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1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views of the Report - **Financial Derivatives**: Stock index futures are expected to remain volatile at high levels and may rebound in the short - term; treasury bond futures will have limited price fluctuations and slow roll - over progress [19][22]. - **Agricultural Products**: Protein meal will have obvious bullish factors and fluctuate; sugar prices will be affected by import volume and sugar mill start - ups, with limited downward space; the oil and fat sector will be affected by US biodiesel policies and maintain volatile; corn and corn starch prices will fall with the callback of spot prices; pig prices will still face supply pressure; peanut prices will oscillate at the bottom; egg prices will be stable with a slight decline; apple prices will be stable; cotton and cotton yarn prices will be mainly volatile [27][33][36][40][42][44][50][52][56]. - **Black Metals**: Steel prices will fluctuate within a range; coking coal and coke prices will be weak; iron ore prices will be bearish; ferroalloy prices will be supported by cost and fluctuate within a range [58][60][63][65]. - **Non - ferrous Metals**: Precious metals' volatility may increase; copper prices should focus on lower support; alumina prices will grind at the bottom and oscillate; electrolytic aluminum fundamentals are strong; cast aluminum alloy prices will follow aluminum prices; zinc prices will have wide - range fluctuations; lead prices will oscillate within a range; nickel prices will weaken; stainless steel prices will be weak due to supply - demand imbalance; industrial silicon prices can be bought on dips; polysilicon prices will oscillate before the platform company is established; lithium carbonate prices may fall after rising [68][73][78][80][84][86][88][90][93][95][98][99]. 3. Summaries According to Relevant Catalogs Financial Derivatives Stock Index Futures - **Market Performance**: On Tuesday, the market fell, with major stock index futures contracts declining. The risk appetite decreased, but technology stocks showed signs of stopping the decline [18][19]. - **Trading Strategy**: Unilateral trading should expect high - level volatility and short - term rebound; for arbitrage, conduct IM/IC long 2512 + short ETF cash - and - carry arbitrage; for options, use bull spreads on dips [19]. Treasury Bond Futures - **Market Performance**: On Tuesday, treasury bond futures closed up across the board, with limited price fluctuations. The market capital was slightly tightened, and the roll - over progress was slow [22][23]. - **Trading Strategy**: Unilateral trading should be on the sidelines; for arbitrage, hold (TL - 3T) positions and consider long T contract current - quarter minus next - quarter spread; for options, no specific strategy is provided [23][24]. Agricultural Products Protein Meal - **Market Performance**: CBOT soybean index slightly declined, and the index of related products slightly increased. Domestic supply has uncertainties, and the price has support [26][27]. - **Trading Strategy**: Unilateral trading should expect price support and oscillation; for arbitrage, no specific strategy is provided; for options, no specific strategy is provided [27]. Sugar - **Market Performance**: International sugar prices may bottom out and oscillate. Domestic sugar prices are under pressure due to high - volume imports and sugar mill start - ups, but there is support at the current price [32][33]. - **Trading Strategy**: Unilateral trading can consider building long positions on dips; for arbitrage, stay on the sidelines; for options, sell put options at low levels [33]. Oil and Fat Sector - **Market Performance**: Affected by the US biodiesel policy, external market oil and fat prices rose, but the final plan is not yet determined. Palm oil may have limited rebound, and soybean oil follows the overall trend, while rapeseed oil will continue to reduce inventory [35][36]. - **Trading Strategy**: Unilateral trading can use short - term long positions on dips or high - selling and low - buying; for arbitrage, stay on the sidelines; for options, stay on the sidelines [37]. Corn and Corn Starch - **Market Performance**: The external market of corn rebounded, and domestic corn prices may fall with the decline of port prices [39][40]. - **Trading Strategy**: Unilateral trading can short on dips for December corn in the external market, stay on the sidelines for January corn, and wait for dips for May and July corn; for arbitrage, shrink the spread between January corn and starch; for options, stay on the sidelines [40]. Pig - **Market Performance**: The short - term supply pressure has improved, but the overall supply is still high, and pig prices still face pressure [42]. - **Trading Strategy**: Unilateral trading can arrange a small number of short positions; for arbitrage, stay on the sidelines; for options, sell wide - straddle strategies [42]. Peanut - **Market Performance**: Peanut spot prices are stable, and futures prices will oscillate at the bottom in the short - term [43][44]. - **Trading Strategy**: Unilateral trading can go long on May peanuts on dips; for arbitrage, conduct 1 - 5 reverse arbitrage; for options, sell pk601 - P - 7600 options [45]. Egg - **Market Performance**: Egg demand is average, and prices are stable with a slight decline [47][50]. - **Trading Strategy**: Unilateral trading should stay on the sidelines; for arbitrage, stay on the sidelines; for options, stay on the sidelines [51]. Apple - **Market Performance**: Apple production has decreased, and the cold - storage inventory is likely to be lower than last year. The fundamentals are strong, but the market is volatile [52]. - **Trading Strategy**: Unilateral trading should exit and wait and see; for arbitrage, stay on the sidelines; for options, stay on the sidelines [53]. Cotton and Cotton Yarn - **Market Performance**: New cotton will be listed in large quantities, and the increase in production may be less than expected. The demand is in the off - season, and cotton prices will be mainly volatile [56]. - **Trading Strategy**: Unilateral trading expects US cotton and Zhengzhou cotton to be mainly volatile; for arbitrage, stay on the sidelines; for options, stay on the sidelines [56]. Black Metals Steel - **Market Performance**: The black - metal sector was weak at night, and steel prices were restricted by supply - demand structure. However, there is cost support, and hot - rolled coil performs better than rebar [58]. - **Trading Strategy**: Unilateral trading should expect range - bound fluctuations; for arbitrage, long the spread between hot - rolled coil and rebar; for options, stay on the sidelines [59]. Coking Coal and Coke - **Market Performance**: After short - term replenishment, the market is cautious, and prices are weak. In the medium - term, there is demand for winter storage [60][61]. - **Trading Strategy**: Unilateral trading should expect weak short - term fluctuations and consider going long near previous lows; for arbitrage, hold the 1/5 reverse arbitrage of coking coal; for options, stay on the sidelines [62]. Iron Ore - **Market Performance**: The supply of iron ore remains high in the fourth quarter, and domestic demand is weak. Ore prices are expected to be bearish [63][64]. - **Trading Strategy**: Unilateral trading should be bearish; for arbitrage, stay on the sidelines; for options, stay on the sidelines [64]. Ferroalloy - **Market Performance**: The supply and demand of ferroalloy are both weak, and prices are supported by cost and will oscillate at the bottom [65]. - **Trading Strategy**: Unilateral trading should expect bottom - bound oscillations; for arbitrage, stay on the sidelines; for options, sell out - of - the - money straddle option combinations [66]. Non - ferrous Metals Precious Metals - **Market Performance**: The ADP weekly employment data was weak, and precious metals rebounded slightly. With the upcoming release of key data, volatility may increase [68][70]. - **Trading Strategy**: Conservative investors should stay on the sidelines; aggressive investors can try to go long near yesterday's low [71]. Copper - **Market Performance**: The probability of the Fed cutting interest rates in December has decreased, and copper prices are under pressure. However, there is support around 85,000 yuan/ton [72][73]. - **Trading Strategy**: Unilateral trading can go long on dips; for arbitrage, stay on the sidelines; for options, stay on the sidelines [74]. Alumina - **Market Performance**: The short - term supply of alumina is still in surplus, and prices will grind at the bottom and oscillate before substantial production cuts [78]. - **Trading Strategy**: Unilateral trading should expect short - term bottom - grinding oscillations; for arbitrage, stay on the sidelines; for options, stay on the sidelines [79]. Electrolytic Aluminum - **Market Performance**: Overseas interest - rate cut expectations have decreased, and aluminum prices have fallen, but the fundamentals are still strong [79][80]. - **Trading Strategy**: Unilateral trading should wait for the market to stabilize and then be bullish in the medium - term; for arbitrage, focus on the narrowing of the spread between East China and Central China; for options, stay on the sidelines [80]. Cast Aluminum Alloy - **Market Performance**: Cast aluminum alloy prices follow aluminum prices. The cost provides support, but market trading activity has declined [83][84]. - **Trading Strategy**: Unilateral trading should wait for the market to stabilize and then be bullish in the medium - term; for arbitrage, stay on the sidelines; for options, stay on the sidelines [84]. Zinc - **Market Performance**: The domestic zinc mine supply is tight, and zinc prices may fluctuate widely due to macro factors [85][86]. - **Trading Strategy**: Unilateral trading can hold profitable long positions; for arbitrage, hold the SHFE long and LME short arbitrage; for options, stay on the sidelines [86]. Lead - **Market Performance**: Domestic lead inventories are increasing, and lead prices are under pressure. They will be affected by overseas macro factors [87][88]. - **Trading Strategy**: Unilateral trading can hold remaining short positions; for arbitrage, stay on the sidelines; for options, stay on the sidelines [88]. Nickel - **Market Performance**: Nickel is in a state of oversupply of deliverable products. In the off - season, inventories increase, and prices are weak. However, there may be production cuts [90]. - **Trading Strategy**: Unilateral trading should short on rebounds; for arbitrage, stay on the sidelines; for options, sell out - of - the - money call options [91]. Stainless Steel - **Market Performance**: Stainless steel demand is in the off - season, costs are falling, and inventories are increasing. Prices will follow nickel prices and continue to decline [93]. - **Trading Strategy**: Unilateral trading should short on rebounds; for arbitrage, stay on the sidelines [94]. Industrial Silicon - **Market Performance**: The demand for industrial silicon has weakened, but downstream prices have risen, and costs are firm. It can be bought on dips [95]. - **Trading Strategy**: Unilateral trading should buy on dips; for arbitrage, conduct the Si2512 and Si2601 contract positive arbitrage; for options, no specific strategy is provided [95]. Polysilicon - **Market Performance**: The supply and demand of polysilicon have both decreased in November, and the market will oscillate before the platform company is established [98]. - **Trading Strategy**: Unilateral trading should stay on the sidelines [98]. Lithium Carbonate - **Market Performance**: There are increasing differences at high levels, and prices may fall after rising [99]. - **No specific trading strategy is provided in the text**.

Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Insights - Crude oil freight rates initially declined but then increased, with a divergence in container shipping rates on long-distance routes. The China Import Crude Oil Composite Index (CTFI) rose to 2231.96 points, up 9.5% from November 6 [2][13] - Volant Aviation completed a multi-hundred million yuan Series B financing round, and the C919 aircraft made its debut at the Dubai Airshow [2][15] - Jitu Express reported over 100 million packages on "Double Eleven," marking a 9% year-on-year increase, with an average daily package volume of 94.59 million during the peak season [2][23] Summary by Sections Industry Hot Events - Crude oil freight rates fluctuated, with the CTFI at 2231.96 points, a 9.5% increase from November 6. The VLCC market is optimistic about future rates due to tight vessel availability [2][13] - Volant Aviation's Series B financing was led by Huaying Capital, with existing shareholders also increasing their investments. The C919 aircraft is set to showcase its capabilities at the 2025 Dubai Airshow [2][15] - Jitu Express achieved a record-breaking package volume during "Double Eleven," with a total of 1.3938 billion packages collected nationwide from October 21 to November 11, reflecting a 17.8% increase in daily average volume [2][25] High-Frequency Dynamic Data Tracking - The Baltic Air Freight Price Index increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index was 5356.00 points, down 2.5% year-on-year [27][28] - Domestic freight flights increased by 0.32% year-on-year, while international flights rose by 11.12% [28] - The SCFI index reported a decrease of 2.92% week-on-week, while the CCFI index increased by 3.39% week-on-week [35] Investment Recommendations - Focus on the equipment and manufacturing industrial products export chain, recommending companies like COSCO Shipping Specialized, China Merchants Energy Shipping, and Huamao Logistics [4] - Attention to the transportation demand increase driven by the construction of hydropower stations in the Yarlung Tsangpo River downstream [4] - Investment opportunities in the low-altitude economy, with a recommendation for CITIC Offshore Helicopter [4] - Recommendations for highway and railway sectors, including Gansu Expressway and Beijing-Shanghai High-Speed Railway [4] - Opportunities in the cruise and ferry sectors, recommending Bohai Ferry and Straits Shares [4] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda [4] - Investment opportunities in the aviation sector, recommending China National Aviation, Southern Airlines, and Spring Airlines [4]

Group 1 - The bond market is showing signs of improvement, with expectations of easing policies leading to a buying opportunity during corrections [3] - The shipping industry has reached a bottom, suggesting a buying opportunity in December [3] - Stock indices are experiencing fluctuations, with a focus on the recovery of trading volume [3] Group 2 - The asphalt market is facing weak supply and demand, with limited cost support leading to a bearish outlook [4] - Pulp prices may rise due to a potential decrease in warehouse receipts after year-end cancellations [4] - Cotton is at a peak processing period, with hedging pressures expected to be released [4] Group 3 - Soybean meal prices are being monitored closely, particularly regarding actual purchases of U.S. soybeans, with a cautious bullish stance [4] - Egg market strength has slightly exceeded expectations, leading to a modest bullish trend in futures [4] - Peanut demand from oil mills remains weak, continuing to test lower price levels [4] Group 4 - Corn production is increasing with new crops being harvested, supported by cost factors that may sustain a rebound [4] - The pig market is facing insufficient demand growth, with increased supply pressure anticipated in the future, leading to a short-term rebound from bearish profit-taking [4]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The stock index futures are expected to test new highs again, while the bond market for treasury bond futures may be volatile in the short term [17][21]. - Agricultural products show different trends, such as soybean meal with fading bullish factors and a falling price, and sugar with a weakening international market and a fluctuating - weak domestic market [24][27]. - In the black metal sector, steel prices are range - bound, coking coal and coke are in high - level oscillations, and iron ore should be treated with a bearish mindset [57][59][62]. - For non - ferrous metals, precious metals are in range consolidation, copper prices are restricted by consumption, and aluminum prices are relatively strong due to supply concerns [68][71][78]. - In the energy and chemical sector, crude oil prices are weakly volatile due to economic concerns, and asphalt prices are under pressure [16][30]. Summaries by Related Catalogs Financial Derivatives Stock Index Futures - On Thursday, the market rose across the board, with major indexes and futures contracts gaining. The market sentiment was stimulated, and the stock index is expected to continue to rise. Trading strategies include not chasing high prices, conducting IM/IC long 2512 + short ETF cash - and - carry arbitrage, and using bullish spreads at low prices [19][20][21]. Treasury Bond Futures - On Thursday, most treasury bond futures contracts closed down. The central bank's net withdrawal of liquidity affected the market. In the short term, the bond market may be volatile, and trading strategies include waiting and conducting 30Y - 7Y term spread short - selling arbitrage [22][23]. Agricultural Products Soybean Meal - CBOT soybean and soybean meal indexes declined. Brazil's soybean and soybean meal exports are expected to increase. The domestic market has a loss in crushing profit, and the far - month price may face pressure. Trading strategies include short - selling in the far - month and using a short - straddle option strategy [25][26][27]. Sugar - The international sugar market is in a downward trend with increased production in major regions. The domestic market is affected by international prices and increased supply, but is also supported by import policies. Trading strategies include range - bound operations, short - selling international sugar and going long on Zhengzhou sugar [30][31][32]. Oilseeds and Oils - The prices of CBOT soybean oil and BMD palm oil decreased. The palm oil inventory in Malaysia and China shows different trends. Short - term trading strategies include short - term long positions or waiting [33][34][35]. Corn/Corn Starch - The CBOT corn futures price fell. The domestic corn inventory and consumption data are mixed. The price is expected to be range - bound, and trading strategies include short - term long and short positions at appropriate times [37][38]. Live Pigs - The pig price is generally stable or slightly rising. The overall supply pressure still exists. Trading strategies include short - selling and using a short - straddle option strategy [39][40]. Peanuts - The peanut price is weak. The oil mill's purchase is suspended. The peanut is in a short - term bottom - oscillating phase. Trading strategies include short - term long positions and selling a PK601 - P - 7600 option [42][43][44]. Eggs - The egg price is rising. The inventory of laying hens is high, and the price increase space is limited. Trading strategies include closing short positions and waiting [46][48]. Apples - The apple inventory data shows a decrease compared to last year. The price is at a high level with large market divergence. It is recommended to wait and see [50][51]. Cotton - Cotton Yarn - The new cotton is about to be listed in large quantities. The supply may increase, and the demand is in the off - season. The cotton price is expected to be slightly stronger in the short term. Trading strategies include waiting [55][56]. Black Metals Steel - The supply of five major steel products decreased, and the inventory decreased slightly. The steel price is range - bound, affected by production, inventory, and demand. Trading strategies include holding long positions and long - shorting the coil - rebar spread [58][59]. Coking Coal and Coke - The coking coal auction price increased, and the coke price rose for the third time. The supply may be restricted by safety supervision, and the short - term price is in high - level oscillations. Trading strategies include waiting and buying on dips in the medium term [60][61][62]. Iron Ore - The global iron ore supply is high, and the domestic demand is weak. The iron ore price is expected to be bearish. Trading strategies include short - selling [63][64]. Ferroalloys - The prices of silicon iron and manganese silicon are at a low - valuation level. The previous short positions can be reduced. Trading strategies include short - selling a virtual straddle option combination [66]. Non - Ferrous Metals Precious Metals - The prices of gold and silver fluctuated. The US economic and political factors have mixed effects on precious metals. The price is expected to be range - bound. Trading strategies include range - bound operations [68][70][71]. Copper - The copper price is affected by the US government shutdown and supply - demand factors. The supply is tight, and the consumption is insufficient. Trading strategies include waiting and conducting cash - and - carry arbitrage [72][73]. Alumina - The alumina price is in a bottom - oscillating phase. The supply is expected to decrease, but the actual reduction has not occurred. Trading strategies include waiting [75][77][78]. Electrolytic Aluminum - The aluminum price is relatively strong due to overseas supply concerns and domestic consumption growth. Trading strategies include going long on dips and long - shorting the SHFE - LME spread [79][80]. Cast Aluminum Alloy - The price of cast aluminum alloy is strongly oscillating with the aluminum price. It is supported by cost and supply - demand factors. Trading strategies include going long on dips [82][83]. Zinc - The zinc price is range - bound. The supply may decrease due to reduced processing fees and increased exports. Trading strategies include waiting [85][86]. Lead - The lead price may decline due to increased supply and decreased demand. Trading strategies include holding short positions [88][90][92]. Nickel - The nickel market has a loose supply - demand relationship, and the cost support may weaken. The price is in a weak oscillation. Trading strategies include short - selling a 2512 contract short - straddle combination [93][94][95]. Stainless Steel - The stainless steel market has weak supply - demand, and the production profit is difficult to achieve. Trading strategies include short - selling on rebounds [96]. Industrial Silicon - The demand for industrial silicon is weakening, and the supply may decrease due to power price increases. The price is range - bound. Trading strategies include buying on dips [98]. Energy and Chemicals Crude Oil - The crude oil price is weakly volatile due to concerns about the economic outlook [16]. Asphalt - The asphalt price is under pressure due to weak reality and expectations [30]. Fuel Oil - The supply pressure of high - sulfur fuel oil continues to increase [30]. PX & PTA - There are more maintenance operations, and the demand is acceptable [32]. Ethylene Glycol - The supply - demand relationship will become looser in the fourth quarter [33]. Short - Fiber - The demand support is limited, and the price follows the cost increase [33]. PR (Bottle Chip) - The demand is transitioning from the peak season to the off - season [34]. Pure Benzene and Styrene - The price is oscillating in the short term [35]. Propylene - The supply pressure remains, and the price is falling [36]. Plastic PP - PE&PP production increases year - on - year and month - on - month [37]. Caustic Soda - The caustic soda price is weak [37]. PVC - The price is mainly oscillating [38]. Soda Ash - The cost is pushed up by coal prices [39]. Glass - Although there are rumors of production line shutdowns, the demand is weak [40]. Methanol - There is short - term weak support from gas restrictions [41]. Urea - The price rebounds due to news stimulation [42]. Pulp - The pulp price is in a stalemate, and the futures market is strongly oscillating [42]. Logs - The spot price is weakly oscillating [43]. Offset Printing Paper - The market is under pressure, and price increases are not well - implemented [44]. Natural Rubber and 20 - Number Rubber - The tire production increases month - on - month [45]. Butadiene Rubber - BD&BR production shows marginal reduction and month - on - month tire production increase [46].

1. Report Industry Investment Ratings The report does not provide industry investment ratings. 2. Core Views of the Report - The A - share market showed resilience despite external shocks. The stock index futures market is expected to remain in a high - level shock in the short term, while the bond market has limited upward space. - In the agricultural products market, the prices of different varieties vary. For example, the price of soybean meal is affected by trade relations and supply - demand, and the international sugar price is in a downward trend. - The black metal market is in a state of shock. Steel prices are in a range - bound state, and the double - coke market is expected to be strong after a callback. - The non - ferrous metal market has different trends for each variety. Precious metals are in a range - bound arrangement, and the prices of some metals are affected by factors such as supply - demand and cost. - The energy and chemical market also shows different trends. For example, the price of crude oil has support, while the price of asphalt is under pressure. 3. Summary by Relevant Catalogs Financial Derivatives - **Stock Index Futures**: The market was affected by the overnight decline of US stocks but quickly rebounded. The short - term market will maintain a high - level shock. It is recommended to buy at low levels near 3930 points of the Shanghai Composite Index and reduce positions at high levels above 4000 points. Also, consider IM\IC long 2512 + short ETF cash - and - carry arbitrage and bull spread options at low levels [18][19]. - **Treasury Futures**: The treasury futures closed mostly lower on Wednesday. It is recommended to take appropriate profit - taking. In the future, short - term long positions can be tried on the TL contract, and pay attention to short - term spread and term spread arbitrage opportunities [22][23]. Agricultural Products - **Soybean Meal**: Trade relations are beneficial to US soybeans, but the international soybean supply is abundant. The price of domestic soybean meal is supported in the near - term but under pressure in the long - term. It is recommended to short the far - month contracts [25][26]. - **Sugar**: The international sugar price is in a downward trend due to increased production in major producing areas. The domestic sugar price is expected to be in a range - bound state. It is recommended to operate in the range and short the international sugar while going long on Zhengzhou sugar [29][30][31]. - **Oilseeds and Oils**: The palm oil inventory in Malaysia is expected to gradually decrease after accumulating in October, and the domestic palm oil inventory is increasing. It is recommended to wait for the market to stabilize and then consider going long at low levels [33][34][35]. - **Corn/Corn Starch**: The US corn is expected to be in a narrow - range shock. The domestic corn price has a short - term decline space. It is recommended to go long on the 12 - month US corn on dips, wait and see for the 01 - month contract, and wait for a callback for the 05 and 07 - month contracts [37][38]. - **Pigs**: The pressure of pig slaughter continues, and the price remains low. It is recommended to short a small amount [39][40][41]. - **Peanuts**: The peanut spot price is rebounding, and the 01 - month contract is in a short - term bottom shock. It is recommended to go long lightly on the 01 and 05 - month contracts [42][43][44]. - **Eggs**: The number of culled chickens has increased, and the egg price has stabilized. It is recommended to close out previous short positions and wait and see [45][46][47]. - **Apples**: The market is expected to fluctuate greatly with the release of warehousing data. It is recommended to wait and see [50][51][52]. - **Cotton - Cotton Yarn**: The cotton harvest is at its peak. The supply is expected to increase, and the demand is in the off - season. The price is expected to be slightly stronger in a shock. It is recommended to wait and see [55][56][57]. Black Metals - **Steel**: The iron - making output is shrinking, and the steel price is in a range - bound state. It is recommended to go long on dips and continue to hold the long position of the coil - screw spread [60][61]. - **Double - Coke**: The market is in a high - level shock. It is recommended to wait for a callback and then go long [62][63][64]. - **Iron Ore**: It is recommended to take a bearish view. The price is expected to be in a high - level bearish operation [65][66]. - **Ferroalloys**: The valuation is at a low level, and previous short positions can be reduced. It is recommended to sell out - of - the - money straddle option combinations [68]. Non - Ferrous Metals - **Precious Metals**: Multiple factors are intertwined, and the precious metals market is in a range - bound arrangement. It is recommended to operate in a band [71][72][74]. - **Copper**: The downstream purchasing sentiment has improved. It is recommended to wait and see and continue to hold the inter - market cash - and - carry arbitrage [75][76][77]. - **Alumina**: The supply - side production reduction has not been implemented, and the price is in a bottom - grinding state. It is recommended to wait and see [78][80][81]. - **Electrolytic Aluminum**: The demand is resilient, and the price is expected to rise on dips. It is recommended to go long on dips and consider long Shanghai aluminum and short LME aluminum arbitrage [82][84][85]. - **Cast Aluminum Alloy**: The seasonal peak season is coming, and the price is expected to rise on dips. It is recommended to go long on dips [86][87][89]. - **Zinc**: It is recommended to wait and see. The price is expected to be strong in the short - term, and previous long positions can take partial profit [90][91][92]. - **Lead**: It is recommended to hold short positions. The price may have a downward space. Be vigilant about the impact of funds on the price [94][95]. - **Nickel**: The supply - demand is loose, the cost support is weakening, and the price is expected to decline in a shock [96].

Report Industry Investment Ratings No relevant content provided. Core Views of the Report The report offers a comprehensive analysis of various futures markets, including financial derivatives, agricultural products, black metals, and non-ferrous metals. It assesses market trends, fundamental factors, and provides corresponding trading strategies based on the current market situation [20][23][26]. Summary by Related Catalogs Financial Derivatives Stock Index Futures - **Investment Logic**: On Thursday, the stock index fluctuated again. In the morning, the market was strong, but in the afternoon, it dived and then oscillated downward. Due to investors' profit - taking and concerns about the technology stocks, the short - term stock index will fluctuate again and wait for re - pricing after the quarterly reports [20]. - **Trading Strategy**: Unilateral: Buy on dips without chasing high prices; Arbitrage: IM\IC long 2512 + short ETF cash - and - carry arbitrage; Options: Bull spread on dips [22]. Treasury Futures - **Investment Logic**: On Thursday, most treasury futures closed higher. The central bank's net injection of short - term liquidity eased the market's funds. The long - end may catch up in price, and the market should be cautious about chasing the TS contract [23]. - **Trading Strategy**: Unilateral: Try to go long on the TL contract on dips; Arbitrage: Pay attention to potential cash - and - carry arbitrage opportunities [24]. Agricultural Products Soybean Meal - **Investment Logic**: Trade relations are improving, which benefits US soybeans. However, the international soybean supply is abundant, and the domestic soybean meal supply has improved, with pressure on prices. Rapeseed meal is expected to fluctuate [26]. - **Trading Strategy**: Unilateral: Slowly build short positions in far - month contracts; Arbitrage: Try M35 reverse arbitrage; Options: Sell strangle strategy [28]. Sugar - **Investment Logic**: Internationally, the global sugar production is increasing, and the Brazilian sugar production is expected to be high. The ethanol's support for sugar has weakened, and the international sugar price is bearish. Domestically, the increase in sugar production may be less than expected, and the suspension of some imports may support the price in the short term [30]. - **Trading Strategy**: Unilateral: The international sugar price is bearish, and the domestic market may be slightly stronger in the short term. Consider shorting on rallies; Arbitrage: Short US raw sugar and long domestic Zhengzhou sugar; Options: Wait and see [30]. Oilseeds and Oils - **Investment Logic**: High - frequency data shows that the production and export growth of Malaysian palm oil in October have declined, and it is expected to continue to accumulate inventory slightly. Domestic soybean oil may gradually reduce inventory, and rapeseed oil is gradually de - stocking. The oil market is in a bottom - grinding stage [34]. - **Trading Strategy**: Unilateral: Consider going long on dips; Arbitrage: Wait and see; Options: Wait and see [34]. Corn/Corn Starch - **Investment Logic**: The US corn futures have declined, and the US corn production is at a high level. The supply of Northeast Chinese corn has increased, and the price is weak. The North China corn price has stabilized and rebounded. The 01 contract of corn is expected to fluctuate weakly [36]. - **Trading Strategy**: Unilateral: Go long on the 12 - contract of US corn on dips, go long on the 01 - contract of Chinese corn lightly, and try to go long on the 05 and 07 - contracts of Chinese corn in the long - term; Arbitrage: Wait and see; Options: Wait and see [36]. Live Pigs - **Investment Logic**: The overall supply pressure of live pigs still exists, although the scale of enterprise slaughter has decreased, and the number of secondary fattening has increased, which has a certain supporting effect on the price. The pig price is expected to be under pressure [38]. - **Trading Strategy**: Unilateral: Consider building a small number of short positions; Arbitrage: Wait and see; Options: Sell strangle strategy [38]. Peanuts - **Investment Logic**: Peanut prices have stabilized. The supply of imported peanuts has decreased, and the prices of peanut oil and peanut meal are stable. The oil mills have not purchased in large quantities. The 01 - contract of peanuts is expected to fluctuate at the bottom [42]. - **Trading Strategy**: Unilateral: Try to go long on the 01 and 05 - contracts of peanuts lightly; Arbitrage: Wait and see; Options: Sell the pk601 - P - 7600 option [42]. Eggs - **Investment Logic**: The number of laying hens is still at a high level, and the demand is average. The egg price is expected to be weak. Recently, the increase in the number of culled chickens and downstream replenishment have led to a slight rebound in the spot price. It is recommended to wait and see [47]. - **Trading Strategy**: Unilateral: Consider closing out previous short positions and wait and see; Arbitrage: Wait and see; Options: Wait and see [47]. Apples - **Investment Logic**: The quality of new - season apples is poor, the excellent fruit rate is low, and the cost of making warehouse receipts is high. The market is worried about the short shelf - life of cold - stored apples. The expected low storage volume may support the price, but the upward space is limited [51]. - **Trading Strategy**: Unilateral: Consider closing out previous long positions and wait and see; Arbitrage: Wait and see; Options: Wait and see [51]. Cotton - Cotton Yarn - **Investment Logic**: The cotton purchase is at its peak, and the purchase price is stable with a slight increase. The demand has not changed much. The improvement in Sino - US relations may support the Zhengzhou cotton price, which is expected to fluctuate slightly stronger [55]. - **Trading Strategy**: Unilateral: The US cotton is expected to fluctuate, and the Zhengzhou cotton is expected to fluctuate slightly stronger in the short term; Arbitrage: Wait and see; Options: Wait and see [55]. Black Metals Steel - **Investment Logic**: The night - trading steel price fluctuated weakly. This week, the steel production recovery accelerated, and the demand continued to recover, with an accelerated inventory reduction. However, there are still pressures from high plate inventory, slow capital release in the fourth quarter, and the fading macro - influence [58]. - **Trading Strategy**: Unilateral: Maintain range - bound fluctuations; Arbitrage: Consider going long on the hot - rolled coil and short on the rebar spread; Options: Wait and see [59]. Coking Coal and Coke - **Investment Logic**: The current macro - sentiment is positive, and the coking coal fundamentals are good, but the steel demand is uncertain, which restricts the upward space of raw materials. It is expected to fluctuate in the near future, and it is recommended to wait for dips to go long [61]. - **Trading Strategy**: Unilateral: Wait for dips to go long; Arbitrage: Wait and see; Options: Wait and see [61]. Iron Ore - **Investment Logic**: The iron ore price fell at night. The supply is at a high level, and the demand is weakening domestically. The iron ore price is expected to be under pressure at a high level [63]. - **Trading Strategy**: Unilateral: Bearish at a high level; Arbitrage: Wait and see; Options: Wait and see [64]. Ferroalloys - **Investment Logic**: The market sentiment has cooled down. The supply and demand pressures of ferrosilicon and ferromanganese still exist. They can continue to be used as short - side configurations in the sector [65]. - **Trading Strategy**: Unilateral: Continue as short - side configurations; Arbitrage: Wait and see; Options: Sell out - of - the - money straddle option combinations [66]. Non - Ferrous Metals Precious Metals - **Investment Logic**: There are both bullish and bearish factors in the precious metals market. The market is expected to enter a high - level shock adjustment period in the short term [69]. - **Trading Strategy**: Unilateral: Hold long positions in Shanghai gold and silver cautiously; Arbitrage: Wait and see; Options: Wait and see [71]. Copper - **Investment Logic**: Macro - factors are not favorable, and the supply side of copper mines has more disturbances. The supply is relatively tight, and the consumption is weak. The copper price has a short - term correction [73]. - **Trading Strategy**: Unilateral: The short - term copper price corrects slightly, pay attention to support and resistance levels, and go long on dips in the long term; Arbitrage: Hold cross - market cash - and - carry arbitrage and consider cross - period cash - and - carry arbitrage after domestic inventory decline; Options: Wait and see [74]. Alumina - **Investment Logic**: The supply and demand of alumina are still in significant surplus, but there are expectations of production cuts. The price rebounds slightly at a low level, but there are still pressures on the rebound amplitude [77]. - **Trading Strategy**: Unilateral: The price will fluctuate at a low level; Arbitrage: Wait and see; Options: Wait and see [77]. Electrolytic Aluminum - **Investment Logic**: The macro - situation is uncertain, but the Sino - US economic and trade consensus is positive. The overseas supply is tight, and the domestic consumption is resilient. The aluminum price is expected to rise after the market sentiment stabilizes [80]. - **Trading Strategy**: Unilateral: The aluminum price is expected to rise after the market sentiment stabilizes; Arbitrage: Wait and see; Options: Wait and see [80]. Cast Aluminum Alloy - **Investment Logic**: The macro - expectations are volatile. The supply of scrap aluminum is tight, the demand is resilient, and the price of ADC12 aluminum alloy ingots will maintain a strong shock [85]. - **Trading Strategy**: Unilateral: The aluminum alloy price will rise with the aluminum price; Arbitrage: Consider long AD and short AL arbitrage; Options: Wait and see [85]. Zinc - **Investment Logic**: The domestic zinc concentrate market is short of supply, and some smelters may reduce production in November. The consumption is expected to weaken, but the export window is open, which can relieve the supply - surplus situation [90]. - **Trading Strategy**: Unilateral: Hold profitable long positions and pay attention to export volume and new smelter production; Arbitrage: Consider buying SHFE and selling LME in advance according to export conditions; Options: Wait and see [90]. Lead - **Investment Logic**: Some lead - storage enterprises have reduced production due to high lead prices and high downstream inventory. The supply of recycled lead may increase, and the lead price may decline [94]. - **Trading Strategy**: Unilateral: Wait and see, and consider shorting if the production of recycled lead increases; Arbitrage: Wait and see; Options: Wait and see [94]. Nickel - **Investment Logic**: The supply and demand of nickel are loose, but there is cost support. The nickel price will maintain a range - bound operation [98]. - **Trading Strategy**: Unilateral: Wide - range shock; Arbitrage: Wait and see; Options: Sell the 2512 - contract strangle combination [99]. Stainless Steel - **Investment Logic**: The supply and demand of stainless steel are weak, and it is difficult to obtain production profits. The social inventory has increased slightly [101]. - **No trading strategy content provided specifically for the logic above, but based on the general format, it should be summarized if available.**

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The sharp rise in US stocks will reignite the sentiment in the A-share market, and the market is expected to resume its upward movement on Wednesday, maintaining a volatile upward trend [17][19]. - For treasury bond futures, the profit-taking in the cash bond market is increasing, and investors should focus on structural opportunities. While the policy risk for going long on futures bonds has decreased, the potential for a continuous decline in treasury bond yields remains limited [20][21]. - In the agricultural products sector, the price of soybeans in the US is rising, providing strong cost support for domestic soybean meal. The international sugar market is weak, while the domestic sugar market is relatively strong. The short - term trend of the oil and fat sector is slightly weak, and the corn market is experiencing increased supply and weakening prices [22][25][28]. - In the black metals sector, steel and ore prices are rising in succession, but the upside potential is limited. Coking coal and coke have support at the bottom but face resistance when rising. Iron ore prices are expected to be bearish at high levels [56][59][61]. - In the non - ferrous metals sector, precious metals are experiencing a downward adjustment due to the easing of risk factors. Copper prices are waiting for a breakthrough opportunity as downstream acceptance is currently insufficient. Alumina prices are bottoming out with potential production cuts in the future [67][71][78]. - In the energy and chemical sector, the impact of sanctions on crude oil has been fully priced in, and the pressure of oversupply remains. The cost of asphalt provides no positive support, and the supply - demand situation is weakening on the margin [16]. Summary by Directory Financial Derivatives Stock Index Futures - **Investment Logic**: The sharp rise in US stocks will reignite the sentiment in the A - share market. Although the stock index pulled back on Tuesday, the market is expected to resume its upward movement on Wednesday [17][19]. - **Trading Strategy**: Go long on dips without chasing high prices. Consider cash - and - carry arbitrage by going long on IM\IC 2512 and short on ETFs. Buy call options on the Science and Technology Innovation 50 Index, the STAR Market 50 Index, and the ChiNext Index on dips [20]. Treasury Bond Futures - **Investment Logic**: The profit - taking in the cash bond market is increasing. While the policy risk for going long on futures bonds has decreased, the potential for a continuous decline in treasury bond yields remains limited [20][21]. - **Trading Strategy**: Try to go long on dips. Consider shorting the inter - delivery spread or flattening the yield curve (TL - 3T) [22]. Agricultural Products Soybean Meal - **Investment Logic**: The upward movement of the US soybean market is driven by the improvement in the macro environment, but the international soybean supply pressure is still high. Domestic soybean meal prices have risen significantly due to cost factors, but the upside potential is limited [24][25]. - **Trading Strategy**: Short a small amount of far - month contracts. Wait and see for arbitrage. Sell a wide - straddle option strategy [25]. Sugar - **Investment Logic**: The international sugar market is facing increased production in major producing areas, with a weak fundamental outlook. In the domestic market, the suspension of imports of some pre - mixed powders and the start of sugar mill operations are expected to support prices in the short term [26][28]. - **Trading Strategy**: The international sugar price is expected to be weak in the long - term but may rebound in the short - term. The domestic market is expected to be strong in the short - term. Short US raw sugar and long domestic Zhengzhou sugar futures for arbitrage. Wait and see for options [28][29]. Oil and Fat Sector - **Investment Logic**: The production and export growth of Malaysian palm oil in October has slowed down, and it is expected to continue to accumulate inventory slightly. Domestic soybean oil is slightly accumulating inventory, and rapeseed oil is gradually reducing inventory, providing some support for prices. The short - term trend of the oil and fat sector is slightly weak [30][33]. - **Trading Strategy**: Wait and see in the short - term. Consider going long on dips after the price stabilizes. Wait and see for arbitrage and options [33]. Corn/Corn Starch - **Investment Logic**: The supply of corn is increasing, and the price of the futures market is expected to be weak and volatile. The US corn market is expected to remain range - bound in the short term [34][35]. - **Trading Strategy**: Go long on the December CBOT corn futures on dips. Wait and see for the January contract. Wait for dips to go long on the May and July contracts. Wait and see for arbitrage and options [36]. Live Pigs - **Investment Logic**: The short - term pressure on live pig supply has improved, but the overall inventory is still high, and the supply pressure remains. The price of live pigs is expected to face some downward pressure [37][38]. - **Trading Strategy**: Short a small amount of contracts. Wait and see for arbitrage. Sell a wide - straddle option strategy [39]. Peanuts - **Investment Logic**: The spot price of peanuts is falling, and the short - term trend is expected to be weak and volatile. The new - season peanut quality is lower than last year, and the market is waiting for the supply to increase [40][41]. - **Trading Strategy**: Wait and see for the January and May contracts. Sell the PK601 - P - 7600 option [41]. Eggs - **Investment Logic**: The number of culled laying hens has increased, and the egg price has stabilized. The supply of laying hens is still at a high level, and the demand is average. The egg price is expected to be weak in the short term [42][45]. - **Trading Strategy**: Close out previous short positions and wait and see. Wait and see for arbitrage and options [46]. Apples - **Investment Logic**: The quality of the new - season apples is poor, and the good - fruit rate is low. The cost of making apple warehouse receipts is high, and the inventory is expected to be lower than expected. The apple price has shown a strong trend recently, but the upward potential is limited [47][49]. - **Trading Strategy**: Close out previous long positions and wait and see. Wait and see for arbitrage and options [50]. Cotton - Cotton Yarn - **Investment Logic**: The cotton purchase is at its peak, and the purchase price is stable. The demand side has not changed significantly. The Sino - US economic and trade consultations have reached a preliminary consensus, and the short - term trend of Zhengzhou cotton is expected to be slightly strong [52][53]. - **Trading Strategy**: The US cotton is expected to be range - bound. The short - term trend of Zhengzhou cotton is expected to be slightly strong. Wait and see for arbitrage and options [53]. Black Metals Steel - **Investment Logic**: The demand for steel is gradually recovering, and the inventory is shifting from the factory to the social level. The price of coking coal is rising, providing support for steel prices. However, the high inventory of plate products and the slowdown in capital release in the fourth quarter still pose pressure on steel prices [57]. - **Trading Strategy**: The steel price is expected to be slightly strong and volatile. Go long on the spread between hot - rolled coils and rebar. Wait and see for options [58]. Coking Coal and Coke - **Investment Logic**: The price of coking coal is strong, and the second - round price increase of coke has been fully implemented. The supply of coking coal is restricted by safety regulations, but the increase in imported Mongolian coal and the reduction in steel mill demand limit the upward potential of prices [59][60]. - **Trading Strategy**: The price is expected to be volatile at high levels. Close out long positions and consider going long on dips in the medium term. Wait and see for arbitrage and options [61]. Iron Ore - **Investment Logic**: The supply of iron ore is increasing, and the demand is weakening. The domestic iron element inventory has been increasing since the third quarter, and the price of iron ore is expected to be bearish [62][64]. - **Trading Strategy**: The price is expected to be under pressure at high levels. Wait and see for arbitrage and options [64]. Ferroalloys - **Investment Logic**: The macro - economic sentiment is fading, and the supply - demand pressure in the ferroalloy market remains. The production of silicon iron and manganese silicon is still at a high level, while the demand is affected by steel production cuts [65]. - **Trading Strategy**: Consider shorting as the supply - demand pressure persists. Wait and see for arbitrage. Sell an out - of - the - money straddle option combination [65][66]. Non - Ferrous Metals Precious Metals - **Investment Logic**: The improvement in Sino - US trade relations and the expected cease - fire in the Russia - Ukraine conflict have reduced market risk aversion, leading to a downward adjustment in precious metal prices [67][69]. - **Trading Strategy**: The precious metal market may continue to adjust. Close out previous long positions and wait for a signal of the end of the correction. Aggressive investors can short with a stop - loss. Wait and see for arbitrage and options [69]. Copper - **Investment Logic**: The macro - economic sentiment has improved, and the supply of copper ore is facing more disruptions. The expected processing fee for next year is very low. The supply of electrolytic copper is relatively tight, but the downstream consumption is weak, and the acceptance of high prices is low [72][73]. - **Trading Strategy**: Go long on dips and beware of short - term pullbacks. Hold a long position in the inter - market spread. Consider a long position in the inter - delivery spread after the domestic inventory starts to decline. Wait and see for options [74]. Alumina - **Investment Logic**: The supply of alumina is in surplus, and the pressure is increasing as the downstream inventory build - up is completed. High - cost alumina producers may face more cost pressure, and future production cuts are expected. The price is currently bottoming out [77][78]. - **Trading Strategy**: The price is expected to bottom out in the short term. Wait and see for arbitrage and options [78][79]. Electrolytic Aluminum - **Investment Logic**: The global trade situation is easing, and the macro - economic sentiment is positive. Overseas electrolytic aluminum production is decreasing, and the domestic real estate completion area has shown a slight recovery. The medium - term trend of aluminum prices is expected to be strong [80][81]. - **Trading Strategy**: The aluminum price is expected to be strong and volatile. Wait and see for arbitrage and options [82]. Cast Aluminum Alloy - **Investment Logic**: The macro - economic outlook is improving, and the supply of scrap aluminum is tight, providing cost support. The demand is resilient, and the low factory inventory supports the price. The short - term price of ADC12 is expected to remain firm [83][84]. - **Trading Strategy**: The price of aluminum alloy is expected to be strong and volatile following the aluminum price. Wait and see for arbitrage and options [84]. Zinc - **Investment Logic**: The domestic zinc concentrate market is tight, and the processing fee is decreasing. The supply of refined zinc is expected to increase, while the demand is expected to weaken as the peak season ends. The LME zinc price is relatively strong due to low inventory. The short - term trend is range - bound [85][87]. - **Trading Strategy**: Close out profitable long positions and wait and see. Consider shorting at high levels if the export volume is low. Consider a long position in SHFE zinc and a short position in LME zinc based on the export situation. Wait and see for options [87]. Lead - **Investment Logic**: Some lead - acid battery manufacturers are reducing production to avoid inventory risks, while the supply of recycled lead is expected to increase. The lead price may continue to decline as the supply increases and the demand enters the off - season [89][91]. - **Trading Strategy**: Hold profitable short positions and beware of the impact of capital on the lead price. Wait and see for arbitrage. Sell an out - of - the - money call option [91]. Nickel - **Investment Logic**: The macro - economic situation is favorable, but the supply - demand relationship is loose. The nickel price is expected to remain within a range [92]. - **Trading Strategy**: No specific trading strategy provided in the text. Energy and Chemicals Crude Oil - **Investment Logic**: The impact of sanctions on crude oil has been fully priced in, and the pressure of oversupply remains [16]. - **Trading Strategy**: No specific trading strategy provided in the text. Other Energy and Chemical Products - **Investment Logic and Trading Strategy**: Each product has its own supply - demand characteristics and price trends. For example, asphalt has no positive cost support and weakening supply - demand on the margin; PVC is in a weak and volatile state; glass prices are rising due to improved sales and production [16]. - **Trading Strategy**: The trading strategies for each product vary, including shorting, reducing long positions, and waiting and seeing [16].

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The stock index futures are expected to continue their upward trend with fluctuations, while the central bank's restart of treasury bond trading has sparked enthusiasm for going long on treasury bond futures [5][18][21]. - In the agricultural products market, the prices of some products such as soybeans and sugar are affected by factors like trade relations and supply - demand changes, showing different trends [7][26][28]. - The steel market is showing a trend of continued strengthening, while the double - coking market has support at the bottom but faces resistance in upward movement [9][59][61]. - The precious metals market has broken through important support levels due to the easing of risk factors, and is expected to continue to adjust [11][69][71]. Summary by Relevant Catalogs Financial Derivatives - **Stock Index Futures**: On Monday, the stock index opened higher and closed higher. All major indices and futures contracts rose. The market is expected to continue its upward trend with fluctuations. Trading strategies include going long on dips, conducting IM/IC 2512 long + ETF short cash - and - carry arbitrage, and buying call options on the Sci - tech Innovation 50, Science and Technology Innovation Board 50, and ChiNext at low prices [18][19][20]. - **Treasury Bond Futures**: On Monday, treasury bond futures opened lower but closed higher. The central bank's restart of treasury bond trading is expected to continue the "moderately loose" monetary policy. It is recommended to maintain a long - biased mindset for unilateral trading, and consider flattening the yield curve or shorting the inter - delivery spread for arbitrage [21][22][24]. Agricultural Products - **Soybean Meal**: The improvement in the macro - environment has driven up the US soybean price, but the international soybean supply pressure is still high. Domestic soybean meal has also risen, but the upward space is limited. It is recommended to wait and see for both unilateral and arbitrage trading, and use the strategy of selling wide - straddle options [26][27][28]. - **Sugar**: Internationally, the sugar market is bearish due to increased production in major producing areas. In China, the suspension of pre - mixed powder and syrup imports has a short - term bullish impact. The trading strategy includes short - term oscillation for unilateral trading, shorting US raw sugar and going long on domestic Zhengzhou sugar for arbitrage, and waiting and seeing for options [28][29][31]. - **Oilseeds and Oils**: The short - term disk is expected to oscillate slightly weakly. It is recommended to wait and see for unilateral trading and wait for the price to stabilize on dips before going long. For arbitrage and options, it is recommended to wait and see [32][33][35]. - **Corn/Corn Starch**: The US corn futures rebounded, but the production is expected to be high. In China, the supply of corn is increasing, and the spot price is falling. It is recommended to go long on the 12 - month US corn on dips, wait and see for the 01 - month contract, and wait for dips to go long on the 05 - and 07 - month contracts [36][37][38]. - **Hogs**: The short - term slaughter pressure has eased, but the overall supply is still high. It is recommended to wait and see for unilateral and arbitrage trading, and use the strategy of selling wide - straddle options [39][40][41]. - **Peanuts**: The peanut price is in short - term bottom - range oscillation. It is recommended to go long on the 01 - and 05 - month contracts on dips, wait and see for arbitrage, and sell the pk601 - P - 7600 option [41][42][43]. - **Eggs**: The supply of laying hens is still high, and the demand is average. It is recommended to close out previous short positions and wait and see for unilateral trading, and wait and see for arbitrage and options [43][44][47]. - **Apples**: The quality of new - season apples is poor, but the purchase enthusiasm of merchants is high. The price is expected to oscillate slightly strongly in the short term. It is recommended to go long on dips for unilateral trading, and wait and see for arbitrage and options [48][49][51]. - **Cotton - Cotton Yarn**: The acquisition is at its peak, and the price is expected to oscillate slightly strongly. It is recommended to expect the US cotton to oscillate, and the Zhengzhou cotton to oscillate slightly strongly in the short term. Wait and see for arbitrage and options [53][54][57]. Ferrous Metals - **Steel**: The steel price is expected to continue to strengthen. It is recommended to maintain a long - biased mindset for unilateral trading, continue to hold the long - spread position of hot - rolled coil and rebar for arbitrage, and wait and see for options [59][60][61]. - **Double - Coking**: The double - coking market has support at the bottom but faces resistance in upward movement. It is recommended to gradually take profits on long positions and look for opportunities to go long on dips for unilateral trading, and wait and see for arbitrage and options [61][62][64]. - **Iron Ore**: The iron ore price is expected to face pressure at high levels. It is recommended to wait and see for both unilateral and arbitrage trading, and for options [64][65][66]. - **Ferroalloys**: The macro - environment has driven a rebound, but the supply - demand pressure still exists. It is recommended to use the strategy of shorting after the low - valuation repair for unilateral trading, wait and see for arbitrage, and sell out - of - the - money straddle option combinations [66][67][68]. Non - Ferrous Metals - **Precious Metals**: The precious metals market has broken through important support levels due to the easing of risk factors. It is recommended that conservative investors wait and see, while aggressive investors can conduct short - term intraday trading [69][70][71]. - **Copper**: The macro - environment has improved, and the supply is relatively tight. It is recommended to go long on dips for unilateral trading, continue to hold the long - position in cross - market arbitrage, and wait and see for options [73][74][76]. - **Alumina**: There is an expectation of production cuts on the supply side, and the price is expected to rebound slightly. It is recommended to go long on the short - term price rebound for unilateral trading, and wait and see for arbitrage and options [77][78][80]. - **Electrolytic Aluminum**: The macro - environment and fundamentals are in resonance, and the price is expected to strengthen in the medium term. It is recommended to expect the price to strengthen with fluctuations for unilateral trading, and wait and see for arbitrage and options [81][82][83]. - **Cast Aluminum Alloy**: The global trade situation has eased, and the price is in an upward - oscillation channel. It is recommended to expect the price to strengthen with fluctuations for unilateral trading, and wait and see for arbitrage and options [84][85][86]. - **Zinc**: It is recommended to go long on dips for unilateral trading, consider long - SHFE and short - LME arbitrage according to export conditions, and sell out - of - the - money put options [87][88][93]. - **Lead**: The lead price may fall from high levels. It is recommended to go short on rallies for unilateral trading, wait and see for arbitrage, and sell out - of - the - money call options [93][94][95]. - **Nickel**: The nickel price is expected to maintain range - bound trading due to macro - benefits and loose supply - demand. No specific trading strategies are provided [98].

Core Viewpoint - The article highlights the overall improvement in industrial production, with specific sectors showing varying performance, particularly in steel and construction industries [1][11][21]. Industrial Production - The blast furnace operating rate increased by 0.5% week-on-week to 84.7%, remaining stable year-on-year [1][4]. - Apparent steel consumption rose by 2% week-on-week, with a narrowing year-on-year decline of 3.8 percentage points to -0.1% [1][6]. - Social inventory continued to decline, down 2.3% week-on-week [1]. Chemical and Textile Industries - The soda ash operating rate remained stable at 84.9%, with a year-on-year decline narrowing to -2.2% [11][12]. - PTA operating rate increased by 0.4% week-on-week to 76.0%, with a year-on-year improvement of 1.3 percentage points to -4.8% [11][14]. - The operating rate for polyester filament remained stable at 91%, with a year-on-year increase of 1.7% [11]. Construction Industry - Cement production and demand were below last year's levels, with the nationwide grinding operating rate increasing by 1.6% week-on-week to 45.4% [21][22]. - Cement shipment rates remained stable at 44.8%, with a year-on-year decline of 9.3% [21][24]. - Cement inventory ratio slightly increased, up 1.2% week-on-week [21]. Glass and Asphalt Production - Glass production remained stable week-on-week, with a year-on-year decline of 0.6% [31]. - Asphalt operating rate increased by 1.5% week-on-week [31]. Demand Tracking - National commodity housing transactions decreased, primarily due to significant declines in second-tier cities, with a daily average transaction area down 5.7% week-on-week [40]. - National road freight volume increased year-on-year, with rail freight volume up 1.8 percentage points to 1.5% [44][49]. - Passenger car retail sales decreased by 0.5% week-on-week, with a year-on-year decline of 0.7% to 25.4% [59]. Price Tracking - Agricultural product prices generally fell, with vegetable prices rising by 4.3% week-on-week [74]. - Industrial product prices showed an overall upward trend, with the South China Industrial Price Index increasing by 0.4% week-on-week [82][83].