Core Viewpoint - The article outlines the agenda for the Guotai Haitong Spring Strategy Conference 2026, focusing on various commodities and market trends, particularly in precious metals, non-ferrous metals, and new energy sectors [1]. Group 1: Precious Metals - The session on precious metals will be led by Liu Yuxuan, a senior analyst from Guotai Junan Futures, discussing the overall market trends and forecasts for this sector [1]. Group 2: Non-Ferrous Metals - The discussion on non-ferrous metals will be conducted by Ji Xianfei, who is the joint executive director and chief analyst for non-ferrous and precious metals at Guotai Junan Futures, focusing on the logic behind high volatility in this market [1]. Group 3: New Energy - Zhang Hang, a senior analyst from Guotai Junan Futures, will address the cyclical positioning of new energy varieties, highlighting the trends and potential investment opportunities in this growing sector [1]. Group 4: Market Volatility - A session will also cover strategies for navigating low volatility in pricing, indicating a focus on how to manage investments effectively in a fluctuating market environment [1].

Core Viewpoint - The article discusses the upcoming offline salon hosted by Guotai Haitong, focusing on high-certainty resource products and their market outlook for 2026 and beyond [1]. Summary by Sections Opening Remarks - The event will begin with a speech by the head of Guotai Haitong Research Institute, Lu Ying, at 15:00 [3]. Sugar: Policy Support - The chief analyst of Guotai Junan Futures and head of agricultural products, Zhou Xiaoqiu, will present insights on sugar, emphasizing the role of policy in stabilizing the market from 15:10 to 15:30 [3]. Cotton: Looking Ahead - Senior analyst Fu Bo will discuss cotton, focusing on the outlook for the 2026/27 season during the time slot from 15:30 to 15:50 [3]. Corn: Structural Tightness vs. Marginal Accumulation - Senior analyst Yin Kaiyi will analyze the corn market, addressing the structural tightness versus total marginal accumulation from 15:50 to 16:10 [3]. Rubber: Building Momentum - The session on rubber, led by the chief analyst Gao Linlin, will explore how the market is gaining momentum amidst low volatility from 16:10 to 16:30 [3]. Non-Consensus Signals in the Market - The discussion will include insights on non-consensus signals in the market, highlighting potential investment opportunities [3]. Cyclical Upswing and Agricultural Sector - The final segment will focus on the cyclical upswing and key growth points in the agricultural sector, emphasizing the importance of this sector in the current market context [3].

Core Insights - The article discusses the significant role of commodities in the current global economic landscape, highlighting the pressures of supply chain and manufacturing chain restructuring due to de-involution and trade frictions, as well as the strategic value of de-sovereignized assets [1] Group 1: Commodity Analysis - Understanding gold as a key expression of global de-sovereignized assets [1] - Copper prices are viewed as the new king of commodities in the AI era [1] - The completion of industrial de-involution and the revitalization of the new energy industry chain [1] - Traditional steel mills are undergoing transformation in the black metal sector [1] Group 2: Market Dynamics - The pig cycle is at a bottom, driven by both policy and market factors [1] - The economic changes reflected in the tire industry, focusing on rubber's de-involution and international expansion [1] Group 3: Agenda Overview - The agenda includes discussions on interest rate cuts and long-term narratives affecting precious metals [2] - Supply disruptions and macroeconomic fluctuations impacting non-ferrous metal price outlooks [2] - Insights into the new energy market under the backdrop of de-involution policies [2] - The dual influence of policy and market on the cyclical rotation of the pig industry [3] - Black commodity raw materials and large dry bulk freight market outlook [4]