Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - The commodity market declined last week and then rebounded, with an overall decline of 0.47%. The black sector led the decline, while precious metals and agricultural products rose. The market is expected to fluctuate in the short - term due to factors such as the possible end of the US government shutdown and mixed macro - economic indicators [1]. - Different commodity sectors, including precious metals, non - ferrous metals, black metals, energy, chemicals, and agricultural products, are expected to have short - term fluctuations based on their respective fundamentals and macro - economic factors [1][2][3]. Group 3: Summary by Related Catalogs 1. Market Review - The commodity market fell 0.47% last week. The black sector dropped 2.62%, energy and chemicals fell 0.41% and 0.06% respectively, while precious metals and agricultural products rose 0.11% and 0.57% [1]. - Among specific varieties, rapeseed meal, pulp, and eggs had the highest increases of 6.32%, 3.49%, and 2.32% respectively, while asphalt, iron ore, and methanol had the largest declines of 6.04%, 4.94%, and 3.12% [1]. - The 20 - day average volatility of the commodity market decreased, and the market scale increased by nearly 10 billion, with only the precious metals sector showing net capital outflows [1]. 2. Outlook for Different Sectors - **Precious Metals**: Officials' hawkish remarks and the uncertainty of the US government shutdown situation may keep the sector in high - level fluctuations in the short - term [1]. - **Non - ferrous Metals**: With a neutral macro - environment and mixed fundamentals, the sector is expected to fluctuate in the short - term [2]. - **Black Metals**: With weakening demand, falling production, and increasing raw material pressure, the sector may continue to be supported by costs and fluctuate [2]. - **Energy**: The oversupply of crude oil and the impact of the US government shutdown on demand may lead to short - term oil price fluctuations [2]. - **Chemicals**: Cost support from coal and mixed demand expectations may result in short - term fluctuations and mid - term anti - arbitrage opportunities [3]. - **Agricultural Products**: The reduction of US soybean tariffs and the weak rebound of palm oil may lead to different trends in different agricultural products, with some under pressure [3]. 3. Commodity Fund Overview - Gold ETFs generally had negative weekly returns, with a total scale increase of 0.81%. Energy - chemical, soybean meal, non - ferrous metal, and silver ETFs also had different return and scale changes [35].

Group 1 - Shanghai Ningquan Asset Management Co., Ltd. reduced its holdings in Xintian Green Energy (00956) by 601,000 shares at a price of HKD 4.63 per share, totaling approximately HKD 2.7826 million [1] - After the reduction, the latest number of shares held by Shanghai Ningquan is approximately 183 million shares, representing a holding percentage of 9.98% [1]

Group 1 - The dividend sector showed strong performance today, with the Hang Seng High Dividend Low Volatility Index rising by 1.3% and the CSI Dividend Low Volatility Index increasing by 0.9% [1][6] - All four indices, including the CSI Dividend Index and CSI Dividend Value Index, achieved a six-day consecutive increase, indicating strong investor interest in related products [1][4] - The Hang Seng Dividend Low Volatility ETF (159545) saw a net subscription of over 160 million units today, reflecting significant capital inflow [1][4] Group 2 - The composition of the dividend-paying stocks includes those with moderate payout ratios, positive growth in dividends per share, high dividend yields, and low volatility, indicating a strong overall performance of A-share listed companies [4] - The banking, transportation, and construction industries collectively account for over 65% of this dividend-paying stock group [4] - The Hang Seng Dividend Low Volatility ETF tracks 50 liquid stocks within the Hong Kong Stock Connect that have a history of continuous dividends, moderate payout ratios, and low volatility, with financial, industrial, and energy sectors making up over 65% of the index [8]

Report Information - Report Type: Fixed Income Report - Release Date: November 10, 2025 - Analysts: Liang Weichao (SAC Registration No.: S1340523070001), Cui Chao (SAC Registration No.: S1340523120001) [2] Core Views - High-frequency economic data focuses: Production end overall declined with decreased coke oven, asphalt, and PTA operating rates and reduced rebar output; blast furnace and PX operating rates increased, and automobile tire operating rates remained relatively stable. Second, commercial housing transactions increased slightly, and the land supply area in 100 large and medium-sized cities increased seasonally, with a peak expected at the end of the month. Third, overall prices declined, with oil, coking coal, copper, aluminum, and rebar prices all dropping; agricultural product prices continued to rise but at a slower rate, with vegetable prices rising continuously and pork prices stabilizing and rebounding. Fourth, in terms of shipping prices, the SCFI index rose and then fell, while the BDI rebounded significantly. Short-term focus is on the implementation of incremental policies on the consumption and investment ends and the recovery of the real estate market [2][35] Production - Steel: Coke oven capacity utilization decreased by 0.90 pct, blast furnace operating rate increased by 1.38 pct, and rebar output decreased by 4.05 tons. On the week of November 7, the coke oven capacity utilization of domestic independent coking plants (230 samples) was 71.84%, a 0.9 pct decrease from the previous week; the blast furnace operating rate of steel mills (247 samples) was 83.13%, a 1.38 pct increase from the previous week; the national building materials steel mill rebar output was 208.54 tons, a 4.05 tons decrease from the previous week; inventory was 166.84 tons, a 4.87 tons decrease from the previous week [3][10] - Petroleum Asphalt: Operating rate decreased by 1.8 pct. On the week of November 5, the operating rate of domestic petroleum asphalt plants was 29.7%, a 1.8 pct decrease from the previous week [3][10] - Chemicals: PX operating rate increased by 2.56 pct, and PTA operating rate decreased by 1.19 pct. On November 6, the domestic chemical PX operating rate was 90.49%, a 2.56 pct increase from the previous week; the PTA operating rate was 77.19%, a 1.19 pct decrease from the previous week [3][10] - Automobile Tires: All-steel tire operating rate increased by 0.12 pct, and semi-steel tire operating rate increased by 0.26 pct. On the week of November 6, the all-steel tire operating rate was 65.46%, a 0.12 pct increase from the previous week; the semi-steel tire operating rate was 73.67%, a 0.26 pct increase from the previous week [3][11] Demand - Real Estate: Commercial housing transaction area increased slightly, and the inventory-to-sales ratio decreased; land supply area increased seasonally and significantly, and the residential land transaction premium rate decreased slightly. On the week of November 2, the commercial housing transaction area in 30 large and medium-sized cities was 201.93 million square meters, a 2.01 million square meters increase from the previous week; the inventory-to-sales ratio (area) of commercial housing in 10 large cities was 82.59, an 18.6 decrease from the previous week; the land supply area in 100 large and medium-sized cities was 3749.75 million square meters, a 1761.59 million square meters increase from the previous week; the residential land transaction premium rate in 100 large and medium-sized cities was 4.17%, a 0.04 pct decrease from the previous week [3][15] - Movie Box Office: Increased by 6 million yuan compared to the previous week. On the week of November 2, the total national movie box office revenue was 215 million yuan, a 6 million yuan increase from the previous week [3][15] - Automobiles: On the week of October 31, the daily average retail sales of manufacturers increased by 86,000 vehicles, and the daily average wholesale sales increased by 107,800 vehicles. On the week of October 31, the daily average retail sales volume of national passenger vehicle manufacturers was 154,796 vehicles, an 85,525 vehicles increase from the previous week; the daily average wholesale sales volume was 210,099 vehicles, a 107,782 vehicles increase from the previous week [3][21] - Shipping Index: SCFI decreased by 3.59%, CCFI increased by 3.60%, and BDI rebounded significantly by 7.02%. On the week of November 7, the Shanghai Containerized Freight Index (SCFI) was 1495.1 points, a 55.6 points decrease from the previous week; the China Containerized Freight Index (CCFI) was 1058.17 points, a 36.78 points increase from the previous week. On November 7, the Baltic Dry Index (BDI) was 2104 points, a 138 points increase from the previous week, with a weekly increase of 7.02% [3][23] Prices - Energy: Brent crude oil price decreased by 2.21% to $63.63 per barrel. On November 7, the settlement price of Brent crude oil futures (continuous contract) was $63.63 per barrel, a $1.44 per barrel decrease from the previous week, with a weekly change of -2.21%. Coking coal futures price decreased by 1.31% to 1278.5 yuan per ton. On November 7, the settlement price of coking coal futures (active contract) was 1278.5 yuan per ton, a 17 yuan per ton decrease from the previous week, with a weekly change of -1.31% [4][25] - Metals: LME copper, aluminum, and zinc futures prices changed by -1.80%, -0.90%, and +0.54% respectively, and the domestic rebar futures price decreased by 2.35%. On November 7, the closing price of LME copper futures (active contract) was $10,695 per ton, a $196.5 per ton decrease from the previous week, with a weekly change of -1.8%; the closing price of LME aluminum futures (active contract) was $2862 per ton, a $26 per ton decrease from the previous week, with a weekly change of -0.9%; the closing price of LME zinc futures (active contract) was $3066.5 per ton, a $16.5 per ton increase from the previous week, with a weekly change of 0.54%; the settlement price of domestic rebar futures (active contract) was 3036 yuan per ton, a 73 yuan per ton decrease from the previous week, with a weekly change of -2.35% [4][26] - Agricultural Products: Overall prices continued to rise but at a slower rate. The agricultural product wholesale price 200 index rose by 0.18%. The prices of pork, eggs, vegetables, and fruits changed by +2.42%, -0.14%, +1.58%, and 0 respectively compared to the previous week. On November 7, the agricultural product wholesale price 200 index released by the Ministry of Agriculture and Rural Affairs was 125.24, a 0.22 increase from a week ago, with a weekly change of 0.18%. Among the main agricultural products, the average wholesale price of pork was 18.23 yuan per kilogram, a 0.43 yuan per kilogram increase from a week ago, with a weekly change of 2.42%; the average wholesale price of eggs was 7.35 yuan per kilogram, a 0.01 yuan per kilogram decrease from a week ago, with a weekly change of -0.14%; the average wholesale price of 28 key monitored vegetables was 5.78 yuan per kilogram, a 0.09 yuan per kilogram increase from a week ago, with a weekly change of 1.58%; the average wholesale price of 7 key monitored fruits was 7.04 yuan per kilogram, unchanged from a week ago [4][28] Logistics - Subway Passenger Volume: Beijing slightly increased, and Shanghai slightly decreased. On November 7, the seven-day moving average of Beijing subway passenger volume was 10.4051 million person-times, a 14,900 person-times increase from the previous week, with a weekly change of 0.14%; the seven-day moving average of Shanghai subway passenger volume was 10.6257 million person-times, a 92,900 person-times decrease from the previous week, with a weekly change of -0.87% [4][30] - Flight Operations: Both domestic and international flight operations continued to decrease. On November 8, the seven-day moving average of domestic (excluding Hong Kong, Macao, and Taiwan) flight operations was 12,270.57 flights, a 108.71 flights decrease from the previous week, with a weekly change of -0.88%; the seven-day moving average of domestic (Hong Kong, Macao, and Taiwan) flight operations was 359.86 flights, a 6.43 flights decrease from the previous week, with a weekly change of -1.76%; the seven-day moving average of international flight operations was 1817.43 flights, a 2.57 flights decrease from the previous week, with a weekly change of -0.14% [4][33] - Urban Traffic: The peak congestion index in first-tier cities continued to decline. On November 8, the seven-day moving average of the peak congestion index in first-tier cities was 1.76, a 0.05 decrease from the previous week, with a weekly change of -2.97% [4][33]

Core Viewpoint - The implementation plan aims to promote the integration of logistics data with multi-source data to effectively reduce logistics costs across society [1] Group 1: Logistics Data Integration - The plan encourages the integration of logistics data with industrial data to optimize industrial structure and spatial layout [1] - It provides reference for the planning and construction of related infrastructure in energy, transportation, and logistics [1] Group 2: Industry Adaptation - Logistics companies are encouraged to adapt to the needs of modern industrial systems, focusing on sectors like smart manufacturing, modern agriculture, and commercial circulation [1] - The plan emphasizes the deepening of cross-industry data integration to enhance digital supply chain service capabilities [1] Group 3: Financial Sector Application - The plan aims to deepen the application of logistics data in the financial sector to optimize financing and insurance products [1] - It addresses the challenges faced by enterprises, particularly small and medium-sized enterprises, in accessing affordable financing [1] - The initiative seeks to reduce operational risks for businesses [1]

Core Points - The U.S. and Thailand have reached a joint statement regarding a framework for a bilateral trade agreement, focusing on tariff reductions and non-tariff barriers [1] Tariff Summary - Thailand will eliminate tariffs on 99% of goods, covering all U.S. industrial products, food, and agricultural products [3] - The U.S. will maintain a 19% reciprocal tariff on Thai goods, but certain items listed in the September 5 Executive Order will have zero tariffs [3] Non-Tariff Barriers Summary - Thailand will address non-tariff barriers for U.S. industrial products by accepting U.S. standards for vehicles and FDA-approved pharmaceuticals, issuing import licenses for U.S. ethanol, and removing customs incentives related to penalty targets [3] - For U.S. food and agricultural products, Thailand will expedite the entry of certified meat, poultry, and horticultural products, and accept U.S. certification [3] Service Trade and Investment Summary - Thailand commits to not imposing a digital services tax, ensuring free data transmission, supporting the WTO's suspension of electronic transmission tariffs, and removing film screening quotas [3] - The country will relax foreign ownership limits in the telecommunications sector and eliminate regulations requiring domestic processing of transactions for Thai-issued debit cards [3] Purchase Commitments Summary - Thailand plans to purchase approximately $2.6 billion worth of U.S. agricultural products annually, including feed corn and soybean meal [4] - The country will buy around $5.4 billion in U.S. energy products, including LNG, crude oil, and ethane [4] - Thailand will acquire 80 U.S. aircraft totaling $18.8 billion [4] Future Negotiations Summary - Future negotiations on the bilateral trade agreement will take place in the coming weeks, with preparations for signing and domestic procedures to make the agreement effective [4]

Core Insights - In October 2025, Nanjing's consumer price index (CPI) increased by 0.1% year-on-year, with food prices decreasing by 2.7% and non-food prices rising by 0.7% [1][2] - Month-on-month, the CPI in Nanjing fell by 0.2%, driven by a 0.8% decline in food prices [1][2] Price Changes - Year-on-year, prices in eight categories showed five increases and three decreases, with notable increases in clothing (1.7%), household goods and services (2.3%), education, culture, and entertainment (1.4%), healthcare (1.3%), and other goods and services (15.9%). Conversely, food and tobacco, housing, and transportation and communication saw declines of 1.7%, 0.7%, and 1.4% respectively [1][2] - Food prices decreased by 2.7% year-on-year, contributing to a total price level reduction of approximately 0.48 percentage points. Key declines were observed in fresh vegetables (7.0%), pork (20.7%), freshwater fish (1.6%), and eggs (10.1%), while fresh fruit prices rose by 2.7% [1][2] Non-Food Price Dynamics - Non-food prices increased by 0.7% year-on-year, with the growth rate expanding by 0.1 percentage points, contributing approximately 0.56 percentage points to the overall price level. Industrial consumer goods prices rose by 1.5%, influenced by international gold price increases, with gold and platinum jewelry prices rising by 53.2% and 57.5% respectively [2] - Month-on-month, non-food prices remained stable after a previous decline of 0.2%. Industrial consumer goods prices held steady, while service prices transitioned from a 0.5% decline to stability, with significant increases in travel agency fees (3.1%), airline tickets (8.4%), and hotel accommodation (52.9%) [2]

Summary of Tesla's 2025 Shareholder Meeting Company Overview - **Company**: Tesla - **Date of Meeting**: November 7, 2025 Key Points and Arguments Company Proposals 1. **Shareholder Meeting Resolutions**: Multiple resolutions were passed, including the elimination of supermajority voting requirements, approval of the revised 2019 equity incentive plan, and the 2025 CEO performance plan for Elon Musk [2][14]. 2. **Model Y Sales**: The 2024 Model Y was again the best-selling vehicle globally, with energy deployment reaching 31 GWh, doubling year-over-year [2][5]. 3. **Safety Standards**: Tesla vehicles consistently met the highest safety standards, with only one collision reported after 6.8 million miles of autonomous driving [2][5]. Shareholder Proposals 1. **Investment in XAI**: A proposal was made for Tesla to strategically invest in XAI, founded by Elon Musk, to strengthen its leadership in autonomous intelligence and align with its sustainability mission [2][3][7]. 2. **Child Labor Audit**: A proposal requested Tesla to conduct and report on child labor audits within its supply chain, highlighting potential reputational, legal, and operational risks despite Tesla's "zero tolerance" policy [2][8]. 3. **Derivative Lawsuit Ownership Threshold**: A proposal aimed to eliminate the 3% ownership threshold for derivative lawsuits, restoring accountability and allowing all investors to protect the company's long-term value [2][8]. Future Development Directions 1. **New Vehicle Production**: Tesla plans to start production of a new ride-hailing vehicle designed for autonomous driving in April 2026, which will not have pedals or a steering wheel [4][19]. 2. **Optimus Robot Production**: Tesla is ramping up production of the humanoid robot Optimus, with plans for mass production by 2027 and further expansion by 2028 [4][20]. 3. **AI Chip Development**: Tesla is developing AI chips optimized for its software stack, with the AI5 chip expected to be more efficient and cost-effective than previous models [21][39]. Market Expansion and Challenges 1. **European Market Challenges**: Tesla faces regulatory hurdles in Europe regarding the approval of its Full Self-Driving (FSD) system, despite having extensive safety data [17]. 2. **China Market Progress**: Tesla has received partial approval for its FSD system in China and anticipates full approval by early 2026 [18]. Sustainability and Energy 1. **Solar and Battery Technology**: Tesla emphasizes the importance of solar energy and battery technology for future energy supply, aiming to double existing energy output without new power plants [22]. 2. **Lithium Refinery in Texas**: The establishment of the largest lithium refinery in Texas is crucial for securing raw materials for future production needs [24]. Production Goals 1. **Vehicle Production Targets**: Tesla aims to increase annual vehicle production to 2.6-2.7 million by the end of 2026, reaching 4 million by the end of 2027, and 5 million by the end of 2028 [25][30]. Governance and Accountability 1. **Board Accountability**: Proposals were made to enhance board accountability, including annual elections for all board members and the need for supermajority approval for stricter shareholder proposal requirements [10][12][14]. Additional Innovations 1. **Distributed AI Processing**: Tesla is exploring the use of its vehicles for distributed AI processing during idle times, potentially generating additional income for owners [40]. Other Important Content - **Public Perception and Governance**: The meeting highlighted the importance of transparency and accountability in corporate governance, particularly regarding labor practices and shareholder rights [8][10][12]. - **Technological Advancements**: Tesla's focus on innovation in AI, robotics, and sustainable energy solutions positions it as a leader in the transition to a sustainable future [6][22][33].

Report Overview - The report focuses on energy and chemical options, covering various sectors such as energy, alcohols, polyolefins, rubber, polyesters, alkalis, etc. It provides an analysis of the underlying market, option factors, and offers option strategies and suggestions for each selected option variety [8]. 1. Market Overview of Underlying Futures 1.1 Price and Volume Changes - The report presents the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of multiple energy and chemical futures contracts. For example, the latest price of crude oil (SC2601) is 462, with a price increase of 2 and a price change percentage of 0.43%. Its trading volume is 2.93 million lots, an increase of 0.34 million lots, and the open interest is 2.55 million lots, an increase of 0.16 million lots [3]. 2. Option Factors Analysis 2.1 Volume and Open Interest PCR - The volume and open interest PCR of various option varieties are analyzed. For instance, the volume PCR of crude oil options is 1.00, with a change of 0.15, and the open interest PCR is 0.66, with a change of 0.01. These indicators are used to describe the strength of the option underlying market and the turning point of the underlying market [4]. 2.2 Pressure and Support Levels - The pressure and support levels of option underlying assets are determined based on the strike prices of the maximum open interest of call and put options. For example, the pressure level of crude oil is 500, and the support level is 450 [5]. 2.3 Implied Volatility - The implied volatility of options is analyzed, including at - the - money implied volatility, weighted implied volatility, and its changes, annual average implied volatility, call and put implied volatility, historical volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of crude oil options is 24.1, the weighted implied volatility is 28.90, with a change of 0.91 [6]. 3. Option Strategies and Suggestions for Different Varieties 3.1 Crude Oil Options - **Underlying Market Analysis**: The demand of US refineries has stabilized and rebounded. Shale oil production has slightly increased, and OPEC exports have increased. The European refined oil inventory is in a low - level destocking state, and the crude oil inventory has increased. The crude oil market showed a short - term weak and volatile trend in August, continued to be weak and bearish in September and then gradually rebounded, fell sharply in October and then stopped falling and rebounded, and has shown a weak and bearish sharp decline since November [7]. - **Option Factor Research**: The implied volatility of crude oil options has decreased to near the average. The open interest PCR is below 0.80, indicating a weak market. The pressure level is 500, and the support level is 450 [7]. - **Option Strategy Suggestions**: Directional strategy: None. Volatility strategy: Construct a short - biased call + put option combination strategy to obtain option time value and directional returns, and dynamically adjust the position to keep the delta of the position short. Spot long - hedging strategy: Construct a long collar strategy, holding spot long + buying put options + selling out - of - the - money call options [7]. 3.2 Other Option Varieties - Similar analyses and strategy suggestions are provided for other option varieties such as liquefied petroleum gas, methanol, ethylene glycol, etc., including underlying market analysis, option factor research, and option strategy suggestions [9][10][11]. 4. Charts - The report includes a series of charts for different option varieties, such as price charts, volume and open interest charts, PCR charts, implied volatility charts, historical volatility cone charts, and pressure and support level charts, to visually present the market conditions and option factors of each option variety [14][36][54].

Group 1 - Notable fund managers have increased their positions in Hong Kong stocks during the third quarter, particularly in AI applications and innovative pharmaceuticals, leading to discussions about a potential market rebound in Hong Kong [1] - Daiwa Securities Group reported that mainland Chinese investors are realizing profits in Hong Kong stocks through the Stock Connect mechanism, with a focus on sectors such as electronics, computers, and military industries, while also increasing holdings in high-dividend stocks like energy and metal producers [1] Group 2 - Citic Securities' research indicates that not only the TMT sector but also non-ferrous metals and chemicals are experiencing price increases influenced by AI narratives, with these sectors collectively accounting for over 60% of institutional holdings [4] - The strategy for portfolio adjustment is not to avoid AI narratives but to select stocks with a rising trend in ROE from a low base, suggesting that AI narratives are affecting the slope of market trends rather than the overall trend itself [4]