Core Insights - Invalda INVL's equity reached EUR 222 million at the end of September, reflecting a year-over-year increase of 17.1% [1] - The company reported a net profit of EUR 13.9 million for the first nine months of 2025, down from EUR 25.8 million in the same period last year, attributed to lower investment returns [2] - The total value of client assets under management increased to EUR 2.08 billion, marking a 25.5% rise year-over-year [4] Financial Performance - Revenue from asset management for the first three quarters of 2025 was EUR 13.7 million, a 51.6% increase compared to the same period in 2024 [5] - The strategic business segment generated a profit of EUR 2.2 million, down from EUR 13.9 million in the previous year [5] Capital Raising and Investments - Invalda INVL successfully raised EUR 410 million for the INVL Private Equity Fund II, making it the largest private equity fund in the Baltics and one of the largest in Central and Eastern Europe [6] - The fund has completed two major acquisitions, including the largest waste management group in Estonia and a leading private healthcare services group in Poland [6] Equity Investments - The company earned EUR 13 million from equity investments in the first nine months of the year [7] - The performance of the equity investment portfolio was primarily driven by the banking sector and agricultural business, with significant contributions from Artea bank, Maib, and Litagra [8]

南都"中山点赞榜"是南方都市报、南都高质量发展研究院（中山分院）推出的重要智库研究产品。第三 届南都"中山点赞榜"聚焦"百千万，新中山"，面向全市各级党政机关、企事业单位、社会团体，征集 2025年以来奋力推动"百千万工程"取得新成效、开创新局面的优秀案例。 此外，今年还将首次征集评选"湾区融通优秀案例""十四五民生实事标杆案例""AI治理应用优秀案 例""惠民善治传播优秀案例"，系统梳理中山"多元共治"实践，为城市治理从"单向管理"到"协同共治"提 供路径参考。 案例名称：产业赋能兴农，激活城乡经济 参评单位：中山兴中集团有限公司 申报理由：今年以来，兴中集团以国企担当和深耕乡村的情怀，将"百千万工程"作为改革发展的"主引 擎"和服务乡村振兴的"主战场"，书写了一段躬身实践的奋斗篇章。 利用粤港澳大湾区的广阔市场与区位优势，"中山香农"积极打通线上线下双渠道，通过京东、抖音等电 商平台以及各类线下展销活动，持续拓宽产销对接路径。同时，借助直播、创意市集等新形式，扎实做 好"土特产"文章，不断强化品牌传播力，融入大湾区消费圈。 筑牢食安强服务，护航十五运会新实践 中山美食产业园于2025年6月建成投运，首期面 ...

1. Report Industry Investment Ratings - Not provided in the content 2. Core Views of the Report - **Overall Economic Situation**: Overseas, the US employment data shows significant differentiation, and the Fed officials' recent statements strengthen the expectation of a December interest rate cut. Domestically, the economic fundamentals are cooling marginally, and the market's expectation of policy intensification is rising [2]. - **Renminbi Exchange Rate**: The on - shore RMB against the US dollar is expected to show a "sideways bottoming, slowly declining central tendency" trend. In the short term, the appreciation rhythm may slow down, but the overall appreciation trend remains unchanged [3]. - **Stock Index**: The stock index is expected to have a narrow - range sideways movement in the short term due to weak fundamentals and lack of new positive factors [4]. - **Treasury Bonds**: The medium - term view is to hold long positions, and new long positions can be gradually established at low prices [5]. - **Container Shipping to Europe**: The container shipping to Europe futures is expected to be sideways and weak in the short term, with geopolitical expectations dominating the market sentiment [7]. - **Precious Metals**: In the medium - to - long term, the price of precious metals will continue to rise. In the short term, pay attention to the December Fed interest rate cut expectation and the 60 - day moving average. Dips are considered opportunities to increase long positions [10]. - **Copper**: The futures price is expected to move upwards if it breaks through 87,000. Downstream enterprises in need can buy futures for hedging [12]. - **Aluminum Industry Chain**: Aluminum is expected to have a high - level sideways movement; alumina is expected to be weak; cast aluminum alloy is expected to have a high - level sideways movement [13]. - **Zinc**: Zinc is expected to have a strong sideways movement in the short term due to stalemate fundamentals [14]. - **Nickel and Stainless Steel**: They are expected to continue their wide - range sideways movement, with limited improvement in fundamentals [15]. - **Tin**: Tin is expected to have a high - level sideways movement. It is not recommended to short in the short term [17]. - **Lithium Carbonate**: In the short term, be cautious about chasing high prices near 100,000 yuan/ton. In the medium - to - long term, seize the opportunity to build long positions after dips [19]. - **Industrial Silicon and Polysilicon**: Industrial silicon is expected to have a sideways movement in the short term and has long - term value for position building at low prices. Polysilicon should pay attention to position risks [21]. - **Lead**: Lead is expected to move sideways between 16,800 - 17,100 yuan/ton [24]. - **Rebar and Hot - Rolled Coil**: They are expected to move within a range, with rebar between 2,900 - 3,200 yuan/ton and hot - rolled coil between 3,100 - 3,400 yuan/ton [26]. - **Iron Ore**: Iron ore is currently strong, but it is recommended to wait for the basis to repair and then consider shorting at high prices [28]. - **Coking Coal and Coke**: Coking coal has limited downward space and has long - term multi - allocation potential for the far - month contract. For coke, it is not recommended to blindly short [29]. - **Silicon Iron and Silicon Manganese**: They are expected to be sideways and weak due to high inventory and weak demand [31]. - **LPG**: The domestic LPG is relatively strong, and the short - term arrival is expected to remain low [32]. - **PTA - PX**: The PX - PTA may decline after the previous speculation funds leave. The TA01 contract has a large pressure above 4,800 yuan, and the processing fee should be operated within the 200 - 290 range [35]. - **MEG - Bottle Chip**: Maintain the idea of shorting at high prices. Consider shorting or selling call options above 3,900 yuan for the 01 contract [37]. - **PP**: PP is expected to maintain a low - level sideways movement due to weak spot prices and lack of upward drivers [39]. - **PE**: PE is expected to continue its supply - strong and demand - weak situation, and a put - option strategy can be considered [42]. - **Pure Benzene and Styrene**: Pay attention to the actual transaction of US - South Korea pure benzene and the domestic large - factory maintenance plan [44]. - **Fuel Oil**: The high - sulfur fuel oil cracking is expected to decline in the future, while the low - sulfur fuel oil cracking has an upward drive [45][47]. - **Asphalt**: Asphalt is expected to move sideways in the short term. Pay attention to the winter storage policy [49]. - **Rubber and 20 - Rubber**: The rubber system is expected to maintain a wide - range sideways movement, with light - colored rubber relatively stronger [51]. - **Glass, Soda Ash, and Caustic Soda**: Soda ash is expected to be weak; glass 01 contract will follow the reality, and pay attention to the cold - repair situation; caustic soda has weak supply - demand fundamentals [52][53][54]. - **Pulp and Offset Paper**: They are expected to maintain a sideways or sideways - weak movement in the short term [56]. - **Log**: The log market is expected to be sideways and weak. Consider shorting at high prices and 01 - 03 reverse - spread opportunities [57]. - **Propylene**: Propylene is under the weak pressure of PP, and the domestic supply remains loose [59]. 3. Summaries by Relevant Catalogs Financial Futures - **Macro**: The profit of domestic industrial enterprises is declining marginally. The US employment data is differentiated, and the Fed's December interest rate cut expectation is strengthened [1][2]. - **Renminbi Exchange Rate**: The on - shore RMB against the US dollar closed at 7.0806, down 4 points. The mid - price appreciated to the highest level since October 14, 2024. It is expected to show a "sideways bottoming, slowly declining central tendency" trend [3]. - **Stock Index**: The stock index rose and then fell, with shrinking trading volume. It is expected to have a narrow - range sideways movement in the short term [4]. - **Treasury Bonds**: The treasury bonds were sideways on Thursday. It is recommended to hold long positions in the medium term and gradually build new long positions at low prices [4][5]. - **Container Shipping to Europe**: The container shipping to Europe futures was narrowly sideways. It is expected to be sideways and weak in the short term, with geopolitical expectations dominating the market sentiment [5][7]. Commodities Non - Ferrous Metals - **Precious Metals**: Platinum and palladium rose and then fell, while gold and silver maintained a sideways movement. The Fed's December interest rate cut expectation is high. It is expected that the price of precious metals will rise in the medium - to - long term [8][10]. - **Copper**: The INE copper price rose sharply. The global copper market is expected to be in short supply in 2026. The futures price is expected to move upwards if it breaks through 87,000 [11][12]. - **Aluminum Industry Chain**: Aluminum is expected to have a high - level sideways movement; alumina is expected to be weak; cast aluminum alloy is expected to have a high - level sideways movement [13][14]. - **Zinc**: Zinc is expected to have a strong sideways movement in the short term due to stalemate fundamentals [14]. - **Nickel and Stainless Steel**: They are expected to continue their wide - range sideways movement, with limited improvement in fundamentals [15][16]. - **Tin**: Tin is expected to have a high - level sideways movement. It is not recommended to short in the short term [17]. - **Lithium Carbonate**: The futures price fell. It is recommended to be cautious about chasing high prices near 100,000 yuan/ton in the short term and seize the opportunity to build long positions after dips in the medium - to - long term [18][19]. - **Industrial Silicon and Polysilicon**: Industrial silicon is expected to have a sideways movement in the short term and has long - term value for position building at low prices. Polysilicon should pay attention to position risks [19][21]. - **Lead**: Lead is expected to move sideways between 16,800 - 17,100 yuan/ton [24]. Ferrous Metals - **Rebar and Hot - Rolled Coil**: They are expected to move within a range, with rebar between 2,900 - 3,200 yuan/ton and hot - rolled coil between 3,100 - 3,400 yuan/ton [25][26]. - **Iron Ore**: Iron ore is currently strong, but it is recommended to wait for the basis to repair and then consider shorting at high prices [28]. - **Coking Coal and Coke**: Coking coal has limited downward space and has long - term multi - allocation potential for the far - month contract. For coke, it is not recommended to blindly short [29][30]. - **Silicon Iron and Silicon Manganese**: They are expected to be sideways and weak due to high inventory and weak demand [31]. Energy and Chemicals - **LPG**: The domestic LPG is relatively strong, and the short - term arrival is expected to remain low [32]. - **PTA - PX**: The PX - PTA may decline after the previous speculation funds leave. The TA01 contract has a large pressure above 4,800 yuan, and the processing fee should be operated within the 200 - 290 range [35]. - **MEG - Bottle Chip**: Maintain the idea of shorting at high prices. Consider shorting or selling call options above 3,900 yuan for the 01 contract [37]. - **PP**: PP is expected to maintain a low - level sideways movement due to weak spot prices and lack of upward drivers [39]. - **PE**: PE is expected to continue its supply - strong and demand - weak situation, and a put - option strategy can be considered [42]. - **Pure Benzene and Styrene**: Pay attention to the actual transaction of US - South Korea pure benzene and the domestic large - factory maintenance plan [44]. - **Fuel Oil**: The high - sulfur fuel oil cracking is expected to decline in the future, while the low - sulfur fuel oil cracking has an upward drive [45][47]. - **Asphalt**: Asphalt is expected to move sideways in the short term. Pay attention to the winter storage policy [49]. - **Rubber and 20 - Rubber**: The rubber system is expected to maintain a wide - range sideways movement, with light - colored rubber relatively stronger [51]. - **Glass, Soda Ash, and Caustic Soda**: Soda ash is expected to be weak; glass 01 contract will follow the reality, and pay attention to the cold - repair situation; caustic soda has weak supply - demand fundamentals [52][53][54]. - **Pulp and Offset Paper**: They are expected to maintain a sideways or sideways - weak movement in the short term [56]. - **Log**: The log market is expected to be sideways and weak. Consider shorting at high prices and 01 - 03 reverse - spread opportunities [57]. - **Propylene**: Propylene is under the weak pressure of PP, and the domestic supply remains loose [59].

声明称，四川省气候智慧型低碳农业发展示范项目将通过优化农业资源和环境资产、改善民众居住条 件，并提供可持续生计，惠及逾75万居民。项目将通过整治农用地、更换低效灌溉系统来保护和修复生 态环境，还将加大知识共享，培育和提升当地在低碳农业及农村发展领域的专业能力。 亚洲开发银行（亚行）11月28日宣布已批准一笔十亿元人民币（约合1.4089亿美元）贷款，用于支持中 国四川省推进低碳、适应型农业发展。 ...

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - The downstream real estate sector shows a slight recovery, while the service industry's domestic flight frequency experiences a minor decline [1][3]. - Upstream nickel and egg prices rise, while international crude oil and liquefied natural gas prices fluctuate downward. Mid - stream PX, urea, and PTA prices fall, power plant coal consumption is at a low level, and asphalt construction is in the off - season [3]. 3) Summary by Related Catalogs A. Mid - view Event Overview - **Production Industry**: At the National Development and Reform Commission's November press conference on November 27, the commission responded to market hot - spot issues such as humanoid robots and the expansion of infrastructure REITs project issuance. It aims to prevent high - repetition humanoid robot products from flooding the market and promote the healthy and standardized development of the embodied intelligence industry [1]. - **Service Industry**: Li Qiang chaired an executive meeting of the State Council to deploy the promotion of provincial - level overall planning of basic medical insurance. This is an important measure to improve the universal medical insurance system [1]. B. Industry Data - **Upstream**: - **Non - ferrous Metals**: Nickel prices rise slightly, with the spot price on November 27 at 119,366.7 yuan/ton, a 1.98% year - on - year increase [3][38]. - **Agriculture**: Egg prices recover, with the spot price on November 27 at 6.4 yuan/kg, a 2.74% year - on - year increase [3][38]. - **Energy**: International crude oil and liquefied natural gas prices fluctuate downward. On November 27, the spot price of WTI crude oil is 58.7 dollars/barrel, a 1.33% year - on - year decrease; the spot price of Brent crude oil is 62.5 dollars/barrel, a 1.53% year - on - year decrease; and the spot price of liquefied natural gas is 4,084 yuan/ton, a 2.34% year - on - year decrease [3][38]. - **Mid - stream**: - **Chemical Industry**: PX, urea, and PTA prices fall. On November 27, the spot price of PTA is 4,628.3 yuan/ton, a 0.61% year - on - year decrease; the spot price of polyethylene is 6,980 yuan/ton, a 0.26% year - on - year decrease [3][38]. - **Energy**: Power plant coal consumption is at a low level [3]. - **Infrastructure**: Asphalt construction is in the off - season [3]. - **Downstream**: - **Real Estate**: The sales of commercial housing in first - tier cities rise slightly [3]. - **Service**: The number of domestic flights decreases slightly [3].

Report Industry Investment Rating - Not provided in the content. Report's Core View - The report provides a comprehensive analysis of various sectors in the futures market, including financial derivatives, precious metals, base metals, black metals, and agricultural products. It offers insights into market trends, supply - demand dynamics, and provides operation suggestions for each sector. Summary by Directory Financial Derivatives Financial Futures - **Stock Index Futures**: A - share markets had mixed performance with some indices rising and others falling. The four major index futures contracts declined, and the basis discount was repaired. It is recommended to wait for the market to stabilize and suggest a wait - and - see approach, with a possible light - position short - put option strategy [2][3][4]. - **Treasury Futures**: Treasury futures mostly declined. The market sentiment is weak in the short - term, but there may be a rebound if the central bank's bond - buying scale exceeds expectations. It is recommended to wait and see, and pay attention to the 2603 contract cash - and - carry strategy [5][8]. Precious Metals - Gold, silver, platinum, and palladium are analyzed. The long - term bull market in precious metals is expected to continue due to factors such as central bank purchases and increased allocation of financial - attribute commodities. Short - term price fluctuations may be intensified by factors like Fed officials' divergence and economic data. Specific strategies are provided for each metal, such as holding silver long - positions and a long - platinum short - palladium hedge [9][11][12]. Commodity Futures Base Metals - **Copper**: The price is expected to be volatile and upward - biased in the short - term, with 12 - month interest rate cut expectations and improving downstream demand. The mid - to - long - term supply - demand contradiction supports a rising price bottom [13][16]. - **Alumina**: The market is in a bottom - range oscillation. The supply shows signs of contraction, and the inventory accumulation rate is slowing down. The price is expected to remain in the 2700 - 2850 yuan/ton range [17][19]. - **Aluminum**: The price is expected to remain in a high - level oscillation, with a strong - expectation and weak - reality situation. The overseas supply risk and domestic weak demand are in a stand - off [20][21]. - **Aluminum Alloy**: The price is expected to be in a wide - range oscillation. The cost is supportive, and the demand shows resilience, but high prices still suppress overall procurement [22][23]. - **Zinc**: The price is expected to oscillate. The supply pressure eases, and the demand shows structural improvement. The LME inventory starts to accumulate, and the squeeze risk eases slightly [24][27]. - **Tin**: The price is expected to be strong and oscillating. The supply is tight, and the demand in the South China region shows resilience [28][31]. - **Nickel**: The price is expected to oscillate in a range. The low - valuation and production cuts drive a small - scale recovery, but the overall upward drive is limited [32][34]. - **Stainless Steel**: The price is expected to oscillate. The cost support weakens, and the supply pressure remains high, with weak demand in the off - season [35][37]. - **Lithium Carbonate**: The price is expected to have a wide - range oscillation. The market may have increased divergence, with a current situation of strong supply and demand and social inventory reduction [38][41]. - **Polysilicon**: The price is expected to oscillate in a high - level range. The spot price stabilizes, while the silicon wafer and cell prices continue to fall [41][43]. - **Industrial Silicon**: The price is expected to oscillate in a low - level range. The supply decreases, and the demand is not optimistic, with inventory accumulation pressure [44][45]. Black Metals - **Steel**: The price is expected to have a central - downward movement in a range. It is recommended to pay attention to the long - rebar short - iron ore arbitrage [47][49]. - **Iron Ore**: The price is expected to run weakly in the short - term. The supply and demand situation is complex, and it is difficult to have an independent unilateral market without new macro - drivers [50][52]. - **Coking Coal**: The price is expected to be oscillating and bearish. The supply is relatively loose, and the demand for replenishment weakens [53][57]. - **Coke**: The price is expected to be oscillating and bearish. The supply increases, the demand weakens, and the inventory is moderately increasing [58][59]. Agricultural Products - **Meal**: The soybean meal market is in a loose pattern, and the price is expected to oscillate. There is a risk of a decline after short - term chasing [60][62]. - **Pig**: The supply pressure remains, and it is necessary to pay attention to the logic of production capacity reduction [63].

Core Insights - The report highlights the importance of identifying investment opportunities in emerging technologies such as AI, quantum technology, and renewable energy, which are expected to drive market growth in the coming years [7] - It emphasizes the potential for structural recovery in manufacturing and resource sectors due to policy support and demand-supply optimization [7] - The report suggests that the A-share market is currently in a relatively reasonable valuation range, with earnings expected to take over from valuation as a key driver by 2026 [7] Domestic Financial Market - The Shanghai Composite Index closed at 3875.26, up by 0.29%, while the Shenzhen Component Index fell by 0.25% to 12875.19 [2] - The ChiNext Index decreased by 0.44%, indicating a mixed performance across major indices [2] Macro News Summary - The National Development and Reform Commission held a meeting to address issues related to price competition and cost recognition [4] - The Ministry of Industry and Information Technology is promoting supply-side adjustments to maximize consumer potential [4] - The National Bureau of Statistics is focused on expanding domestic demand and optimizing structure to enhance industrial economic quality and new momentum [4] Industry Developments - Huawei launched its first conversational robot, indicating potential growth in the AI toy market, with related stocks such as Tom Cat and Guanghe Tong [5] - OpenAI anticipates reaching 220 million paid users within five years, suggesting significant growth in AI applications, with related stocks including Hongsoft Technology and Focus Technology [5] - Hesai Technology has delivered over 2 million laser radars, marking a golden period for the industry with both volume and price increases, related stocks include Guangpu Co. and Crystal Optoelectronics [5] Company Focus - Longping High-Tech is collaborating with Beijing Academy of Agriculture and Forestry Sciences on the cultivation and industrialization of dwarf resistant corn varieties [6] - Aikang Co. is strategically acquiring Dongguan Silicon Xiang to strengthen its new energy supply chain [6] - Kaishan Co. plans to establish a joint venture to advance geothermal power project construction and operation in Hungary [6] - Yinxin Technology offers a variety of 3D printing materials, including consumer-grade PLA and modified PETG [6] Market Review and Outlook - On November 27, the market experienced a pullback after an initial rise, with the A-share market benefiting from upward liquidity trends [7] - The report notes that over 2700 stocks rose, with significant gains in lithium battery concepts and consumer sectors [7] - The report recommends focusing on two main lines: emerging technologies and the recovery of manufacturing and resource sectors, alongside two auxiliary lines related to consumer sector opportunities and international expansion [7]

Report Industry Investment Ratings No relevant information provided. Core Views of the Report - The A - share market shows a trend of rising and then falling, with the stock index facing issues such as insufficient trading volume and weak short - term technical trends. The bond market is affected by factors like Vanke's bond default and new regulations on public fund sales, and is expected to maintain a wide - range oscillation. [9][10] - In the black metal market, steel and ore are expected to oscillate in the short - term and remain bearish in the medium - to - long - term. Coal and coke prices may continue their weak oscillation in the short - term. For ferroalloys, there are opportunities to go long on ferrosilicon and engage in the "long ferrosilicon, short manganese silicon" arbitrage. [12][14][15] - In the non - ferrous and new materials market, zinc and lead prices are in a downward oscillation trend, with suggestions to hold short positions cautiously. Lithium carbonate shows wide - range oscillations, while industrial silicon and polysilicon continue to oscillate. [19][20][22] - In the agricultural products market, cotton oscillates and rebounds, sugar is under pressure but with cost support, eggs are expected to oscillate, apples are expected to be slightly bullish, and corn, dates, and live pigs have their own market characteristics and trends. [27][28][31] - In the energy and chemical market, crude oil is in a long - term downward trend, fuel oil follows oil price fluctuations, plastics are in a weak oscillation, and other energy and chemical products also have their own market outlooks. [40][41][43] Summaries by Directory Macro News - The State Council executive meeting chaired by Premier Li Qiang discussed multiple important matters, including promoting high - quality development, medical insurance, and relevant regulations. Vanke's stocks and bonds declined sharply. China and Malaysia communicated on the "Malaysia - US Equivalent Trade Agreement". The China Council for the Promotion of International Trade will organize a business delegation to visit the US in early December. From January to October, the national industrial enterprise profits increased year - on - year, but decreased in October. The NDRC studied price - related work. Putin stated that the US delegation will visit Moscow, and the ECB strengthened the expectation of the end of the interest - rate cut cycle. [6][7] Macro Finance Stock Index Futures - Adopt an oscillation strategy and temporarily wait and see. The A - share market rose and then fell, with issues such as insufficient trading volume. The selection of the Fed chairman is in the final stage. The short - term decline may lead to a rebound, but the market's anti - fragility is insufficient. [9] Treasury Bond Futures - The bond market is affected by Vanke's bond default and new regulations on public fund sales. The current capital situation is generally loose, and the bond market is expected to maintain a wide - range oscillation. [10] Black Metal Steel and Ore - In terms of policy, pay attention to the impact of the Politburo meeting and the Central Economic Work Conference on the macro - expectations of the market next year. On the fundamental side, the demand for building materials is weak, while the demand for coils is good. The supply side may see a decline in molten iron production, and the inventory is still at a high level compared to last year. The valuation of iron ore is relatively strong, and steel prices are likely to remain weak. In the short - term, it is expected to oscillate, and in the medium - to - long - term, it is bearish. [11][12] Coal and Coke - Prices may continue their weak oscillation in the short - term. Pay attention to the impact of coal mine production, safety supervision, and changes in molten iron production. [14] Ferroalloys - The ferrosilicon market has opportunities to go long in the medium - to - long - term, and pay attention to the "long ferrosilicon, short manganese silicon" arbitrage. In the short - term, pay attention to the impact of electricity settlement in Ningxia and Inner Mongolia on the market. [15] Non - ferrous and New Materials Zinc - The domestic zinc inventory has decreased. It is recommended to hold short positions at high levels or take profits temporarily and operate cyclically. The zinc price is in a downward oscillation trend with the possibility of a phased rebound. [19] Lead - The domestic lead inventory has decreased, and it is recommended to hold short positions cautiously. The lead price has a slight rebound, and the import lead trading activity is not high. [20][21] Lithium Carbonate - The short - term trend is in wide - range oscillations, with a game between short - term bearishness and long - term optimism. The recent demand shows signs of weakening, but the long - term demand is still promising. [22] Industrial Silicon and Polysilicon - Industrial silicon has limited downward adjustment space and continues to oscillate. Polysilicon also continues to oscillate, and it is necessary to be cautious when chasing long positions. [23] Agricultural Products Cotton - Affected by factors such as large supply pressure and weak demand, it oscillates and rebounds. The USDA report is bearish, and the domestic supply pressure remains. The valuation of Zhengzhou cotton futures is lower than the spot price, supporting its rebound. [27][28] Sugar - The domestic and international sugar markets are under pressure from supply surplus, but cost support limits the decline. It is recommended to wait and see. [28][29] Eggs - The inventory of laying hens is high, and consumption has not improved significantly. The spot price is expected to be weak. The 01 contract is expected to oscillate, and it is recommended to short at high levels with proper position control. [31] Apples - The apple market is expected to be slightly bullish. The apple storage is nearly finished, and the出库 has started. The inventory is lower than last year, and attention should be paid to consumption dynamics. [33] Corn - Pay attention to the upper pressure on the futures price. The current price increase is due to "supply - demand mismatch", and the spot price may回调, but the decline space is limited. [35] Dates - It is recommended to wait and see. The prices in production and sales areas are stable at a low level, and the futures price is weak. [36][37] Live Pigs - In the short - term, the supply pressure increases, and the demand is limited. It is recommended to short at high levels for near - month contracts. In the long - term, the decline in the number of breeding sows is beneficial to future pig prices. [38] Energy and Chemical Crude Oil - The oil price is in a long - term downward trend, affected by factors such as EIA inventory accumulation and geopolitical negotiations. It is recommended to short at high levels. [40] Fuel Oil - It follows the oil price fluctuations. The supply is loose, and the demand is weak. Pay attention to the impact of sanctions on Russia and the OPEC+ meeting. [41] Plastics - The supply pressure is large, and the demand is weak. It is recommended to adopt a weak - oscillation strategy. [43] Rubber - It is recommended to take profits appropriately for the ru - nr spread. It is short - term bullish due to weather factors, and it is necessary to be cautious when chasing high prices. [44] Synthetic Rubber - It may still have downward space. It is recommended to short at high levels. The restart of maintenance devices at the end of the month and in December may put further pressure on the price. [45] Methanol - The near - month and far - month contracts are recommended to adopt an oscillation strategy. If the inventory reduction is smooth, a slightly long - position configuration can be considered. [46] Caustic Soda - The spot price is weak, and it is recommended to adopt an oscillation strategy. [47] Asphalt - The price fluctuation is expected to increase, and attention should be paid to the price bottom after the winter storage game. [48] Polyester Industry Chain - It is expected to continue the oscillation adjustment in the short - term, affected by factors such as the decline in blending oil sentiment and weakening terminal demand. [50] Liquefied Petroleum Gas (LPG) - It may turn from strong to weak. The supply is abundant, and the demand is limited. The weakening of oil prices may accelerate its decline. [50] Pulp - The fundamentals are stable, and it is expected to enter an oscillation stage. It is recommended to wait and see. [51] Logs - The fundamentals are weakly bearish, and the price is under pressure. The inventory is expected to increase, and the market is in the off - season. [52] Urea - The现货 price may oscillate strongly, and the futures market may have short - term emotional trading. It is recommended to adopt a wide - range oscillation strategy. [53]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Overseas: On the evening of November 21st, the New York Fed President's speech hinted at a possible near - term interest rate cut, boosting the December rate - cut expectation. The Fed's expectation management may be shifting, and key figures might turn dovish in the next two weeks. Attention should be paid to the speeches of key Fed voting members and potential new chair nominations around Thanksgiving [8]. - Domestic: The internal driving force remains weak and stable. The issuance of 500 billion yuan of policy - based financial instruments in October, the accelerated issuance of special bonds in November, and the release of debt - resolution surplus quotas may bring marginal benefits to Q4 infrastructure investment. The LPR has remained stable since May, indicating that the central bank may not be in a hurry to further relax policies in the short term. New and second - hand housing sales have rebounded month - on - month, land supply has increased, but land transactions remain low. The demand and production capacity of real - estate front - end and back - end physical work have declined month - on - month [8]. - Asset Views: Due to differences among Fed policymakers on a December rate cut, a hawkish Fed October meeting minutes, and strong September non - farm payroll data, the December rate - cut expectation was initially suppressed, and the US dollar index rose. Global equity sectors and base metals like copper were under pressure. However, the New York Fed President's dovish speech on Friday boosted the December rate - cut expectation. It is recommended to allocate assets evenly in Q4. With the market sentiment lifted, short - term risk appetite may improve. Attention should be paid to the opportunity to allocate stocks, non - ferrous metals (copper, aluminum, tin), and precious metals at low prices [8]. 3. Summary by Relevant Catalogs 3.1 Macro Highlights - Overseas Macro: The New York Fed President's speech on November 21st hinted at a possible near - term interest rate cut, and the Fed's expectation management may shift. Key figures may turn dovish in the next two weeks. Focus on key Fed voting members' speeches and potential new chair nominations around Thanksgiving [8]. - Domestic Macro: The issuance of policy - based financial instruments, special bonds, and debt - resolution surplus quotas may benefit Q4 infrastructure investment. The LPR has been stable, suggesting no urgent need for short - term policy relaxation. Housing sales have rebounded, but land transactions are low, and real - estate physical work demand and capacity have declined [8]. - Asset Views: Fed's mixed signals initially pressured the December rate - cut expectation and boosted the US dollar index. The New York Fed President's speech later changed the situation. It is recommended to allocate assets evenly in Q4 and look for low - price allocation opportunities in stocks, non - ferrous metals, and precious metals [8]. 3.2 Viewpoint Highlights 3.2.1 Financial - Stock Index Futures: Hotspots have limited persistence. Wait for the main line. The short - term judgment is a volatile upward trend, and the focus is on incremental funds [9]. - Stock Index Options: The market is gradually dominated by long - term factors. The short - term judgment is a volatile trend, and the focus is on option market liquidity [9]. - Treasury Bond Futures: Short - term bond market disturbances exist. The short - term judgment is a volatile upward trend, and the focus is on the implementation of monetary policies [9]. 3.2.2 Precious Metals - Gold/Silver: Geopolitical and trade tensions have eased, leading to a phased adjustment. The short - term judgment is a volatile trend, and the focus is on US fundamentals, Fed policies, and global equity market trends [9]. 3.2.3 Shipping - Container Shipping to Europe: The peak season in Q3 has ended, and there is no upward driving force. The short - term judgment is a volatile trend, and the focus is on the rate of freight decline in September [9]. 3.2.4 Black Building Materials - Steel and Iron Ore: The off - season fundamentals are lackluster, and the iron ore price remains resilient. The short - term judgment is a volatile trend, and the focus is on special bond issuance, steel exports, iron production, and other factors [9]. - Coke: The cost is decreasing, and there is a strong expectation of price cuts. The short - term judgment is a volatile trend, and the focus is on steel production, coking costs, and macro sentiment [9]. - Coking Coal: Coal mines are accumulating inventory, and the market is under pressure. The short - term judgment is a volatile trend, and the focus is on steel production, coal mine safety inspections, and macro sentiment [9]. - Silicon Iron: Market confidence is low, and the price is weak. The short - term judgment is a volatile trend, and the focus is on raw material costs and steel procurement [9]. - Manganese Silicon: Inventory pressure is high, and the price is oscillating at a low level. The short - term judgment is a volatile trend, and the focus is on cost prices and foreign quotes [9]. - Glass: Cold - repair is uncertain, and the supply - demand improvement is limited. The short - term judgment is a volatile trend, and the focus is on spot sales [9]. - Soda Ash: Production is flat, and spot transactions are weak. The short - term judgment is a volatile trend, and the focus is on soda ash inventory [9]. 3.2.5 Non - Ferrous Metals and New Materials - Copper: The Fed's rate - cut expectation is fluctuating, and the copper price is consolidating at a high level. The short - term judgment is a volatile upward trend, and the focus is on supply disruptions, domestic policies, and Fed policies [9]. - Alumina: The oversupply situation persists, and the price is under pressure. The short - term judgment is a volatile trend, and the focus is on ore production and electrolytic aluminum production [9]. - Aluminum: The macro - sentiment is fluctuating, and the aluminum price is oscillating at a high level. The short - term judgment is a volatile upward trend, and the focus is on macro risks, supply disruptions, and demand [9]. - Zinc: The export window is open, and the zinc price is oscillating at a high level. The short - term judgment is a volatile trend, and the focus is on macro - turning risks and zinc ore supply [9]. - Lead: The delivery of LME lead has slowed down, and the lead price may stop falling. The short - term judgment is a volatile upward trend, and the focus is on supply disruptions and battery exports [9]. - Nickel: Environmental issues in Indonesian MHP production are causing price fluctuations. The short - term judgment is a volatile downward trend, and the focus is on macro - geopolitical changes and Indonesian policies [9]. - Stainless Steel: The rebound of nickel price has driven the recovery of the stainless - steel market. The short - term judgment is a volatile trend, and the focus is on Indonesian policies and demand growth [9]. - Tin: Market sentiment has improved, and the tin price is oscillating at a high level. The short - term judgment is a volatile upward trend, and the focus is on the resumption of production in Wa State and demand improvement [9]. - Industrial Silicon: The oversupply pressure remains, and the silicon price is oscillating. The short - term judgment is a volatile trend, and the focus is on supply - side production resumption and policy changes [9]. - Polysilicon: Policy expectations are fluctuating, and the polysilicon price is oscillating at a high level. The short - term judgment is a volatile trend, and the focus is on supply - side production resumption and domestic photovoltaic policies [9]. - Lithium Carbonate: The demand expectation has boosted the lithium price. The short - term judgment is a volatile trend, and the focus is on demand, supply disruptions, and technological breakthroughs [9]. 3.2.6 Energy and Chemicals - Crude Oil: Geopolitical premiums are fluctuating, and supply pressure persists. The short - term judgment is a volatile downward trend, and the focus is on OPEC+ production policies and Middle - East geopolitics [11]. - LPG: Supply is relatively tight, and the basis is at a low level. The short - term judgment is a volatile trend, and the focus is on the cost of crude oil and overseas propane [11]. - Asphalt: The price is oscillating around 3000. The short - term judgment is a volatile trend, and the focus is on sanctions and supply disruptions [11]. - High - Sulfur Fuel Oil: The price is weakly oscillating. The short - term judgment is a volatile downward trend, and the focus is on geopolitics and crude oil prices [11]. - Low - Sulfur Fuel Oil: The price is weakly oscillating. The short - term judgment is a volatile downward trend, and the focus is on crude oil prices [11]. - Methanol: The shutdown progress is rapid, and the price may rise. The short - term judgment is a volatile trend, and the focus is on macro - energy and overseas shutdown dynamics [11]. - Urea: Inventory has significantly decreased, and the sentiment is bullish. The short - term judgment is a volatile trend, and the focus is on enterprise inventory reduction [11]. - Ethylene Glycol: The price center is mainly adjusted widely. The short - term judgment is a volatile trend, and the focus is on coal and oil prices, port inventory, and trade frictions [11]. - PX: The cost is average, and the supply - demand pattern is okay. The short - term judgment is a volatile trend, and the focus is on crude oil fluctuations, macro - changes, and aromatics blending for oil [11]. - PTA: The basis is strong, and the profit is slightly repaired. The short - term judgment is a volatile trend, and the focus is on crude oil fluctuations and macro - changes [11]. - Short - Fiber: The downstream demand is temporarily maintained. The short - term judgment is a volatile trend, and the focus is on downstream yarn - mill purchasing and peak - season demand [11]. - Bottle - Chip: The price fluctuation is limited, and the profit is stagnant. The short - term judgment is a volatile trend, and the focus is on bottle - chip enterprise production cuts and new - device commissioning [11]. - Propylene: The spot is strong, and the price is oscillating. The short - term judgment is a volatile trend, and the focus is on oil prices and domestic macro - situation [11]. - PP: The fundamental pressure remains, and attention should be paid to maintenance changes. The short - term judgment is a volatile trend, and the focus is on oil prices and domestic/overseas macro - situation [11]. - Plastic: The oil price has fallen, and the maintenance support is limited. The short - term judgment is a weakly volatile trend, and the focus is on oil prices and domestic/overseas macro - situation [11]. - Styrene: The oil - blending narrative has faded, and the price is oscillating. The short - term judgment is a volatile trend, and the focus is on oil prices, macro - policies, and device dynamics [11]. - PVC: High inventory is suppressing the price, and it may be linked to production cuts. The short - term judgment is a volatile trend, and the focus is on expectations, costs, and supply [11]. - Caustic Soda: The value is low, and the supply - demand is weak. The short - term judgment is a volatile trend, and the focus is on market sentiment, production, and demand [11]. - Oils and Fats: Market sentiment has stabilized, and the price may continue to be weakly bullish. The short - term judgment is a volatile upward trend, and the focus is on US soybean weather and Malaysian palm oil production - demand data [11]. - Protein Meal: There is a game between reality and expectation, and the M15 spread is narrowing. The short - term judgment is a volatile upward trend, and the focus is on weather, domestic demand, macro - situation, and trade frictions [11]. - Corn/Starch: The supply - demand is temporarily tight, and the price is oscillating at a high level. The short - term judgment is a volatile upward trend, and the focus is on demand, macro - situation, and weather [11]. - Live Pigs: The live - pig spot price is weak, and the main contract rebounds with reduced positions. The short - term judgment is a volatile downward trend, and the focus is on breeding sentiment, epidemics, and policies [11]. - Natural Rubber: The impact of floods in the production area needs further observation. The short - term judgment is a volatile trend, and the focus is on production - area weather, raw material prices, and macro - changes [11]. - Synthetic Rubber: The price is oscillating within a range. The short - term judgment is a volatile trend, and the focus is on crude oil fluctuations [11]. - Cotton: There is a tug - of - war between bulls and bears, and the price is oscillating in the short term. The short - term judgment is a volatile trend, and the focus is on demand and inventory [11]. - Sugar: In the long - term, the driving force is downward, but the cost provides short - term support. The short - term judgment is a volatile downward trend, and the focus is on imports and Brazilian production [11]. - Pulp: The spot price of softwood pulp is weak, and the futures logic for near - and far - term contracts is different. The short - term judgment is a volatile trend, and the focus is on macro - economic changes and US dollar - based quotes [11]. - Offset Paper: The raw material price has fallen, and the price is oscillating at a low level. The short - term judgment is a volatile trend, and the focus is on production - sales, education policies, and paper - mill production [11]. - Logs: The price of logs has fallen, and it is in a low - valuation area. The short - term judgment is a volatile trend, and the focus is on shipping volume and sales volume [11].

Core Insights - The article highlights the role of Xingzhong Group in enhancing urban development through its involvement in the 15th National Games held in Zhongshan, showcasing the company's commitment to quality service and community engagement [2][3]. Group 1: Event Support and Management - Xingzhong Catering established a "Three Checks and Two Evaluations" control mechanism for food supply during the National Games, ensuring strict management and traceability from nine suppliers [3]. - The company implemented a digital cold chain logistics system with GPS and TMS for optimized routes and real-time monitoring, achieving a "zero problem, zero error" outcome in food supply [3]. Group 2: Rural Development and Cultural Tourism - The collaboration between Guan Zhong Company and Cao Bian Village led to the creation of a food street project, projected to generate 800,000 yuan in revenue and attract over 12,000 visitors during key holidays in 2025 [4]. - The initiative not only filled a gap in local cultural tourism services but also provided a stable income source for the village, contributing to its recognition as one of the first "Beautiful Overseas Chinese Villages" in Guangdong [4]. Group 3: Brand Development and Corporate Responsibility - Xingzhong Group's subsidiaries are developing unique "party building brands" tailored to their core businesses, demonstrating their commitment to national strategies and regional development [5]. - The company is actively pursuing green initiatives, such as the first integrated source-network-load-storage project in Zhongshan, aligning with national carbon reduction goals [5]. - The group is also enhancing food security through innovative grain storage techniques and expanding into new business areas like smart security services [5].