent crude oil for this year and next year. Although the latest weekly inventory continued to decline, the decline was weaker than expected [5]. - There is a lack of new demand drivers at the macro - level, coupled with a slight strengthening of the US dollar. Speculative funds reduced their positions, and the WTI far - month contract showed a contango structure, increasing short - term selling pressure [5].

Core Insights - The Chengdu-Chongqing Economic Circle has achieved significant economic growth, with GDP projected to reach 8.7 trillion yuan in 2024, marking a substantial increase and accounting for 6.5% of the national GDP and 30.3% of the western region's GDP [1][2] Economic Development - The Chengdu-Chongqing Economic Circle has crossed two "trillion yuan" thresholds in GDP since its establishment in 2020, indicating robust economic progress [2] - The region's development is increasingly vital for high-quality growth in both the western region and the nation as a whole [1][2] Modernization and Growth Dynamics - The modernization level of the Chengdu-Chongqing Economic Circle is improving, but the growth rate is slowing down, particularly since 2022, transitioning from rapid expansion driven by policies and investments to a phase focused on structural optimization and endogenous growth [2][3] - The internal spatial structure of the economic circle is stabilizing into a "spindle-shaped" configuration, with new growth poles emerging, such as Mianyang, while absolute disparities between regions are widening [2] Innovation and Industrial Development - Innovation is identified as a critical driver for future high-quality development, with a focus on establishing a nationally influential technology innovation center [4] - The region's higher education institutions have strong complementary capabilities, but there is an imbalance in discipline development and a need for more advanced scientific infrastructure [4][5] - Strategic emerging industries and green transformation are essential for enhancing development quality and efficiency, leveraging the region's rich ecological resources and solid industrial foundation [5] Urbanization and Integration - There is significant potential for economic growth in the western region through urbanization, emphasizing the need to enhance the comprehensive carrying capacity of urban clusters and improve urbanization levels [6]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The report analyzes multiple aspects including macro - data, commodity investment, financial news, and stock market trends, and presents various viewpoints and expectations for different industries. For example, in 2026, fiscal policy is expected to continue a moderately expansionary trend, and monetary policy will maintain a moderately loose tone [32]. - The Chinese economy is expected to have new momentum and new forces emerging in 2026, and it is recommended to invest in Chinese A - share assets [35]. Summary by Related Catalogs 1. Macro Data - GDP in Q3 2025 had a year - on - year growth of 4.8% at constant prices, down from 5.2% in the previous quarter [1]. - In October 2025, the manufacturing PMI was 49.0%, down from 49.8% in the previous month; the non - manufacturing PMI for business activities was 50.1%, up slightly from 50.0% in the previous month [1]. - In September 2025, M1 year - on - year growth was 7.2%, up from 6.0% in the previous month; M2 year - on - year growth was 8.4%, down from 8.8% in the previous month [1]. - In October 2025, CPI year - on - year was 0.2%, up from - 0.3% in the previous month; PPI year - on - year was - 2.1%, up from - 2.3% in the previous month [1]. 2. Commodity Investment 2.1 Comprehensive - The central bank will implement a moderately loose monetary policy, and 500 billion yuan of new policy - based financial instrument funds have been fully disbursed by October 29, 2025 [2]. - As of November 11, 2025, 39 domestic commodity varieties had positive basis, and 29 had negative basis [3]. - The US will suspend the implementation of export control penetration rules from November 10, 2025, to November 9, 2026 [3]. 2.2 Metals - From November 15, 2025, the minimum fixed - amount investment for accumulated gold in CITIC Bank will be adjusted from 1000 yuan to 1500 yuan, and the daily accumulation starting amount for gold in China Construction Bank will be raised from 1000 yuan to 1200 yuan [5]. - International precious metal futures generally rose. Deutsche Bank predicts future prices for silver, platinum, palladium, gold, copper, aluminum, and zinc [5]. 2.3 Coal, Coke, Steel, and Minerals - The National Development and Reform Commission will ensure energy supply, and on November 11, 2025, the Simandou Iron Ore Project in Guinea was put into production [8]. 2.4 Energy and Chemicals - The US's new sanctions on Russian crude oil and the expected end of the US government shutdown boosted the price of Brent crude oil [9]. - Indonesia plans to increase the biodiesel blending ratio to B50 next year, which may affect palm oil exports and prices [9]. 2.5 Agricultural Products - On November 10, 2025, the price of white - striped pigs in Beijing Xinfadi Market decreased compared to the average price on October 31 [12]. - Germany's oilseed industry association UFOP estimates the winter rapeseed planting area in 2026 [12]. - Brazil's November 2025 exports of soybeans, corn, and soybean meal are expected to increase [12]. 3. Financial News 3.1 Open Market - On November 11, 2025, the central bank conducted 403.8 billion yuan of 7 - day reverse repurchase operations, with a net investment of 286.3 billion yuan [14]. 3.2 Key News - The central bank will implement a moderately loose monetary policy, deepen financial reform, and expand high - level opening - up [15]. - The Chinese government encourages the development of the bond market's "technology board" and promotes the internationalization of the RMB [17]. - The US Senate voted to end the government shutdown, and the House of Representatives will vote on the temporary appropriation bill [23]. 3.3 Bond Market Summary - The Chinese bond market generally continued to be warm, with most interest - rate bond yields falling [25]. - The CSI Convertible Bond Index closed down 0.16% [26]. 3.4 Foreign Exchange Market - The on - shore RMB against the US dollar closed down 32 basis points at 7.1207 on November 11, 2025 [30]. 3.5 Research Report Highlights - CITIC Securities predicts that in 2026, fiscal policy will continue to be moderately expansionary, and monetary policy will be moderately loose [32]. - It is expected that the 10 - year Treasury bond yield in 2026 will fluctuate in the range of 1.6% - 1.9% [33]. 4. Stock Market - A - shares were weakly sorted, with the Shanghai Composite Index down 0.39%, the Shenzhen Component Index down 1.03%, and the ChiNext Index down 1.4% [37]. - The Hong Kong Hang Seng Index rose 0.18%, and south - bound funds had a net inflow of HK$44.67 billion on November 11, 2025 [38]. - Since October, margin trading funds have continuously flowed into the power equipment, electronics, and non - ferrous metals industries [38]. - As of November 11, 2025, 87 new stocks have been listed in the Hong Kong stock market this year, with a total IPO fundraising of over HK$240 billion [39].

Report Industry Investment Ratings No information provided in the given content. Core Views of the Report - A-shares showed a shrinking volume and oscillating trend, with sector rotation continuing. The pro-cyclical sectors rotated upwards, while the TMT sector collectively corrected. The four major stock index futures contracts all declined, and the basis discounts of the main contracts widened [2][3]. - The pressure on funds has marginally eased, and the bond futures market showed an oscillating trend. The central bank will implement a moderately loose monetary policy, and the market liquidity is expected to return to a stable state [5][6]. - The deterioration of US employment data has boosted the expectation of interest rate cuts, and precious metals fluctuated significantly during the session but still closed higher. In the medium and long term, precious metals are expected to enter a bull market [8][9]. - The container shipping index showed a downward trend in the futures market. The spot market is still cold, and the upward trend of the main contract is difficult to sustain. It is expected to oscillate within a certain range [11][12]. - Various metals in the non-ferrous metal sector showed different trends. For example, copper prices rebounded due to the expected end of the US government shutdown and the release of liquidity risks; aluminum prices will fluctuate between event-driven factors and weak fundamentals in the short term [12][21]. - In the black metal sector, the inventories of iron and carbon elements are differentiated. The long coal and short hot-rolled coil strategy can continue to be held. The prices of iron ore, coking coal, and coke all showed a downward trend [46][54][57]. - In the agricultural product sector, the export of US soybeans is still uncertain, and attention should be paid to the USDA report on Friday [61]. Summaries According to the Directory Financial Derivatives - Financial Futures Stock Index Futures - **Market Conditions**: On Tuesday, A-shares opened higher in the morning and then oscillated weakly during the day. The Shanghai Composite Index fell 0.39%, and the Shenzhen Component Index and the ChiNext Index also declined. The pro-cyclical sectors rotated upwards, while the TMT sector collectively corrected. The four major stock index futures contracts all declined, and the basis discounts of the main contracts widened [2][3]. - **Operation Suggestions**: It is recommended to mainly observe. If there is a significant decline in a single day, a bull spread of put options can be arranged [4]. Bond Futures - **Market Performance**: Most bond futures contracts closed flat, and the yields of most major interest rate bonds in the inter-bank market declined. - **Funding Situation**: The central bank conducted a 7-day reverse repurchase operation of 403.8 billion yuan, with a net investment of 286.3 billion yuan. The market liquidity is expected to return to a stable state [5][6]. - **Operation Suggestions**: It is recommended to go long on dips in a single - sided strategy. For the spot - futures strategy, attention can be paid to the positive arbitrage strategy opportunities [7]. Financial Derivatives - Precious Metals - **Market Review**: The US government's "re - opening" process is progressing steadily, and the recent US employment situation has continued to deteriorate, which has supported the expectation of a Fed interest rate cut in December. Precious metals fluctuated significantly during the session but still closed higher. The international gold price closed at $4,125.67 per ounce, up 0.24%, and the international silver price closed at $51.187 per ounce, up 1.37% [8][9]. - **Future Outlook**: The US economy and employment market are still affected by the government "shutdown" and trade frictions. The probability of a Fed interest rate cut in December is increasing. Precious metals are expected to enter a bull market in the medium and long term. It is recommended to hold long positions [9][10]. Financial Derivatives - Container Shipping Index (European Line) - **Spot Quotations**: As of November 4, the freight quotations for Shanghai - European basic ports showed different ranges. As of November 10, the SCFIS European line index rose 24.5% month - on - month, and the US West route index rose 4.94% month - on - month [11]. - **Fundamentals**: As of November 10, the global container total capacity increased by 7.34% year - on - year. The eurozone's October composite PMI was 52.2, and the US October manufacturing PMI was 48.7 [11]. - **Operation Suggestions**: It is expected to oscillate within the range of 1,750 - 1,950 points. It is recommended to go long on dips for the December contract [12]. Commodity Futures - Non - Ferrous Metals Copper - **Spot**: As of November 11, the average price of SMM electrolytic copper increased compared with the previous working day, and the market procurement sentiment improved [12]. - **Macro**: The expected end of the US government shutdown is expected to release liquidity, which is beneficial to copper prices [12]. - **Supply**: The spot TC of copper concentrate is at a low level. In October, the output of SMM Chinese electrolytic copper decreased month - on - month, mainly due to the maintenance of 8 smelters. It is expected that the output in November will decrease slightly [13][14]. - **Demand**: The weekly operating rates of electrolytic copper rods and recycled copper rods increased. The downstream demand for copper has strong resilience, and there are still many purchase orders after the price decline [14]. - **Operation Suggestions**: The main contract is expected to oscillate within the range of 85,500 - 87,500 yuan/ton [16]. Aluminum Oxide - **Spot**: On November 11, the average price of SMM Shandong aluminum oxide increased, while the prices in other regions were flat. The short - term supply pattern is gradually loosening, and the spot price is loose [16]. - **Supply**: In October, the output of Chinese metallurgical - grade aluminum oxide increased year - on - year and month - on - month. It is expected that the supply surplus pattern will continue in November, and high - cost enterprises may reduce production [17]. - **Operation Suggestions**: The main contract is expected to oscillate weakly within the range of 2,750 - 2,900 yuan/ton [18]. Aluminum - **Spot**: On November 11, the average price of SMM A00 aluminum increased, and the market shipment was active at high prices, but the actual transaction was less [19]. - **Supply**: In October, the domestic electrolytic aluminum output increased year - on - year and month - on - month. It is expected that the daily output of aluminum ingots may decline slightly in November due to environmental protection restrictions [19]. - **Operation Suggestions**: The main contract is expected to oscillate within the range of 21,000 - 21,800 yuan/ton. It is recommended to go short on rallies in the short term [21]. Zinc - **Spot**: On November 11, the average price of SMM 0 zinc ingots increased, and the downstream demand was weak, with only a small amount of rigid demand replenishment [24]. - **Supply**: The supply of the zinc industry chain is gradually loosening, and the TC has turned from rising to falling. It is expected that the supply pressure will be limited in the future [25]. - **Demand**: The operating rates of the three primary processing industries of zinc showed a weak trend, and the overall demand did not exceed expectations. The export window of refined zinc is open, which may boost domestic zinc prices [26]. - **Operation Suggestions**: The main contract is expected to oscillate within the range of 22,300 - 23,000 yuan/ton [27]. Tin - **Spot**: On November 11, the price of SMM 1 tin increased, and the market trading was relatively cold [28]. - **Supply**: The supply of tin ore is still tight, and the processing fee of smelters remains at a low level. It is expected that the improvement of tin ore supply this year is limited [31]. - **Demand**: The demand is still weak, and the order volume of the solder industry has decreased significantly. Although some tin consumption has been driven by AI and the photovoltaic industry, it is difficult to make up for the decline in traditional consumption [31]. - **Operation Suggestions**: Hold long positions and pay attention to the supply recovery in Myanmar in the fourth quarter [31]. Nickel - **Spot**: As of November 11, the average price of SMM1 electrolytic nickel increased slightly [31]. - **Supply**: The production of refined nickel is still at a high level, but it is expected to decrease month - on - month [32]. - **Demand**: The overall demand for electroplating and alloys is relatively stable, while the demand for stainless steel is general. The demand for ternary materials has improved in the short term, but there is new production capacity in the medium term [32]. - **Operation Suggestions**: The main contract is expected to oscillate within the range of 118,000 - 124,000 yuan/ton. Pay attention to macro - expectations and Indonesian industrial policies [33]. Stainless Steel - **Spot**: As of November 11, the prices of Wuxi Hongwang 304 cold - rolled steel decreased, and the raw material cost support declined [35]. - **Supply**: In October, the domestic stainless steel production increased month - on - month. It is expected that the production will decrease in November. The production of the 300 - series still remains at a high level [36]. - **Operation Suggestions**: The main contract is expected to oscillate weakly within the range of 12,400 - 12,800 yuan/ton. Pay attention to macro - expectations and steel mill supply [37]. Lithium Carbonate - **Spot**: As of November 11, the prices of battery - grade and industrial - grade lithium carbonate increased, and the spot trading was still light [38]. - **Supply**: In October, the output of lithium carbonate increased year - on - year and month - on - month. The production last week increased slightly, mainly driven by lithium spodumene and mica [39]. - **Demand**: The demand is generally optimistic, and the production schedules of iron - lithium and ternary materials are expected to increase month - on - month [39]. - **Operation Suggestions**: Pay attention to the performance near the previous high pressure level. The short - term view is wide - range oscillating adjustment [41]. Polysilicon - **Spot Price**: On November 12, the prices of polysilicon remained unchanged. The demand is expected to decline, and the silicon wafer price has decreased [42]. - **Supply**: In November, the production of polysilicon is expected to decline to about 120,000 tons [42]. - **Demand**: The demand at all levels is expected to decline, and there is still an expectation of inventory accumulation [43]. - **Operation Suggestions**: It is expected to oscillate at a high level. Pay attention to the support of the spot price and the digestion of warehouse receipts [44]. Industrial Silicon - **Spot Price**: On November 12, the prices of industrial silicon in various regions remained unchanged [46]. - **Supply**: In October, the production of industrial silicon increased, and it is expected to decline to about 400,000 tons in November [46]. - **Demand**: The demand is expected to decline slightly, mainly due to the decrease in polysilicon production [46]. - **Operation Suggestions**: It is expected to oscillate at a low level within the range of 8,500 - 9,500 yuan/ton. Pay attention to the digestion of warehouse receipts after the centralized cancellation of the November contract [47]. Commodity Futures - Black Metals Steel - **Spot**: The spot prices of steel remained stable, and the basis weakened [47]. - **Cost and Profit**: The cost of iron elements has weak support, while the cost of carbon elements has support. The current profit ranking is billet > hot - rolled coil > rebar > cold - rolled coil [48]. - **Supply**: The production of iron elements increased year - on - year from January to September. Recently, the molten iron output has declined, and the production of five major steel products has also decreased [48]. - **Demand**: The domestic demand expectation is still weak, while the export remains at a high level. The current apparent demand has declined [48]. - **Operation Suggestions**: Hold the long coal and short hot - rolled coil strategy. Observe unilaterally and pay attention to the support levels of rebar and hot - rolled coil [50]. Iron Ore - **Spot**: As of November 11, the price of mainstream iron ore powder remained stable [51]. - **Futures**: The iron ore futures prices declined, and the 1 - 5 spread strengthened [52]. - **Demand**: The daily molten iron output decreased, and the demand for iron ore decreased [53]. - **Supply**: The global shipment and arrival volume of iron ore decreased last week [53]. - **Operation Suggestions**: Observe unilaterally. Arrange the long coking coal and short iron ore strategy [54]. Coking Coal - **Futures and Spot**: The coking coal futures prices declined, while the domestic coking coal spot market continued to be strong, and the Mongolian coal price followed the futures to decline [55]. - **Supply**: The production capacity utilization rate of sample coal mines decreased, and the production of raw coal and clean coal decreased [55][56]. - **Demand**: The iron water output declined significantly, and the coking plant's start - up decreased slightly. The steel mill's replenishment demand weakened [56]. - **Operation Suggestions**: Consider the coking coal 1 - 5 positive arbitrage strategy. The single - sided view is oscillating, with the range of 1,170 - 1,290 yuan/ton [57]. Coke - **Futures and Spot**: The coke futures prices declined, and the mainstream coke enterprises initiated the fourth round of price increases, but it has not been implemented yet [58][60]. - **Supply**: The production of coke decreased, and the coking plant's start - up decreased [58]. - **Demand**: The iron water output declined significantly, and the steel mill's profit decreased, which suppressed the price increase of coke [59]. - **Operation Suggestions**: Consider the coke 1 - 5 positive arbitrage strategy. The single - sided view is oscillating, with the range of 1,650 - 1,780 yuan/ton [60]. Commodity Futures - Agricultural Products Meal - **Spot Market**: On November 11, the domestic soybean meal spot prices showed mixed trends, and the rapeseed meal prices decreased by 0 - 20 yuan/ton [61]. - **Fundamental News**: The US soybean export inspection volume last week was 1,088,577 tons, and the soybean harvest rate was 96% [61]. - **Operation Suggestions**: Pay attention to the USDA report on Friday as the US soybean export is still uncertain [61].

Financial Futures Core View - The US Senate passed a temporary appropriation bill, providing funds for the federal government until January 30, 2026, easing the government shutdown deadlock. If the US government resumes normal operations as expected and the core economic data is weak, the support for the US dollar may weaken, and the USD/CNY spot exchange rate is expected to fluctuate between 7.09 - 7.14 this week [3]. - China's import and export data in October declined, but there's no need to worry excessively as it was affected by short - term factors. The export growth rate in the fourth quarter may decline, but the annual foreign trade is expected to end smoothly [3]. - The bond market is in a short - term shock situation, and it is recommended to hold medium - term long positions [4]. Market Conditions - The on - shore RMB against the US dollar closed at 7.1207 at 16:30, down 32 basis points from the previous trading day, and closed at 7.1178 at night. The central parity rate of the RMB against the US dollar was reported at 7.0866, down 10 basis points from the previous trading day [2]. - On Tuesday, the bond futures opened higher,冲高 in the morning, then fell back, and maintained a narrow - range shock in the afternoon. The DR001 rose to 1.51% [4]. Commodities Precious Metals - Gold and silver are running at a high level in the short term. The COMEX gold 2512 contract closed at $4133.2/ounce, up 0.27%; the SHFE gold 2512 contract closed at 948.88 yuan/gram, up 2.67%. The market is concerned about the release of US data [5]. - The probability of the Fed cutting interest rates in December is rising. The SPDR Gold ETF holdings increased by 4.3 tons to 1046.36 tons [6]. Base Metals - Copper: The US government shutdown is expected to end, and the market believes the probability of a December interest rate cut has increased, boosting copper prices. The Comex copper closed at $5.07/pound, up 0.08% [9]. - Aluminum: Funds are the core factor affecting aluminum prices recently. The supply of domestic electrolytic aluminum is stable, and the demand is weak. Alumina is in an oversupply situation, and it is recommended to short at high prices [10][11]. - Zinc: Zinc prices are in a high - level narrow - range shock. The smelting end is short of ore, and the TC in November has dropped significantly. It is expected to be strong in the short term [12]. - Nickel and stainless steel: The demand is weak in the off - season, and the pressure on the fundamentals and the spot market is prominent. The price of nickel ore may be strong in the short term, and the price of nickel iron has been continuously adjusted [13][14]. - Tin: Bulls entered the market at night, and the Shanghai tin broke through upwards. The supply is weaker than the demand, and it is expected to maintain a high - level shock [15][16]. - Lead: The lead price is in a high - level narrow - range shock. The supply is tight, but the import window is open, and it is expected to gradually return to balance [18][20]. Energy and Chemicals - Crude oil: The crude oil market is in a narrow - range shock. The short - term kinetic energy is weak, and the long - term is still under pressure [26][28]. - LPG: The cost has risen, and the domestic LPG market is in a strong pattern. The supply has decreased slightly, and the demand of the PDH end has increased [28][29]. - PTA - PX: Affected by the "anti - involution" rumor, the PTA price has rebounded from a low level. The PX supply is expected to be high in the fourth quarter, and the PTA is in an oversupply situation [30][33]. - MEG - bottle chips: The ethylene glycol is under pressure. The supply has decreased, and the demand is stable. The long - term is still in a weak situation [33][34]. - PP: The PP market is in a bottom - level shock. The supply pressure is large, and the demand has improved slightly during the "Double 11" period [36][37]. - PE: The PE market is in a low - level shock. The supply pressure is large, and the demand growth space is limited [38][40]. - Pure benzene and styrene: The prices of pure benzene and styrene are still falling. The supply of pure benzene is expected to be high in the fourth quarter, and the demand is weak. The supply of styrene has increased, and the de - stocking pressure is large [41][42]. - Rubber and 20 - number rubber: The rubber price is in a pressure - bearing shock and moving up. The downstream demand has certain support, but the inventory pressure is large [43]. - Urea: The export quota has increased, and the short - term price is supported. The industry is expected to maintain a high daily output level in November [44][45]. - Glass, soda ash, and caustic soda: The soda ash is under pressure due to the weakening demand expectation. The glass is in a low - level game, and the caustic soda production is gradually recovering, with increasing market pressure [46][49]. - Pulp and offset paper: The pulp and offset paper futures prices are in a high - level shock. The supply of pulp is expected to decrease in the short term, and the cost of offset paper is expected to rise [49][50]. - Propylene: The propylene price is in a rebound. The supply is still loose, and the demand is affected by the PP market [50][52]. Agricultural Products - Live pigs: The policy may affect the long - term supply. The short - term is still based on the fundamentals, and the price is expected to be supported during the peak season [53]. - Oilseeds: The market is waiting for the USDA report. The import of soybeans is mainly from Brazil, and the supply of domestic soybean meal is high. The rapeseed meal is in a situation of weak supply and demand [53][54]. - Oils: The price of palm oil is expected to gradually recover. The supply of soybean oil is sufficient, and the supply of rapeseed oil is still a concern [55]. - Soybean No.1: The soybean No.1 is in a high - level consolidation [55]. - Corn and starch: The corn and starch prices are rising. The supply of corn is sufficient, but the selling pressure has been released, and the demand is increasing [55][57]. - Cotton: The cotton price is expected to maintain a shock. The new cotton output is high, and the downstream demand is average [57][58]. - Sugar: The sugar price is waiting for the Brazilian production data. The Brazilian sugar export in October increased, and the production in the second half of October is expected to increase [58][59]. - Eggs: The futures price of eggs is falling, and the market expectation is difficult to be falsified [60].

Group 1 - The core viewpoint of the news highlights the significant trading activity and financial performance of Haineng Technology, with a notable increase in stock price and trading volume on November 11 [1] - On November 11, Haineng Technology's stock rose by 5.62%, with a trading volume of 1.67 billion yuan, and a net financing purchase of 42.30 million yuan [1] - As of November 11, the total margin balance for Haineng Technology reached 495 million yuan, indicating a high level of financing activity compared to the past year [1] Group 2 - As of October 20, the number of shareholders for Haineng Technology increased to 45,800, while the average circulating shares per person decreased to 50,928 shares [2] - For the period from January to September 2025, Haineng Technology reported a revenue of 1.942 billion yuan, representing a year-on-year growth of 5.60%, and a net profit attributable to shareholders of 57.95 million yuan, which is a 109.15% increase year-on-year [2] Group 3 - Haineng Technology has distributed a total of 863 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3] - As of September 30, 2025, Hong Kong Central Clearing Limited was the seventh largest circulating shareholder of Haineng Technology, holding 13.9836 million shares, a decrease of 781,600 shares from the previous period [3]

Report Industry Investment Rating No information provided in the report. Core Viewpoints of the Report - The US government shutdown is expected to end, boosting global risk appetite. The dollar index has declined overall, and the risk appetite in the global market has increased significantly. In China, the manufacturing sentiment declined in October, and exports decreased unexpectedly, leading to a slowdown in economic growth. However, inflation data in October rebounded unexpectedly, and the signing of a trade agreement between China and the US reduced external risks. The central bank restarted treasury bond trading to release liquidity, increasing domestic risk appetite. The short - term upward drive of the macro - market has strengthened, and the stock index has rebounded in the short term. Attention should be paid to the domestic economic growth and the implementation of incremental policies in the future [3][4]. - The short - term macro - market shows an upward trend. The stock index and treasury bonds are expected to rebound with caution in the short term. In the commodity sector, black metals will fluctuate in the short term, non - ferrous metals will rebound with short - term fluctuations, energy and chemicals will fluctuate, and precious metals will rebound with short - term fluctuations and maintain an upward trend in the long - term [3]. Summary by Related Catalogs Macro - Overseas: The US Senate's compromise bill has passed the initial hurdle, and the federal government shutdown is expected to end, boosting global risk appetite. The dollar index has declined. - Domestic: In October, China's manufacturing sentiment declined, and exports decreased unexpectedly, slowing down economic growth. However, inflation data rebounded unexpectedly, and the signing of a trade agreement between China and the US reduced external risks. The central bank restarted treasury bond trading to release liquidity, increasing domestic risk appetite. The short - term upward drive of the macro - market has strengthened, and the stock index has rebounded in the short term. Attention should be paid to domestic economic growth and the implementation of incremental policies in the future [3][4]. Stock Index - Driven by sectors such as beverage manufacturing, hotel tourism, and airport shipping, the domestic stock market rose slightly. The short - term upward drive of the macro - market has strengthened, and the stock index has rebounded in the short term. Attention should be paid to domestic economic growth and the implementation of incremental policies in the future. Short - term cautious buying is recommended [4]. Precious Metals - The precious metals market rose significantly on Monday night. The main contracts of Shanghai gold and silver increased. Weak US economic data strengthened the market's expectation of the Fed's interest rate cut, boosting the demand for non - interest - bearing assets. Precious metals will rebound with short - term fluctuations and maintain an upward trend in the long - term. Short - term cautious buying is recommended, and long - term buying on dips is advisable [5]. Black Metals - **Steel**: On Monday, the domestic steel futures and spot markets were flat, and trading volume remained low. CPI and PPI data improved, and market sentiment recovered. Last week, steel demand peaked, and the apparent consumption of five major steel products decreased by 495,100 tons. Inventory continued to decline, but the decline slowed. Supply decreased, and the steel market is still in a negative feedback logic in the short term, but the downward space for rebar near 3000 points is limited [7]. - **Iron Ore**: On Monday, the futures and spot prices of iron ore rebounded slightly. Steel mills' losses accelerated production cuts, and the daily average pig iron output of blast furnaces decreased to 2.34 million tons. Steel mills' demand for iron ore may further decline, and they are cautious about restocking. Supply has shown marginal improvement. The key factor determining the iron ore price is the decline process of pig iron output, and short - term range - bound fluctuations are expected [7]. - **Silicon Manganese/Silicon Iron**: On Monday, the spot prices of silicon iron and silicon manganese were flat, and the futures prices rebounded slightly. Last week, the output of five major steel products decreased slightly, and the demand for ferroalloys declined. The supply of silicon manganese and silicon iron decreased slightly. The futures prices of silicon iron and silicon manganese are expected to continue range - bound fluctuations [8]. - **Soda Ash**: On Monday, the main contract of soda ash fluctuated. Supply increased this week, and there are capacity expansion plans in the fourth quarter, maintaining a loose supply pattern. Demand remained stable. The industry lacks clear policy support, and a bearish view is recommended in the medium - to - long - term [9]. - **Glass**: On Monday, the main contract of glass fluctuated within a range. Affected by Shahe news, the glass price fluctuated greatly. Supply and the number of production lines remained stable. Demand was weak year - on - year, and the inventory of float glass was relatively high. Supported by anti - involution policies, glass is expected to be strong in the short term due to its low valuation and the impact of Shahe [9][10]. Non - Ferrous Metals and New Energy - **Copper**: The US copper inventory is approaching 370,000 short tons, a historical high, which restricts future import demand. There is a possibility of the restart of a Panamanian copper mine. The destocking of refined copper in China is less than expected, and the social inventory is still at a relatively high level. The shutdown of Indonesia's second - largest copper mine has tightened the global copper supply, supporting the futures price. Short - term high - level fluctuations are expected [11]. - **Aluminum**: On Monday, the price of Shanghai aluminum rose, with a long lower shadow. The news of the US ending the shutdown boosted market risk appetite. The market is worried about future supply shortages. Domestic destocking is not going well. The market is trading based on expectations, ignoring fundamentals for now. In the short term, it is expected to be strong [11]. - **Tin**: The supply of tin is still tight. The combined operating rate of smelters in Yunnan and Jiangxi has increased slightly. The tin ore supply from Myanmar is still far below normal levels. Demand is weak, and the social inventory of tin ingots has increased this week. The tin price is expected to fluctuate at a high level in the medium - to - short - term [12]. - **Lithium Carbonate**: On Monday, the main contract of lithium carbonate rose significantly. Market sentiment is positive, and demand is the dominant factor. It is expected to be strong with fluctuations, but attention should be paid to supply - side disturbances [13]. - **Industrial Silicon**: On Monday, the main contract of industrial silicon rose. After the end of the wet season, production in Southwest China decreased significantly. Supply and demand are both weak. It is expected to fluctuate, and buying on dips is recommended [14]. - **Polysilicon**: On Monday, the main contract of polysilicon rose. There is a stalemate between strong policy expectations and weak reality. The spot price is supported by policy expectations, but terminal demand is weak. It is expected to fluctuate in a high - level range, and buying on dips is recommended [15]. Energy and Chemicals - **Crude Oil**: The expected end of the US government shutdown has boosted market sentiment and oil prices. A large amount of data will be released this week to assess global supply. The market is focusing on US sanctions. Oil prices will continue to fluctuate within a range due to geopolitical uncertainties [16]. - **Asphalt**: Asphalt prices have continued to break new lows and are still in the process of bottom - seeking. The basis is low, and trading volume is limited. There is a slight pressure to accumulate inventory in social and factory warehouses. As it enters the off - season, the market focuses on low - price supplies, and the inventory pressure will increase. The supply pressure has increased due to the recovery of some factories in Shandong. Attention should be paid to the cost fluctuations of crude oil [16]. - **PX**: The anti - involution expectation in the polyester sector has boosted the price of PX, but the upward momentum is slowing. PTA's high operating rate provides some demand support for PX. The PXN spread has rebounded slightly, and PX is still in a tight supply situation. The strong overseas refined oil market may provide cost support for PX. Attention should be paid to cost changes [17]. - **PTA**: News of joint production cuts by leading manufacturers has boosted market sentiment, and the main contract has risen. The downstream operating rate remains high, but the actual production cuts are not confirmed, and there is a risk of inventory accumulation in the future. The upward pressure exists in the short - term [17]. - **Ethylene Glycol**: Ethylene glycol is still in a low - level range - bound fluctuation and is under pressure. Port inventory has accumulated significantly, and the downstream operating rate is neutral. The shipping volume is low, and the arrival volume is high. There is a large pressure to accumulate inventory in mid - to - late November, and caution is required when entering the market [18]. - **Short - Fiber**: Short - fiber has risen slightly following the polyester sector, but the future pressure is large. Terminal orders are seasonally declining, and the operating rate of short - fiber has decreased in some areas, with limited inventory accumulation. The future upward space is limited, and short - selling on rallies is recommended in the medium - term [18]. - **Methanol**: The inventory in the inland and ports has increased. The supply - demand situation in the inland has deteriorated, and the price has lost support. The downstream market is weak, and the restart of inland plants has increased supply pressure. However, the rising coal price has squeezed methanol profits, and the price is approaching the import cost. Iranian plants are planned to shut down in November, providing some support. The price is expected to decline with fluctuations in the short - term, but the decline rate may slow down [18]. - **PP**: The demand for polypropylene has improved, but the supply growth rate is too fast, leading to inventory increases. As the traditional off - season approaches, demand is expected to weaken, and supply will remain high due to plant restarts. The market is under pressure, and the price is expected to continue to decline [19]. - **LLDPE**: The core contradiction in the polyethylene market is the continuous accumulation of supply pressure. New production capacity is being released, and previously shut - down plants are restarting. The downstream peak - season effect is expected to decline after peaking in early November. The weakening crude oil price provides limited cost support. The price is expected to remain under pressure [19]. - **Urea**: The supply of urea is expected to increase, and the supply is becoming more relaxed. The demand is differentiated: agricultural fertilization in the north is coming to an end, and compound fertilizer enterprises are cautious about purchasing urea. Exports are restricted by policies. The short - term market is expected to continue to weaken in a narrow range [19]. Agricultural Products - **US Soybeans**: The CBOT January soybean contract rose overnight. The market is optimistic about the restoration of Sino - US soybean trade. The US soybean export inspection volume last week was 1.088577 million tons. Attention should be paid to the USDA's crop production and WASDE reports. The weather and planting conditions in South American soybean - producing areas are currently normal, with a stable high - yield expectation. If the USDA lowers the yield per unit, the ending inventory of US soybeans will shrink, strengthening the cost - repair logic [20]. - **Soybean Meal/Rapeseed Meal**: The supply and demand of soybean meal are currently loose, and the basis is weak. With the restoration of Sino - US agricultural trade, the pricing cost of imported soybeans in China has increased, and the risk of future shortages has decreased [21]. - **Soybean Oil/Rapeseed Oil**: The supply of soybean oil exceeds demand, but the price is stable within a range due to the increase in the pricing cost of imported soybeans. The commercial inventory of soybean oil has decreased. The inventory of rapeseed oil is still high, but the rapeseed inventory is running out. Affected by the uncertainty of Sino - Canadian trade, traders are reluctant to sell, supporting the strengthening of the basis [21]. - **Palm Oil**: According to the MPOB report, Malaysia's palm oil production increased by 11.02% to 2.04 million tons in October, exports increased by 18.58% to 1.69 million tons, and inventory increased by 4.4% to 2.46 million tons. Palm oil has entered the production - reduction cycle, and the seasonal de - stocking trend remains unchanged. The market is weak and stable, and the risk of all negative factors being priced in has increased. The domestic market has no new purchase orders and will fluctuate and stabilize with the cost [22]. - **Corn**: The oversupply situation of corn has not changed. There is a large amount of on - the - ground grain in the production areas, and middle - level traders are not willing to build inventories. The inventories in northern ports, feed enterprises, and deep - processing enterprises are low, and the profit of deep - processing has increased. The strong wheat price provides some support [22]. - **Pigs**: The planned slaughter volume of large - scale pig farms in November has decreased month - on - month. Pig farmers are reluctant to sell due to losses and a high price difference between fat and lean pigs, reducing the supply pressure. As the weather cools, seasonal demand has increased, and food processing enterprises may stock up in advance. Although the current supply - demand situation is still loose, the market is optimistic, and the pig price is expected to be supported [23].

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - In the stock index market, after a continuous rise, hot sectors are rotating rapidly, with technology remaining the main market theme. The policy support for the capital market remains unchanged, and the medium - to long - term strategy is to go long on dips [4]. - In the bond market, the central bank's restart of bond trading is short - term positive for bond market sentiment. In the medium term, the bond market in the fourth quarter is mainly affected by fundamentals, the implementation time of fund fee regulations, and institutional allocation power. The overall bond market is expected to oscillate and repair [8]. - For precious metals, the short - term prices of gold and silver are expected to be boosted by the restoration of US dollar liquidity. It is recommended to go long on silver on dips [10][11]. - In the non - ferrous metals market, different metals have different trends. For example, copper prices are expected to be supported by supply tightness and may continue to oscillate strongly; aluminum prices may rise further due to supply concerns and improved export expectations [14][16]. - In the black building materials market, steel demand has entered the off - season, and the inventory risk of hot - rolled coils still exists. Iron ore demand is weakening, and prices are expected to run weakly in the short term [36][38]. - In the energy and chemical market, different products have different supply - demand situations. For example, rubber prices are expected to rebound, and it is recommended to set stop - losses and trade on short - term dips; crude oil prices are not recommended to be overly shorted in the short term [56][58]. - In the agricultural products market, different products also have different trends. For example, the future trend of the pig market is to short on rebounds; the egg market is expected to be sorted strongly in the short term [81][83]. Summaries by Relevant Catalogs Stock Index - **Market Information**: The Ministry of Industry and Information Technology will accelerate the cultivation of application scenarios in key areas; a new public offering regulation is under consultation; southbound funds' net purchases have reached new highs; the State Council has issued measures to promote private investment [2]. - **Base Ratio of Stock Index Futures**: The base ratios of IF, IC, IM, and IH in different periods are provided [3]. - **Strategy View**: After a continuous rise, hot sectors are rotating rapidly, with technology as the main theme. The policy support for the capital market remains unchanged, and the medium - to long - term strategy is to go long on dips [4]. Treasury Bonds - **Market Information**: The prices of TL, T, TF, and TS main contracts have changed. The US Senate has passed a temporary appropriation bill, and the State Council has issued measures to promote private investment [5]. - **Liquidity**: The central bank conducted 1199 billion yuan of 7 - day reverse repurchase operations, with a net investment of 416 billion yuan [6][7]. - **Strategy View**: The central bank's restart of bond trading is short - term positive for bond market sentiment. In the medium term, the bond market in the fourth quarter is affected by multiple factors, and it is expected to oscillate and repair [8]. Precious Metals - **Market Information**: The prices of Shanghai gold and silver have risen, and the prices of COMEX gold and silver are provided. The balance of the US Treasury's TGA account has changed, and the spread between SOFR and the effective federal funds rate has widened [9]. - **Strategy View**: The short - term prices of gold and silver are expected to be boosted by the restoration of US dollar liquidity. It is recommended to go long on silver on dips, with reference price ranges for Shanghai gold and silver main contracts [10][11]. Non - Ferrous Metals Copper - **Market Information**: The US government's potential reopening has led to a rebound in copper prices. LME copper inventory has increased, and domestic electrolytic copper social inventory has decreased [13]. - **Strategy View**: The reopening of the US government and the easing of trade tensions have boosted market sentiment. Refined copper supply is expected to tighten marginally, and copper prices may continue to oscillate strongly in the short term [14]. Aluminum - **Market Information**: Aluminum prices have continued to strengthen. LME aluminum inventory has decreased, and domestic aluminum ingot social inventory has increased [15]. - **Strategy View**: Overseas supply concerns and improved export expectations may push aluminum prices higher. Attention should be paid to domestic inventory changes [16]. Zinc - **Market Information**: The price of Shanghai zinc index has declined slightly. LME zinc inventory and domestic social inventory have changed [17][18]. - **Strategy View**: Zinc smelting profit is under pressure, and domestic social inventory accumulation has slowed down. Shanghai zinc is expected to run strongly in the short term, but the upside space is limited [19]. Lead - **Market Information**: The price of Shanghai lead index has risen. LME lead inventory has decreased, and domestic social inventory has increased slightly [20]. - **Strategy View**: Lead prices are expected to run strongly in the short term due to the shortage of delivery products at home and abroad [21]. Nickel - **Market Information**: Nickel prices have oscillated at a low level. The prices of nickel ore and nickel iron have changed [22]. - **Strategy View**: Refined nickel inventory pressure is significant, and nickel iron prices are weak, dragging down nickel prices. It is recommended to wait and see in the short term, and consider building long positions if the price drops enough [23]. Tin - **Market Information**: The price of Shanghai tin main contract has risen. The supply of tin ore is still tight, and the demand in emerging fields provides support [25]. - **Strategy View**: Tin supply and demand are in a tight balance, and prices are expected to oscillate at a high level. It is recommended to go long on dips [26]. Lithium Carbonate - **Market Information**: The price of lithium carbonate has risen. The demand for power and energy - storage batteries is high, and inventory is decreasing [27]. - **Strategy View**: Lithium carbonate is in short supply, and inventory is decreasing rapidly. However, attention should be paid to the peak - season end and potential high - level selling pressure [27]. Alumina - **Market Information**: The price of alumina index has risen. The base difference and overseas price information are provided [28]. - **Strategy View**: Overseas ore supply is expected to increase, and alumina production capacity is in surplus. It is recommended to wait and see in the short term [29]. Stainless Steel - **Market Information**: The price of stainless steel main contract has risen slightly. The prices of raw materials and inventory information are provided [30]. - **Strategy View**: The stainless steel market is in a weak oscillation due to over - supply and weak demand [31]. Cast Aluminum Alloy - **Market Information**: The price of cast aluminum alloy has risen. The inventory of recycled aluminum alloy ingots has decreased [32]. - **Strategy View**: The cost of cast aluminum alloy provides support, and the price is expected to follow the trend of aluminum prices [33]. Black Building Materials Steel - **Market Information**: The prices of rebar and hot - rolled coil main contracts have risen slightly. The inventory and spot price information are provided [35]. - **Strategy View**: The steel market is in a weak oscillation. Rebar supply and demand have both declined, and hot - rolled coil inventory is accumulating. Future demand may recover [36]. Iron Ore - **Market Information**: The price of iron ore main contract has risen slightly. The inventory and basis information are provided [37]. - **Strategy View**: Iron ore supply has decreased, and demand has weakened due to environmental protection restrictions and low steel mill profits. Prices are expected to run weakly in the short term [38]. Glass and Soda Ash - **Glass** - **Market Information**: The price of glass main contract has declined. The inventory and position information are provided [39]. - **Strategy View**: The glass market lacks fundamental support, and prices are expected to run weakly in the short term [40]. - **Soda Ash** - **Market Information**: The price of soda ash main contract has risen. The inventory and position information are provided [41]. - **Strategy View**: Soda ash supply is shrinking, and demand is stable. Prices are expected to oscillate in the short term [42]. Manganese Silicon and Ferrosilicon - **Market Information**: The prices of manganese silicon and ferrosilicon main contracts have risen. The spot price and technical analysis information are provided [43]. - **Strategy View**: The black market is affected by macro and fundamental factors. It is recommended to look for opportunities to go long on rebounds. Manganese silicon and ferrosilicon may follow the market trend [45][46]. Industrial Silicon and Polysilicon - **Industrial Silicon** - **Market Information**: The price of industrial silicon main contract has risen. The spot price and inventory information are provided [47]. - **Strategy View**: Industrial silicon supply and demand are weak, and prices are expected to consolidate. It is recommended to wait for new drivers [48]. - **Polysilicon** - **Market Information**: The price of polysilicon main contract has risen. The spot price and inventory information are provided [49]. - **Strategy View**: Polysilicon supply is expected to decrease, and the supply - demand pattern may improve marginally. Attention should be paid to the progress of the platform company [50]. Energy and Chemicals Rubber - **Market Information**: Rubber prices have rebounded. The market risk preference is expected to improve, and the supply - demand situation is provided [52][53][54]. - **Strategy View**: Rubber prices have rebounded as expected. It is recommended to set stop - losses and trade on short - term dips, and partially build hedging positions [56]. Crude Oil - **Market Information**: The prices of INE main crude oil futures and related refined oil futures have risen. The inventory information of European ARA is provided [57]. - **Strategy View**: Oil prices are not recommended to be overly shorted in the short term. It is recommended to wait and see and test OPEC's export price - support willingness [58]. Methanol - **Market Information**: The price of methanol main contract has decreased. The supply - demand and inventory information are provided [59]. - **Strategy View**: Methanol supply is increasing, and demand is weakening. It is recommended to wait and see [59]. Urea - **Market Information**: The price of urea main contract has decreased. The supply - demand and inventory information are provided [60][61]. - **Strategy View**: Urea supply and demand are in a loose pattern, and prices are expected to be stable. It is recommended to wait and see [61]. Pure Benzene and Styrene - **Market Information**: The prices of pure benzene and styrene have changed. The supply - demand and inventory information are provided [62]. - **Strategy View**: The price of styrene may stop falling temporarily. Attention should be paid to the repair of the BZN spread [63]. PVC - **Market Information**: The price of PVC main contract has risen slightly. The supply - demand and inventory information are provided [64]. - **Strategy View**: PVC supply is strong, and demand is weak. It is recommended to short on rallies in the medium term [65][66]. Ethylene Glycol - **Market Information**: The price of ethylene glycol main contract has risen. The supply - demand and inventory information are provided [67]. - **Strategy View**: Ethylene glycol supply is expected to increase, and inventory is expected to accumulate. It is recommended to short on rallies [68]. PTA - **Market Information**: The price of PTA main contract has risen. The supply - demand and inventory information are provided [69]. - **Strategy View**: PTA supply is expected to increase, and demand is stable. Attention should be paid to the increase in PXN [70]. Para - Xylene - **Market Information**: The price of PX main contract has risen. The supply - demand and inventory information are provided [72]. - **Strategy View**: PX load is high, and demand is weak. It is expected to follow the trend of crude oil in the short term, and attention should be paid to the increase in valuation in the medium term [73]. Polyethylene (PE) - **Market Information**: The price of PE main contract is unchanged. The supply - demand and inventory information are provided [74]. - **Strategy View**: PE prices are expected to oscillate at a low level. Attention should be paid to the change in the cost - supply pattern [75]. Polypropylene (PP) - **Market Information**: The price of PP main contract has risen. The supply - demand and inventory information are provided [76]. - **Strategy View**: PP supply and demand are weak, and inventory pressure is high. Attention should be paid to the change in the cost - supply pattern in the first quarter of next year [77][78]. Agricultural Products Pig - **Market Information**: The domestic pig price has changed. The demand for pig prices is limited [80]. - **Strategy View**: The pig market is in a bearish pattern, and the strategy is to short on rebounds and consider reverse spreads [81]. Eggs - **Market Information**: The domestic egg price has changed. The supply and demand situation is stable [82]. - **Strategy View**: The egg market is expected to be sorted strongly in the short term. It is recommended to wait and see or trade short - term, and short on rallies in the medium term [83]. Soybean and Rapeseed Meal - **Market Information**: The price of CBOT soybeans has risen slightly. The domestic soybean inventory and crushing volume information are provided [84]. - **Strategy View**: The import cost of soybeans is expected to oscillate. Domestic soybean meal inventory is large, and it is recommended to short on rallies in the medium term [87]. Oils and Fats - **Market Information**: The export volume of Malaysian palm oil has decreased, and the inventory of domestic oils and fats has decreased. The prices of domestic oils and fats have rebounded slightly [88]. - **Strategy View**: The production of palm oil in Malaysia and Indonesia is high, suppressing prices. It is recommended to view palm oil as oscillating weakly before exports improve [89]. Sugar - **Market Information**: The price of Zhengzhou sugar futures has risen slightly. The export policy of India and the opening time of sugar mills in China are provided [90]. - **Strategy View**: The import control of syrup and premix has boosted sugar prices, but the external market is weak. It is recommended to short on rallies [91]. Cotton - **Market Information**: The price of Zhengzhou cotton futures is unchanged. The downstream demand and acquisition price information are provided [92]. - **Strategy View**: The cotton market has weak demand and high supply. Prices are expected to oscillate in the short term [93].