Report Summary 1. Report Industry Investment Ratings No investment ratings are provided in the report. 2. Core Viewpoints - The domestic stock index is resilient, with overall volatility decreasing and waiting for stabilization. The A - share market is in a repricing adjustment in Q4, with limited downside risks and a structural recovery in the technology sector. The index has initially stabilized but with shrinking trading volume, so it is recommended to wait and see, and one can try to lightly sell put options at support levels [3]. - The short - term weak market sentiment in the bond market may continue. Potential drivers to break the oscillation include the implementation of new regulations on bond fund redemption fees, the announcement of the central bank's bond - buying scale at the end of the month, and the release of November economic data. It is recommended to wait and see for the unilateral strategy and pay attention to the cash - and - carry strategy for the 2603 contract [3]. - Gold prices have broken through the previous resistance and are expected to rise further above $4200. Silver follows gold's fluctuations and is relatively strong due to tight inventories. For platinum and palladium futures, on the first trading day, it is advisable to cautiously go long on PT2606 around 405 yuan, with the upper resistance around 425 yuan [3]. 3. Summary by Related Catalogs Financial Sector - **Stock Index**: TMT has a structural recovery, and the index has stabilized with shrinking volume. It is recommended to wait and see and consider lightly selling put options at support levels [3]. - **Treasury Bonds**: Multiple negative factors have led to a decline in bond futures. The short - term weak sentiment may continue. Wait and see for the unilateral strategy and pay attention to the cash - and - carry strategy for the 2603 contract [3]. - **Precious Metals**: Gold prices are expected to rise further, silver is relatively strong, and for platinum and palladium futures, there are specific trading suggestions [3]. - **Shipping Index (European Line)**: The short - term trend is weak [3]. Black Sector - **Steel**: The raw materials are weak, and steel prices maintain an oscillating trend. Close short positions and pay attention to support levels [3]. - **Iron Ore**: It oscillates within the range of 750 - 820 [3]. - **Coking Coal**: It is viewed as oscillating and bearish, with a range of 1050 - 1150, and consider the 1 - 5 reverse spread [3]. - **Coke**: It is viewed as oscillating and bearish, with a range of 1550 - 1700, and consider the 1 - 5 reverse spread [3]. Non - ferrous Sector - **Copper**: The main contract is expected to trade between 85500 - 87500 [3]. - **Aluminum Oxide**: The main contract is expected to run between 2700 - 2850 [3]. - **Aluminum**: It is expected to oscillate in the short - term, with the main contract in the range of 21300 - 21800 [3]. - **Aluminum Alloy**: The main contract is expected to run between 20500 - 21000 [3]. - **Zinc**: The main contract is expected to trade between 22200 - 22800 [3]. - **Tin**: The previous long positions can be held, and the strategy is to go long on dips [3]. - **Nickel**: The main contract is expected to trade between 116000 - 120000 [3]. - **Stainless Steel**: The main contract is expected to oscillate narrowly between 12300 - 12700 [3]. - **Industrial Silicon**: The price is expected to oscillate between 8500 - 9500 yuan/ton [3]. New Energy Sector - **Polysilicon**: It is in a high - level oscillation, with a range of 50000 - 58000 yuan/ton, and cautious trading is recommended [3]. - **Lithium Carbonate**: The intraday volatility has increased significantly, and it is advisable to wait and see [3]. Chemical Sector - **PX**: It is expected to oscillate at a high level in the short - term [3]. - **PTA**: It is expected to oscillate at a high level in the short - term, and the monthly spread can be positively arbitraged at low levels [3]. - **Short - fiber**: The supply - demand outlook is weak, and the processing fee is expected to be compressed. The trading strategy is similar to that of PTA [3]. - **Bottle Chip**: The supply - demand is loose in November, and the processing fee is expected to decline. It is recommended to shrink the processing fee [3]. - **Ethanol**: It is expected to oscillate at a low level, and the 1 - 5 spread can be reverse - arbitraged at high levels [3]. - **Pure Benzene**: The supply - demand outlook is weak, and the rebound is under pressure [3]. - **Styrene**: It may oscillate and consolidate in the short - term [3]. - **LLDPE**: Wait and see due to weak overall trading [3]. - **PP**: There are many unexpected maintenance events, and the downside space is limited. Close short positions [3]. - **Methanol**: The port market is strong, and the MTO spread of the 05 contract is expected to narrow [3]. - **Caustic Soda**: It is expected to run weakly [3]. - **PVC**: The supply - demand contradiction remains, and it oscillates at the bottom. The strategy is to short on rebounds [3]. - **Soda Ash**: The supply - demand pattern is weakening, and hold short positions [3]. - **Glass**: The cold - repair of Hubei production lines has driven a rebound. Close previous short positions and pay attention to the sustainability of production and sales [3]. - **Natural Rubber**: The short - term driving force is limited, and it oscillates. Wait and see [3]. - **Synthetic Rubber**: The upside is under pressure. The medium - term strategy is to short on rebounds, and consider the spread of long RU2601 and short BR2601 [3]. Agricultural Sector - **Meal**: It oscillates narrowly, waiting for new trading themes [3]. - **Hog**: There is still supply pressure. Hold the inter - month reverse spread [3]. - **Corn**: The spot market shows regional differentiation, and the price has fallen after rising. It oscillates narrowly [3]. - **Oilseeds**: It has rebounded slightly, and pay attention to the risk of subsequent pullbacks. The P main contract may test the support at 8200 in the short - term [3]. - **Sugar**: The prospect of increased production exerts pressure, and it oscillates at the bottom [3]. - **Cotton**: The US cotton export data is positive, and it oscillates with an upward bias [3]. - **Egg**: The capacity reduction is slow, and the supply is still loose. Close previous short positions and wait and see in the short - term [3]. - **Apple**: The demand for stored apples is average, and it may run weakly around 9500 in the short - term [3]. - **Jujube**: The prices in the production areas have weakened, and it oscillates at a low level [3].

Report Industry Investment Rating - Not provided Core View of the Report - The release of the 15th Five - Year Plan proposal and the upcoming Sino - US leaders' meeting in South Korea have stimulated the market, with risk appetite significantly increasing. Different sectors in the market show various trends and investment opportunities, influenced by factors such as macro - economic expectations, policy changes, and supply - demand relationships [3]. Summary by Related Catalogs Financial Sector - **Stock Index**: The meeting between China and the US and macro - expectations have stimulated the index to recover. It is recommended to try to sell put options at the support level with a light position or construct a bull call spread to capture the upward potential [3]. - **Treasury Bonds**: Short - term wide - money expectations, Sino - US relations, and profit - taking needs may affect the bond market, leading to possible fluctuations. However, with the recovery of bond market sentiment and the support of the restart expectation of treasury bond trading, there may be trading opportunities for band - up movements. It is advisable to go long on dips and pay attention to the positive arbitrage strategy [3]. - **Precious Metals**: Market risk appetite has continued to rise, causing funds to flow out rapidly. After a significant decline, gold and silver prices rebounded. It is recommended to buy gold at a low price below $4000 after the Fed's decision, and pay attention to the trend of silver at around $47 [3]. - **Container Shipping Index**: The EC main contract shows short - term fluctuations, and it is recommended to go long on dips for the December contract [3]. Black Sector - **Steel**: Steel inventory reduction supports the strengthening of steel prices. It is recommended to pay attention to the previous high pressure for long positions and hold the arbitrage of going long on coking coal and short on hot - rolled coils [3]. - **Iron Ore**: With the decline in shipments and arrivals, and the increase in port inventory and a slight decrease in hot - metal output, iron ore continues to rebound. It is recommended to go long on dips and pay attention to the 1 - 5 spread arbitrage [3]. - **Coking Coal**: The price of origin coal is running strongly, and the downstream replenishment demand has recovered. It is recommended to go long on coking coal 2601 on dips and pay attention to the arbitrage of going long on coking coal and short on coke [3]. - **Coke**: Mainstream coke enterprises have initiated the third round of price increases, with coking coal providing cost support. It is recommended to go long on coke 2601 on dips and pay attention to the arbitrage of going long on coking coal and short on coke [3]. Non - ferrous Sector - **Copper**: The Fed cut interest rates by 25BP as expected. It is recommended to pay attention to the support around 87,000 for the main contract [3]. - **Aluminum and Related Products**: Different aluminum - related products show various trends, and corresponding price ranges and trading strategies are provided, such as focusing on the operating range and support levels [3]. - **Tin**: Powell's hawkish remarks on the December interest - rate cut outlook may cause tin prices to fall in the short term. A strategy of buying on dips during the correction is recommended [3]. - **Nickel and Stainless Steel**: The improvement of macro - sentiment has led to the strengthening of the nickel and stainless - steel markets. Corresponding price ranges for the main contracts are provided [3]. Energy and Chemical Sector - **Crude Oil**: The easing of macro - sentiment and the unexpected reduction of EIA inventory have driven the crude - oil price to recover, but the production - increase pressure from OPEC still limits the rebound height. It is recommended to go short on rallies [3]. - **Urea**: The downstream demand support is still weak, and it is recommended to wait and see. The short - term resistance level is given at 1650 - 1670 yuan/ton [3]. - **PX, PTA, and Related Products**: The cost center has risen, but the rebound space is limited under weak expectations. Corresponding trading strategies such as paying attention to pressure levels and reducing positions on rallies are provided [3]. - **Short - fiber, Bottle - chip, and Other Products**: Different products have different supply - demand and cost - profit situations, and corresponding trading strategies are recommended, such as going short on rallies to narrow spreads [3]. - **Ethanol and Other Chemicals**: For different chemicals, various trading strategies are provided according to their supply - demand relationships and price trends, such as selling out - of - the - money call options on rallies and conducting spread arbitrage [3]. Agricultural Sector - **Grains and Oilseeds**: Different grains and oilseeds show different trends, and corresponding trading strategies such as going long on certain contracts and paying attention to support levels are provided [3]. - **Livestock and Poultry**: The entry of second - fattening pigs has slowed down, and the pig price is oscillating. It is recommended to pay attention to the support around 12,000 [3]. - **Sugar, Cotton, and Other Products**: Different agricultural products have different price trends and trading opportunities, such as paying attention to support and pressure levels and conducting spread arbitrage [3]. Special and New Energy Sectors - **Special Commodities**: Glass, rubber, and industrial silicon show different trends, and corresponding trading strategies such as short - term long - position opportunities and paying attention to price ranges are provided [3]. - **New Energy Commodities**: The prices of polysilicon and lithium carbonate are affected by factors such as the expected establishment of platform companies and fundamental improvements, showing high - level oscillations and a rising price center [3].