Core Viewpoint - The company, Hejia Holdings (00704), is facing delisting due to its inability to maintain sufficient operational scale and asset value to support its operations, as determined by the listing committee [1] Group 1: Listing Committee Decision - The listing committee has decided to uphold the delisting decision based on the company's failure to meet the requirements of listing rule 13.24, leading to the suspension of trading of the company's shares [1] - The company has not been able to resume its core coking production business since October 2021 and has repeatedly failed to implement its recovery plans [1] - The latest recovery plan for coking production is still in preliminary stages and depends on obtaining further financing [1] Group 2: Financial Performance - Over the past two years, the company has only engaged in coking trading, generating minimal revenue and incurring net losses [1] - The listing committee does not consider the company's financial performance deterioration to be a temporary decline [1] - The company has failed to demonstrate to the listing committee that its business is substantial, viable, and sustainable [1] Group 3: Review Process - According to Chapter 2B of the Listing Rules, the company has the right to request a review of the listing committee's decision [2] - Any review application must be submitted within seven business days from the date of the listing committee's decision, which is by December 18, 2025 [2] - The company is currently evaluating the listing committee's decision and is conducting internal and external discussions to decide whether to appeal to the review committee [2]

证券之星消息，12月9日焦炭板块较上一交易日下跌2.79%，安泰集团领跌。当日上证指数报收于 3909.52，下跌0.37%。深证成指报收于13277.36，下跌0.39%。焦炭板块个股涨跌见下表： 从资金流向上来看，当日焦炭板块主力资金净流出2.24亿元，游资资金净流出1697.81万元，散户资金净 流入2.41亿元。焦炭板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

机构 核心观点 光大期货 预计短期焦炭盘面呈现宽幅震荡偏弱运行态势 国信期货 焦炭近月盘面承压下行，建议偏空思路操作 大越期货 预计短期焦炭偏弱运行 光大期货：预计短期焦炭盘面呈现宽幅震荡偏弱运行态势 综合来看，焦煤价格回落环节焦化企业成本压力，第一轮焦炭提降落地后焦企利润虽有回落，但是依然 维持正向利润，焦化企业的生产积极性尚可，焦企开工均有所回升，焦炭供应维持宽松，不过终端需求 延续弱势，高炉铁水产量也继续回落，对于焦炭的需求环比走弱，部分市场参与者担忧焦煤价格继续松 动，预计短期焦炭盘面呈现宽幅震荡偏弱运行态势。 国信期货：焦炭近月盘面承压下行，建议偏空思路操作 近期原料价格下跌，让利焦化行业，焦企利润好转，开工积极性增加，开工率回升，焦炭日均产量回 升。需求方面，上周钢厂高炉开工率以及日均铁水产量周环比继续下降，真实需求边际走弱。基本面供 增需减，焦企现货市场博弈力量偏弱，现货价格提降落地，近月盘面承压下行，建议偏空思路操作。 12月8日盘中，焦炭期货主力合约遭遇一波急速下挫，最低下探至1523.5元。截止发稿，焦炭主力合约 报1530.0元，跌幅6.22%。 焦炭期货主力跌超6%，对于后市行情如何， ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Steel**: The steel price is expected to maintain a volatile trend. The fluctuation range of rebar is 3000 - 3200 yuan/ton, and that of hot-rolled coil is 3200 - 3350 yuan/ton. Steel inventory continues to decline, with stronger basis and rising profits. The driving factors for the absolute price are the possible macro - expectation trading in the Politburo meeting in December and the impact of coking coal on steel costs. The long - rebar and short - iron ore arbitrage and the long - short spread arbitrage between rebar and hot - rolled coil can be held [1]. - **Iron Ore**: The iron ore futures will run weakly with fluctuations. It is recommended to short iron ore at high prices unilaterally. The operation range is 750 - 820 yuan/ton, and the iron ore 1 - 5 reverse spread arbitrage is recommended [4]. - **Coke and Coking Coal**: Both coke and coking coal futures are viewed as weakly volatile. The coke trading range is 1480 - 1630 yuan/ton, and the coking coal range is 950 - 1100 yuan/ton. The strategy of long - coke and short - coking coal is recommended [6]. 3. Summary by Relevant Catalogs Steel Steel Prices and Spreads - **Rebar**: Spot prices in East, North, and South China decreased by 10 yuan/ton. The 05, 10, and 01 contracts decreased by 18, 17, and 11 yuan/ton respectively [1]. - **Hot - Rolled Coil**: Spot prices in East and South China decreased by 10 yuan/ton, while that in North China remained unchanged. The 05, 10, and 01 contracts decreased by 12, 15, and 11 yuan/ton respectively [1]. Cost and Profit - **Cost**: The billet price remained unchanged at 2990 yuan/ton, and the slab price was 3730 yuan/ton. The cost of Jiangsu electric - furnace rebar increased by 1 yuan/ton, and the cost of Jiangsu converter rebar remained unchanged [1]. - **Profit**: The profits of East and South China rebar increased by 10 yuan/ton, while that of North China remained unchanged. The profits of East, North, and South China hot - rolled coils increased by 20, 10, and 10 yuan/ton respectively [1]. Production - The daily average pig iron output decreased by 2.4 tons to 232.3 tons, a decrease of 1.0%. The output of five major steel products decreased by 26.8 tons to 829.0 tons, a decrease of 3.1%. The rebar output decreased by 16.8 tons to 189.3 tons, a decrease of 8.1%, and the hot - rolled coil output decreased by 4.7 tons to 314.3 tons, a decrease of 1.5% [1]. Inventory - The inventory of five major steel products decreased by 35.2 tons to 1365.6 tons, a decrease of 2.5%. The rebar inventory decreased by 27.7 tons to 503.8 tons, a decrease of 5.2%, and the hot - rolled coil inventory decreased by 0.5 tons to 400.4 tons, a decrease of 0.1% [1]. Transaction and Demand - The building materials trading volume decreased by 0.6 tons to 8.8 tons, a decrease of 6.0%. The apparent demand for five major steel products decreased by 23.8 tons to 864.2 tons, a decrease of 2.7%. The apparent demand for rebar decreased by 11.0 tons to 217.0 tons, a decrease of 4.8%, and the apparent demand for hot - rolled coil decreased by 5.4 tons to 314.9 tons, a decrease of 1.7% [1]. Iron Ore Prices and Spreads - **Warehouse Receipt Cost**: The warehouse receipt costs of various iron ore powders decreased slightly, with a decline of 0.1% - 1.0% [4]. - **01 Contract Basis**: The basis of various iron ore powders increased, with an increase of 5.1% - 58.5% [4]. - **Inter - Contract Spreads**: The 5 - 9 spread increased by 1.0 to 25.0, a 4.2% increase; the 9 - 1 spread remained unchanged; the 1 - 5 spread decreased by 1.0 to 16.5, a 5.7% decrease [4]. Supply - The 45 - port arrival volume decreased by 117.8 tons to 2699.3 tons, a 4.2% decrease. The global shipment volume increased by 44.8 tons to 3323.2 tons, a 1.4% increase. The national monthly import volume decreased by 500.6 tons to 11130.9 tons, a 4.3% decrease [4]. Demand - The daily average pig iron output of 247 steel mills decreased by 2.4 tons to 232.3 tons, a 1.0% decrease. The 45 - port daily average port clearance volume decreased by 8.5 tons to 318.5 tons, a 2.6% decrease. The national monthly pig iron output decreased by 49.7 tons to 6554.9 tons, a 0.8% decrease, and the national monthly crude steel output decreased by 149.3 tons to 7199.7 tons, a 2.0% decrease [4]. Inventory - The 45 - port inventory increased by 63.4 tons to 15300.81 tons, a 0.4% increase. The imported ore inventory of 247 steel mills increased by 42.3 tons to 8984.7 tons, a 0.5% increase. The inventory available days of 64 steel mills decreased by 1.0 to 19.0 days, a 5.0% decrease [4]. Coke and Coking Coal Prices and Spreads - **Coke**: The prices of Shanxi and Rizhao port quasi - first - grade wet - quenched coke remained unchanged. The 01 and 05 contracts of coke decreased by 36 and 44 yuan/ton respectively [6]. - **Coking Coal**: The prices of Shanxi medium - sulfur main coking coal and Mongolian 5 raw coal decreased slightly. The 01 and 05 contracts of coking coal decreased by 67 and 49 yuan/ton respectively [6]. Supply - **Coke**: The daily average output of full - sample coking plants increased by 0.8 tons to 64.5 tons, a 1.2% increase [6]. - **Coking Coal**: The output of Fenwei sample coal mines decreased slightly, with a 0.34% decrease [6]. Demand - The pig iron output of 247 steel mills decreased by 2.4 tons to 232.3 tons, a 1.0% decrease [6]. Inventory - **Coke**: The inventory of full - sample coking plants increased by 4.7 tons to 76.4 tons, a 6.5% increase. The inventory of 247 steel mills increased by 20.1 tons to 127.6 tons, a 18.7% increase, and the port inventory decreased by 6.1 tons to 181.3 tons, a 3.3% decrease [6]. - **Coking Coal**: The inventory of full - sample coking plants decreased by 1.1 tons to 1009.2 tons, a 0.1% decrease. The inventory of 247 steel mills decreased by 3.0 tons to 798.3 tons, a 0.4% decrease, and the port inventory decreased by 1.3 tons to 296.5 tons, a 0.4% decrease [6].

（来源：银河投研黑色与有色） | 第一章 综合分析与交易策略 | | --- | | 第二章 核心逻辑分析 | | 第三章 周度数据追踪 | 焦煤:下周现货价格跌幅有望放缓 4 福河期货 投资逻辑与交易策略 | 银河期货 逻辑分析 ■ 现货面，市场心态仍偏弱，本周焦煤价格普遍下跌，不过有个别煤种探涨；山西个别煤矿因年度生产任务即将完成自行减 产，预计到中下旬此种情况会增多。对于煤炭而言，安全与保供需要平衡，在保供的要求下，会加强煤炭生产组织和运输 保障，但在安全的制约下煤炭产量释放空间有限。后期焦钢企业对于原料还有冬储的需求，叠加年底部分煤矿完成生产任 务会有减产检修，预计盘面继续向下空间有限，可等待盘面出现企稳迹象后逢低轻仓试多远月合约。 交易策略 2 数据来源: Mysteel 银河期货 目录 /银河期货 第一章 综合分析与交易策略 第二章 核心逻辑分析 第三章 周度数据追踪 3 ■ 单边:预计盘面继续向下空间有限,可等待盘面出现企稳迹象后逢低轻仓试多远月合约。 ■ 套利: 观望。 ■ 期权: 观望。 ■ (观点仅供参考, 不作为买卖依据) 数据来源: ■ysteel 汾谓能源 银河期货 GALAXY F ...

Report Industry Investment Rating - Not provided in the document Core Viewpoints - The supply of coking coal has limited marginal changes, but the profit of terminal steel mills is under pressure, and the hot metal production continues to decrease, leading to an increase in the surplus of coking coal. The inventory pressure of upstream mines is gradually emerging, and the short - term coal price will still be under pressure. The supply of coke is expected to increase, and the coke may face inventory accumulation pressure. The spot price of coke may face more than 2 rounds of price reduction pressure [2]. - The JiaoMei 01 contract has a clear short - term bearish trend, and the short positions at the previous high can be held. The far - month 05 contract has medium - to - long - term long - allocation value. For coke, the current main contract price has factored in 4 - 5 rounds of price cuts, and it is not recommended to blindly participate in the downward market [3]. Summary by Directory Chapter 1: Core Contradictions and Strategy Recommendations 1.1 Core Contradictions - Coking coal supply: Domestic mine production decreased slightly this week. The impact of over - production inspection and environmental protection inspection continues. In December, the domestic mine operation is expected to be generally stable, and the possibility of a significant increase in coking coal production is low. The Mongolian coal at the port actively cleared customs this week. The import profit of coking coal has narrowed, and the subsequent arrival of overseas coal is expected to decline [2]. - Coking coal demand: Terminal steel mills' profit is under pressure, hot metal production continues to decrease, and coking enterprises actively control the raw material procurement rhythm, resulting in increased inventory pressure on upstream mines [2]. - Coke supply: Due to the decline in the cost of coking coal, the immediate coking profit has recovered, and the subsequent coke supply is expected to increase [2]. - Coke demand: With the gradual recovery of coking enterprise operation, coke may face inventory accumulation pressure, and attention should be paid to the price - cut rhythm of mainstream steel mills [2]. 1.2 Trading - Type Strategy Recommendations - **Trend Judgment**: The market is in a downward relay [8]. - **Price Range**: JM2601 operates in the range of 1000 - 1100, 2605 in the range of 1100 - 1350; J2601 operates in the range of 1500 - 1700, 2605 in the range of 1650 - 1900 [8]. - **Basis Strategy**: The basis of coking coal has slightly narrowed, and the basis of coke is currently at a moderately high valuation. It is recommended that industrial customers with coke inventory speed up sales [9]. - **Calendar Spread Strategy**: The 1 - 5 spread of coking coal fluctuated little this week, and the 1 - 5 positive spread of coke strengthened. The 1 - 5 positive spread of coke is expected to continue to strengthen [9]. - **Hedging and Arbitrage Strategy**: None [10]. - **Option Strategy**: None [10]. 1.3 Industrial Customer Operation Recommendations - **Coking Coal Purchase Management**: It is recommended that industrial customers with purchase plans maintain normal raw material inventory and wait for the spot valuation to fall before purchasing [12]. - **Coke Sales Management**: It is recommended that industrial customers with coke inventory speed up sales [12]. 1.4 Basic Data Overview - **Coking Coal Supply and Inventory**: The output of some coking coal mines and coal washing plants has changed slightly. The total inventory of coking coal samples has increased by 42.97 tons compared with last week [13]. - **Coke Supply and Inventory**: The production of independent coking plants and steel - mill coking plants has increased slightly. The total inventory of coke samples has decreased by 1.69 tons compared with last week [13]. - **Coal - Coke Futures Price and Spread**: The price and spread of coking coal and coke futures contracts have changed to varying degrees [14]. Chapter 2: This Week's Important Information and Next Week's Attention Events 2.1 This Week's Important Information - **Positive Information**: The social inventory of steel products has continued to decline, and the probability of the Fed's interest rate cut has increased. The profitability of steel mills has improved [20][21]. - **Negative Information**: The enthusiasm of coking plants for restocking is poor, and the inventory pressure of mine coking coal has increased. The coking enterprise operation rate has increased, and the number of downstream steel - mill overhauls has increased, deteriorating the supply - demand structure of coke [21]. 2.2 Next Week's Important Events to Follow - Next Monday, pay attention to China's November trade balance in US dollars. - Next Wednesday, pay attention to China's November M2 money supply annual rate and November CPI annual rate. - Next Thursday, pay attention to the upper limit of the Fed's interest rate decision as of December 10 and the number of initial jobless claims in the US as of December 6 [22][25]. Chapter 3: Disk Interpretation 3.1 Price - Volume and Capital Interpretation - **Unilateral Trend**: The JiaoMei 2601 contract is oscillating at the bottom this week, with a clear short - term bearish trend. The coke 2601 contract has a driving force to rebound and repair the basis [23]. - **Calendar Spread Structure**: The 1 - 5 spread of coking coal fluctuated little this week, and the 1 - 5 positive spread of coke strengthened [32]. - **Basis Structure**: The basis of coking coal has slightly narrowed, and the current basis of coke is at a moderately high valuation. It is recommended that industrial customers with coke inventory speed up sales [41]. Chapter 4: Valuation and Profit Analysis 4.1 Upstream and Downstream Profit Tracking in the Industrial Chain - The profit of coking coal mines has declined from a high level, the immediate coking profit is expected to shrink marginally, and the loss situation of steel mills has eased [49]. 4.2 Import and Export Profit Tracking - The clearance enthusiasm at the 288 port has significantly increased, but the long - term trade profit of Mongolian coal has shrunk significantly. The import profit of overseas coal has narrowed, and the subsequent arrival of overseas coal is expected to decline [51][56]. Chapter 5: Supply - Demand and Inventory Deduction 5.1 Supply - Side and Deduction - In the fourth quarter, the production increase space of coking coal mines is limited. It is expected that the average weekly output of coking coal in December will be about 9.67 million tons, and the net import volume will be 10 - 10.2 million tons [78]. 5.2 Demand - Side and Deduction - Recently, the profit of steel mills has shrunk, and the number of steel mills planning overhauls has increased. It is estimated that the daily average hot metal output in December will be 2.29 million tons [81]. 5.3 Supply - Demand Balance Sheet Deduction - The supply and demand balance sheets of coking coal and coke from Week 40 to Week 51 in 2025 are estimated, and the changes in supply, demand, and inventory are predicted [85].

证券之星消息，12月5日焦炭板块较上一交易日下跌1.8%，陕西黑猫领跌。当日上证指数报收于 3902.81，上涨0.7%。深证成指报收于13147.68，上涨1.08%。焦炭板块个股涨跌见下表： 从资金流向上来看，当日焦炭板块主力资金净流出2400.03万元，游资资金净流出1870.75万元，散户资金 净流入4270.78万元。焦炭板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000723 | 美锦能源 | 5.01 | 1.42% | 85.40万 | 4.25 乙 | | 600408 | 安泰集团 | 5.26 | 1.15% | 212.50万 | 10.93 Z | | 601011 | 宝泰隆 | 3.76 | 0.80% | 67.52万 | 2.52亿 | | 600725 | 云维股份 | 3.75 | 0.27% | 14.12万 | 5253.58万 | | 600792 | 云煤能源 | 4.46 | 0.22% | 33.64万 | 1.49 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - For coke, as of the week ending December 5, the total daily coke output of all independent coking plants and steel - mill coking plants was 1.1115 million tons, a weekly increase of 10,700 tons and a year - on - year decrease of 26,000 tons. The daily hot - metal output of 247 steel mills was 2.323 million tons, a weekly decrease of 23,800 tons and a year - on - year decrease of 3,100 tons. Recently, upstream coal mines have given profits to coking and steel enterprises. Some coking enterprises have turned losses into profits, while most steel mills are still in the red, resulting in a phased pattern of increased supply and decreased demand for coke. Considering the possible macro - level positive news from the Politburo economic meeting in December and the expected coal - mine production cuts at the end of the year, the cost - side pressure on coke is expected to have limited room for further increase, and the main contract may gradually stabilize. The downside risk lies in the unexpectedly loose supply of coking coal [6][39]. - For coking coal, as of the week ending December 5, the daily output of clean coal from 523 coking coal mines was 754,000 tons, a monthly decrease of 10,000 tons and a year - on - year decrease of 57,000 tons. In November, the cumulative customs clearance of Mongolian coal at the 288 port was 29,240 vehicles, a 38.5% increase from October, and the Mongolian coal import volume in November is expected to reach a new high for the year. The total daily coke output of sample coking plants and steel mills was 1.1115 million tons, a weekly increase of 10,700 tons and a year - on - year decrease of 26,000 tons. The negative factors in November have been released, and with the expected macro - level positive news from the Politburo economic meeting in December and the expected coal - mine production cuts at the end of the year, the downside space for coking - coal futures is expected to be limited, and it may stabilize and fluctuate in the near future. Attention should be paid to the actual production situation of coal mines [7][40]. Group 3: Summary by Relevant Catalogs 1. Industry News - The "15th Five - Year Plan" proposal in Shanxi aims to deepen the energy revolution, promote the construction of "Five Major Bases", ensure national energy security, and promote the high - end development of the coal industry and the transformation of coal products from primary fuels to high - value products. It also focuses on the high - quality development of the energy and raw - material industries and the green - low - carbon transformation [9]. - On December 5, the prices of coking coal in the Xingtai market remained stable, with low - sulfur primary coking coal at 1,470 yuan/ton and 1/3 coking coal at 1,180 yuan/ton, both being ex - factory prices including cash and tax [10]. 2. Spot Market - For coke, the ex - warehouse price of quasi - first - grade coke at Rizhao Port was 1,620 yuan/ton, a weekly and monthly decrease of 2.99%, an annual decrease of 4.14%, and a year - on - year decrease of 9.50%. The ex - warehouse price of quasi - first - grade coke at Qingdao Port was 1,460 yuan/ton, a weekly and monthly increase of 0.69%, an annual decrease of 9.88%, and a year - on - year decrease of 10.98% [11]. - For coking coal, the price of Mongolian coal at the Ganqimaodu Port was 1,200 yuan/ton, a weekly and monthly decrease of 6.25%, an annual increase of 1.69%, and a year - on - year decrease of 9.77%. The price of Australian - produced coking coal at Jingtang Port was 1,570 yuan/ton, with no weekly, monthly, or year - on - year change, but an annual increase of 5.37%. The price of Shanxi - produced coking coal at Jingtang Port was 1,650 yuan/ton, a weekly and monthly decrease of 3.51%, an annual increase of 7.84%, and a year - on - year decrease of 2.37% [11]. 3. Futures Market - The closing price of the active coke futures contract was 1,585 yuan/ton, a decrease of 3.15%. The highest price was 1,671 yuan/ton, the lowest was 1,585 yuan/ton, the trading volume was 214,591 lots, an increase of 18,131 lots, and the open interest was 265,380 lots, a decrease of 527 lots [15]. - The closing price of the active coking - coal futures contract was 1,140 yuan/ton, a decrease of 2.31%. The highest price was 1,193 yuan/ton, the lowest was 1,138.5 yuan/ton, the trading volume was 785,839 lots, an increase of 448,608 lots, and the open interest was 469,486 lots, an increase of 60,508 lots [15]. 4. Relevant Charts - The report provides charts on coke inventory (including 230 independent coking plants, 247 steel - mill coking plants, port, and total coke inventory), coking - coal inventory (including mine - mouth, port, 247 sample steel - mill, and all - sample independent coking - plant coking - coal inventory), domestic steel - mill production (blast - furnace开工率 and steel - mill profitability), Shanghai terminal wire - rod procurement volume, coal - washing plant production (coal - washing plant clean - coal inventory and开工率), and coking - plant operation (ton - coke profit and coke - oven capacity utilization) [16][24][31]. 5. Future Outlook - The future outlook for coke and coking coal is consistent with the core views, emphasizing the current supply - demand situation, potential macro - level positive factors, and expected coal - mine production cuts [39][40].

Report Industry Investment Ratings - Bullish: Polysilicon, Lithium Carbonate [1] - Bearish: Fuel Oil [1] - Volatile: Equity Index, Treasury Bonds, Copper, Aluminum Oxide, Zinc, Nickel, Stainless Steel, Tin, Precious Metals, Industrial Silicon, Carbonate, Rebar, Hot Rolled Coil, Iron Ore, Manganese Ore, Silicomanganese, Ferrosilicon, Coke, Coking Coal, Black Metal, Soda Ash, Glass, Jiao Coal, Palm Oil, Cotton, Sugar, Soybean, Pulp, Log, Live Pig, Crude Oil, BR Rubber, PTA, Ethylene Glycol, Short Fiber, Styrene, Urea, Propylene, PVC, Caustic Soda, LPG [1] Core Viewpoints - The market divergence is expected to gradually be digested during the index's volatile adjustment, and the index is expected to rise further with the emergence of new mainlines. The market adjustment provides an opportunity to lay out for the index's further upward movement next year [1]. - Asset shortage and weak economy are beneficial to bond futures, but the central bank has recently warned about interest - rate risks, suppressing the upward space [1]. - For various commodities, their prices are affected by factors such as macro - economic conditions, supply - demand relationships, and cost supports, showing different trends of rise, fall, or volatility [1]. Summary by Category Macro - Financial - Equity Index: Market divergence will be digested during adjustment, with potential for further upward movement. Central Huijin's support limits downside risk. Market adjustment provides a layout opportunity, and traders can build long positions during the adjustment and use the stock - index futures' discount structure to increase the probability of long - term investment success [1]. - Treasury Bonds: Asset shortage and weak economy are favorable, but short - term interest - rate risks are warned by the central bank, suppressing the upward space [1]. Non - Ferrous Metals - Copper: There is a risk of price decline after the digestion of short - term positive sentiment [1]. - Aluminum Oxide: Domestic production and inventory are both increasing, the fundamental situation is weak, and prices are under downward pressure. Attention should be paid to the price changes at the mine end [1]. - Zinc: After the digestion of short - term macro - positive factors and with oversupply, there is a risk of price decline. Pay attention to short - selling opportunities at high prices [1]. - Nickel: Fed's interest - rate cut expectation has risen, and the macro sentiment has improved. Indonesia's restrictions on nickel - related smelting projects have limited impact. Short - term nickel prices may fluctuate with the macro situation. It is recommended to go long at low levels in the short - term range, and the medium - to - long - term supply of nickel will remain in surplus [1]. - Stainless Steel: The macro sentiment has improved, and raw materials have stopped falling. The stainless - steel futures will fluctuate and rebound in the short term. Pay attention to the actual production situation of steel mills [1]. - Tin: After the digestion of macro - positive sentiment, due to the tense situation in Congo and the short - term supply not being restored, tin prices have strengthened. However, beware of the risk of short - term over - rise and fall. The medium - to - long - term outlook is bullish [1]. - Precious Metals: Gold may fluctuate within a range. Silver's short - term price will continue to fluctuate sharply. Platinum is expected to fluctuate in the short term. For palladium, the short - term strategy is to short at high levels, and the medium - term [long platinum, short palladium] arbitrage strategy can continue to be held [1]. - Industrial Silicon: Northwest production is increasing while Southwest production is decreasing. The production schedules of polysilicon and organic silicon in December are decreasing [1]. - Polysilicon: There is an expectation of capacity reduction in the medium - to - long - term. Terminal installations are increasing marginally in the fourth quarter. Large manufacturers are reluctant to sell and are strong in price support [1]. - Lithium Carbonate: The traditional peak season for new energy vehicles is approaching, and the energy - storage demand is strong. The supply side is resuming production and increasing output [1]. Black Metals - Rebar and Hot Rolled Coil: The macro - driving force is increasing in December, providing some rebound momentum. After the futures price rises, it is beneficial for basis positive - arbitrage positions to enter. Do not chase high in single - side trading [1]. - Iron Ore: Direct demand is okay, with cost support, but supply is high, inventory is accumulating, and the price rebound space is limited [1]. - Manganese Ore and Silicomanganese: The short - term production profit is poor, with cost support, but supply is high, and the price rebound is limited [1]. - Ferrosilicon: Supply and demand provide support, and the valuation is low, but short - term sentiment dominates, and price fluctuations are strong [1]. - Soda Ash: Follows glass, but with average supply and demand, there is great resistance to price increase [1]. - Coke and Coking Coal: From a valuation perspective, the decline is close to the end. From a driving perspective, downstream replenishment may start around mid - December. For now, use a short - term strategy for single - side trading and wait and see for the medium - to - long - term [1]. Agricultural Products - Palm Oil: The impact of floods on production is limited, and the near - month inventory pressure is large. The domestic arrival in December is expected to be large, and the basis is expected to be weak [1]. - Cotton: There is support but no driving force in the short term. Future attention should be paid to policies, planting intentions, weather, and demand in the peak season [1]. - Sugar: There is a consensus on short - selling due to global surplus and increased domestic supply. If the price continues to fall, there is strong cost support, but there is a lack of continuous driving force in the short - term fundamentals [1]. - Soybean: China's purchases support the US market. Brazilian weather lacks obvious speculation themes, and the short - term price is expected to fluctuate [1]. - Pulp: There are cancellations of old warehouse receipts and registrations of new ones. The recovery of demand remains to be verified, and the short - term price will fluctuate [1]. - Log: The fundamental situation has weakened but has been priced in the market. The risk - reward ratio of short - selling after a sharp decline is low. It is recommended to wait and see [1]. - Live Pig: The spot price is stabilizing, with demand support, and the production capacity still needs to be further released [1]. Energy and Chemicals - Crude Oil: OPEC + has suspended production increase until the end of 2026, the Russia - Ukraine peace agreement is postponed, and the US has increased sanctions on Russia [1]. - Fuel Oil: Bearish due to factors such as OPEC + policies, the Russia - Ukraine situation, and US sanctions [1]. - Asphalt: Short - term supply - demand contradiction is not prominent, following crude oil. The demand during the 14th Five - Year Plan may be falsified, and supply is sufficient. The profit is high [1]. - BR Rubber: The price support of butadiene is limited. Refinery overhauls may bring a positive expectation. High inventory restricts price increase, but the synthetic valuation is low [1]. - PTA: OPEC's production increase has slowed down, and there are positive factors such as domestic PTA export improvement [1]. - Ethylene Glycol: Inventory is increasing, prices are falling, and cost support is weakening [1]. - Short Fiber: The price follows cost closely, and the basis has strengthened [1]. - Styrene: The cost support is weakening due to factors such as weak Asian benzene prices and reduced US gasoline demand [1]. - Urea: There is limited upward space due to insufficient domestic demand, but there is support from cost and anti - dumping [1]. - Propylene: Supply pressure is large, downstream improvement is less than expected, but cost support is strong [1]. - PVC: Supply pressure is increasing, and demand is weakening [1]. - Caustic Soda: There are factors such as delivery from Guangxi alumina plants, high - load operation, and potential squeezing risks [1]. - LPG: The international oil and gas market returns to a loose fundamental situation. The CP/FEI has rebounded. The price will fluctuate within a range after a decline [1].

1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views of the Report - The A - share market is in a state of continuous volume contraction and low volatility, with pro - cyclical sectors showing a structural upward trend. For different futures products, there are various trends and influencing factors, including macro - economic data, policy expectations, and supply - demand fundamentals [2][3][4]. - The bond market has a fragile trading sentiment, with ultra - long bonds leading the decline. The market is affected by expectations of monetary and fiscal policies, as well as institutional behaviors [5][6][7]. - The precious metals market lacks clear direction due to a dull macro - news background. Gold is oscillating at a high level, while silver is in a corrective phase [8][9][11]. - The shipping index of container transportation to Europe is expected to show a short - term oscillating pattern, with the spot market stabilizing and the peak - season expectation slightly recovering [12]. - In the non - ferrous metals sector, different metals have different market situations. For example, copper prices are strongly supported, while alumina is expected to have limited short - term decline space [17][19]. - In the black metals sector, steel mills are reducing production, and the iron ore market is expected to oscillate. Coke and coking coal markets are facing supply - demand imbalances and price fluctuations [49][52][60]. - In the agricultural products sector, different products have different outlooks. For example, the soybean meal market is waiting for the USDA report, and the pig market is in a tug - of - war between upstream and downstream [64][66]. - In the energy and chemical sector, different products such as PX, PTA, and short - fibers have different supply - demand relationships and price trends [82][84][86]. 3. Summaries by Relevant Catalogs Financial Derivatives - Financial Futures Stock Index Futures - Market situation: A - share major indices were narrowly oscillating. The CSI 300, SSE 50, etc. rose, while the Shanghai Composite Index slightly declined. The four major stock index futures contracts also rose [2][3]. - News: Domestically, the market regulatory authority issued a standard for take - out platform services. Overseas, the Bank of Japan officials made statements about monetary policy [3][4]. - Capital flow: A - share trading volume decreased by over 100 billion yuan, and the central bank had a net cash withdrawal of 175.6 billion yuan [4]. - Operation suggestion: Be cautious and wait and see in the short term. Consider a bull spread of put options on the CSI 1000 when there are pull - backs [4]. Treasury Futures - Market performance: Treasury futures closed down across the board, with the 30 - year contract leading the decline. Bond yields generally rose [5][6]. - Capital flow: The central bank had a net cash withdrawal of 175.6 billion yuan, and the inter - bank market liquidity remained loose [6]. - Operation suggestion: Temporarily wait and see. Pay attention to the Politburo meeting and the new regulations on bond fund redemption fees. Consider participating in varieties within 10 - year if the market sentiment improves. The curve strategy may tend to steepen [7]. Financial Derivatives - Precious Metals - Market review: As of the week of November 29, US employment data showed a pattern of low lay - offs and low recruitment. Gold oscillated at a high level, while silver corrected. Platinum and palladium also declined [8][9]. - Outlook: Gold may face resistance at high levels, and short - term trading can consider selling out - of - the - money put options. Silver may see a strong short - term price trend, but attention should be paid to the improvement of scrap aluminum supply and inventory reduction. Platinum is expected to oscillate upward in the medium - to - long term [11]. Financial Derivatives - Container Shipping Index to Europe - Index: As of December 1, the SCFIS European line index and the SCFI composite index declined [12]. - Fundamentals: The global container shipping capacity increased year - on - year, and the demand in the eurozone and the US showed different situations [12]. - Logic: The futures market oscillated, and the spot market stabilized. It is expected to show a short - term oscillating pattern [12]. Commodity Futures - Non - Ferrous Metals Copper - Spot: Copper prices rose, and the discount of electrolytic copper increased. The overall trading was poor [13]. - Macro: The US manufacturing PMI was in a contraction range, and the ADP employment data was lower than expected, increasing the expectation of Fed rate cuts [13]. - Supply: The spot TC of copper concentrate was at a low level, and the 2026 long - term premium proposed by Codelco was significantly higher. The production of electrolytic copper in November increased [14][15]. - Demand: The weekly operating rates of copper rod processing decreased, but the downstream demand showed strong resilience [16]. - Inventory: LME and COMEX copper inventories increased, while domestic social inventories decreased [16]. - Logic: With the significant increase in LME cancelled warrants, copper prices are strongly supported. In the long - term, the supply - demand contradiction will support the upward movement of the bottom price [17]. - Operation suggestion: Adopt a strategy of buying on dips, with the main support level at 88,500 - 89,500 [17]. Alumina - Spot: Alumina prices were stable or slightly declined, and the supply pattern was gradually becoming looser [18]. - Supply: In November, the production of metallurgical - grade alumina decreased slightly month - on - month, mainly due to the phased production reduction in the north [18]. - Inventory: Alumina inventories increased [19]. - Logic: The market is in a state of high supply, high inventory, and cost support. It is expected to maintain a bottom - oscillating pattern [19]. - Operation suggestion: The main contract is expected to operate in the range of 2,575 - 2,775 yuan/ton, with limited short - term decline space [19]. Other Non - Ferrous Metals Similar analysis methods are used for other non - ferrous metals such as aluminum, zinc, tin, etc., considering factors such as spot prices, supply - demand relationships, and inventory changes [20][28][33]. Commodity Futures - Black Metals Steel - Spot: Steel prices were stable, and the basis of the main contracts of rebar and hot - rolled coil changed differently [47]. - Cost and profit: The cost of coking coal and coke decreased, and steel mill profits slightly recovered [48]. - Supply: Iron ore production increased slightly year - on - year, and steel production decreased slightly [48]. - Demand: Domestic demand was weak, and exports remained at a high level. The apparent demand in December was expected to decline seasonally [49]. - Inventory: Steel inventories decreased [49]. - View: Steel prices are expected to oscillate in a range. Consider a long - rebar and short - iron - ore arbitrage [49]. Iron Ore - Spot: Iron ore prices declined [50]. - Futures: The main iron ore futures contract declined slightly [50]. - Basis: The basis of different iron ore varieties changed [50]. - Demand: Steel mill production reduction continued, and iron ore demand decreased [51]. - Supply: The global iron ore shipment increased, and the port arrival volume decreased [51]. - Inventory: Port inventories increased, and steel mill inventories decreased [52]. - View: Iron ore futures are expected to oscillate in the range of 750 - 820 [52]. Coking Coal and Coke Similar analysis methods are used for coking coal and coke, considering factors such as spot prices, supply - demand relationships, and inventory changes [54][57]. Commodity Futures - Agricultural Products Soybean Meal - Spot market: Domestic soybean meal prices were stable or slightly declined, and trading volume decreased [61]. - Fundamental news: Analysts expected changes in US soybean export sales, and the soybean sowing progress in Brazil was high [61][62]. - Market outlook: The soybean meal market is expected to oscillate, and attention should be paid to domestic soybean procurement [64]. Other Agricultural Products Similar analysis methods are used for other agricultural products such as pigs, corn, and sugar, considering factors such as spot prices, supply - demand relationships, and policy impacts [65][67][70]. Commodity Futures - Energy and Chemicals PX - Spot: PX prices continued to correct, and the market trading atmosphere was average [82]. - Profit: PX profit margins changed [82]. - Supply - demand: PX supply may contract in the first quarter, and demand was relatively strong [82]. - Market outlook: PX is expected to oscillate at a high level in the short term [82]. Other Energy and Chemical Products Similar analysis methods are used for other energy and chemical products such as PTA, short - fibers, and ethylene glycol, considering factors such as spot prices, supply - demand relationships, and inventory changes [83][86][89].