Core Points - The White House has issued a 98-page document detailing exemptions to tariffs on a wide range of products, indicating a significant rollback of tariffs [1][3] - Products exempted from tariffs include coffee, bananas, tomatoes, avocados, mangoes, limes, beef, and copper, which are heavily imported into the United States [2][4] - This move is seen as an effort by the White House to address affordability concerns in American politics and to lower the costs of products that have been increasing for consumers [3][4]

Report Summary 1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Report's Core View The report presents the basis statistics of various futures on November 14, 2025, including the basis for the current month, next month, and the month after next, contract prices, spot prices, basis rates, and their changes compared to the previous day for different commodities across multiple sectors such as non - ferrous metals, ferrous metals, agricultural products, energy, and chemicals. 3. Summary by Commodity Categories Non - Ferrous Metals - Copper: The spot price is 87390, the basis rate is - 0.14%, and it decreased by - 0.21% compared to the previous day [4]. - Aluminum: For different types, the basis rates range from - 0.32% to - 1.02%, with changes from 0.12% to 0.40% compared to the previous day [4]. - Zinc: The spot price is 22655, the basis rate is - 0.11%, and it increased by 0.02% compared to the previous day [4]. - Tin: The spot price is 296000, the basis rate is - 0.24%, and it decreased by - 0.06% compared to the previous day [4]. - Nickel: The spot price is 120650, the basis rate is 1.52%, and it increased by 0.22% compared to the previous day [4]. - Industrial Silicon: The spot price is 9500, the basis rate is 3.49%, and it decreased by - 0.17% compared to the previous day [4]. - Lithium Carbonate: The spot price is 84370, the basis rate is - 4.52%, and it decreased by - 0.68% compared to the previous day [4]. Precious Metals - Gold: The spot price is 958.67, the basis rate is - 0.27%, and it decreased by - 0.11% compared to the previous day [4]. - Silver: The spot price is 12563, the basis rate is - 0.20%, and it decreased by - 0.36% compared to the previous day [4]. Ferrous Metals - Rebar: The spot price is 3139, the basis rate is 5.71%, and it increased by 0.38% compared to the previous day [4]. - Hot - Rolled Coil: The spot price is 3263, the basis rate is 0.80%, and it increased by 0.03% compared to the previous day [4]. - Iron Ore: The spot price is 821.5, the basis rate is 6.34%, and it increased by 0.21% compared to the previous day [4]. - Coke: The spot price is 1680, the basis rate is - 0.35%, and it decreased by - 0.43% compared to the previous day [4]. - Coking Coal: The spot price is 1214.0, the basis rate is 32.62%, and it increased by 0.54% compared to the previous day [4]. - Thermal Coal: The spot price is 830.0, the basis rate is 3.57%, and it increased by 0.37% compared to the previous day [4]. - Ferrosilicon: The spot price is 5160, the basis rate is - 6.28%, and it decreased by - 0.27% compared to the previous day [4]. - Silicomanganese: The spot price is 5872, the basis rate is 1.63%, and it increased by 0.11% compared to the previous day [4]. - Stainless Steel: The spot price is 12750, the basis rate is 2.20%, and it decreased by - 0.41% compared to the previous day [4]. Agricultural Products - Soybeans: The spot price is 3920, the basis rate is - 5.06%, and it decreased by - 0.05% compared to the previous day [4]. - Soybean Meal: The spot price is 3000, the basis rate is - 2.31%, and it decreased by - 0.38% compared to the previous day [4]. - Rapeseed Meal: The spot price is 2620, the basis rate is 5.14%, and it increased by 0.08% compared to the previous day [4]. - Edible Oils: For different types like soybean oil, rapeseed oil, etc., the basis rates range from 2.86% to 12.98%, with changes from - 0.35% to 11.78% compared to the previous day [4]. - Palm Oil: The spot price is 8570, the basis rate is - 2.08%, and it decreased by - 0.66% compared to the previous day [4]. - Corn: The spot price is 2205, the basis rate is 0.87%, and it increased by 0.27% compared to the previous day [4]. - Corn Starch: The spot price is 2510, the basis rate is 0.12%, and it decreased by - 0.68% compared to the previous day [4]. - Apples: The spot price is 8408, the basis rate is 17.93%, and it decreased by - 2.65% compared to the previous day [4]. - Eggs: The spot price is 2900, the basis rate is - 4.61%, and it increased by 0.72% compared to the previous day [4]. - Hogs: The spot price is 12000, the basis rate is 1.18%, and it increased by 0.71% compared to the previous day [4]. - Cotton: The spot price is 14819, the basis rate is 9.85%, and it decreased by - 0.03% compared to the previous day [4]. - Sugar: The spot price is 5760, the basis rate is 4.50%, and it decreased by - 0.65% compared to the previous day [4]. Energy and Chemicals - Methanol: The spot price is 2100, the basis rate is - 0.14%, and it decreased by - 0.14% compared to the previous day [4]. - Ethanol: The spot price is 4063, the basis rate is 1.49%, and it increased by 0.10% compared to the previous day [4]. - Crude Oil: The spot price is 421.4, the basis rate is - 6.24%, and it decreased by - 0.52% compared to the previous day [4]. - Short - Fiber: The spot price is 6360, the basis rate is 2.19%, and it increased by 0.29% compared to the previous day [4]. - PVC: The spot price is 5405, the basis rate is 17.86%, and it decreased by - 0.13% compared to the previous day [4]. - Rubber: The spot price is 14800, the basis rate is - 3.83%, and it decreased by - 0.75% compared to the previous day [4]. - 20 - Numbered Rubber: The spot price is 13212, the basis rate is 6.55%, and it decreased by - 1.58% compared to the previous day [4]. - Soda Ash: The spot price is 1194, the basis rate is - 3.63%, and it increased by 0.49% compared to the previous day [4]. - Urea: The spot price is 1610, the basis rate is - 2.90%, and it decreased by - 0.18% compared to the previous day [4]. - Pulp: The spot price is 5525, the basis rate is - 0.95%, and it decreased by - 0.16% compared to the previous day [4]. - Fuel Oil: The spot price is 2742, the basis rate is 5.66%, and it decreased by - 0.08% compared to the previous day [4]. - Asphalt: The spot price is 3010, the basis rate is - 0.63%, and it increased by 0.78% compared to the previous day [4]. - Low - Sulfur Fuel Oil: The spot price is 3170, the basis rate is 4.06%, and it increased by 5.05% compared to the previous day [4]. - Liquefied Petroleum Gas: The spot price is 4498, the basis rate is 4.02%, and it increased by 0.81% compared to the previous day [4]. - PTA: The spot price is 4585, the basis rate is - 2.45%, and it decreased by - 0.84% compared to the previous day [4]. - Polypropylene: The spot price is 6820, the basis rate is 5.25%, and it decreased by - 0.33% compared to the previous day [4]. - Styrene: The spot price is 6405, the basis rate is - 0.50%, and it decreased by - 0.48% compared to the previous day [4]. - Plastic: The spot price is 7100, the basis rate is 4.14%, and it decreased by - 0.46% compared to the previous day [4]. Financial Futures - CSI 300: The spot price is 4702.1, the basis rate is 0.54%, and it increased by 0.15% compared to the previous day [4]. - SSE 50: The spot price is 3073.7, the basis rate is 0.16%, and it increased by 0.11% compared to the previous day [4]. - China Securities 500: The spot price is 7355.3, the basis rate is 1.19%, and it decreased by - 0.04% compared to the previous day [4].

Group 1: Investment Ratings - No industry investment ratings are provided in the report. Group 2: Core Views - The report presents a comprehensive table of basis statistics for various futures on November 14, 2025, including base prices, contract prices, basis rates, and their daily changes for multiple commodities across different sectors [4]. Group 3: Summary by Commodity Categories Non - ferrous Metals - Copper: Spot price is 87390, with a basis rate of - 0.14% and a daily change of - 0.21% [4]. - Aluminum: Spot price is 21920, basis rate is - 0.32%, and daily change is 0.12% [4]. - Zinc: Spot price is 22630, basis rate is - 0.11%, and daily change is 0.02% [4]. - Lead: Spot price is 17500, basis rate is - 1.02%, and daily change is 0.40% [4]. - Tin: Spot price is 296000, basis rate is - 0.24%, and daily change is - 0.06% [4]. - Nickel: Spot price is 120650, basis rate is 1.52%, and daily change is 0.22% [4]. - Industrial Silicon: Spot price is 9500, basis rate is 3.49%, and daily change is - 0.17% [4]. - Lithium Carbonate: Spot price is 84370, basis rate is - 4.52%, and daily change is - 0.68% [4]. Precious Metals - Gold: Spot price is 958.67, basis rate is - 0.27%, and daily change is - 0.11% [4]. - Silver: Spot price is 12563, basis rate is - 0.20%, and daily change is - 0.36% [4]. Ferrous Metals - Rebar: Spot price is 3139, basis rate is 5.71%, and daily change is 0.38% [4]. - Hot - Rolled Coil: Spot price is 3263, basis rate is 0.80%, and daily change is 0.03% [4]. - Iron Ore: Spot price is 821.5, basis rate is 6.34%, and daily change is 0.21% [4]. - Coke: Spot price is 1680, basis rate is - 0.35%, and daily change is - 0.43% [4]. - Coking Coal: Spot price is 1610, basis rate is 32.62%, and daily change is 0.54% [4]. - Thermal Coal: Spot price is 830, basis rate is 3.57%, and daily change is 0.37% [4]. - Ferrosilicon: Spot price is 5160, basis rate is - 6.28%, and daily change is - 0.27% [4]. - Silicomanganese: Spot price is 5872, basis rate is 1.63%, and daily change is 0.11% [4]. - Stainless Steel: Spot price is 12750, basis rate is 2.20%, and daily change is - 0.41% [4]. Building Materials - Glass: Spot price is 1110, basis rate is 5.11%, and daily change is - 0.70% [4]. Grains and Oils - Soybeans: Spot price is 3920, basis rate is - 5.06%, and daily change is - 0.05% [4]. - Soybean Meal: Spot price is 3000, basis rate is - 2.31%, and daily change is - 0.38% [4]. - Rapeseed Meal: Spot price is 2620, basis rate is 5.14%, and daily change is 0.08% [4]. - Soybean Oil: Spot price is 8560, basis rate is 2.93%, and daily change is - 0.35% [4]. - Rapeseed Oil: Spot price is 10260, basis rate is 2.86%, and daily change is 0.11% [4]. - Peanuts: Spot price is 9000, basis rate is 12.98%, and daily change is 11.78% [4]. - Palm Oil: Spot price is 8570, basis rate is - 2.08%, and daily change is - 0.66% [4]. Agricultural Products - Corn: Spot price is 2205, basis rate is 0.87%, and daily change is 0.27% [4]. - Corn Starch: Spot price is 2510, basis rate is 0.12%, and daily change is - 0.68% [4]. - Apples: Spot price is 8408, basis rate is 17.93%, and daily change is - 2.65% [4]. - Eggs: Spot price is 2900, basis rate is - 4.61%, and daily change is 0.72% [4]. - Hogs: Spot price is 12000, basis rate is 1.18%, and daily change is 0.71% [4]. - Cotton: Spot price is 14819, basis rate is 9.85%, and daily change is - 0.03% [4]. Soft Commodities - Sugar: Spot price is 5760, basis rate is 4.50%, and daily change is - 0.65% [4]. Energy and Chemicals - Methanol: Spot price is 2100, basis rate is 0.47%, and daily change is - 0.14% [4]. - Ethanol: Spot price is 4063, basis rate is 1.49%, and daily change is 0.10% [4]. - Crude Oil: Spot price is 421.4, basis rate is - 6.24%, and daily change is - 0.52% [4]. Financial Futures - CSI 300: Spot price is 4702.1, basis rate is 0.54%, and daily change is 0.15% [4]. - SSE 50: Spot price is 3073.7, basis rate is 0.16%, and daily change is 0.11% [4]. - Mid - Cap 500: Spot price is 7355.3, basis rate is 1.19%, and daily change is - 0.04% [4]. Chemicals - Short - Fiber: Spot price is 6360, basis rate is 2.19%, and daily change is 0.29% [4]. - PVC: Spot price is 5405, basis rate is 17.86%, and daily change is - 0.13% [4]. - Rubber: Spot price is 14800, basis rate is - 3.83%, and daily change is - 0.75% [4]. - 20 - Rubber: Spot price is 13212, basis rate is 6.55%, and daily change is - 1.58% [4]. - Soda Ash: Spot price is 1194, basis rate is - 3.63%, and daily change is 0.49% [4]. - Urea: Spot price is 1610, basis rate is - 2.90%, and daily change is - 0.18% [4]. - Pulp: Spot price is 5525, basis rate is - 0.95%, and daily change is - 0.16% [4]. - Fuel Oil: Spot price is 2742, basis rate is 5.66%, and daily change is - 0.08% [4]. - Asphalt: Spot price is 3010, basis rate is - 0.63%, and daily change is 0.78% [4]. - Low - Sulfur Fuel Oil: Spot price is 3170, basis rate is 4.06%, and daily change is 5.05% [4]. - Liquefied Petroleum Gas: Spot price is 4498, basis rate is 4.02%, and daily change is 0.81% [4]. - PTA: Spot price is 4585, basis rate is - 2.45%, and daily change is - 0.84% [4]. - Polypropylene: Spot price is 6820, basis rate is 5.25%, and daily change is - 0.33% [4]. - Styrene: Spot price is 6405, basis rate is - 0.50%, and daily change is - 0.48% [4]. - Plastic: Spot price is 7100, basis rate is 4.14%, and daily change is - 0.46% [4].

So that's your scorecard as we get up and running for this Thursday day of trade. It's I said a bit of a mixed picture off the back of uh finally getting an end to this government shutdown. So let's get to Kevin Green now who joins me to uh talk about this.So it's finally over now. What do you make of what we're seeing in the reaction to the markets given this had been largely priced in KG. >> Yeah, I would agree it's been largely uh priced in.I think the market now is trying to figure out when we are going ...

Investment Rating - The report assigns a "Cautious Accumulate" investment rating with a target price of 6.56 CNY, compared to the current price of 5.56 CNY [5]. Core Insights - The company is positioned in advanced steel materials, benefiting from the trend of manufacturing upgrades in China. Its industrial layout mitigates cyclical fluctuations, leading to superior profitability within the sector. There is an expectation of reduced competition in the steel industry by 2026, and the company enjoys advantages in valuation and dividend yield [2][11]. Financial Summary - Total revenue is projected to be 72.5 billion CNY in 2023, decreasing to 61.8 billion CNY in 2024, with a gradual recovery to 67.9 billion CNY by 2027. Net profit attributable to the parent company is expected to grow from 2.1 billion CNY in 2023 to 3.2 billion CNY in 2027, reflecting a compound annual growth rate of 21.7% from 2025 to 2026 [4][45]. - Earnings per share (EPS) are forecasted to increase from 0.34 CNY in 2023 to 0.51 CNY in 2027, with a net asset return rate projected to remain around 10% [4][45]. Company Positioning and Strategy - The company has a clear strategic focus on advanced steel materials, with significant R&D investments that exceed the industry average. In 2024, R&D expenses are expected to account for 3.94% of revenue, indicating a strong commitment to innovation [15][17]. - The company has successfully transitioned its product mix, with less than 10% of its steel products used in real estate and infrastructure, focusing instead on high-end manufacturing sectors [17][18]. Market Dynamics - The company is well-positioned to benefit from growth in downstream industries, with approximately 90% of its products utilized outside real estate and infrastructure, including automotive, marine, and renewable energy sectors [28][29]. - Export volumes and proportions are increasing, with export margins significantly higher than domestic sales margins, enhancing overall profitability [34]. Financial Health - The company maintains a stable debt ratio around 60%, with a strong cash flow from operations. The dividend payout ratio has consistently exceeded 50% since 2019, with a projected dividend yield of approximately 4% based on 2025 earnings [39][40]. Profitability Outlook - The report forecasts net profits for 2025-2027 to be 2.752 billion CNY, 3.006 billion CNY, and 3.156 billion CNY respectively, with corresponding EPS of 0.45 CNY, 0.49 CNY, and 0.51 CNY. The company’s valuation is considered advantageous compared to peers, with a potential 20% increase in valuation expected [45][48].

证券之星消息，11月13日工业金属板块较上一交易日上涨3.57%，兴业银锡领涨。当日上证指数报收于 4029.5，上涨0.73%。深证成指报收于13476.52，上涨1.78%。工业金属板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 668109 | 影等创,亚 | | 7.45 Z | 8.66% | -9244.15万 | -1.08% | -6.53 Z | -7.59% | | 000426 | 兴业银锡 | | 5.56 Z | 15.87% | -1.93亿 | -5.49% | -3.64 Z | -10.37% | | 600362 江西铜亚 | | | 3.47 Z | 13.41% | -1.62 Z | -6.25% | -1.85 Z | -7.16% | | 603993 | 洛阳镇业 | | 2.55 Z | 4.98% | -9681.30万 | ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - International gold prices are strongly rising, while the A - share market is in a state of volatile consolidation with shrinking trading volume. The probability of a Fed rate cut in December is increasing, and the market is pricing in a 60% chance of a rate cut. The price of gold has reached 4200, and the oil price has dropped by more than 4%. The A - share market may still reach new highs in the short term, but there are risks of subsequent adjustments. In the medium - to - long - term, it is still cost - effective to buy on dips. The bond market is in a volatile rebound [2][3]. - Precious metals are rising significantly due to increased expectations of a rate cut. However, caution is needed as the prices are approaching historical highs. Copper prices are oscillating strongly, and the market is speculating that the Fed may accelerate its easing path after a possible leadership change. Aluminum prices are rising with capital support, while alumina continues to be weak. Cast aluminum is strong, zinc is oscillating, lead is following the upward trend of the outer market but with limited upside, tin is strongly oscillating, and industrial silicon is oscillating with marginal improvements in supply and demand. Lithium carbonate prices are oscillating widely, nickel is oscillating at a low level, and soda ash and glass are oscillating at a low level [4][6][8][11]. - Steel prices are oscillating and adjusting, iron ore prices are under pressure, and coking coal and coke prices are oscillating and adjusting. For agricultural products, soybean and rapeseed meal are oscillating and adjusting, and palm oil is oscillating [24][25][26][28]. 3. Summary by Related Catalogs 3.1 Main Variety Views 3.1.1 Macro - Overseas: Trump plans to sign a continuous appropriation bill, ending the government shutdown. The Bureau of Labor Statistics may release the September non - farm payroll data on Friday, and the October data may be permanently missing. Trump proposes a $2000 tax refund for families with an annual income of less than $100,000. The market's pricing of a December rate cut has risen to 60%. The U.S. bond yield is falling, the dollar index is oscillating, the gold price has soared to 4200, and the oil price has dropped by more than 4% [2]. - Domestic: The A - share market is in a wide - range oscillation, with more than 3500 stocks closing down and the trading volume dropping to 1.96 trillion. The Shanghai 50 and dividend - style stocks are outperforming the technology stocks. The insurance and energy equipment sectors are leading the gains. The market lacks macro and event catalysts in the short term, and there may still be new highs, but risks of subsequent adjustments should be watched out for. In the medium - to - long - term, it is still cost - effective to buy on dips. The bond market is in a volatile rebound, and it is expected to remain in a relatively strong oscillating pattern in the short term [3]. 3.1.2 Precious Metals - COMEX gold futures rose 2.07% to $4201.4 per ounce, and COMEX silver futures rose 4.90% to $53.23 per ounce, approaching the historical high again. The end of the U.S. government shutdown and the expected release of economic data are boosting the market's expectations of a Fed rate cut in December. There are concerns about a shortage of silver supply, but caution is needed as the prices are approaching historical highs [4][5]. 3.1.3 Copper - The Shanghai copper main contract is in a narrow - range oscillation, and the London copper has retreated slightly after reaching $11000. The spot market trading is dull, and downstream buyers are mainly making rigid - demand purchases. The market is speculating that the Fed may accelerate its easing path after a possible leadership change. China's cumulative imports of copper ore and concentrates from January to October increased by 7.5% year - on - year. Copper prices are expected to remain high and oscillate in the short term [6][7]. 3.1.4 Aluminum - The Shanghai aluminum main contract closed at 21880 yuan/ton, up 0.88%. The LME aluminum closed at $2886 per ton, up 0.23%. The macro - level expectation of a Fed rate cut is beneficial to the market sentiment. The domestic electrolytic aluminum production capacity is stable, and the supply of aluminum ingots may increase. Although it is the off - season for consumption, the consumption in the automotive and power sectors remains resilient. The inflow of funds is driving the aluminum price to continue rising [8][9][10]. 3.1.5 Alumina - The alumina futures main contract closed at 2821 yuan/ton, down 0.18%. The supply of alumina is abundant, the consumption is mainly for rigid demand, and the inventory is increasing. The market is still bearish, and the price continues to be weak. Attention should be paid to cost support and winter heating policies in the north [11]. 3.1.6 Cast Aluminum - The cast aluminum alloy futures main contract closed at 21245 yuan/ton, up 0.83%. Driven by the new high of Shanghai aluminum, the cast aluminum futures are rising rapidly. The raw material scrap aluminum is in short supply, and the cost support is strong. The market is dominated by bullish sentiment, and the price is strong [12]. 3.1.7 Zinc - The Shanghai zinc main contract is oscillating narrowly during the day and rising after a lower opening at night. The spot market trading is cold, and downstream buyers are cautious in purchasing due to high prices. The overall market sentiment may improve with the possible end of the U.S. government shutdown. The expected increase in zinc ingot exports and the possible reduction in smelter production are providing support to the price, but weak consumption and high inventory are limiting the upside. Zinc prices are expected to oscillate in the short term [13]. 3.1.8 Lead - The Shanghai lead main contract is rising after an intraday high - level pullback and oscillating at a high level at night. The LME lead has risen for five consecutive days, and the Shanghai lead is following the upward trend with continuous capital inflows. However, the fundamental support is weakening, and the supply - demand mismatch is being alleviated. The price is expected to remain strong in the short term, but the upside is limited [14][15]. 3.1.9 Tin - The Shanghai tin main contract is oscillating horizontally during the day and rising after a higher opening at night. The end of the U.S. government shutdown is improving market risk appetite, and the weakening dollar is beneficial to the rise of London tin, which in turn drives up the Shanghai tin price. The supply is strongly supported, and the global inventory is at a low level. The strong performance of the U.S. semiconductor sector is boosting demand expectations. Tin prices are expected to remain strong in the short term [16]. 3.1.10 Industrial Silicon - Industrial silicon is oscillating. The inventory of warehouse receipts is falling, mainly due to the reduction in production in the southwest region during the dry season. The supply is marginally shrinking, and the demand is showing marginal improvements. The price is expected to remain strong and oscillate in the short term [17][18]. 3.1.11 Lithium Carbonate - Lithium carbonate prices are oscillating widely, and the spot price is rising. The inventory is being depleted rapidly, and the supply growth is slowing down. However, there are strong expectations of an increase in imports, and the resilience of the power terminal is in question. The price is expected to oscillate widely due to the intense game between bulls and bears [19][20]. 3.1.12 Nickel - Nickel prices are oscillating weakly. The Fed may stop shrinking its balance sheet in early December, which may put pressure on the U.S. dollar index. The rainy season in the Philippines is affecting the shipment of nickel ore, providing cost support. The real - estate market is weak, and steel mills' production of stainless steel is flat. Although the fundamental situation is weak, the nickel price is at the bottom of the range, and low - buying opportunities can be considered [21]. 3.1.13 Soda Ash and Glass - The soda ash and glass main contracts are oscillating weakly. Some soda ash production facilities are planning to reduce production or undergo maintenance. The glass market has high inventory and weak demand, and the price may continue to decline, but attention should be paid to the risk of high positions [22][23]. 3.1.14 Steel - Steel futures are oscillating weakly. The spot market demand is weak due to the cold weather in the north. The production and apparent demand of steel are expected to remain weak. Steel prices are expected to oscillate and adjust [24]. 3.1.15 Iron Ore - Iron ore futures are oscillating. The supply pressure is increasing as the port inventory is rising, and the demand is weakening as the downstream is entering the off - season. The first shipment of iron ore from the Simandou project has little short - term impact on supply but may change the global supply pattern in the long term. Iron ore prices are expected to be under pressure [25]. 3.1.16 Coking Coal and Coke - Coking coal and coke futures are oscillating. Coke enterprises are proposing a fourth - round price increase, but steel mills have not responded. The supply tension is easing, and the demand expectation is weakening. The prices are expected to oscillate and adjust in the short term [26]. 3.1.17 Soybean and Rapeseed Meal - The soybean meal 01 contract rose 0.03%, and the rapeseed meal 01 contract fell 0.52%. The production of soybeans in South America is progressing steadily, and the production of Australian rapeseed is expected to remain at 630,000 tons. The market is paying attention to the purchase progress of U.S. soybeans and the USDA report after the government shutdown. The far - month basis trading of soybean meal has increased, and the prices are expected to oscillate and adjust in the short term [27][28][29]. 3.1.18 Palm Oil - The palm oil 01 contract fell 0.09%. The OPEC report indicates a possible oversupply in the oil market, and the international oil price has dropped significantly. The production and export of Malaysian palm oil are expected to decline in November, and the inventory may continue to increase. Palm oil prices are expected to oscillate in the short term [30][31]. 3.2 Metal Main Variety Trading Data - The report provides the closing prices, price changes, price change percentages, total trading volumes, total open interests, and price units of various metal futures contracts, including copper, aluminum, alumina, zinc, lead, nickel, tin, gold, and silver, in both the Shanghai Futures Exchange and the London Metal Exchange [32]. 3.3 Industrial Data Perspective - The report presents detailed industrial data for copper and nickel, including the prices of main contracts, warehouse receipts, inventory, spot premiums and discounts, and price ratios between different markets and varieties [33][35][36].

Core Insights - The industrial metal sector experienced a rise of 0.91% on November 12, with Minfa Aluminum leading the gains [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Industrial Metal Sector Performance - Minfa Aluminum (002578) closed at 4.43, up 9.93% with a trading volume of 2,001,900 shares and a transaction value of 873 million [1] - Huayu Mining (601020) closed at 33.40, up 8.65% with a trading volume of 970,800 shares and a transaction value of 3.184 billion [1] - Chang Aluminum (002160) closed at 6.54, up 7.21% with a trading volume of 2,722,800 shares and a transaction value of 1.763 billion [1] - China Aluminum (601600) closed at 11.71, up 6.65% with a trading volume of 5,846,200 shares and a transaction value of 6.692 billion [1] - Other notable performers include Hongchuang Holdings (002379) up 5.07%, Yun Aluminum (000807) up 4.29%, and Jiaozuo Wanfang (000612) up 4.11% [1] Capital Flow Analysis - The industrial metal sector saw a net inflow of 1.011 billion in main funds, while retail funds experienced a net outflow of 1.002 billion [2] - Major stocks like China Aluminum and Minfa Aluminum had significant net inflows from main funds, while retail investors showed a tendency to withdraw [3] - For instance, China Aluminum had a net inflow of 390 million from main funds, while Minfa Aluminum saw a net outflow of 160 million from retail investors [3]

年内新发基金创近三年新高 平均募集规模仅为7.82亿元 截至11月11日，今年以来全市场新发基金数量已达1371只，创近三年新高。与火热的发行数量形成鲜明 对比的是，新基金平均募集规模仅为7.82亿元。这一"数量增+平均规模减"的现象，勾勒出2025年公募 基金发行市场的深刻变局。业内人士认为，2025年公募基金发行市场已从依靠明星基金经理和爆款单品 驱动的模式，彻底转向了以"工具化、细分化、机构化"为特征的"广撒网"新阶段。基金公司正在通过密 集布局低成本、高效率的工具产品，以适应市场变化和投资者日益理性的需求。这一趋势预计将在未来 几年持续深化。（证券时报网） 国际金价大涨 不少黄金饰品品牌报价突破1300元 11月11日，国际金价大涨，日内开盘价为4116.20美元/盎司，盘中冲高至4148.91美元/盎司，随后回落， 11日17:30时的价格在4143美元/盎司，较昨日4115美元/盎司的收盘价，涨幅约为28美元/盎司。截至18 时，水贝的投资金为968元/克。头部金饰品牌的金价今日都呈现出较大涨幅，大部分品牌报价破1300元 大关，周大福和周生生的足金饰品今日报价1308/克，六福珠宝和金至尊报价1 ...

Copper prices have dropped from the highest levels on record in July, but that doesn't mean a powerful rally in the industrial metal has reached its end. ...