Core Viewpoint - The A-share market showed mixed performance with the Shanghai Composite Index rising over 1% in early trading, indicating positive investor sentiment despite some sector declines [1]. Market Performance - The Shanghai Composite Index closed at 4069.38 points, up 1.14% - The Shenzhen Component Index closed at 13940.24 points, up 0.81% - The ChiNext Index closed at 3293.18 points, down 0.04% [1]. Sector Performance Top Performing Sectors - Insurance sector increased by 4.91% with a total trading volume of 292.22 million hands and a net inflow of 15.55 billion - Small metals sector rose by 4.67% with a trading volume of 954.96 million hands and a net inflow of 37.26 billion - Energy metals sector gained 3.72% with a trading volume of 384.15 million hands and a net inflow of 18.67 billion [2]. Underperforming Sectors - Communication equipment sector decreased by 0.68% with a trading volume of 1889.06 million hands and a net outflow of 77.51 billion - Components sector fell by 0.65% with a trading volume of 929.90 million hands and a net outflow of 31.50 billion - Beauty care sector declined by 0.25% with a trading volume of 157.47 million hands and a net outflow of 0.42 billion [2].

Group 1: Precious Metals - The precious metals sector is experiencing a correction due to the CME raising margin requirements, leading to a decrease in speculative sentiment and a drop in prices for silver, platinum, and palladium, with gold also following suit [1] - Short-term outlook remains positive for precious metals, driven by potential political events in the Americas around New Year's that may trigger safe-haven demand, alongside inflows into ETFs due to interest rate cuts [1] - Long-term view suggests that the process of de-dollarization will continue, and investors are encouraged to hold positions despite market volatility [1] Group 2: Copper - Copper prices have risen, with a supply-demand tightness expected in 2026 due to lowered production forecasts from Freeport and Teck Resources, alongside anticipated increases in U.S. government spending [2] - The recommendation is to buy on dips, as current adjustments in copper prices present buying opportunities [2] Group 3: Aluminum - The aluminum sector is expected to benefit from the implementation of a national subsidy plan in 2026, which aims to stimulate demand for consumer goods [2] - Supply disruptions are anticipated due to maintenance at the Mozal aluminum plant, while demand is constrained by high prices and environmental production limits [2] - Overall, the recommendation is to buy aluminum and aluminum equities on dips, given the expected supply disturbances and potential demand growth [2] Group 4: Cobalt - Cobalt prices have increased across the board, with significant rises in electrolytic cobalt and other cobalt products due to tight supply conditions and increased trading activity [3] - The domestic raw material supply remains structurally tight, providing solid support for prices [3] Group 5: Lithium - Lithium prices have surged, driven by favorable signals from domestic new energy vehicle subsidies and anticipated production resumption from major suppliers [3] - The recommendation is to buy on dips, as the market is expected to maintain a downward inventory trend amid stable demand [3] Group 6: Investment Recommendations - Companies to watch include Xingye Silver Tin, Xiyu Co., Huaxi Nonferrous, New Jinlu, Dazhong Mining, Guocheng Mining, Zhongkuang Resources, Shengda Resources, Chifeng Gold, Zijin Gold International, Zhaojin Gold, Shenhuo Co., and Zijin Mining [4]

Report Industry Investment Rating No relevant information provided. Report Core Viewpoints - Short - term, the stock index may continue a relatively strong trend, but attention should be paid to the impact of overseas geopolitical events on market risk appetite. In the long - term, the stock index is expected to rise in 2026 based on 2025 [1]. - Asset shortage and weak economy are beneficial to bond futures, but the central bank has recently warned of interest - rate risks, and attention should be paid to the Bank of Japan's interest - rate decision [1]. - Different commodities have various trends, including price increases, oscillations, and potential reversals, with corresponding investment strategies recommended [1]. Summary by Related Catalogs Macro Finance - Short - term, the stock index may continue to be strong, and in the long - term (2026), it is expected to rise on the basis of 2025 due to factors like continuous policy efforts, inflation recovery, capital market reform, and the support of Central Huijin [1]. - Asset shortage and weak economy benefit bond futures, but the central bank warns of interest - rate risks, and the Bank of Japan's interest - rate decision should be watched [1]. Metals Non - ferrous Metals - Copper: The price has further increased due to weak industry fundamentals but positive macro sentiment and continuous premium. However, short - term adjustment risks should be guarded against, and the upward trend is expected to continue [1]. - Aluminum: Domestic electrolytic aluminum has accumulated inventory, but positive macro sentiment and the early fermentation of supply - tightness expectations are likely to keep the price strong [1]. - Alumina: The supply side has a large release space, and the weak industry fundamentals put pressure on the price. However, the current price is near the cost line, so it is expected to oscillate [1]. - Zinc: The fundamentals have improved, the cost center has moved up, recent negative factors have been mostly realized, and market sentiment is volatile, leading to price oscillations [1]. - Nickel: Positive macro sentiment, concerns about supply due to Indonesian events, slow inventory accumulation, and unconfirmed Indonesian policies are likely to keep the short - term price strong. It is recommended to go long at low prices and control risks [1]. - Stainless Steel: Positive macro sentiment, concerns about raw - material supply, a rebound in nickel - iron prices, a slight reduction in social inventory, and an increase in January production plans are likely to keep the short - term futures price strong. It is recommended to go long at low prices, and enterprises should wait for opportunities to sell and hedge [1]. - Tin: The industry association's initiative has put pressure on the price, but considering the tense situation in Congo - Kinshasa, the supply may still be affected. After a short - term decline, the downward space is limited, and low - long opportunities near the support level are recommended [1]. - Precious Metals: Geopolitical risks and international - order uncertainties have boosted the demand for hedging, making the price strong in the short - term. However, the high VIX of silver indicates potential risks. Platinum and palladium are expected to fluctuate widely in the short - term, and platinum can be bought at low prices or a [long - platinum short - palladium] arbitrage strategy can be adopted in the long - term [1]. Black Metals - Iron Ore: There is a combination of weak reality (weak direct demand, high supply, and inventory accumulation) and strong expectation (potential supply disturbances from energy - consumption control and anti - involution). The near - month contract is restricted by production cuts, while the far - month contract has upward potential [1]. - Steel (including Rebar): The valuation of the price is not high, and it is not recommended to short. Positions in cash - and - carry arbitrage can take rolling profits [1]. - Glass: Supply and demand are acceptable, and the valuation is low, so the downward space is limited, and it may be under pressure to oscillate [1]. - Soda Ash: It follows the trend of glass, with acceptable supply and demand, low valuation, and limited downward space, and may oscillate under pressure [1]. - Coking Coal: The fourth - round spot price cut has started. After the futures price dropped to the corresponding position and rebounded, attention should be paid to whether it can reach a new low during the implementation of the price cut. There is a high possibility of wide - range oscillations [1]. - Coke: The logic is the same as that of coking coal [1]. Energy and Chemicals - Crude Oil: OPEC + has suspended production increases until the end of 2026, the uncertainty of the Russia - Ukraine peace agreement, and US sanctions on Venezuelan oil exports have an impact on the price [1]. - Fuel Oil: The short - term supply - demand contradiction is not prominent, and it follows the trend of crude oil. The probability of the 14th Five - Year Plan's rush - work demand is falsified, the supply of Marey crude oil is sufficient, and the asphalt profit is high [1]. - Asphalt: The cost is strongly supported, the spot - futures price difference is low, and the mid - stream inventory may tend to accumulate [1]. - Rubber: For natural rubber, the mid - stream inventory may tend to accumulate, and the price oscillates. For BR rubber, the futures position has declined, the price increase has slowed down, the processing profit is gradually repaired, it maintains high - level operation in terms of production and inventory, and the spot trading is weak [1]. - PTA: The PX market has experienced a sharp increase, and the domestic PTA maintains high - level operation, benefiting from stable domestic demand and the recovery of exports to India since the end of November [1]. - MEG: Two sets of MEG devices in Taiwan, China, are planned to stop production due to efficiency reasons. The price has rebounded rapidly due to supply - side news, and the downstream polyester operating rate is over 90%, with better - than - expected demand [1]. - Short - fiber: The price continues to fluctuate closely following the cost [1]. - Styrene: The Asian styrene market is generally stable. Suppliers are reluctant to reduce prices due to continuous losses, while buyers keep pressing prices due to weak downstream demand and profit compression. The market is in a weak - balance state, and the short - term upward momentum depends on overseas market drive [1]. - Steam: The upward space is limited due to insufficient domestic demand, but there is support from anti - involution and the cost side [1]. - Propylene: The supply pressure is large, the downstream improvement is less than expected, the cost is strongly supported by high - level propylene monomers and rising crude - oil prices, and there is a risk of rising crude - oil prices due to intensified geopolitical conflicts [1]. - PVC: The global production in 2026 is expected to be low, but currently, new capacity is being released, the supply pressure is increasing, and the demand is weak [1]. - Chlorine: The inventory pressure in Shandong is large, the supply pressure is high due to high - level operation and few overhauls, the non - aluminum demand is in the off - season, and the cost support is weakened by the rising price of liquid chlorine [1]. - LPG: The January CP has risen unexpectedly, providing strong cost - end support. Geopolitical conflicts in the US, Venezuela, and the Middle East have increased the short - term risk premium. The EIA weekly C3 inventory is in an accumulation trend, with a temporary slowdown in overseas demand. The domestic PDH maintains high - level operation but is deeply in deficit, and the overseas olefin blending - oil demand is acceptable [1]. New Energy and Silicon Industry - Polysilicon: There is production increase in the northwest and decrease in the southwest. The December production plan has decreased. A capacity storage platform company has been established, with a long - term expectation of capacity reduction. The terminal installation in the fourth quarter has increased marginally. Large enterprises are willing to support the price but not to deliver. The short - term speculative sentiment is high [1]. - Lithium Carbonate: It is the traditional peak season for new - energy vehicles, the energy - storage demand is strong, the supply - side production resumption has increased, and the price has risen rapidly in the short - term [1]. Agricultural Products - Palm Oil: The MPOB December data is expected to be negative, but it may reverse under themes such as seasonal production reduction, the B50 policy, and US biodiesel. If the price gaps up due to geopolitical events, short - selling can be considered [1]. - Soybean Oil: It follows the trend of other oils in the short - term, and waiting for the January USDA report is recommended [1]. - Rapeseed Oil: News of blocked trader purchases and Australian seed imports has led to a large rebound in the single - side price and the 1 - 5 spread, but it is difficult to change the subsequent loosening of the fundamental situation. A decline in sentiment is expected, and short - selling on rebounds can be considered [1]. - Cotton: The domestic new - crop harvest is expected to be good, but the purchase price of seed cotton supports the cost of lint. The downstream operation rate remains low, but the yarn - mill inventory is not high, with rigid restocking demand. The cotton market is currently in a situation of "having support but no driver", and attention should be paid to factors such as the central government's No. 1 Document in the first quarter of next year, planting - area intentions, weather during the planting period, and peak - season demand [1]. - Sugar: There is a global surplus and a large supply of domestic new - crop sugar, with a strong consensus on short - selling. If the futures price continues to fall, the cost support is strong, but the short - term fundamentals lack continuous driving forces, and attention should be paid to changes in the capital side [1]. - Corn: The grass - roots grain - selling progress is relatively fast, the current port and downstream inventory levels are still low, and most traders have not started strategic inventory building. The spot price is expected to be strong in the short - term, and the futures price is expected to have limited decline and then maintain an oscillating and strengthening trend [1]. - Soybeans: Attention should be paid to the adjustment in the January USDA report and the impact of Brazilian harvest selling pressure on CNF premiums. The M05 contract is expected to be relatively weak, while the M03 - M05 spread is expected to be in a positive - arbitrage situation in the short - term, but caution should be exercised due to potential changes in customs policies, soybean auctions, and directional policies [1]. - Pulp: The 05 contract is expected to oscillate in the range of 5400 - 5700 yuan/ton due to the tug - of - war between "strong supply" and "weak demand" [1]. - Logs: The spot price has shown signs of bottom - rebounding, and the downward space of the futures price is limited. However, the January overseas quotation has slightly declined, and there is a lack of upward - driving factors in the spot - futures market. It is expected to oscillate in the range of 760 - 790 yuan/m³ [1]. Livestock - Hogs: The spot price has gradually stabilized recently, with demand support. The slaughter weight has not been fully cleared, and the production capacity still needs to be further released [1].

Group 1: Investment Rating - The investment rating for gold and silver in the precious metals sector is "Bullish" [1] Group 2: Core View - The short - term volatility of precious metals has intensified, and investors should adjust their positions and control risks [2] Group 3: Summary by Relevant Content Market Performance - COMEX gold futures rose 3.00% to $4459.70 per ounce, and COMEX silver futures rose 7.74% to $76.51 per ounce. Shanghai gold closed up 0.93% at 1001.6 yuan per gram, and Shanghai silver closed up 3.17% at 18,745 yuan per kilogram [1] Important Information - As of January 5, the holdings of the world's largest gold ETF - SPDR Gold Trust remained unchanged from the previous trading day at 1065.13 tons. The holdings of the world's largest silver ETF - iShares Silver Trust decreased by 90.54 tons from the previous day to 16,353.60 tons [1] - According to CME's "FedWatch": The probability of the Fed cutting interest rates by 25 basis points in January is 18.3%, and the probability of keeping interest rates unchanged is 81.7%. By March, the probability of a cumulative 25 - basis - point rate cut is 43.2%, the probability of keeping interest rates unchanged is 49.6%, and the probability of a cumulative 50 - basis - point rate cut is 7.2% [1] - The US December ISM manufacturing index fell slightly from 48.2 to 47.9, and the index has been below 50 for 10 consecutive months [1] Market Logic - The December meeting minutes of the Federal Reserve showed that FOMC agreed to cut interest rates in December, but officials had serious differences. The decision - making process reflected the dependence of the future interest - rate cut rhythm on economic data and differences in policy paths. The market's expectation for a Fed rate cut in January next year has remained below 20% [1] - The CME Group raised the margin requirements for precious metals for the second time within a week, increasing the performance margins for gold and silver futures after the close on December 31, reflecting the exchange's deep concern about the abnormal volatility of the current precious metals market [1] - Starting from January 8, the annual weight reset of the Bloomberg Commodity Index will lead to the sale of more than $6 billion in gold futures and more than $5 billion in silver futures within a five - day roll - over window [1] - On January 5, the US dollar index fell 0.13% to 98.33. On January 3, the US attacked Venezuela, amplifying geopolitical risks. COMEX gold and COMEX silver both rose sharply on January 5 [1] Trading Strategy - Due to increased short - term volatility of precious metals, investors should adjust their positions and control risks [2]

gtaxinstitute@essence.com.cn (原油) 地缘冲突对油价的持续影响取决于是否引发大规模，长期的实质性供应中断。EIA数据显示，2025 年委内瑞拉石油产量仅占全球约0.94%-0.96%，其潜在中断量不足以推动油价长期上涨。当前原油 市场处于供应过剩的累库阶段，EIA, IEA, OPEC均预估202601全球面临较大累库压力。美委局势难 以提供持续性基本面支撑,且美国行动意在接管委石油资源,若后续制裁放松,外资进入,委油产 量甚至可能增加。综上,油价仍将受共需宽松格局主导,维持中枢下行趋势。 (贵金属) 隔夜美国公布12月1SM制造业PM1录得47.9不及预期，为2024年10月以来新低。美国对委内瑞拉采 取军事行动体现全球地缘乱局延续，特朗普还对古巴、哥伦比亚等提出警告，关注后续演绎。 贵金 属牛市逻辑不改，资金情绪主导剧烈波动，短期关注前高位置能否再度实现突破，建议待波动率下 降后维持多头参与思路。 【铜】 隔夜伦铜触及13080美元记录新高，美盘主力及加权达到6美元/磅目标位。高盛预计未来十年铜目 标1.5万美元、7美元/磅。供应端，智利有小型铜矿罢工，市场关注高铜价对矿业投 ...

Core Viewpoint - The commodity market experienced significant fluctuations driven by concerns over supply shortages and the potential acceleration of global competition for key minerals due to the turmoil in Venezuela [1] Group 1: Gold Market - Spot gold prices surged over 3% on the first trading day of the week, reaching a high of $4,467 per ounce, just $100 shy of the historical record set at the end of 2025 [1] - New York gold futures prices soared to $4,480 per ounce [1] - UBS raised its target prices for gold in March, June, and September 2026 from $4,500 to $5,000 per ounce [1] Group 2: Silver and Industrial Metals - COMEX silver futures for January delivery closed up 7.95%, reclaiming the $76 mark [1] - The London Metal Exchange (LME) saw a collective rise in industrial metals, with copper increasing over 4% to surpass $13,000 per ton, while aluminum and zinc rose over 2% [1] - Platinum and palladium prices increased by 6.7% and 4.7%, respectively, while lead and nickel rose by over 1% [1] Group 3: Copper Market - The COMEX copper main contract surged nearly 6%, breaking the critical psychological barrier of $6 per pound [1] - Citigroup analysts project that global refined copper production will reach 26.9 million tons this year, with a market shortfall of 308,000 tons [1]

Report Industry Investment Rating - Not provided in the given documents Core Views of the Reports 1. **Stock Index Futures Spread Daily Report** - Presents detailed data on the latest values, changes from the previous day, historical 1 - year and all - time quantiles of various stock index futures spreads and cross - variety ratios, including IF, IH, IC, and IM [1] 2. **Interest Rate Futures Basis and Spread Daily Report** - Provides data on the basis, cross - period spreads, and cross - variety spreads of TS, TF, T, and TL interest rate futures, along with their changes and percentiles since listing [2] 3. **Precious Metals Spot - Futures Daily Report** - Future market may focus on the impact of US economic data on Fed policy and geopolitical situation in South America. Precious metals are expected to maintain high volatility in January. Suggestions include long - position gold allocation on dips, light long - position silver trading with option hedging, and long - position platinum trading due to its strong external market performance [3] 4. **Container Shipping Industry Spot - Futures Daily Report** - Shows the increase in settlement price indices and Shanghai export container freight rates. Futures prices of container shipping indices have also risen, and there are changes in fundamental data such as supply, port indicators, and overseas economic indicators [7][8] Summary of Relevant Catalogs 1. **Stock Index Futures Spread Daily Report** - **Spread Data**: Includes IF, IH, IC, and IM futures' spot - futures spreads, cross - period spreads, and cross - variety ratios, with specific values, changes, and quantiles [1] 2. **Interest Rate Futures Basis and Spread Daily Report** - **Basis Data**: TS, TF, T, and TL futures' basis values, changes, and percentiles since listing [2] - **Cross - Period Spread Data**: Cross - period spreads of different contracts and their changes and percentiles [2] - **Cross - Variety Spread Data**: Cross - variety spreads among different interest rate futures and their changes and percentiles [2] 3. **Precious Metals Spot - Futures Daily Report** - **Futures Closing Price**: Domestic and foreign precious metals futures closing prices, price changes, and percentage changes [3] - **Spot Price**: Spot prices of various precious metals, price changes, and percentage changes [3] - **Basis**: Basis values of different precious metals, price changes, and 1 - year quantiles [3] - **Ratio**: Ratios of different precious metals, price changes, and percentage changes [3] - **Interest Rate and Exchange Rate**: 10 - year and 2 - year US Treasury yields, 10 - year TIPS Treasury yields, US dollar index, and offshore RMB exchange rate, along with their changes and percentage changes [3] - **Inventory and Position**: Inventory and position data of precious metals, changes, and percentage changes [3] 4. **Container Shipping Industry Spot - Futures Daily Report** - **Settlement Price Index**: SCFIS for European and US West routes, with price changes and percentage changes [7] - **Shanghai Export Container Freight Rate**: SCFI comprehensive index, European, US West, and US East routes, with price changes and percentage changes [7] - **Futures Price and Basis**: Futures prices of different container shipping index contracts, price changes, percentage changes, and basis value changes of the main contract [7] - **Fundamental Data**: Global container shipping capacity supply, Shanghai port indicators (quasi - arrival rate, berthing situation), monthly export amount, overseas economic indicators (euro - zone PMI, EU consumer confidence index, US manufacturing PMI, OECD leading indicators), with their changes and percentage changes [7] - **Spot Quotation**: Spot freight rates of Shanghai - Europe routes for different shipping companies, price changes, and percentage changes [8]

Group 1: Commodity Market Movements - Concerns over supply shortages and geopolitical tensions, particularly regarding Venezuela, have led to significant movements in the commodity market, with silver rising over 6% and gold nearing $4500 per ounce [1] - The industrial metals market also saw gains, with copper reaching historical highs, driven by strong demand from sectors like electric vehicles and artificial intelligence [1][6] Group 2: Gold Price Forecasts - UBS has raised its gold price target to $5000 per ounce, citing increasing demand for gold as a safe-haven asset amid concerns over U.S. fiscal sustainability and geopolitical risks [3] - Goldman Sachs predicts gold prices could rise to $4900 per ounce, with potential for even higher prices if political or financial risks escalate [2][3] Group 3: Silver Market Dynamics - Silver prices have surged, with a closing increase of 7.95% in COMEX silver futures, driven by both safe-haven demand and structural growth in industrial applications [3] - The silver market has been in a state of supply-demand imbalance since 2021, with increasing demand from sectors like electric vehicles and solar panels [3] Group 4: Industrial Metals Supply Concerns - The London Metal Exchange reported a collective rise in industrial metals, with copper prices increasing over 4% due to supply concerns from major mines [6] - Analysts highlight that the copper market is facing a supply crunch, exacerbated by labor strikes and geopolitical tensions, which could lead to a significant market gap [6][7] Group 5: U.S. Tariff Implications - The potential for the U.S. to impose tariffs on copper imports for the electricity and construction sectors has added volatility to the market, with significant increases in copper inventories in the U.S. [7] - UBS notes that the U.S. holds a substantial portion of global copper inventories, but its consumption is low, raising concerns about supply for other regions [7]

黄金行情回顾及主要观点： 上周金价波动放大。伦敦现货黄金收于4，333美元/盎司（周环比-4.4%），国内AU9999黄金收于975元/ 克（周环比-3.5%）。 美国袭击委内瑞拉，地缘紧张局势有望利好黄金。当地时间1月3日凌晨，美军对委内瑞拉发动大规模空 袭，逮捕该国总统马杜罗及其夫人，并寻求扶植亲美政权。美国此举的核心经济动机或在于控制委内瑞 拉丰厚的石油矿产资源，其拥有全球最大的已探明石油储量；而更深层次的地缘战略在于践行"特朗普 版门罗主义"，意图确立西半球绝对主导权，对其他拉美左翼国家形成威慑。全球百年未有之大变局 下，逆全球化与地缘冲突不断，地缘政治的不确定性有望促使更多避险资金涌向黄金。 上周黄金的回调主要源于白银波动加剧的外溢效应。白银在今年下半年尤其是近一个多月呈现飙涨态 势，不乏多头逼空等交易型因素，但近期芝商所提高保证金要求的消息加剧了波动性。12月12日，芝商 所首次将白银保证金上调10%。随后在12月29日收盘后，再次全面上调黄金、白银、锂等金属期货品种 的履约保证金。12月26日，上海期货交易所将黄金、白银期货合约的涨跌停板幅度调整为15%，并相应 上调交易保证金比例。这些举措反映 ...

1. Report Industry Investment Rating - No investment rating information is provided in the report [1][2] 2. Core Viewpoints - For non - ferrous metals, a seller's neutral volatility strategy can be constructed as they tend to move upwards; for the black series, a short - volatility combination strategy is suitable due to their large - amplitude fluctuations; for precious metals that are rebounding, a bull spread combination strategy can be built [2] 3. Summary by Related Catalogs 3.1 Futures Market Overview - The latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various metal futures contracts such as copper, aluminum, zinc, etc., are presented [3] 3.2 Option Factors - Volume and Open Interest PCR - The trading volume, volume change, open interest, open interest change, trading volume PCR, volume PCR change, open interest PCR, and open interest PCR change of various metal options are provided. Volume PCR and open interest PCR are used to describe the strength of the option underlying market and the turning point of the underlying market respectively [4] 3.3 Option Factors - Pressure and Support Levels - The strike price at the money, pressure points, pressure point offsets, support points, support point offsets, maximum call option open interest, and maximum put option open interest of various metal options are given. These are used to analyze the pressure and support levels of the option underlyings [5] 3.4 Option Factors - Implied Volatility - The at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average implied volatility, call option implied volatility, put option implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility of various metal options are presented [6] 3.5 Strategy and Recommendations 3.5.1 Non - Ferrous Metals - **Copper**: Based on the fundamentals and market trends of copper, directional, volatility, and spot long - hedging strategies are proposed, such as constructing a bull spread combination strategy for call options, a short - volatility seller option combination strategy, and a spot long - hedging strategy [7] - **Aluminum**: Considering the fundamentals and market trends of aluminum, directional, volatility, and spot long - hedging strategies are recommended, including constructing a bull spread combination strategy for call options, a sell - biased long call + put option combination strategy, and a spot collar strategy [9] - **Zinc**: According to the fundamentals and market trends of zinc, volatility and spot long - hedging strategies are suggested, like constructing a sell - biased long call + put option combination strategy and a spot collar strategy [9] - **Nickel**: Based on the fundamentals and market trends of nickel, directional, volatility, and spot - covered strategies are put forward, such as constructing a bull spread combination strategy for call options, a sell - biased long call + put option combination strategy, and a spot - covered strategy [10] - **Tin**: Considering the fundamentals and market trends of tin, volatility and spot long - hedging strategies are recommended, including constructing a short - volatility strategy and a spot collar strategy [10] - **Lithium Carbonate**: According to the fundamentals and market trends of lithium carbonate, volatility and spot long - hedging strategies are suggested, like constructing a sell - biased long call + put option combination strategy and a spot long - hedging strategy [11] 3.5.2 Precious Metals - **Silver**: Based on the fundamentals and market trends of silver, volatility and spot - hedging strategies are proposed, such as constructing a neutral short - volatility option seller combination strategy and a spot - hedging strategy [12] 3.5.3 Black Series - **Rebar**: Considering the fundamentals and market trends of rebar, volatility and spot long - covered strategies are recommended, including constructing a sell - biased short call + put option combination strategy and a spot long - covered strategy [13] - **Iron Ore**: Based on the fundamentals and market trends of iron ore, volatility and spot long - hedging strategies are put forward, such as constructing a sell - neutral call + put option combination strategy and a long collar strategy [13] - **Ferroalloys**: For manganese silicon, volatility strategies are suggested, like constructing a short - volatility strategy; for industrial silicon, volatility and spot long - hedging strategies are recommended; for glass, volatility and spot long - hedging strategies are put forward [14][15]