Report Industry Investment Rating No relevant content provided. Core Views Overall Market - Overseas, US employment data shows significant differentiation. The Fed's 12 - month rate - cut expectation is strengthened, and the focus is on November employment data and the Fed chair selection process. Domestically, the economic fundamentals cool marginally, but policy remains firm, and the market expects more policies. [2] - The USD/CNY spot exchange rate may continue to "oscillate and build a bottom, with a slowly declining central value". RMB's internal appreciation power is accumulating, but it's hard to have a unilateral rapid appreciation in the short - term. [4] Commodities - For precious metals, in the medium - to - long - term, central bank gold purchases and investment demand will push up prices. Short - term, focus on the December Fed rate - cut expectation and 60 - day moving average. [12] - Copper prices are expected to be strong, with the futures price possibly breaking through 87,000. [13][14] - Aluminum is expected to oscillate strongly, alumina to run weakly, and cast aluminum alloy to oscillate at a high level. [15] - Zinc is expected to oscillate. [16] - Nickel and stainless steel markets are in a wait - and - see state. The downside space of nickel - stainless steel is larger. [17][18] - Tin is expected to maintain a high - level oscillation, and it's recommended to enter the market on dips. [18] - Lithium carbonate may have a phased correction, and it's advisable to enter on dips after the correction. [20] - Industrial silicon will oscillate in the short - term and has long - term value for bottom - fishing. Polysilicon should pay attention to the position risk. [21][22] - Lead is expected to oscillate between 16,800 - 17,100. [24] Black Metals - Rebar and hot - rolled coils are expected to oscillate within a range. Rebar may move between 2,900 - 3,200, and hot - rolled coils between 3,100 - 3,400. [25] - Iron ore prices are expected to be strong in the short - term, and it's advisable to short after the basis correction. [27] - Coking coal's 01 contract may be under pressure, while the 05 contract has long - term long - allocation potential. Coke's short - selling space is limited. [28][29] - Ferrosilicon and ferromanganese are expected to oscillate weakly. [29][30] Energy and Chemicals - LPG is expected to oscillate strongly. [33] - PX - PTA may correct, and it's advisable to go long after the correction. [33][34][35] - MEG - bottle chips can consider selling call options on rebounds. [38] - PP is expected to oscillate at a low level. [40] - PE is expected to oscillate at a low level, and a put - option strategy can be considered. [42] - Pure benzene and styrene are affected by export and maintenance news. Pay attention to actual transactions and maintenance plans. [43] - Fuel oil's high - sulfur cracking is expected to decline, and low - sulfur cracking is expected to rise. Consider widening the high - low sulfur spread. [44][45][46] - Asphalt is expected to oscillate in the short - term, and it's advisable to consider long - allocating BU2603. [48] - Rubber is expected to oscillate widely, with light - colored rubber relatively stronger. [50] - Soda ash is expected to be priced by cost, with limited upward valuation elasticity. [51] - Glass's 01 contract will follow the reality, and the 12 - month cold - repair expectation affects the far - month pricing. [53] - Caustic soda has weak supply - demand fundamentals and high - level supply pressure. [54] - Logs' 01 contract is weak in reality, and it's advisable to consider short - selling on rebounds and 01 - 03 reverse spreads. [55][56] - Propylene's supply is generally loose, and the PP - PL spread is compressed. [58] Agricultural Products - For live pigs, the near - month contract still faces large pressure, and the impact of curing on prices needs attention. [59] Summary by Directory Financial Futures - **Market Information**: China promotes new business forms and AI application, urges a solution for Anshi Semiconductor, and Vanke discusses bond extension. US jobless claims fall, durable goods orders rise, and the Fed's Beige Book shows limited economic change. The UK announces a tax - increase plan, and there are developments in the Russia - Ukraine peace talks. [1] - **Core Logic**: Overseas, US employment data is differentiated, and the Fed's rate - cut expectation is strengthened. Domestically, economic fundamentals cool, but policy is firm. [2] - **RMB Exchange Rate**: The RMB strengthens against the USD. Policies are introduced to boost consumption, and the New Zealand central bank cuts rates. The RMB is expected to appreciate against the USD in the long - term but may slow down in the short - term. [3][4][5] - **Treasury Bonds**: Bond prices fall. Rumors of new public - fund fee regulations may cause selling pressure, but policies may hedge it. It's advisable to go long on dips. [5] - **Container Shipping to Europe**: Futures prices fall due to the Red Sea resumption expectation and weak spot prices. There are both positive and negative factors in the market. It's advisable to hold mid - term long positions and go long on dips. [5][6][7] Commodities Precious Metals - **Market Review**: Prices rise. The Fed's rate - cut expectation and delivery pressure affect prices. Platinum and palladium futures are listed. [9] - **Rate - cut Expectation and Fund Holdings**: The Fed's rate - cut probability is high. Gold ETF holdings increase, while silver, platinum, and palladium ETF holdings change differently. Inventories of gold and silver change. [10] - **This Week's Focus**: US Thanksgiving affects CME precious - metal trading hours. [11] - **View**: In the medium - to - long - term, prices will rise. Short - term, focus on the Fed's rate - cut expectation and technical indicators. [12] Copper - **Market Review**: Copper prices rise. The basis and the Shanghai - London ratio change. [13] - **Industry Information**: Warehouse receipts and inventories change, and the 2026 copper concentrate benchmark price may decline. US jobless claims data is released. [13][14] - **View and Strategy**: Spot trading has a price - pressing mentality, but futures have an upward expectation. It's advisable to pay attention to support and pressure levels and go long on dips for downstream enterprises. [14] Aluminum Industry Chain - **Market Review**: Aluminum, alumina, and cast aluminum alloy prices change. [14] - **Core View**: Aluminum is expected to oscillate strongly, alumina weakly, and cast aluminum alloy at a high level. [15] Zinc - **Market Review**: Zinc prices oscillate, and the night - session opens higher. [16] - **Core Logic**: The Fed's rate - cut expectation is high, and the dollar is weak. The smelting end has a strong demand for ore, and domestic inventories are decreasing while LME inventories are increasing. It's expected to oscillate. [16] Nickel and Stainless Steel - **Market Review**: Nickel and stainless steel prices rise. [17] - **Industry Performance**: Spot prices, premiums, and inventories are reported. [17] - **Market Analysis**: The market is in a wait - and - see state. Nickel - iron prices fall, and stainless steel has export benefits but weak demand. [18] Tin - **Market Review**: Tin prices oscillate, and the night - session price rises due to long - position funds. [18] - **Core Logic**: Supply is weaker than demand due to production resumption issues. It's recommended to enter on dips. [18] Lithium Carbonate - **Market Review**: Futures prices rise, and trading volume and open interest increase. [19] - **Industry Performance**: Spot prices of lithium ore, lithium salts, and downstream materials change. [19] - **View**: In December, the supply - demand pattern is strong. The price may correct at 100,000 yuan/ton, and it's advisable to go long on dips. [20] Industrial Silicon and Polysilicon - **Market Review**: Futures prices change, and trading volume and open interest change. [20] - **Industry Performance**: Spot prices of industrial silicon and photovoltaic products change. [21] - **View**: Industrial silicon is in a supply - demand weak pattern and will oscillate. Polysilicon should pay attention to position risks. [21][22] Lead - **Market Review**: Lead prices oscillate, and the night - session price is pressured. [22][23] - **Core Logic**: Supply is expected to be loose, and prices are expected to oscillate between 16,800 - 17,100. [24] Black Metals Rebar and Hot - Rolled Coils - **Market Review**: Prices fall slightly. Iron ore affects the rise of finished - product prices. [25] - **Core Logic**: Steel supply and demand both increase, and inventories decline slowly. Iron ore prices oscillate. Finished - product prices are expected to oscillate within a range. [25] Iron Ore - **Market Information**: Prices are at a high - level oscillation. [24] - **Information Arrangement**: A consumption promotion plan is released, and electric - furnace steel mills' capacity utilization and scrap consumption change. [26] - **View**: Prices are strong in the short - term, affected by coking coal. It's advisable to short after the basis correction. [27] Coking Coal and Coke - **Market Review**: Coking coal prices are at the bottom and oscillate widely. [27] - **Information Arrangement**: A consumption promotion plan is released, and coking coal auction prices fall. [27][28] - **Core Logic**: Coking coal supply is marginally loose, and demand is weak. Coke has priced in multiple rounds of price cuts. It's advisable to go long on coking coal's 05 contract on dips and avoid short - selling coke blindly. [28][29] Ferrosilicon and Ferromanganese - **Market Review**: Prices fall. [29] - **Core Logic**: Steel mills' profitability declines, iron - water production decreases, and ferrosilicon and ferromanganese face high - inventory and weak - demand issues. It's expected to oscillate weakly. [29][30] Energy and Chemicals LPG - **Market Dynamics**: Futures and spot prices change. [32] - **Fundamentals**: Supply and demand change slightly, and inventories increase. [32] - **View**: The RMB - denominated LPG is relatively strong, and the market may oscillate strongly. [33] PTA - PX - **Fundamentals**: PX supply is expected to be high, and PTA has many shutdowns. Polyester demand is expected to be high. PX benefits are good, and PTA processing fees are low. [33][34][35] - **View**: The PX - PTA market is affected by oil - blending speculation. It's advisable to go long on dips after the correction. [35] MEG - Bottle Chips - **Inventory and Devices**: Port inventory is stable, and some devices restart or shut down. [35][36] - **Fundamentals**: Supply decreases, and demand is expected to be high. Inventories may decline to a tight balance. [36][37] - **View**: Demand is stable, but supply - demand is in an oversupply pattern. It's advisable to sell call options on rebounds. [38] PP - **Market Dynamics**: Futures and spot prices fall. [38] - **Fundamentals**: Supply pressure eases due to device maintenance, and demand growth slows after the "Double 11" festival. Inventories decline. [39] - **View**: PP is expected to oscillate at a low level due to weak demand and cost support. [40] PE - **Market Dynamics**: Futures and spot prices fall. [41] - **Fundamentals**: Supply pressure is large, and demand weakens as the agricultural - film season ends. Inventories decline. [41][42] - **View**: PE is in a supply - strong and demand - weak pattern and is expected to oscillate at a low level. It's advisable to use a put - option strategy. [42] Pure Benzene and Styrene - **Market Review**: Futures prices rise. [42] - **Inventory and View**: Pure - benzene and styrene inventories change. The market is affected by export and maintenance news. [42][43] Fuel Oil - **Market Review**: Futures prices are reported. [43] - **Industry Performance**: Supply and demand of high - sulfur and low - sulfur fuel oil change in November, and inventories change. [43][44][45] - **Core Logic**: High - sulfur fuel oil supply increases, and demand is mixed. Low - sulfur fuel oil supply may be affected by refinery issues, and demand is relatively stable. High - sulfur cracking is expected to fall, and low - sulfur cracking is expected to rise. [44][45][46] Asphalt - **Market Review**: Futures and spot prices change. [47] - **Fundamentals**: Supply decreases, demand increases slightly, and inventories decline. [47][48] - **View**: Asphalt is expected to oscillate in the short - term, and it's advisable to consider long - allocating BU2603. [48] Rubber and 20 - number Rubber - **Macro and Inventory Information**: China conducts MLF operations, and US economic data is released. Rubber inventories change, and Thailand's floods affect production. [48][49] - **Core View**: Rubber supply tightens, and demand weakens. It's expected to oscillate widely, with light - colored rubber relatively stronger. [50] Glass, Soda Ash, and Caustic Soda - **Soda Ash**: Inventory decreases, and it's expected to be priced by cost, with limited upward valuation elasticity. [50][51] - **Glass**: The 01 contract follows the reality, and the 12 - month cold - repair expectation affects the far - month pricing. [53] - **Caustic Soda**: Spot prices change locally, and supply - demand fundamentals are weak, with high - level supply pressure. [54] Logs - **Market and Valuation**: Futures prices change, and spot prices and inventory costs are reported. [54][55] - **Core Contradiction**: The 01 contract is weak in reality, and the 03 contract has a weak peak - season expectation. It's advisable to consider short - selling on rebounds and 01 - 03 reverse spreads. [55][56] Propylene - **Market Dynamics**: Futures prices fall, and the PP - PL spread compresses. [57] - **Fundamentals**: Supply decreases, and demand increases. Other downstream industries have low profit levels. [57][58] - **View**: Supply is generally loose, and the PP - PL spread is compressed. [58] Agricultural Products - **Live Pigs**: Futures prices rise, and spot prices change. The near - month contract still faces large pressure, and the impact of curing on prices needs attention. [59]

Industry Overview Production Industry - On November 26, Minister of Commerce Wang Wentao held a video meeting with European Commissioner for Trade and Economic Security Valdis Dombrovskis, discussing economic and trade issues such as Nexperia. Both sides agreed that enterprises are the main body to solve the Nexperia issue and will jointly urge Nexperia Netherlands and Nexperia China to conduct constructive communication to find a long - term solution and restore the smoothness and stability of the global semiconductor supply chain. They also exchanged views on China - EU export control issues [1] Service Industry - Six departments including the Ministry of Industry and Information Technology issued the Implementation Plan for Enhancing the Adaptability of Consumer Goods Supply and Demand and Further Promoting Consumption. By 2027, the supply structure of consumer goods will be significantly optimized, forming 3 trillion - level consumption areas and 100 billion - level consumption hotspots, and creating a number of high - quality consumer goods with cultural connotations. By 2030, a high - quality development pattern of positive interaction and mutual promotion between supply and consumption will be basically formed, and the contribution rate of consumption to economic growth will steadily increase [1] Upstream Industry - Non - ferrous metals prices fluctuate slightly; palm oil prices in the agricultural sector continue to decline; international crude oil prices fluctuate downward [1] Midstream Industry - In the chemical industry, the operating rates of PX, urea, and PTA decline, while the polyester operating rate remains stable. In the energy sector, the coal consumption of power plants is at a low level. In the infrastructure sector, the asphalt operating rate continues to decline [1] Downstream Industry - In the real estate sector, the sales of commercial housing in first - tier cities pick up. In the service sector, the number of domestic flights decreases [2] Key Industry Price Indicators | Industry Name | Indicator Name | Frequency | Unit | Update Time | Value | YoY | | --- | --- | --- | --- | --- | --- | --- | | Agriculture | Spot price: Corn | Daily | Yuan/ton | 11/26 | 2205.7 | 0.92% | | | Spot price: Eggs | Daily | Yuan/kg | 11/26 | 6.3 | 2.10% | | | Spot price: Palm oil | Daily | Yuan/ton | 11/26 | 8470.0 | 2.37% | | | Spot price: Cotton | Daily | Yuan/ton | 11/26 | 14828.8 | 0.25% | | | Average wholesale price: Pork | Daily | Yuan/kg | 11/26 | 17.9 | - 0.39% | | Non - ferrous metals | Spot price: Copper | Daily | Yuan/ton | 11/26 | 86715.0 | 0.71% | | | Spot price: Zinc | Daily | Yuan/ton | 11/26 | 22376.0 | - 0.11% | | | Spot price: Aluminum | Daily | Yuan/ton | 11/26 | 21453.3 | - 0.53% | | | Spot price: Nickel | Daily | Yuan/ton | 11/26 | 120233.3 | 1.42% | | | Spot price: Aluminum | Daily | Yuan/ton | 11/26 | 17062.5 | - 0.84% | | | Spot price: Rebar | Daily | Yuan/ton | 11/26 | 3181.7 | 0.58% | | Ferrous metals | Spot price: Iron ore | Daily | Yuan/ton | 11/26 | 812.9 | 0.32% | | | Spot price: Wire rod | Daily | Yuan/ton | 11/26 | 3350.0 | 0.75% | | | Spot price: Glass | Daily | Yuan/square meter | 11/26 | 13.4 | - 1.47% | | Non - metals | Spot price: Natural rubber | Daily | Yuan/ton | 11/26 | 14858.3 | - 0.34% | | | China Plastic City Price Index | Daily | - | 11/26 | 764.3 | - 0.22% | | Energy | Spot price: WTI crude oil | Daily | US dollars/barrel | 11/26 | 58.0 | - 4.59% | | | Spot price: Brent crude oil | Daily | US dollars/barrel | 11/26 | 61.8 | - 4.76% | | | Spot price: Liquefied natural gas | Daily | Yuan/ton | 11/26 | 4100.0 | - 1.96% | | | Coal price: Coal | Daily | Yuan/ton | 11/26 | 825.0 | - 0.72% | | Chemical industry | Spot price: PTA | Daily | Yuan/ton | 11/26 | 4654.8 | 0.13% | | | Spot price: Polyethylene | Daily | Yuan/ton | 11/26 | 6985.0 | - 0.21% | | | Spot price: Urea | Daily | Yuan/ton | 11/26 | 1650.0 | 0.61% | | | Spot price: Soda ash | Daily | Yuan/ton | 11/26 | 1207.9 | - 0.59% | | Real estate | Cement price index: National | Daily | - | 11/26 | 136.6 | 0.29% | | | Building materials composite index | Daily | Points | 11/26 | 114.5 | 0.63% | | | Concrete price index: National index | Daily | Points | 11/26 | 90.5 | - 0.33% | [35]

背景 11月26日，六部门印发《关于增强消费品供需适配性进一步促进消费的实施方案》（以下简称《实施方 案》）的通知。到2027年，消费品供给结构明显优化，形成3个万亿级消费领域和10个千亿级消费热 点，打造一批富有文化内涵、享誉全球的高品质消费品；到2030年，供给与消费良性互动，相互促进的 高质量发展格局基本形成，消费对经济增长的贡献率稳步提升。 智通财经APP获悉，中国银河证券发布研报称，消费行业需要重视"十五五"规划中消费的中长期目标； 短期关注针对2026年消费相关政策。该行对消费行业2026年海外业务的发展持乐观观点。 中国银河证券主要观点如下： 2）2024年12月中央经济工作会议将大力提振消费列为2025年经济工作首要任务，此后围绕提振消费的 各类政策不断。2025年3月，《提振消费专项行动方案》部署8大方面30项重点任务；2025年4月，国家 税务总局全面推广境外旅客购物离境退税"即买即退"；2025年9月，《关于释放体育消费潜力进一步推 进体育产业高质量发展的意见》重点提及激发体育消费需求。3）2025年10月，十五五规划建议中将消 费行业置于战略高度，提出"大力提振消费，增强居民消费能力， ...

Core Viewpoint - The article discusses the performance of the A-share market, highlighting the fluctuations in major indices and sector performances, particularly in consumer electronics and HBM concepts, while noting the decline in AI applications and certain real estate stocks [3]. Market Performance - As of the midday session, the Shanghai Composite Index rose by 0.49%, the Shenzhen Component Index increased by 0.38%, and the ChiNext Index initially surged over 2% before settling at a 0.56% gain [3]. - The total trading volume in the Shanghai and Shenzhen markets reached 1.09 trillion yuan, a decrease of 466 billion yuan compared to the previous trading day, with over 3,300 stocks rising [4]. Sector Highlights - The consumer electronics sector saw a rise of 2.28%, while the HBM concept led the gains with a 2.62% increase [4]. - The solid-state battery concept also performed well, contributing to the overall positive sentiment in the market [3]. - The AI application sector continued to show weakness, indicating potential challenges in this area [3]. Notable Stocks - In the pork concept sector, stocks like Jin Xin Nong and Tian Yu Bio experienced significant gains, with Jin Xin Nong hitting the daily limit [5]. - Semiconductor stocks such as Huahong Semiconductor and SMIC saw increases of over 5% and 3%, respectively, reflecting strong performance in the tech sector [6]. - New Energy and AI concept stocks also showed strength, with New Yi Sheng rising by 7% and Yangguang Electric Power increasing by nearly 5% [7]. Additional Market Insights - The Hong Kong stock market opened with a slight increase, with the Hang Seng Technology Index expanding its gains [12]. - The People's Bank of China conducted a reverse repurchase operation of 356.4 billion yuan at an interest rate of 1.40%, indicating ongoing liquidity management [13]. - The Chinese yuan appreciated against the US dollar, reaching its highest level since October 2024 [14].

11月23日，苏丹通讯社报道，农业和灌溉部长伊斯玛特表示，农业部将启动一个数字化转型项目，旨在 推进农业发展，加强水资源管理，重点在于能力建设和效率提升。该数字化项目将协助农民和专家解决 技术问题和记录关键数据，使用各种应用程序来监测作物生长和灌溉需求、跟踪防治病虫害、评估产量 和生产力，运用网络工具来提高决策水平，提高水资源管理能力。 ...

Core Insights - The introduction of the "Straw Common Prosperity Loan" aims to support agricultural businesses by providing loans without the need for local collateral, thus addressing funding shortages for farmers [2][3] Group 1: Loan Details - The "Straw Common Prosperity Loan" offers up to 300,000 yuan with a minimum interest rate of 3% for eligible agricultural businesses that meet specific conditions [2] - Individual farmers can accumulate points through straw collection, which can be exchanged for loan amounts or physical goods like fertilizers and meat [2] Group 2: Agricultural Practices - The initiative reflects a shift from burning straw to utilizing it as a resource, showcasing the implementation of efficient ecological agriculture practices [3] - The area has adopted innovative farming methods such as lotus and shrimp intercropping, resulting in an average output value exceeding 10,000 yuan per mu [3] - The introduction of advanced agricultural projects, including AI-driven aquaculture and leisure agriculture, has diversified income sources for local farmers [3]

Core Insights - Zhengbang Technology (002157) reported a net financing purchase of 2.14 million yuan on November 26, 2025, with a financing balance of 677 million yuan, indicating a positive market sentiment towards the stock [1][2]. Financing Activity Summary - On November 26, 2025, the net financing purchase was 214.33 thousand yuan, with a financing balance of 6.77 billion yuan, representing 3.19% of the circulating market value [2]. - The financing balance increased by 0.32% from the previous day, reflecting a growing bullish sentiment in the market [3]. - Over the past three trading days, the cumulative net purchase reached 1.49 million yuan, indicating sustained interest from investors [1].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - After recent continuous declines, the index is expected to stabilize in the short - term. Policy support for the capital market remains unchanged, and technology growth is still the market's main line. The medium - to long - term strategy is to buy on dips [4]. - In the fourth quarter, the supply - demand pattern of the bond market may improve. The market is in a situation of weak domestic demand recovery and improved inflation expectations, maintaining an overall volatile trend. Pay attention to the impact of stock - bond linkage and liquidity [7]. - The expectation of the Fed's loose monetary policy has significantly increased. The overseas interest - rate cut cycle will continue, and the further driving force will be released in December. It is recommended to buy precious metals on dips [9]. - For most commodities, the market is affected by various factors such as supply - demand relationships, policies, and macro - economic conditions, showing different trends of volatility, strength, or weakness. Summary by Category Macro - Financial Stock Index - **Market News**: Six ministries including the Ministry of Industry and Information Technology jointly issued a document to enhance the adaptability of consumer goods supply and demand; the Cyberspace Administration of China strengthened the management of financial "self - media" and MCN accounts; the Guangzhou Futures Exchange announced the listing benchmark prices of platinum and palladium futures; US durable goods orders in September increased by 0.5% month - on - month [2]. - **Basis Ratio**: The basis ratios of IF, IC, IM, and IH for different contract periods are provided [3]. - **Strategy**: After recent declines, the index may stabilize in the short - term. The long - term strategy is to buy on dips [4]. Treasury Bonds - **Market News**: On Wednesday, the prices of TL, T, TF, and TS main contracts decreased. The Bank of Japan may raise interest rates in December; the winning yields of the Ministry of Finance's 2 - period treasury bonds were lower than the ChinaBond valuations. The central bank conducted 2133 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 972 billion yuan [5]. - **Strategy**: The economic data in October was weak, and the year - end social financing growth rate may remain weak. The central bank maintains an attitude of protecting funds. The bond market is expected to be volatile in the fourth quarter, and pay attention to stock - bond linkage and liquidity [7]. Precious Metals - **Market News**: Shanghai gold rose 0.37%, and Shanghai silver rose 2.73%. COMEX gold and silver prices are also provided. A Fed governor made dovish remarks, and the market expects an 82.9% probability of a 25 - basis - point interest - rate cut in December [8]. - **Strategy**: The expectation of the Fed's loose monetary policy has increased. It is recommended to buy precious metals on dips [9]. Non - Ferrous Metals Copper - **Market News**: Overnight, US stocks rose, and the offshore RMB strengthened. LME copper prices increased, and domestic copper inventories and premiums showed certain changes [11]. - **Strategy**: Fed officials' dovish remarks increase the probability of a December interest - rate cut. The supply of copper raw materials is tight, and downstream demand is strong. Copper prices are expected to oscillate strongly [12]. Aluminum - **Market News**: Supported by overseas supply disruption news, aluminum prices rose. LME and domestic aluminum inventories and premiums changed [13]. - **Strategy**: Global aluminum inventories are low, and supply disruptions support prices. Although the downstream is entering the off - season, aluminum prices may strengthen after adjustment [14]. Zinc - **Market News**: On Wednesday, Shanghai zinc index prices decreased slightly. LME and domestic zinc inventories and basis are provided [15]. - **Strategy**: Zinc ore imports decreased in October, and the supply of zinc ore is tight during the winter stockpiling period. However, in the long - term, the zinc industry is still in an over - supply cycle. Zinc prices are expected to be weak in the short - term [16]. Lead - **Market News**: On Wednesday, Shanghai lead index prices rose slightly. LME and domestic lead inventories and basis are provided [17]. - **Strategy**: The supply of lead ingots is increasing, while the demand for lead - acid batteries is declining. Lead prices are expected to be weak in the short - term [17]. Nickel - **Market News**: On Wednesday, nickel prices rebounded. Spot prices and cost factors are provided [18]. - **Strategy**: The fundamentals of nickel are under pressure. Supply is increasing, and demand is weak. It is not recommended to chase short or bottom - fish. Wait for the nickel - iron price to stabilize [18]. Tin - **Market News**: On November 26, Shanghai tin prices rose. Supply, demand, and inventory information are provided [19]. - **Strategy**: The short - term supply - demand of tin is in a tight balance. Considering the high - price suppression of consumption and the marginal improvement of ore shortages, tin prices are expected to oscillate. It is recommended to wait and see [20]. Carbonate Lithium - **Market News**: The spot index of carbonate lithium rose, while the futures price of LC2605 decreased [21]. - **Strategy**: The improvement of fundamentals boosts bullish sentiment, but there are concerns about off - season demand. It is recommended to wait and see [21]. Alumina - **Market News**: On November 26, the alumina index decreased. Information on basis, overseas prices, and inventory is provided [22]. - **Strategy**: Overseas ore shipments are expected to increase, and the alumina smelting capacity is over - supplied. However, the current price is close to the cost line, and it is recommended to wait and see [23]. Stainless Steel - **Market News**: On Wednesday, the stainless - steel main contract price rose. Spot prices, raw material prices, and inventory information are provided [24]. - **Strategy**: The spot market price rose slightly, but the demand is affected by the real - estate market. Stainless - steel prices are expected to oscillate [25]. Cast Aluminum Alloy - **Market News**: Yesterday, the price of cast aluminum alloy oscillated. Information on contract prices, inventory, and demand is provided [26]. - **Strategy**: The cost of cast aluminum alloy provides support, and the price is expected to follow the trend of aluminum prices [27]. Black Building Materials Steel - **Market News**: The prices of rebar and hot - rolled coil main contracts decreased. Information on spot prices, registered warrants, and inventory is provided [29]. - **Strategy**: The steel market is in the off - season, and the export is affected by anti - dumping duties. Prices are expected to be weakly volatile in the short - term but may improve with policy implementation [30]. Iron Ore - **Market News**: Yesterday, the iron - ore main contract price rose. Information on spot prices, basis, and inventory is provided [31]. - **Strategy**: Overseas iron - ore shipments decreased, and the demand for iron ore is stable. The overall inventory is high, and the price is expected to oscillate [32]. Glass and Soda Ash - **Glass** - **Market News**: On Wednesday, the glass main contract price rose slightly. Information on spot prices, inventory, and positions is provided [33]. - **Strategy**: The supply of glass may decrease in December, and the demand is weak. The price is expected to oscillate at the bottom [34]. - **Soda Ash** - **Market News**: On Wednesday, the soda - ash main contract price decreased. Information on spot prices, inventory, and positions is provided [35]. - **Strategy**: The supply of soda ash is in excess, and the demand is divided. The price is expected to be weak [35]. Manganese Silicon and Ferrosilicon - **Market News**: On November 26, the prices of manganese - silicon and ferrosilicon main contracts decreased. Information on spot prices, basis, and price trends is provided [36]. - **Strategy**: The market risk appetite has weakened, and the prices of ferrous alloys have decreased. However, with the expectation of the Fed's interest - rate cut, there may be a turning point. It is recommended to pay attention to market sentiment [38]. Industrial Silicon and Polysilicon - **Industrial Silicon** - **Market News**: Yesterday, the industrial - silicon main contract price rose. Information on spot prices, basis, and production is provided [40]. - **Strategy**: The production of industrial silicon is decreasing, and the demand is affected by the polysilicon and organic - silicon industries. The price is expected to oscillate [41]. - **Polysilicon** - **Market News**: Yesterday, the polysilicon main contract price rose. Information on spot prices, basis, and production is provided [43]. - **Strategy**: The production of polysilicon is decreasing, and the supply - demand pattern may improve marginally. The price is expected to oscillate widely, and attention should be paid to platform company progress and price feedback [44]. Energy and Chemicals Rubber - **Market News**: Rubber prices rebounded. Thailand's rubber - producing areas were affected by floods, and the inventory of exchange - traded RU was low. The opinions of bulls and bears are different [46]. - **Strategy**: It is recommended to take a bullish short - term strategy and partially build positions for hedging [50]. Crude Oil - **Market News**: INE crude - oil futures prices decreased. The inventory of refined oil products in the Fujairah port increased [51]. - **Strategy**: Although the geopolitical premium has disappeared, OPEC's supply has not increased significantly. It is recommended to wait and see and test OPEC's export price - support willingness [52]. Methanol - **Market News**: The prices of methanol in different regions and the main contract increased. Information on basis and spread is provided [53]. - **Strategy**: The positive impact of Iranian device shutdowns is being realized, but the near - term high - inventory pattern remains. It is recommended to wait and see [53]. Urea - **Market News**: The prices of urea in different regions and the main contract changed. Information on basis and spread is provided [54]. - **Strategy**: The urea price is oscillating at the bottom. The supply is high, and the demand has improved. It is recommended to buy on dips [55]. Pure Benzene and Styrene - **Market News**: The spot price of pure benzene was unchanged, and the futures price of styrene rose. Information on basis, spread, and supply - demand is provided [56]. - **Strategy**: The supply of styrene is under pressure, but the demand is in the seasonal peak. The price may stop falling [57]. PVC - **Market News**: The PVC01 contract price decreased. Information on spot prices, basis, and supply - demand is provided [58]. - **Strategy**: The supply of PVC is in excess, and the demand is weak. It is recommended to short on rallies [60]. Ethylene Glycol - **Market News**: The EG01 contract price rose. Information on spot prices, basis, and supply - demand is provided [61]. - **Strategy**: The domestic supply of ethylene glycol is expected to decrease in December, but the medium - term supply - demand pattern is still weak. It is recommended to short on rallies [62]. PTA - **Market News**: The PTA01 contract price rose. Information on spot prices, basis, and supply - demand is provided [63]. - **Strategy**: The supply of PTA may increase, and the demand is affected by inventory and the off - season. The processing fee has limited upward space [64]. p - Xylene - **Market News**: The PX01 contract price rose. Information on spot prices, basis, and supply - demand is provided [65]. - **Strategy**: The load of PX is high, and the downstream PTA is in maintenance. PX may accumulate inventory in November, and the valuation may be adjusted downward [66]. Polyethylene (PE) - **Market News**: The futures and spot prices of PE decreased. Information on basis, inventory, and supply - demand is provided [67]. - **Strategy**: The price of PE is expected to be volatile at a low level. The supply is decreasing, and the demand is in the seasonal peak [68]. Polypropylene (PP) - **Market News**: The futures and spot prices of PP decreased. Information on basis, inventory, and supply - demand is provided [69]. - **Strategy**: The supply of PP is under pressure, and the demand is in the seasonal low. The price may be supported in the first quarter of next year [70]. Agricultural Products Hogs - **Market News**: Yesterday, domestic hog prices mostly decreased. The supply is high, and the demand is weak [72]. - **Strategy**: The supply of hogs is under pressure, and the demand is weak. It is recommended to short near - month contracts or conduct reverse arbitrage [73]. Eggs - **Market News**: Yesterday, the national egg prices were mostly stable. The supply and demand are in a stalemate [74]. - **Strategy**: The spot price of eggs has not followed the futures price increase. The price is expected to be oscillating in the short - term, and it is recommended to short on rallies in the medium - term [75]. Soybean and Rapeseed Meal - **Market News**: CBOT soybean prices rose. The domestic soybean inventory is high, and the meal inventory is large [76]. - **Strategy**: The global soybean supply has decreased, and the import cost has a bottom support. The meal price is expected to oscillate [77]. Oils - **Market News**: The export of Malaysian palm oil decreased, and the production increased. The domestic oil inventory may decrease in the future [78]. - **Strategy**: The high production of palm oil suppresses the price. It is recommended to take an oscillating view and turn bullish if production decreases [79]. Sugar - **Market News**: The Zhengzhou sugar futures price oscillated. The production of sugar in Brazil and India is expected to increase [81]. - **Strategy**: The global sugar supply is expected to be in excess, and the international sugar price may be weak. It is recommended to short on rallies [82]. Cotton - **Market News**: The Zhengzhou cotton futures price oscillated. The global cotton production is expected to increase [83]. - **Strategy**: The demand for cotton is not too bad after the peak season, and the price is expected to oscillate in the short - term [84].

Group 1: Company Insights - Lixun Precision has developed core capabilities in the humanoid robot industry, capable of independently completing precision processing of key components like harmonic gears, except for batteries and some joint modules [1] - The automotive business of Lixun Precision has a rich product matrix, including high and low voltage harnesses, special harnesses, and fast charging guns, achieving good development momentum globally [1] - Hailu Heavy Industry focuses on manufacturing industrial waste heat boilers, large and special pressure vessels, and nuclear safety equipment, with ongoing investment in fourth-generation nuclear equipment projects to meet manufacturing capacity demands [2] - Nopoxin is confident in the long-term development of the blueberry industry, with 85% of funds from a planned private placement allocated for blueberry base and R&D center construction [3] - Century Huatong's gaming products launched in 2023 are performing well, with no signs of reaching their lifecycle peak, and the company has released at least 20 products this year [4] Group 2: Market Trends and Performance - The blueberry market is experiencing a positive trend, with exports to Japan performing well, and the company aims for growth through scale expansion and efficiency improvements [3] - Century Huatong's overseas market has a user overlap of about 20%, indicating potential for growth in international markets [4] - The company has seen a 91.21% growth in its best-performing public fund product over the past year, reflecting strong market performance [4]

推动农民职业化，这是应对"谁来种地"的迫切需要，也是抢占现代农业科技竞争制高点的关键举 措，慢不得、等不起。必须拿出更大决心，破除制度障碍，以只争朝夕的劲头，把培育现代职业农民摆 在优先位置。 以"产业增效"加快提升职业吸引力。粮食比较效益低，"1斤粮食不如1瓶矿泉水值钱"的现实严重削 弱了农民的职业吸引力。应强化价格、补贴、保险等政策支持和协同作用，确保农民种粮不亏本、有钱 赚。应持续推进粮食产业高质量发展，强化市场导向，发展订单农业、品牌农业，实现优质优价。促进 农村一二三产业融合发展，支持农民从单一粮食生产向精深加工、乡村旅游、农村电商、民宿经济等新 业态拓展，实现收入结构的多元化与收入水平的显著提升。普及智能农机与智慧农业，从根本上改变农 民工作环境与方式，使其成为令人羡慕的"科技岗"。当务农收入不低于甚至高于城镇同龄从业者时，农 民才能成为有吸引力的职业选择。 以"身份重塑"立起农民应有的尊严感。现代职业农民不应是固守传统的"庄稼汉"，而应是懂技术 的"田秀才"、善经营的"农经理"、会管理的"土专家"。要像培育工程师、教师一样，建立系统的职业资 格认证与教育培训体系，推动从业者从"经验型"走向"专业 ...