1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The report presents the daily arbitrage data of various futures varieties on November 21, 2025, including the basis, inter - period spreads, and inter - variety spreads of power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. [1][5][22][28][39][49] 3. Summary by Relevant Catalogs 3.1 Power Coal - The basis of power coal from November 14 to November 20, 2025, was 32.6 yuan/ton, and the spreads of 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month were all 0 [2] 3.2 Energy and Chemicals 3.2.1 Energy Commodities - The basis data of fuel oil, crude oil/asphalt, INE crude oil from November 14 to November 20, 2025, are presented, along with their price ratios on some dates [7] 3.2.2 Chemical Commodities - **Basis**: The basis of rubber, methanol, PTA, LLDPE, V, and PP from November 14 to November 20, 2025, shows different values and trends [9] - **Inter - period Spreads**: The inter - period spreads of 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are provided [10] - **Inter - variety Spreads**: The inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from November 14 to November 20, 2025, are presented [10] 3.3 Black Metals - **Inter - period Spreads**: The inter - period spreads of 5 - month minus 1 - month, 9 - month (10) minus 1 - month, and 9 - month (10) minus 5 - month for rebar, iron ore, coke, and coking coal are given, with a note on the rebar's main contract months [21] - **Inter - variety Spreads**: The inter - variety spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from November 14 to November 20, 2025, are presented [21] - **Basis**: The basis of rebar, iron ore, coke, and coking coal from November 14 to November 20, 2025, shows different values [22] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis of copper, aluminum, zinc, lead, nickel, and tin from November 14 to November 20, 2025, is provided [30] 3.4.2 London Market - On November 20, 2025, the LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss of copper, aluminum, zinc, lead, nickel, and tin in the London market are presented [33] 3.5 Agricultural Products - **Basis**: The basis of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from November 14 to November 20, 2025, is provided [39] - **Inter - period Spreads**: The inter - period spreads of 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month for soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are given [39] - **Inter - variety Spreads**: The inter - variety spreads of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch from November 14 to November 20, 2025, are presented [38] 3.6 Stock Index Futures - **Basis**: The basis of CSI 300, SSE 50, CSI 500, and CSI 1000 from November 14 to November 20, 2025, is provided [50] - **Inter - period Spreads**: The inter - period spreads of next - month minus current - month and next - quarter minus current - quarter for CSI 300, SSE 50, CSI 500, and CSI 1000 are given [50]

Report Industry Investment Rating No specific industry investment rating is provided in the report. Core Viewpoints of the Report - The stock market's technology - growth sector remains the main line, and in the long - term, there is a policy - supported attitude towards the capital market, suggesting a mid - to - long - term strategy of buying on dips [4]. - The bond market is expected to oscillate and recover, with its supply - demand pattern potentially improving in the fourth quarter, but influenced by factors such as the stock - bond seesaw and increasing allocation forces [7]. - For precious metals, the U.S. labor market shows a trend of weakening, and it is recommended to buy silver on dips [9]. - In the non - ferrous metals sector, different metals have different price trends and investment suggestions based on their supply - demand fundamentals [12][14][16]. - The steel market is in the off - season, with prices likely to oscillate weakly in the short term but may have a marginal inflection point with policy implementation and macro - environment improvement [29]. - The energy - chemical sector presents various trends, such as rubber having both bullish and bearish factors, and different chemical products having different supply - demand and price trends [44][50]. - The agricultural products market has different outlooks for different products, like pigs having a bearish long - term outlook but potential short - term rebounds, and eggs expected to oscillate in the short term [69][71]. Summaries by Relevant Catalogs Macro - finance Stock Index - **Market Information**: News includes potential Chinese counter - measures against Japan, AI development plans in Guangdong, Google's Gemini 3 leading in the large - model competition, and warnings about the venture - capital sector [2]. - **Strategy**: After a previous rise, hot sectors rotate rapidly. Technology - growth is the main line, and a mid - to - long - term strategy of buying on dips is recommended [4]. Treasury Bonds - **Market Information**: TL, T, TF, and TS contracts have different price changes. The 11 - month LPR remains stable, and the central bank conducts 3000 billion yuan of 7 - day reverse repurchases, with a net injection of 1100 billion yuan [5]. - **Strategy**: The fourth - quarter bond market's supply - demand pattern may improve, and it is expected to oscillate and recover, influenced by factors such as the stock - bond seesaw [7]. Precious Metals - **Market Information**: Gold and silver prices decline. U.S. employment data is mixed, with some sectors showing weakness [8]. - **Strategy**: The U.S. labor market is trending weakly. It is recommended to buy silver on dips, with reference price ranges provided for Shanghai gold and silver [9]. Non - ferrous Metals Copper - **Market Information**: Copper prices oscillate and decline. LME copper inventory increases, and domestic social inventory shows slight changes [11]. - **Strategy**: The probability of the Fed cutting interest rates remains low, but copper prices have strong support due to tight supply and reduced inventory - accumulation pressure [12]. Aluminum - **Market Information**: Aluminum prices rise and then fall. Domestic and overseas aluminum inventories show different trends [13]. - **Strategy**: With a marginal decrease in domestic aluminum ingot inventory and low overseas inventory, aluminum prices have strong support and may strengthen after oscillation [14]. Zinc - **Market Information**: Zinc prices decline. Zinc ore inventory slightly increases, and LME zinc ingot inventory shows certain changes [15]. - **Strategy**: Zinc ore is in short supply during the winter stockpiling period. Zinc prices are expected to be weak in the short term [16]. Lead - **Market Information**: Lead prices decline. Lead ore inventory slightly increases, and domestic social inventory shows marginal accumulation [17]. - **Strategy**: Lead prices are expected to be weak in the short term, with the net position of the top 20 in the Shanghai lead market turning from long to short [17]. Nickel - **Market Information**: Nickel prices rise and then fall. Nickel ore prices are stable, and nickel - iron prices continue to decline [18]. - **Strategy**: The short - term downward space of nickel prices is limited, but there is a risk of negative feedback. It is recommended to wait and see in the short term [18]. Tin - **Market Information**: Tin prices decline. Supply is affected by raw - material shortages, and demand in emerging fields provides support [19]. - **Strategy**: Tin supply and demand are in a tight - balance state, and prices are expected to oscillate strongly. Buying on dips is recommended [20]. Carbonate Lithium - **Market Information**: Carbonate lithium prices show different trends. Production increases, and inventory decreases [21]. - **Strategy**: The industry has strong demand, but price increases may trigger potential disturbances. Attention should be paid to relevant factors, and a reference price range is provided [21]. Alumina - **Market Information**: Alumina prices decline. Overseas ore prices are expected to oscillate downward, and domestic inventory shows accumulation [22]. - **Strategy**: It is recommended to wait and see in the short term, with a reference price range provided and attention to relevant policies [24]. Stainless Steel - **Market Information**: Stainless - steel prices decline. Supply is excessive, and demand is weak [25]. - **Strategy**: Stainless - steel prices are expected to continue to decline due to over - supply, weak demand, and insufficient cost support [25]. Casting Aluminum Alloy - **Market Information**: Casting aluminum - alloy prices decline. Inventory shows different trends [26]. - **Strategy**: Casting aluminum - alloy prices are expected to oscillate in the short term due to strong cost support and general demand [26]. Black Building Materials Steel - **Market Information**: Steel prices decline. Threaded steel and hot - rolled coil show different supply - demand and inventory situations [28]. - **Strategy**: Steel demand is in the off - season, with short - term weak oscillation expected, but a marginal inflection point may occur later [29]. Iron Ore - **Market Information**: Iron - ore prices decline. The Ximangduo project starts production, and overseas shipments increase [30]. - **Strategy**: Iron - ore supply is strong, demand is stable, and prices are expected to oscillate within a range [31]. Glass and Soda Ash - **Market Information**: Glass prices decline, and inventory increases. Soda - ash prices decline, and inventory decreases [32][34]. - **Strategy**: Glass industry fundamentals are weak, and soda - ash prices are expected to oscillate at a low level [34][35]. Manganese Silicon and Ferrosilicon - **Market Information**: Manganese - silicon and ferrosilicon prices decline. They are in an oscillation range [36]. - **Strategy**: It is recommended to pay attention to the market - sentiment inflection point. Buying on dips may be more cost - effective [37]. Industrial Silicon and Polysilicon - **Market Information**: Industrial - silicon and polysilicon prices decline. Supply and demand show different trends [39][41]. - **Strategy**: Industrial silicon is expected to oscillate, and polysilicon prices are expected to oscillate widely, with attention to relevant factors [40][42]. Energy - Chemical Rubber - **Market Information**: Rubber prices oscillate and rebound. There are both bullish and bearish factors [44]. - **Strategy**: A bullish approach is recommended, with a stop - loss set, and a hedging strategy is suggested [46]. Crude Oil - **Market Information**: Crude - oil prices decline. U.S. inventory data shows different trends [47]. - **Strategy**: It is recommended to wait and see in the short term, with a low - buying and high - selling strategy in the long term [48][49]. Methanol - **Market Information**: Methanol prices decline. High - inventory pressure persists [50]. - **Strategy**: Methanol prices are expected to continue to decline, with high - inventory pressure suppressing prices [50]. Urea - **Market Information**: Urea prices oscillate and rise. Supply and demand show certain changes [51]. - **Strategy**: Urea prices are expected to oscillate and bottom out, and buying on dips is recommended [51]. Pure Benzene and Styrene - **Market Information**: Pure - benzene prices are stable, and styrene prices rise. Supply and demand show different trends [52]. - **Strategy**: Styrene prices may stop falling, and attention should be paid to the BZN spread [53]. PVC - **Market Information**: PVC prices decline. Supply is high, and demand is weak [54]. - **Strategy**: PVC prices are expected to be weak, and short - selling on rallies is recommended [55]. Ethylene Glycol - **Market Information**: Ethylene - glycol prices decline. Supply is high, and inventory accumulates [56]. - **Strategy**: Ethylene - glycol prices are expected to decline, and short - selling on rallies is recommended [57]. PTA - **Market Information**: PTA prices decline. Supply and demand show different trends [58]. - **Strategy**: PTA prices are expected to oscillate, with attention to the PXN spread [59]. p - Xylene - **Market Information**: p - Xylene prices decline. Supply and demand show different trends [60]. - **Strategy**: p - Xylene prices are expected to oscillate, with attention to the valuation increase opportunity [61]. Polyethylene (PE) - **Market Information**: PE prices rise slightly. Supply and demand show different trends [62]. - **Strategy**: PE prices are expected to oscillate at a low level, influenced by factors such as inventory and demand [63]. Polypropylene (PP) - **Market Information**: PP prices decline. Supply and demand show different trends [64]. - **Strategy**: PP prices are expected to be weak in the short term, with potential support in the first quarter of next year [66]. Agricultural Products Pigs - **Market Information**: Pig prices show different trends. Supply is normal, and demand is limited [68]. - **Strategy**: The long - term outlook is bearish, but there may be short - term rebounds. An anti - arbitrage strategy is recommended [69]. Eggs - **Market Information**: Egg prices are stable or decline. Supply is sufficient, and demand is weak [70]. - **Strategy**: Egg prices are expected to oscillate in the short term, and short - selling on rallies is recommended in the medium term [71]. Soybean and Rapeseed Meal - **Market Information**: CBOT soybean prices decline. Global soybean supply is tightening, and domestic inventory is high [73]. - **Strategy**: Soybean - meal prices are expected to oscillate, with cost support and pressure on squeezing profits [74]. Oils and Fats - **Market Information**: Malaysian palm - oil export data is weak, and domestic oil prices decline [75]. - **Strategy**: Palm - oil prices are expected to oscillate. A bullish approach can be considered if production declines [76]. Sugar - **Market Information**: Sugar prices decline. The global sugar market is expected to have a surplus in the 2025/26 season [77]. - **Strategy**: It is recommended to short - sell on rallies due to expected oversupply and high import profits [79]. Cotton - **Market Information**: Cotton prices oscillate. Domestic production is high, and demand is weak [80]. - **Strategy**: Cotton prices are expected to oscillate in the short term due to weak demand and high selling - hedging pressure [82].

Core Viewpoint - The company Yiqiu Resources (601388) is planning to engage in hedging activities to mitigate market price volatility risks associated with its production and operations, particularly in aluminum alloy ingots and non-ferrous metals [1][2]. Company Announcement Summary - As of November 14, 2025, Yiqiu Resources' stock closed at 3.34 yuan, a 0.3% increase from the previous week, with a market capitalization of 7.352 billion yuan, ranking 44th in the industrial metals sector [1]. - The company held its sixth board meeting on November 14, 2025, where the proposal for hedging business was unanimously approved by all nine attending directors [1][3]. - The hedging activities will involve trading in futures and options, with a maximum margin and premium not exceeding 9 million yuan, and the highest contract value held on any trading day capped at 2.1 billion yuan [2][3]. - The funding for these activities will come from the company's own resources, and the authorization for this hedging business is valid for twelve months from the board's approval [2].

Core Points - Yiqiu Resources (601388) announced plans to engage in hedging activities to mitigate market price volatility risks, focusing on trading aluminum alloy ingots and non-ferrous metals through derivatives like options, futures, and forwards [1] - The company has set a maximum margin and premium limit of 9 million yuan, with the highest contract value held on any trading day not exceeding 2.1 billion yuan, funded by its own capital [1] - The authorization for this hedging activity is valid for twelve months from the date of board approval and does not require shareholder meeting approval [1] Financial Performance - As of November 14, 2025, Yiqiu Resources closed at 3.34 yuan, down 1.47% from the previous trading day, with a total market capitalization of 7.352 billion yuan [1] - The stock opened at 3.36 yuan, reached a high of 3.45 yuan, and a low of 3.34 yuan, with a trading volume of 239 million yuan and a turnover rate of 3.2% [1]

Core Insights - In October, the national futures market in China experienced a trading volume of 603 million contracts and a trading value of 61.22 trillion yuan, representing a year-on-year decrease of 13.26% in volume but an increase of 4.54% in value [1] - From January to October, the cumulative trading volume reached 7.347 billion contracts and a cumulative trading value of 608.84 trillion yuan, showing year-on-year growth of 14.86% in volume and 21.82% in value [3] Trading Analysis - The decline in October's trading volume is attributed to the National Day and Mid-Autumn Festival holidays, which reduced trading days by five, along with liquidity shocks from capital inflows and outflows [5] - Financial futures and options saw a decrease in both trading volume and value due to the A-share market closure and fewer trading days [5] - The steel and building materials sector also experienced a decline in trading volume and value, influenced by low real estate sentiment and cyclical downturns [5] - Agricultural products, including oilseeds, soft commodities, and feed, contributed significantly to the drop in trading scale in October [5] - The energy and chemical sectors faced a similar decline in trading volume and value, further impacting the overall trading scale [5] - In contrast, the precious metals sector showed positive growth in both trading volume and value, emerging as a standout performer in October [5] Market Outlook - Despite the decline in October, the overall trend for the first ten months indicates significant year-on-year growth in trading volume and value, driven by surges in precious metals and financial futures [6] - The energy and chemical sectors also contributed positively to the trading scale, while the non-ferrous metals sector benefited from various market dynamics [6] - Looking ahead, it is anticipated that November will see a substantial rebound in trading volume compared to October, with projections for 2025 indicating that trading volume and value will exceed 8.8 billion contracts and 73 trillion yuan, respectively, setting new historical records [6]

Core Insights - The October data from the China Futures Association indicates a decline in trading volume but an increase in trading value, reflecting mixed market conditions [1][2] - The overall trend for the first ten months shows growth in trading volume and value across various sectors, highlighting a robust futures market [2][3] Trading Volume and Value - In October, the national futures market recorded a trading volume of 603 million contracts and a trading value of 61.22 trillion yuan, representing a year-on-year decrease of 13.26% in volume but an increase of 4.54% in value [1] - Cumulatively, from January to October, the trading volume reached 7.347 billion contracts, with a total trading value of 60.884 trillion yuan, marking year-on-year increases of 14.86% and 21.82%, respectively [1] Exchange Performance - The Shanghai Futures Exchange reported a cumulative trading volume of 1.853 billion contracts and a trading value of 19.324 trillion yuan, with a slight volume decrease of 0.37% but a value increase of 16.2% [1] - The Zhengzhou Commodity Exchange and Dalian Commodity Exchange both showed significant growth in trading volume and value, with the former achieving a volume increase of 15.64% and the latter 15.9% [1] Sector Analysis - The precious metals sector, including futures and options, saw a significant increase in trading volume and value, with year-on-year growth of 53% and 55%, respectively [2] - The financial futures and options sector also experienced robust growth, with volume and value increasing by over 25% and 43%, indicating heightened risk management needs [2] Market Trends and Predictions - The overall commodity market showed a strong performance in October, with notable price increases in coal, lithium carbonate, and coke, while some products like caustic soda and glass performed weaker [3] - Looking ahead to November, expectations are for a significant rebound in trading volume, with projections suggesting that the total trading volume and value for the year could exceed 8.8 billion contracts and 73 trillion yuan, potentially setting new historical records [3]

Core Viewpoint - The futures market is increasingly recognized as a vital force in ensuring the safety of industrial and supply chains, promoting high-quality development in various industries, particularly in non-ferrous metals, steel, and petrochemicals [1][2][5]. Non-Ferrous Metals Industry - The non-ferrous metals industry has shown stable performance in 2023, with an industrial added value growth of 7.8% year-on-year and a production of 61.25 million tons, reflecting a 3.0% increase [2]. - The futures market has become an essential part of the financial system, aiding in price discovery, risk management, and resource allocation, which stabilizes production and enhances supply chain efficiency [2]. - There are currently 13 types of non-ferrous metal futures listed in China, with a robust risk management framework and increasing participation from industries in hedging practices [2][3]. Steel Industry - The steel industry has seen a significant increase in futures market participation, with nine steel-related futures and four options currently available [4]. - The participation of large steel enterprises in the futures market has grown, indicating a shift from previous trends where such companies were reluctant to engage [4]. - The steel sector faces challenges from low demand and a complex external environment, necessitating measures to reduce participation costs and enhance market regulations [4]. Petrochemical Industry - The petrochemical sector has transitioned to a phase of deep collaboration between production and finance, with significant advancements in risk management and financing innovation since the 14th Five-Year Plan [5]. - In 2024, the petrochemical industry is projected to achieve revenues of 16.28 trillion yuan and profits of 789.71 billion yuan, marking increases of 46.9% and 53.2% respectively since 2020 [5]. - Despite progress, the petrochemical industry faces challenges such as uneven participation in the futures market and the need for a more comprehensive risk management toolset [6]. - Recommendations for the petrochemical sector include enhancing market supply, deepening production-finance integration, and improving international pricing influence [6].

Core Insights - The forum discussed the role of the futures market in supporting the real economy of the non-ferrous metals industry, emphasizing its importance in ensuring supply chain security and promoting high-quality industry development [1] Non-Ferrous Metals Industry - The non-ferrous metals industry has shown stable performance in 2023, with an industrial added value growth of 7.8% year-on-year and a production of 61.25 million tons, reflecting a 3.0% increase [2] - The futures market has become a crucial part of the financial system, aiding in price discovery, risk management, and resource allocation, which stabilizes production and enhances the industry's resilience [2] - The futures product system is continuously improving, with 13 non-ferrous metal futures and corresponding options available, leading to deeper integration into business operations [2] - The industry faces new challenges such as resource security and green transformation, necessitating further development of the futures market [3] Steel Industry - The steel industry has seen a significant increase in futures market participation, with nine steel-related futures and four options currently available, maintaining the largest trading scale globally [4] - There has been a notable shift in participation, with large steel enterprises that previously avoided the futures market now engaging more deeply [4] - The steel sector is currently under pressure from weak demand and a complex external environment, prompting calls for measures to reduce participation costs and enhance market regulation [4] Petrochemical Industry - The petrochemical sector has advanced from initial exploration to deep collaboration in integrating production and finance, with significant progress in risk management and financing innovation [5] - In 2024, the petrochemical industry's revenue is projected to reach 16.28 trillion yuan, with a profit of 789.71 billion yuan, marking increases of 46.9% and 53.2% respectively since 2020 [5] - Despite progress, challenges remain in the petrochemical industry regarding balanced participation, risk management tools, and the need for further development of futures market functionalities [6] - Recommendations for the petrochemical industry include enhancing market supply, deepening integration, and improving risk management capabilities [6]

Report Core View - The report provides a forward - looking analysis of this week's hot events and their potential impacts on the futures market, including key economic data releases and policy decisions from different countries [2][3] Weekly Key Focus - On November 3rd at 09:45, Markit will release China's October SPGI Manufacturing PMI; on November 7th at 11:00, the General Administration of Customs will announce October import and export data; at 16:00, the People's Bank of China will release October foreign exchange and gold reserves; on November 9th at 09:30, the National Bureau of Statistics will announce October CPI and PPI [2] - Attention should be paid to factors such as domestic macro - policy changes, international trade and tariff wars, international geopolitical situations, speeches by US President Trump and Fed officials, and negotiations on ending the US government shutdown for their impacts on the futures market [2] Weekly Hot Event Preview November 3rd - Markit will release China's October SPGI Manufacturing PMI at 09:45, with an expected value of 50.9 and a previous value of 51.2. A slight drop may mildly suppress the rise of industrial and stock index futures but help the rise of treasury bond futures [3] - The US ISM will announce the US October ISM Manufacturing PMI at 22:00, with an expected and previous value of 49.1 [4] November 4th - The National Bureau of Statistics will release the prices of important production materials in the circulation field in late October at 09:30, covering 9 categories and 50 products [5] - The Reserve Bank of Australia will announce the interest rate decision and monetary policy statement at 11:30, and its governor will hold a press conference at 12:30. It is expected to keep the cash rate at 3.60% [8] November 5th - Markit will release China's October SPGI Services PMI at 09:45, with a previous value of 52.9 [9] - The US ADP will announce the change in October ADP employment at 21:15, with an expected value of - 20,000 and a previous value of - 32,000. A higher value may help the rise of non - ferrous metals, crude oil and related commodity futures but suppress the rise of gold and silver futures [10] - The US ISM will announce the US October ISM Non - Manufacturing PMI at 23:00, with an expected value of 50.9 and a previous value of 50. A slight increase may suppress the rise of gold and silver futures [11] - The US EIA will announce the EIA crude oil inventory change for the week ending October 31st at 23:30, with a previous decrease of 6.858 million barrels. A continued decline may help the rise of crude oil and related commodity futures [12] November 6th - The Bank of England will announce the interest rate decision and meeting minutes at 20:00, and its governor will hold a press conference at 20:30. It is expected to keep the benchmark interest rate at 4.00% [13] November 7th - The General Administration of Customs will announce October import and export data at 11:00. It is expected that exports will grow 7.1% year - on - year and imports 1.5% year - on - year, both lower than the previous values. This may suppress the rise of stock index and related commodity futures [14] - The People's Bank of China will release October foreign exchange and gold reserves at 16:00, with September foreign exchange reserves at $3,338.658 billion and gold reserves at 74.06 million ounces [16] - The University of Michigan will announce the preliminary value of the November Consumer Confidence Index at 23:00, with an expected value of 53 and a previous value of 53.6. A slight drop may suppress the rise of non - ferrous metals, crude oil and related commodity futures but help the rise of gold and silver futures [17] November 9th - The National Bureau of Statistics will announce October CPI and PPI at 09:30. It is expected that CPI will decline 0.0% year - on - year and PPI will decline 2.2% year - on - year, both better than the previous values. This may mildly help the rise of commodity and stock index futures but suppress the rise of treasury bond futures [18]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - In the stock index market, recent Sino-US economic and trade talks have had a positive outcome. Technology remains the main market trend, and the policy supports the capital market. The medium - to - long - term strategy is to go long on dips [2][4]. - In the bond market, the central bank's restart of bond trading is positive for the bond market in the short term. In the fourth quarter, the bond market is affected by fundamentals, fund fee regulations, and institutional allocation. It is expected to oscillate and recover [7]. - In the precious metals market, the decline in precious metal prices is a "correction in the upward trend." It is recommended to maintain a long - term view and allocate long positions on dips [9]. - In the non - ferrous metals market, most non - ferrous metals are expected to oscillate strongly due to factors such as supply disruptions and positive market sentiment [12][14][17][19]. - In the black building materials market, the long - term upward logic of steel prices remains intact, but the short - term demand is weak. For black building materials, it is recommended to look for opportunities to rebound on dips [35][46]. - In the energy and chemical market, different products have different trends. For example, rubber is recommended to be temporarily observed, and oil is recommended to be low - bought and high - sold in a range [56][58]. - In the agricultural products market, different agricultural products have different trends. For example, the short - term pig price may rebound, but the medium - term is still under pressure [81]. Summary by Related Catalogs Macro - financial Category Stock Index - **Market Information**: The 14th Five - Year Plan proposes measures for key technology research, strategic investment plans in the US and Japan are announced, and some companies have good profit growth [2]. - **Strategy**: Pay attention to the Sino - US leaders' meeting at the end of the month. The technology sector is the main trend, and the medium - to - long - term strategy is to go long on dips [4]. Treasury Bonds - **Market Information**: Treasury bond futures prices change, the 14th Five - Year Plan focuses on boosting consumption, the Fed's interest - rate meeting is held, and the central bank conducts reverse repurchase operations [5][6]. - **Strategy**: The central bank's operation is positive for the bond market in the short term. The bond market is expected to oscillate and recover in the fourth quarter [7]. Precious Metals - **Market Information**: Gold and silver prices fluctuate, the Fed's interest - rate meeting is approaching, and there are discussions about gold reserves in the Philippines and South Korea [8][9]. - **Strategy**: The decline in precious metal prices is a correction. It is recommended to allocate long positions on dips [9]. Non - ferrous Metals Category Copper - **Market Information**: Copper prices first decline and then rise, LME and domestic inventories change, and the downstream procurement sentiment improves slightly [11]. - **Strategy**: Due to the expected interest - rate cut and tight supply, copper prices are expected to oscillate strongly [12]. Aluminum - **Market Information**: Aluminum prices rise, inventory and trading volume change, and the downstream procurement willingness is weak [13]. - **Strategy**: Supply disruptions and positive market sentiment are expected to drive aluminum prices to oscillate strongly [14]. Zinc - **Market Information**: Zinc prices decline slightly, inventory and basis change [15][16]. - **Strategy**: Due to factors such as inventory accumulation and structural risks, zinc prices are expected to oscillate strongly in the short term [17]. Lead - **Market Information**: Lead prices decline, inventory and basis change [18]. - **Strategy**: Due to factors such as inventory reduction and positive market sentiment, lead prices are expected to run strongly in the short term [19]. Nickel - **Market Information**: Nickel prices decline sharply, and the cost and supply - demand situation of nickel - related products change [20]. - **Strategy**: Short - term observation is recommended. If the price drops enough, long positions can be considered [22]. Tin - **Market Information**: Tin prices decline, inventory and supply - demand situation change [23]. - **Strategy**: Tin prices are expected to maintain high - level oscillations in the short term. It is recommended to observe [23]. Carbonate Lithium - **Market Information**: Carbonate lithium prices change, and the futures price declines slightly [24]. - **Strategy**: After continuous rises, the price is under pressure. Pay attention to supply elasticity and hedging pressure [25]. Alumina - **Market Information**: Alumina prices decline, inventory and basis change [26]. - **Strategy**: It is recommended to observe in the short term, paying attention to supply - side policies and the Fed's monetary policy [28]. Stainless Steel - **Market Information**: Stainless steel prices decline, inventory and raw material prices change [29]. - **Strategy**: It is recommended to observe due to weak demand and falling raw material prices [30]. Cast Aluminum Alloy - **Market Information**: Cast aluminum alloy prices decline, inventory and trading volume change [31]. - **Strategy**: Positive factors such as cost support and supply tightening are expected to support prices [32]. Black Building Materials Category Steel - **Market Information**: Steel prices change, and inventory and trading volume change [34]. - **Strategy**: The long - term upward logic of steel prices remains, but the short - term demand is weak. Pay attention to Sino - US talks [35]. Iron Ore - **Market Information**: Iron ore prices rise, and inventory and basis change [36]. - **Strategy**: The demand for iron ore weakens, and the price is under pressure. It is expected to oscillate [37][38]. Glass and Soda Ash - **Market Information**: Glass and soda ash prices change, and inventory and trading volume change [39][41]. - **Strategy**: Glass prices are expected to oscillate widely, and soda ash prices are expected to consolidate narrowly [40][41]. Manganese Silicon and Ferrosilicon - **Market Information**: Manganese silicon and ferrosilicon prices change, and the market is in an oscillating range [42]. - **Strategy**: They are likely to follow the black market. Pay attention to potential supply constraints [44][46]. Industrial Silicon and Polysilicon - **Market Information**: Industrial silicon and polysilicon prices change, and inventory and supply - demand situation change [47][49]. - **Strategy**: Industrial silicon is expected to oscillate in the short term, and polysilicon's supply - demand pattern may improve [48][50]. Energy and Chemical Category Rubber - **Market Information**: Rubber prices oscillate, and there are different views on supply and demand [52][53]. - **Strategy**: It is recommended to close short - term long positions and observe. Partial hedging positions can be established [56]. Crude Oil - **Market Information**: Crude oil and refined oil prices rise, and inventory changes [57]. - **Strategy**: It is recommended to observe in the short term and test OPEC's export - price support willingness [58]. Methanol - **Market Information**: Methanol prices change, and inventory and basis change [59]. - **Strategy**: It is recommended to observe due to factors such as slow import unloading and high inventory [60]. Urea - **Market Information**: Urea prices change, and inventory and basis change [61]. - **Strategy**: It is recommended to observe or consider long positions at low prices due to slow inventory accumulation and potential demand [63]. Pure Benzene and Styrene - **Market Information**: Pure benzene and styrene prices decline, and inventory and basis change [64]. - **Strategy**: Benzene prices may stop falling due to factors such as cost and inventory [65]. PVC - **Market Information**: PVC prices decline, and inventory and supply - demand situation change [66]. - **Strategy**: It is recommended to short on rallies due to over - supply and weak demand [68]. Ethylene Glycol - **Market Information**: Ethylene glycol prices decline, and inventory and supply - demand situation change [69]. - **Strategy**: It is recommended to short on rallies due to expected inventory accumulation [70]. PTA - **Market Information**: PTA prices change, and inventory and supply - demand situation change [71]. - **Strategy**: Pay attention to potential production - cut signals and their impact on processing fees and prices [72]. p - Xylene - **Market Information**: p - Xylene prices decline, and inventory and supply - demand situation change [73]. - **Strategy**: It mainly follows the oil price and is affected by PTA's production - cut expectations [74]. Polyethylene (PE) - **Market Information**: PE prices decline, and inventory and demand change [75]. - **Strategy**: It is expected to maintain low - level oscillations due to factors such as high inventory and cost support [76]. Polypropylene (PP) - **Market Information**: PP prices decline, and inventory and demand change [77]. - **Strategy**: Under the background of weak supply and demand, the price is under pressure due to high inventory [78]. Agricultural Products Category Live Pigs - **Market Information**: Pig prices rise, and there are differences in price trends in different regions [80]. - **Strategy**: Short - term rebound, medium - term short positions can be established on rallies [81]. Eggs - **Market Information**: Egg prices are mostly stable, and the market supply and demand are balanced [82]. - **Strategy**: It is recommended to observe as the spot price has limited upward space [83]. Soybean and Rapeseed Meal - **Market Information**: CBOT soybean prices rise, and domestic soybean and meal inventories are high [84][85]. - **Strategy**: It is recommended to short on rallies due to high inventory and loose supply [86]. Oils and Fats - **Market Information**: Oil prices decline, and palm oil production and export data change [87]. - **Strategy**: It is recommended to observe and wait for clear production signals [88]. Sugar - **Market Information**: Sugar prices rebound, and import control policies change [89][90]. - **Strategy**: It is recommended to short after the rebound weakens due to factors such as supply and import profit [91]. Cotton - **Market Information**: Cotton prices oscillate, and the downstream demand is weak [92]. - **Strategy**: The upward space of cotton prices is limited due to weak fundamentals [93].