1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The overseas macro - environment in 2026 continues to warm up. The combination of "low inflation + weak reality + Fed chair change" in the US is conducive to Fed easing, and the quality of January's economic data is expected to return to normal. The "broad fiscal + broad monetary" policy in the US promotes economic prosperity. The ECB maintained interest rates unchanged in December and raised GDP forecasts for this year and next. Japan's interest rate hike was implemented as expected without radical tightening, and it raised the 2025 GDP growth forecast while maintaining the 2026 forecast [6]. - In China, the National Housing and Urban - Rural Development Work Conference was held on December 23, deploying work for 2026 such as urban renewal, stabilizing the real estate market, and upgrading the construction industry. The renovation of underground pipe networks is a highlight, and it is expected that capital investment will increase slightly next year. In November, the year - on - year growth rate of social retail sales was 1.3%, falling short of expectations and the previous value. Investment in manufacturing, infrastructure, and real estate continued to weaken, while exports remained a significant support [6]. - In asset allocation, the macro - environment is favorable for the precious metals and non - ferrous metals sectors. In the precious metals sector, the logic of gold's rise is clear and it has a high safety margin, while silver has increased volatility risk after a sharp rally. In the non - ferrous metals sector, there are opportunities to buy on dips for commodities with more supply disruptions like copper, aluminum, and tin, and attention should be paid to lithium carbonate with good supply - demand performance. The domestic equity sector should be mainly defensive during the year - end and policy - free window period [6]. 3. Summary by Relevant Catalogs 3.1 Financial Market - **Stock Index Futures**: The CSI 300 futures closed at 4610.6, with a daily increase of 0.344, a weekly increase of 1.85%, a monthly increase of 3.09%, a quarterly decrease of 0.16%, and a year - to - date increase of 11.729%. The Shanghai 50 futures, CSI 500 futures, and CSI 1000 futures also showed different degrees of increase. The market is boosted by dual factors, but continuous offensive still needs to wait. The short - term judgment is a volatile upward trend, and attention should be paid to the situation of incremental funds [2][7]. - **Stock Index Options**: Options are used for covered call writing to increase returns. The short - term judgment is a volatile trend, and attention should be paid to the liquidity of the options market [7]. - **Treasury Bond Futures**: The long - end sentiment is still weak. The short - term judgment is a volatile trend, and attention should be paid to the implementation of monetary policy [7]. - **Foreign Exchange**: The US dollar index was at 97.9535, with a daily change of 0%, a weekly decrease of 0.77%, a monthly decrease of 1.49%, a quarterly increase of 0.13%, and a year - to - date decrease of 9.70%. The euro - US dollar, US dollar - yen, and other exchange rates also had corresponding changes [2]. - **Interest Rates**: The 7 - day inter - bank deposit - based pledge rate was 1.4, with no change on the day, a weekly decrease of 4 bp, a monthly decrease of 10 bp, a quarterly decrease of 5 bp, and a year - to - date decrease of 35 bp. The 10Y Chinese government bond yield, 10Y US Treasury yield, and other interest rates also changed [2]. 3.2 Precious Metals - Gold was at 1008.76, with a daily decrease of 0.58%, a weekly increase of 2.95%, a monthly increase of 5.75%, a quarterly increase of 15.05%, and a year - to - date increase of 63.34%. Silver and other precious metals also had corresponding changes. The short - term judgment is a volatile upward trend, driven by the expectation of loose liquidity and the tight supply of silver in the spot market. Attention should be paid to the US fundamentals, Fed monetary policy, and global equity market trends [2][7]. 3.3 Shipping - The container shipping price on the European line was 1799.7, with a weekly increase of 0.22%, a daily increase of 4.65%, a monthly increase of 22.27%, and a year - to - date decrease of 20.26%. The near - term demand is supported by pre - Spring Festival shipments, and attention should be paid to the resumption of shipping in the far - term. The short - term judgment is a volatile trend, and attention should be paid to the 2026 shipping company's resumption plan, year - end long - term contract signing prices, and the support of pre - Spring Festival cargo owner shipments to prices [2][7]. 3.4 Black Building Materials - **Steel**: The cost support is strong, and the futures price continues to rebound. The short - term judgment is a volatile trend, and attention should be paid to the issuance progress of special bonds, steel exports, and pig iron production [7]. - **Iron Ore**: The shipment and arrival decreased slightly, and port inventories continued to accumulate. The short - term judgment is a volatile trend, and attention should be paid to overseas mine production and shipment, domestic pig iron production, weather conditions, port ore inventory changes, and policy dynamics [7]. - **Coke**: After the third round of price cuts, coke enterprise profits turned negative. The short - term judgment is a volatile trend, and attention should be paid to steel mill production, coking costs, and macro - sentiment [7]. - **Coking Coal**: After the earthquake in Shanxi, the sentiment of going long is high. The short - term judgment is a volatile trend, and attention should be paid to steel mill production, coal mine safety inspections, and macro - sentiment [7]. - **Silicon Iron**: The supply pressure has been alleviated, and the futures price is mainly running at a low level. The short - term judgment is a volatile trend, and attention should be paid to raw material costs and steel procurement [7]. - **Manganese Silicon**: The supply - demand situation remains loose, and the upside space is expected to be limited. The short - term judgment is a volatile trend, and attention should be paid to cost prices and overseas quotes [7]. - **Glass**: The spot market is still weak, and the futures price is volatile. The short - term judgment is a volatile trend, and attention should be paid to spot sales [7]. - **Soda Ash**: The supply - demand situation is still in surplus, and the spot price is under pressure. The short - term judgment is a volatile trend, and attention should be paid to soda ash inventories [7]. 3.5 Non - ferrous Metals and New Materials - **Copper**: Inventories continue to accumulate, and copper prices are oscillating at a high level. The short - term judgment is a volatile upward trend, and attention should be paid to supply disruptions, unexpected domestic policies, the Fed being less dovish than expected, and the recovery of domestic demand falling short of expectations [7]. - **Alumina**: The oversupply situation has not improved significantly, and alumina prices continue to be under pressure. The short - term judgment is a volatile trend, and attention should be paid to the failure of ore production to resume as expected, the over - recovery of electrolytic aluminum production, and extreme sector trends [7]. - **Aluminum**: The Mozal aluminum plant is facing shutdown, and aluminum prices are oscillating at a high level. The short - term judgment is a volatile upward trend, and attention should be paid to macro - risks, supply disruptions, and demand falling short of expectations [7]. - **Zinc**: LME zinc inventories continue to increase, and the upside space for zinc prices is limited. The short - term judgment is a volatile trend, and attention should be paid to the risk of macro - turnarounds and the unexpected recovery of zinc ore supply [7]. - **Lead**: The downstream's willingness to take delivery has improved, and lead prices may stop falling and stabilize. The short - term judgment is a volatile trend, and attention should be paid to supply - side disruptions and the slowdown of battery exports [7]. - **Nickel**: Indonesia plans to significantly reduce the RKAB of nickel ore, and nickel prices have rebounded. The short - term judgment is a volatile trend, and attention should be paid to unexpected macro - and geopolitical changes, Indonesian policy risks, and the failure of supply to be released as expected [7]. - **Stainless Steel**: The rebound of nickel prices has driven the stainless - steel futures price to rise. The short - term judgment is a volatile trend, and attention should be paid to Indonesian policy risks and unexpected demand growth [7]. - **Tin**: The downstream's rigid demand is resilient, and tin prices are oscillating strongly. The short - term judgment is a volatile upward trend, and attention should be paid to the expected复产 in Wa State and changes in demand improvement expectations [7]. - **Industrial Silicon**: Market sentiment fluctuates, and silicon prices have rebounded. The short - term judgment is a volatile trend, and attention should be paid to the unexpected resumption of supply - side production and policy changes [7]. - **Polysilicon**: The expectation of state - reserve purchases is still fermenting, and polysilicon prices continue to be highly volatile. The short - term judgment is a volatile trend, and attention should be paid to the unexpected resumption of supply - side production and domestic photovoltaic policy changes [7]. 3.6 Energy and Chemicals - **Crude Oil**: The geopolitical situation remains unresolved, and oil prices have risen for five consecutive days. The short - term judgment is a volatile trend, and attention should be paid to OPEC+ production policies and geopolitical situations [10]. - **LPG**: The strong - reality situation is facing a loosening, and attention should be paid to the implementation of downstream production cuts. The short - term judgment is a volatile trend, and attention should be paid to cost - side developments such as crude oil and overseas propane [10]. - **Asphalt**: The raw material benefits have been realized, and asphalt futures prices are oscillating widely. The short - term judgment is a volatile downward trend, and attention should be paid to sanctions and supply disruptions [10]. - **High - Sulfur Fuel Oil**: High - sulfur fuel oil futures prices are oscillating widely. The short - term judgment is a volatile downward trend, and attention should be paid to geopolitical situations and crude oil prices [10]. - **Low - Sulfur Fuel Oil**: Low - sulfur fuel oil follows crude oil in oscillation. The short - term judgment is a volatile downward trend, and attention should be paid to crude oil prices [10]. - **Methanol**: The coastal and inland markets are in a stalemate, and methanol is seen as oscillating. The short - term judgment is a volatile trend, and attention should be paid to macro - energy and overseas actual shutdown dynamics [10]. - **Urea**: Both supply and demand are weak, and the futures price is oscillating. The short - term judgment is a volatile trend, and attention should be paid to the coal market and the progress of commercial storage [10]. - **Ethylene Glycol**: Polyester production cuts have dampened market sentiment, and ethylene glycol has entered a low - valuation range again. The short - term judgment is a volatile downward trend, and attention should be paid to coal and oil price fluctuations and port inventory rhythms [10]. - **PX**: Bullish funds continue to bet, and the negative news of polyester production cuts has been quickly digested. The short - term judgment is a volatile upward trend, and attention should be paid to sharp fluctuations in crude oil, macro - abnormalities, and refining and chemical plant disruptions [10]. - **PTA**: Cost and sentiment jointly drive the price, and polyester production cuts have emerged. The short - term judgment is a volatile upward trend, and attention should be paid to sharp fluctuations in crude oil, macro - abnormalities, and insufficient support from downstream polyester loads [10]. - **Short - Fiber**: The pattern of strong upstream and weak downstream is prominent, with serious differentiation and passive profit compression. The short - term judgment is a volatile upward trend, and attention should be paid to the downstream yarn factory's purchasing rhythm and the conversion rhythm between peak and off - peak seasons [10]. - **Bottle Chips**: The cost of upstream raw materials supports the price. The short - term judgment is a volatile upward trend, and attention should be paid to the implementation of bottle - chip enterprise production - cut targets and the commissioning of new plants [10]. - **Propylene**: The spot market is strong, and there is an expectation of a decrease in PDH operating rates. The short - term judgment is a volatile trend, and attention should be paid to oil prices and the domestic macro - situation [10]. - **PP**: The expectation of maintenance boosts the market. The short - term judgment is a volatile trend, and attention should be paid to oil prices and domestic and foreign macro - situations [10]. - **Plastic**: The support of maintenance is limited. The short - term judgment is a volatile trend, and attention should be paid to oil prices and domestic and foreign macro - situations [10]. - **Styrene**: There are constraints on both rising and falling. The short - term judgment is a volatile trend, and attention should be paid to oil prices, macro - policies, and plant dynamics [10]. - **PVC**: Market sentiment is positive, and the short - term futures price is strong. The short - term judgment is a volatile trend, and attention should be paid to expectations, costs, and supply [10]. - **Caustic Soda**: Low - valuation support leads to a rebound at a low level. The short - term judgment is a volatile trend, and attention should be paid to market sentiment, operating rates, and demand [10]. 3.7 Agriculture - **Oils and Fats**: Rapeseed oil was relatively strong yesterday. The short - term judgment is a volatile trend, and attention should be paid to the expected changes in domestic and foreign oil and fat production and demand [10]. - **Protein Meal**: The inventory pressure continues, and the prices of soybean meal and rapeseed meal are oscillating at a low level. The short - term judgment is a volatile trend, and attention should be paid to downstream demand, South American weather, the macro - situation, and Sino - US and Sino - Canadian trade wars [10]. - **Corn/Starch**: Snowy weather has a phased impact on the supply in the production area. The short - term judgment is a volatile downward trend, and attention should be paid to demand, the macro - situation, and weather [10]. - **Pigs**: Both supply and demand are increasing, and pig prices are oscillating widely. The short - term judgment is a volatile downward trend, and attention should be paid to breeding sentiment, epidemics, and policies [10]. - **Natural Rubber**: The price maintains a narrow - range oscillation. The short - term judgment is a volatile trend, and attention should be paid to production - area weather, raw material prices, and macro - changes [10]. - **Synthetic Rubber**: The futures price trend continues to be strong. The short - term judgment is a volatile upward trend, and attention should be paid to sharp fluctuations in crude oil [10]. - **Cotton**: The rebound continues. The short - term judgment is a volatile upward trend, and attention should be paid to production and demand [10]. - **Sugar**: Short - sellers taking profits drives the sugar price to rebound. The short - term judgment is a volatile downward trend, and attention should be paid to imports and Northern Hemisphere production [10]. - **Pulp**: The price is fluctuating in a recent high - level range, and the futures price trend is dominated by funds. The short - term judgment is a volatile upward trend, and attention should be paid to macro - economic changes and fluctuations in US - dollar - denominated quotes [10].

Group 1 - The establishment of Tonghai County Runxin Sales Operation Department, a sole proprietorship, has been registered with a legal representative named Gong Xuelian [1] - The registered capital of the company is 10,000 RMB [1] - The business scope includes sales of coal and its products, building materials, pulp, paper products, plastic products, rubber products, information technology consulting services, sales of renewable resources, labor services (excluding labor dispatch), handling and transportation, furniture installation and maintenance services, general equipment repair, sales of cork products, wooden containers, timber, tea sets, building decoration materials, and daily wooden products [1]

Report Information - Report Title: Commodity Weekly Report - Report Date: November 24, 2025 - Author: Hu Jingyi from Guotou Futures - Investment Consulting Number: Z0019749 - Futures Practitioner Qualification Number: F03090299 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - The commodity market was under pressure last week, with an overall decline of 1.81%. All sectors closed lower, led by precious metals with a 4.07% drop. The Fed's wavering stance on interest rate cuts may lead to short - term volatility in the commodity market [2]. - The Fed's hawkish remarks tightened dollar liquidity, causing risk assets to fall. However, the weakening yen and a "dovish" speech by New York Fed President Williams on Friday improved market sentiment, though its sustainability is uncertain [2]. 3. Summary by Related Catalogs 3.1 Market Review - **Overall Market Performance**: The commodity market declined 1.81% last week. All sectors fell, with precious metals down 4.07%, energy and chemicals down 2.36%, agriculture down 1.55%, non - ferrous metals down 1.52%, and black metals down 0.25% [2][6]. - **Top - performing and Under - performing Varieties**: Iron ore, corn, and hot - rolled coils led the gainers with increases of 1.68%, 0.46%, and 0.43% respectively. Coking coal, silver, and pulp were the top losers, dropping 7.47%, 5.62%, and 4.6% respectively [2][6]. - **Volatility and Capital Flow**: The decline in the 20 - day average volatility of the commodity market narrowed, and the volatility of the precious metals sector further decreased. The overall market capital scale dropped significantly, with net outflows in all sectors, mainly concentrated in non - ferrous and precious metal varieties [2][6]. 3.2 Outlook for Different Sectors - **Precious Metals**: US economic data showed resilience, and Fed officials had different views. The probability of keeping interest rates unchanged in December is high, and the sector may remain volatile at high levels in the short term [2]. - **Non - ferrous Metals**: The release of lagging US economic data cooled the expectation of interest rate cuts, pushing up the dollar index and pressuring the sector. However, China's electricity consumption growth in October indicated economic resilience. The supply - demand structure is still loose, and the sector may fluctuate in the short term [3]. - **Black Metals**: The apparent demand for rebar improved last week, production increased, and inventory decreased. Iron - making still showed a seasonal decline, and steel mills continued to operate at a loss. The probability of further blast - furnace production cuts is high. The inventory of iron ore ports continued to accumulate, and the supply of coking coal tightened marginally. The sector may face pressure in the short term [3]. - **Energy**: The US is promoting the Russia - Ukraine agreement, suppressing the geopolitical risk premium. There is a greater expectation of inventory accumulation in the fourth quarter and the first quarter of next year, and oil prices may weaken in the short term [3]. - **Chemicals**: Positive news such as potential disruptions to PX imports, planned shutdowns of Korean toluene disproportionation plants, and PX flowing to the US initially boosted the market. However, the decline in oil prices and gasoline crack spreads and the drop in terminal weaving loads led to a weakening demand expectation, and the industry chain may fluctuate in the short term [3]. - **Agriculture**: The La Nina phenomenon is ongoing and is expected to last until the Northern Hemisphere winter. Attention should be paid to its impact on soybean production in Brazil and Argentina. Soybean meal may continue to adjust following US soybeans, and the oil and oil - seed sector may weaken in the short term [4]. 3.3 Commodity Fund Overview - **Gold ETFs**: Most gold ETFs had negative weekly returns. The total scale of gold ETFs was 223.739 billion yuan, with a 2.87% increase in share. The total trading volume was 1.297571899 billion, with an 8.02% decrease [35]. - **Other Commodity ETFs**: The energy - chemical ETF, soybean - meal ETF, non - ferrous metal ETF, and silver fund also had different degrees of decline in weekly returns. The total scale of all commodity ETFs was 234.997 billion yuan, with a 2.67% increase in share, and the total trading volume was 2.005203321 billion, with a 1.41% increase [35].

Core Viewpoint - Yueyang Enqi New Materials Co., Ltd. has been established with a registered capital of 660,000 RMB, indicating a new player in the new materials sector [1] Company Overview - The legal representative of the company is Lu Xiaoxia [1] - The registered capital is 660,000 RMB [1] Business Scope - The company is involved in various licensed and general projects, including: - Road cargo transportation (excluding hazardous goods) [1] - Bamboo material harvesting [1] - Promotion of new materials technology [1] - Sales of chemical products (excluding licensed chemical products) [1] - Wood processing and sales [1] - Manufacturing and sales of paper products [1] - General cargo warehousing services (excluding hazardous chemicals) [1] - Domestic cargo transportation agency [1] - Loading and unloading services [1] - Sales of wood and cork products [1] - Sales of pulp and cellulose fiber raw materials [1] - Labor services (excluding labor dispatch) [1] - Wood acquisition and processing of construction wood and components [1] - Domestic trade agency [1] - Manufacturing of pulp and paperboard containers [1] - Manufacturing of arts and crafts and ceremonial products (excluding ivory and its products) [1]

Report Summary 1. Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints - In the week of June 13, 2025, the top - rising commodities were concentrated in energy products, while the top - falling ones were in non - ferrous metals and the building materials chain. The style rotation showed multiple configurations in Nanhua industrial products in the industrial products/agricultural products and precious metals/industrial products styles, and long on oil in the gold/oil ratio. The strength order of commodity sectors was estimated as energy > precious metals > chemicals > agricultural products > non - ferrous metals > ferrous metals [1][2]. - Overseas, at the beginning of the week, the market continued to price the easing of Sino - US trade relations, but the Middle - East geopolitical conflict flared up again. Domestically, the inflation and financial data in May were below expectations, with weak imports and strong exports [2]. 3. Summary by Directory 3.1 This Week's Commodity Market Performance - As of June 13, 2025, the top - rising domestic commodities were INE crude oil, fuel oil, low - sulfur fuel oil, etc., while the top - falling ones were soda ash, urea, zinc, etc. [6] 3.2 Sector Style Rotation - The 10 - year US Treasury yield, as a global interest - rate anchor, has a significant guiding effect on asset valuation and style rotation. For equity index styles, its real yield is consistent with the long - term trend of the ratio of the growth index to the cyclical index. For commodity sector index styles, it is also consistent with the long - term trend of the ratio of the Nanhua precious metals index to the Nanhua industrial products index [8][13]. - During the week, the cycle/growth style rotated to under - allocate growth; the industrial products/agricultural products style rotated to over - allocate Nanhua industrial products; the precious metals/industrial products style rotated to over - allocate Nanhua industrial products; and the gold/oil ratio rotated to over - allocate oil [2][13]. 3.3 Performance of Arbitrage Spread Pairs - The three arbitrage pairs with the relatively strongest performance during the week were the spread of the PP - 3*MA main contract, the spread of the L - PP main contract, and the spread of the rapeseed oil - palm oil main contract. The three with the relatively weakest performance were the copper - oil main contract ratio, the P/SC main contract ratio, and the Y/SC main contract ratio [2][14]. - Data on the latest values, weekly changes, one - year valuations, and two - year valuations of various arbitrage pairs are provided in the report [15].