1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Recently, after the U.S. government ended its shutdown, market sentiment varied, and asset trends diverged. The controversy over AI bubble resurfaced, and the high - level decline of safe - haven assets such as gold and Bitcoin raised market concerns, resulting in a decline in investors' risk appetite and a slight increase in the VIX volatility index. Global major stock markets showed mixed performance, with A - shares leading the decline after reaching a high, while the Hang Seng Index had a relatively large increase. The BDI index rose, U.S. bond yields increased, the U.S. dollar index slightly declined, and most non - U.S. currencies strengthened. Most commodities rose [4][8]. - In the domestic market, the bond market mostly closed down with short - term weakness and long - term strength, and most stock indices declined. The commodity sectors showed mixed performance but generally closed up, with the Wind Commodity Index having a weekly change of 3.92%. Among the 10 commodity sub - sector indices, 6 closed up and 4 closed down. Commodity futures generally maintained the pattern of strong agricultural products and weak industrial products [4][13]. - The probability of the Fed cutting interest rates by 25bp to 3.5 - 3.75% in December decreased to 39.8%, significantly lower than last week's 61.9%, while the probability of keeping the interest rate unchanged at 3.75 - 4% increased significantly [5][68]. 3. Summary by Relevant Catalogs Market Overview - Global asset trends: Global major stock markets showed mixed performance, A - shares led the decline after reaching a high, the Hang Seng Index rose, the BDI index increased, U.S. bond yields went up, the U.S. dollar index slightly declined, and most non - U.S. currencies strengthened. Most commodities rose, with precious metals stabilizing, rebounding, and then fluctuating at a high level, and copper and oil prices slightly rebounding [4][8]. - Domestic market performance: The domestic bond market mostly closed down with short - term weakness and long - term strength, and most stock indices declined. The commodity sectors showed mixed performance but generally closed up. The Wind Commodity Index had a weekly change of 3.92%. Commodity futures maintained the pattern of strong agricultural products and weak industrial products, with precious metals leading the rise, followed by significant increases in the agricultural products, grains, and oilseeds sectors. The non - ferrous and chemical sectors slightly closed up, while other sectors all closed down, with the coal, coking, steel, and mining and energy sectors having the largest declines [4][13]. - Futures market capital flow: The overall capital in the commodity futures market slightly flowed in. The precious metals, non - metallic building materials, oilseeds, and non - ferrous sectors had obvious capital inflows, while the soft commodities, coal, coking, steel, and mining, and chemical sectors had obvious capital outflows [4][15]. - Commodity volatility: The volatility of the international CRB Commodity Index significantly increased, while the volatility of the domestic Wind Commodity Index and Nanhua Commodity Index showed a divergent performance of one rising and one falling. Most of the commodity futures sub - sector volatilities declined, with the oilseeds, non - ferrous, soft commodities, and coal, coking, steel, and mining sectors having the largest decline in volatility, and the energy sector having the most obvious increase in volatility [5][22]. Variety Performance - The domestic major commodity futures showed mixed performance in the recent week. The top - rising commodity futures varieties were Shanghai silver, lithium carbonate, and apples, while the top - falling varieties were glass, coke, and red dates [18][21]. Data Tracking - International commodities: International major commodities generally closed up, the BDI slightly increased, the CRB was flat, soybeans and corn rose, and copper, oil, gold, and silver all closed up, with the silver price rising more and the gold - silver ratio significantly declining [26]. - Domestic data: Asphalt production rate continued to decline, real - estate sales were weakly bottom - seeking, freight rates rebounded with differentiation, and short - term capital interest rates fluctuated downward [41]. Macro Logic - Stock market: The domestic four major stock indices fluctuated and declined last week. In terms of style, value stocks were obviously more resistant to decline, while growth - style stock indices were relatively weaker. The valuation of stock indices declined, and the equity risk premium (ERP) changed little [30][31]. - Commodities: The commodity price index fluctuated and rebounded, and the inflation expectation was under downward pressure [34]. - U.S. bonds: U.S. bond yields rebounded, the term structure steepened bearishly, the term spread changed little, the real interest rate rebounded, and the gold price rebounded and then declined [49]. - U.S. economic indicators: The U.S. high - frequency "recession indicator" weakened, the Citi Economic Surprise Index showed differentiation, and the 10Y - 3M U.S. bond spread fluctuated in positive territory [60]. Fed Interest Rate Expectation The probability of the Fed cutting interest rates by 25bp to 3.5 - 3.75% in December decreased to 39.8%, significantly lower than last week's 61.9%, while the probability of keeping the interest rate unchanged at 3.75 - 4% increased significantly [5][68]. This Week's Focus - Monday (November 17): Canada's October CPI monthly rate, U.S. November New York Fed Manufacturing Index [73]. - Tuesday (November 18): U.S. October Import Price Index monthly rate, U.S. October Industrial Production monthly rate, U.S. November NAHB Housing Market Index, Minneapolis Fed President Kashkari hosts a fireside chat, Reserve Bank of Australia releases November Monetary Policy Meeting Minutes, Saudi Crown Prince Mohammed visits the White House and meets with U.S. President Trump [73]. - Wednesday (November 19): U.S. API crude oil inventory for the week ending November 14, UK October CPI monthly rate, Eurozone October CPI annual rate final value, U.S. October New Housing Starts annualized, U.S. EIA crude oil inventory for the week ending November 14, U.S. EIA crude oil inventory in Cushing, Oklahoma for the week ending November 14 [73]. - Thursday (November 20): China's October Swift RMB share in global payments, China's one - year loan prime rate as of November 20, Germany's October PPI monthly rate, Switzerland's October trade balance, U.S. initial jobless claims for the week ending November 15, U.S. November Philadelphia Fed Manufacturing Index, Eurozone November Consumer Confidence Index preliminary value, U.S. October Existing Home Sales annualized, U.S. October Conference Board Leading Index monthly rate, U.S. EIA natural gas inventory for the week ending November 14, Fed releases Monetary Policy Meeting Minutes, New York Fed President Williams gives a speech, September non - farm payroll data [73]. - Friday (November 21): Japan's October core CPI annual rate, UK November Gfk Consumer Confidence Index, UK November Manufacturing PMI preliminary value, Canada's September retail sales monthly rate, U.S. November S&P Global Manufacturing PMI preliminary value, U.S. November University of Michigan Consumer Confidence Index final value, U.S. November one - year inflation rate expectation final value, Chicago Fed President Goolsbee gives a speech, Philadelphia Fed President Patrick Harker gives a speech on the economic outlook, European Central Bank President Lagarde gives a speech, New York Fed President Williams gives a speech [73].

Core Viewpoint - Morgan Stanley forecasts a moderate increase in the Chinese stock market in 2026, with key challenges including corporate earnings quality, deflationary pressures, and global macroeconomic uncertainties [1][2]. Group 1: Market Projections - The target levels for major indices by December 2026 are set at 27,500 for the Hang Seng Index, 9,700 for the State-Owned Enterprises Index, and 4,840 for the CSI 300 Index, indicating potential upside of approximately 4%, 4%, and 5% respectively from the closing levels on November 17 [1]. - The CSI 300 Index has risen about 17% year-to-date, suggesting a second consecutive year of growth, driven by optimistic investor sentiment towards China's technological development [1]. Group 2: Investment Strategy - Morgan Stanley emphasizes the importance of stock selection, recommending an overweight position in high-quality internet and technology leaders while reducing exposure to real estate, consumer staples, and energy sectors [3].

尽管金价连续下跌，但关键支撑位仍完好，当前形态更像是上方受压后的震荡整理，而非趋势反转。 周一亚洲至欧洲早盘，黄金走势继续在两股力量间震荡：一方面，美联储的偏鹰口径提振美元；另一方 面，停摆后即将补发的数据可能揭示经济降温，从而为金价提供支撑。在此拉扯下，现货黄金连续第三 个交易日运行在4100美元下方，虽承压但未出现明显下破迹象。美元指数逼近99.50，是限制金价反弹 的主要因素。 随着市场重新调整对12月降息的预期，黄金短线进入高度观望状态。多位美联储官员强调无需急于转向 宽松，使降息概率从六成以上回落到50%下方，美元买盘因此加强，对黄金形成压制。不过，政府停摆 造成的经济真空期引发担忧，市场普遍认为随后公布的就业与需求指标可能表现偏弱，为金价提供托 底。这也是金价连续三日回调但未出现加速下行的关键原因。值得关注的是，本周的美联储会议纪要与 10月非农，或将成为改变市场预期的核心触发点，短线波动在数据公布前大概率趋于收敛。 美元在紧缩预期支撑下表现坚挺。欧元/美元在1.1600上方运行，英镑/美元在1.3150一线保持稳定；美 元/日元则在154.70附近横盘，日本GDP虽录得萎缩但优于预期，再加上上田 ...

1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints of the Report - The 15th Five - Year Plan still focuses on technological self - reliance, and the technology sector is expected to be a long - term direction [2]. - Domestically, the liquidity environment is expected to remain loose, and residents may increase their allocation of equity assets. With the Fed's interest rate cut and RMB appreciation, external funds are also expected to flow into the domestic market [2]. - Near the end of the year, funds are relatively cautious, and the market style is more balanced compared to the third quarter. From the current trend, the market is still expected to maintain a long - term and slow - bull trend [2]. 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Market - **IF Contracts**: The previous day's closing prices of IF contracts (current month, next month, next quarter, and far - quarter) were 4614.00, 4600.40, 4572.40, and 4531.60 respectively, with declines of - 75.00, - 72.80, - 68.60, and - 65.60. The trading volumes were 22853.00, 67288.00, 14864.00, and 4984.00, and the open interest changes were - 424.00, 543.00, 3546.00, and 1709.00 respectively [1]. - **IH Contracts**: The previous day's closing prices of IH contracts were 3034.00, 3030.40, 3025.80, and 3017.00, with declines of - 36.60, - 37.40, - 37.40, and - 39.40. The trading volumes were 9482.00, 32072.00, 5074.00, and 1605.00, and the open interest changes were - 824.00, 1112.00, 452.00, and 66.00 respectively [1]. - **IC Contracts**: The previous day's closing prices of IC contracts were 7208.00, 7137.40, 6960.00, and 6762.00, with declines of - 111.40, - 113.40, - 109.20, and - 104.00. The trading volumes were 22554.00, 71699.00, 16437.00, and 5922.00, and the open interest changes were - 1650.00, 610.00, 1362.00, and 986.00 respectively [1]. - **IM Contracts**: The previous day's closing prices of IM contracts were 7468.40, 7372.00, 7140.00, and 6913.40, with declines of - 81.80, - 90.80, - 91.80, and - 88.80. The trading volumes were 34335.00, 125074.00, 23113.00, and 10057.00, and the open interest changes were - 1680.00, - 1368.00, 2359.00, and 1746.00 respectively [1]. - **Inter - month Spreads**: The current values of inter - month spreads for IF, IH, IC, and IM next - month minus current - month contracts were - 13.60, - 3.60, - 70.60, and - 96.40 respectively, compared to previous values of - 16.60, - 3.80, - 66.40, and - 87.60 [1]. 3.2 Stock Index Spot Market - **Major Indexes**: The previous day's values of the CSI 300, SSE 50, CSI 500, and CSI 1000 indexes were 4628.14, 3038.43, 7235.46, and 7502.76, with declines of - 1.57%, - 1.15%, - 1.63%, and - 1.16% respectively. The trading volumes (in billions of lots) were 192.09, 48.80, 205.86, and 271.97, and the total trading amounts (in billions of yuan) were 4447.20, 1203.76, 3104.85, and 4062.93 respectively [1]. - **Industry Indexes**: Among CSI 300 industry indexes, energy, raw materials, industry, and optional consumption had declines of - 1.04%, - 2.09%, - 1.63%, and - 1.22% respectively. Main consumption, medical and health, real - estate finance, and information technology had declines of - 1.09%, - 0.83%, - 0.40%, and - 3.39% respectively. Telecommunication services and public utilities had declines of - 2.87% and - 0.71% respectively [1]. 3.3 Spot - Futures Basis - **IF Contracts**: The previous day's spot - futures basis values of IF contracts (current month, next month, next quarter, and far - quarter) minus the CSI 300 index were - 14.14, - 27.74, - 55.74, and - 96.54 respectively, compared to previous two - day values of - 8.47, - 25.07, - 56.27, and - 100.67 [1]. - **IH Contracts**: The previous day's spot - futures basis values of IH contracts minus the SSE 50 index were - 4.43, - 8.03, - 12.63, and - 21.43 respectively, compared to previous two - day values of - 1.07, - 4.87, - 9.67, and - 14.07 [1]. - **IC Contracts**: The previous day's spot - futures basis values of IC contracts minus the CSI 500 index were - 27.46, - 98.06, - 275.46, and - 473.46 respectively, compared to previous two - day values of - 19.89, - 86.29, - 267.89, and - 469.89 [1]. - **IM Contracts**: The previous day's spot - futures basis values of IM contracts minus the CSI 1000 index were - 34.36, - 130.76, - 362.76, and - 589.36 respectively, compared to previous two - day values of - 24.58, - 112.18, - 344.58, and - 578.58 [1]. 3.4 Other Domestic and Overseas Indexes - **Domestic Indexes**: The previous day's values of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index were 4002.76, 13289.01, 8077.94, and 3134.32, with declines of - 0.39%, - 1.03%, - 1.31%, and - 1.40% respectively [1]. - **Overseas Indexes**: The previous day's values of the Hang Seng Index, Nikkei 225, S&P 500, and DAX Index were 26696.41, 50911.76, 6846.61, and 24088.06, with increases of 0.18%, 1.26%, 0.21%, and 0.53% respectively [1]. 3.5 Macroeconomic Information - National People's Congress Standing Committee Chairman Zhao Leji will conduct an official friendly visit to New Zealand and Australia from November 19th to 25th [2]. - Han Wenxiu proposed to cultivate and expand emerging and future industries, and accelerate the development of strategic emerging industry clusters such as new energy, new materials, aerospace, and low - altitude economy [2]. - Hong Kong's economy is expected to achieve positive growth for the third consecutive year, and the economy is expected to continue growing next year [2]. - By the end of the third quarter of 2025, the balance of insurance funds' investment reached 37.46 trillion yuan, with the book balance of stocks at 3.62 trillion yuan, an increase of nearly 50% compared to the end of last year. The third - quarter increase was 5524 billion yuan. Bank stocks remained the favorite of insurance funds, and industries such as steel, communication, and food and beverage were heavily increased in the third quarter, while power equipment, non - ferrous metals, and transportation were reduced [2]. 3.6 Industry Information - In the era of the stock housing market, the substitution effect of second - hand housing for new housing is increasing. From January to October, the online signing area of second - hand housing transactions in China increased by 4.7% year - on - year, accounting for 45% of the total transaction volume. In more than a dozen cities, the online signing area of second - hand housing transactions increased by more than 10% year - on - year [2]. - In 2025, the global clothing market size is expected to reach 1.84 trillion US dollars, accounting for 1.6% of the global GDP [2]. - In the third quarter, many large Wall Street hedge funds reduced their positions in the "Magnificent Seven" US stocks and increased their investments in application software, e - commerce, and payment fields. They also reduced their risk exposure to well - known enterprises in the healthcare and energy sectors [2].

Group 1: Financial Derivatives - Investment Rating: Not provided - Core View: The technology stocks continue to face pressure, and the stock index is expected to test the support again. The bond market's unilateral trend may be entangled in the short - term [19][21] - Summary of Related Catalogs: - **Stock Index Futures**: The market remained high - volatile last week, with severe differentiation. Technology stocks are under pressure, and the stock index is expected to test the support. The basis of futures first converged and then expanded, and IC's net short - position increased. Suggested strategies include high - level oscillation, paying attention to the 60 - day moving average support, and appropriate long - position building at low levels; IM\IC long 2512 + short ETF cash - and - carry arbitrage; and bullish spread at low levels [19] - **Treasury Futures**: The 10 - month macro - financial and economic indicators are weak, and the policy expectation has slightly increased. However, the probability of monetary policy strengthening is not high. The bond market's unilateral trend is entangled. Suggested strategies include waiting and seeing; holding (TL - 3T) positions and trying to go long on the T - contract current - next quarterly spread [21] Group 2: Agricultural Products - Investment Rating: Not provided - Core View: Different agricultural products have different market trends, mainly including price fluctuations, supply - demand imbalances, etc. [25][30][34] - Summary of Related Catalogs: - **Soybean Meal**: The monthly supply - demand report has limited bullishness, and the international soybean is in a high - yield pattern. The domestic supply pressure is large, and the crushing profit is under pressure. Suggested strategies include waiting and seeing; selling wide - straddle options [25] - **Sugar**: The Brazilian sugar - making ratio has decreased, and the international sugar price has risen sharply. The global sugar production increase is being realized, and the domestic sugar price is expected to fluctuate in the short - term and may be affected by foreign prices in the long - term. Suggested strategies include short - term slightly bullish international sugar price, domestic sugar price range operation; waiting and seeing for arbitrage [30] - **Oilseeds and Oils**: The palm oil is in the off - season, and the de - stocking is slow. The soybean oil follows the overall trend, and the rapeseed oil is expected to continue de - stocking. Suggested strategies include waiting and seeing or high - selling and low - buying [34] - **Corn/Corn Starch**: The CBOT corn futures are down, and the domestic corn spot price is rising, with the futures showing a strong - side oscillation. Suggested strategies include short - term long - position building for the 12 - month CBOT corn on dips, waiting and seeing for the 01 - month contract, and waiting for dips for the 05 and 07 - month contracts; narrowing the 01 - month corn - starch spread [36] - **Hogs**: The overall supply pressure exists, and the pig price is expected to face pressure. Suggested strategies include short - position building; selling wide - straddle options [39] - **Peanuts**: The spot price is strong, but the short - term is still in the bottom - side oscillation. Suggested strategies include long - position building for the 05 - month contract on dips; 15 - month peanut reverse arbitrage; selling pk601 - P - 7600 options [41] - **Eggs**: The demand is average, and the egg price is stable with a slight decline. Suggested strategies include waiting and seeing [48] - **Apples**: The new - season apple inventory is announced, and the price is stable with a slight increase. The supply is relatively tight, and the price is expected to be strong. Suggested strategies include long - position building on dips [50] - **Cotton - Cotton Yarn**: The fundamental contradiction is not significant, and the cotton price oscillates. The new - season cotton supply is large, and the demand is in the off - season. Suggested strategies include waiting and seeing [54] Group 3: Black Metals - Investment Rating: Not provided - Core View: The steel price is in the range - side oscillation, and the double - coking coal has support at the bottom, while the iron ore is considered from a bearish perspective [59][62][64] - Summary of Related Catalogs: - **Steel**: The steel production resumes, and the steel price is in the range - side oscillation. The supply - demand structure suppresses the steel price, but the cost has support. Suggested strategies include range - side oscillation; long - position building on the coil - rebar spread; waiting and seeing [59] - **Double - Coking Coal**: The bottom has support, and the short - term drive is not obvious. The mid - term may have opportunities for long - position building on dips. Suggested strategies include waiting and seeing in the short - term; holding the coking coal 1/5 reverse arbitrage; waiting and seeing [62] - **Iron Ore**: The market is in a weak state. The supply is high in the fourth quarter, and the demand is weak. Suggested strategies include a bearish approach [64] - **Ferroalloys**: The supply and demand are both weak, and the price oscillates in the range with cost support. Suggested strategies include bottom - side oscillation; selling out - of - the - money straddle option combinations [67] Group 4: Non - ferrous Metals - Investment Rating: Not provided - Core View: Different non - ferrous metals have different trends, including price fluctuations, supply - demand changes, etc. [70][73][77] - Summary of Related Catalogs: - **Precious Metals**: The Fed issued hawkish signals, and the precious metals tumbled. The market will focus on US non - farm data and NVIDIA's performance. Suggested strategies include temporary exit and waiting and seeing [70] - **Copper**: The short - term oscillates. The Fed's hawkish remarks and supply - demand factors affect the price. Suggested strategies include waiting and seeing; long - position building at low levels in the long - term [73] - **Alumina**: Pay attention to the implementation of production cuts and beware of the selling pressure driven by the basis. The supply is in surplus, and the price may oscillate at the bottom before production cuts expand. Suggested strategies include short - term bottom - side oscillation; waiting and seeing [77] - **Electrolytic Aluminum**: Pay attention to this week's economic data, and the fundamentals are still strong. Suggested strategies include realizing profits gradually and maintaining a mid - term bullish view on dips [81] - **Cast Aluminum Alloy**: The alloy price mainly follows the aluminum price. The cost provides support, but the market trading activity has declined. [87] - **Zinc**: It oscillates in a wide range. The domestic mine is tight, and the price may be affected by macro factors. Suggested strategies include waiting and seeing; holding the SHFE long - LME short arbitrage [92] - **Lead**: It oscillates in the range. The domestic social inventory is increasing, and the price has limited upward momentum. Suggested strategies include partial profit - taking on short positions; selling out - of - the - money call options [94] - **Nickel**: The cost is loosening, and the price oscillates downward. The supply - demand surplus is obvious, and the cost support is weakened. Suggested strategies include short - position building on rebounds [97] - **Stainless Steel**: The supply and demand are both weak, and the raw materials are under pressure. The inventory is increasing, and the price may continue to decline. [100] - **Industrial Silicon**: It oscillates weakly. The demand is weakening, and the price is in the range of (8500, 9400). Suggested strategies include short - position building on rebounds [102]

Group 1: Report Overview - The report is an energy and chemical options strategy morning report dated November 17, 2025 [1] - It covers various energy and chemical options, including energy, polyolefins, polyesters, alkali chemicals, and others [2] - The recommended strategy is to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [2] Group 2: Underlying Futures Market Overview - The report provides the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various option underlying futures contracts [3] Group 3: Option Factor - Volume and Open Interest PCR - The volume and open interest PCR data of different option varieties are presented, which are used to describe the strength of the underlying option market and the turning point of the underlying market [4] Group 4: Option Factor - Pressure and Support Levels - The pressure and support levels of different option underlying contracts are analyzed from the perspective of the strike prices with the largest open interest of call and put options [5] Group 5: Option Factor - Implied Volatility - The implied volatility data of different option varieties are provided, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility [6] Group 6: Option Strategy Analysis for Each Variety Energy - related Options Crude Oil - Fundamental analysis shows changes in US crude oil inventories; the market has a complex price trend from August to November [7] - Option factor research indicates that the implied volatility is above the average, the open interest PCR is below 0.80, the pressure level is 540, and the support level is 460 [7] - Recommended strategies include a volatility strategy of selling call + put option combinations and a spot long - hedging strategy of a long collar [7] Liquefied Petroleum Gas (LPG) - The LPG market is relatively strong; the price trend shows a pattern of decline, rebound, and consolidation [9] - Option factor research shows that the implied volatility has dropped to below the average, the open interest PCR is around 0.80, the pressure level is 4500, and the support level is 4250 [9] - Recommended strategies include a volatility strategy of selling neutral call + put option combinations and a spot long - hedging strategy of a long collar [9] Alcohol - related Options Methanol - Supply may increase, and the price trend is weak; the market is under pressure [9] - Option factor research shows that the implied volatility is around the historical average, the open interest PCR is below 0.80, the pressure level is 2500, and the support level is 2000 [9] - Recommended strategies include a directional strategy of a bear spread of put options, a volatility strategy of selling bearish call + put option combinations, and a spot long - hedging strategy of a long collar [9] Ethylene Glycol - Supply growth pressure exists; the price trend is weak [10] - Option factor research shows that the implied volatility is below the average, the open interest PCR is around 0.70, the pressure level is 4500, and the support level is 4050 [10] - Recommended strategies include a directional strategy of a bear spread of put options, a volatility strategy of shorting volatility, and a spot long - hedging strategy of buying put options and selling out - of - the - money call options [10] Polyolefin - related Options Polypropylene - Production has increased; the price trend is weak [10] - Option factor research shows that the implied volatility has dropped to around the average, the open interest PCR is around 0.70, the pressure level is 7000, and the support level is 6300 [10] - Recommended strategies include a directional strategy of a bear spread of put options and a spot long - hedging strategy of buying at - the - money put options and selling out - of - the - money call options [10] Rubber - related Options Rubber - Tire production capacity utilization and inventory turnover days show certain trends; the price trend is weak and consolidating [11] - Option factor research shows that the implied volatility has decreased to below the average, the open interest PCR is below 0.60, the pressure level is 16000, and the support level is 15000 [11] - Recommended strategies include a volatility strategy of selling bearish call + put option combinations [11] Polyester - related Options PTA - Device operation and load adjustment affect the market; the price trend shows a pattern of decline, rebound, and consolidation [11] - Option factor research shows that the implied volatility is above the average, the open interest PCR is around 0.70, the pressure level is 4700, and the support level is 4300 [11] - Recommended strategies include a volatility strategy of selling neutral call + put option combinations [11] Alkali - related Options Caustic Soda - Production capacity utilization varies by region; the price trend is weak and bearish [12] - Option factor research shows that the implied volatility is at a relatively high level, the open interest PCR is below 0.80, the pressure level is 3000, and the support level is 2200 [12] - Recommended strategies include a directional strategy of a bear spread and a spot long - hedging strategy of a long collar [12] Soda Ash - Inventory has increased year - on - year; the price trend is weak and consolidating [12] - Option factor research shows that the implied volatility is at a relatively high historical level, the open interest PCR is below 0.60, the pressure level is 1860, and the support level is 1100 [12] - Recommended strategies include a directional strategy of a bear spread, a volatility strategy of shorting volatility, and a spot long - hedging strategy of a long collar [12] Other Options Urea - Enterprise inventory is decreasing, and port inventory is increasing; the price trend shows a pattern of low - level consolidation and rebound [13] - Option factor research shows that the implied volatility is around the historical average, the open interest PCR is below 0.60, the pressure level is 1800, and the support level is 1600 [13] - Recommended strategies include a volatility strategy of selling neutral call + put option combinations and a spot long - hedging strategy of buying at - the - money put options and selling out - of - the - money call options [13] Group 7: Option Charts - The report includes various option charts for different varieties, such as price trend charts, volume and open interest charts, open interest PCR and turnover PCR charts, implied volatility charts, and historical volatility cone charts [14][34][52]

Core Viewpoint - The article discusses the transition of market value management for listed companies in China from soft constraints to hard indicators, emphasizing the implementation of the "Guidelines for the Supervision of Listed Companies No. 10 - Market Value Management" and the increasing use of various tools to enhance investment value and return to investors [1][2]. Group 1: Value Enhancement through Dividends and Buybacks - Cash dividends and share buybacks have become frequently used tools in the market value management toolbox over the past year, with companies encouraged to clarify buyback mechanisms and develop long-term dividend plans [1][2]. - As of October 31, 2023, 1,195 companies in China's stock market have announced 1,525 buyback plans for 2025, with 899 completed and a total buyback amount of 92.3 billion yuan, of which 36% was from self-owned funds and 26% from cancellation buybacks [3]. - A total of 1,033 listed companies announced cash dividend plans for the first three quarters, an increase of 141 from the previous year, with total cash dividends amounting to 734.9 billion yuan [3]. Group 2: Mergers and Acquisitions Market Activity - Mergers and acquisitions (M&A) have been highlighted as a key tool for market value management, with a notable increase in activity in the "hard technology" sector and accelerated integration of state-owned enterprises [6][7]. - Representative M&A cases include the acquisition of 72.33% of shares in ChipLink by ChipLink Integrated and the merger of Haiguang Information with Zhongke Shuguang, showcasing the trend of industry chain advantages [6]. - Policy support has been crucial for the active M&A market, with recent reforms aimed at enhancing efficiency and market vitality, including the introduction of new guidelines and streamlined approval processes [7]. Group 3: Employee Stock Ownership and Incentives - Stock incentives have gained prominence as a market value management tool, with companies encouraged to establish long-term incentive mechanisms [8][9]. - As of June 2023, nearly 3,500 listed companies have implemented stock incentive or employee stock ownership plans, representing 64% of A-share listed companies, with over 5,000 stock incentive plans launched [8]. - The recognition of stock incentives as a significant method for market value management has deepened, with expectations for more companies to adopt these tools in the future [9].

Core Points - The "Qihang Tianfu State-owned Enterprises 2025 Campus Recruitment Fair" was held at the University of Electronic Science and Technology of China, organized by the provincial state-owned assets supervision and administration commission, the education department, and the human resources and social security department [1] - A total of 225 state-owned enterprises participated, offering over 2,000 job positions across various sectors including energy, transportation, construction, healthcare, cultural tourism, advanced materials, electronic information, equipment manufacturing, and modern agriculture [1] - The event featured an innovative smart job-seeking area with self-service job application terminals and an AI job matching system, providing students with precise and efficient digital job-seeking services [1] - There was significant interest in booths related to emerging industries such as electronic information, artificial intelligence, and biomedicine, with frequent interactions regarding cutting-edge technologies and innovative application scenarios [1] Additional Information - The online recruitment for this state-owned enterprise job fair will continue until the end of November [2]

11月15日，2025年火炬科技成果直通车暨"百园百校万企"成果转化对接行动在海安启幕。这场由工 信部火炬中心指导的高规格活动，聚焦锦纶纤维、电工电气等地方优势产业，不仅是科技成果转化 的"催化剂"，更是展示海安近年来探索教育、科技、人才一体化改革成效的一扇窗口。从"单打独 斗"到"系统作战"，海安正以一场深刻的系统性变革，驱动县域发展动能澎湃。 载体筑基"强引擎"，推动产学研无缝对接 "科技成果'先使用后付费'，让初创企业轻装上阵。"江苏畅州能源科技有限公司董事长李荣的感 慨，源自今年1月与南京大学海安高新技术研究院签订的能源智慧管理技术转让合同。这种模式直击科 技成果转化"成本高、周期长"的痛点，打通实验室到生产线的"最后屏障"。 推进科技成果"先尝后买"的改革实践背后，折射出海安的科技成果转化优势。为打通科技创新与产 业创新之间"最后一公里"，海安已连续12年举办"创新创业在海安""两院专家走进海安"主题活动，常态 化开展"高校海安日""企业高校院所行"等系列活动，拓展大院大所合作矩阵，让更多科技成果从"实验 台"迈向"生产线"。 不久前，南通大学高端纺织研究院内，一场关于"功能纺织品与先进纤维"的对接 ...

Core Insights - The article highlights the investment strategy of Chen Yunzong, a fund manager at GF Fund, focusing on identifying growth stocks and their respective growth stages through a dual-track approach of "traditional growth" and "emerging growth" [1][2] Investment Strategy - Chen Yunzong emphasizes a systematic approach to understanding industry attributes, clarifying industry cycle stages and medium to long-term trends before selecting quality growth stocks [1][2] - The investment framework is centered around capturing excess returns from diverse growth directions, including technology and manufacturing sectors, while also expanding research beyond TMT (Technology, Media, Telecommunications) to include military and energy sectors [2] Growth Categories - Growth stocks are categorized into "traditional growth" and "emerging growth," with differentiated strategies for each. Traditional growth includes sectors like new energy, semiconductors, and military, where a cyclical growth mindset is applied [2] - Emerging growth serves as an "offensive lever" in the portfolio, focusing on sectors like robotics, embodied intelligence, satellite internet, quantum computing, and solid-state batteries, which are expected to represent future trends [2][3] Dynamic Allocation - The allocation between traditional and emerging growth is dynamically adjusted based on market liquidity and risk appetite, enhancing the portfolio's offensive capabilities in bull markets and defensive strength in volatile markets [2][3] Industry Rotation - Chen Yunzong's investment approach involves industry rotation based on a systematic method rather than merely chasing market trends, focusing on the balance between "industry position" and "valuation margins" [3] - A significant portion of research efforts is dedicated to tracking emerging growth directions, involving visits to industry leaders and studying cutting-edge trends globally [3] Future Growth Areas - The new fund, GF Innovation Growth, will adopt a balanced growth-oriented strategy, targeting sectors such as computing power, storage, edge innovation, brand globalization, robotics, satellite internet, and solid-state batteries [4] - The computing power sector is highlighted as a key focus, with expectations of significant capital expenditure increases from domestic cloud service providers in the upcoming quarters [5] Market Outlook - The storage sector is anticipated to enter an upward cycle, with NAND flash memory prices beginning to rise since September, expected to maintain favorable industry conditions for one to two more quarters [5] - The military sector is viewed as having high cost-effectiveness, while the robotics sector is seen as a major application terminal for AI, with the domestic robotics supply chain not yet fully priced [5]