Report Industry Investment Ratings No relevant information provided. Core Views of the Report - The report analyzes the market conditions of various commodities, including energy, metals, and agricultural products, and provides investment suggestions based on supply - demand relationships, cost factors, and macro - economic conditions. For example, it suggests short - term trading opportunities in oil and copper, and provides outlooks on the price trends of other commodities such as aluminum, zinc, and lithium carbonate. Summary by Commodity Categories Energy - **Crude Oil**: After OPEC and IEA adjusted their balance sheet forecasts, and EIA crude oil inventories increased by 641,300 barrels last week, there is still room for the oil price to decline this year. Traders are advised to look for opportunities to short on price rebounds [1]. - **Fuel Oil & Low - Sulfur Fuel Oil**: High - sulfur fuel oil is supported by Russian supply risks but is offset by OPEC+ production increases. Low - sulfur fuel oil benefits from supply pressure relief and demand improvement in the fourth - quarter shipping season. The previously - laid out strategy of widening the high - low sulfur spread has been gradually realized, and it is advisable to consider closing positions [21]. - **Liquefied Petroleum Gas (LPG)**: The international LPG market is strong, with tight import supply. Improved profitability of butane dehydrogenation devices and increased demand for combustion due to cooling weather have tightened supply - demand, so LPG is expected to be strong [23]. - **Natural Gas**: No relevant information provided. - **Coal**: - **Coking Coal**: With Mongolian coal imports at a high level and a slight decline in coking coal mine production, the overall supply of carbon elements is abundant, and downstream demand is weak. The coking coal price is expected to be strong in a volatile manner [17]. - **Thermal Coal**: No relevant information provided. - **Urea**: Market rumors of the release of the fifth batch of export quotas support the market, but caution is needed during the key storage period. Xinjiang Zhongneng's new device is producing, and industrial demand is increasing. The market is expected to oscillate with a slightly upward price center [24]. - **Methanol**: The methanol futures contract is in a low - level oscillation. Port inventories are increasing, overseas device operation rates are high, and downstream demand is weak. However, the valuation is low, and the market may rebound with positive news [25]. Metals - **Precious Metals**: After the US government ended its shutdown, the sustainability of the upward movement of international gold and silver is questionable, and attention should be paid to the resistance at previous high levels [2]. - **Base Metals**: - **Copper**: After the US government ended its shutdown, the market focused on economic growth. Domestic copper inventories increased, and the copper price is in a short - term oscillation. Short - term high - level short positions can be traded against 88,000 yuan [3]. - **Aluminum**: The macro - environment is positive, and the long - term supply - demand of the aluminum market is promising. The short - term fundamentals are stable, and the price has reached a three - year high. Attention should be paid to capital trends [4]. - **Zinc**: Overseas smelter profits are recovering, and domestic smelters are reducing production. The gap between domestic and foreign fundamentals is narrowing. It is advisable to close long - short cross - market arbitrage positions and consider short - long cross - market arbitrage [7]. - **Lead**: No relevant information provided. - **Nickel**: The nickel market is affected by overall over - supply, and the price is weak. Stainless steel prices are also under pressure [9]. - **Tin**: The tin market is trading on the tight current situation, but the trend of inventory reduction is unclear. From a fundamental perspective, short positions can be considered for the long - term [10]. - **Alumina**: The supply of alumina is in an over - supply situation, and the price is weak with limited rebound space [6]. - **Cast Aluminum Alloy**: The price of cast aluminum alloy follows the aluminum price, and there is no obvious driving force for the price difference [5]. - **Ferroalloys**: - **Silicon Manganese**: The price is oscillating, with a large - scale steel mill's tender price unchanged. Iron - water production has increased, and the silicon - manganese inventory is slowly increasing. The price has strong bottom support [18]. - **Silicon Iron**: The price is oscillating, with a large - scale steel mill's tender price increasing. Demand is resilient, and supply is high. The price is expected to be easy to rise and difficult to fall [19]. Building Materials - **Rebar & Hot - Rolled Coil**: Steel prices are in a narrow - range oscillation. Rebar demand has declined slightly, and hot - rolled coil demand is stable. The negative feedback pressure in the industrial chain remains, and the market is expected to oscillate [14]. - **Cement**: No relevant information provided. - **Glass**: The glass market is weak, with high intermediate inventories. The cost has increased, and the profit has narrowed. The price is expected to have limited decline space, and it is advisable to wait and see [32]. - **Gypsum Board**: No relevant information provided. Chemicals - **Polypropylene & Plastic & Propylene**: The propylene market supply is loose, and demand is supported to some extent. Polyethylene demand is weakening, and polypropylene prices are showing signs of stabilizing [28]. - **PVC & Caustic Soda**: PVC is in a narrow - range oscillation. The cancellation of India's BIS certification has little impact, and the market is supply - high and demand - low. Caustic soda is in an oscillating trend, with cost increasing and demand weak [29]. - **Pure Benzene**: Overseas gasoline prices are strong, and the price of pure benzene has elasticity, but downstream profits are weak, and caution is needed when looking at the rebound height [26]. - **Styrene**: The overseas market is strong, but domestic supply is expected to increase [27]. - **Ethylene Glycol**: The supply of ethylene glycol is under pressure, and the demand is expected to weaken in the medium - term. A short - term bearish view is maintained [30]. - **Short - Fiber & Bottle - Chip**: Short - fiber has no new investment pressure, but demand is expected to weaken. Bottle - chip demand is weakening, and the long - term problem of over - capacity exists [31]. - **PTA & PX**: Affected by the tight overseas aromatic hydrocarbon market, PX and PTA prices have rebounded, but there is still an expectation of industry production reduction. Caution is needed when being bullish [29]. - **Asphalt**: The decline of asphalt has slowed down, and the demand is lower than expected. The inventory reduction has slowed down, and the long - term fundamentals are bearish [22]. Agricultural Products - **Grains**: - **Corn**: The selling progress of corn in Northeast China is slower than expected, and the price is stable and slightly strong. The price of wheat is weakening. The Dalian corn futures contract is expected to be weak at the bottom [39]. - **Rice**: No relevant information provided. - **Oilseeds & Oils**: - **Soybeans & Soybean Meal**: US soybeans have reached a recent high. The planting progress of new - season soybeans in South America is slow, and attention should be paid to the USDA November supply - demand report. There may be opportunities to go long at low prices after Sino - US trade eases [35]. - **Soybean Oil & Palm Oil**: This week, attention should be paid to the USDA supply - demand report. Rapeseed oil is strong, soybean oil follows, and palm oil has a weak follow - up. The price of palm oil is oscillating, and attention should be paid to its supply - demand and the trend of surrounding oils [36]. - **Rapeseed Meal & Rapeseed Oil**: Rapeseed oil is strong, with inventory declining. The Canadian bio - fuel incentive plan boosts demand. The rapeseed price is expected to be under pressure in the short - term, and the oil - strong and meal - weak situation is expected to continue [37]. - **Sugar**: International sugar supply is sufficient, and the US sugar price faces pressure. In China, the market focus has shifted to the new - season production estimate, and the production expectation in Guangxi is good [43]. - **Cotton**: Before the release of the US agricultural report, the market is cautious. The new - cotton cost provides support, but the demand is average. It is advisable to wait and see [42]. - **Fruits**: - **Apples**: The apple price has risen sharply. The inventory has decreased year - on - year, and the short - term price is strong. In the long - term, there may be inventory pressure on the far - month contract [44]. - **Oranges**: No relevant information provided. - **Livestock & Poultry**: - **Pigs**: The far - month futures price of pigs is rising, and the near - month price follows. The spot price is weak. The market is trading on the expectation of capacity reduction, and the price is expected to have a second bottom in the first half of next year [40]. - **Chickens**: No relevant information provided. - **Eggs**: The egg futures price is falling, and the supply is at a high level. High - level short positions can be held, and attention should be paid to spot performance and old - hen culling [41]. Others - **Shipping**: The container shipping index (European line) is in an oscillating pattern. The realization of the price increase in December is in question, and the market is expected to continue to oscillate [20]. - **Paper Pulp**: The paper pulp futures price has risen, and the inventory has increased. The overseas price is strong, and there is a risk of a short squeeze. It is advisable to hold long positions cautiously [46]. - **Timber**: The timber price is weak, with high external quotes and low domestic prices. The demand provides support, and the inventory is low. It is advisable to wait and see [45]. - **Stock Index**: A - shares opened low and closed high, and the stock index futures rose. Overseas markets are weak, and the risk preference has declined. Technology and advanced manufacturing are still the mid - term focus, and attention can be paid to the recovery opportunities of consumer and cyclical sectors [47]. - **Treasury Bond**: Treasury bond futures have declined, and the stock - bond seesaw effect is obvious. The market risk preference change may bring new opportunities [48].

Report Summary 1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Views of the Report - **Overall Market**: The A-share market showed a general upward trend on Thursday, with cyclical sectors performing actively and some high-dividend sectors slightly correcting. The bond market was affected by the strong performance of the risk market, and the precious metal market experienced a decline after an initial rise. The shipping index fluctuated, and various commodity futures markets had different trends [2][5][7]. - **Investment Suggestions**: For stock index futures, it is recommended to wait for stabilization and mainly adopt a wait-and-see approach. For bond futures, it is advisable to wait for the release of economic data and consider going long on dips. For precious metals, it is recommended to buy on dips. For various commodity futures, different trading strategies are proposed according to their respective market conditions [4][6][8]. 3. Summary by Directory Financial Derivatives - Financial Futures - **Stock Index Futures**: The A-share market rose across the board on Thursday, with major indices closing in the green. The four major stock index futures contracts also rose, and the basis spread of the main contracts fluctuated narrowly. It is recommended to wait for stabilization and mainly adopt a wait-and-see approach [2][3][4]. - **Treasury Bond Futures**: Treasury bond futures closed down across the board, and the yields of major interest rate bonds mostly rose. The market is currently in a tug-of-war between multiple and short factors, and it is necessary to pay attention to the implementation of the new regulations on bond fund redemption fees and the fermentation of broad monetary policy expectations. It is recommended to go long on dips [5][6]. Financial Derivatives - Precious Metals - **Gold and Silver**: The US government ended its shutdown, and Fed officials were cautious about a December rate cut, causing precious metals to rise initially and then fall. In the medium and long term, precious metals are expected to enter a bull market. It is recommended to buy on dips [7][8]. Financial Derivatives - Container Shipping Index (European Line) - **EC**: The spot price is cold, and the futures market is expected to fluctuate within the range of 1650 - 1850 points. It is recommended to conduct band operations [11][12]. Commodity Futures - Non-ferrous Metals - **Copper**: The liquidity risk has eased, and the copper price is expected to fluctuate strongly. It is recommended to pay attention to the Fed's rate cut rhythm and Sino-US tariff situation [12][13][15]. - **Alumina**: The market is in a state of loose supply and demand, and the price is expected to fluctuate weakly. It is necessary to pay attention to the production reduction trend of high-cost enterprises [15][16][17]. - **Aluminum**: The market shows a strong macro-drive and weak fundamental support. The price is expected to fluctuate widely, and it is recommended to short on rallies [18][20][21]. - **Aluminum Alloy**: The price is expected to maintain a strong and volatile trend, and it is necessary to pay attention to the improvement of scrap aluminum supply and downstream procurement rhythm [21][23][24]. - **Zinc**: The price is expected to fluctuate, and it is recommended to pay attention to the improvement of demand and the change of inventory [24][25][27]. - **Tin**: The supply side remains tight, and the price is expected to fluctuate strongly. It is recommended to hold long positions [27][30][31]. - **Nickel**: The market is in a state of more short-term and long-term factors, and the price is expected to fluctuate weakly. It is recommended to pay attention to macro expectations and Indonesian industrial policies [32][33][34]. - **Stainless Steel**: The market is in a state of weak macro-drive and strong fundamental pressure, and the price is expected to fluctuate weakly. It is recommended to pay attention to macro expectations and steel mill supply [34][36][37]. - **Lithium Carbonate**: The market is in a state of strong supply and demand expectations, and the price is expected to fluctuate. It is recommended to pay attention to the resumption of production of large factories and the marginal change of demand [37][40][41]. - **Polysilicon**: The market is in a state of high price and weak supply and demand, and the price is expected to fluctuate at a high level. It is recommended to pay attention to the establishment of platform companies and the change of demand [41][43]. - **Industrial Silicon**: The market is in a state of supply pressure and cost support, and the price is expected to fluctuate at a low level. It is recommended to pay attention to the implementation of organic silicon production reduction [44][46]. Commodity Futures - Ferrous Metals - **Steel**: The overall demand for five major steel products declined, and steel mills reduced production. The inventory continued to be destocked. It is recommended to short on rallies and hold the long coking coal and short hot-rolled coil arbitrage [47][48][49]. - **Iron Ore**: The iron ore market fluctuated. The global shipment volume decreased, the port arrival volume decreased, and the port inventory increased. It is recommended to wait and see on a single side and partially take profit on the long coking coal and short iron ore arbitrage [50][51]. - **Coking Coal**: The coking coal market showed a low-level volatile trend. The supply is expected to increase, and the demand for replenishment is weak. It is recommended to view it as a volatile market and conduct a 1 - 5 positive spread arbitrage [52][55]. - **Coke**: The coke market showed a low-level volatile trend. The fourth round of price increases was partially implemented, and there is still an expectation of price increases. It is recommended to view it as a volatile market and conduct a 1 - 5 positive spread arbitrage [56][58]. Commodity Futures - Agricultural Products - **Meal**: The domestic soybean meal spot market price was stable with an upward adjustment, and the rapeseed meal market price decreased. It is recommended to pay attention to the repair of crushing margins and the adjustment of the US Department of Agriculture's monthly supply and demand report [59].

Core Viewpoint - The London Metal Exchange (LME) copper prices increased slightly, while other base metals mostly declined, reflecting cautious market sentiment regarding the reopening of the U.S. government [1][4]. Group 1: Copper Market - On November 13, LME three-month copper rose by $12, or 0.11%, closing at $10,956 per ton [2]. - During the trading session, copper prices briefly surpassed the psychological threshold of $11,000, reaching $11,018 per ton for the first time this month before retracting [1]. Group 2: Other Base Metals - Three-month aluminum increased by $2, or 0.07%, closing at $2,896.50 per ton [2]. - In contrast, three-month zinc decreased by $20, or 0.65%, to $3,055.00 per ton, and three-month lead fell by $17.50, or 0.84%, to $2,078.00 per ton [2]. Group 3: Market Sentiment and Economic Indicators - Analysts emphasize that strong demand, particularly from major consumer countries, is crucial for sustaining price increases [4]. - Investors are awaiting key economic data from China, including new home prices, retail sales, and industrial output [5]. - The Minneapolis Federal Reserve President noted mixed economic signals, with inflation around 3% and pressures in certain labor market sectors [5]. Group 4: Aluminum Price Forecast - ANZ raised its short-term aluminum price target from $2,700 to $2,900 per ton due to strong demand from manufacturing, construction, and automotive sectors [5]. - The bank forecasts aluminum prices could reach $3,000 per ton by June 2026, driven by tightening supply against rising demand [5].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - For the stock index, after a continuous rise, the hot sectors are rotating rapidly, with technology growth remaining the market's main line. Policy support for the capital market remains unchanged, and the medium - to long - term strategy is mainly to go long on dips [4]. - For treasury bonds, in the fourth quarter, the supply - demand pattern of the bond market may improve. The market is likely to remain volatile under the background of weak domestic demand recovery and improved inflation expectations, and the bond market is expected to recover in a volatile manner [6]. - For precious metals, in the early stage of the Fed's easing cycle, it is recommended to go long on silver on dips. The gold - silver ratio still has room for further downward repair [7]. - For non - ferrous metals, copper prices are expected to be volatile and slightly stronger in the short term; aluminum prices may rise further; zinc prices are short - term strong but with limited upside in the surplus cycle; lead prices are expected to be strong; nickel prices are recommended to be observed in the short term; tin prices are expected to be strong and volatile; lithium carbonate is in high - level oscillation; alumina is recommended to be observed; stainless steel prices are expected to remain weak; casting aluminum alloy prices are expected to follow aluminum prices [10][12][14][17][18][21][22][24][26][28]. - For black building materials, steel prices are expected to be weak and volatile in the short term but may recover in the future; iron ore prices are expected to be weak in the short term; glass prices are expected to be weak; soda ash prices are expected to be volatile; for manganese silicon and ferrosilicon, the short - term negative impact is a phased release, and it is more cost - effective to look for rebound opportunities; for industrial silicon and polysilicon, industrial silicon prices are expected to be in consolidation, and polysilicon supply - demand may improve marginally [31][33][35][37][39][43][45]. - For energy and chemicals, for rubber, a neutral approach is recommended for short - term trading; for crude oil, a low - buying and high - selling strategy is maintained, and short - term observation is recommended; for methanol, it is recommended to observe; for urea, it is recommended to observe; for pure benzene and styrene, styrene prices may stop falling; for PVC, it is recommended to short on rallies; for ethylene glycol, it is recommended to short on rallies; for PTA, pay attention to the opportunity of PXN rising to drive PTA up; for p - xylene, pay attention to the mid - term valuation increase opportunity; for polyethylene, prices are expected to be in low - level oscillation; for polypropylene, prices may be supported in the first quarter of next year [50][52][53][54][57][59][61][63][65][68][70]. - For agricultural products, for live pigs, the first strategy is to do reverse spreads, and then wait to short on rallies; for eggs, prices are expected to be strong in the short term; for soybean and rapeseed meal, short - term follow - up with import cost increases, and mid - term short on rallies; for oils and fats, take a volatile view and turn to a long - term view if there are signs of production decline; for sugar, wait to short after the rebound weakens; for cotton, prices are expected to be in oscillation [73][76][78][81][83][86]. 3. Summaries According to Relevant Catalogs 3.1 Macro - financial Category 3.1.1 Stock Index - **Market Information**: The National Energy Administration explores the construction of new water - wind - solar integration bases; the China Photovoltaic Industry Association refutes rumors; Haibo Sichuang signs a cooperation agreement with CATL; Morgan Stanley raises the target prices of Samsung and SK Hynix and predicts a rise in DRAM and NAND prices [2]. - **Strategy**: The market's main line is technology growth. The medium - to long - term strategy is to go long on dips [4]. 3.1.2 Treasury Bonds - **Market Information**: On Wednesday, the main contracts of TL, T, TF, and TS had different changes. The Fed has a growing divergence on December rate cuts, and the US - EU trade tension affects European enterprises. The central bank conducted 1955 billion yuan of 7 - day reverse repurchase operations, with a net investment of 1300 billion yuan [5]. - **Strategy**: The bond market is expected to recover in a volatile manner in the fourth quarter [6]. 3.1.3 Precious Metals - **Market Information**: Shanghai gold and silver prices rose. The retirement of the Atlanta Fed President may bring a dovish tendency. The US government is likely to reopen, which is positive for precious metals [7]. - **Strategy**: Go long on silver on dips, and the gold - silver ratio has room for downward repair [7]. 3.2 Non - ferrous Metals Category 3.2.1 Copper - **Market Information**: Copper prices rose slightly. LME copper inventory was flat, and domestic warehouse receipts increased. The spot import was at a loss, and the refined - scrap price difference declined [9]. - **Strategy**: Copper prices are expected to be volatile and slightly stronger in the short term [10]. 3.2.2 Aluminum - **Market Information**: Aluminum prices were strong but pulled back. The weighted contract positions increased, and the warehouse receipts decreased slightly. Domestic inventories increased slightly, and the spot was at a discount [11]. - **Strategy**: Aluminum prices may rise further [12]. 3.2.3 Zinc - **Market Information**: Zinc prices rose slightly. The domestic social inventory decreased slightly, and the LME inventory and registered warehouse receipts increased slightly [13]. - **Strategy**: Zinc prices are short - term strong but with limited upside in the surplus cycle [14]. 3.2.4 Lead - **Market Information**: Lead prices rose. The domestic social inventory increased slightly, and the LME inventory decreased continuously [16]. - **Strategy**: Lead prices are expected to be strong in the short term [17]. 3.2.5 Nickel - **Market Information**: Nickel prices fell. The spot premium was stable, the nickel ore price was stable, and the nickel iron price fell [18]. - **Strategy**: Observe in the short term, and consider going long if the price drops enough [18]. 3.2.6 Tin - **Market Information**: Tin prices rose. The warehouse receipts decreased, the tin concentrate price rose, and the smelting plant's operating rate rebounded but remained low due to raw material shortages [19]. - **Strategy**: Tin prices are expected to be strong and volatile, and it is recommended to go long on dips [21]. 3.2.7 Lithium Carbonate - **Market Information**: Lithium carbonate prices were in high - level oscillation. The spot index declined slightly, and the futures contract price rose slightly [22]. - **Strategy**: Pay attention to the high - level selling pressure, and focus on December's lithium - battery material production and the equity market atmosphere [22]. 3.2.8 Alumina - **Market Information**: Alumina prices rose slightly. The positions increased, the basis was at a discount, and the overseas price was stable. The futures warehouse receipts were unchanged [23]. - **Strategy**: Observe in the short term, and focus on supply - side policies and other factors [24]. 3.2.9 Stainless Steel - **Market Information**: Stainless steel prices fell. The positions increased, the spot price decreased slightly, and the inventory decreased slightly [25][26]. - **Strategy**: Prices are expected to remain weak in the short term [26]. 3.2.10 Casting Aluminum Alloy - **Market Information**: Casting aluminum alloy prices rose. The positions increased, the trading volume increased, and the warehouse receipts decreased slightly [27]. - **Strategy**: Prices are expected to follow aluminum prices [28]. 3.3 Black Building Materials Category 3.3.1 Steel - **Market Information**: Rebar and hot - rolled coil prices rose slightly. The registered warehouse receipts decreased, and the positions decreased [30]. - **Strategy**: Prices are expected to be weak and volatile in the short term but may recover in the future [31]. 3.3.2 Iron Ore - **Market Information**: Iron ore prices rose. The positions decreased, and the spot price rose. The Simandou iron ore project was put into production [32]. - **Strategy**: Prices are expected to be weak in the short term, and pay attention to the support at 750 - 760 yuan/ton [33]. 3.3.3 Glass and Soda Ash - **Market Information**: Glass prices fell, and the inventory decreased; soda ash prices fell, and the inventory increased [34][36]. - **Strategy**: Glass prices are expected to be weak; soda ash prices are expected to be volatile [35][37]. 3.3.4 Manganese Silicon and Ferrosilicon - **Market Information**: Manganese silicon prices fell slightly, and ferrosilicon prices rose slightly. Both are in the oscillation range [38]. - **Strategy**: The short - term negative impact is a phased release, and it is more cost - effective to look for rebound opportunities [39]. 3.3.5 Industrial Silicon and Polysilicon - **Market Information**: Industrial silicon prices rose slightly, and polysilicon prices rose. Industrial silicon production increased, and polysilicon production decreased in November [42][44]. - **Strategy**: Industrial silicon prices are expected to be in consolidation; polysilicon supply - demand may improve marginally [43][45]. 3.4 Energy and Chemicals Category 3.4.1 Rubber - **Market Information**: Rubber prices rebounded. The 11 - month warehouse receipts are about to expire, and there are different views on the market [47][48]. - **Strategy**: Adopt a neutral approach for short - term trading, and partially build positions for the RU2601 - RU2609 spread [50]. 3.4.2 Crude Oil - **Market Information**: Crude oil and related refined product prices rose [51]. - **Strategy**: Maintain a low - buying and high - selling strategy, and observe in the short term [52]. 3.4.3 Methanol - **Market Information**: Methanol prices rose. The supply pressure increased, and the demand decreased [53]. - **Strategy**: Observe [53]. 3.4.4 Urea - **Market Information**: Urea prices rose. The supply increased, and the demand was weak [54]. - **Strategy**: Observe [54]. 3.4.5 Pure Benzene and Styrene - **Market Information**: Pure benzene prices were stable, and styrene prices were mixed. The supply pressure increased, and the demand decreased [55]. - **Strategy**: Styrene prices may stop falling [57]. 3.4.6 PVC - **Market Information**: PVC prices rose. The cost was stable, the supply increased, and the demand decreased [58]. - **Strategy**: Short on rallies [59]. 3.4.7 Ethylene Glycol - **Market Information**: Ethylene glycol prices rose. The supply decreased slightly, the demand decreased slightly, and the inventory increased [60]. - **Strategy**: Short on rallies [61]. 3.4.8 PTA - **Market Information**: PTA prices rose. The supply decreased slightly, the demand decreased slightly, and the inventory increased [62]. - **Strategy**: Pay attention to the opportunity of PXN rising to drive PTA up [63]. 3.4.9 p - Xylene - **Market Information**: p - Xylene prices rose. The supply increased, the demand decreased, and the inventory increased [64]. - **Strategy**: Pay attention to the mid - term valuation increase opportunity [65]. 3.4.10 Polyethylene - **Market Information**: Polyethylene prices rose. The supply was stable, the demand decreased slightly, and the inventory decreased [66][67]. - **Strategy**: Prices are expected to be in low - level oscillation [68]. 3.4.11 Polypropylene - **Market Information**: Polypropylene prices rose. The supply was stable, the demand increased slightly, and the inventory increased [69]. - **Strategy**: Prices may be supported in the first quarter of next year [70]. 3.5 Agricultural Products Category 3.5.1 Live Pigs - **Market Information**: Pig prices fell. The demand was weak, and the supply was high [72]. - **Strategy**: First, do reverse spreads, and then wait to short on rallies [73][74]. 3.5.2 Eggs - **Market Information**: Egg prices were stable with slight declines. The supply was stable, and the demand was average [75]. - **Strategy**: Prices are expected to be strong in the short term [76]. 3.5.3 Soybean and Rapeseed Meal - **Market Information**: CBOT soybeans rose slightly. Domestic soybean inventory increased, and the meal price was stable [77]. - **Strategy**: Short - term follow - up with import cost increases, and mid - term short on rallies [78]. 3.5.4 Oils and Fats - **Market Information**: Palm oil prices were mixed. The production increased, and the export decreased; rapeseed production was stable [79][80]. - **Strategy**: Take a volatile view and turn to a long - term view if there are signs of production decline [81]. 3.5.5 Sugar - **Market Information**: Sugar prices were in oscillation. Brazilian sugar production increased, and the global supply surplus was revised down [82]. - **Strategy**: Wait to short after the rebound weakens [83]. 3.5.6 Cotton - **Market Information**: Cotton prices were in oscillation. The downstream demand was weak, and the domestic production was high [84][85]. - **Strategy**: Prices are expected to be in oscillation [86].

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - After a previous continuous rise, recent hot sectors have seen rapid rotation, with the technology - growth sector remaining the market's main theme. Policy support for the capital market remains unchanged, and the medium - to long - term strategy is mainly to go long on dips [4]. - In the fourth quarter, the supply - demand pattern of the bond market may improve. The market is expected to remain volatile under the background of weak domestic demand recovery and improved inflation expectations. Attention should be paid to the stock - bond seesaw effect and the increasing allocation power [7]. - Given that the Fed's current easing cycle is in its early stage, it is advisable to go long on silver on dips. The reference operating ranges for the main contracts of Shanghai gold and silver are provided [9]. - The short - term trend of copper prices is expected to be volatile and slightly stronger, while aluminum prices may rise further. Zinc prices may be strong in the short - term but have limited upside in the excess cycle. Lead prices are expected to be strong in the short - term, and nickel prices are recommended to be observed in the short - term [13][15][17][20][22]. - The short - term trend of tin prices is expected to be strong and volatile. The price of lithium carbonate may see high - level selling pressure. Alumina is recommended to be observed in the short - term. Stainless steel prices are expected to remain weak in the short - term, and the price of cast aluminum alloy is expected to follow the trend of aluminum prices [24][27][29][32][34]. - Steel prices are expected to remain weakly volatile in the short - term but may see a demand inflection point in the future. Iron ore prices are expected to remain weak in the short - term. Glass prices are expected to remain weak, and soda ash prices may continue to fluctuate [38][40][42][44]. - For manganese silicon and ferrosilicon, it is more cost - effective to look for positions to rebound rather than to short. Industrial silicon prices are expected to consolidate, and polysilicon prices may see a marginal improvement in the supply - demand pattern [48][51][53]. - For rubber, a neutral approach is recommended, with short - term trading and partial hedging positions. Oil prices are recommended to be observed in the short - term. Methanol, urea, and other chemical products are generally recommended to be observed [59][62][63][64]. - For agricultural products, the general strategy for hogs is to go short on rebounds, eggs are expected to be strongly sorted in the short - term, and soybean meal is recommended to be shorted on rebounds in the medium - term. The trend of oils and fats depends on the export and production of palm oil, and sugar is recommended to be shorted after the rebound weakens. Cotton prices are expected to continue to fluctuate [83][85][87][90][92][96]. 3. Summaries by Directory 3.1 Macro - financial Category 3.1.1 Stock Index - **Market Information**: The central bank aims to maintain the stability of the financial market, and Mexico has postponed the plan to impose high tariffs on Chinese imports. SoftBank has sold all its Nvidia shares worth $5.83 billion [2]. - **Strategy View**: After a previous rise, hot sectors rotate rapidly, and the technology - growth sector is the main theme. The medium - to long - term strategy is to go long on dips [4]. 3.1.2 Treasury Bonds - **Market Information**: The main contracts of treasury bonds showed different changes. The 500 billion yuan of new policy - based financial instruments have been fully invested, and the US Senate has passed a bill to avoid a government shutdown. The central bank conducted a net injection of 286.3 billion yuan [5]. - **Strategy View**: The CPI in October exceeded expectations, and the manufacturing PMI was lower than expected. The supply - demand pattern of the bond market may improve in the fourth quarter, and the market is expected to remain volatile [7]. 3.1.3 Precious Metals - **Market Information**: The prices of Shanghai gold and silver showed different trends. The US non - farm payroll data could not be released normally, and the US government shutdown problem is likely to be resolved, which will improve market liquidity [8]. - **Strategy View**: The market prices a 67.4% probability of a 25 - basis - point Fed rate cut in December. It is advisable to go long on silver on dips, and the reference operating ranges for gold and silver contracts are provided [9]. 3.2 Non - ferrous Metals Category 3.2.1 Copper - **Market Information**: Domestic equity markets declined, and copper prices adjusted. LME and domestic warehouse inventories decreased, and the import loss of domestic copper was about 700 yuan/ton [11]. - **Strategy View**: The expected reopening of the US government and the easing of trade tensions boost market sentiment. The supply of refined copper is expected to tighten marginally, and copper prices may be volatile and slightly stronger in the short - term [13]. 3.2.2 Aluminum - **Market Information**: Aluminum prices fluctuated at a high level. Domestic and foreign inventories decreased, and the spot discount of electrolytic aluminum in East China narrowed [14]. - **Strategy View**: Overseas supply concerns and expected improvement in domestic exports may push aluminum prices higher. Attention should be paid to changes in domestic inventories [15]. 3.2.3 Zinc - **Market Information**: Zinc prices rose slightly. Domestic and foreign inventories and other data are provided, and the import loss of zinc ingots was - 4957.57 yuan/ton [16]. - **Strategy View**: Zinc concentrate TC continues to decline, and the supply of zinc ingots is expected to tighten marginally. Zinc prices may be strong in the short - term but have limited upside in the excess cycle [17]. 3.2.4 Lead - **Market Information**: Lead prices fell slightly. Domestic and foreign inventories decreased, and the domestic social inventory of lead ingots increased slightly [18][19]. - **Strategy View**: Lead concentrate TC continues to decline, and the supply of lead is expected to be tight in the near - term. Lead prices are expected to be strong in the short - term [20]. 3.2.5 Nickel - **Market Information**: Nickel prices fluctuated at a low level. The price of nickel ore was stable, and the price of nickel iron continued to decline [21]. - **Strategy View**: The inventory pressure of refined nickel is significant, and nickel prices are dragged down. It is recommended to observe in the short - term and consider going long if the price drops sufficiently [22]. 3.2.6 Tin - **Market Information**: Tin prices rose slightly. The supply of tin ore is still tight, and the demand from emerging fields provides support [23]. - **Strategy View**: The short - term supply - demand of tin is in tight balance, and prices are expected to be strong and volatile. It is advisable to go long on dips [24]. 3.2.7 Lithium Carbonate - **Market Information**: The price of lithium carbonate increased slightly, and the futures price decreased slightly [26]. - **Strategy View**: The demand is expected to reach a new high this month, but attention should be paid to high - level selling pressure [27]. 3.2.8 Alumina - **Market Information**: Alumina prices decreased slightly. The overseas ore price is expected to decline, and the domestic inventory is expected to increase [28]. - **Strategy View**: The supply of alumina is expected to be in excess, and it is recommended to observe in the short - term [29]. 3.2.9 Stainless Steel - **Market Information**: Stainless steel prices decreased. The supply is in excess, and the demand is weak. The inventory is being released, and the de - stocking speed has slowed down [30][31]. - **Strategy View**: The stainless steel market is expected to remain weak in the short - term due to supply - demand imbalance [32]. 3.2.10 Cast Aluminum Alloy - **Market Information**: Cast aluminum alloy prices decreased. The trading volume decreased, and the inventory increased slightly [33]. - **Strategy View**: The cost of cast aluminum alloy provides support, and the price is expected to follow the trend of aluminum prices [34]. 3.3 Black Building Materials Category 3.3.1 Steel - **Market Information**: The prices of rebar and hot - rolled coils decreased. The registered warehouse receipts of rebar decreased, and the inventory of hot - rolled coils increased [36]. - **Strategy View**: Steel prices are expected to remain weakly volatile in the short - term, but demand may improve in the future [38]. 3.3.2 Iron Ore - **Market Information**: Iron ore prices decreased slightly. The overseas shipment volume decreased, and the demand from steel mills weakened. The port inventory increased [39]. - **Strategy View**: The supply of iron ore is expected to decrease, and the demand is expected to weaken. Iron ore prices are expected to remain weak in the short - term [40]. 3.3.3 Glass and Soda Ash - **Market Information**: The price of glass decreased, and the inventory decreased. The price of soda ash decreased, and the inventory increased [41][43]. - **Strategy View**: The glass market lacks fundamental support and is expected to remain weak. The soda ash market is expected to be volatile due to supply - demand factors [42][44]. 3.3.4 Manganese Silicon and Ferrosilicon - **Market Information**: The prices of manganese silicon and ferrosilicon decreased. The market is affected by macro and fundamental factors [45]. - **Strategy View**: The price trend is affected by macro events. It is more cost - effective to look for positions to rebound rather than to short [47][48]. 3.3.5 Industrial Silicon and Polysilicon - **Market Information**: The prices of industrial silicon and polysilicon decreased. The supply of industrial silicon is expected to decrease, and the supply of polysilicon is expected to decrease in the future [50][52]. - **Strategy View**: Industrial silicon prices are expected to consolidate, and polysilicon prices may see a marginal improvement in the supply - demand pattern [51][53]. 3.4 Energy Chemicals Category 3.4.1 Rubber - **Market Information**: Rubber prices rebounded. The opening rates of tire enterprises showed different trends, and the inventory increased [55][57]. - **Strategy View**: A neutral approach is recommended, with short - term trading and partial hedging positions [59]. 3.4.2 Crude Oil - **Market Information**: The prices of crude oil and related refined products decreased. The inventory of refined products in Fujeirah Port increased [60]. - **Strategy View**: Although the geopolitical premium has disappeared, OPEC's supply has not increased significantly. It is recommended to observe in the short - term [62]. 3.4.3 Methanol - **Market Information**: The price of methanol decreased. The supply increased, and the demand decreased, leading to an increase in inventory [63]. - **Strategy View**: The supply - demand pattern of methanol is weak, and it is recommended to observe in the short - term [63]. 3.4.4 Urea - **Market Information**: The price of urea decreased slightly. The supply increased, and the demand was weak [64]. - **Strategy View**: The supply - demand of urea is in a relatively loose pattern, and it is recommended to observe in the short - term [64]. 3.4.5 Pure Benzene and Styrene - **Market Information**: The price of pure benzene was stable, and the price of styrene decreased. The supply and demand showed different trends [65]. - **Strategy View**: The price of styrene may stop falling temporarily due to inventory reduction, and the BZN spread has room for upward repair [67]. 3.4.6 PVC - **Market Information**: The price of PVC decreased. The supply increased, and the demand decreased, and the inventory increased [68]. - **Strategy View**: The supply - demand of PVC is imbalanced, and it is recommended to short on rallies in the medium - term [69]. 3.4.7 Ethylene Glycol - **Market Information**: The price of ethylene glycol decreased. The supply decreased slightly, and the demand decreased slightly, and the inventory increased [70]. - **Strategy View**: The supply of ethylene glycol is expected to increase, and it is recommended to short on rallies [71]. 3.4.8 PTA - **Market Information**: The price of PTA decreased. The supply is expected to increase, and the demand is expected to be stable, and the inventory is expected to increase [72]. - **Strategy View**: The supply of PTA is expected to increase, and the processing fee is under pressure. Attention should be paid to the opportunity of PTA strengthening driven by PXN [73]. 3.4.9 p - Xylene - **Market Information**: The price of p - xylene decreased. The supply increased, and the demand decreased, and the inventory increased [74]. - **Strategy View**: The supply of p - xylene is expected to be in excess, and it is recommended to observe in the short - term. Attention should be paid to the opportunity of valuation increase in the medium - term [75]. 3.4.10 Polyethylene (PE) - **Market Information**: The price of PE decreased. The supply decreased slightly, and the demand decreased slightly, and the inventory increased [76]. - **Strategy View**: The price of PE is expected to remain low and volatile due to factors such as inventory and demand [78]. 3.4.11 Polypropylene (PP) - **Market Information**: The price of PP decreased. The supply is expected to be under pressure, and the demand is expected to rebound seasonally [79]. - **Strategy View**: The supply - demand of PP is weak, and the inventory pressure is high. The price may be supported in the first quarter of next year [80]. 3.5 Agricultural Products Category 3.5.1 Hogs - **Market Information**: Hog prices were weak. The supply was sufficient, and the demand was not improved [82]. - **Strategy View**: The future supply of hogs is expected to be in excess, and it is recommended to short on rallies. In the short - term, there may be a rebound [83]. 3.5.2 Eggs - **Market Information**: Egg prices were stable with a slight decline. The supply was stable, and the demand was general [84]. - **Strategy View**: The inventory of eggs is expected to increase, and the price is expected to be strongly sorted in the short - term. It is recommended to observe or trade short - term [85]. 3.5.3 Soybean and Rapeseed Meal - **Market Information**: The price of CBOT soybeans was stable. The domestic soybean inventory was at a high level, and the demand for soybean meal was weak [86]. - **Strategy View**: The import cost of soybeans fluctuates, and the supply of soybean meal is expected to be loose in the medium - term. It is recommended to short on rallies [87]. 3.5.4 Oils and Fats - **Market Information**: The export of Malaysian palm oil decreased, and the production showed different trends. The US Department of Agriculture will release a report [88]. - **Strategy View**: The supply of palm oil is expected to be large, and the price trend depends on production and export. It is recommended to view the market with a volatile perspective [90]. 3.5.5 Sugar - **Market Information**: The price of sugar fluctuated. India has allowed sugar exports, and the opening of sugar mills in China has different situations [91]. - **Strategy View**: The import control of syrup and premix has driven up the price of sugar, but the external market is weak. It is recommended to short after the rebound weakens [92]. 3.5.6 Cotton - **Market Information**: The price of cotton fluctuated. The downstream demand was weak, and the domestic production was high [93]. - **Strategy View**: The cotton market lacks strong driving factors, and the price is expected to continue to fluctuate in the short - term [96].

Core Viewpoint - Liaoning Hongsheng Tongda Metal Co., Ltd. has been established with a registered capital of 100 million RMB, focusing on various metal and energy-related industries [1] Company Summary - The legal representative of the company is Zhang Bo [1] - The registered capital of the company is 100 million RMB [1] - The business scope includes: - Ferrous alloy smelting - Common non-ferrous metal smelting - Non-ferrous metal alloy manufacturing - Sales of high-performance non-ferrous metals and alloy materials - Sales of metal ores - Sales of coal and coal products - Sales of metal materials - Sales of high-quality special steel materials - Manufacturing and sales of new energy prime mover equipment - Research and development of key technologies for waste heat power generation - Research and development of technologies for utilizing waste heat, pressure, and gas - Technical services, development, consulting, exchange, transfer, and promotion [1]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report The report comprehensively analyzes the market conditions of various financial derivatives and commodity futures, including stock index futures, treasury bond futures, precious metals, container shipping index, non - ferrous metals, black metals, and agricultural products. It provides specific operation suggestions based on the market trends, supply - demand relationships, and macro - economic factors of each category. Summary by Directory Financial Derivatives Financial Futures - **Stock Index Futures**: The consumer sector rebounded strongly, while industrial manufacturing - related industries pulled back. The four major stock index futures contracts rose, and the basis of the main contracts was repaired. It is recommended to wait and see, and consider deploying a bull spread of put options in case of a deep decline [2][3][4]. - **Treasury Bond Futures**: The bond market sentiment was positive despite the short - term tightening of the capital side. It is recommended to go long on dips and pay attention to the positive arbitrage strategy [5][6]. Precious Metals - **Gold and Silver**: The end of the US government shutdown is expected to lead to a decline in the US dollar index, and the supply shortage drives the significant strengthening of precious metals. It is recommended to buy on dips below $4100 for gold and buy out - of - the - money call options for silver [7][8][10]. Container Shipping Index (European Line) - The spot market is still cold, and the main contract is expected to fluctuate between 1750 - 1950 points. It is recommended to go long on dips for the December contract [11][12]. Commodity Futures Non - Ferrous Metals - **Copper**: The expectation of the end of the US government shutdown eases liquidity risks and drives the rebound of copper prices. It is recommended to pay attention to the support at 84000 and the resistance at 86500 [12][13][16]. - **Alumina**: The spot market shows regional differentiation, and the price is expected to maintain a weak shock. The reference range for the main contract is 2750 - 2900 yuan/ton [16][17][18]. - **Aluminum**: The price is in a high - level shock, and the short - term fundamentals restrict the upward height. The main contract is expected to operate between 21000 - 21800 yuan/ton [19][20][21]. - **Aluminum Alloy**: The cost is strongly supported, and the price is expected to maintain a strong shock. The reference range for the main contract is 20400 - 21100 yuan/ton [22][23]. - **Zinc**: The liquidity risk mitigation expectation rises, and the price is in a high - level shock. The main contract is expected to operate between 22300 - 23000 [24][26][27]. - **Tin**: The market sentiment improves, and the price is in a high - level shock. It is recommended to hold long positions [32]. - **Nickel**: The fundamentals change little, and the macro is weak. The main contract is expected to operate between 118000 - 124000 [33][34]. - **Stainless Steel**: The macro - drive weakens, and the fundamentals still have pressure. The main contract is expected to operate between 12500 - 13000, showing a weak shock [35][36][38]. - **Lithium Carbonate**: The macro - atmosphere drives the price up. The short - term fundamentals provide support, but the upward movement is mainly driven by funds. It is recommended to pay attention to the resistance at the previous high [41][42]. - **Polysilicon**: The spot price stabilizes, and the futures price fluctuates upward. It is expected to maintain a high - level shock. It is recommended to go long on dips in the futures and sell put options in the options [42][43][44]. - **Industrial Silicon**: The spot price in some areas rises, and the price is expected to be in a low - level shock. The reference range is 8500 - 9500 yuan/ton [44][45][46]. Black Metals - **Steel**: The supply of iron elements in the January contract is loose, and it is recommended to continue holding the strategy of going long on coking coal and short on hot - rolled coils [47][48]. - **Iron Ore**: The supply is relatively loose, and the demand is weak. It is recommended to go short on rallies and use the strategy of going long on coking coal and short on iron ore [50][51][52]. - **Coking Coal**: The spot market is strong, but the demand for replenishment weakens. It is recommended to go long on dips for the 2601 contract and use the strategy of going long on coking coal and short on coke [53][54][55]. - **Coke**: The cost is supported, and there is still an expectation of price increase. It is recommended to go long on dips for the 2601 contract and use the strategy of going long on coking coal and short on coke [56][57][58]. Agricultural Products - **Meal**: The export of US soybeans is still uncertain. The domestic soybean meal is expected to fluctuate widely. It is recommended to pay attention to the USDA report on Friday [60][61][62].

Core Insights - The company has reported a significant increase in the prices of antimony and bismuth, which may positively impact its performance in the future [2] Group 1: Company Performance - The company currently produces several rare metals including bismuth, antimony, tellurium, arsenic, and selenium [2] - In the first half of 2025, the revenue from zinc, antimony, bismuth, and selenium reached 447 million yuan, with a gross profit margin of 47.82%, which is higher than the overall smelting gross profit margin of the company [2] - Future price fluctuations of rare metals such as antimony and bismuth may have a certain impact on the company's performance [2]

Report Industry Investment Ratings - **Bullish**: None - **Bearish**: Palm oil, Rapeseed oil, Soybean meal, Paper pulp - **Neutral (Oscillating)**: Stock index, Treasury bond, Gold, Copper, Aluminum, Alumina, Zinc, Nickel, Stainless steel, Tin, Polysilicon, Lithium carbonate, Iron ore, Manganese silicon, Soda ash, Coking coal, Coke, Cotton, Sugar, Corn, Crude oil, Fuel oil, Asphalt, Natural rubber, Synthetic rubber, PTA, Ethylene glycol, Short - fiber, Styrene, Urea, PE, PP, PVC, Caustic soda, PG, Container shipping European line Core Views - Short - term, market sentiment may shift from optimism to caution, and the stock index may enter an oscillating phase to accumulate momentum for the next upward movement, with strong support below due to policy and liquidity [1]. - Asset shortage and weak economy are favorable for bond futures, but short - term central bank interest - rate risk warnings suppress the upside [1]. - Precious metals are under short - term pressure due to tight dollar liquidity [1]. - Copper price is expected to have limited downside, while aluminum price oscillates, and alumina has a weak fundamental situation [1]. - Zinc price is expected to stay high, but chasing high should be cautious; nickel and stainless - steel prices are affected by macro factors and have different trends [1]. - Tin has long - term buying opportunities at low prices; polysilicon, lithium carbonate, and other commodities have their own oscillating or directional trends based on supply - demand and macro factors [1]. - Some agricultural products like palm oil, rapeseed oil, etc. face bearish factors, while others like sugar and cotton have complex supply - demand situations [1]. - Energy - chemical products' prices are affected by factors such as supply - demand, policies, and cost, showing various trends [1]. Summary by Related Catalogs Stock Index - Short - term, with the release of positive factors, the stock index may oscillate to accumulate momentum for the next upward movement, and there is strong support below due to policy and liquidity [1]. Treasury Bond - Asset shortage and weak economy are favorable for bond futures, but short - term central bank interest - rate risk warnings suppress the upside [1]. Gold - Precious metals are under short - term pressure due to tight dollar liquidity [1]. Copper - Macro - positive sentiment is digested, and copper price may decline, but the downside is limited [1]. Aluminum - Recent industrial drivers are limited, and with the digestion of macro - positives, aluminum price oscillates [1]. Alumina - Domestic alumina production capacity is continuously released, with both production and inventory increasing, and the fundamental situation is weak, putting pressure on the spot price [1]. Zinc - Market risk aversion rises, LME zinc inventory is decreasing, and zinc price is strong, but domestic over - supply requires caution when chasing high [1]. Nickel - Short - term, nickel price may be dominated by macro factors and oscillate weakly, with high inventory pressure; long - term, primary nickel over - supply persists [1]. Stainless Steel - Macro sentiment weakens, and stainless - steel futures are under pressure; short - term operations are recommended, and opportunities for selling hedges at high prices should be noted [1]. Tin - Long - term, there are opportunities to go long at low prices due to the unrepaired raw - material end and good new - quality demand expectations [1]. Polysilicon - Northwest production capacity is recovering, production in November is decreasing, and there are expectations of capacity reduction and increased terminal installation [1]. Lithium Carbonate - There are concerns about potential weakening of industrial demand in the off - season, and attention should be paid to upward pressure after the realization of macro sentiment [1]. Iron Ore - Near - month production is restricted, and far - month has upward potential [1]. Manganese Silicon - Direct demand is good, but high supply and inventory pressure limit price rebound [1]. Soda Ash - It follows glass, but supply - demand is average, and there is strong upward resistance [1]. Coking Coal and Coke - Coking coal is testing support, and coke has a complex situation; short - term, single - side operations should be observed, and long - term, low - buying is recommended [1]. Palm Oil - Short - term, it faces seasonal production increase and weak exports; from November, there may be a phased rebound if exports improve [1]. Rapeseed Oil - Sino - Canadian relations and Canadian harvest put pressure on the price [1]. Cotton - Uncertainty in cotton demand exists due to the contradiction between Xinjiang's capacity expansion and reduced spinning profit; the downside is limited, but new - crop base and price may be under pressure [1]. Sugar - Short - term, there is seasonal upward momentum, but new - sugar listing may limit the rebound space [1]. Corn - Futures and spot face selling pressure, and the price may oscillate and bottom out [1]. Soybean Meal - Domestic soybean purchase and processing profit is poor, and the price may rebound to repair the profit, but supply expectations limit the rebound height [1]. Paper Pulp - The 11 - contract has pressure, and an 11 - 1 reverse spread is recommended [1]. Log - The fundamental situation has declined, and it is recommended to wait and see [1]. Live Pig - Short - term, futures follow the spot and turn weak [1]. Crude Oil and Fuel Oil - OPEC+ continues to increase production slightly, geopolitical hype cools down, and market sentiment eases [1]. Asphalt - Short - term supply - demand is not prominent, and the "14th Five - Year Plan" demand may be false; supply is sufficient, and profit is high [1]. Natural Rubber - Supported by raw - material cost, mid - stream inventory decreases, and the market atmosphere is positive [1]. Synthetic Rubber - Cost support weakens, supply is loose, and the price is adjusted downwards [1]. PTA and Short - fiber - The "anti - involution" policy drives the price up, and short - fiber follows the cost [1]. Ethylene Glycol - It follows the decline of crude oil, but cost support strengthens, and polyester demand is stable [1]. Styrene - Asian benzene price is weak, and styrene profit declines, with more device overhauls [1]. Urea - Export is weak, and there is cost support [1]. PE and PP - Supply pressure is high, and downstream improvement is less than expected [1]. PVC - Supply pressure is large, and cost support strengthens [1]. Caustic Soda - Production plans increase, over - concentration of overhauls decreases, and there is a risk of short - squeeze [1]. PG - International oil and gas supply is loose, and domestic spot is stable [1]. Container Shipping European Line - Macro - positive sentiment is digested, and November's shipping capacity supply is relatively loose [1].

Core Viewpoint - Baowu Magnesium Industry (002182.SZ) recently stated that strontium, a rare alkaline earth metal, can enhance the strength, hardness, and corrosion resistance of alloys when added to metals like aluminum and magnesium [1] Company Summary - The company currently has a production capacity of 3,000 tons per year for metallic strontium, with an annual output of approximately 2,500 tons [1]