投资咨询业务资格：证监许可【2012】669号 国内商品期货多数上涨，新能源材料涨幅居前 ——中信期货晨报20251126 仲鼎 从业资格号F03107932 投资咨询号Z0021450 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 | 板块 | 品种 | 现代 | | | 日度涨跌幅 周度涨跌幅 月度涨跌幅 季度涨跌幅 今年涨跌幅 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 股指 | 沪深300期货 | 4473 | 0.85% | 101% | -3.42% | -3.14% | 14.08% | | | 上证50期货 | 2959.2 | 0.50% | Q 43% | -1 88% | -1 00% | 10.50% | | | 中证500期货 | 6900 | THOS | Task | -4 33 | -5.35% | 21.20% | | | 中证1000期货 | 7172 | 1 0 ...

投资咨询业务资格：证监许可【2012】669号 国内商品期货涨跌参半，非金属建材涨幅居前 ——中信期货晨报20251125 中信期货研究所 仲鼎 从业资格号F03107932 投资咨询号Z0021450 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 | 板块 | 品种 | 现代 | | | 日度涨跌幅 周度涨跌幅 月度涨跌幅 季度涨跌幅 | | 今年涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | --- | | 股指 | 沪深300期货 | 4435.2 | 0.15% | 0.15% | -4.24% | -3.96% | 13.11% | | | 上证50期货 | 2944.4 | -0.07 | -0.07% | -2.35% | -1.49% | d ack | | | 中证500期货 | 6827.6 | 0.85% | 0.85% | -5.735 | -6.25 | 19.93% | | | 中证1000期 ...

（来源：广金期货） 来源：广金期货 广州金控期货 商品日报 2025.11.24 1 热力图（当日收盘价涨跌幅—成交量） | 数据来源：Wind，广金期货 | | --- | 2 热力图（当日收盘价涨跌幅—成交额） | 图模型 | 最全集 | trê | 加度的 | 11 | 른 | Part | 79 | 1 300 | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Nets | 周边 | LC2601 | CUNSU | 12 | CH401 | P/601 | 86083 | 90480 | IC2601 | 8 | 8-4884 | 5778 | 76 | -459% | DAVE | 44739 | | | | | | | | | | | | 17 ...

欢迎加入交易理想国知识星球 文 | 交易理想国知识星球 编辑 | 杨兰 审核 | 浦电路交易员 根据《中国期货市场品种属性研究报告（2025-11-24）》，以下是整理出的核心关键内容摘要，包括关键多空品种、量仓变化、交易机会、风险提示与 核心逻辑： | RollSharpeAbs Px Main | 2025/11/23 | Curve + Status = Px CurveLongShort | Market Status 750D Px. M Percentile 750D Ctgo Percentile 750D Ann.Roll Rtn. | Vol/Roll | Dvol | FastMA | SlowMA | Up/DownRatio MaxDD ResPx MaxDU ResPx | Cigo | Ctgoli | CtgoliAnn Facto | 上证50期货 IH.CFE | 94% | 0.76N | 0.19 | 946.40 | 2.993.36 | 3.027.31 | 147,70% | -7.60 | 0.26% | Maybe Curve Long | Short | 27 ...

投资咨询业务资格：证监许可【2012】669号 风险偏好持续回落，股指商品多数回调 ——中信期货晨报20251121 中信期货研究所 仲鼎 从业资格号F03107932 投资咨询号Z0021450 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 | | | | 立 Fran - 7 / 可 / 可 / 人 / 用 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 板块 | 品种 | 现代 | | 日度涨跌幅 周皮涨跌幅 月度涨跌幅 | | 李度涨跌幅 今年涨跌幅 | | | | 沪深300期货 | 4539.2 | -0.57% | -1.33% | -1.99% | -1 76 86 | 15.77% | | 股指 | 上证50期货 | 3002.6 | -0.28% | -0.92% | -0.42% | 0.46% | 12 124 | | | 中正500期货 | 7000 | -0.78% | ...

广州金控期货 商品日报 2025.11.20 1 热力图（当日收盘价涨跌幅—成交量） （来源：广金期货） 来源：广金期货 | 数据来源：Wind，广金期货 | | --- | 2 热力图（当日收盘价涨跌幅—成交额） | 曼金属 | | | 发展时光 | | | | | 19 | | | 深圳市 | | CD | D | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 48 | | 타 | | | | | | | | | | | | | | BUNGH | | MASSE | 1494 CABDY | | | @19 | | | | | | | | 75 | | 11240 | | 2014 | 1114 | 第1章 Add 214-201 | | 083601 | No | | | | | TL | | 152512 | | 41.27% | | 0.13% | -2.07% | THERS' | | 8050 | SC2604 | | | | | ...

投资咨询业务资格：证监许可【2012】669号 贵金属迎来反弹，其他商品涨跌互现 ——中信期货晨报20251120 中信期货研究所 仲鼎 从业资格号F03107932 投资咨询号Z0021450 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 | | | | 20 10 11 1 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 板块 | 品种 | 现价 | 日度涨跌幅 | | 周皮涨跌幅 月度涨跌幅 李度涨跌幅 | | 今年涨跌幅 | | 股指 | 沪深300期货 | 4565.2 | 0.22% | -0.77% | -1.43% | -1.14% | 16.43% | | | 上证50期货 | 3011 | 0.45% | -0.64% | -0.14% | 0.74% | 12.43% | | | 中证500期货 | 7054.8 | -0 35% | FINLEW | -2.59% | -3 ...

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The central bank will maintain a moderately loose monetary policy, aiming to keep social financing conditions relatively loose and promote a reasonable recovery of prices [4]. - The stock index is expected to continue its volatile pattern with support at the bottom and pressure on the upside. Short - term market differences are expected to be gradually digested during the index's volatile adjustment, and a new driving force is awaited for the index to rise further [6]. 3. Summary by Related Content 3.1 Macro - Financial Data - **Interest Rates**: DR001 closed at 1.53% with a 1.66bp increase, DR007 at 1.52% with a 0.03bp increase, GC001 at 1.69% with a 35.50bp increase, GC007 at 1.56% with a 5.50bp increase, SHBOR 3M at 1.58% unchanged, LPR 5 - year at 3.50% unchanged, 1 - year treasury at 1.40% with a - 0.10bp change, 5 - year treasury at 1.54% unchanged, 10 - year treasury at 1.80% with a 0.05bp increase, and 10 - year US treasury at 4.13% with a - 1.00bp change [3]. - **Open - Market Operations**: Last week, the central bank conducted 1.122 trillion yuan of reverse repurchase operations, with 495.8 billion yuan of reverse repurchases maturing, resulting in a net injection of 626.2 billion yuan. This week, 1.122 trillion yuan of reverse repurchases will mature, and 12 billion yuan of treasury cash deposits will mature on Thursday [3][4]. 3.2 Stock Index Market - **Index Performance**: The CSI 300 fell 0.65% to 4568, the SSE 50 fell 0.3% to 3003, the CSI 500 fell 1.17% to 7151, and the CSI 1000 fell 1% to 7448. The trading volume of the Shanghai and Shenzhen stock markets was 1.9261 trillion yuan, a slight increase of 15.3 billion yuan from the previous day. Most industry sectors closed lower, with Internet services, cultural media, and education sectors leading the gains, and coal, battery, steel, fertilizer, energy metals, shipping ports, precious metals, and non - ferrous metals sectors leading the losses [5]. - **Futures Contracts**: IF volume increased by 6.6% to 121,863, and its open interest increased by 2.2% to 278,688; IH volume decreased by 4.3% to 54,759, and its open interest decreased by 3.4% to 97,691; IC volume increased by 15% to 134,440, and its open interest increased by 3.3% to 254,019; IM volume increased by 10.4% to 217,767, and its open interest increased by 19% to 362,020 [5]. - **Premium and Discount**: IF's premium and discount rates for the current - month, next - month, current - quarter, and next - quarter contracts were - 3.75%, 3.40%, 2.96%, and 3.43% respectively; IH's were - 2.36%, 2.12%, 0.88%, and 1.07% respectively; IC's were - 3.03%, 11.73%, 10.63%, and 11.05% respectively; IM's were 4.08%, 15.22%, 13.31%, and 12.89% respectively [7].

1. Report Investment Rating The report does not explicitly mention the investment rating for the industry. 2. Core Viewpoints - In November, the macro environment enters a vacuum period, and large - scale assets lack further positive drivers. The market needs to digest previous gains, so large - scale assets may enter a short - term shock period. However, the overall allocation idea in the fourth quarter remains unchanged, and the macro environment is still favorable for risk assets. It is recommended that investors make a balanced allocation in large - scale assets in the fourth quarter, hold long positions, and pay attention to the allocation opportunities of stock indices, non - ferrous metals (copper, lithium carbonate, aluminum, tin), and precious metals. In case of a certain correction in the fourth quarter, appropriate additional allocation can be made [7]. 3. Summary by Directory 3.1 Macro Highlights - **Overseas Macro**: This week, the global macro focus is more on changes in US dollar liquidity. Although there seems to be a short - term tight situation in US dollar liquidity, it will not have a significant impact on the prices of large - scale assets. There are two factors for the improvement of US dollar liquidity: marginal easing of monetary policy and the normal release of funds in the TGA account once the US government resumes work, which can relieve the short - term pressure on US dollar liquidity to a certain extent [7]. - **Domestic Macro**: In October, China's export volume growth year - on - year was weaker than expected and the previous value, and the month - on - month performance was also weaker than the seasonal average. However, more optimistic information was seen in the inflation data for October. In addition, there is a possibility that the consumption data for October may slightly exceed expectations [7]. - **Asset Views**: As mentioned above, large - scale assets may enter a shock period in the short term, but the overall fourth - quarter allocation idea remains unchanged, and the macro environment is favorable for risk assets [7]. 3.2 Viewpoints Summary 3.2.1 Financial Sector - **Stock Index Futures**: Driven by technology events, the growth style is active. However, there is a problem of crowded funds in small - and micro - cap stocks. The short - term judgment is a shock - upward trend [8]. - **Stock Index Options**: The overall market trading volume has slightly declined, and the liquidity of the options market may be lower than expected. The short - term judgment is a shock trend [8]. - **Treasury Bond Futures**: The bond market continues to be weak. Key points to watch include policy surprises, better - than - expected fundamental recovery, and tariff factor surprises. The short - term judgment is a shock trend [8]. 3.2.2 Precious Metals - **Gold/Silver**: Due to the easing of geopolitical and economic and trade relations, precious metals are in a stage of adjustment. Key points to watch include the performance of the US fundamentals, the monetary policy of the Federal Reserve, and the trend of the global equity market. The short - term judgment is a shock trend [8]. 3.2.3 Shipping - **Container Shipping to Europe**: The peak season in the third quarter has passed, and there is pressure on loading, lacking upward drivers. Key points to watch include the rate of freight decline in September. The short - term judgment is a shock trend [8]. 3.2.4 Steel and Iron Ore - **Steel**: In the off - season of demand, the market is under pressure, and the price on the disk has fallen from a high level. Key points to watch include the progress of special bond issuance, steel export volume, and hot metal production. The short - term judgment is a shock trend [8]. - **Iron Ore**: The pressure of inventory accumulation has been released in advance, and the supply - demand margin is expected to improve. Key points to watch include the production and shipment of overseas mines, domestic hot metal production, weather factors, changes in ore inventory at ports, and policy dynamics. The short - term judgment is a shock trend [8]. 3.2.5 Black Building Materials - **Coke**: Three rounds of price increases have been implemented, and a fourth round is being proposed. Key points to watch include steel mill production, coking costs, and macro sentiment. The short - term judgment is a shock trend [8]. - **Coking Coal**: Domestic supply is difficult to increase, and the sentiment in the spot market remains strong. Key points to watch include steel mill production, coal mine safety inspections, and macro sentiment. The short - term judgment is a shock trend [8]. - **Silicon Iron**: Cost support remains strong, but the supply - demand is loose, and the price is under pressure. Key points to watch include raw material costs and steel procurement situations. The short - term judgment is a shock trend [8]. - **Manganese Silicon**: Cost support still exists, but there is pressure on the upper side of the disk. Key points to watch include cost prices and overseas quotes. The short - term judgment is a shock trend [8]. - **Glass**: Production cuts in Shahe have been implemented, but demand remains weak. Key points to watch include spot production and sales. The short - term judgment is a shock trend [8]. - **Soda Ash**: Cost support has strengthened, and light soda ash has shown a short - term recovery. Key points to watch include soda ash inventory. The short - term judgment is a shock trend [8]. 3.2.6 Non - Ferrous Metals and New Materials - **Copper**: Due to the tight US dollar liquidity, the copper price has adjusted in the short term. Key points to watch include supply disruptions, better - than - expected domestic policies, less - than - expected dovishness of the Federal Reserve, less - than - expected recovery of domestic demand, and economic recession. The short - term judgment is a shock trend [8]. - **Alumina**: The fundamental situation is still one of over - supply, and the alumina price is under pressure and in a shock state. Key points to watch include less - than - expected ore复产, better - than - expected electrolytic aluminum复产, and extreme market trends. The short - term judgment is a shock trend [8]. - **Aluminum**: There is a linkage between stocks and futures, and the aluminum price is rising in a shock manner. Key points to watch include macro risks, supply disruptions, and less - than - expected demand. The short - term judgment is a shock - upward trend [8]. - **Zinc**: The export window has opened, and the zinc price is in a high - level shock state. Key points to watch include macro - turning risks and better - than - expected recovery of zinc ore supply. The short - term judgment is a shock trend [8]. - **Lead**: Social inventory has slightly increased, and the lead price is in a shock state. Key points to watch include supply - side disruptions and slowdown in battery exports. The short - term judgment is a shock trend [8]. - **Nickel**: Market sentiment has improved, and the nickel price is in a shock state. Key points to watch include unexpected macro and geopolitical changes, Indonesian policy risks, and less - than - expected supply release. The short - term judgment is a shock trend [8]. - **Stainless Steel**: Warehouse receipts continue to decline, and the stainless steel market on the disk is in a shock state. Key points to watch include Indonesian policy risks and better - than - expected demand growth. The short - term judgment is a shock trend [8]. - **Tin**: The inventory of Shanghai tin continues to decline, and the tin price is in a shock state. Key points to watch include the expected复产 in Wa State and changes in demand improvement expectations. The short - term judgment is a shock trend [8]. - **Industrial Silicon**: The supply in the southwest has rapidly declined, and the silicon price is in a shock state. Key points to watch include unexpected production cuts on the supply side and better - than - expected photovoltaic installations. The short - term judgment is a shock trend [8]. - **Lithium Carbonate**: The expected复产 is uncertain, and attention should be paid to significant price fluctuations. Key points to watch include less - than - expected demand, supply disruptions, and new technological breakthroughs. The short - term judgment is a shock trend [8]. 3.2.7 Energy and Chemical Industry - **Crude Oil**: There is a lack of short - term driving factors, and the market continues to be in a shock state. Key points to watch include OPEC+ production policies and the geopolitical situation in the Middle East. The short - term judgment is a shock trend [10]. - **LPG**: The external release of refineries has decreased, and the import cost is under pressure. Key points to watch include the cost progress of crude oil and overseas propane. The short - term judgment is a shock trend [10]. - **Asphalt**: The spot price has fallen, and the asphalt futures price is in a shock state. Key points to watch include sanctions and supply disruptions. The short - term judgment is a shock trend [10]. - **High - Sulfur Fuel Oil**: The fuel oil market is in a weak shock state. Key points to watch include geopolitical factors and crude oil prices. The short - term judgment is a shock trend [10]. - **Low - Sulfur Fuel Oil**: The refined oil market is strong, and low - sulfur fuel oil may show a strong - upward shock trend. Key points to watch include crude oil prices. The short - term judgment is a shock - upward trend [10]. - **Methanol**: The high - inventory reality suppresses the market, and overseas disturbances are not significant. The short - term judgment is a shock trend. Key points to watch include macro - energy and overseas dynamics [10]. - **Urea**: Export information has boosted the spot market, but downstream transactions have become more cautious. The short - term judgment is a shock trend. Key points to watch include the implementation of export quotas and the coal price market [10]. - **Ethylene Glycol**: There is a game between downward supply - demand and cost support. The short - term market is in a low - level range and under obvious upward pressure. Key points to watch include fluctuations in coal and oil prices, port inventory rhythm, and Sino - US trade frictions. The short - term judgment is a shock trend [10]. - **PX**: There are rumors of some factories reducing the load of disproportionation, which has affected market sentiment. The short - term judgment is a shock - upward trend. Key points to watch include significant fluctuations in crude oil prices and macro - abnormalities [10]. - **PTA**: Driven by the upstream, the price center has moved up, and there is no unexpected reduction in supply. The short - term judgment is a shock - upward trend. Key points to watch include significant fluctuations in crude oil prices and macro - abnormalities [10]. - **Short - Fiber**: The cost is strong, but demand is weak, and processing fees are under pressure. The short - term judgment is a shock - upward trend. Key points to watch include the purchasing rhythm of downstream yarn mills and the quality of peak - season demand [10]. - **Bottle Chips**: It follows the raw material price increase passively. The short - term judgment is a shock - upward trend. Key points to watch include the implementation of bottle - chip enterprise production - cut targets and new device commissioning situations [10]. - **Propylene**: Inventory needs time to be digested, and the market is in a shock state. Key points to watch include oil prices and the domestic macro - situation. The short - term judgment is a shock trend [10]. - **PP**: The production volume remains at a relatively high level, and the market is in a shock state. Key points to watch include oil prices and domestic and overseas macro - situations. The short - term judgment is a shock trend [10]. - **Plastic**: The downstream transactions have increased, but the support from maintenance is limited, and the market is in a shock state. Key points to watch include oil prices and domestic and overseas macro - situations. The short - term judgment is a shock trend [10]. - **Styrene**: There are still concerns about over - inventory, and the styrene market is in a weak shock state. Key points to watch include oil prices, macro - policies, and device dynamics. The short - term judgment is a shock trend [10]. - **PVC**: The weak reality suppresses the market, and the PVC market is in a weak shock state. Key points to watch include expectations, costs, and supply. The short - term judgment is a shock trend [10]. - **Caustic Soda**: The market is in a low - valuation and weak - expectation state, and the caustic soda price is in a shock state. Key points to watch include market sentiment, production start - up, and demand. The short - term judgment is a shock trend [10]. 3.2.8 Agricultural Sector - **Oils and Fats**: Rapeseed oil led the rise in oils and fats yesterday. The short - term judgment is a shock - upward trend. Key points to watch include US soybean weather and Malaysian palm oil production and demand data [10]. - **Protein Meal**: The far - month contracts have made up for the increase, and the monthly spread has narrowed. The short - term judgment is a shock trend. Key points to watch include weather, domestic demand, the macro - situation, and Sino - US and Sino - Canadian trade wars [10]. - **Corn/Starch**: Downstream procurement and upstream hoarding have led to an upward breakthrough in futures prices. The short - term judgment is a shock trend. Key points to watch include demand, the macro - situation, and weather [10]. - **Pigs**: The monthly slaughter volume is sufficient, and the pig price is running at a low level. The short - term judgment is a shock - downward trend. Key points to watch include breeding sentiment, epidemics, and policies [10]. - **Natural Rubber**: It has rebounded slightly following the macro - sentiment, and attention should be paid to its sustainability. The short - term judgment is a shock - downward trend. Key points to watch include production - area weather, raw material prices, and macro - changes [10]. - **Synthetic Rubber**: It has temporarily stabilized, but the raw material pressure is still relatively large. The short - term judgment is a shock - downward trend. Key points to watch include significant fluctuations in crude oil prices [10]. - **Cotton**: The price is fluctuating in a narrow range and in a shock state. The short - term judgment is a shock trend. Key points to watch include demand and inventory [10]. - **Sugar**: It has rebounded slightly. The short - term judgment is a shock - downward trend. Key points to watch include imports and Brazilian production [10]. - **Pulp**: The futures market has driven the spot market, and the market is dominated by disk funds. The short - term judgment is a shock trend. Key points to watch include macro - economic changes and fluctuations in US dollar - denominated quotes [10]. - **Double - Glued Paper**: Supported by tenders, the market has stabilized. The short - term judgment is a shock trend. Key points to watch include production and sales, education policies, and paper - mill production start - up dynamics [10]. - **Logs**: Domestic timber has been delivered successively, and the log market on the disk is running at a low level. The short - term judgment is a shock trend. Key points to watch include special port fees, shipment volume, and dispatch volume [10].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - In November, the macro environment enters a vacuum period, and major asset classes lack further positive drivers. The market needs to digest previous gains, so major assets may enter a short - term shock period. However, the overall allocation strategy for the fourth quarter remains unchanged, and the macro environment is still favorable for risk assets. It is recommended that investors allocate major asset classes evenly in the fourth quarter, hold long positions in stock indices, non - ferrous metals (copper, lithium carbonate, aluminum, tin), and precious metals, and increase positions appropriately if there is a correction in the fourth quarter [8]. 3. Summary by Sections 2.1 Macro Highlights - **Overseas Macro**: This week, the global macro focus is on changes in US dollar liquidity. Although there is a short - term tightening trend, it is not expected to have a significant impact on major asset prices. There are two factors that may improve US dollar liquidity: marginal easing of monetary policy and the normal release of funds in the TGA account once the US government resumes work [8]. - **Domestic Macro**: In October, China's export volume growth was weaker than expected and the previous value, and the month - on - month performance was also weaker than the seasonal average. However, more positive information was found in the October inflation data. Additionally, there is a possibility that the October consumption data may slightly exceed expectations [8]. 2.2 View Highlights Financial - **Stock Index Futures**: Driven by technology events, the growth style is active. With the congestion of small - cap funds, it is expected to fluctuate and rise [9]. - **Stock Index Options**: The overall market trading volume has slightly declined. With the option market liquidity falling short of expectations, it is expected to fluctuate [9]. - **Treasury Bond Futures**: The bond market continues to be weak. Considering factors such as policy, fundamental recovery, and tariffs, it is expected to fluctuate [9]. Precious Metals - **Gold/Silver**: With the easing of geopolitical and trade tensions, precious metals are in a phased adjustment. Affected by the US fundamentals, Fed's monetary policy, and global equity market trends, it is expected to fluctuate [9]. Shipping - **Container Shipping to Europe**: As the peak season in the third quarter fades, there is pressure on loading and a lack of upward drivers. Pay attention to the rate of freight decline in September, and it is expected to fluctuate [9]. Black Building Materials - **Steel**: In the off - season, demand is under pressure, and the futures price has fallen from a high level. Pay attention to the progress of special bond issuance, steel exports, and molten iron production, and it is expected to fluctuate [9]. - **Iron Ore**: The pressure of inventory accumulation is released in advance, and the supply - demand relationship is expected to improve. Affected by overseas mine production and shipment, domestic molten iron production, weather, port inventory, and policy, it is expected to fluctuate [9]. - **Coke**: Three rounds of price increases have been implemented, and a fourth round is proposed. Pay attention to steel mill production, coking costs, and macro sentiment, and it is expected to fluctuate [9]. Non - ferrous Metals and New Materials - **Copper**: Due to the tight US dollar liquidity, the copper price is in a short - term adjustment. Affected by supply disruptions, domestic policies, Fed's policy, and domestic demand, it is expected to fluctuate [9]. - **Aluminum**: With the linkage between stocks and futures, the aluminum price is expected to fluctuate and rise. However, it is affected by macro risks, supply disruptions, and demand [9]. - **Lithium Carbonate**: The resumption of production is uncertain, and there is a risk of significant price fluctuations. Affected by demand, supply, and new technologies, it is expected to fluctuate [9]. Energy and Chemicals - **Crude Oil**: Supply pressure persists, and geopolitical risks remain. Affected by OPEC+ production policies and the Middle East geopolitical situation, it is expected to fluctuate [11]. - **LPG**: Supply is still in surplus. Pay attention to the cost side, such as crude oil and overseas propane, and it is expected to fluctuate [11]. - **Low - Sulfur Fuel Oil**: With the strength of refined oil products, it may run strongly. Affected by crude oil prices, it is expected to fluctuate and rise [11]. Agriculture - **Pig**: There is a game between supply and demand, and the pig price is expected to fluctuate and fall. Affected by breeding sentiment, epidemics, and policies [11]. - **Natural Rubber**: The futures price rebounds strongly, and its sustainability needs attention. Affected by production area weather, raw material prices, and macro changes, it is expected to fluctuate and fall [11]. - **Cotton**: The price fluctuation range is limited. Affected by demand and inventory, it is expected to fluctuate [11].