Overall Insights - In the first three quarters of 2025, 53% of the companies in the North Exchange technology growth sector reported positive net profit growth [11][12][15] - The median revenue of the electronic equipment sector was 229 million yuan, reflecting a year-on-year increase of 16.50%, while the median net profit decreased by 7.58% [17][18] - The median revenue of the machinery equipment sector was 204 million yuan, with a year-on-year increase of 7.63%, and the median net profit increased by 6.22% [27][32] - The median revenue of the automotive sector was 385 million yuan, showing a year-on-year increase of 2.49%, and the median net profit increased by 5.01% [5][44] - The median revenue of the new energy sector was 729 million yuan, with a year-on-year increase of 3.68%, while the median net profit decreased by 33.37% [7][25] Electronic Equipment Sector - Among 46 companies in the electronic equipment sector, 18 reported positive growth in both revenue and net profit in Q1-Q3 2025 [25][26] - Key growth drivers included product structure optimization and increased market competitiveness due to R&D investments and government support policies [25][26] Machinery Equipment Sector - The machinery equipment sector showed signs of stabilization, with 7 companies reporting positive growth in both revenue and net profit in Q1-Q3 2025 [30][31] - Growth was attributed to increased demand for core products and successful market expansion efforts [30][31] Automotive Sector - The automotive sector demonstrated consistent revenue growth, with 11 companies reporting positive growth in both revenue and net profit in Q1-Q3 2025 [5][44] - Companies like 旺成科技 and 捷众科技 expanded their market presence and diversified their product offerings, contributing to their revenue growth [5][6] New Energy Sector - In the new energy sector, only 4 out of 19 companies reported positive growth in both revenue and net profit in Q1-Q3 2025 [7][25] - Companies like 酉立智能 and 长虹能源 achieved significant revenue growth due to effective market expansion and product competitiveness [7][25]

华源控股公告称，为满足战略发展需要，推动多元化布局，拟出资3亿元设立全资子公司苏州芯源科技 有限公司，暂定名，法定代表人为张健。公司持有其100%股权，经营范围涉及半导体、电子设备等。 该事项已获第五届董事会第十二次会议全票通过，无需股东会审议。本次投资不构成关联交易和重大资 产重组，资金为自有资金，分年度投入，对本年度财务无重大影响，但子公司经营有不确定性。近三月 公司相关人员持股无变化，未来三月无股份解禁，暂无减持计划。 ...

Core Insights - The article discusses the emergence of a new trade route in Central Asia, facilitated by the "new caravan" of Chinese goods, particularly automobiles, through the Horgos port [1][3]. Group 1: Trade and Economic Impact - Horgos port exported 258,000 vehicles from January to August 2025, marking an 8.5% year-on-year increase, with electric vehicle exports reaching 102,000 units, a 45.2% increase [3][4]. - The "ferry" model of delivery has gained popularity due to its low cost and flexibility, appealing to foreign automobile importers [1][3]. - The market share of Chinese automobiles in Kazakhstan is projected to reach 39% by 2024, indicating a growing acceptance of Chinese products in the region [4]. Group 2: Logistics and Transportation - The Horgos railway port has dedicated models for new energy vehicles, with a train dispatched every two days carrying approximately 600 cars [3]. - Local drivers, like Yermik Yerkembay, have built trust in Chinese products, leading to an increase in cross-border transportation and the number of transport vehicles [5][7]. - The Horgos Jin Yi International Trade Group exports a variety of products, including daily necessities and large machinery, and has established facilities for drivers to rest [7].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report presents the top ten convertible bonds for November 2025, along with an analysis of the issuing companies, including their financial performance, business models, and key attractions [14][23][36]. 3. Summary by Company 3.1 Zhongte Convertible Bond - Issuer: A globally leading specialized special steel material manufacturing enterprise with a production capacity of approximately 20 million tons of special steel materials per year [14]. - Financial Performance: In 2024, its operating income was 109.203 billion yuan (YoY -4.22%), and the net profit attributable to the parent company was 5.126 billion yuan (YoY -10.41%). In the first three quarters of 2025, the operating income was 81.206 billion yuan (YoY -2.75%), and the net profit attributable to the parent company was 4.33 billion yuan (YoY +12.88%) [14]. - Key Attractions: It is one of the world's steel companies with the most comprehensive variety and specifications, with a production capacity of over 20 million tons of special steel. It has a complete industrial chain, leading cost - control capabilities, and is seeking opportunities for external expansion [15]. 3.2 Shanlu Convertible Bond - Issuer: A company mainly engaged in road and bridge engineering construction and maintenance, with a complete business and management system [23]. - Financial Performance: In 2024, its operating income was 71.348 billion yuan (YoY -2.3%), and the net profit attributable to the parent company was 2.322 billion yuan (YoY +1.47%). In the first three quarters of 2025, the operating income was 41.354 billion yuan (YoY -3.11%), and the net profit attributable to the parent company was 1.41 billion yuan (YoY -3.27%) [23]. - Key Attractions: It has the concept of "China - Special Valuation," potential for improvement in its balance sheet and order volume. It can benefit from infrastructure construction in Shandong Province and the Belt and Road Initiative [26]. 3.3 Hebang Convertible Bond - Issuer: A company with advantages in salt mines, phosphate mines, and natural gas supply, covering the chemical, agricultural, and photovoltaic sectors [36]. - Financial Performance: In 2024, its operating income was 8.547 billion yuan (YoY -3.13%), and the net profit attributable to the parent company was 31 million yuan (YoY -97.55%). In the first three quarters of 2025, the operating income was 5.927 billion yuan (YoY -13.02%), and the net profit attributable to the parent company was 93 million yuan (YoY -57.93%) [36]. - Key Attractions: Its phosphate mines and salt mines contribute to profits, and its liquid methionine production has high - margin potential [37]. 3.4 Aima Convertible Bond - Issuer: A leading enterprise in the electric two - wheeler industry, responsible for R & D, production, and sales [45]. - Financial Performance: In 2024, its operating income was 21.606 billion yuan (YoY +2.71%), and the net profit attributable to the parent company was 1.988 billion yuan (YoY +5.68%). In the first three quarters of 2025, the operating income was 21.093 billion yuan (YoY +20.78%), and the net profit attributable to the parent company was 1.907 billion yuan (YoY +22.78%) [45]. - Key Attractions: The continuation of government subsidies for trade - ins, the implementation of new national standards, and potential improvements in gross margin [46]. 3.5 Xingye Convertible Bond - Issuer: One of the first joint - stock commercial banks approved by the State Council and the People's Bank of China, evolving into a modern financial service group [56]. - Financial Performance: In 2024, its operating income was 212.226 billion yuan (YoY +0.66%), and the net profit attributable to the parent company was 77.205 billion yuan (YoY +0.12%). In the first three quarters of 2025, the operating income was 161.234 billion yuan (YoY -1.82%), and the net profit attributable to the parent company was 63.083 billion yuan (YoY +0.12%) [56]. - Key Attractions: Stable asset quality and continuous growth in scale [57]. 3.6 Huanxu Convertible Bond - Issuer: A global leader in electronic manufacturing design, providing value - added services [67]. - Financial Performance: In 2024, its operating income was 60.691 billion yuan (YoY -0.17%), and the net profit attributable to the parent company was 1.652 billion yuan (YoY -15.16%). In the first three quarters of 2025, the operating income was 43.641 billion yuan (YoY -0.83%), and the net profit attributable to the parent company was 1.263 billion yuan (YoY -2.6%) [67]. - Key Attractions: Leading in smart wearable SiP modules and having a global production layout [68]. 3.7 Chongyin Convertible Bond - Issuer: The earliest local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, with a wide range of business operations [79]. - Financial Performance: In 2024, its operating income was 13.679 billion yuan (YoY +3.54%), and the net profit attributable to the parent company was 5.117 billion yuan (YoY +3.8%). In the first three quarters of 2025, the operating income was 11.74 billion yuan (YoY +10.4%), and the net profit attributable to the parent company was 4.879 billion yuan (YoY +10.19%) [79]. - Key Attractions: Benefiting from the Chengdu - Chongqing economic circle strategy, stable asset growth, and proactive risk management [80]. 3.8 Tianye Convertible Bond - Issuer: A leading enterprise in the chlor - alkali chemical industry in Xinjiang, with an integrated circular economy industrial chain [88]. - Financial Performance: In 2024, its operating income was 11.156 billion yuan (YoY -2.7%), and the net profit attributable to the parent company was 68 million yuan (YoY +108.83%). In the first three quarters of 2025, the operating income was 7.97 billion yuan (YoY +2.2%), and the net profit attributable to the parent company was 7 million yuan (YoY -28.79%) [88]. - Key Attractions: Relatively stable caustic soda production costs and plans to increase dividend frequency and advance coal mine projects [89]. 3.9 Aorui Convertible Bond - Issuer: A company focusing on the R & D, production, and sales of complex APIs and preparations, leading in multiple fields [101]. - Financial Performance: In 2024, its operating income was 1.476 billion yuan (YoY +16.89%), and the net profit attributable to the parent company was 355 million yuan (YoY +22.59%). In the first three quarters of 2025, the operating income was 1.237 billion yuan (YoY +13.67%), and the net profit attributable to the parent company was 354 million yuan (YoY +24.58%) [101]. - Key Attractions: Improving its dealer network, expanding the market for its preparation products, and having high - quality customer resources [102]. 3.10 Yushui Convertible Bond - Issuer: The largest integrated water supply and drainage enterprise in Chongqing, with a monopoly position in the local market [110]. - Financial Performance: In 2024, its operating income was 6.999 billion yuan (YoY -3.52%), and the net profit attributable to the parent company was 785 million yuan (YoY -27.88%). In the first three quarters of 2025, the operating income was 5.568 billion yuan (YoY +7.21%), and the net profit attributable to the parent company was 779 million yuan (YoY +7.1%) [110]. - Key Attractions: Stable water supply and drainage business, expanding market share, and effective cost control [111].

Group 1: Tax Policy on Gold - The Ministry of Finance and the State Taxation Administration announced a tax policy for gold purchases by member units for investment purposes, implementing immediate VAT refunds and exempting urban maintenance and construction tax, as well as education fees [1] - Member units purchasing standard gold for non-investment purposes will be exempt from VAT and will receive a regular invoice based on the actual transaction price [1] - Member units that sell or process standard gold into investment products must pay VAT according to current regulations and issue regular invoices, not special VAT invoices [1] Group 2: AI Industry Developments - OpenAI is preparing for its initial public offering (IPO), potentially valuing the company at $1 trillion, which could be the largest IPO in history [2] - AI technology is advancing rapidly, with significant cost reductions and efficiency improvements in AI applications, such as a 90% cost reduction and a tenfold increase in efficiency for automated audio drama production [2] - The number of active mobile users in China's AI application sector has surpassed 700 million, indicating strong growth in the industry [2] Group 3: Nuclear Energy Innovations - The Shanghai Institute of Applied Physics successfully completed the first conversion of thorium-uranium nuclear fuel in a 2 MW liquid fuel thorium molten salt experimental reactor, marking a significant milestone in thorium resource utilization [3] - The thorium molten salt reactor operates at normal pressure, eliminating explosion risks and addressing the urgent issue of nuclear fuel supply shortages [4] - China has abundant thorium resources, making thorium molten salt reactors a preferred direction for nuclear energy development in the country [4] Group 4: Huawei's New Smartphone Launch - Huawei's Mate 80 series is set to launch with four models, featuring a 1.5K resolution screen and a new design that allows for cloud service integration through voice commands [5] - The Mate 80 series represents a shift from traditional smartphones to intelligent assistants, enhancing user interaction and functionality [5] - The evolution of AI in smartphones is accelerating, with devices becoming capable of understanding, generating, and executing tasks locally [5] Group 5: Shareholder Reductions - Several companies, including Tianshi Technology and Yongzhen Co., announced plans for significant share reductions by major shareholders through various trading methods [6] - High-tech firms are experiencing shareholder movements, with reductions planned for up to 3% of total share capital in some cases [6] - These shareholder actions may impact market perceptions and stock performance for the involved companies [6]

Core Insights - Samsung views China as one of its largest overseas markets, highlighting the significant opportunities for foreign enterprises due to China's high-level opening and market potential [2] - Since entering the Chinese market in 1992, Samsung has transformed from labor-intensive industries to technology-intensive sectors such as semiconductors and electric vehicle batteries, becoming a key player in Sino-Korean economic cooperation [2] - Samsung has participated in the China International Import Expo for eight consecutive years, showcasing its innovations in AI, semiconductors, and medical devices, aiming to enhance consumer experiences in China [3] Company Strategy - Samsung has established 13 R&D centers in China, focusing on emerging industries like AI and 6G, which support global product development [3] - The company emphasizes its commitment to social responsibility through initiatives in rural revitalization, education, and green operations, contributing to China's modernization efforts [4][5] - Samsung aims to align its future strategies with China's growth by focusing on localized innovation, collaborative industry chains, precise market services, and sustainable development [5] Market Trends - The Chinese market is experiencing multi-faceted growth, driven by digital transformation in traditional industries and increasing demands in green economy, health, and smart consumption [5] - The company recognizes the potential for traditional industries to rejuvenate through digitalization and smart upgrades, creating a strong attraction for global resources [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a significant increase in performance for the first three quarters of 2025, achieving operating revenue of 3.398 billion yuan, a year-on-year growth of 38.71%, and a net profit attributable to shareholders of 317 million yuan, a year-on-year increase of 50.81% [2][4]. - In Q3 2025, the company achieved operating revenue of 1.258 billion yuan, a year-on-year growth of 44.34% and a quarter-on-quarter growth of 5.83%. The net profit attributable to shareholders reached 144 million yuan, marking a year-on-year increase of 139.04% and a quarter-on-quarter increase of 53.08% [2][4]. - The company maintains a strong gross margin of 23.06% and a net margin of 9.32% for the first three quarters, with Q3 margins improving to 24.38% and 11.45% respectively [2][4]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 3.398 billion yuan, with a gross margin of 23.06% and a net margin of 9.32% [2][4]. - In Q3 2025, the company reported operating revenue of 1.258 billion yuan, with a gross margin of 24.38% and a net margin of 11.45% [2][4]. Future Outlook - The company is focusing on expanding its high-end product operations, with plans to raise up to 1.98 billion yuan for investment in AI and high-density interconnect circuit board projects, which will significantly enhance its production capacity [11]. - The company has established itself as a leader in HDI products and is well-positioned to meet the growing demands of high-end server markets, particularly in AI and GPU acceleration [11]. Earnings Forecast - The company is projected to achieve net profits of 471 million yuan, 764 million yuan, and 1.078 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 117.17, 72.24, and 51.17 [11].

Group 1 - The core message of the article highlights the simultaneous occurrence of a soybean purchase by China from the U.S. and the U.S. imposing new restrictions on Chinese technology products, indicating a dual strategy of cooperation and pressure in U.S.-China relations [1][3][28] - In the last week of October, China quietly ordered four ships of soybeans, totaling over 250,000 tons, marking a significant development in U.S.-China agricultural trade after a period of stagnation [3][5][24] - The U.S. agricultural sector is experiencing anxiety due to high soybean inventories and sluggish exports, leading to pressure on the government to increase agricultural exports to China [7][30] Group 2 - The U.S. Federal Communications Commission (FCC) implemented new regulations that restrict the approval of devices containing "high-risk Chinese components," which has led to the removal of over a million products from major U.S. e-commerce platforms [9][11][26] - The timing of the soybean purchase and the new restrictions on Chinese technology products occurred within days of each other, reflecting a calculated approach by the U.S. to manage its trade and technology policies simultaneously [13][22][32] - The article emphasizes the structural contradictions in U.S.-China economic relations, where agricultural products are used as leverage for negotiations, while technology and supply chain security remain high-pressure areas for U.S. policy [13][30][32]

1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views of the Report - Gold: Monitor risks in US banks [2] - Silver: Oscillate and rebound [2] - Copper: With increasing disturbing factors, prices will oscillate [2] - Zinc: Range-bound oscillation [2] - Lead: Continuous reduction in domestic and foreign inventories supports prices [2] - Tin: Pay attention to macro - impacts [2] - Aluminum: Fluctuations will converge; Alumina: Slight decline; Cast aluminum alloy: Follow electrolytic aluminum [2] - Nickel: With the game between smelting inventory accumulation and nickel ore concerns, nickel prices will oscillate in a narrow range; Stainless steel: Limited downside potential, lack of upward drivers [2] 3. Summary by Related Catalogs Gold - **Fundamental Tracking**: Data on prices, trading volume, positions, ETF holdings, inventories, spreads, and exchange rates of gold - related products are presented. For example, the closing price of Comex gold 2512 yesterday was 4038.30, with a daily increase of 2.45% [4]. - **Macro and Industry News**: There were high - level meetings between China and the US, and central bank policies in Europe, Japan, etc. [4][7] - **Trend Intensity**: Gold trend intensity is 1 [6] Silver - **Fundamental Tracking**: Similar to gold, data on prices, trading volume, positions, ETF holdings, inventories, spreads, etc. of silver - related products are provided. For example, the closing price of Comex silver 2512 yesterday was 48.730, with a daily increase of 3.08% [4]. - **Trend Intensity**: Silver trend intensity is 1 [6] Copper - **Fundamental Tracking**: Data on prices, trading volume, positions, inventories, spreads, etc. of copper - related products are shown. For example, the closing price of the Shanghai copper main contract yesterday was 87,960, with a daily decline of 0.85% [8]. - **Macro and Industry News**: High - level meetings between China and the US, European central bank policies, and news in the copper industry such as potential copper concentrate exports in Indonesia, policy changes in the US, and production data from major copper producers [8][10] - **Trend Intensity**: Copper trend intensity is 0 [10] Zinc - **Fundamental Tracking**: Information on prices, trading volume, positions, spreads, inventories, etc. of zinc - related products is given. For example, the closing price of the Shanghai zinc main contract was 22365, with a decline of 0.29% [11]. - **News**: High - level meetings between China and the US and related tariff agreements [11] - **Trend Intensity**: Zinc trend intensity is 0 [13] Lead - **Fundamental Tracking**: Data on prices, trading volume, positions, spreads, inventories, etc. of lead - related products are provided. For example, the closing price of the Shanghai lead main contract was 17350, with a decline of 0.03% [14]. - **News**: High - level meetings between China and the US and European central bank policies [14] - **Trend Intensity**: Lead trend intensity is 0 [14] Tin - **Fundamental Tracking**: Data on prices, trading volume, positions, inventories, spreads, etc. of tin - related products are presented. For example, the closing price of the Shanghai tin main contract was 283,600, with a daily decline of 1.09% [16]. - **Macro and Industry News**: High - level meetings between China and the US, central bank policies in Europe, Japan, etc., as well as corporate news [17] - **Trend Intensity**: Tin trend intensity is 0 [19] Aluminum, Alumina, and Cast Aluminum Alloy - **Fundamental Tracking**: Comprehensive data on prices, trading volume, positions, spreads, inventories, etc. of aluminum, alumina, and cast aluminum alloy - related products are provided. For example, the closing price of the Shanghai aluminum main contract was 21245 [20]. - **Comprehensive News**: Japan's central bank policy and US Senate's resolution on tariffs [21] - **Trend Intensity**: Aluminum trend intensity is 0; Alumina trend intensity is - 1; Aluminum alloy trend intensity is 0 [21] Nickel and Stainless Steel - **Fundamental Tracking**: Data on prices, trading volume, positions, spreads, etc. of nickel and stainless - steel - related products are shown. For example, the closing price of the Shanghai nickel main contract was 120,980 [23]. - **Macro and Industry News**: Incidents in the Indonesian nickel mining industry, China's policy on imports, and potential US tariff policies [23][25] - **Trend Intensity**: Nickel trend intensity is 0; Stainless steel trend intensity is 0 [25]

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - On October 30, 2025, Chinese President Xi Jinping met with US President Trump in Busan. The China - US economic and trade teams reached consensus on issues such as the 301 measures on China's maritime, logistics, and shipbuilding industries, the extension of the suspension period of reciprocal tariffs, fentanyl tariffs and law - enforcement cooperation, agricultural product trade, and export controls. Overall, it's a "one - year truce" between the two countries, and the long - term competition and game between China and the US are certain [6]. - Glass is short - term weak and medium - term in a volatile market. In the short term, due to the industry meeting falling short of expectations, the market's expectation of supply - side contraction in the glass industry has significantly decreased, and with the real - estate market not improving significantly, the price is weak. In the medium term, the market may fluctuate repeatedly [7]. Summary by Relevant Catalogs Gold and Silver - **Core Viewpoint**: Gold should focus on US bank risks, and silver is in an oscillating rebound. Gold's trend strength is 1, and silver's is also 1 [10][13][15]. - **Fundamental Data**: Provided data on prices, trading volumes, positions, inventories, and spreads of gold and silver futures and spot in domestic and international markets, as well as exchange - rate data [13]. - **Macro and Industry News**: Included news such as the China - US leaders' meeting, the European Central Bank's "holding steady", the Bank of Japan's maintaining interest rates, and corporate earnings reports [13][16]. Copper - **Core Viewpoint**: The number of disturbing factors for copper has increased, and the price is oscillating. The trend strength is 0 [10][17][18]. - **Fundamental Data**: Presented data on copper futures prices, trading volumes, positions, inventories, and spreads, as well as spot prices and spreads [17]. - **Macro and Industry News**: Covered news like the China - US leaders' meeting, the European Central Bank's "holding steady", Indonesia's possible permission for copper concentrate exports, and changes in copper production of some companies [17][18][19]. Zinc - **Core Viewpoint**: Zinc is in a range - bound oscillation. The trend strength is 0 [10][20][22]. - **Fundamental Data**: Showed data on zinc futures prices, trading volumes, positions, spot premiums, and import and export profits and losses [20]. - **News**: Included the news of the China - US economic and trade teams reaching consensus [20]. Lead - **Core Viewpoint**: The continuous reduction of domestic and foreign lead inventories supports the price. The trend strength is 0 [10][23]. - **Fundamental Data**: Provided data on lead futures prices, trading volumes, positions, spot premiums, and import and export profits and losses, as well as inventory data [23]. - **News**: Mentioned the China - US leaders' meeting [23]. Tin - **Core Viewpoint**: Tin should focus on macro - level impacts. The trend strength is 0 [10][25][28]. - **Fundamental Data**: Offered data on tin futures prices, trading volumes, positions, inventories, and spreads, as well as spot prices and spreads [25]. - **Macro and Industry News**: Included news such as the China - US leaders' meeting, the European Central Bank's "holding steady", and corporate earnings reports [25][26]. Aluminum, Alumina, and Cast Aluminum Alloy - **Core Viewpoint**: Aluminum's price fluctuation is converging, alumina is slightly declining, and cast aluminum alloy follows electrolytic aluminum. Aluminum's trend strength is 0, alumina's is - 1, and cast aluminum alloy's is 0 [10][29][31]. - **Fundamental Data**: Presented data on prices, trading volumes, positions, inventories, and spreads of aluminum, alumina, and cast aluminum alloy futures and spot, as well as cost and profit data [29]. - **Comprehensive News**: Included news such as the Bank of Japan's maintaining interest rates and the US Senate's passing a resolution to terminate Trump's comprehensive tariff policy [31]. Nickel and Stainless Steel - **Core Viewpoint**: Nickel is in a narrow - range oscillation due to the game between smelting inventory accumulation and nickel - ore concerns. Stainless steel has limited downward potential and lacks upward drivers. The trend strength of both is 0 [10][32][34]. - **Fundamental Data**: Provided data on nickel and stainless - steel futures prices, trading volumes, positions, and prices and spreads in the industrial chain [32]. - **Macro and Industry News**: Included news such as Indonesia's taking over a nickel - ore mining area, China's suspension of a non - official subsidy for imported copper and nickel from Russia, and Indonesia's sanctions on mining companies [32][33]. Lithium Carbonate - **Core Viewpoint**: After the absolute price of lithium carbonate rises, attention should be paid to the switching of expectations between the Q1 off - season and lithium - ore resumption of work. The trend strength is 0 [10][35][37]. - **Fundamental Data**: Presented data on lithium carbonate futures prices, trading volumes, positions, basis, and prices in the industrial chain [35]. - **Macro and Industry News**: Included news such as the increase in lithium - carbonate prices, changes in production and inventory, a lithium - ore auction, and the G7's plan to establish a critical - mineral production alliance [36][37]. Industrial Silicon and Polysilicon - **Core Viewpoint**: Industrial silicon should focus on subsequent warehouse - receipt registration, and polysilicon is in a high - level oscillating state. The trend strength of both is 0 [10][38][40]. - **Fundamental Data**: Provided data on prices, trading volumes, positions, spreads, and inventories of industrial silicon and polysilicon futures and spot, as well as cost and profit data [38]. - **Macro and Industry News**: Included news about the release of the list of enterprises meeting the photovoltaic manufacturing industry's standard conditions [38][40]. Iron Ore - **Core Viewpoint**: Iron ore is in a relatively strong oscillation. The trend strength is 0 [10][42][43]. - **Fundamental Data**: Presented data on iron - ore futures prices, positions, spot prices, and spreads [42]. - **Macro and Industry News**: Included news of the China - US leaders' meeting [42]. Rebar and Hot - Rolled Coil - **Core Viewpoint**: Due to the repeated macro - level sentiment, rebar and hot - rolled coil are in a wide - range oscillation. The trend strength of both is 0 [10][45][46][48]. - **Fundamental Data**: Provided data on rebar and hot - rolled coil futures prices, trading volumes, positions, spot prices, and spreads [46]. - **Macro and Industry News**: Included news such as changes in production, inventory, and apparent demand, policies supporting commercial real - estate REITs, and the release of the 15th Five - Year Plan's suggestions [47][48]. Ferrosilicon and Silicomanganese - **Core Viewpoint**: Due to the repeated market sentiment, ferrosilicon and silicomanganese are in a wide - range oscillation. The trend strength of both is 0 [10][50][53]. - **Fundamental Data**: Presented data on ferrosilicon and silicomanganese futures prices, trading volumes, positions, spot prices, and spreads [50]. - **Macro and Industry News**: Included news such as price quotes of ferrosilicon and silicomanganese, changes in production and capacity utilization in different regions, and steel - mill procurement prices [50][52][53]. Coke and Coking Coal - **Core Viewpoint**: Coke is in a relatively strong oscillation, and coking coal is in a relatively strong oscillation due to the resonance of macro - level and sector - theme factors. The trend strength of both is 0 [10][54][55][56]. - **Fundamental Data**: Provided data on coke and coking - coal futures prices, trading volumes, positions, spot prices, and spreads [55]. - **Macro and Industry News**: Included news of the China - US leaders' meeting [56]. Logs - **Core Viewpoint**: Logs are in an oscillating and repeated state [57].