Report Industry Investment Ratings No specific industry investment ratings are provided in the report. Core Views of the Report - Overseas, the end of the US government shutdown requires attention to economic data release and its impact on the economy. In the US, the potential replacement of the Atlanta Fed President by a dovish candidate and the uncertainty of the next Fed Chair's identity could affect the interest - rate cut outlook. Domestically, the economic data shows a marginal slowdown, and the strength and effectiveness of policy support are key concerns [2]. - For the RMB exchange rate, it broke through the 7.10 mark due to the weak US dollar index, and is expected to get some support from seasonal effects. Export enterprises are advised to lock in forward exchange settlement at 7.12, and import enterprises can adopt a rolling purchase strategy at 7.07 [6]. - The stock index is expected to continue to fluctuate due to the weak recovery of the domestic fundamentals and the influence of external factors such as US officials' hawkish remarks and the release of key US economic data [7]. - For treasury bonds, mid - term long positions can be held, and short - term investors can buy on dips [8]. - In the container shipping market, the EC2602 contract's last trading day is confirmed. The market is affected by both macro and fundamental factors, with multiple long and short factors in play. Trend traders are advised to wait and see, and arbitrageurs can focus on specific spreads [9][10][11]. - For precious metals, in the short - term, the adjustment may continue. Long - term factors still support the upward movement of precious metal prices. Specific support and resistance levels are provided for gold and silver [17]. - For copper, the macro - environment is mixed, and the fundamental de - stocking limits the price increase. The copper price is expected to find a balance based on downstream procurement, with different price ranges predicted [20][21]. - For aluminum, it is expected to fluctuate at a high level. Alumina is expected to be weak, and cast aluminum alloy is expected to fluctuate at a high level [22][24]. - For zinc, it is expected to show a relatively strong and fluctuating trend, with support at the bottom in November [24]. - For tin, it is recommended to enter the market on dips as the supply is weak compared to demand in the short - term [25]. - For industrial silicon and polysilicon, the fundamentals are weak, and they are expected to show wide - range fluctuations. Attention should be paid to market sentiment and policies [28]. - For lead, it is expected to fluctuate strongly, and opportunities at the lower level can be noted [29]. - For steel products (rebar and hot - rolled coil), they are expected to fluctuate within a certain range, with the lower limit supported by raw material costs and the upper limit restricted by inventory [32]. - For iron ore, the short - term supply and demand are both weak, and the inventory is accumulating, but there is a structural shortage. It is recommended to reduce short positions at low prices for better risk - return [34][36]. - For coking coal and coke, the short - term prices may adjust, but in the long - term, they may strengthen with the implementation of policies and winter storage demand. Specific price ranges are provided for investment [37][38]. - For ferroalloys (silicon iron and silicon manganese), they are expected to fluctuate weakly due to high inventory and weak demand [39]. - For crude oil, it is expected to fluctuate at a low level between 60 - 65 dollars, with key attention on geopolitical and risk - aversion factors [44]. - For LPG, it is expected to show a relatively strong and fluctuating trend, with a high valuation [46]. - For PTA - PX, they are expected to fluctuate strongly with the cost side, but the PTA surplus expectation restricts the processing fee recovery [50]. - For MEG - bottle chips, the long - term supply - demand surplus remains, and it is recommended to short at high prices. Specific price levels are provided for operation [53]. - For urea, it is expected to continue to fluctuate, with the downward space supported and the upward space pressured [55]. - For PP, the short - term supply - demand situation improves, and the PP1 - 5 positive spread is supported [58]. - For PE, it shows a bottom - up trend, but the upward space is limited due to the long - term weak supply - demand pattern [61]. - For pure benzene and styrene, they rebounded at a low level, but the fundamental surplus situation remains, and the rebound height is limited [62][63]. - For fuel oil, the high - sulfur cracking is bearish, and the low - sulfur fuel oil is expected to be at a low - level consolidation with upward drivers [65][66]. - For asphalt, it is expected to fluctuate in the short - term, and attention should be paid to the winter storage situation [69]. - For rubber and 20 - grade rubber, the supply and demand are affected by multiple factors, and the price may face pressure during the upward process [70]. - For glass, soda ash, and caustic soda, the fundamentals are weak. Soda ash is cost - priced, glass may decline towards the end of the 01 contract, and caustic soda has a weak supply - demand pattern in the long - term [71][72][73]. - For pulp and offset paper, they are expected to continue wide - range fluctuations with a slightly downward - shifted center [75]. - For logs, long - term strategies such as 01 - 03 reverse spreads can be considered [76]. - For propylene, it is expected to fluctuate, with the supply side being the main source of price fluctuations [78]. - For hogs, the near - term pressure is large. It is recommended to wait and see and participate in reverse spreads appropriately [83]. - For oilseeds, the USDA report's bullish effect was less than expected. The domestic soybean meal shows a pattern of near - strong and far - weak, and the rapeseed meal is in a state of weak supply and demand in the fourth quarter [84][85][86]. - For oils, they are expected to fluctuate in the short - term, and attention should be paid to the upward opportunities of the far - month 05 contract [88]. - For soybeans, the bullish trend continues with strong capital buying willingness [90]. - For corn and starch, they are expected to fluctuate strongly at the bottom, with limited one - way upward movement [92]. - For cotton, the domestic supply pressure is increasing, and the price may fluctuate weakly in the short - term, but there is still some support from the demand side [94]. - For sugar, attention should be paid to the performance around 5500 [96]. - For eggs, the long - term egg - laying hen capacity is still excessive, and it is recommended to participate in long positions lightly if betting on a rebound [97]. - For apples, the recent trend remains strong [99]. - For jujubes, the new - season production is still uncertain. The price may have limited downward space during the purchase season, and attention should be paid to the commodity rate and purchase situation [101]. Summaries According to Related Catalogs Financial Futures - **Macro**: Key events include the publication of important articles on new - quality productivity, government meetings on promoting consumption, and the release of China's October economic data. The US has a schedule for releasing important economic data, and there are developments in trade agreements and Fed interest - rate cut expectations [1]. - **RMB Exchange Rate**: The previous trading day's exchange rate data is provided. It is affected by the US dollar index and domestic policies. The key is to follow economic data and domestic enterprise settlement intentions [3][4][6]. - **Stock Index**: The previous trading day's stock index was weak, and the trading volume decreased. The release of October financial and economic data shows that the domestic fundamentals are in a weak - recovery state, and the index is expected to continue to fluctuate [6][7]. - **Treasury Bonds**: The previous week's treasury bonds fluctuated, and the market lacked trading hotspots. The 10 - month economic and financial data were mostly disappointing, but the market reaction was limited. It is recommended to hold mid - term long positions [7][8]. - **Container Shipping (European Line)**: The last trading day of the EC2602 contract is confirmed. The market is affected by both macro and industry fundamentals, with multiple long and short factors [9][10]. Commodities Non - Ferrous Metals - **Gold & Silver**: Last week, the prices of precious metals rose and then fell. The long - term factors support the upward movement, but the short - term adjustment may continue [15][17]. - **Copper**: The domestic and international copper prices had different performances last week. The macro - environment is mixed, and the fundamental de - stocking limits the price increase [18][20]. - **Aluminum**: The price and position of Shanghai aluminum reached a high this week, and then some long positions left. The overseas supply is expected to tighten, but the downstream demand is weak. Alumina is in an oversupply situation, and cast aluminum alloy follows the trend of aluminum [21][22][23]. - **Zinc**: The zinc price adjusted at a high level. The smelting end may reduce production in November, and the inventory has the possibility of de - stocking. It is expected to show a relatively strong and fluctuating trend [24]. - **Tin**: The tin price adjusted intraday. The supply is weak compared to demand in the short - term, and it is recommended to enter the market on dips [25]. - **Industrial Silicon & Polysilicon**: The industrial silicon market has a weak supply - demand pattern, and the polysilicon industry is in a state of production reduction and inventory accumulation. They are expected to show wide - range fluctuations [25][28]. - **Lead**: The lead price adjusted slightly. The supply was tight in October, and it is gradually returning to balance. It is expected to fluctuate strongly in the short - term [29]. Black Metals - **Rebar & Hot - Rolled Coil**: Last week, the steel products fluctuated, and the bottom support was strong. The supply and demand of rebar are improving marginally, while the hot - rolled coil has high inventory pressure. The price is expected to fluctuate within a certain range [30][31][32]. - **Iron Ore**: The supply and demand are both weak in the short - term, and the inventory is accumulating, but there is a structural shortage. It is recommended to reduce short positions at low prices [34][36]. - **Coking Coal & Coke**: The recent price increase of coking coal and thermal coal has led to a wait - and - see attitude in the market. The demand for coking coal is seasonally weak, but the long - term supply may be restricted, and it is recommended to consider long positions at appropriate price ranges [37][38]. - **Silicon Iron & Silicon Manganese**: The steel mill profitability is declining, and the demand for ferroalloys is expected to decrease. The inventory is at a high level, and they are expected to fluctuate weakly [39]. Energy and Chemicals - **Crude Oil**: The previous week's oil price showed an N - shaped fluctuation and moved down. The current supply is loose, and the price is expected to fluctuate at a low level, with key attention on geopolitical and risk - aversion factors [41][43][44]. - **LPG**: It is expected to show a relatively strong and fluctuating trend, with a high valuation and a neutral - to - positive fundamental situation [45][46]. - **PTA - PX**: The PX supply is expected to be high in the fourth quarter, and the PTA has many maintenance plans in November. The PX - TA is expected to fluctuate strongly with the cost side, but the PTA surplus restricts the processing fee [47][50]. - **MEG - Bottle Chips**: The supply side has many unexpected events, and the demand side is relatively stable. The long - term supply - demand surplus remains, and it is recommended to short at high prices [52][53]. - **Urea**: The daily production is expected to remain high in November, but the export policy alleviates the pressure. The price is expected to continue to fluctuate [54][55]. - **PP**: The short - term supply - demand situation improves, but the long - term demand growth is limited. The PP1 - 5 positive spread is supported [57][58]. - **PE**: It shows a bottom - up trend, but the long - term supply - demand pattern is weak, and the upward space is limited [59][61]. - **Pure Benzene & Styrene**: They rebounded at a low level, but the fundamental surplus situation remains, and the rebound height is limited [62][63]. - **Fuel Oil**: The high - sulfur cracking is bearish, and the low - sulfur fuel oil is expected to be at a low - level consolidation with upward drivers [65][66]. - **Asphalt**: The price fell last week, and the supply increased while the demand was weak. It is expected to fluctuate in the short - term, and attention should be paid to the winter storage situation [67][69]. - **Rubber & 20 - Grade Rubber**: The supply and demand are affected by weather, downstream demand, and inventory. The price may face pressure during the upward process [69][70]. - **Glass, Soda Ash, & Caustic Soda**: The fundamentals are weak. Soda ash is cost - priced, glass may decline towards the end of the 01 contract, and caustic soda has a weak supply - demand pattern in the long - term [71][72][73]. - **Pulp & Offset Paper**: They are expected to continue wide - range fluctuations with a slightly downward - shifted center, affected by factors such as spot prices, port inventory, and macro - environment [74][75]. - **Logs**: The price and inventory data are provided. It is recommended to consider long - term strategies such as 01 - 03 reverse spreads [76]. - **Propylene**: It is expected to fluctuate, with the supply side being the main source of price fluctuations [78]. Agricultural Products - **Hogs**: The near - term pressure is large, and the far - term supply may be affected by policies. It is recommended to wait and see and participate in reverse spreads appropriately [81][83]. - **Oilseeds**: The USDA report's bullish effect was less than expected. The domestic soybean meal shows a pattern of near - strong and far - weak, and the rapeseed meal is in a state of weak supply and demand in the fourth quarter [84][85][86]. - **Oils**: The USDA report was disappointing, and the oils are expected to fluctuate in the short - term. Attention should be paid to the upward opportunities of the far - month 05 contract [87][88]. - **Soybeans**: The bullish trend continues with strong capital buying willingness, and the supply structure has changed [89][90]. - **Corn & Starch**: The prices are expected to fluctuate strongly at the bottom, with limited one - way upward movement. The corn supply has converged, and the starch is supported by the raw material price [91][92]. - **Cotton**: The US cotton production is expected to increase, and the domestic supply pressure is increasing. The price may fluctuate weakly in the short - term, but the downstream demand has some resilience [93][94]. - **Sugar**: The international and domestic sugar market information is provided. Attention should be paid to the performance around 5500 [95][96]. - **Eggs**: The long - term egg - laying hen capacity is still excessive, and it is recommended to participate in long positions lightly if betting on a rebound [97]. - **Apples**: The recent trend remains strong [98][99]. - **Jujubes**: The new - season production is still uncertain. The price may have limited downward space during the purchase season, and attention should be paid to the commodity rate and purchase situation [100][101].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The overall market shows a complex and volatile situation, with different sectors having different trends and influencing factors. For example, the A - share market is affected by macro - data and shows an upward - then - downward trend; the steel and ore market is expected to be weak in the medium - to - long - term; and the energy market is influenced by geopolitical conflicts and supply - demand relationships [10][12][35]. Summary by Related Catalogs Macro Information - The 22nd issue of Qiushi magazine published President Xi Jinping's important article. The National Bureau of Statistics released October economic data, showing a slowdown in multiple indicators. The prices of commercial housing in 70 cities declined. The Chinese government reminded citizens to avoid traveling to Japan. The State Council studied "two - important" construction and consumption - promotion policies. The central bank will conduct a large - scale reverse - repurchase operation. The US will release multiple economic data. The Guangzhou Futures Exchange will list platinum and palladium futures. The market supervision department issued an anti - monopoly compliance guide. The national child - rearing subsidy system has been implemented, and the lithium - battery industry chain has seen a price increase. Trump adjusted the scope of "reciprocal tariffs" [4][5][6][7][8]. Macro Finance - **Stock Index Futures**: Adopt a volatile mindset and temporarily hold off on trading. The A - share market rose and then fell, affected by macro - data. The decline in industrial growth, consumption, and investment may be due to technical factors, export slowdown, anti - involution, and the real - estate downturn [10]. - **Treasury Bond Futures**: The market's expectation of monetary easing has declined, but interest - rate cuts cannot be ruled out. Maintain the view of increased easing in Q4. The money market is affected by the approaching tax period, and the stock - bond seesaw effect is weakly effective [11]. Black - **Steel and Ore**: In the short - term, expect a volatile consolidation; in the medium - to - long - term, maintain a bearish view when prices are high. The supply - demand relationship is weak, with high inventory and low profit for steel mills. The price is affected by low - price transactions and may remain weak [12][13]. - **Coking Coal and Coke**: The prices may continue to decline in the short - term. In the medium - term, the mine's production is restricted by policies, and the demand for steel is weak in the off - season, but the strong thermal - coal price provides some support [14]. - **Ferroalloys**: In the long - term, the oversupply situation is difficult to alleviate, so maintain a bearish view when prices are high. In the short - term, it is recommended to wait and see. The prices are fluctuating narrowly, and the cost of manganese - silicon is relatively stable [15]. - **Soda Ash and Glass**: Currently, it is recommended to wait and see. The soda - ash industry has production fluctuations and cost increases, while the glass industry's strong sales have not continued, and the market is concerned about demand and inventory [16]. Non - ferrous Metals and New Materials - **Lithium Carbonate**: The short - term fundamentals are good, but the demand may weaken in Q1 next year, limiting price increases. After the demand weakens, the price may correct, and it is advisable to buy on dips [18]. - **Industrial Silicon and Polysilicon**: Industrial silicon has no prominent supply - demand contradictions and can be bought on dips or sell out - of - the - money put options. Polysilicon is expected to continue to fluctuate, influenced by policy expectations and supply - demand relationships [19]. Agricultural Products - **Cotton**: The supply pressure is large, and the demand is weak. The price is undervalued compared to the spot, which limits the decline. It is expected to oscillate at a low level [23][24]. - **Sugar**: The domestic sugar supply - demand situation is expected to be bearish. Before the large - scale arrival of new sugar, it is advisable to wait and see. In the long - term, there is still supply pressure [25][27]. - **Eggs**: The spot price is weak, and the futures price may oscillate. The in - production laying - hen inventory is high, but it is expected to decline. It is recommended to short the near - term contracts [28]. - **Apples**: The price is expected to be strong in a volatile manner. The inventory is low, and the price is high. The future consumption trend will be the focus [30]. - **Corn**: The spot price has rebounded, but the supply pressure is still accumulating. It is necessary to pay attention to the new - grain sales progress and the release of policy wheat [31]. - **Red Dates**: Temporarily wait and see. The weak spot market in the sales area has a negative impact on the new - date ordering price [32]. - **Pigs**: The supply pressure continues, and the demand is average. The spot price is likely to oscillate weakly. It is recommended to short the near - term contracts [33]. Energy and Chemicals - **Crude Oil**: In the short - term, it is expected to be strongly volatile, but the long - term downward trend of oversupply remains unchanged. The price is affected by geopolitical conflicts and supply - demand forecasts [35]. - **Fuel Oil**: The price will follow the oil price, with a supply - abundant and demand - weak structure. The short - term focus is on supply concerns after the sanctions on Russia [36]. - **Plastic**: The supply pressure is large, and it is expected to be weakly volatile. The current price provides some support for producers [36][37]. - **Rubber**: Pay attention to the strategy of expanding the ru - nr spread. The price may oscillate in the short - term, with supply in the peak season and support at the bottom [37]. - **Methanol**: The near - term contracts are expected to be weakly volatile, and the far - term contracts can be moderately long after the rebound drive appears. The supply pressure is large, and the inventory is high [38][39]. - **Caustic Soda**: Wait for long - position opportunities after a significant decline. Pay attention to the cost support. The spot price is falling, and the futures price is weak [40]. - **Asphalt**: The price fluctuation is expected to increase, and the focus is on the price bottom after the winter - storage game [41]. - **Polyester Industry Chain**: It is expected to continue to be strong in the short - term, driven by improved supply - demand and market sentiment [42]. - **Liquefied Petroleum Gas**: Although there are short - term positive factors, it is not advisable to chase the rise. Consider shorting at high prices in the medium - to - long - term [43]. - **Paper Pulp**: The fundamentals are relatively stable, and it is expected to maintain a wide - range oscillation. Observe the digestion of old warehouse receipts and spot transactions [45]. - **Logs**: The fundamentals are weakly oscillating, and the price is under pressure. The inventory is expected to increase, and the market is in the off - season [46]. - **Urea**: Wait and see, subject to specific policies. The spot price is falling, and the futures price is oscillating [47]. - **Synthetic Rubber**: The short - term price will oscillate within a range. Be cautious when going long and consider selling call options after the rebound [48].

Report Industry Investment Rating No specific industry investment ratings are provided in the report. Core View of the Report The global risk appetite has cooled due to hawkish signals from Fed officials and a slowdown in China's economic growth. The short - term upward macro - drive has weakened, and various asset classes are expected to show short - term oscillations. The market is focusing on domestic incremental stimulus policies, economic growth, and changes in Fed monetary policy expectations [2]. Summary by Relevant Catalogs Macro Finance - Overseas, Fed officials oppose a December rate cut, reducing the market's December rate - cut expectation probability to 40%, leading to a slight rebound in the US dollar index and a cooling of global risk appetite. Domestically, China's economic data in October was weaker than in September, and the central bank's liquidity - releasing measures were countered by the Fed's hawkish signals. The short - term macro - upward drive has weakened, with stock indices and government bonds expected to oscillate in the short term, and a cautious approach is recommended for both [2]. Stock Indices - Affected by sectors such as semiconductor chips, consumer electronics, and artificial intelligence, the domestic stock market fell. With weaker economic data and Fed hawkish signals, the short - term upward macro - drive has weakened. Stock indices are expected to oscillate in the short term, and short - term cautious long - positions are advised [3]. Precious Metals - The precious metals market fell on Friday night. Affected by Fed officials' hawkish remarks, the short - term trend is oscillatory, but the medium - to - long - term upward trend remains. Short - term cautious observation is recommended, and medium - to - long - term buying on dips is advisable [3]. Black Metals - **Steel**: The domestic steel spot market declined slightly on Friday, with the futures price oscillating at the bottom. Weak economic data and reduced demand have led to a short - term oscillation in the steel market, but the downside below 3000 points for rebar is limited [6]. - **Iron Ore**: The iron ore spot price was flat on Friday, with the futures price oscillating. Although iron - water production has slightly increased, the profitability of steel mills is decreasing, and the supply is still in surplus. The short - term trend is expected to be range - bound [6]. - **Silicon Manganese/Silicon Iron**: The spot prices of silicon iron and silicon manganese were flat on Friday, with the silicon - iron futures price rebounding slightly and the silicon - manganese futures price weakening. With a slight decline in steel production, the demand for ferroalloys has decreased. The futures prices of both are expected to oscillate in the short term [7]. Chemicals - **Soda Ash**: The soda - ash futures contract oscillated last week. Supply decreased marginally due to plant maintenance but remained ample, while demand improved slightly. It is expected to oscillate in the short term and be bearish in the medium to long term [8]. - **Glass**: The glass futures contract oscillated weakly last week. Supply remained stable, demand improved marginally, and inventory was high. The overall supply - demand situation is weak, and it is expected to oscillate weakly in the short term [8][9]. Non - ferrous Metals and New Energy - **Copper**: The US government's potential end of the shutdown, Fed officials' caution on rate cuts, and poor economic data have created a complex macro - environment. High copper inventories in the US and China are constraining prices, while a mine shutdown in Indonesia supports prices. The short - term trend is expected to be high - level oscillation [10]. - **Aluminum**: Affected by the decline in Fed rate - cut expectations and poor domestic economic data, the price of Shanghai aluminum fell on Friday. There may be further downside in the short term, and if expectations are not met later, the price may experience a significant correction [11]. - **Tin**: The supply of tin is still tight, but demand is weak, and inventory is increasing. The price is expected to oscillate at a high level in the short to medium term [12]. - **Lithium Carbonate**: The production of lithium carbonate has increased slightly, and the price of lithium concentrate has risen. The supply - demand situation is strong, and the inventory is decreasing. The price is expected to oscillate strongly, but supply - side disturbances and hedging pressure should be watched [13]. - **Industrial Silicon**: The production of industrial silicon has increased, and the demand is relatively stable. The overall supply - demand situation is weak, and the price is expected to oscillate, with attention on cost support [14]. - **Polysilicon**: The downstream demand for polysilicon is weak, but there is policy support. The price is expected to oscillate in a high - level range, and buying on dips is recommended [14]. Energy and Chemicals - **Crude Oil**: Geopolitical risks support oil prices in the short term, but Fed hawkishness has led to a decline. The short - term spot market is weak, and the long - term outlook is bearish [15]. - **Asphalt**: The price of asphalt remains low, with inventory gradually decreasing. The supply is still excessive, and attention should be paid to oil - price fluctuations [15]. - **PX**: The PX market is tight, with the PXN spread rising slightly. The short - term price is mainly driven by crude - oil cost fluctuations [15]. - **PTA**: The upward momentum of PTA has faded, and the downstream demand is weakening seasonally. The supply is high, and the medium - to - long - term pressure is bearish [16]. - **Ethylene Glycol**: The port inventory of ethylene glycol has increased, and the downstream demand is decreasing. The price is expected to stop falling and oscillate [16][17]. - **Short - fiber**: The short - fiber price has declined slightly, and the terminal demand is seasonally weakening. The medium - term trend is bearish, and short - selling on rebounds is advisable [17]. - **Methanol**: The inventory of methanol is rising, and the supply is expected to increase. The demand is weak, and the price is expected to be weak in the short term, waiting for positive factors [17]. - **PP**: The demand for polypropylene has improved slightly, but the supply growth is too fast, and the price is expected to continue to decline [17]. - **LLDPE**: The supply pressure of polyethylene is increasing, and the demand is weakening. The price is expected to remain under pressure [18]. - **Urea**: The supply of urea is high, and the demand is divided. The price is under downward pressure in the short term and may stabilize in the medium to long term [18]. Agricultural Products - **US Soybeans**: The November USDA report was slightly bullish, but there is a risk of the bullish factors being exhausted. The price center may be higher than before [19]. - **Domestic Bean and Rapeseed Meal**: The supply of domestic bean meal is loose, and it may weaken in the short term following the potential decline of US soybeans. Rapeseed meal may also enter a weak - oscillation phase [20][21]. - **Edible Oils**: The supply - demand situation of soybean oil is weak, but the price is stable. Rapeseed oil is expected to be strong due to inventory reduction and policy support. Palm oil is expected to oscillate in the short term [21]. - **Corn**: The inventory of corn is low, and the market has a bullish sentiment. The futures price may repair the basis and rise steadily [22]. - **Hogs**: The current pig price is weak, and the supply is still excessive. The short - term price is expected to oscillate weakly, but there is some support from farmers' reluctance to sell [22].

1. Report Industry Investment Rating No information provided in the content. 2. Core Views of the Report - For crude oil, although the geopolitical premium has dissipated and OPEC's production increase is minimal with supply not yet expanding, short - term oil prices should not be overly bearish. A range - trading strategy of buying low and selling high is maintained, but the current oil prices need to test OPEC's export price - support willingness, and short - term wait - and - see is recommended [3]. - For methanol, high port inventories suppress prices. Overseas开工 remains high, arrivals are at a high level, and port inventories are rising. Coal prices are strong, squeezing enterprise profits and causing a slight decline in enterprise开工. Demand is weak overall, and there is a risk of price decline, so it is recommended to wait and see [6]. - For urea, the market is sensitive to bullish news. Domestic demand lacks support, and supply is high. New export policies improve the market atmosphere, and inventories are being depleted at a high level. The downside space is relatively limited, and it is expected to bottom out through oscillations [9]. - For rubber, a neutral approach is adopted, and short - term trading with quick entry and exit is recommended. A partial position can be established for the hedging strategy of buying RU2601 and selling RU2609 [13]. - For PVC, the enterprise's comprehensive profit is at a low level, but supply is high, and new devices are about to be put into operation. Demand is under pressure, and export prospects are poor. There is a risk of inventory accumulation, and short - term valuation is low. A short - selling strategy on rallies can be considered in the medium term [15]. - For pure benzene and styrene, the BZN spread has room for upward repair. Port inventories are being depleted, and styrene prices may stop falling in the short term [18]. - For polyethylene, OPEC +'s plan to suspend production growth may lead to a bottoming of crude oil prices. Polyethylene's valuation has limited downward space, but high - level warehouse receipts suppress the market. Supply is limited, and demand is picking up seasonally. Prices are expected to oscillate at a low level [21]. - For polypropylene, the cost side sees a potential increase in global oil inventories, and supply pressure is high. Demand is picking up slightly, and overall inventories are high. There is no prominent short - term contradiction, and prices may be supported in Q1 2026 [24]. - For PX, it is expected to see a slight inventory build - up in November, but there is support from aromatics blending into gasoline and the long - term supply - demand structure. Pay attention to the opportunity of mid - term valuation increase [27]. - For PTA, supply is expected to increase with new device launches, and inventories are expected to accumulate in November. Demand is expected to remain high but has limited room for improvement. Pay attention to the opportunity of PTA strengthening driven by the mid - term increase in PXN [30]. - For ethylene glycol, domestic supply is high, imports are increasing, and inventories are expected to accumulate in Q4. Valuation is relatively low, and a short - selling strategy on rallies is recommended [32]. 3. Summary by Related Catalogs Crude Oil - **Market Information**: INE's main crude oil futures rose 3.00 yuan/barrel, or 0.66%, to 457.40 yuan/barrel. European ARA weekly data showed gasoline inventories decreased by 0.65 million barrels to 8.18 million barrels, diesel inventories increased by 0.65 million barrels to 17.05 million barrels, etc. [2] - **Strategy View**: Adopt a range - trading strategy of buying low and selling high, but wait and see in the short term to test OPEC's export price - support willingness [3] Methanol - **Market Information**: The price in Taicang decreased by 22, in Lunan by 10, and remained stable in Inner Mongolia. The 01 contract on the futures market decreased by 48 yuan to 2055 yuan/ton, and the basis was - 5. The 1 - 5 spread was - 3, reporting - 108 [5]. - **Strategy View**: High port inventories, high overseas开工, and weak demand lead to a risk of price decline. It is recommended to wait and see [6] Urea - **Market Information**: Spot prices in Shandong, Henan, and Hubei remained stable. The 01 contract on the futures market decreased by 6 yuan to 1652 yuan, and the basis was - 62. The 1 - 5 spread was - 2, reporting - 75 [8]. - **Strategy View**: The market is sensitive to news. Domestic supply exceeds demand, and new export policies improve the market. The downside space is limited, and it is expected to bottom out through oscillations [9] Rubber - **Market Information**: Macro risk appetite declined, and rubber prices oscillated and declined. Tyre factory开工 rates were neutral. China's natural rubber social inventories increased by 0.03 million tons to 105.63 million tons [11]. - **Strategy View**: Adopt a neutral approach, recommend short - term trading, and consider partial position establishment for the hedging strategy of buying RU2601 and selling RU2609 [13] PVC - **Market Information**: The PVC01 contract rose 22 yuan to 4608 yuan. The spot price of Changzhou SG - 5 was 4520 (+10) yuan/ton, and the basis was - 88 (-12) yuan/ton. The overall开工 rate was 78.5%, a 2.2% decrease [13]. - **Strategy View**: The enterprise's comprehensive profit is low, supply is high, demand is poor, and exports are expected to weaken. A short - selling strategy on rallies can be considered in the medium term [15] Pure Benzene and Styrene - **Market Information**: The cost - side East China pure benzene price was 5375 yuan/ton, unchanged. The spot price of styrene rose 125 yuan/ton to 6450 yuan/ton. The BZN spread rose 20.12 yuan/ton to 106.87 yuan/ton [17]. - **Strategy View**: The BZN spread has room for upward repair, port inventories are being depleted, and styrene prices may stop falling in the short term [18] Polyethylene - **Market Information**: The futures price rose 35 yuan to 6853 yuan/ton, and the spot price remained unchanged. The upstream开工 rate was 83.72%, a 1.95% increase. Production enterprise inventories increased by 3.90 million tons to 52.92 million tons [20]. - **Strategy View**: OPEC +'s plan may lead to a bottoming of crude oil prices. Polyethylene's valuation has limited downward space, but high - level warehouse receipts suppress the market. Prices are expected to oscillate at a low level [21] Polypropylene - **Market Information**: The futures price fell 6 yuan to 6474 yuan/ton, and the spot price remained unchanged. The upstream开工 rate was 80.82%, a 1.34% increase. Production enterprise inventories increased by 2.01 million tons to 62 million tons [23]. - **Strategy View**: The cost side sees a potential increase in global oil inventories, and supply pressure is high. Demand is picking up slightly, and overall inventories are high. There is no prominent short - term contradiction, and prices may be supported in Q1 2026 [24] PX - **Market Information**: The PX01 contract fell 30 yuan to 6806 yuan. China's PX开工 rate was 86.8%, a 3% decrease, and Asia's was 78.5%, a 1.7% decrease. PTA开工 rate was 75.7%, a 0.7% decrease [26]. - **Strategy View**: It is expected to see a slight inventory build - up in November, but there is support from aromatics blending into gasoline and the long - term supply - demand structure. Pay attention to the opportunity of mid - term valuation increase [27] PTA - **Market Information**: The PTA01 contract remained unchanged at 4700 yuan. The spot price in East China rose 70 yuan/ton to 4635 yuan. The PTA开工 rate was 75.7%, a 0.7% decrease, and the polyester开工 rate was 90.5%, a 0.8% decrease [28]. - **Strategy View**: Supply is expected to increase with new device launches, and inventories are expected to accumulate in November. Demand is expected to remain high but has limited room for improvement. Pay attention to the opportunity of PTA strengthening driven by the mid - term increase in PXN [30] Ethylene Glycol - **Market Information**: The EG01 contract rose 30 yuan to 3922 yuan. The spot price in East China rose 39 yuan to 3980 yuan. The supply - side开工 rate was 71.6%, a 0.9% decrease. Port inventories increased by 9.9 million tons to 66.1 million tons [31]. - **Strategy View**: Domestic supply is high, imports are increasing, and inventories are expected to accumulate in Q4. Valuation is relatively low, and a short - selling strategy on rallies is recommended [32]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The crude oil futures price is expected to run strongly, with a short - term weak trend, a medium - term oscillatory trend, and an intraday strong trend [1][5] Group 3: Summary by Related Content Price and Trend - The short - term view of crude oil 2601 is weak, the medium - term view is oscillatory, and the intraday view is strong, with a reference view of strong operation [1] - The domestic crude oil futures 2601 contract rebounded slightly on the night of last Friday, and it is expected to maintain a strong trend on Monday [5] Driving Logic - OPEC's latest quarterly report changed the global oil market in the third quarter from "supply shortage" to "a daily surplus of 500,000 barrels", amplifying the expectation of loose supply [5] - With the prominence of geopolitical factors and the boost of optimistic funds, the crude oil futures price showed an oscillatory and stable trend [5] - The current weak supply - demand structure of the oil market is in a game with geopolitical sentiment [5]

本周回顾 · 股票市场 本周（11月10日至11月14日）A股市场主要宽基指数悉数回调。其中，上证指数周度下跌0.18%；深证成指周度下跌1.40%；创业板指周度下跌3.01%；新华 500指数周度下跌1.09%。 新华500指数本周震荡回调，开盘报5180.21点，至14日收盘报5111.18点，全周振幅2.01%，成交额为3.43万亿元。 从申万一级行业来看，本周行业指数涨多跌少，综合、纺织服饰、商贸零售、美容护理、医药生物等行业指数涨幅居前，通信、电子、计算机、机械设备、 国防军工等行业指数跌幅居前。 外汇市场方面，美元指数本周整体走势承压，一度跌破99关口，周五收于99.28点，累计下跌0.26%，为连续第二周收跌。尽管美国联邦政府史上最长"停 摆"结束，但"停摆"导致美国部分关键经济数据发布缺失，令外界难以判断美国经济真实状况。非美货币多数上行，其中欧元兑美元累计上涨0.48%，日元兑 美元累计下挫0.72%，英镑兑美元累计上涨0.08%。加密货币市场本周全线下挫，比特币跌破95000美元。 | | 11月10日-11月14日当周数 | | | --- | --- | --- | | 分类 | 名称 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views In the second week of November, as the temperature dropped in the north, the scope of construction stoppages gradually expanded, leading to a slight weakening in the demand for cement and rebar. New home sales remained seasonally low year-on-year. In terms of inflation, the increase in food prices narrowed, and pork prices turned from rising to falling. In exports, the SCFI index weakened while the CCFI continued to rise, and the year-on-year and month-on-month growth rates of port transportation volume both narrowed. The dry bulk index was boosted by the increased winter coal storage purchases. In investment, with the expansion of construction stoppages in the north, cement prices declined, and the apparent demand for rebar and asphalt shipments weakened month-on-month, being lower than the seasonal average year-on-year, indicating the gradual emergence of the off-season effect. In the real estate sector, both new and second-hand home sales improved month-on-month. New home sales maintained a relatively low year-on-year negative growth, while the year-on-year decline in second-hand home sales narrowed and was better than the same period in 2023. For the bond market, the traditional off-season effect in November accelerated, and there was no "broad credit" inflection point in terms of physical work volume. The economic data for October verified that domestic demand needed further stimulation, and the "broad credit" impact of policy tools was temporarily limited. Seasonal factors and the pace of tool deployment might constrain the release of tool effects. The State Council executive meeting on November 14 emphasized the need to reasonably arrange project construction and fund allocation, actively leverage long-term loans and policy-based finance, and guide more private capital to participate, which might be a requirement for the "broad credit" effect of the tools. Attention should be paid to the verification of loan data from November to December [36]. 3. Summary by Relevant Catalogs (1) Inflation-related: Food prices continued to rise slightly - Food price increases continued to narrow. From November 10 - 14, the average national wholesale price of pork decreased by 0.19% month-on-month, and the month-on-month increase in vegetable prices was 0.54%. The 200-index of agricultural product wholesale prices and the wholesale price index of basket products increased by 0.37% and 0.43% month-on-month respectively, with the increases narrowing [10]. (2) Import and export-related: The export container shipping index generally continued to rise - The CCFI continued to rise, while the SCFI weakened. This week, the CCFI index increased by 3.4% month-on-month, and the SCFI decreased by 2.9% month-on-month. The export container shipping market was generally stable this week, and the freight rates in the ocean shipping routes continued to diverge, with a slight decline in the SCFI. Among them, the transportation demand in the North American routes lacked support, and the spot booking prices weakened. The shipping rates from Shanghai Port to the West and East Coasts of the United States decreased by 17.6% and 8.7% respectively compared to last week [12]. - In terms of port transportation volume, from November 3 - 9, the container throughput and cargo throughput of ports increased by 1.4% and decreased by 4.3% month-on-month respectively. This week, the year-on-year increases were 6.5% and 4.2% respectively, with the month-on-month and year-on-year growth rates significantly narrowing compared to last week [12]. - The increases in the BDI and CDFI indexes expanded. This week, the BDI and CDFI indexes increased by 3.2% and 1.2% month-on-month respectively, with the increases expanding compared to the previous week. Among them, the iron ore import transportation market was sluggish, and the freight rates in the Capesize vessel market weakened. With the increase in winter coal storage purchases, the freight rates in the Panamax and Supramax vessel markets rose [12]. (3) Industry-related: The month-on-month changes in the operating rates were mixed - The increase in coal prices continued to expand. This week, the price of thermal coal (Q5500) at Qinhuangdao Port increased by 4.2% month-on-month, with the increase continuing to be higher than that of the previous week. In terms of demand, the daily coal consumption of power plants remained at an off-season level, and the pressure to replenish inventory was relatively small. The market mainly purchased imported coal and only maintained necessary purchases for high-priced coal. This week, the daily coal consumption of eight coastal provinces' power plants was 1.803 million tons, a decrease of 40,000 tons month-on-month. In terms of price, the supply in the production areas continued to tighten. Some coal mines completed their annual production tasks ahead of schedule, and with overproduction control and environmental inspections, the production capacity release was limited, leading to continuous increases in coal prices [15][17]. - The price of rebar turned from falling to stable, and the apparent demand weakened. The spot price of rebar (HRB400 20mm) increased by 0.2% month-on-month, turning from falling to rising. In terms of inventory, the social inventory of rebar decreased by 2.34% month-on-month this week, accelerating compared to the previous week, but the inventory was still at a high level year-on-year, with a large pressure to reduce inventory. As the demand for steel was in the off-season, downstream buyers maintained a just-in-time purchasing rhythm this week, and the apparent demand weakened slightly [17]. - The operating rate of asphalt declined marginally. This week, the operating rate of asphalt plants decreased by 0.7 percentage points month-on-month to 29.0%, a year-on-year decrease of 2.0%. As the temperature continued to drop in the northern regions, infrastructure projects were gradually winding down, and the rigid demand significantly contracted. Although there was still some construction support in the southern regions, the overall project increment was limited, and the market demand generally remained weak [17]. - The price of copper turned from falling to rising. This week, the average prices of Yangtze River non-ferrous copper and LME copper increased by 0.9% and 1.2% month-on-month respectively. Overseas, the disagreement within the Federal Reserve regarding interest rate cuts cooled the expectations of monetary easing, but the global supply shortage situation persisted, still supporting the copper price [20]. - The glass futures continued to weaken. This week, the market was dominated by a wait-and-see sentiment. Many manufacturers continued to lower prices to sell goods, the market transaction prices declined, and the production and sales decreased compared to the previous period. Fundamentally, the supply exceeded the demand, and there was still pressure to sell in many areas. This week, the market inventory turned from decreasing to increasing, and the glass price might still have room for further decline in the short term [20]. (4) Investment-related: Real estate sales improved month-on-month but remained low year-on-year - The cement price turned down month-on-month. This week, the weekly average of the cement price index decreased by 0.23% month-on-month. Recently, the demand in the concrete market was poor. As the market entered the traditional off-season, the temperature dropped in the north, and most projects in the Northeast and Northwest entered the construction stoppage stage, leading to an overall contraction in demand. In the North China region, project funds were tight, and the shipping rate remained low. The East China market was significantly differentiated, with insufficient demand support in major areas and weak price increases [24]. - New home sales turned from falling to rising month-on-month. From November 7 - 13, the transaction area of new homes in 30 cities was 1.581 million square meters, an increase of 0.7% month-on-month and a decrease of 31% year-on-year. The sales were marginally stable but still at the lowest level in the same period in the past five years [26]. - Second-hand home sales improved month-on-month, and the year-on-year negative growth narrowed. From last Friday to this Thursday, second-hand home sales increased by 5.5% month-on-month and decreased by 14.4% year-on-year. The sales improved marginally, and the transaction volume was between the same period in 2023 and 2024, with the year-on-year decline narrowing [26]. (5) Consumption: The sales of passenger cars turned negative in the first week of November - The sales momentum of new cars weakened marginally at the beginning of the month. According to the Passenger Car Association, from November 1 - 9, the retail sales of the national passenger car market were 4.15 million units, a year-on-year decrease of 19% compared to the same period in November last year and a 4% decrease compared to the same period last month. The high base formed by the continuous sales growth in the market in November last year affected this year's readings, but the sales still maintained a growth of about 7% compared to the same period in 2023 [29]. - The weekly average price of crude oil increased month-on-month. As of November 14, the prices of Brent crude oil and WTI crude oil increased by 1.2% and 0.6% month-on-month respectively, showing a trend of first falling and then rising within the week. In the first half of the week, the OPEC and EIA monthly reports showed relatively high supply pressure, and the increase in Middle Eastern crude oil supply suppressed the oil price. In the second half of the week, the less-than-expected production increase by OPEC and the uncertainty of Russian energy supply were beneficial to the oil price [29].

Valuation Summary - The overall valuation of A-shares as of November 14, 2025, shows the CSI All Share (excluding ST) with a PE of 21.5x and a PB of 1.8x, positioned at the 80th and 41st historical percentiles respectively [2][3] - The Shanghai 50 Index has a PE of 12.0x and a PB of 1.3x, at the 65th and 45th historical percentiles [2][3] - The ChiNext Index has a PE of 40.3x and a PB of 5.2x, at the 33rd and 58th historical percentiles [2][3] - The valuation of the real estate, retail, chemical pharmaceuticals, and IT services sectors is above the 85th historical percentile for PE [2][3] - The semiconductor and communication sectors have PB valuations above the 85th historical percentile [2][3] Industry Tracking New Energy - The photovoltaic industry chain's spot prices continue to decline, with polysilicon futures prices rising by 1.5% while the average price of silicon wafers dropped by 3.3% [2][3] - Lithium hexafluorophosphate prices surged by 13.8%, with a year-to-date increase exceeding 140% [2][3] - In October 2025, the retail sales of new energy vehicles grew by 7.3% year-on-year, but the growth rate decreased by 8.4 percentage points compared to September [2][3] Financial Sector - The non-performing loan ratio for commercial banks in Q3 2025 was 1.52%, a slight increase of 2.5 basis points from Q2 [2][3] - The net interest margin remained stable at 1.42%, indicating manageable overall risk despite asset quality differentiation across different business lines [2][3] Real Estate Chain - The sales area of commercial housing from January to October 2025 decreased by 6.8% year-on-year, with a widening decline compared to the previous nine months [2][3] - Real estate development investment completed from January to October 2025 fell by 14.7% year-on-year, with the decline rate also expanding [2][3] Consumer Sector - The average price of live pigs dropped by 1.5%, while the wholesale price of pork decreased by 0.9% [2][3] - Retail sales from January to October 2025 grew by 4.3% year-on-year, with a slight decline in growth rate compared to the previous nine months [2][3] Midstream Manufacturing - Manufacturing investment from January to October 2025 increased by 2.7% year-on-year, while narrow infrastructure investment declined by 0.1% [2][3] - Excavator sales in October 2025 grew by 7.8% year-on-year, with domestic sales increasing by 2.4% [2][3] Cyclical Industries - Brent crude oil futures closed at $64.24 per barrel, reflecting a 0.8% increase [2][3] - The price of thermal coal rose by 2.1% to 834 RMB per ton, driven by increased demand due to colder weather [2][3]

1. Report Information - Report Title: Energy and Chemical Weekly Report [1] - Date: November 14, 2025 [2] - Research Team: Energy and Chemical Research Team, including researchers for different products such as crude oil, asphalt, polyester, etc. [4] 2. Industry Investment Ratings - No specific overall industry investment rating is provided. However, individual product trends and potential investment suggestions are given: - For crude oil, it is recommended to take a short - term bearish approach, such as shorting on rebounds or using reverse spreads [8]. - For asphalt, it is suggested to try shorting as the price is expected to decline [30]. - For polyester (PTA and ethylene glycol), PTA is expected to decline slightly, and ethylene glycol is expected to oscillate at a low level. It is better to wait and see [56]. - For short - fiber, the price is expected to be weak, and it is advisable to wait and see [67]. - For polyolefins, the price is expected to remain under pressure and oscillate at the bottom. Although there may be short - term replenishment demand, it is mainly a weak support [85]. - For soda ash, the short - term is expected to oscillate strongly, and it is recommended to wait for policy implementation for trading [115]. - For industrial silicon, it is recommended to wait and see as the price oscillates due to the balance of long and short factors [147]. - For polysilicon, it is recommended to wait and see and conduct right - side trading after policy implementation [165]. - For pulp, it is recommended to wait and see due to the short - term strong trend but the pressure at the previous high [184]. 3. Core Views - The energy and chemical industry is generally affected by factors such as supply - demand relationships, cost changes, and policy expectations. Most products face supply - side pressure, and the demand side shows different degrees of weakness. Crude oil and related products are affected by global supply - demand imbalances, while some chemical products are affected by industry - specific factors such as production capacity changes and downstream demand trends [8][30][85]. 4. Summary by Product Crude Oil - **Market Performance**: International oil prices fluctuated with a downward trend. WTI and SC prices decreased slightly, while Brent increased slightly. The market is in a situation of supply surplus in the 4th quarter of 2025 and the 1st quarter of 2026 [7]. - **Supply**: OPEC + supply release is relatively stable, but the suspension of production increase in the 1st quarter of 2026 has limited support. Non - OPEC supply continues to increase, and the supply surplus is deepening [9][11]. - **Demand**: EIA and IEA expect global demand growth to be mainly driven by non - OECD countries, but the growth rate is relatively slow compared to supply growth [10][11]. - **Operation Suggestion**: Take a short - term bearish approach, such as shorting on rebounds or using reverse spreads [8]. Asphalt - **Market Performance**: Futures prices declined slightly, and spot prices in various regions also decreased. The cost side is affected by the weakening of the crude oil market, and the demand side in the northern region has declined significantly [29]. - **Supply**: Some refineries plan to adjust production or conduct maintenance, and the operating rate is expected to decline slightly [29][32]. - **Demand**: The demand in the northern region has decreased significantly due to weather factors, and the demand in the southern region has also declined marginally [29][33]. - **Operation Suggestion**: Try shorting as the price is expected to decline [30]. Polyester (PTA and Ethylene Glycol) - **Market Performance**: PTA cost support was strong first and then weak, and ethylene glycol prices oscillated downward [55]. - **Supply**: PTA supply is expected to be sufficient, and ethylene glycol supply is expected to increase with the restart of some devices and new device trials [55][56]. - **Demand**: The demand for polyester is stable in the short term but has a weakening expectation in the future [56]. - **Operation Suggestion**: PTA is expected to decline slightly, and ethylene glycol is expected to oscillate at a low level. It is better to wait and see [56]. Short - fiber - **Market Performance**: The price of polyester short - fiber in the East China market declined oscillatingly last week [67]. - **Supply**: The supply is sufficient, and the operating rate is expected to remain stable [67][69]. - **Demand**: The downstream demand is weak, and the support for short - fiber is gradually weakening [68][69]. - **Operation Suggestion**: The price is expected to be weak, and it is advisable to wait and see [67]. Polyolefins - **Market Performance**: Futures and spot prices of polyolefins declined slightly. The market is in a situation of bottom - oscillating due to supply - demand contradictions and cost - side pressure [73][84]. - **Supply**: The new production capacity is gradually released, and the production is expected to increase. Some maintenance devices will restart, and the production loss will decrease [85][86]. - **Demand**: The peak season is over, and the demand is expected to weaken. The downstream mainly conducts just - in - time procurement, and the demand support is weak [85]. - **Operation Suggestion**: The price is expected to remain under pressure and oscillate at the bottom. Although there may be short - term replenishment demand, it is mainly a weak support [85]. Soda Ash - **Market Performance**: The main contract of soda ash oscillated strongly, and the price fluctuated slightly. The production decreased slightly, and the demand increased slightly [114]. - **Supply**: The overall supply is loose, and the new production capacity is expected to be released in the future, increasing the supply pressure [119]. - **Demand**: The demand from downstream glass industries is weak, and the inventory of glass is high, which may further reduce the demand for soda ash [131][132]. - **Operation Suggestion**: The short - term is expected to oscillate strongly, and it is recommended to wait for policy implementation for trading [115]. Industrial Silicon - **Market Performance**: The spot price is stable, and the futures price oscillated after a short - term rise. The price is affected by factors such as production reduction in the southwest region and news in the photovoltaic industry [147]. - **Supply**: The production in the southwest region has decreased due to factors such as power cost increases, and the overall supply is affected [148]. - **Demand**: The demand from the polycrystalline silicon and organic silicon industries has different trends. The demand from the polycrystalline silicon industry is relatively stable, while the organic silicon industry plans to reduce production [149][150]. - **Operation Suggestion**: It is recommended to wait and see as the price oscillates due to the balance of long and short factors [147]. Polysilicon - **Market Performance**: The price oscillated with a weak start and then a strong end. The price is affected by policy expectations and market news [164]. - **Supply**: The supply is still higher than the demand, and the actual production reduction needs to be observed [165]. - **Demand**: The terminal demand has not recovered from the weak stage, and the price increase of polysilicon is limited by the downstream acceptance [165][168]. - **Operation Suggestion**: It is recommended to wait and see and conduct right - side trading after policy implementation [165]. Pulp - **Market Performance**: The futures price of pulp increased slightly, and the spot price of imported pulp also increased. The short - term trend is strong, but there is pressure at the previous high [183]. - **Supply**: The supply pressure from domestic and foreign pulp mills is still released to the domestic market, and the inventory has increased [184]. - **Demand**: The performance of downstream base papers is still differentiated, and the packaging paper market is good, while other base paper prices are stable [184]. - **Operation Suggestion**: It is recommended to wait and see due to the short - term strong trend but the pressure at the previous high [184].

Gold Market - The Federal Reserve announced a rate cut in October, but Chairman Powell's hawkish comments indicate significant division among officials regarding future cuts, which may pressure gold prices in the short term [1] - The recent end of the longest government shutdown in U.S. history has led to a cautious market sentiment, as economic data from the shutdown period is expected to be released soon [1] - Analyst Chen Yu suggests that while short-term fluctuations in gold prices are likely, the long-term bullish trend remains intact due to declining dollar credibility [1] - Technically, gold prices are currently above the 20-day moving average, but there is a risk of a pullback, with support at $4152 [1] Oil Market - OPEC's latest report predicts an increase in oil supply from competitors, leading to a potential oversupply in the global oil market, exacerbated by rising exports from the Middle East [2] - Despite sanctions, Russia's oil production increased to 9.411 million barrels per day in October [2] - On the demand side, China's refinery utilization rate rose to 52.45% in early November, indicating a recovery in demand [2] - The end of the U.S. government shutdown has not alleviated market concerns, as the fear index has risen, suggesting a lack of confidence in the economic outlook [2] - Technically, oil prices are currently below the 20-day moving average, with resistance at $62 and support at $59 [2] U.S. Dollar Index - President Trump stated that the government shutdown resulted in a $1.5 trillion loss, and the economic outlook is under pressure, with a projected 1.5% decline in GDP for Q4 due to the shutdown [3] - The probability of a 25 basis point rate cut by the Federal Reserve in December has decreased to 51.6%, indicating a potential strengthening of the dollar [3] - Technically, the dollar index has broken below the 20-day moving average, suggesting further downside potential, with support at 98.87 [3] Nikkei 225 - The Nikkei 225 index has been in a consolidation phase, with potential for continued adjustment [4] - The index is currently below the 20-day moving average, indicating a need for caution regarding further downside risks [4] Copper Market - Copper prices have shown strength after testing the 62-day support level, indicating bullish momentum [5] - The market remains above both the 20-day and 62-day moving averages, suggesting continued bullish sentiment [5] - Attention is on the potential test of support at $5 [5] Economic Overview - The International Monetary Fund has indicated that pressures on the U.S. economy are increasing, with Q4 growth expected to be below the previously forecasted 1.9% due to the government shutdown [6] - Federal Reserve official Daly stated that it is too early to predict the December rate cut, maintaining an open stance [6] - The Trump administration has lifted the ban on oil reserve extraction in Alaska [6] Upcoming Data/Events - Key economic data releases include U.S. October retail sales and PPI, along with a speech from Fed's Bostic [7]