Report Summary 1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Report's Core View As of November 10, 2025, most domestic futures main contracts rose. Commodities like lithium carbonate and silver had significant increases, while glass and some others declined. Different futures varieties showed diverse trends based on their supply - demand fundamentals, policy impacts, and international market conditions [6][7]. 3. Summary by Relevant Catalogs 3.1. Futures Market Overview - As of the close on November 10, domestic futures main contracts mostly rose. Lithium carbonate rose over 7%, and silver over 2%. Glass fell nearly 3%, and some other contracts also declined. Stock index futures generally rose, and treasury bond futures showed mixed trends [6][7]. - In terms of capital flow, as of 15:19 on November 10, contracts such as CSI 300 2512 and CSI 500 2512 had capital inflows, while alumina 2601 and others had outflows [7]. 3.2. Market Analysis of Specific Futures - **Copper (Cu)**: On November 10, copper opened high and closed low, with a strong intraday oscillation. In November, 5 smelters were expected to undergo maintenance, affecting 4.80 million tons of production. The overall copper smelting capacity utilization rate decreased. The supply of scrap copper was expected to increase. The demand was weak, and the inventory at the Shanghai Futures Exchange had been accumulating since the end of October. With the US government shutdown and low probability of a December interest - rate cut, the copper price had limited rebound [9]. - **Lithium Carbonate**: It opened and closed high on November 10. The supply continued to grow in October 2025. The demand was strong, supported by energy - storage batteries. With the uncertain resumption time of large manufacturers and strong demand, the market was expected to be strong [11]. - **Crude Oil**: OPEC+ decided to increase production by 137,000 barrels per day in December, but suspend it in Q1 2026. Saudi Aramco lowered the official selling price for Asian customers in December. The demand peak had ended, and the market was worried about demand. The supply was in an oversupply situation, but the export of Russian crude oil was expected to be restricted. The oil price was expected to oscillate [12][14]. - **Asphalt**: The asphalt production rate decreased last week, and the demand was affected by funds and weather. The inventory ratio continued to decline. With the increase in production from some refineries and the weakening demand, and the oscillating crude - oil price, the asphalt futures price was expected to oscillate weakly [15]. - **PP**: The downstream PP operating rate increased slightly, and the enterprise operating rate was at a medium - low level. The cost was affected by the crude - oil price. With new capacity coming on - stream and limited order follow - up, the market was expected to oscillate weakly [17]. - **Plastic**: The plastic operating rate decreased slightly. The downstream operating rate was at a low level. With new capacity coming on - stream and weakening demand, the market was expected to oscillate weakly [18][20]. - **PVC**: The PVC operating rate increased, but the downstream operating rate declined. The export was expected to weaken, and the inventory was high. With the real - estate market still in adjustment and new capacity coming on - stream, the market was expected to oscillate weakly [21]. - **Coking Coal**: The coking coal price opened and closed low on November 10. The supply was in a tight - balance situation, and the downstream demand was weak. The market was expected to operate weakly [22][23]. - **Urea**: The daily urea production was expected to remain high. The cost was supported by coal prices. The demand was mainly for domestic reserves, and the inventory was increasing. After the impact of export news faded, the market was expected to operate based on fundamentals, with narrow fluctuations [24].

Group 1: U.S. Employment Data and Market Reactions - The ADP report indicated an addition of 42,000 jobs in October, surpassing the Dow Jones expectation of 22,000 jobs, while September's data was revised from a loss of 29,000 jobs to a loss of 3,000 jobs [2] - Despite a slowdown in job growth, wages continue to rise, providing a mixed signal for the labor market [2] - The Federal Reserve is facing internal divisions regarding interest rate cuts, with a 62.5% probability of a 25 basis point cut in December, down from the previous day [3] Group 2: U.S. Tariff Policy and Legal Debates - The U.S. Supreme Court is debating the legality of the Trump administration's large-scale tariffs, which could impact global economic conditions [4] - If the Supreme Court rules against the tariffs, it could force the U.S. government to refund approximately $140 billion in tariffs, significantly affecting the federal budget deficit [5] Group 3: A-Share Market Trends - In the first ten months of the year, the number of new A-share accounts increased by 10.57% year-on-year, indicating a growing interest in the market [6][8] - The Shanghai Composite Index closed at 3969.25 points, with a slight increase of 0.23%, while the Shenzhen Component Index rose by 0.37% [6] - Analysts suggest that the A-share market is likely to continue its upward trend, supported by policy measures and capital inflows, despite recent volatility [7][8]

Core Insights - The article highlights the investment philosophy and strategies of Li Bei, founder of Banxia Investment, emphasizing her macro-hedging approach and ability to navigate market cycles with a focus on maintaining a clear investment framework and understanding one's capability circle [1][3][4] Group 1: Investment Performance - As of August 31, the CSI 300 index had a return of approximately 14%, while Banxia's low-volatility funds outperformed this index, achieving higher returns with lower volatility [3][4] - Despite initial misjudgments regarding macroeconomic conditions and market styles, all product lines at Banxia significantly outperformed the CSI 300 index [4][6] Group 2: Investment Strategy - Li Bei emphasizes the importance of staying within one's capability circle, suggesting that expanding this circle takes time and should not be rushed through team expansion [5][6] - The strategy involves using mid-cap stock index futures (IC) to participate in technology growth markets safely, leveraging the benefits of liquidity and lower volatility [7][8] Group 3: Market Outlook - The article discusses the current bullish trend in the stock market, indicating that the upward trend is still in its early stages, driven by a favorable stock-bond yield spread and improving liquidity conditions [17][20] - The anticipated shift in market dynamics is expected to occur when housing prices stabilize and consumer price indices (CPI) show consistent growth, marking the transition to a second phase of the bull market [25][26] Group 4: Real Estate Sector - The real estate sector is viewed as having a once-in-a-decade opportunity, driven by a significant reduction in competition and improved profit margins for surviving companies [27][28] - The demand for quality housing is expected to rise, with new developments showing improved profitability compared to older projects [29][30] Group 5: Communication with Investors - Effective communication with investors is crucial, focusing on honesty and setting realistic expectations to manage their perceptions during performance fluctuations [11][12] - The approach involves allowing investors to make their own decisions while providing a stable framework for understanding potential risks and rewards [11][12] Group 6: Company Strategy - Banxia Investment aims to maintain its focus on macro-hedging strategies rather than diversifying into other areas, believing that this specialization will yield better long-term results [41][43]

Core Viewpoint - The article discusses the importance of mindset in navigating the current market dynamics, emphasizing the need to accept and love the world as it is, rather than comparing it to an idealized version [2][4][5]. Market Structure and Mindset - Recent discussions have highlighted a divide between "old investors" and "young investors," indicating that structural characteristics of the market have become more significant than overall trends [2]. - The author reflects on personal experiences over the past two years, identifying a need for a mindset adjustment to maintain happiness and acceptance in the face of market volatility [3][4]. Understanding the Market - The market is inherently irrational, characterized by periods of greed and fear, which should be accepted rather than resented [6]. - Recognizing that bubbles and corrections are natural parts of the market can lead to a more enjoyable investment experience [6][7]. Self-Awareness in Investing - Investors must understand their own limitations and capabilities, particularly regarding market volatility and the nature of bubbles [8][10]. - The author shares personal health challenges faced while trying to keep up with younger investors, highlighting the importance of self-care and understanding one's own boundaries [8][9]. Investment Strategy - The current market environment is conducive to bubbles due to low interest rates and high risk appetite, which necessitates a cautious approach [12]. - The author prefers to invest in index futures, such as the CSI 500, to gain exposure to technology stocks while managing risk and volatility [12][13][14]. - A focus on understanding financial instruments and their appropriate use is crucial for professional investors to achieve better risk-adjusted returns [14]. Market Outlook - Economic indicators suggest a potential downturn, with expectations of increased fiscal stimulus, which may lead to a shift in market styles [15]. - The author remains patient, waiting for signs of recovery in fiscal policy and market conditions that align with their investment expertise [15].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - **Copper**: Affected by the Fed's cautious rate - cut expectations, the copper price is still on a strong trend due to tight fundamentals, though the upward momentum is weaker than the previous day [9]. - **Lithium Carbonate**: With supply and demand gradually tightening, the price of lithium carbonate is expected to fluctuate in the short term, supported by the peak - season and pre - holiday stocking expectations [10][11]. - **Crude Oil**: The supply - demand of crude oil is weakening. It is recommended to short at high levels in the medium - to - long term [12]. - **Asphalt**: The asphalt futures price is expected to decline in a fluctuating manner due to high supply - demand pressure of crude oil and limited follow - up of spot prices [13][14]. - **PP**: PP is expected to fluctuate as the peak - season demand falls short of expectations and there is no actual anti - involution policy [15]. - **Plastic**: The plastic market is expected to fluctuate as the peak - season demand is underwhelming and no anti - involution policy has been implemented [17]. - **PVC**: PVC is expected to face downward pressure in the near term as downstream pre - holiday stocking ends and new capacity comes on stream [18][19]. - **Coking Coal**: Attention should be paid to the price transmission between upstream and downstream after the price increase and the macro - market during the National Day holiday [20]. - **Urea**: The urea market is in a state of bottom - grinding with weak fundamentals and limited upward momentum [21][22]. 3. Summary by Related Catalogs 3.1 Futures Market Overview - **Price Changes**: As of September 26th, domestic futures contracts showed mixed performance. Red dates rose nearly 3%, and silver rose over 2%, while coke and coking coal fell over 2% [6]. - **Fund Flows**: As of 15:16 on September 26th, funds flowed into CSI 1000 2512, silver 2512, and CSI 500 2512, while flowing out of SSE 50 2512, copper 2511, and iron ore 2601 [7]. 3.2 Individual Commodity Analysis - **Copper**: The supply of refined copper remains tight due to smelter overhauls and reduced scrap copper supply. The demand is driven by pre - holiday replenishment [9]. - **Lithium Carbonate**: The supply is affected by the reduction of lithium mica - sourced production, and the demand for pre - holiday stocking is ending [10][11]. - **Crude Oil**: OPEC+ production adjustment will increase the pressure in Q4. The travel peak season is over, but there are factors such as geopolitical risks and inventory changes [12]. - **Asphalt**: The supply is increasing, and the demand is restricted by funds and weather. The cost support is strengthening, but the follow - up supply - demand pressure of crude oil is high [13][14]. - **PP**: The downstream开工率 is rising, but the peak - season demand is weak. There are new capacity releases and inventory reduction by petrochemical enterprises [15]. - **Plastic**: The开工率 is increasing, and the agricultural film is entering the peak season, but the peak - season effect is not obvious [17]. - **PVC**: The supply is increasing, the export expectation is weakening, and the inventory pressure is high. The cost support is strengthening [18][19]. - **Coking Coal**: The mine output is increasing, and the downstream inventory is piling up. Attention should be paid to the price increase and holiday market [20]. - **Urea**: The daily output is high, the demand is weak, and the inventory is high [21][22].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - On September 18, all four major stock index futures contracts for the current month declined. The IF dropped 1.35%, the IH fell 1.45%, the IC decreased 1%, and the IM declined 1.19%. In the short term, the stock index futures may rebound, and the slow - bull pattern in the trend is becoming clearer [1]. - On the trading day, the total trading volume of stock index futures rebounded, indicating an increase in investors' trading enthusiasm. The total trading volume of IF, IH, IC, and IM increased by 57,520 lots, 35,836 lots, 72,444 lots, and 143,070 lots respectively. In terms of positions, the total positions of IF, IH, IC, and IM increased by 14,691 lots, 10,071 lots, 19,056 lots, and 25,806 lots respectively [1][2][3]. 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Data - **September 18 Quotes**: The closing prices of the four major stock index futures all decreased. For example, the closing price of IF2509 was 4,487.2, down 1.35%; IH2509 was 2,910.8, down 1.45%; IC2509 was 7,171.6, down 1%; IM2509 was 7,454.8, down 1.19%. There were also corresponding changes in trading volume, open interest, and basis [1]. - **Trading Volume and Open Interest Changes**: The total trading volume of all four major stock index futures increased, and the total open interest also showed an upward trend [2][3]. 3.2 Long and Short Positions of Top 20 Members - For different contracts such as IF2509, IH2509, IC2509, and IM2509, there were changes in the increase or decrease of long and short positions. For example, in IF2509, long positions decreased by 17,195, and short positions decreased by 18,103 [5]. 3.3 Trend Intensity - The trend intensity of IF and IH is 1, and the trend intensity of IC and IM is also 1, indicating a certain degree of upward trend [7]. 3.4 Important Drivers - In the overseas market, chip stocks boosted the four major US stock indexes to record highs, while Chinese concept stocks declined. In the domestic A - share market, the Shanghai Composite Index fell 1.15%, the Shenzhen Component Index fell 1.06%, and the ChiNext Index fell 1.64%. The trading volume reached 3.17 trillion yuan, an increase from the previous day [8].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The market is trading on the expected magnitude of the Fed's interest rate cuts, and the US dollar index is continuously weakening. Fundamentally, domestic copper production is expected to decrease significantly due to reduced scrap copper imports and domestic smelter maintenance, which will support copper prices. However, the significant inventory build - up at the Shanghai Futures Exchange will limit the upside potential of the market [9]. - The price of lithium carbonate is expected to be strong in the short - term, but the specific situation of mine resumption is unclear, which may cap the upside [10][11]. - In the medium - to - long - term, the supply - demand balance of crude oil will weaken, and it is recommended to go short on rallies. In the short - term, the market may focus on whether Europe and the US will increase sanctions on Russian crude oil, and the price will fluctuate. It is recommended to wait and see [12]. - The supply and demand of asphalt are both increasing. As the futures price has fallen to the lower end of the trading range, it is recommended to wait and see [14]. - It is expected that PP will trade in a range in the near term, with limited downside [15][16]. - It is expected that plastic will trade in a range in the near term, with limited downside [17]. - The upside potential of PVC is limited in the near term. Attention should be paid to whether the recent increase in demand can be sustained [18][19]. - Coking coal remains in a relatively strong trend at present [20]. - The urea market is building a bottom, with a chance of a rebound later. However, the loose supply - demand pattern has not reversed, and the market lacks drivers [21][22]. Summary by Related Catalogs Futures Market Overview - As of the close on September 17, most domestic futures main contracts declined. The container shipping European line dropped nearly 7%, rapeseed meal and polysilicon fell more than 2%, and alumina, silver futures, and soybeans No. 2 dropped nearly 2%. In terms of gains, low - sulfur fuel oil (LU) rose nearly 2%, SC crude oil and fuel oil rose more than 1%. Stock index futures and treasury bond futures also showed varying degrees of increase [6]. - As of 15:22 on September 17, in terms of capital flow in domestic futures main contracts, crude oil 2511, alumina 2601, and ten - year treasury bond 2512 had capital inflows, while CSI 1000 2509, CSI 500 2509, and SSE 50 2509 had capital outflows [7]. Hot - Spot Varieties Copper - Today, Shanghai copper opened and closed lower. The TC/RC fees remained weakly stable. The supply of refined copper will remain tight. The production of electrolytic copper in August decreased slightly month - on - month and increased year - on - year. The supply of scrap copper in September will decline, and smelters have maintenance plans. The inventory of the Shanghai Futures Exchange has started to build up [9]. Lithium Carbonate - Lithium carbonate opened low and closed high today. The average prices of battery - grade and industrial - grade lithium carbonate increased. The supply from lithium mica raw materials decreased, and lithium spodumene became the main raw material. The demand is expected to increase during the peak season, and the price is expected to be strong in the short - term [10][11]. Crude Oil - Crude oil is gradually exiting the seasonal travel peak. The overall oil product inventory in the US continues to increase, and OPEC+ will adjust production. Saudi Aramco has lowered the price of its flagship product. The supply - demand balance of crude oil will weaken in the medium - to - long - term, and it will fluctuate in the short - term [12]. Asphalt - The asphalt production rate has rebounded but is still at a relatively low level. The expected production in September will increase. The downstream construction rate has increased, but the shipment volume has decreased. The refinery inventory has increased slightly. The cost support is limited, and the supply and demand are both increasing [14]. PP - The downstream operating rate of PP has rebounded but is at a relatively low level. The enterprise operating rate has increased, and the production ratio of standard products has risen. The cost has rebounded, and new production capacity has been put into operation. It is expected to trade in a range in the near term [15][16]. Plastic - The plastic operating rate has declined slightly. The downstream operating rate has increased, and the demand for agricultural films is expected to increase. The cost has rebounded, and new production capacity has been put into operation. It is expected to trade in a range in the near term [17]. PVC - The upstream calcium carbide price has increased. The PVC operating rate has increased and is at a relatively high level. The downstream operating rate has increased but is still low compared to previous years. The export outlook has weakened, and the inventory pressure is large. The upside potential is limited [18][19]. Coking Coal - Coking coal opened high and closed low today but turned positive at the end. The spot price in the Shanxi market was stable, and the price of Mongolian coking coal increased. The production and imports have increased, and the inventory is gradually shifting to the end - users. The demand has increased, and it remains in a strong trend [20]. Urea - Urea opened low and closed low today, with weak intraday fluctuations. The daily production is expected to remain at a relatively high level, and the demand is affected by factors such as weak terminal demand and high inventory. The market is building a bottom, and there is a chance of a rebound [21][22].

Report Summary 1. Market Overview - As of the close on September 16, domestic futures main contracts mostly rose. Coking coal rose nearly 6%, coke rose over 4%, glass and soda ash rose over 3%, and alumina and rapeseed oil rose nearly 2%. On the downside, liquefied petroleum gas (LPG) fell over 1%, and red dates and eggs fell nearly 1%. Among stock index futures, IF fell 0.24%, IH fell 0.36%, IC rose 0.58%, and IM rose 1.02%. Among treasury bond futures, TS rose 0.04%, TF rose 0.13%, T rose 0.15%, and TL remained flat [5]. - As of 15:17 on September 16, in terms of capital flow, coking coal 2601 saw an inflow of 1.163 billion yuan, rapeseed oil 2601 had an inflow of 1.008 billion yuan, and thirty - year treasury bond 2512 had an inflow of 462 million yuan. Outflows were seen in CSI 300 2509 (2.448 billion yuan), SSE 50 2509 (1.23 billion yuan), and Shanghai copper 2510 (1.146 billion yuan) [7]. 2. Core Views - **Copper**: The market is trading on the Fed's rate - cut amplitude, and the US dollar index is weakening. Fundamentally, domestic copper production is expected to decline significantly due to reduced scrap copper imports and smelter maintenance, supporting copper prices. The demand side is in the expectation of the peak season, and downstream purchasing has improved. Copper prices are likely to rise [9]. - **Lithium Carbonate**: The average price of battery - grade lithium carbonate is 72,850 yuan/ton, and that of industrial - grade is 70,600 yuan/ton, showing an upward trend. Supply is affected by the proportion of lithium mica raw materials and mine复产. Demand is boosted by the new energy vehicle policy and the peak season. In the short term, prices are strong, but the upside may be limited by mine复产 [10][11]. - **Crude Oil**: The seasonal travel peak is ending. US oil inventories are increasing, and OPEC + is accelerating production increases. In the medium - to - long - term, it is recommended to short on rallies. In the short term, the market may focus on sanctions against Russian oil, and geopolitical risks are rising. It is recommended to wait and see [12]. - **Asphalt**: Supply is increasing with rising production and开工 rates. Demand is affected by weather, funds, and other factors. With limited cost support, it is recommended to close short positions and wait and see [14]. - **PP**: Downstream开工 rates are rising, and new production capacity has been put into operation. With cost support and the approaching peak season, it is expected to fluctuate with limited downside [15][16]. - **Plastic**:开工 rates are at a neutral level, and downstream demand is increasing with the peak season for agricultural films. With cost support and the influence of policies, it is expected to fluctuate with limited downside [17]. - **PVC**: Supply is increasing with rising开工 rates and new production capacity. Export expectations are weakening, and inventory pressure is high. The upside space is limited, and it is necessary to pay attention to the sustainability of demand [18][19]. - **Coking Coal**: Spot prices are stable or rising. Production and imports are increasing, but inventories are decreasing. Demand is rising with steel mill复产. Prices are rising, but there may be short - term corrections [20]. - **Urea**: Prices are oscillating. Production is recovering, and demand is improving marginally. However, high inventory restricts price increases. It is necessary to be cautious about chasing up [21][22].

Report Summary 1. Report Industry Investment Ratings No information provided in the given content. 2. Core Views - **Copper**: The price of copper is expected to be volatile and slightly bullish. The Fed's expected rate cut and a falling US dollar index support the non - ferrous metals market. Domestic copper supply is expected to tighten, while demand is expected to improve during the peak season. Attention should be paid to US non - farm payroll data [9]. - **Lithium Carbonate**: The supply of lithium carbonate remains abundant, but production cut disturbances continue. The market rumors of production cuts and the "Golden September and Silver October" expectations drive up the price [10]. - **Crude Oil**: As the consumption peak season is ending and OPEC+ is accelerating production increases, the supply - demand balance of crude oil will weaken. It is recommended to short on rallies. Attention should be paid to the OPEC+ meeting and possible sanctions on Russian oil [11][13]. - **Asphalt**: The supply and demand of asphalt are both weak. Given that the futures price has fallen to the lower edge of the trading range and the OPEC+ meeting this weekend may have a significant impact, it is recommended to close short positions for now [14]. - **PP**: PP is expected to trade in a range with limited downside. New production capacity has been put into operation, and the number of maintenance devices has increased recently. Downstream industries are gradually entering the peak season, which may bring some support [15][17]. - **Plastic**: Plastic is expected to trade in a range with limited downside. New production capacity has been put into operation, and the开工 rate has decreased recently. The agricultural film industry is entering the peak season, which may boost demand [18]. - **PVC**: The price of PVC is expected to decline with fluctuations. The supply is increasing, the demand has not improved substantially, and the inventory pressure is high [19][20]. - **Coking Coal**: The supply and demand of coking coal are both in the process of recovery. Anti - involution measures are ongoing, and capital sentiment is volatile. Caution is advised when taking long or short positions [21]. - **Urea**: Urea is expected to trade weakly in the short term, with possible technical rebounds later. Domestic demand is insufficient, and short - term export support is limited [23]. 3. Summary by Related Catalogs **Futures Market Overview** - As of the close on September 5, most domestic futures contracts rose. Polysilicon rose 8.99% and hit the daily limit, coking coal rose over 6%, glass and coke rose over 4%. In terms of declines, eggs, low - sulfur fuel oil (LU), and asphalt fell over 1%. Stock index futures rose, while treasury bond futures fell [6]. - In terms of capital flow, polysilicon 2511 had an inflow of 1.901 billion, rubber 2601 had an inflow of 901 million, and palm oil 2601 had an inflow of 556 million. The CSI 300 2509 had an outflow of 4.704 billion, the CSI 1000 2509 had an outflow of 4.179 billion, and the CSI 500 2509 had an outflow of 2.692 billion [7]. **Analysis of Each Variety** - **Copper**: Due to the lower - than - expected US ADP employment data, the Fed's expected rate cut expands, and the US dollar index falls. The processing fee of smelters has decreased recently, and the sulfuric acid price is at a high level. Five smelters plan to conduct maintenance in September, and domestic copper production is expected to decline. Although it is currently the off - season, copper demand is boosted by investment in power grid facilities. As the peak season approaches, demand is expected to improve [9]. - **Lithium Carbonate**: The price of battery - grade and industrial - grade lithium carbonate decreased slightly. The supply in Jiangxi has shrunk, but the increase in spodumene production has made up for the gap. The national audit agency's policy on mines in Yichun needs attention. The import volume of lithium carbonate in July decreased both month - on - month and year - on - year [10]. - **Crude Oil**: It is at the end of the seasonal travel peak. EIA data shows an unexpected inventory build - up in crude oil and an unexpected de - stocking in gasoline. OPEC+ plans to increase production in September, and Saudi Arabia may lower the official selling price in October. The US - India tariff issue may change the global crude oil trade flow [11]. - **Asphalt**: The asphalt production rate has declined, and the expected production in September will increase. The downstream construction rate has mostly fallen, and the inventory - to - sales ratio of refineries has decreased but remains at a low level. The cost support has weakened due to the possible increase in OPEC+ production [14]. - **PP**: The downstream construction rate has rebounded slightly, and the enterprise construction rate has decreased. New production capacity has been put into operation, and the cost has decreased due to the possible increase in OPEC+ production. As the peak season approaches, downstream demand is expected to increase [15][17]. - **Plastic**: The construction rate has decreased, and the downstream construction rate has increased. The agricultural film industry is entering the peak season, and new production capacity has been put into operation. The cost has decreased due to the possible increase in OPEC+ production [18]. - **PVC**: The upstream calcium carbide price has increased slightly. The supply has increased, and the downstream construction rate is still low. The export outlook is weak, and the inventory pressure is high. New production capacity is being released [19][20]. - **Coking Coal**: The price has risen. Most of the temporarily shut - down mines in Jinzhong have resumed production, and the inventory of mines has dropped significantly. Downstream coke production is active, and steel mills' profits have weakened. After the parade, steel mill production is expected to increase [21]. - **Urea**: The upstream factory price is weakly stable, and new orders are scarce. The Indian tender price is significantly lower than the previous one, and the tender volume has reached a record high. The daily production of urea is at a low level, but the supply pattern remains loose. The demand from compound fertilizer factories has decreased but is expected to recover. The factory inventory has increased [23].

Group 1 - The main contract of the CSI 500 stock index futures (IC) has dropped over 3.00% during the day, currently reported at 6606.8 points [1] - The main contract of the CSI 1000 stock index futures (IM) has fallen below 7000 points, with a daily decline of 2.27% [1]