Report Industry Investment Rating No relevant content provided. Core Viewpoints - The improvement of the US ADP employment data has alleviated market concerns about economic weakness. Coupled with the easing of Sino - US trade tensions and the implementation of the Fed's interest rate cut, it is expected that the sentiment will still be supported. The approval of copper ore exports by an Indonesian mining company has somewhat alleviated the tight supply expectation in the mining end, but the tight pattern remains unchanged. The supply of refined copper is expected to be marginally tight, providing strong support for copper prices. Aluminum prices are expected to be supported by supply - side disturbances and may fluctuate strongly in the short term. Cast aluminum alloy prices are strongly supported by cost and supply - side policy adjustments. Lead and zinc prices are expected to be strong in the short term due to positive macro - events and inventory changes. Tin prices are expected to fluctuate in a tight - balance state. Nickel prices are under short - term inventory pressure but may be supported in the long - term. Lithium carbonate prices are expected to fluctuate in a range. Alumina prices are recommended to be observed due to cost and supply - side factors. Stainless steel prices are expected to remain weak [2][3][5]. Summary by Metals Copper - **Market Information**: The LME 3M copper contract rose 0.79% to $10,733/ton, and the SHFE copper main contract closed at 85,900 yuan/ton. LME copper inventory increased by 75 to 133,975 tons, and the cancellation warrant ratio declined. SHFE warehouse receipts increased by 0.1 to 43,000 tons. The spot in Shanghai was at a premium of 25 yuan/ton to the futures, and downstream procurement was active. The inventory in Guangdong decreased, and the spot discount to the futures narrowed. The domestic copper spot import loss was about 600 yuan/ton, and the refined - scrap spread was 3,420 yuan/ton, slightly widening [2]. - **Strategy Viewpoint**: With the improvement of the US ADP employment data, the easing of Sino - US trade tensions, and the Fed's interest rate cut, the sentiment is expected to be supported. The supply of refined copper is expected to be marginally tight, providing strong support for copper prices. The reference range for the SHFE copper main contract is 85,500 - 86,800 yuan/ton, and for the LME 3M copper is $10,600 - 10,850/ton [3]. Aluminum - **Market Information**: The LME aluminum closed down 0.7% at $2,845/ton, and the SHFE aluminum main contract closed at 21,450 yuan/ton. The SHFE weighted contract open interest decreased by 15,000 to 650,000 lots. The domestic three - place aluminum ingot inventory decreased slightly, and the aluminum rod inventory increased slightly. The aluminum rod processing fee increased, but the trading atmosphere was average. The LME aluminum inventory decreased by 2,000 to 550,000 tons [4]. - **Strategy Viewpoint**: The production of electrolytic aluminum at home and abroad increased in October. With the expansion of smelting profits, the aluminum rod processing fee increased slightly, and the aluminum water ratio rebounded. The export expectation of aluminum products is good. Against the background of trade tension easing and low inventory, supply - side disturbances are expected to support aluminum prices, which may fluctuate strongly in the short term. The reference range for the SHFE aluminum main contract is 21,350 - 21,700 yuan/ton, and for the LME 3M aluminum is $2,820 - 2,880/ton [5]. Cast Aluminum Alloy - **Market Information**: The price of the main AD2512 contract of cast aluminum alloy fell 0.45% to 20,795 yuan/ton. The weighted contract open interest slightly increased to 27,700 lots, and the trading volume was 8,000 lots. The warehouse receipts increased by 700 to 55,500 tons. The price of domestic mainstream ADC12 decreased by 100 to 20,900 yuan/ton, and the downstream receiving willingness was average [8]. - **Strategy Viewpoint**: The cost of cast aluminum alloy still provides strong support, and the supply is tight due to policy adjustments in the production end, so the price support is strong [8]. Lead - **Market Information**: The SHFE lead index rose 0.37% to 17,483 yuan/ton, and the LME 3S lead rose to $2,021.5/ton. The SMM1 lead ingot average price was 17,325 yuan/ton, and the refined - scrap spread was 50 yuan/ton. The SHFE lead ingot futures inventory was 21,700 tons, and the domestic social inventory increased slightly to 28,900 tons [10]. - **Strategy Viewpoint**: The visible inventory of lead ore continued to decline, the operating rate of primary smelters remained high, and the inventory of primary lead plants increased. The inventory of scrap batteries increased slightly, and the weekly production of recycled lead ingots increased. The operating rate of downstream battery enterprises declined, and the de - stocking of domestic lead ingot inventory slowed down, but the absolute level was still low. With positive macro - events, the SHFE lead is expected to be strong in the short term [11]. Zinc - **Market Information**: The SHFE zinc index fell 0.07% to 22,668 yuan/ton, and the LME 3S zinc fell to $3,070.5/ton. The SMM0 zinc ingot average price was 22,500 yuan/ton. The SHFE zinc ingot futures inventory was 68,400 tons, and the domestic social inventory increased slightly to 161,700 tons [12]. - **Strategy Viewpoint**: The visible inventory of domestic zinc ore continued to decline, the zinc concentrate processing fee decreased again, and the domestic zinc smelting profit declined. The monthly output of zinc ingots decreased. Downstream demand remained stable, and the domestic zinc ingot inventory slowly increased. With positive macro - events, the SHFE zinc is expected to be strong in the short term, but the upside space is limited in the surplus cycle [13]. Tin - **Market Information**: On November 5, 2025, the SHFE tin main contract closed at 282,090 yuan/ton, down 0.58%. The SHFE futures registered warehouse receipts increased by 276 tons to 5,976 tons. The supply of tin ore was still tight, and the production of tin ingot smelters in Yunnan and Jiangxi provinces recovered but remained at a low level. The import of tin concentrate in September 2025 decreased significantly. The demand in traditional fields was weak, but the long - term demand from emerging fields provided support [14]. - **Strategy Viewpoint**: In the short term, the tin supply - demand is in a tight - balance state, and the price is expected to fluctuate. It is recommended to go long on dips. The reference range for the domestic main contract is 270,000 - 295,000 yuan/ton, and for the LME tin is $35,500 - 37,500/ton [15]. Nickel - **Market Information**: On November 5, the SHFE nickel main contract closed at 120,030 yuan/ton, up 0.28%. The spot premiums of various brands were stable. The nickel ore price was stable and slightly strong. The price of high - nickel pig iron decreased slightly [16]. - **Strategy Viewpoint**: In the short term, the refined nickel inventory pressure is significant, and the nickel iron price is weak, dragging down the nickel price. In the long - term, the global fiscal and monetary easing cycle will support the nickel price. It is recommended to wait and see in the short term, and consider going long if the price drops enough or with high risk preference. The reference range for the SHFE nickel main contract is 115,000 - 128,000 yuan/ton, and for the LME 3M nickel is $14,500 - 16,500/ton [16]. Lithium Carbonate - **Market Information**: The MMLC lithium carbonate spot index closed at 78,327 yuan, down 0.63%. The LC2601 contract closed at 79,140 yuan, up 0.74% [18]. - **Strategy Viewpoint**: The convergence of the lithium carbonate price amplitude, the uncertainty of the supply recovery at the mining end, and the demand support at the bottom. It is expected that the capital game will return to caution, and the price will fluctuate in a range. The reference range for the Guangzhou Futures Exchange's LC2601 contract is 77,600 - 80,600 yuan/ton [19]. Alumina - **Market Information**: On November 5, 2025, the alumina index rose 0.14% to 2,791 yuan/ton. The Shandong spot price decreased by 5 yuan/ton to 2,790 yuan/ton, with a premium of 40 yuan/ton over the 12 - contract. The overseas FOB price remained at $316/ton, and the import loss was 7 yuan/ton. The futures warehouse receipts increased by 5,100 tons to 251,900 tons [21]. - **Strategy Viewpoint**: The ore price has short - term support but may be under pressure after the rainy season. The over - capacity pattern at the alumina smelting end is difficult to change in the short term, and the inventory accumulation trend continues. However, the current price is close to the cost line of most manufacturers, and the expectation of production cuts is increasing. 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 [21]. Stainless Steel - **Market Information**: On November 5, the stainless steel main contract closed at 12,535 yuan/ton, down 0.08%. The spot prices in Foshan and Wuxi decreased or remained stable. The raw material prices remained stable. The futures inventory decreased, and the social inventory increased [23]. - **Strategy Viewpoint**: The stainless steel market is weak, with the price of the 316L variety dropping significantly. The spot trading atmosphere is light, and the terminal demand is weak. It is expected that the short - term market will remain weak, and attention should be paid to raw material prices and terminal demand [24].

记者近日从贵阳铝镁设计研究院有限公司（以下简称"贵阳院"）获悉，该公司研发的"基于钛—镁联合 生产工艺的多极性镁电解槽技术开发及应用"项目，获得2024年度中国有色金属工业科学技术进步奖二 等奖，并被评价为"国际领先"水平。这一成果标志着我国在海绵钛核心生产环节——镁电解技术方面实 现重大突破，正式跻身世界前列。 相关专家指出，多极性镁电解槽技术的成功应用，不仅打破了国外技术壁垒，提升了我国海绵钛生产的 能效与绿色制造水平，也为有色金属行业实现"双碳"目标提供了可复制、可推广的工程范例。 （文章来源：科技日报） 镁电解是海绵钛生产的关键环节，直接影响金属镁与氯气的循环效率及整体能耗。长期以来，我国镁电 解技术存在单槽产能低、直流电耗高、氯气回收率不高等问题，制约了行业高质量发展。对此，贵阳院 研发团队围绕"节能降耗"目标持续攻关，构建了高效低耗镁电解生产技术与低恒温密闭镁电解槽两大核 心体系。 据介绍，该技术通过采用多极性电极结构、精准控制电解液面、优化低恒温槽控策略及全密闭槽体等创 新设计，实现吨镁直流电耗降低3000千瓦时以上，氯气浓度提升约15%，氯气回收率与单槽产能均提高 30%。目前，相关技术已申请 ...

Group 1 - The company, Electric Power Investment Energy, announced the convening of its 12th temporary board meeting for the eighth session on November 5, 2025, to discuss the proposal for the re-election of independent directors [1] - For the first half of 2025, the company's revenue composition was as follows: non-ferrous metal smelting accounted for 55.85%, coal industry 31.02%, new energy power generation 7.58%, and coal-fired electricity and heat power 5.54% [1] - As of the report date, the market capitalization of Electric Power Investment Energy was 57 billion yuan [1]

另一方面，超级巨鲸过去一个月抛售价值450亿美元的比特币，比特币价格一度下跌7.4%，加密货币概 念股全天弱势，教育股、餐饮股、汽车股、半导体股普遍低迷。此外，赛力斯港股上市首日平收。(格 隆汇) 盘面上，大型科技股跌幅收窄但总体依旧弱势，京东、阿里巴巴、百度、小米皆有跌幅，美团逆势涨 1.3%；国家电网完成固定资产投资超4200亿元，电网、电气设备新能源午后拉升较为明显，其中，哈 尔滨电气大涨超10%，东方电气、东北电气、金风科技齐涨；航空股全天维持强势行情，中国东方航空 续刷阶段新高；铜、黄金等有色金属股反弹拉升，大金融银行股继续涨势，濠赌股、手游股、建材水泥 股、家电股多数上涨。 午后市场明显回暖，恒生指数、国企指数一度转涨，最终分别收跌0.07%及0.11%，恒指在26000点附近 反复震荡，恒生科技指数跌0.56%相对最弱，三大指数均呈现低开高走行情。 ...

Core Viewpoint - China Dajie Nonferrous Metals (00661) saw a significant stock price increase, attributed to positive developments in the domestic smelting sector aimed at reducing competition and improving profitability [1] Industry Summary - The CSPT's third-quarter general manager meeting reached a consensus on several measures to combat excessive competition, including the establishment of a user BM system, resisting the use of average pricing by traders and smelters, and initiating a blacklist system [1] - The China Nonferrous Metals Industry Association suggested setting production capacity ceilings for major metals like copper, lead, and zinc, drawing from experiences in the electrolytic aluminum sector [1] - According to Dongfang Securities, the expected implementation of "anti-involution" measures is likely to slow the growth of midstream smelting capacity, potentially leading to an upward adjustment in smelting fees in the medium term [1] Company Summary - China Dajie Nonferrous Metals reported a revenue decline of over 10% in the first half of the year, primarily due to the accelerated release of domestic and international smelting capacity and tight supply of copper concentrate [1] - The company faced continued low smelting processing fees and a reduction in product output, impacting overall financial performance [1]

Core Viewpoint - Compliance management is essential for enterprises to mitigate risks and enhance market competitiveness, serving as a foundation for maintaining market order and promoting high-quality development [1] Group 1: New Enterprises and Compliance - Newly established enterprises often face tax-related risks due to a lack of financial knowledge and unfamiliarity with tax processes. The Jin Chuan District Taxation Bureau has implemented a "First Lesson for New Businesses" initiative, providing tailored services that include tax policy guidance and common risk alerts [2] - The Jin Chuan District Taxation Bureau has set up a dedicated service window for new businesses, offering a "Startup Package" that includes tax policy explanations and process demonstrations, facilitating a one-stop service for new taxpayers [2] - A new individual business owner, Li Xiaoqin, successfully learned the entire process of online tax declaration and invoice issuance with the guidance of tax officials, emphasizing the importance of legal tax compliance for long-term business operations [2] Group 2: Small and Micro Enterprises - Small and micro enterprises are crucial to the market economy, and compliance is fundamental to their survival and growth. However, funding shortages are a common challenge [2] - The Yongchang County Taxation Bureau has enhanced the "Bank-Tax Interaction" mechanism, collaborating with financial institutions to create platforms that convert tax credit into tangible financing advantages for compliant enterprises [2] Group 3: Large and Medium Enterprises - Large and medium enterprises face complex tax risks due to their extensive business operations and transaction chains. The Jin Chuan City Taxation Bureau has adopted big data for regular monitoring to help these enterprises establish robust tax internal control systems [4] - The Jin Chuan Economic and Technological Development Zone Taxation Bureau has implemented a "Direct Connection Mechanism" with enterprises, utilizing tax data platforms for real-time monitoring of tax-related activities, focusing on tax policy benefits and related party transaction pricing [4] - The financial department of the Jin Chuan Group, a Fortune Global 500 company, highlighted that tax monitoring serves as protection rather than restriction, enabling timely identification and resolution of potential risks [4] Group 4: Future Directions - The Jin Chuan City Taxation Bureau plans to continue optimizing tax services and regulatory models, enhancing targeted strategies and precision service systems to support compliant business operations, ensuring that honest tax payment becomes a solid foundation for high-quality development [5]

Core Viewpoint - China Dajie Nonferrous Metals (00661) saw a significant stock price increase, rising over 16% in the afternoon trading session, attributed to positive developments in the domestic smelting sector aimed at reducing internal competition [1] Industry Summary - On October 30, the CSPT's third-quarter general manager meeting reached a consensus on several measures, including the establishment of a user BM system, resisting the use of average pricing methods by traders and smelters, preventing malicious competition, and initiating a blacklist system [1] - On October 29, the China Nonferrous Metals Industry Association suggested setting production capacity ceilings for major metals such as copper, lead, and zinc, drawing from the experiences in electrolytic aluminum [1] - According to Dongfang Securities, the expected implementation of "anti-involution" measures is likely to slow the growth of midstream smelting capacity, indicating potential upward improvement in smelting fees in the medium term [1] Company Summary - China Dajie Nonferrous Metals reported a revenue decline of over 10% in the first half of the year, primarily due to the accelerated release of concentrated smelting capacity domestically and internationally, tight supply of copper concentrate, persistently low smelting processing fees, and reduced product output [1]

Core Viewpoint - China Dajie Nonferrous Metals (00661) experienced a significant stock price increase, rising over 16% in the afternoon trading session, attributed to positive developments in the domestic smelting sector aimed at reducing competition and improving profitability [1] Industry Summary - The CSPT's third-quarter general manager meeting reached a consensus on several measures to combat excessive competition, including the establishment of a user BM system, resisting the use of average pricing by traders and smelters, and initiating a blacklist system [1] - The China Nonferrous Metals Industry Association suggested considering a production capacity ceiling for major metals such as copper, lead, and zinc, drawing lessons from the electrolytic aluminum sector [1] - According to Dongfang Securities, the expected implementation of "anti-involution" measures is likely to slow the growth of midstream smelting capacity, potentially leading to an upward adjustment in smelting fees in the medium term [1] Company Summary - China Dajie Nonferrous Metals reported a revenue decline of over 10% in the first half of the year, primarily due to the accelerated release of concentrated smelting capacity domestically and internationally, tight supply of copper concentrate, persistently low smelting processing fees, and reduced product output [1]

期 货 眼 ·日 迹 每日早盘观察 银河期货研究所 2025 年 11 月 5 日 0 / 46 研究所 期货眼·日迹 | 股指期货：美股大跌影响情绪 A 股再试支撑 3 | | --- | | 国债期货：央行小幅购债，外围风偏回落 4 | | 豆粕：供应压力仍存 | 价格阶段性调整 6 | | --- | --- | | 白糖：外盘再次大跌 | 郑糖价格弱势 6 | | 油脂板块：震荡磨底阶段 7 | | | 玉米/玉米淀粉：现货反弹，盘面高位震荡 8 | | | 生猪：供应压力较大 | 价格阶段性回落 9 | | 花生：花生现货继续反弹，花生短期底部震荡 10 | | | 鸡蛋：淘鸡有所增加 | 蛋价有所企稳 10 | | 苹果：入库数据即将公布 | 市场交易入库预期 11 | | 棉花-棉纱：收购进入高峰 | 棉价震荡略偏强 12 | | 钢材：铁水产量收缩，钢价区间震荡 14 | | --- | | 双焦：震荡整理 等待回调后做多的机会 14 | | 铁矿：偏空思路对待 15 | | 铁合金：库存持续攀升，继续逢高做空 16 | | 贵金属：美元延续涨势，贵金属市场承压 17 | | --- | | ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - For the stock index, after a continuous rise, the hot sectors are rotating rapidly, with technology remaining the market's main line. Policy support for the capital market remains unchanged, and the medium - to long - term strategy is mainly to go long on dips [4]. - For treasury bonds, the central bank's restart of trading treasury bonds is short - term positive for the bond market sentiment. In the fourth quarter, the bond market is mainly affected by fundamentals, the implementation time of fund fee regulations, and institutional allocation power. The bond market is expected to oscillate and recover [7]. - For precious metals, with the Fed's indication of future easing policies, it is recommended to go long on silver on dips. The reference operating ranges for Shanghai gold and silver are provided [9]. - For non - ferrous metals, different metals have different outlooks. For example, copper prices are expected to be supported at the bottom; aluminum prices may be supported by supply - side disturbances; zinc and lead are expected to be strong in the short - term; nickel is recommended to be observed in the short - term; tin is expected to oscillate, and it is recommended to go long on dips; the lithium carbonate market is expected to oscillate after a correction; alumina is recommended to be observed; stainless steel is expected to continue to be weak; and casting aluminum alloy prices are expected to be strongly supported [12][14][17][19][21][24][26][29][30][32]. - For black building materials, steel demand is in the off - season, but future demand may recover. Iron ore prices are at risk of a phased decline. Glass and soda ash markets have different supply - demand situations and price trends. Manganese silicon and silicon iron are likely to follow the black sector's trend. Industrial silicon and polysilicon prices are affected by supply and demand and are expected to be weak in the short - term [35][37][39][41][45][47][50]. - For energy chemicals, rubber is recommended for short - term long trading with a stop - loss set. Oil prices are recommended to be observed in the short - term. Methanol, urea, and PVC are recommended to be observed. Pure benzene and styrene prices may stop falling. Ethylene glycol is recommended to be shorted on rallies. PTA is recommended to focus on processing fee repair opportunities. PX is recommended to be observed as it mainly follows crude oil fluctuations [56][58][60][63][65][70][72][75]. - For agricultural products, it is recommended to short pigs on rallies; eggs are expected to be strong in the short - term; bean and rapeseed meal are expected to rise in the short - term and be shorted on rebounds in the medium - term; palm oil is recommended to be treated as oscillating weakly before exports improve; sugar is recommended to be shorted after a rebound; and cotton is expected to continue to oscillate [83][85][88][90][93][95]. Summary by Relevant Catalogs Macro - Financial Category Stock Index - **Market Information**: The central bank conducted 700 billion yuan of outright reverse repurchase operations on November 5th. The 2025 6G Development Conference will be held in Beijing from November 13th - 14th. Apple tightened its China - region distribution channels. Goldman Sachs and Morgan Stanley warned of a decline in the US stock market in the next two years, while expressing continued interest in China from global capital allocators [2]. - **Basis Ratio**: The basis ratios of IF, IC, IM, and IH for different terms are provided [3]. - **Strategy Viewpoint**: After a continuous rise, the hot sectors are rotating rapidly, with technology remaining the main line. The long - term strategy is to go long on dips [4]. Treasury Bonds - **Market Information**: On November 3rd, Fed governors mentioned potential interest rate cuts. US financial system liquidity is approaching a dangerous level. On Tuesday, the central bank conducted 117.5 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 357.8 billion yuan [5][6]. - **Strategy Viewpoint**: The central bank's restart of trading treasury bonds is short - term positive for the bond market. In the fourth quarter, the bond market is affected by multiple factors and is expected to oscillate and recover [7]. Precious Metals - **Market Information**: Shanghai gold and silver prices fell. COMEX gold and silver prices are provided. US 10 - year treasury bond yields and the US dollar index are given. The Fed is expected to expand its balance sheet, and silver demand in India is strong [8]. - **Strategy Viewpoint**: With the Fed's indication of future easing policies, it is recommended to go long on silver on dips, and the reference operating ranges for Shanghai gold and silver are provided [9]. Non - Ferrous Metals Category Copper - **Market Information**: The US dollar index reached 100, and copper prices continued to correct. LME copper inventory increased, and domestic spot trading showed different situations. The domestic copper spot import loss was about 700 yuan/ton [11]. - **Strategy Viewpoint**: Although sentiment is under pressure, it is expected to be supported. The copper supply is expected to be marginally tight, providing strong support for copper prices. The reference operating ranges for Shanghai copper and LME copper are provided [12]. Aluminum - **Market Information**: The decline in precious metals and copper prices led to a decline in aluminum price optimism. LME aluminum and Shanghai aluminum prices fell. Aluminum inventories showed different trends, and the spot was at a discount to the futures [13]. - **Strategy Viewpoint**: The increase in electrolytic aluminum production and the improvement in trade and inventory conditions are expected to support aluminum prices. Short - term support levels are to be noted [14]. Zinc - **Market Information**: Shanghai zinc index rose slightly, and LME zinc prices also increased. Zinc inventories and basis data are provided [15][16]. - **Strategy Viewpoint**: Domestic zinc mine inventory declined, and zinc production decreased. Downstream demand was stable, and inventories were slowly increasing. It is expected that Shanghai zinc will be strong in the short - term, but the upside space is limited [17]. Lead - **Market Information**: Shanghai lead index fell slightly, and LME lead prices decreased. Lead inventories and basis data are provided [18]. - **Strategy Viewpoint**: Lead ore inventory declined, and lead production showed different trends. Downstream demand was weak, and inventories were at a low level. It is expected that Shanghai lead will be strong in the short - term [19]. Nickel - **Market Information**: Nickel prices oscillated and fell. Spot prices and cost data are provided [20]. - **Strategy Viewpoint**: Refined nickel inventory pressure is significant, and nickel prices are dragged down. In the long - term, nickel prices may be supported. Short - term observation is recommended, and long positions can be considered at appropriate prices [21]. Tin - **Market Information**: Shanghai tin prices fell. Tin inventories increased, and supply was affected by raw material shortages. Demand from emerging fields provided support [23]. - **Strategy Viewpoint**: The short - term tin supply - demand is in a tight balance, and prices are expected to oscillate. It is recommended to go long on dips, and the reference operating ranges are provided [24]. Lithium Carbonate - **Market Information**: The lithium carbonate spot index and futures prices fell. The production and sales of new energy vehicles increased [25]. - **Strategy Viewpoint**: The fundamentals lack continuous positive factors. After a correction, the market is expected to oscillate. Attention should be paid to ore prices and production schedules [26]. Alumina - **Market Information**: The alumina index fell, and trading volume increased. Basis, overseas prices, and inventory data are provided [27][28]. - **Strategy Viewpoint**: Ore prices may be under pressure after the rainy season. Alumina production capacity is in excess, but the current price is close to the cost line. Short - term observation is recommended, and the reference operating range is provided [29]. Stainless Steel - **Market Information**: Stainless steel prices fell, and trading volume increased. Spot prices and raw material prices are provided [30]. - **Strategy Viewpoint**: The price of stainless steel spot is relatively firm, but the demand is expected to be weak in the short - term, and the price is expected to continue to be weak [30]. Casting Aluminum Alloy - **Market Information**: Casting aluminum alloy prices fell, and trading volume decreased. Inventory data are provided [31]. - **Strategy Viewpoint**: The cost of casting aluminum alloy has strong support, and supply is tight. Prices are expected to be strongly supported [32]. Black Building Materials Category Steel - **Market Information**: Rebar and hot - rolled coil prices fell. Futures and spot prices, as well as inventory and trading volume data, are provided [34]. - **Strategy Viewpoint**: The commodity market was weak, and steel prices oscillated weakly. Although demand is in the off - season, it may recover in the future with policy implementation and macro - environment changes [35]. Iron Ore - **Market Information**: Iron ore prices fell, and trading volume increased. Spot prices and basis data are provided [36]. - **Strategy Viewpoint**: Overseas iron ore shipments decreased, and demand weakened. Inventory pressure increased. There is a risk of a phased decline in ore prices [37]. Glass and Soda Ash - **Glass Market Information**: Glass prices rose, and inventory decreased. Trading volume data are provided [38]. - **Glass Strategy Viewpoint**: Market sentiment was boosted, but the fundamentals are weak. The impact of policies and production cuts needs to be observed [39]. - **Soda Ash Market Information**: Soda ash prices fell, and inventory decreased. Trading volume data are provided [40]. - **Soda Ash Strategy Viewpoint**: The industry's high - capacity utilization rate and weak demand lead to weak price trends. Prices are expected to oscillate weakly in the short - term [41]. Manganese Silicon and Silicon Iron - **Market Information**: Manganese silicon and silicon iron prices fell. Spot prices and basis data are provided [42]. - **Strategy Viewpoint**: Macro events did not provide strong support for the market. The black sector's rebound was adjusted. Manganese silicon and silicon iron are likely to follow the black sector's trend [43][44][45]. Industrial Silicon and Polysilicon - **Industrial Silicon Market Information**: Industrial silicon prices fell, and trading volume increased. Spot prices and basis data are provided [46]. - **Industrial Silicon Strategy Viewpoint**: The supply of industrial silicon is under pressure, and demand is weakening. Prices are expected to be weak in the short - term, but cost support exists [47]. - **Polysilicon Market Information**: Polysilicon prices fell, and trading volume decreased. Spot prices and basis data are provided [48][49]. - **Polysilicon Strategy Viewpoint**: Polysilicon production is expected to decline, and the supply - demand pattern may improve marginally. Attention should be paid to platform company progress [50]. Energy Chemicals Category Rubber - **Market Information**: Rubber prices were weakly sorted. There were different views on the rise and fall of rubber prices. Tire production and inventory data, as well as spot prices, are provided [52][53][54][55]. - **Strategy Viewpoint**: Rubber prices are near the previous low. Short - term long trading with a stop - loss set is recommended, and partial hedging positions can be established [56]. Crude Oil - **Market Information**: Crude oil and refined oil prices fell. Inventory data are provided [57]. - **Strategy Viewpoint**: Although geopolitical premiums have disappeared, oil prices should not be overly shorted in the short - term. A range strategy is maintained, and short - term observation is recommended [58]. Methanol - **Market Information**: Methanol prices fell, and basis data are provided [59]. - **Strategy Viewpoint**: Port prices fell, and inventory was high. Supply increased, and demand weakened. Observation is recommended [60]. Urea - **Market Information**: Urea prices showed different trends in different regions, and basis data are provided [61][62]. - **Strategy Viewpoint**: Urea supply and demand increased, but the market is in a relatively loose pattern. Observation is recommended [63]. Pure Benzene and Styrene - **Market Information**: Pure benzene and styrene prices showed different trends. Supply, demand, and inventory data are provided [64]. - **Strategy Viewpoint**: Pure benzene and styrene prices may stop falling. The BZN spread has room for upward repair [65]. PVC - **Market Information**: PVC prices fell, and cost, supply, demand, and inventory data are provided [66]. - **Strategy Viewpoint**: The fundamentals are poor, with strong supply and weak demand. Attention should be paid to short - selling opportunities on rallies [67][68]. Ethylene Glycol - **Market Information**: Ethylene glycol prices fell, and cost, supply, demand, and inventory data are provided [69]. - **Strategy Viewpoint**: Supply is high, and inventory is expected to increase. It is recommended to short on rallies [70]. PTA - **Market Information**: PTA prices rose, and cost, supply, demand, and inventory data are provided [71]. - **Strategy Viewpoint**: Supply is expected to decrease, and demand is expected to be stable. Attention should be paid to PTA processing fee repair opportunities [72]. p - Xylene - **Market Information**: p - Xylene prices rose, and cost, supply, demand, and inventory data are provided [73][74]. - **Strategy Viewpoint**: p - Xylene supply is high, and demand is weak. PXN is expected to be under pressure in November. Observation is recommended [75]. Polyethylene (PE) - **Market Information**: PE prices fell, and supply, demand, and inventory data are provided [76]. - **Strategy Viewpoint**: PE prices are expected to oscillate at a low level. The impact of cost and supply - demand factors needs to be considered [77]. Polypropylene (PP) - **Market Information**: PP prices fell, and supply, demand, and inventory data are provided [78]. - **Strategy Viewpoint**: PP prices are affected by cost and supply - demand factors. The market is in a weak pattern, and short - term observation is recommended [79][80]. Agricultural Products Category Pigs - **Market Information**: Pig prices continued to fall, and supply and demand factors are provided [82]. - **Strategy Viewpoint**: It is recommended to short pigs on rallies. Cautious investors can use reverse - spread positions [83]. Eggs - **Market Information**: Egg prices were stable, and supply and demand factors are provided [84]. - **Strategy Viewpoint**: Egg prices are expected to be strong in the short - term. Observation or short - term trading is recommended, and attention should be paid to upper - level pressure [85]. Bean and Rapeseed Meal - **Market Information**: CBOT soybean prices fell, and domestic soybean and bean meal supply, demand, and cost data are provided [86][87]. - **Strategy Viewpoint**: Bean meal prices are expected to rise in the short - term and be shorted on rebounds in the medium - term [88]. Oils - **Market Information**: Malaysian palm oil production and export data are provided. Domestic oil consumption is expected to enter the peak season, and inventory is expected to decrease seasonally [89]. - **Strategy Viewpoint**: Palm oil prices are expected to be oscillating weakly before exports improve. A change in strategy can be considered if production declines [90]. Sugar - **Market Information**: Sugar prices oscillated, and Brazilian sugar production data are provided [91][92]. - **Strategy Viewpoint**: It is recommended to short sugar after a rebound due to strong supply and weak external market trends [93]. Cotton - **Market Information**: Cotton prices oscillated, and supply, demand, and price data are provided [94]. - **Strategy Viewpoint**: Cotton prices are expected to continue to oscillate due to weak fundamentals [95].