Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - As the non-ferrous and precious metal sectors have undergone significant and concentrated downward adjustments to fully release risks, market trends in other sectors may follow, and funds will seek new thematic market trends. The anti-involution theme has many related varieties, low valuations, a certain safety margin, and sufficient volume to accommodate funds flowing out of non-ferrous and precious metals, which is worthy of attention. The national policy is determined to rectify involution-style competition and adjust the dynamic adjustment ability of the supply side. It is believed that the anti-involution theme may be inevitable in the 2026 market [2][5]. - The strength and weakness structure of the commodity market has changed significantly in recent weeks. Funds have flowed out significantly from the non-ferrous and precious metal sectors, while the chemical sector has seen continuous capital inflows, indicating a possible change in the theme of the market [4]. 3. Summary by Relevant Catalogs 3.1 Market Trends of Each Sector - **Precious Metals**: Gold and silver have fallen sharply in recent trading days. After a large increase in precious metals, there is a large amount of profit-taking. Once there are signs of adjustment, there may be a stampede in selling, with continuous capital outflows and a possible decline in volatility [4]. - **Agricultural Products**: The overall valuation of oils and fats is relatively low, and the price of US soybeans is below the cost line, with limited downside. However, the demand for the feed end lacks strong logical support, and oils and fats are slightly stronger than soybean meal [4]. - **Chemical Industry**: In 2026, the chemical industry will generally operate within the framework of anti-involution, with national policies emphasizing the supply-demand adjustment of the petrochemical sector. The production capacity of glass has declined significantly recently, and PVC has seen continuous growth. The valuation of chemical products has reached the extreme [4]. - **Black Sector**: Steel is one of the key varieties for anti-involution, and the downside of coal is also limited. The coal supply guarantee market is approaching the end. In terms of market rhythm, low-valuation varieties may absorb funds from the non-ferrous sector [4]. 3.2 Capital Flows of Each Sector (in billions) | Sector | Capital Flow | Percentage Change | | --- | --- | --- | | Total | 80.51 | 14.3 | | Precious Metals | 20.37 | 20.9 | | Non-ferrous Metals | -29.71 | -26.3 | | Black Sector | -10.17 | -22.7 | | Energy | 21.93 | 100.0 | | Chemical Industry | -9.79 | -24.2 | | Feed and Breeding | -3.87 | -14.1 | | Oils and Fats | 21.73 | 48.2 | | Soft Commodities | -13.58 | -81.6 | [9] 3.3 Weekly Data of Each Sector - **Black and Non-ferrous Metals**: Data on price percentile, inventory percentile, valuation percentile, position percentile, position difference percentile, and annualized basis for various varieties such as iron ore, rebar, and gold are provided [9]. - **Energy and Chemicals**: Data on price percentile, inventory percentile, valuation percentile, position percentile, position difference percentile, and annualized basis for various varieties such as fuel oil, low-sulfur oil, and asphalt are provided [11]. - **Agricultural Products**: Data on price percentile, inventory percentile, valuation percentile, position percentile, position difference percentile, and annualized basis for various varieties such as soybean meal, rapeseed meal, and soybean oil are provided [12].

Report Summary 1. Report's Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints of the Report - The current macro - demand environment is weak, and some varieties with previously high industrial profits have a need for catch - up declines. However, overall valuations are low, so there is little point in chasing short positions for most varieties. Waiting may be the best choice. The decline process can test fundamentals, and only varieties with real fundamental improvements can show long - lasting resistance during the overall market decline. Attention can be paid to varieties with a continuous divergence structure and those that increase positions, volume, and resist decline during the fall [2][5]. 3. Summary by Relevant Catalog 3.1. Weekly Market Viewpoint Summary - The market is centered around several themes: the US's intention to sanction Russia has led to a rebound in the crude oil market; the China - US trade negotiation has been settled with a one - year suspension of some measures; the implementation of Indonesia's B50 has encountered obstacles, causing palm oil prices to weaken. Crude oil's medium - to - long - term supply and demand remain weak, but with a low valuation, it is regarded as oscillating. China will purchase some US soybeans, providing short - term support, but the rebound space depends on the uncertainty of South American supply. The soybean - palm oil spread has continuously rebounded and significantly repaired. The high cost of promoting biodiesel at current palm oil prices has left the Indonesian government with no solutions, leading to an obvious decline in palm oil prices. The recent weakness of methanol can be seen as a catch - up decline due to its previously high production profit. In a weak macro - demand environment, high industrial profits are unlikely to last, and a valuation decline is likely. The "Zhui Feng 1" product recommended short - selling palm oil and recently exited the position according to the rules, mainly because of the palm oil's fundamental logic. Instead of relying on frequent market predictions, strategies should be used. The "Zhui Feng 1" and "Zhui Feng 2" consulting products can be subscribed to via [Nanhua Futures App - Selected Research Reports - Strategy Research Selection], and both have free trials [4]. 3.2. Data Tables - **Plate Capital Flow**: The total capital is 15.604 billion. Among them, precious metals had an outflow of 2.667 billion (-33.0%), non - ferrous metals had an inflow of 2.116 billion (35.8%), black metals had an outflow of 481 million (-10.7%), energy had an outflow of 341 million (-22.8%), chemicals had an inflow of 320 million (9.9%), feed and breeding had an inflow of 54 million (2.6%), oils and fats had an outflow of 405 million (-9.0%), and soft commodities had an inflow of 4 million (0.2%) [8]. - **Black and Non - ferrous Metals Weekly Data**: Data on price, inventory, valuation, position, position difference, and annualized basis for various black and non - ferrous metal varieties such as iron ore, rebar, and copper are provided [8]. - **Energy and Chemical Weekly Data**: Similar data for energy and chemical varieties like fuel oil, low - sulfur oil, and asphalt are presented [10]. - **Agricultural Products Weekly Data**: Data on agricultural product varieties including soybean meal, rapeseed meal, and soybean oil are given [11]. 3.3. Graphs - Graphs showing the capital flow of black varieties, olefin varieties, polyester varieties, other chemical varieties, energy varieties, oils and fats varieties, agricultural and sideline varieties, and non - ferrous metal plate varieties are included, with data sources from WIND and Nanhua Research [12][14][17][21][22][23][27].