Report Industry Investment Ratings - **Macro Finance**: Index futures are long - term bullish, recommended to buy on dips; Treasury bonds are expected to trade sideways [1][5] - **Black Building Materials**: Coking coal and coke, and rebar are recommended for range trading; Glass is expected to continue weakening [1][6][7] - **Non - ferrous Metals**: Copper, aluminum, tin, gold, silver, and lithium carbonate are recommended for range trading; Nickel is recommended to wait and see or short on rallies [1][9][11][14] - **Energy and Chemicals**: PVC, styrene, rubber, urea, and methanol are recommended for range trading; Caustic soda and soda ash are recommended to wait and see; Polyolefins are expected to trade weakly [1][18][20][21] - **Cotton and Textile Industry Chain**: Cotton and cotton yarn are expected to trade sideways; PTA is expected to trade in a range; Apples are expected to be bullish in a sideways market; Jujubes are expected to be bearish in a sideways market [1][29][31] - **Agriculture and Animal Husbandry**: Live pigs' near - term contracts are expected to adjust weakly at low levels, and long - term contracts should be chased with caution; Eggs are expected to trade in a range; Corn is recommended to hedge on rallies; Soybean meal is recommended for range trading; Oils are expected to trade weakly in the short - term [1][32][33][34] Core Views The report provides trading suggestions for various futures products based on market analysis of different industries, including macro - economic data, supply - demand relationships, and cost factors. It also points out that market trends are affected by multiple factors such as geopolitical events, policy changes, and seasonal patterns [5][6][7] Summary by Category Macro Finance - **Index Futures**: Due to factors such as US inflation, retail sales, and European Central Bank warnings, the main market trends rotate quickly, and index futures may trade sideways in the short - term but are long - term bullish [5] - **Treasury Bonds**: The bond market is currently "insensitive to positives and sensitive to negatives", with narrow interest rate fluctuations and low odds, resulting in reduced attractiveness for allocation. Treasury bonds are expected to trade sideways [5] Black Building Materials - **Coking Coal and Coke**: The coal mine market is in a continuous price - cutting trend, with weak demand and a strong bearish sentiment. Market participants are mostly waiting and seeing, and it is recommended for range trading [6][7] - **Rebar**: With an unclear outlook for the Fed's December rate cut and a domestic policy vacuum, steel production and demand increased last week, but future demand may decline. Steel prices are expected to trade sideways at low levels due to low valuations and weak drivers [7] - **Glass**: Although there are rumors of production line cold - repairs, most of them are false. Supply remains stable, demand is weak, and inventory is high. Glass prices are expected to continue weakening [7] Non - ferrous Metals - **Copper**: Geopolitical factors in Congo (Kinshasa) bring uncertainties, but market consumption is improving, and social inventory is decreasing. Copper prices are expected to trade in a high - level range in the short - term, with long - term bullish potential [9] - **Aluminum**: Alumina and electrolytic aluminum production capacities have changed slightly. Demand is entering the off - season, and inventory has decreased slightly. Aluminum prices are expected to trade sideways [10] - **Nickel**: Indonesia's new RKAB policy may affect supply, and the market is in a state of over - supply. It is recommended to wait and see or short on rallies [13][14] - **Tin**: Domestic production has increased, and supply is expected to improve. The semiconductor industry is recovering, but downstream consumption is weak. Tin prices are expected to be supported, and it is recommended to pay attention to supply and demand [14] - **Silver and Gold**: Affected by US economic data and Fed rate - cut expectations, prices are in an adjustment phase. They are expected to be supported in the medium - term and continue to trade sideways in the short - term [15][16][18] - **Lithium Carbonate**: Supply is in a tight balance, and demand is strong. Prices are expected to continue a strong sideways trend, and it is recommended to pay attention to mine production and permits [18] Energy and Chemicals - **PVC**: With high supply, weak domestic demand, and uncertain export growth, PVC is expected to trade weakly in a sideways market, but attention should be paid to policy and cost factors [18] - **Caustic Soda**: Affected by alumina production and inventory, caustic soda's valuation is suppressed. It is recommended to wait and see [20] - **Styrene**: The overseas blending logic is difficult to change the weak fundamentals in the short - term. It is expected to trade sideways, and attention should be paid to pure benzene prices and crude oil [21][22] - **Rubber**: Domestic production areas are entering the off - season, and overseas floods have affected supply. However, inventory has increased significantly, and prices are expected to trade in a range [22] - **Urea**: Supply has increased, agricultural demand is weakening, and industrial demand is strengthening. Urea prices are expected to trade sideways under high production and inventory [24][25] - **Methanol**: Supply has recovered, demand from the olefin industry has increased slightly, and traditional demand is weak. Inventory has decreased at ports, and prices are expected to stabilize [25] - **Polyolefins**: With weakening supply pressure, some improvement in demand, and compressed production profits, PE is expected to trade in a range, and PP is expected to trade weakly [26][27] - **Soda Ash**: Supply is expected to contract, and demand is weak. With cost support, it is recommended to wait and see [28][29] Cotton and Textile Industry Chain - **Cotton and Cotton Yarn**: Global cotton supply and demand are relatively loose, but yarn prices are strong, and cotton prices are expected to trade sideways [29] - **PTA**: Affected by oil prices and supply - demand relationships, PTA prices are expected to trade in a low - level range [29] - **Apples**: Ground and warehouse trading is coming to an end, and prices are expected to be bullish in a sideways market [31] - **Jujubes**: The acquisition progress in Xinjiang is uneven, and prices are expected to be bearish in a sideways market [31] Agriculture and Animal Husbandry - **Live Pigs**: In the short - term, supply pressure remains, and demand growth is limited. In the long - term, capacity reduction has accelerated but is still above the equilibrium level. It is recommended to short on rallies in the near - term and be cautious about long - term rallies [32] - **Eggs**: Supply is relatively abundant, but short - term supply pressure has eased, and prices are expected to trade in a range with limited upside [33] - **Corn**: Short - term supply pressure has eased, and prices may rebound, but long - term supply is expected to be abundant, and demand is weak. It is recommended to hedge on rallies [34] - **Soybean Meal**: US soybean prices are expected to trade narrowly, and domestic supply is sufficient in the short - term. It is recommended for range trading [36] - **Oils**: In the short - term, palm oil production growth has slowed, but export data is poor, and there are many negative factors. Oils are expected to trade in a low - level range. In the long - term, they are expected to trade in a wide range [37][41]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - **Copper**: With dovish Fed statements and reduced geopolitical risks, along with tight copper raw - material supply and strong downstream demand, copper prices are expected to oscillate strongly. The reference range for the SHFE copper main contract is 86,400 - 88,000 yuan/ton, and for LME copper 3M is 10,850 - 11,100 dollars/ton [5]. - **Aluminum**: Supported by low global aluminum ingot inventories and supply disruptions, aluminum prices are likely to strengthen after an oscillatory adjustment. The reference range for the SHFE aluminum main contract is 21,450 - 21,800 yuan/ton, and for LME aluminum 3M is 2,820 - 2,890 dollars/ton [8]. - **Lead**: With increasing lead supply and weakening exports of lead - acid batteries, lead prices are expected to be weak in the short term [10]. - **Zinc**: Despite short - term tightness in zinc ore due to winter stockpiling, the zinc industry remains in an over - supply cycle, and zinc prices are expected to be weak in the short term [12]. - **Tin**: The short - term tin supply - demand is in a tight balance. Considering the high - price suppression of consumption and the marginal alleviation of ore shortages, tin prices are expected to oscillate. It is recommended to wait and see, with the reference range for the domestic main contract being 280,000 - 310,000 yuan/ton and for LME tin being 37,000 - 39,000 dollars/ton [14]. - **Nickel**: With strong supply pressure and weak demand, nickel prices are expected to be under pressure in the short term. It is not recommended to chase short or bottom - fish, and the reference range for SHFE nickel is 113,000 - 118,000 yuan/ton, and for LME nickel 3M is 13,500 - 15,500 dollars/ton [18]. - **Lithium Carbonate**: Due to the divergence between improving fundamentals and concerns about off - season demand, along with large price fluctuations, it is recommended to wait and see, with the reference range for the GFEX lithium carbonate 2605 contract being 93,000 - 99,000 yuan/ton [21]. - **Alumina**: With the recovery of overseas ore shipments and over - capacity in the smelting end, but prices approaching the cost line, it is recommended to wait and see in the short term. The reference range for the domestic main contract AO2601 is 2,600 - 2,900 yuan/ton [24]. - **Stainless Steel**: Although the spot market has seen a slight price increase and improved trading, due to weak demand in related fields, stainless - steel prices are expected to oscillate [27]. - **Cast Aluminum Alloy**: Supported by cost and supply - side policies, but with average demand, its price is expected to follow the trend of aluminum prices in the short term [29]. 3. Summary by Metal Copper - **Market Information**: Overnight US stocks rose, the offshore RMB strengthened, and copper prices oscillated upwards. LME copper inventory decreased by 75 tons to 156,500 tons, and SHFE daily warehouse receipts decreased by 0.1 to 40,000 tons. The domestic copper spot import loss narrowed to less than 800 yuan/ton [4]. - **Strategy**: With dovish Fed statements, reduced geopolitical risks, tight copper raw - material supply, and strong downstream demand, copper prices are expected to oscillate strongly [5]. Aluminum - **Market Information**: Supported by overseas supply disruption news, aluminum prices rose. LME aluminum inventory decreased by 0.2 to 542,000 tons, and domestic aluminum ingot inventories continued to decline [7]. - **Strategy**: With low global aluminum ingot inventories and supply disruptions, aluminum prices are likely to strengthen after an oscillatory adjustment [8]. Lead - **Market Information**: On Wednesday, the SHFE lead index rose 0.13% to 17,063 yuan/ton, and LME lead 3S fell 0.5 to 1,985.5 dollars/ton. Domestic lead ingot inventories rose from a low level, and LME lead inventories increased [9]. - **Strategy**: With increasing lead supply and weakening exports of lead - acid batteries, lead prices are expected to be weak in the short term [10]. Zinc - **Market Information**: On Wednesday, the SHFE zinc index fell 0.03% to 22,362 yuan/ton, and LME zinc 3S fell 2 to 3,007.5 dollars/ton. Domestic zinc ingot social inventory decreased slightly [11]. - **Strategy**: Despite short - term tightness in zinc ore due to winter stockpiling, the zinc industry remains in an over - supply cycle, and zinc prices are expected to be weak in the short term [12]. Tin - **Market Information**: On November 26, 2025, the SHFE tin main contract rose 0.89% to 298,500 yuan/ton. Tin smelter production in Yunnan and Jiangxi was stable at a high level, but raw - material supply was tight. Tin demand in emerging fields provided support, and social inventory increased by 311 tons to 8,245 tons [13]. - **Strategy**: The short - term tin supply - demand is in a tight balance. Considering the high - price suppression of consumption and the marginal alleviation of ore shortages, tin prices are expected to oscillate [14]. Nickel - **Market Information**: On Wednesday, nickel prices rebounded. The SHFE nickel main contract rose 0.95% to 117,260 yuan/ton. Nickel ore prices were stable, and nickel - iron prices continued to fall [16]. - **Strategy**: With strong supply pressure and weak demand, nickel prices are expected to be under pressure in the short term [17]. Lithium Carbonate - **Market Information**: The MMLC lithium carbonate spot index rose 2.50% to 94,469 yuan. The LC2605 contract fell 1.03% to 96,340 yuan [20]. - **Strategy**: Due to the divergence between improving fundamentals and concerns about off - season demand, along with large price fluctuations, it is recommended to wait and see [21]. Alumina - **Market Information**: On November 26, 2025, the alumina index fell 0.22% to 2,747 yuan/ton. The futures warehouse receipts increased by 0.34 to 257,900 tons [23]. - **Strategy**: With the recovery of overseas ore shipments and over - capacity in the smelting end, but prices approaching the cost line, it is recommended to wait and see in the short term [24]. Stainless Steel - **Market Information**: On Wednesday, the stainless - steel main contract rose 0.40% to 12,455 yuan/ton. Spot prices in some markets increased, and social inventory decreased to 1.0717 million tons [26]. - **Strategy**: Although the spot market has seen a slight price increase and improved trading, due to weak demand in related fields, stainless - steel prices are expected to oscillate [27]. Cast Aluminum Alloy - **Market Information**: The main AD2601 contract of cast aluminum alloy fell 0.1% to 20,695 yuan/ton. The weighted contract positions rebounded, and the warehouse receipts increased slightly [29]. - **Strategy**: Supported by cost and supply - side policies, but with average demand, its price is expected to follow the trend of aluminum prices in the short term [29].

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 - The company held its 13th meeting of the 10th Board of Directors on November 26, 2025, in accordance with relevant laws and regulations [2] - The board approved a guarantee for its subsidiary, with a maximum amount of $22,423,452 (approximately RMB 159.71 million), to support the execution of a contract with PT Amman Mineral Industri [2][10] - The guarantee will be submitted for shareholder approval [3] Group 2 - The board also approved a management implementation plan for the 2025-2027 term, with one director abstaining from the vote due to a conflict of interest [3][4] - Adjustments were made to the composition of several specialized committees within the board, including the Strategic and Sustainable Development Committee and the Audit Committee [4][5] - The new committee members will serve until the end of the current board's term [5] Group 3 - The subsidiary, China Nonferrous Metal Construction (Indonesia) Co., Ltd., is responsible for providing operational technical services under a contract valued at $44,846,904 [10][11] - The guarantee is structured as a joint liability guarantee, with an additional pledge of 33% equity from a partner as collateral [16][17] - The company has a total external guarantee balance of approximately RMB 2.866 billion, which is 50.58% of its latest audited net assets [18]

-4849 .1012 -48倍 | 7 Elite | 日度策略参考 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 份格号:F025192 | 趋势研判 | 逻辑观点精粹及策略参考 | 行业板块 | 品神 | | | | | | 当前宏观层面处于相对真空期,A股缺乏明确的上涨主线,市场成 | 交维持低位,预计短期市场分歧将在股指震荡调整中逐步消化, | 股指 | 農汤 | 待新的驱动主线带来股指进一步上行。 | 六川金融 | | | | | 资产荒和弱经济利好债期,但短期央行提示利率风险,压制上涨 | 国债 | 至间。 | | | | | | | | 近期市场情绪反复,铜价或震荡运行。 | 農汤 | 近期产业面驱动有限,而宏观情绪反复,铝价高位震荡运行。 | 震荡 | F | | | | | | 国内氧化铝产量及库存继续双增,基本面维持偏弱格局,近期价 | 氧化铝 | 格继续围绕成本线附近震荡运行,关注矿端价格变化。 | 美联储内部分歧加大, 近期宏观情绪预计反复。基本面短期国内 | | | | | | | ...

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating. 2. Core Views of the Report - The domestic stock index shows strong resilience, and it is recommended to wait for stabilization with reduced volatility. It is advisable to mainly observe the market due to the ongoing repricing adjustment of A - shares after the third - quarter reports, with limited downside risks and shrinking trading volume [4]. - For treasury bonds, the long - term bond is affected by the expected implementation of the new regulations on bond fund redemptions, and the curve slightly steepens. A range - bound operation is recommended for the unilateral strategy, and short - position investors can accelerate the position - shifting pace. Attention should be paid to the cash - and - carry strategy for the 2603 contract [6]. - For precious metals, the medium - to - long - term bull market of precious metals is expected to continue. Gold is currently oscillating in the range of $4050 - 4150, and silver is fluctuating in the range of $50 - 52.5. Short - term investors can try to go long on silver if the price rises [10]. - The shipping index (European line) is expected to decline in the short term [11]. - For base metals, the prices of most metals are expected to maintain an oscillating pattern, with different influencing factors and price ranges for each metal [12][15][18][20][23][26][30][33][37][41][43]. - For black metals, steel prices are expected to oscillate within a range, iron ore is expected to oscillate with a slight upward trend, and coking coal and coke are expected to oscillate with a downward trend [48][50][53][57]. - For agricultural products, the domestic soybean meal supply is abundant, and the cost side lacks substantial positive factors [58]. 3. Summary by Relevant Catalogs Financial Derivatives - Financial Futures Stock Index Futures - **Market Conditions**: On Tuesday, A - share major indices opened higher and the market recovered. The Shanghai Composite Index rose 0.87% to 3870.02 points. The four major stock index futures contracts all rose, and the basis discount of the main contracts was repaired [2][3]. - **News**: Domestically, the leaders of China and the US had a phone call, and the situation of Sino - US relations was discussed. Overseas, the US was making progress in promoting the end of the Russia - Ukraine conflict [3][4]. - **Funding**: On November 25, the A - share market trading volume increased slightly compared to the previous day. The central bank conducted 3021 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 1054 billion yuan [4]. - **Operation Suggestion**: The domestic stock index is resilient. It is recommended to wait for stabilization with reduced volatility and mainly observe the market [4]. Treasury Bond Futures - **Market Performance**: Treasury bond futures mostly closed down. The 30 - year and 10 - year main contracts declined, while the 2 - year main contract rose slightly [5]. - **Funding**: The central bank conducted 3021 billion yuan of 7 - day reverse repurchase operations and 1 trillion yuan of 1 - year MLF operations, with a net MLF injection of 100 billion yuan in November [5][6]. - **Operation Suggestion**: The bond market is in a range - bound stage. A range - bound operation is recommended for the unilateral strategy, and short - position investors can accelerate the position - shifting pace. Attention should be paid to the cash - and - carry strategy for the 2603 contract [6]. Financial Derivatives - Precious Metals - **Market Review**: US economic data showed divergence. Retail sales growth slowed down, PPI inflation rose, and private - sector employment decreased. The Fed official supported interest - rate cuts, and the market was cautious, with precious metals oscillating [7][8][9]. - **Outlook**: The long - term bull market of precious metals is expected to continue. Gold is oscillating in the range of $4050 - 4150, and silver is fluctuating in the range of $50 - 52.5. Short - term investors can try to go long on silver if the price rises [10]. - **Funding**: The gold ETF changed little, but the silver ETF had a large - scale inflow of over 250 tons [10]. Financial Derivatives - Shipping Index (European Line) - **Shipping Index**: As of November 24, the SCFIS European line index rose 20.7% month - on - month, while the US West route index fell 10.5% month - on - month. As of November 21, the SCFI composite index fell 4% month - on - month [11]. - **Fundamentals**: As of November 20, the global container shipping capacity increased by 7.17% year - on - year. The eurozone's October composite PMI was 52.2, and the US October manufacturing PMI was 48.7 [11]. - **Logic**: The futures market oscillated, and the spot market was weak. The main 02 contract fell 7.78% [11]. - **Operation Suggestion**: It is expected to decline in the short term [11]. Commodity Futures - Non - ferrous Metals Copper - **Spot**: As of November 25, the average price of SMM electrolytic copper and SMM Guangdong electrolytic copper increased, while the average premium decreased. Downstream demand returned to the rigid - demand procurement stage [12]. - **Macro**: Ukraine has basically agreed to the peace agreement proposed by the US, and the probability of a 25 - basis - point interest - rate cut in December has returned to 80% [12]. - **Supply**: The spot TC of copper concentrate is at a low level. In October, the output of electrolytic copper decreased month - on - month, and it is expected to decline slightly in November [12][13]. - **Demand**: The weekly operating rate of electrolytic copper rod increased, and the downstream demand showed strong resilience [13]. - **Inventory**: LME and COMEX copper inventories increased, while the domestic social inventory decreased [14]. - **Logic**: The probability of a December interest - rate cut has increased, and copper prices slightly rose and then fell. In the medium - to - long - term, the supply - demand contradiction supports the upward movement of copper prices [15]. - **Operation Suggestion**: The main contract is expected to oscillate between 85500 - 87500 yuan/ton [15]. Alumina - **Spot**: On November 25, the spot prices of alumina in various regions remained unchanged. The supply pattern is gradually loosening, and the spot price is under pressure [15]. - **Supply**: In October 2025, the output of metallurgical - grade alumina increased year - on - year. It is expected that the supply will remain in surplus in November, and high - cost enterprises may reduce production [16]. - **Inventory**: The port inventory and factory inventory decreased, while the electrolytic aluminum factory inventory increased. The total registered warehouse receipts decreased [16]. - **Logic**: The market oscillated at a low level, and the supply showed signs of contraction. The overall inventory accumulation rate slowed down, and the market may bottom out and oscillate [17]. - **Operation Suggestion**: The main contract is expected to operate between 2700 - 2850 yuan/ton [17]. Aluminum - **Spot**: On November 25, the average price of SMM A00 aluminum increased, and the premium decreased. Market activity and actual transactions increased after the price decline [18]. - **Supply**: In October 2025, the domestic electrolytic aluminum output increased year - on - year and month - on - month. It is expected that the daily output of aluminum ingots may slightly decline in November [18]. - **Demand**: The weekly operating rates of aluminum processing products were divided. High prices restricted downstream demand [18]. - **Inventory**: The domestic mainstream consumption area inventory and LME inventory decreased [19]. - **Logic**: The market showed a high - level position - reduction and correction trend, with a combination of positive and negative factors in the macro and fundamental aspects. It is expected to oscillate at a high level [19]. - **Operation Suggestion**: The main contract is expected to operate between 21100 - 21700 yuan/ton. If the position continues to be reduced, there may be further downward space in the short term [19]. Aluminum Alloy - **Spot**: On November 25, the average prices of SMM aluminum alloy ADC12 in various regions remained unchanged [20]. - **Supply**: In October, the output of recycled aluminum alloy ingots decreased, and the operating rate decreased. It is expected that the operating rate will continue to decline slightly in November due to the shortage of scrap aluminum [20]. - **Demand**: The traditional automobile consumption season is in progress, but the demand transmission is not smooth, and high prices suppress downstream procurement [20]. - **Inventory**: The social inventory and registered warehouse receipts increased [21]. - **Logic**: The market showed a high - level correction trend. The cost side was strongly supported, and the supply was restricted by raw materials. The demand was affected by high prices. It is expected to oscillate in the short term [21]. - **Operation Suggestion**: The main contract is expected to operate between 20300 - 20900 yuan/ton. An arbitrage strategy of going long on AD02 and short on AL02 can be considered when the spread is above 650 [22]. Zinc - **Spot**: On November 25, the average price of SMM 0 zinc ingot increased. The spot purchase was still based on demand, and the transaction was average [23]. - **Supply**: The processing fees of domestic and imported zinc concentrates decreased, and the profit of smelters was compressed. It is expected that the output of refined zinc will decline in November [24]. - **Demand**: The spot premium increased. The operating rates of the three primary processing industries were basically stable, and the downstream purchased on dips. The export space was opened, which may boost the domestic zinc price [25]. - **Inventory**: The domestic social inventory decreased, and the LME inventory increased [25]. - **Logic**: The fundamentals changed little, and the zinc price oscillated. The supply pressure was relieved, and the demand improved structurally. It is expected to continue to oscillate [26]. - **Operation Suggestion**: The main contract is expected to oscillate between 22200 - 22800 yuan/ton [26]. Tin - **Spot**: On November 25, the price of SMM 1 tin increased, and the premium remained unchanged. The market transaction was light [26]. - **Supply**: In October, the import volume of tin ore and tin ingot showed different trends. It is expected that the import volume of tin ore from Myanmar will increase in November, and the import volume of tin ingot will remain at a low level [27][28]. - **Demand and Inventory**: In October, the operating rate of solder decreased. The inventory of LME and the social inventory increased [29]. - **Logic**: The supply of tin ore is tight, and the demand in South China is relatively stable. It is recommended to maintain a long - position on tin due to strong fundamentals [30]. - **Operation Suggestion**: A strategy of buying on dips is recommended [30]. Nickel - **Spot**: As of November 25, the average price of SMM1 electrolytic nickel increased. The supply of refined nickel decreased, and it was difficult to find discounted spot goods [30]. - **Supply**: In the capacity expansion cycle, the output of refined nickel is expected to decrease month - on - month but remains at a high level [31]. - **Demand**: The demand for electroplating is stable, the demand for alloys is good, the demand for stainless steel is average, and the demand for nickel sulfate has short - term support [31]. - **Inventory**: The domestic and overseas inventories are at a high level, and the bonded - area inventory is stable [31]. - **Logic**: The market oscillated and recovered. The upstream production reduction and low valuation drove the market. The macro situation is temporarily stable, and the fundamentals are weak. It is expected to oscillate and recover [32][33]. - **Operation Suggestion**: The main contract is expected to oscillate between 116000 - 120000 yuan/ton [33]. Stainless Steel - **Spot**: As of November 25, the prices of Wuxi Hongwang and Foshan Hongwang 304 cold - rolled stainless steel were stable or increased, and the basis decreased [33]. - **Raw Materials**: The nickel ore market is stable, the price of nickel iron is under pressure, and the cost support of chromium iron is weakening [34]. - **Supply**: In October, the output of stainless steel increased. In November, the production is expected to decrease slightly. The supply pressure is still high [35]. - **Inventory**: The social inventory decreased slowly, and the warehouse receipts decreased [35]. - **Logic**: The market slightly rose, and the spot market purchase price was stable. The macro situation is temporarily stable, the raw material cost support is weakening, and the supply pressure remains. It is expected to oscillate [36]. - **Operation Suggestion**: The main contract is expected to operate between 12300 - 12700 yuan/ton [37]. Lithium Carbonate - **Spot**: As of November 25, the spot prices of battery - grade and industrial - grade lithium carbonate decreased slightly. The trade volume improved but was still average [37]. - **Supply**: In October, the output of lithium carbonate increased. The supply is expected to increase, mainly driven by the increase in lithium extraction from spodumene [37]. - **Demand**: The demand is optimistic. The production schedules of lithium iron phosphate and ternary materials are expected to increase month - on - month [38][39]. - **Inventory**: The total inventory decreased, and the inventory of smelters and downstream decreased, while the inventory of other links increased [39]. - **Logic**: The market was strong. The industry is optimistic about next year, and the market sentiment is bullish. The fundamentals remain strong, and the inventory is decreasing. It is expected to oscillate and adjust in the short term [40]. - **Operation Suggestion**: It is recommended to mainly observe the market [41]. Polysilicon - **Spot Price**: On November 25, the spot prices of polysilicon remained unchanged [41]. - **Supply**: In November, the domestic output of polysilicon is expected to decrease to about 120,000 tons. It is expected to increase to about 123,000 tons in December [41]. - **Demand**: The downstream demand is expected to decline month - on - month, and each link has an expectation of inventory accumulation [42]. - **Inventory**: The inventory increased by 4000 tons to 271,000 tons, and the warehouse receipts decreased [42]. - **Logic**: The spot price is stable, the futures price oscillated and rose, and the backwardation structure deepened. It is expected to oscillate at a high level [43]. - **Operation Suggestion**: It is expected to oscillate between 50000 - 58000 yuan/ton [43]. Industrial Silicon - **Spot Price**: On November 25, the spot prices of industrial silicon in various regions remained unchanged [43]. - **Supply**: In November, the output of industrial silicon is expected to decrease to about 400,000 tons, mainly due to the production reduction in Southwest China [44]. - **Demand**: The demand is not optimistic. The production of polysilicon and organic silicon is expected to decrease, while the demand for aluminum alloy is good [44]. - **Inventory**: The futures warehouse receipts decreased, while the factory inventory and social inventory increased slightly [44]. - **Logic**: The spot price is stable, and the futures price oscillated. The supply and demand are both decreasing, and there is still pressure on inventory accumulation. It is expected to oscillate at a low level [45]. - **Operation Suggestion**: It is expected to oscillate between 8500 - 9500 yuan/ton [45]. Commodity Futures - Ferrous Metals Steel - **Spot**: The futures market strengthened, and the spot price followed. The basis of rebar weakened, and the basis of hot - rolled coil remained stable [45]. - **Cost and Profit**: The prices of coking coal and coke decreased, and the price of iron ore was relatively stable. The profit of steel mills was slightly repaired but is expected to remain at a low level [46]. - **Supply**: From January to October, the output of iron elements increased year - on - year. Recently, the molten iron output decreased, and the output of five major steel products increased [46]. - **Demand**: The domestic demand is weak, and the export is at a high level. The apparent demand in November increased compared to October [46]. - **Inventory**: The inventory of five major steel products decreased rapidly, and the inventory reduction is expected to continue [47]. - **View**: It is expected that the steel price will oscillate within a range. The rebar is expected to oscillate between 3000 - 3200 yuan/ton, and the hot - rolled coil is expected to oscillate between 3250 - 3400 yuan/ton [48]. Iron Ore - **Spot**: As of November 25, the prices of mainstream iron ore

1. Report Industry Investment Ratings - Gold: Gold prices are expected to continue oscillating, with increased volatility. It is recommended to pay attention to the fluctuations [13]. - Stock Index Futures: It is recommended to evenly allocate long positions in each stock index [16]. - Foreign Exchange Futures (US Dollar Index): The US dollar is expected to weaken in the short term [20]. - US Stock Index Futures: Adopt a generally bullish approach, but note that the technology sector has not fully reversed its decline. Observe whether the 50 - day moving average can form strong support [25]. - Treasury Bond Futures: The bond market may shift from oscillation to a bearish trend. It is recommended to focus on short - term rebound short - selling strategies [30]. - Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil): The market is expected to maintain a weak oscillation. Wait for production data to show a decline before expecting a rebound; otherwise, it will likely remain weak [31]. - Agricultural Products (Soybean Meal): The futures price is expected to remain oscillating. Continue to monitor China's actual purchase of US soybeans and the weather in South American production areas [32]. - Agricultural Products (Corn Starch): Starch is expected to remain relatively strong in the short term, following the trend of corn. For price spreads, it is recommended to operate within a range [34]. - Agricultural Products (Corn): The short - term price is expected to remain high and oscillating. It is recommended to wait and see for the near - term contracts and not to short [38]. - Black Metals (Rebar/Hot - Rolled Coil): Adopt an oscillating perspective and be cautious about the upward space [43]. - Agricultural Products (Pigs): Investors with existing short positions can continue to hold them and adjust stop - loss and take - profit points. For those not yet in the market, wait for a rebound to enter short positions. Long - term investors can focus on far - month contracts after significant corrections [46]. - Non - Ferrous Metals (Lead): For single - side trading, look for opportunities to stop losses at low prices; for arbitrage and cross - market trading, it is recommended to wait and see [48]. - Non - Ferrous Metals (Zinc): For single - side trading, wait and see; for calendar spread arbitrage, hold long positions; for cross - market arbitrage, continue to wait and see [50]. - Non - Ferrous Metals (Polysilicon): The futures main contract is expected to oscillate between 50,000 - 56,000 yuan/ton. Pay attention to range - trading opportunities [53]. - Non - Ferrous Metals (Industrial Silicon): The short - term price is expected to oscillate between 8,800 - 9,500 yuan/ton. Pay attention to range - trading opportunities [55]. - Non - Ferrous Metals (Copper): For single - side trading, it is recommended to buy on dips; for arbitrage, continue to pay attention [59]. - Non - Ferrous Metals (Nickel): Existing short - position holders can gradually stop losses and take profits, or lightly consider going long on dips. Mid - term evaluation of resource contraction in Indonesia is required [61]. - Non - Ferrous Metals (Lithium Carbonate): Do not chase long positions. If production resumes and demand declines in the off - season, consider lightly shorting on the right side. For the long - term, adopt a strategy of buying on dips [63]. - Energy Chemicals (Crude Oil): Oil prices are expected to oscillate with a bearish bias in the short term [66]. - Energy Chemicals (Carbon Emissions): It is recommended to wait and see [68]. - Energy Chemicals (LLDPE): The futures price of PE is expected to oscillate and decline under the influence of supply increase and demand decrease [70]. 2. Core Views - The US economic data in September, including retail sales and employment, showed weakness, increasing the likelihood of a Fed rate cut in December. The market risk appetite has recovered, and the US dollar index is expected to decline [19]. - The A - share market opened higher and rebounded, but due to uncertainties in Sino - Japanese relations, trading volume remained low, and it is expected to maintain a high - level oscillation in the short term [2][15]. - The bond market sentiment has weakened. With the possible introduction of pro - consumption policies and the impact of the fund fee rate new regulations, it is recommended to look for short - term short - selling opportunities on rebounds [29]. - In the agricultural products market, the supply pressure of oils and fats is large, and the market is expected to be weak; the supply - demand situation of soybean meal is stable, and the price is expected to oscillate; the price of corn and corn starch is expected to be relatively strong [31][32][38]. - In the non - ferrous metals market, the demand for lithium carbonate needs verification, and different trading strategies are recommended for the short - term and long - term; the price of copper is expected to oscillate at a high level, and it is recommended to buy on dips [5][59]. - In the energy chemicals market, the decline in oil prices is due to the progress of the Russia - Ukraine peace plan, and the short - term trend is bearish; the short - term trend of LLDPE is expected to decline under the influence of supply and demand [66][70]. 3. Summaries by Directory 3.1 Financial News and Comments 3.1.1 Macro Strategy (Gold) - News: Ukraine agreed to the terms of the peace agreement, and Fed Governor Milan called for significant rate cuts. The US budget deficit in October reached $284 billion [11][12][13]. - Comment: Gold prices oscillated and closed higher. The progress of the Russia - Ukraine cease - fire negotiation and the dovish speech of the Fed governor affected the market. In the short term, gold prices are expected to continue oscillating [13]. 3.1.2 Macro Strategy (Stock Index Futures) - News: China's foreign investment in the first 10 months increased by 6.2%, and the Sino - US leaders' call was initiated by the US [14][15]. - Comment: The A - share market opened higher and rebounded, but trading volume remained low due to uncertainties in Sino - Japanese relations. It is expected to maintain a high - level oscillation in the short term [15]. 3.1.3 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - News: Kevin Hassett is considered the leading candidate for the next Fed chair. The US labor market weakened, and retail sales in September increased slightly [17][18][19]. - Comment: The latest US retail data was lower than expected, and the labor market was weak. A rate cut in December is almost certain, and the US dollar is expected to weaken in the short term [19]. 3.1.4 Macro Strategy (US Stock Index Futures) - News: Kevin Hassett is the leading candidate for the Fed chair. US retail sales in September increased by 0.2% month - on - month, lower than expected, and PPI increased by 0.3% month - on - month [21][22][23]. - Comment: PPI was basically in line with expectations, and core PPI growth was slightly lower than expected. Consumption momentum continued to slow down, and the expectation of a rate cut increased. Overall, a bullish approach is recommended, but pay attention to the technology sector [25]. 3.1.5 Macro Strategy (Treasury Bond Futures) - News: The State Council will hold a policy briefing, the central bank conducted 1 trillion yuan of MLF operations and 302.1 billion yuan of 7 - day reverse repurchase operations [26][27][28]. - Comment: The bond market sentiment has weakened. With the possible introduction of pro - consumption policies and the impact of the fund fee rate new regulations, it is recommended to look for short - term short - selling opportunities on rebounds [29]. 3.2 Commodity News and Comments 3.2.1 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - News: The export volume of Malaysian palm oil from November 1 - 25 decreased by 16.43% month - on - month [31]. - Comment: The oil market sentiment was weak, and the supply pressure was large. It is expected to maintain a weak oscillation. Wait for production data to show a decline before expecting a rebound [31]. 3.2.2 Agricultural Products (Soybean Meal) - News: The net export sales of US soybeans in the week ending October 9 were 785,000 tons [32]. - Comment: The supply - demand situation of soybean meal changed little. The market will focus on the weather in South American production areas, and the price is expected to remain oscillating [32]. 3.2.3 Agricultural Products (Corn Starch) - News: The theoretical profits of corn starch enterprises in Heilongjiang, Jilin, Hebei, and Shandong on November 25 were 68 yuan/ton, 37 yuan/ton, 110 yuan/ton, and 11 yuan/ton respectively [33]. - Comment: The supply - demand pattern of starch improved, and enterprises remained profitable. Starch futures followed corn higher, and price spreads are expected to operate within a range [33]. 3.2.4 Agricultural Products (Corn) - News: The domestic corn price showed mixed trends, with some regions rising and some falling [35][37]. - Comment: The spot price of corn remained strong, and the futures price continued to rise. The short - term price is expected to remain high and oscillating, and it is recommended to wait and see for the near - term contracts [38]. 3.2.5 Black Metals (Rebar/Hot - Rolled Coil) - News: The transaction volume of first - and second - hand houses in 30 key cities showed signs of stabilizing, and the inventory of the passenger vehicle industry at the end of October was 3.41 million [39][40]. - Comment: Steel prices oscillated and strengthened. The increase in steel prices was related to policy expectations and cost support, but the demand did not strongly support the price increase [41]. 3.2.6 Agricultural Products (Pigs) - News: Huatong Co., Ltd. plans to control costs in the next three years [44]. - Comment: The current spot price of pigs is oscillating and falling, which weakens market confidence in peak - season demand. It is recommended to adopt different trading strategies according to the situation [45]. 3.2.7 Non - Ferrous Metals (Lead) - News: On November 24, the LME 0 - 3 lead was at a discount of $28.49/ton [47]. - Comment: The LME lead price was in a downward trend, and the domestic lead price also declined. It is recommended to look for opportunities to stop losses on short positions [47]. 3.2.8 Non - Ferrous Metals (Zinc) - News: On November 24, the LME 0 - 3 zinc was at a premium of $140.2/ton, and Kazakhstan's refined zinc production in October increased [49]. - Comment: The LME zinc price oscillated, and the domestic zinc inventory decreased. Different trading strategies are recommended for single - side trading and arbitrage [50]. 3.2.9 Non - Ferrous Metals (Polysilicon) - News: The cumulative photovoltaic installed capacity from January to October increased by 43.76% year - on - year, and the single - month installed capacity in October was 12.6 GW [51]. - Comment: The spot price of polysilicon is affected by policy and fundamentals. The price of leading manufacturers is expected to remain stable, and it is recommended to focus on range - trading opportunities [52]. 3.2.10 Non - Ferrous Metals (Industrial Silicon) - News: In October, the export volume of industrial silicon decreased by 36% month - on - month [54]. - Comment: The export of industrial silicon was lower than expected, and the balance sheet deteriorated. The price is expected to oscillate between 8,800 - 9,500 yuan/ton [55]. 3.2.11 Non - Ferrous Metals (Copper) - News: India's Adani copper smelter is facing a shortage of ore, and the 2026 long - term processing fee for Chinese copper smelters may be at a historical low [56][58]. - Comment: The copper price is supported by market risk appetite but is also affected by economic data and geopolitical situations. It is expected to oscillate at a high level, and it is recommended to buy on dips [59]. 3.2.12 Non - Ferrous Metals (Nickel) - News: The SHFE nickel warehouse receipts decreased, and the LME nickel inventory remained unchanged. The production of Indonesia's QMB MHP project is expected to decline [60]. - Comment: The market risk appetite was supported, and the decline in MHP production may improve the balance sheet. It is recommended to adjust short - positions and consider going long on dips [60]. 3.2.13 Non - Ferrous Metals (Lithium Carbonate) - News: Ganfeng Lithium's 800,000 - ton lithium iron phosphate project is expected to be put into production in 2026 [62]. - Comment: The demand for lithium carbonate needs verification. Do not chase long positions in the short term, and consider different strategies according to the situation [63]. 3.2.14 Energy Chemicals (Crude Oil) - News: The production of Kazakhstan's largest oil field increased, and the US API crude oil inventory decreased [64][65]. - Comment: Oil prices declined due to the progress of the Russia - Ukraine peace plan. The short - term trend is bearish, and attention should be paid to the OPEC+ meeting [65]. 3.2.15 Energy Chemicals (Carbon Emissions) - News: The closing price of CEA on November 25 was 60.16 yuan/ton [67]. - Comment: The impact of the carry - over policy on CEA price may be more emotional than substantial. It is recommended to wait and see [67]. 3.2.16 Energy Chemicals (LLDPE) - News: China's apparent consumption of PE in October increased by 3.9% month - on - month [69]. - Comment: Under the influence of supply increase and demand decrease, the futures price of LLDPE is expected to oscillate and decline [70].

Core Viewpoint - The company, Hengbang Co., Ltd., has received administrative regulatory measures from the Shandong Securities Regulatory Bureau due to governance issues related to the resignation of independent directors and failure to timely disclose significant incidents [1][2] Group 1: Regulatory Actions - On November 25, Hengbang Co., Ltd. was ordered to rectify governance issues after two independent directors resigned, leading to a board composition that fell below the required one-third independent director threshold [1] - The company has been instructed to submit a written rectification report within a specified timeframe as part of the regulatory measures [2] Group 2: Previous Incidents - In August 2024, the company faced scrutiny for a safety incident involving a copper spillage that resulted in personnel injuries, with delayed disclosure of the incident and subsequent production suspension [2] - The company had previously received a regulatory letter from the Shenzhen Stock Exchange regarding the same safety incident, highlighting issues with timely information disclosure [2] Group 3: Company Response - Hengbang Co., Ltd. has acknowledged the regulatory decision and expressed commitment to learning from the issues raised, emphasizing the importance of compliance with laws and regulations to prevent future violations [2] - The company asserts that the regulatory measures will not impact its operational or financial status and is focused on maintaining compliance and protecting shareholder interests [2]

Report Summary 1) Report Industry Investment Rating No specific industry investment ratings are provided in the report. 2) Core Viewpoints - The current macro - level is in a relative vacuum period. The A - share market lacks a clear upward main line, and trading volume remains low. Short - term market differences are expected to be gradually digested during the index's shock adjustment, waiting for a new driving main line to push the index higher [1]. - Asset shortage and weak economy are favorable for bond futures, but the central bank has recently warned of interest - rate risks, suppressing the upward space [1]. 3) Summary by Related Catalogs Equity Index - The A - share market lacks a clear upward main line, with low trading volume. Short - term market differences will be digested in the index's shock adjustment, and a new driving main line is awaited for further upward movement [1]. Bonds - Asset shortage and weak economy are good for bond futures, but short - term central bank's interest - rate risk warning restricts the rise [1]. Non - ferrous Metals - Copper: Market sentiment is volatile recently, and copper prices may fluctuate [1]. - Aluminum: With limited industrial drivers and volatile macro sentiment, aluminum prices are oscillating at a high level [1]. - Alumina: Domestic alumina production capacity continues to be released. Production and inventory are both increasing, and the fundamentals are weak. Prices are oscillating around the cost line [1]. - Zinc: The Fed has large internal differences, and the macro sentiment is expected to be volatile. Although there are short - term improvement signs in the domestic fundamentals, the oversupply pattern remains. Zinc prices are expected to fluctuate [1]. - Nickel: The Fed has large internal differences, and the macro sentiment has improved in the short term after the China - US presidential call. Indonesia restricts nickel - related smelting project approvals. With a planned monthly production cut of about 6,000 metric tons in Indonesian intermediate products, nickel prices have a repair expectation if the macro sentiment improves. It is recommended to focus on short - term operations, consider a light - position long - nickel and short - stainless - steel strategy. In the long - term, the primary nickel market remains oversupplied [1]. - Stainless Steel: The Fed has large internal differences, and the macro sentiment has improved in the short term. The price of raw material nickel - iron has weakened again, and the social inventory of stainless steel has increased. Steel mills' production cuts in November are limited. Stainless - steel futures are looking for a bottom in oscillation. It is recommended to focus on short - term operations, consider a light - position long - nickel and short - stainless - steel strategy, and pay attention to short - selling hedging opportunities at high prices [1]. - Tin: The Fed's differences are increasing, and the macro situation is volatile. Indonesia's tin exports have declined significantly. Considering the un - repaired tin - ore supply and terminal demand expectations, tin is still regarded as bullish in the long term [1]. Precious Metals and New Energy - Precious Metals: There are still differences regarding a December interest - rate cut. Precious - metal prices may fluctuate, and attention should be paid to US economic data [1]. - Industrial Silicon: Northwest production capacity is continuously resuming, and the start - up in the southwest is weaker than in previous years. The impact of the dry season is weakening. Polysilicon production in November has decreased, and there is a joint production cut in the organic - silicon industry [1]. - Polysilicon: There is an expectation of production - capacity reduction in the long term. Terminal installations will increase marginally in the fourth quarter. The anti - involution policy has not been implemented for a long time, and market sentiment has faded [1]. - Carbonate Lithium: The traditional peak season for new energy vehicles is approaching, energy - storage demand is strong, and the supply side is resuming production. However, there are concerns about potential weakening of industrial demand in the off - season [1]. Steel and Iron - Rebar: In the off - season, there are concerns about potential weakening of industrial demand. During the short - term macro vacuum period, although the valuation is low, the price increase space is limited. The virtual value accumulation strategy can be appropriately participated in [1]. - Hot - Rolled Coil: The off - season effect is not obvious, but the industrial structure is still loose. During the short - term macro vacuum period, the basis is acceptable. The spot - futures positive arbitrage can be appropriately participated in, or option strategies can be used to optimize costs or sales profits [1]. - Iron Ore: The near - month contracts are restricted by production cuts, but the commodity sentiment is good, and the far - month contracts still have upward opportunities [1]. - Ferroalloy: Short - term production profits are poor, cost support is strengthening, direct demand is acceptable, but supply is high, and the downstream is under pressure. The price rebound is limited [1]. Chemicals - Soda Ash: It follows the glass market, but supply and demand are average, and there is significant upward resistance [1]. - Coke and Coking Coal: From a valuation perspective, the current decline of coke and coking coal is close to the end. From a driving perspective, downstream replenishment is expected to start around mid - December. For now, a short - term trading strategy is recommended for single - side trading, and a wait - and - see attitude is advisable for the long - term [1]. Agricultural Products - Soybean Oil: The rumor that "the US delays the implementation of preferential cuts for imported bio - fuel raw materials" has been refuted, which has a positive impact on US soybeans and soybean oil. Domestic soybean - oil basis may be stable or weak under high - pressure crushing. It is recommended to wait and see [1]. - Rapeseed Oil: The industry is optimistic about the supply of Australian rapeseed and imported crude rapeseed oil. It is recommended to wait and see [1]. - Cotton: There is a strong expectation of a domestic new - crop harvest, and the purchase price of seed cotton supports the cost of lint. Downstream start - up remains low, but spinning mills' inventory is not high, with rigid replenishment demand. The cotton market is currently in a situation of "having support but no driver" [1]. - Sugar: The global sugar supply has shifted from shortage to surplus, and raw - sugar prices are under pressure. The supply pressure of the domestic new crop has increased year - on - year, and Zhengzhou sugar is expected to follow the decline of raw sugar [1]. - Corn: Short - term supply is tight due to farmers' reluctance to sell, logistics tensions in the Northeast, and low downstream inventory. The spot price is firm, and the futures price has rebounded. It is recommended to be cautious about going long before the supply pressure is fully released [1]. - Bean Meal: Short - term attention should be paid to China's purchase of US soybeans, which may support the US soybean market. Without obvious weather problems, the market is expected to shift to trading the abundant supply of South American new crops from December to January. It is recommended to short MO5 on rallies [1]. Pulp and Logs - Pulp: The pulp - futures price has risen above the registration - warehouse - receipt cost of most coniferous - pulp delivery products. After new warehouse - receipt registration, a 1 - 3 reverse arbitrage can be considered [1]. - Logs: The fundamentals of logs have weakened, but this has been priced into the market. After a sharp decline in the futures price, the risk - return ratio of short - selling is low. It is recommended to wait and see [1]. Livestock - Pig: The current spot price is gradually stabilizing. Supported by demand and with the weight of pigs for slaughter not fully reduced, the production capacity still needs to be further released [1]. Energy - Crude Oil: OPEC + plans to continue a small - scale production increase in December, the Russia - Ukraine peace agreement is being promoted, and the US has increased a new round of sanctions against Russia [1]. - Fuel Oil: Short - term supply - demand contradictions are not prominent, and it follows the crude - oil market [1]. - Asphalt: The "14th Five - Year Plan" rush - work demand is likely to be falsified, and the supply of Ma Rui crude oil is sufficient. The asphalt profit is high [1]. - Natural Rubber (HK): The raw - material cost has strong support, the spot - futures price difference is at a low level, and the number of RU盘 - face warehouse receipts is low after the cancellation of old - rubber warehouse receipts [1]. - BR Rubber: The cost support of butadiene is insufficient, the supply of synthetic rubber is abundant, high - start - up and high - inventory have not yet suppressed the price. There are signs of price stabilization, and the subsequent rebound amplitude should be noted [1]. Petrochemicals - PTA: Gasoline profit and low benzene price support PX. Overseas and some domestic device malfunctions have led to a decline in the load of aromatics - production devices. Domestic large - scale PTA devices are under rotational inspection, and domestic PTA production has decreased [1]. - Ethylene Glycol: The decline in crude - oil prices has led to a fall in ethylene - glycol prices. The increase in coal prices has slightly strengthened the cost support of domestic ethylene glycol. The strong expectation of domestic device commissioning suppresses the increase in ethylene - glycol prices [1]. - Short - Fiber: Gasoline profit and low benzene price support PX. The PTA price has rebounded, and the short - fiber basis has strengthened. Short - fiber prices continue to closely follow the cost [1]. - Styrene: The Asian benzene price is still weak, and the operating rates of STDP and reforming units have decreased. The price of pure benzene in the US Gulf has increased by 30 US dollars, and some US devices have reduced their loads. The benzene - blending logic in the US has promoted the price increase of pure benzene [1]. Plastics - PE: Export sentiment has eased, but domestic demand is insufficient. There is support from anti - involution and the cost side [1]. - PP: The supply pressure is large due to high operating rates and relatively low downstream improvement and expectations. The high price of propylene monomers provides strong cost support [1]. - PVC: The futures price is returning to fundamentals. With fewer subsequent overhauls and new - capacity release, supply pressure is increasing, while demand is weakening and orders are poor [1]. Others - Caustic Soda: Some alumina plants' delivery schedules have slowed down. There are fewer subsequent overhauls, and there is inventory - accumulation pressure in Shandong. The price of liquid chlorine is high, and the absolute price is low. There is a risk of short - squeeze in near - month contracts due to limited warehouse receipts [1]. - LPG: The international oil and gas fundamentals are continuously loose, and CP/FEI prices are weakening. The PG price has repaired its valuation, combustion demand is gradually restarting, and the domestic spot fundamentals are stable with chemical - industry rigid demand support [1]. - Shipping: The macro - positive sentiment has been gradually digested, the peak - season price - increase expectation has been priced in advance, and the shipping - capacity supply in November is relatively loose [1].

1. Report Industry Investment Ratings No industry investment ratings are provided in the given report. 2. Core Views of the Report - The overall market shows a mixed trend, with different sectors having their own characteristics and influencing factors. Some sectors are affected by supply - demand relationships, while others are influenced by macro - economic policies, geopolitical factors, and cost - related elements [5][9][11]. - In the financial derivatives market, the stock index futures market is expected to rebound, but the performance is differentiated. The bond market lacks driving forces and is expected to be volatile in the short term [18][21][22]. - In the agricultural products market, most varieties are in a state of supply - demand balance or slight imbalance, with prices showing different trends such as oscillation, strength, or weakness [24][27][31]. - In the black metal market, steel prices are oscillating within a range, and the double - coking market is paying attention to the switching of trading logic. Iron ore is considered from a bearish perspective, and ferroalloys are oscillating at the bottom [57][59][62]. - In the non - ferrous metal market, precious metals are oscillating and waiting for data guidance. Copper prices are supported by the expectation of US interest rate cuts. Other non - ferrous metals also have their own price trends based on supply - demand and cost factors [67][71][79]. 3. Summary by Relevant Catalogs Financial Derivatives Stock Index Futures - Market is expected to rebound, with the strength depending on large - scale technology companies. The performance of different contracts is differentiated, and the trading volume and positions of most contracts have decreased [18][19][20]. - Trading strategies include going long on dips, conducting IM/IC long 2512 + short ETF cash - and - carry arbitrage, and using bull spreads [21]. Bond Futures - The bond market lacks driving forces and is expected to be volatile in the short term. The trading volume of treasury bond futures has increased slightly, and the yield of spot bonds has fluctuated slightly [22][23]. - Trading strategies include going long on dips with a small position in the T contract and being cautious about chasing up, and paying attention to the potential cash - and - carry arbitrage opportunities of the TF contract [23]. Agricultural Products Protein Meal - Supply still has pressure, and prices are oscillating. The international soybean market has a pattern of abundant production, and the domestic supply pressure is relatively large [24][26]. - Trading strategies include short - selling a small amount of far - month rapeseed meal contracts, waiting and seeing for arbitrage, and using the strategy of selling wide - straddle options [27]. Sugar - International sugar prices have risen slightly, and domestic sugar prices are slightly stronger. The global main producing areas are increasing production, but the production in Brazil and India may be lower than expected. The domestic market is affected by factors such as imports and production costs [27][30]. - Trading strategies include going long on dips in the short term, conducting long January and short May arbitrage, and selling put options at low levels [30][31]. Oilseeds and Oils - The market continues to oscillate. The palm oil market has a high inventory and weak exports, but the production is expected to decrease in the future. The soybean oil market follows the overall trend, and the rapeseed oil market is expected to continue to destock [31][34]. - Trading strategies include short - term long - short operations and waiting and seeing for arbitrage and options [34][35]. Corn/Corn Starch - Spot prices are strong, and the futures market is oscillating at a high level. The US corn market is affected by factors such as supply and demand, and the domestic corn market is affected by factors such as production areas and price differentials [35][37]. - Trading strategies include short - term long - short operations, conducting cash - and - carry arbitrage on the spread between January corn and starch, and waiting and seeing for options [38]. Live Pigs - The pressure of live pig slaughter continues to increase, and prices continue to decline. The overall inventory of live pigs is relatively high, and the supply pressure still exists [38][39]. - Trading strategies include waiting and seeing, and using the strategy of selling wide - straddle options [41]. Peanuts - Peanut spot prices are stable, and the short - term market is oscillating at the bottom. The price of imported peanuts is stable, and the price of peanut meal is stable. The oil mill has adjusted the purchase price [41][43]. - Trading strategies include short - selling January peanuts on rallies, waiting and seeing for May peanuts, conducting reverse arbitrage on January - May peanuts, and selling pk601 - P - 7600 options [43]. Eggs - Demand is average, and egg prices are stable with a slight decline. The inventory of laying hens is relatively high, and the supply pressure is gradually easing. The price is expected to oscillate within a range [45][48]. - Trading strategies include going long on the January contract on dips, waiting and seeing for arbitrage, and waiting and seeing for options [49]. Apples - Demand is average, and apple prices are mainly stable. The cold - storage inventory of apples is increasing, and the sales in the consumer market are in the off - season. The market is affected by factors such as imports and exports [50][53]. - Trading strategies include waiting and seeing for single - side trading, arbitrage, and options [53]. Cotton - Cotton Yarn - The fundamental contradiction is not significant, and cotton prices are mainly oscillating. The supply of new cotton is increasing, and the demand is in the off - season. The price is expected to oscillate in the short term [54][56]. - Trading strategies include waiting and seeing for single - side trading, arbitrage, and options [56]. Black Metals Steel - Steel prices are oscillating within a range, and there is still room for reducing hot metal. The supply - demand relationship of steel is improving, and the cost is supported. The hot - rolled coil performs better than the rebar [57][58]. - Trading strategies include maintaining an oscillating and slightly strong trend, conducting long - spread trading on the spread between hot - rolled coil and rebar, and waiting and seeing for options [59]. Double - Coking - The risk of price decline has been released, and attention should be paid to the switching of trading logic. The coking coal market is affected by factors such as supply - demand and policy, and the price is expected to oscillate in the short term [59][61]. - Trading strategies include gradually closing short positions, going long on dips after the market stabilizes, conducting reverse arbitrage on January/May coking coal, and waiting and seeing for options [61][62]. Iron Ore - A bearish approach is recommended. The supply of iron ore is relatively loose in the fourth quarter, and the demand for domestic terminal steel is expected to remain low. The price is expected to be weak at a high level [62][63]. - Trading strategies include short - side trading, waiting and seeing for arbitrage, and waiting and seeing for options [64]. Ferroalloys - Ferroalloys are oscillating at the bottom under the trend of production reduction. The supply and demand of silicon - iron and manganese - silicon are both decreasing, and the cost is supported. The price is expected to oscillate at the bottom [64][65]. - Trading strategies include waiting and seeing for single - side trading, arbitrage, and using the strategy of selling out - of - the - money straddle option combinations [66]. Non - Ferrous Metals Precious Metals - Precious metals are oscillating and waiting for data guidance. The expectation of US interest rate cuts has increased, and the prices of gold and silver have risen slightly. The market is waiting for economic data to provide more clear directions [67][68][69]. - Trading strategies include holding long positions cautiously based on the 20 - day moving average, waiting and seeing for arbitrage, and waiting and seeing for options [70]. Copper - Copper prices are supported by the expectation of US interest rate cuts. The supply of copper is expected to decrease, and the demand is improving. The price is expected to oscillate at a high level [71][73]. - Trading strategies include holding long positions below 86,000 yuan/ton in the short term, maintaining a long - term bullish trend, and waiting and seeing for arbitrage and options [74]. Alumina - Substantial production reduction has not been realized, and attention should be paid to the transfer of warehouse receipts. The supply of alumina is relatively stable, and the market is affected by factors such as long - term contracts and new production capacity [75][77]. - Trading strategies include waiting and seeing for single - side trading and arbitrage [78]. Electrolytic Aluminum - The expectation of US interest rate cuts is strengthening, and the price of Shanghai aluminum is stabilizing and rebounding. The supply - demand relationship of aluminum is relatively balanced, and the cost is supported. The price is expected to be strong in the medium term [79][80]. - Trading strategies include going long on dips in the short term, paying attention to the narrowing of the price difference between East China and Central China in the spot market, and waiting and seeing for options [80]. Cast Aluminum Alloy - The macro - expectation has improved, and the price of aluminum alloy has rebounded with the price of aluminum. The cost of raw materials has decreased, and the supply is tight. The price has certain support [81][84]. - Trading strategies include waiting and seeing for single - side trading, arbitrage, and options [84]. Zinc - Zinc prices are oscillating widely. The processing fee of zinc concentrate is decreasing, and the supply of refined zinc is expected to be lower than expected. The demand is in the off - season. The price is expected to be supported in the short term [84][86]. - Trading strategies include going long on dips with a small position, waiting and seeing for arbitrage, and waiting and seeing for options [87]. Lead - Lead prices are oscillating weakly within a range. The supply of lead ingots is increasing, and the demand for lead - acid batteries is decreasing. The price is expected to be weak [90][91]. - Trading strategies include waiting and seeing for single - side trading, arbitrage, and options [91]. Nickel - Production reduction stimulates the rebound of nickel prices, but inventory suppresses the upward space. The supply of nickel is affected by factors such as production reduction in Indonesia, and the demand is in the off - season. The price is expected to be volatile [91][94]. - Trading strategies include waiting and seeing for single - side trading, arbitrage, and options [94]. Stainless Steel - The supply and demand are both weak, and the price rebounds following the raw materials. The terminal demand is in the off - season, and the cost is decreasing. The price is expected to be weak [95][99]. - Trading strategies include short - term rebound trading, waiting and seeing for arbitrage, and selling out - of - the - money call options [98]. Industrial Silicon - Short - term buying on dips is recommended. The supply of industrial silicon is expected to decrease in the dry season, and the demand is relatively stable. The price is expected to be strong [100][101]. - Trading strategies include holding existing long positions and buying on dips [101]. Polysilicon - Attention should be paid to the establishment of platform companies. The market is affected by factors such as policy and demand. The price is expected to be volatile [100][102]. - Trading strategies include short - side trading and waiting and seeing for arbitrage [103].