Report Industry Investment Rating No relevant content provided. Core Viewpoints - The report analyzes the impact of tariff policies on various commodities, with many commodities facing price pressure due to tariff shocks and macro - economic factors. Some commodities are recommended for specific trading strategies, such as positive spreads for certain contracts and long - short combinations [2][4]. Summary by Commodity Precious Metals - **Gold**: The implementation of reciprocal tariff policies has occurred. The trend strength is - 1, indicating a slightly bearish outlook [5][8]. - **Silver**: There is a need to be vigilant about significant downward price movements. The trend strength is - 2, the most bearish rating [5][8]. Base Metals - **Copper**: The US unexpectedly increased tariffs, leading to a significant decline in the outer - market price. The trend strength is - 2, the most bearish rating [10][12]. - **Aluminum**: Attention should be paid to the downside potential. The trend strength is 0, indicating a neutral outlook [13][16]. - **Alumina**: It continues to search for a bottom. The trend strength is 0, indicating a neutral outlook [13][16]. - **Zinc**: The macro - economic environment is bearish, causing the price to decline. The trend strength is - 2, the most bearish rating [17][18]. - **Lead**: Tariff shocks are putting pressure on the price. The trend strength is - 1, indicating a slightly bearish outlook [20]. - **Nickel**: The market is dominated by macro - sentiment, and the visible inventory is marginally decreasing. The trend strength is - 1, indicating a slightly bearish outlook [23][26]. - **Stainless Steel**: There is seasonal destocking, and there is a game between cost support and high production schedules. The trend strength is - 1, indicating a slightly bearish outlook [23][26]. - **Tin**: Tariff shocks have affected macro - sentiment, dragging down the tin price. The trend strength is - 2, the most bearish rating [27][30]. Industrial Metals - **Industrial Silicon**: Negative sentiment and a weak fundamental situation have led to an enlarged decline. The trend strength is - 2, the most bearish rating [31][33]. - **Polysilicon**: The actual impact of the tariff increase is not significant. Attention should be paid to opportunities for long - positions on price pull - backs. The trend strength is - 1, indicating a slightly bearish outlook [31][33]. Energy - related Metals - **Lithium Carbonate**: A weak fundamental situation combined with macro - economic drag has led to a downward - trending price. The trend strength is - 2, the most bearish rating [34][37]. Ferrous Metals - **Iron Ore**: The market sentiment has weakened, and the valuation may be significantly revised downward. The trend strength is - 2, the most bearish rating [38][39]. - **Rebar**: Concerns about systemic risks have increased, leading to weak and volatile trading. The trend strength is - 1, indicating a slightly bearish outlook [41][44]. - **Hot - Rolled Coil**: Concerns about systemic risks have increased, leading to weak and volatile trading. The trend strength is - 1, indicating a slightly bearish outlook [42][44]. - **Silicon Ferrosilicon**: It shows wide - range fluctuations due to resonance in the black - metal sector. The trend strength is 0, indicating a neutral outlook [46][49]. - **Manganese Silico - Manganese**: It shows wide - range fluctuations due to resonance in the black - metal sector. The trend strength is 0, indicating a neutral outlook [46][49]. - **Coke**: There is a divergence between futures and spot prices, resulting in wide - range fluctuations. The trend strength is 0, indicating a neutral outlook [50][53]. - **Coking Coal**: There is a divergence between futures and spot prices, resulting in wide - range fluctuations. The trend strength is 0, indicating a neutral outlook [51][53]. - **Steam Coal**: Demand has improved, but the price is under pressure. The trend strength is 0, indicating a neutral outlook [54][56]. Building Materials - **Glass**: The price of the original glass sheet has remained stable. The trend strength is 0, indicating a neutral outlook [57][58]. Chemicals - **Para - Xylene (PX)**: Reciprocal tariffs between China and the US have caused cost collapse, and the price trend is weak. The price is expected to decline significantly after the holiday. The trend strength is bearish [60][63]. - **PTA**: Cost collapse and weakening demand expectations are observed. A strategy of going long on MEG and short on PTA is recommended. The price is expected to decline after the holiday. The trend strength is bearish [60][64]. - **MEG**: China has imposed tariffs on US ethylene glycol/ethane. A strategy of going long on MEG and short on PTA is recommended [60]. Agricultural Products - **Soybean Meal**: Tariff disturbances and a large decline in US soybeans have occurred. The Dalian soybean meal may be strong, but there is a risk of a pull - back after a rally [4]. - **Soybean**: It fluctuates with the soybean market, and there is a need to prevent a pull - back after a rally [4]. - **Corn**: It trades in a range [4]. - **Sugar**: It is dominated by macro - factors and follows the general trend [4]. - **Cotton**: There is a short - term downward risk [4]. - **Egg**: Attention should be paid to the 8 - 9 positive spread [4]. - **Live Pig**: The decline in the spot price is less than expected, and market sentiment is strong [4]. - **Peanut**: Attention should be paid to the supply of peanuts [4].

新疆宝地矿业股份有限公司 Xinjiang Baodi Mining Co., Ltd. （新疆乌鲁木齐市克拉玛依东街 390 号深圳城大厦 15 楼） 首次公开发行股票（A 股） 招股说明书摘要 保荐机构（主承销商） （新疆乌鲁木齐市高新区（新市区）北京南路 358 号大成国际大厦 20 楼 2004 室） 发行人声明 本招股说明书摘要的目的仅为向公众提供有关本次发行的简要情况，并不包 括招股说明书全文的各部分内容。招股说明书全文同时刊载于上海证券交易所网 站。投资者在做出认购决定之前，应仔细阅读招股说明书全文，并以其作为投资 决定的依据。 投资者若对本招股说明书及其摘要存在任何疑问，应咨询自己的股票经纪 人、律师、会计师或其他专业顾问。 发行人及全体董事、监事、高级管理人员承诺招股说明书及其摘要不存在虚 假记载、误导性陈述或重大遗漏，并对招股说明书及其摘要的真实性、准确性、 完整性承担个别和连带的法律责任。 公司负责人和主管会计工作的负责人、会计机构负责人保证招股说明书及其 摘要中财务会计资料真实、完整。 保荐人承诺因其为发行人首次公开发行制作、出具的文件有虚假记载、误导 性陈述或者重大遗漏，给投资者造成 ...

新疆宝地矿业股份有限公司 Xinjiang Baodi Mining Co., Ltd. （新疆乌鲁木齐市克拉玛依东街 390 号深圳城大厦 15 楼） 首次公开发行股票（A 股） 招股意向书摘要 保荐机构（主承销商） （新疆乌鲁木齐市高新区（新市区）北京南路 358 号大成国际大厦 20 楼 2004 室） 发行人声明 本招股意向书摘要的目的仅为向公众提供有关本次发行的简要情况，并不包 括招股意向书全文的各部分内容。招股意向书全文同时刊载于上海证券交易所网 站。投资者在做出认购决定之前，应仔细阅读招股意向书全文，并以其作为投资 决定的依据。 投资者若对本招股意向书及其摘要存在任何疑问，应咨询自己的股票经纪 人、律师、会计师或其他专业顾问。 发行人及全体董事、监事、高级管理人员承诺招股意向书及其摘要不存在虚 假记载、误导性陈述或重大遗漏，并对招股意向书及其摘要的真实性、准确性、 完整性承担个别和连带的法律责任。 公司负责人和主管会计工作的负责人、会计机构负责人保证招股意向书及其 摘要中财务会计资料真实、完整。 保荐人承诺因其为发行人首次公开发行制作、出具的文件有虚假记载、误导 性陈述或者重大遗漏，给投资者造成 ...