Report Industry Investment Ratings No relevant content provided. Core Views of the Report - 10 - month financial data shows continued deposit transfer, with credit growth slowing due to the off - season and delayed policy effects. The deposit activation trend has slightly slowed, but the deposit transfer process continues in the context of a vibrant capital market [7][8]. - PX has a strong medium - term trend and is suitable for positive spreads. Factors such as overseas blending demand, supply shortages, and future supply - demand gaps support this view [9][10]. - Pure benzene is mainly in short - term oscillations, and it is advisable to buy on dips for PX - BZ [11]. Summary by Related Catalogs Metals - **Gold**: With rising expectations of interest rate cuts, it reached a new high [14][17]. - **Silver**: Reached a new high [14]. - **Copper**: Macro - disturbances limit price increases [14][21]. - **Zinc**: Trades in a range [14][24]. - **Lead**: Reduced overseas inventories support prices [14][27]. - **Tin**: Declined from high levels [14][29]. - **Aluminum**: Oscillates with a slight upward bias; Alumina oscillates at the bottom; Cast aluminum alloy follows electrolytic aluminum [14][35]. - **Nickel**: High inventories and Indonesian risks lead to low - level oscillations; Stainless steel lacks upward drivers and has limited downside [14][38]. - **Carbonate Lithium**: Oscillates at high levels with potential upward pressure [14][43]. Energy and Chemicals - **PX**: Medium - term trend is strong, positive spreads [9][10][68]. - **PTA**: Cost - supported, with high - level oscillations and limited positive spread space [68][71]. - **MEG**: Supply pressure eases marginally, but the rebound height is limited [68][72]. - **Rubber**: Oscillates [14][73]. - **Synthetic Rubber**: Short - term oscillations are supported [14][77]. - **Asphalt**: Oscillates at low levels [14][80]. - **LLDPE**: Some supply disturbances, attention to import pressure [14][93]. - **PP**: Trend is weak [14][97]. - **Caustic Soda**: Oscillates [14][102]. - **Paper Pulp**: Oscillates [14][107]. - **Glass**: Spot prices are stable [14][112]. - **Methanol**: Short - term oscillations [14][116]. - **Urea**: Runs within the valuation range [14][120]. - **Styrene**: Short - term oscillations [14][123]. - **Soda Ash**: The spot market changes little [14][126]. - **LPG**: Demand improvement is limited, and the disk valuation is high; Propylene has short - term support due to narrowing supply - demand [14][129]. - **PVC**: Still under pressure [14][137]. - **Fuel Oil**: Continues to decline, weaker than low - sulfur in the short term; Low - sulfur fuel oil follows crude oil and weakens [14][142]. Agricultural Products - **Palm Oil**: Lacks drivers and oscillates [14][160][172]. - **Soybean Oil**: With stable US soybeans, the spread between soybean and palm oil continues to widen [14][172]. - **Soybean Meal**: Oscillates strongly, waiting for the USDA supply - demand report [14][179]. - **Soybean**: Oscillates strongly, waiting for the report [14][179]. - **Corn**: Oscillates [14][182]. - **Cotton**: Lacks upward drivers and the price declines slightly [14][186]. - **Eggs**: Maintains oscillations [14][192]. - **Hogs**: The spread between fat and standard pigs weakens, and drivers emerge [14][194]. - **Peanuts**: Attention to the spot market [14][198]. Others - **Logs**: Oscillates repeatedly [14][64]. - **Container Freight Index (European Line)**: Oscillates [14][144]. - **Short Fibers**: Upstream fluctuations increase, short - term oscillations are slightly strong [14][157]. - **Bottle Chips**: Upstream fluctuations increase, short - term oscillations are slightly strong [14][157]. - **Offset Printing Paper**: Oscillates at low levels [14][160].