1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report - In the US ETF market, bond products are continuously being issued, international equity products have more inflows than domestic equity products, and cross - border products have excellent performance. In the US ordinary public fund market, the total amount of non - monetary public funds increased in January 2026, and bond products maintained inflows of over $10 billion in the week of February 11 - 18, 2026 [1]. 3. Summary by Directory 3.1 US ETF Innovation Products: Continuous Issuance of Bond Products - Last week, there were 22 new products issued in the US, with a relatively large number of bond products. State Street issued a series of high - yield bond target - maturity products, Chesapeake issued a bond product based on a trend - following strategy, and Invesco issued a series of 4 products covering MBS, treasury duration rotation strategy, hybrid corporate bonds, and a more flexible comprehensive fixed - income product [1][6][7]. - Innovator issued the Managed Buffer series of products, managed by sub - manager Parametric, with no upper limit on returns, an upside participation rate of 80 - 90%, and a target quarterly downside protection range of 10% (actual range 10 - 14%) [6]. - Exchange Traded Concepts and II Technology jointly issued a product based on industry allocation and volatility control strategies, dynamically under - or over - weighting 11 GICS industry classifications and adjusting the overall equity asset position according to market risk levels [7]. - Pictet issued an AI - strategy product last week, mainly using machine - learning methods to enhance the US stock pool [7]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: International Equity Products Have More Inflows than Domestic Equity Products - In the past week, the inflows of US domestic equity and bond products were stable. International equity products had higher inflows than domestic equity products, and commodity ETFs had significant inflows. Vanguard's S&P 500 ETF had the highest inflow, cross - border products in developed and emerging markets had obvious inflows, and gold and silver ETFs also had significant inflows. State Street's S&P 500 ETF, Nasdaq 100 ETF, and financial products had the largest outflows [1][9][12]. - Vanguard's products had relatively stable fund inflows, and State Street's gold ETF returned to stable inflows last week [13]. 3.2.2 US ETF Performance: Cross - border Products Perform Well - From January to February 2026, the S&P 500 rose less than 1%, but cross - border products generally performed well. Vanguard's largest developed - market ETF rose more than 12%, and BlackRock's emerging - market product rose 14% [1][14]. 3.3 Recent US Ordinary Public Fund Fund Flows - In January 2026, the total amount of non - monetary public funds in the US was $24.07 trillion, an increase of $0.43 trillion compared to December 2025. In January, the S&P 500 rose 1.37%, and the scale of US domestic equity products increased by 1.23%, with a relatively small impact from redemptions [1][18]. - In the week of February 11 - 18, 2026, US domestic equity funds had an outflow of $80.74 billion, which was slightly narrowed. The outflow of international equity products also decreased to around $3 billion, while bond products maintained inflows of over $10 billion [1][18].

Core Viewpoint - The geopolitical tensions surrounding Greenland have led to a surge in gold prices, with both spot gold and New York futures surpassing $4,700 per ounce, marking a historical high [1] Group 1: Gold Market Dynamics - The trend of "de-dollarization" is accelerating, with multiple central banks significantly increasing their gold reserves to diversify foreign exchange risks and reduce reliance on the US dollar [3] - Concerns over the long-term purchasing power of the dollar are driving demand for gold, especially as the US federal debt exceeds $37 trillion and continues to grow rapidly [3] - The expectation of rising gold prices is attracting strong inflows of private capital into gold through ETFs and bullion, further supporting the market [3] Group 2: Geopolitical and Economic Influences - The recent threats from the US government, including tariffs on European goods, have prompted European investors to reduce their dollar exposure and sell off dollar-denominated assets [2] - The potential for increased geopolitical risks and the rightward political shift in many countries are contributing to a heightened demand for gold as a safe-haven asset [5] - The ongoing global debt issues and the lack of effective solutions for major economies' debt problems are expected to continue undermining the credibility of fiat currencies, thereby reinforcing gold's monetary attributes [5] Group 3: Future Outlook - Despite the current high gold prices, there are concerns about potential short-term corrections if the Federal Reserve slows its rate cuts due to inflationary pressures [4] - Long-term projections suggest that gold prices could exceed $5,000 per ounce by 2026, reflecting a growing market focus on tail risks rather than traditional interest rate-driven narratives [4] - The structural demand for gold as a hedge against the weakening of sovereign currency credit is likely to persist, driven by geopolitical tensions and inflation concerns [5]

1. Report Industry Investment Rating - Morgan Stanley upgraded the rating of Chinese stocks to "overweight" [3] 2. Core Viewpoints of the Report - On Wednesday, the main indices of the two markets oscillated and consolidated in the morning session and rose rapidly in the afternoon, with the technical patterns significantly repaired. The trading volume of the two markets was 1.81 trillion yuan, slightly increasing. The CSI 300 index closed at 4,579 points, up 82 points or 1.83%; the SSE 50 index closed at 2,991 points, up 36 points or 1.25%; the CSI 500 index closed at 7,137 points, up 136 points or 1.95%; the CSI 1000 index closed at 7,288 points, up 107 points or 1.49% [1] - The Social Security Foundation held a Party group meeting to scientifically and effectively conduct asset allocation and steadily invest in various types of assets. It will give full play to the role of long - term funds and patient capital, actively serve the country's development needs, and better support the in - depth integration of scientific and technological innovation and industrial innovation [1][2][3] - In 2026, insurance, wealth management, and pensions will form three major sources of incremental funds. The incremental funds of institutions in the stock market will reach 3.1 trillion yuan, and the scale of public fixed - income + products will at least double on this year's basis [2] - More and more international funds are turning their attention to the AI track outside the United States. China's technology sector, with its significant valuation advantages, complete industrial ecosystem, and irreplaceable large - scale manufacturing capabilities, is gradually becoming a "new battlefield" for global funds to deploy in AI [2][3] - In 2026, factors such as incremental macro - policies, declining risk - free interest rates, the continuous transfer of household savings to the stock market, and the continuous net inflow of long - term funds will help the valuation of the A - share market rise further [3] - The market is expected to enter a sideways oscillation phase, waiting for new opportunities [3] 3. Summary by Relevant Catalogs 3.1 Market Review - The main indices of the two markets oscillated in the morning and rose in the afternoon. The trading volume slightly increased. The CSI 300, SSE 50, CSI 500, and CSI 1000 indices all rose. Among industry and theme ETFs, communication - related ETFs led the gains, while aerospace - related ETFs led the losses. Among the sector indices, communication equipment, energy metals, etc. led the gains, while forestry, aerospace equipment, etc. led the losses. The CSI 500 and CSI 300 index futures had net inflows of 27 billion and 13 billion yuan respectively [1] 3.2 Important Information - The Social Security Foundation will scientifically allocate assets and support innovation [1][2][3] - Over 100 A - share listed companies are involved in the energy storage business. Among 56 companies with overseas business revenue exceeding 100 million yuan in the first half of 2024, more than 70% had year - on - year growth in the first half of this year, and 9 companies had over 50% year - on - year growth [1] - The willingness to allocate gold through ETFs has increased, and the total management scale of gold ETFs has reached 214.4 billion yuan, with 147.5 billion yuan added this year [1] - As of December 15, the total share of ETFs reached 3.3 trillion, and the total scale reached 5.78 trillion yuan, an increase of over 2 trillion yuan compared with the beginning of the year [1] - The second invasive brain - computer interface clinical trial achieved a major technological breakthrough [1] - The current recruitment situation in the US is weak enough to support the Fed's rate - cut stance, but not bad enough for a rate cut in January [2] - Trump is worried about losing the tariff case, and the US effective tariff rate may decline if the current tariffs are overturned [2] - Tesla's stock price hit a record high, but Goldman Sachs is cautious about its profit - making ability [2] - User behavior is changing, which will reshape the entry and power pattern [2] - WTI crude oil futures rose after Trump's statement on Venezuela [2] - The US will take measures against the EU if it restricts US service providers [2] - The US December composite output index declined, the payment price index rose, and the employment index was close to stagnation [2] - US retail sales in October were flat, but core retail indicators were stronger than expected [2] 3.3 Market Logic - The market rose on Wednesday due to the Social Security Foundation's asset - allocation policy and the expected inflow of incremental funds in 2026. China's technology sector is attracting global funds, and factors such as macro - policies and capital inflows will drive up the A - share market valuation [2][3] 3.4 Market Outlook - The market is expected to enter a sideways oscillation phase. Global funds are increasing their investment in the Chinese stock market. The Chinese technology sector is becoming a key area for AI investment. Morgan Stanley is optimistic about the Chinese market in 2026 [3] 3.5 Trading Strategies - For stock index futures, the market is expected to enter a sideways oscillation phase, waiting for new opportunities [3] - For stock index options, do not participate in call options for now as the market is expected to be in a sideways oscillation [3]

Macro Strategy - The macro environment is influenced by both domestic and overseas factors, with domestic demand data showing improvement but a decline in manufacturing PMI in October impacting market confidence [1] - The dual uncertainties in the market have led to a strong risk-averse sentiment, causing the index to shift downwards and enter a phase of low-volume consolidation [1] - Policy measures such as liquidity support and industrial guidance are providing market support, with fiscal issuance and monetary continuation effectively countering funding disturbances [1] - The consumption technology sector is experiencing structural differentiation in earnings reports, with companies like Meituan, JD, and Alibaba facing profit adjustments due to intensified competition, while Tencent and Xiaomi are achieving profit growth through overseas expansion and premiumization [1] Industry Analysis - The AI sector is witnessing technological breakthroughs that open new paths for commercialization, with differences in corporate profitability becoming a key variable affecting market expectations [1] - The semiconductor demand is being validated by the performance of companies like Broadcom and Micron, shaping the performance of technology stocks [4] - The gold market is influenced by interest rate expectations, with a significant probability of a 25bps rate cut in December, which is expected to provide ongoing support for gold prices [5][19] - The Nasdaq 100 index is experiencing volatility driven by AI-related concerns, with market sentiment stabilizing following dovish signals from the Federal Reserve [2][4][17] Company-Specific Insights - BYD's November sales increased month-on-month, with a focus on high-end products and exports, although profit forecasts for 2025-2027 have been adjusted downwards due to intensified industry competition [12] - Net profit forecasts for China Gas have been lowered due to weaker-than-expected gas volume growth, but free cash flow is improving, maintaining a "buy" rating [14] - Net profit predictions for NetDragon are optimistic, with AI empowering its gaming and education sectors, leading to a "buy" rating [14] - Baiwei Storage is positioned as a core beneficiary of the AI storage "super cycle," focusing on high-performance embedded storage for AI wearable devices [15]

Market Review - The A-share market is expected to maintain resilience in the long term, but potential mid-term risks may increase due to factors such as valuation shifts, institutional settlement cycles, and high market sentiment indices [2] - In November, the market experienced a mid-term adjustment after reaching new highs in the first half of the month, with major indices declining in the latter half [2][10] Economic Environment - In October, several economic indicators, including fixed asset investment and retail sales, showed slower growth than expected, with CPI rising and PPI continuing to decline [3][29] - The manufacturing PMI remained below the prosperity range, indicating that the economy requires sustained efforts for improvement [3] Policy Environment - The government is focusing on boosting consumption and effective investment, with plans to develop three trillion-level consumption sectors by 2027 [4] - The overall stability of major country relations is maintained, with a tactical easing in China-US economic relations, although geopolitical tensions persist [4] Investment Strategy - The market is currently in a phase of valuation consolidation, with a dynamic balance between profit-taking and short-selling sentiment [7] - Investors are advised to focus on fundamental research and gradually position themselves for the upcoming year, maintaining a "barbell" strategy that emphasizes dividend assets and technological innovation [7] Industry Performance - As of November 28, 90.3% of the 28 Shenwan first-level industries have seen year-to-date increases, with non-ferrous metals and communications industries rising over 50% [15] - In November, the comprehensive and banking sectors outperformed, while sectors like computers and automobiles faced declines [15][19] Fund Flow - As of November 28, southbound funds recorded a cumulative net inflow of 50,797 million HKD, with a monthly net inflow of 1,218.9 million HKD [25] - Margin financing balances have decreased, indicating a potential cooling in market sentiment after reaching historical highs [27] Economic Indicators - The GDP growth forecast for Q4 is 4.5%, with various economic indicators showing signs of slowing down, including fixed asset investment and manufacturing PMI [30][29] - The CPI rose by 0.2% in October, while PPI continued to decline, reflecting ongoing challenges in the industrial sector [33][36]

Investment Rating - The industry investment rating is "Positive," indicating an expectation that the industry index will outperform the market index by more than 5% over the next six months [10]. Core Insights - Recent fluctuations in international gold prices have been significant, with a notable drop of 6.3% on October 21, marking the largest single-day decline since April 2013, and prices fluctuating between $3950 and $4150 from October 22 to 27 [1][2]. - The primary drivers of recent volatility include a reduction in geopolitical risks, a reversal in market sentiment, and profit-taking after a cumulative increase of over 65% in gold prices since 2025 [2]. - The report highlights that despite short-term volatility, the long-term bullish trend for gold remains intact, with a recommendation to view price corrections below $4000 as potential long-term investment opportunities [3]. Summary by Sections Recent Price Movements - Gold prices experienced a sharp decline, with related assets also suffering losses, including a 7.60% drop in gold stock ETFs [1]. - Domestic gold jewelry prices were adjusted downwards by over 6% [1]. Market Drivers - Geopolitical risk reduction and a shift in market sentiment have led to decreased demand for gold as a safe haven [2]. - The report notes a liquidity squeeze effect in the A-share market, causing systemic sell-offs and impacting gold stocks negatively [2]. - The Federal Reserve's policy expectations have shifted, with a decrease in the probability of interest rate cuts, which has further pressured gold prices [2]. Upcoming Catalysts - Key upcoming data releases, including the Federal Reserve's interest rate decision and U.S. non-farm payroll data, are expected to influence gold prices significantly [3]. - A dovish signal from the Fed could boost gold prices, while a hawkish stance may lead to further declines [3]. Investment Recommendations - The report suggests maintaining a gold asset allocation of 10%-15% in investment portfolios to hedge against dollar credit risks [8]. - It recommends focusing on companies with strong resource reserves, cost control, and expansion potential, such as Zijin Mining and Shandong Gold [8].

- The report tracks the performance of long-term industry-themed fund indices, showing that TMT-themed funds had the most significant net value increase this week, with a weekly return of 7.24%[37][38][39] - Among actively managed equity funds, the median weekly return was 3.2%, with the top-performing fund being Manulife Revival Industry A (001170.OF), achieving a weekly return of 18.24%[40][41] - For stock passive index funds, the median weekly return was 3.28%, with the best-performing fund being Communication ETF (515880.SH), which recorded a weekly return of 13.88%[42][43] - The REITs comprehensive index rose by 0.25% this week, with the water infrastructure REITs index leading the gains at 3.23%[51][52][53] - ESG funds showed strong performance, with actively managed equity ESG funds achieving a median weekly return of 4.51%, and low-carbon economy-themed funds standing out with returns as high as 14.77%[84][85]

Report Industry Investment Rating - Zinc investment rating: Range-bound [1] Core Viewpoints - The zinc market shows a range-bound trend, and the trend strength is neutral with a value of 0 [1][3] Summary by Relevant Catalogs Fundamental Tracking - **Price and Volume**: The closing price of Shanghai Zinc main contract was 22,000 yuan/ton, up 0.14%; the closing price of LME Zinc 3M electronic disk was 2,993.5 dollars/ton, up 0.59%. The trading volume of Shanghai Zinc main contract was 102,274 lots, down 6,247; the trading volume of LME Zinc was 11,953 lots, up 3,344. The open interest of Shanghai Zinc main contract was 132,692 lots, up 2,250; the open interest of LME Zinc was 221,589 lots, down 2,424 [1] - **Premium and Discount**: Shanghai 0 zinc premium was -55 yuan/ton, down 5; LME CASH - 3M premium was 299.34 dollars/ton, up 69.05. Guangdong 0 zinc premium was -90 yuan/ton, up 5; the import bill of lading premium was 135 dollars/ton, unchanged. Tianjin 0 zinc premium was -55 yuan/ton, down 5; the spot import profit and loss of zinc ingots was -5,420.07 yuan/ton, down 670.14 [1] - **Inventory**: Shanghai Zinc futures inventory was 65,209 tons, down 1,059; LME zinc inventory was 35,300 tons, down 1,975. The LME zinc cancelled warrants were 10,875 tons, down 1,975; the LME off - warrant (T + 3) was 11,606 tons, up 1,370 [1] - **Related Products**: The price of 1.0mm hot - dipped galvanized coil was 4,183 yuan/ton, unchanged. The price of Shanghai Zamak - 5 zinc alloy was 23,075 yuan/ton, down 40; the price of Shanghai Zamak - 3 zinc alloy was 22,525 yuan/ton, down 40. The price of zinc oxide ≥99.7% was 21,000 yuan/ton, down 100 [1] News - **Financial Market**: PrimaLend Capital Partners filed for bankruptcy after months of negotiations with creditors and failure to pay interest on time, which is a new sign of stress in the low - income consumer sector of the US economy. JPMorgan Chase CEO warned that there may be more problems in the credit field [2] - **Gold Market**: The price of gold suffered the largest single - day plunge since 2013 on Tuesday. The spot gold fell about 2.2% on Wednesday night Beijing time, and the decline narrowed in the New York尾盘, while gold futures turned slightly higher. The holdings of physical - supported gold ETFs reached a three - year high, and the market dominated by ETF funds is often volatile [2][3] Trend Intensity - The trend intensity of zinc is 0, indicating a neutral trend [3]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The US delays the G7 plan to expand the use of frozen Russian assets, indicating an intention to reduce tensions before Trump meets Putin, leading to a rise in market risk appetite [17]. - Affected by news such as Sino - US negotiations, on October 20, the A - share market rose with shrinking volume. Currently, market liquidity is rapidly contracting, and there is a strong wait - and - see sentiment. Future trends depend on domestic and foreign policy changes [2]. - During the Fourth Plenary Session, there are relatively many policies. It is advisable to be cautious in the short - term. If the market risk preference fails to strengthen, the bond market will turn stronger [25]. - The cost of imported soybeans supports the soybean meal price, but the current supply - demand situation is weak, and sufficient soybean supply is expected in the fourth quarter. The soybean meal futures price is likely to remain volatile [4]. - In September, economic data continued to show structural differentiation. The overall terminal demand was weak, with real estate and infrastructure demand remaining sluggish and manufacturing showing resilience. High pig iron production will suppress the subsequent inventory reduction speed, limiting the upward space for steel prices [5]. - The continuous inventory reduction during the peak season supports the lithium carbonate price, but further upward momentum may depend on unexpected supply - side disruptions [6]. Summary by Directory 1. Financial News and Reviews 1.1 Macro Strategy (Gold) - The US government continues to be shut down. The gold price hit a new high, and overseas gold and silver ETF holdings increased, while the domestic market was weak. Gold is expected to fluctuate at a high level this week, and attention should be paid to the callback risk [13]. - Investment advice: The gold price will fluctuate at a high level in the short - term, and attention should be paid to the callback risk caused by long - position profit - taking [14]. 1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - The US and Australia signed a key minerals agreement, and the US Senate will "pause" the new round of sanctions against Russia. The US delays the G7 plan to expand the use of frozen Russian assets, indicating an intention to reduce tensions before Trump meets Putin, and market risk preference has recovered [15][16][17]. - Investment advice: The US dollar is expected to decline in the short - term [18]. 1.3 Macro Strategy (Stock Index Futures) - China's GDP in the third quarter increased by 4.8% year - on - year. Affected by news such as Sino - US negotiations, on October 20, the A - share market rose with shrinking volume. Currently, market liquidity is rapidly contracting, and there is a strong wait - and - see sentiment [2][19]. - Investment advice: Allocate various stock indices evenly [21]. 1.4 Macro Strategy (Treasury Bond Futures) - The LPR quotation in October remained stable. China's economic data in September showed differentiation. The bond market fluctuated and declined today due to Trump's softened stance towards China, but market risk preference has not been strongly activated [22][23][24]. - Investment advice: Be cautious in short - term trading this week. If market risk preference fails to strengthen, look for opportunities to build long - term long positions at low prices [25]. 2. Commodity News and Reviews 2.1 Black Metal (Steam Coal) - On October 20, the steam coal price in the northern port market was strong. The downstream demand increased last week, and the coal price rose. After the Datong - Qinhuangdao Railway maintenance ends, the supply of port spot will increase, and the coal price increase is expected to narrow this week [26]. - Investment advice: The coal price will remain strong in the short - term [26]. 2.2 Black Metal (Iron Ore) - Fenix Resources' iron ore production in the third quarter increased significantly. The iron ore price continued to be weak and volatile. The terminal orders weakened, the steel mill inventory pressure increased, and the steel mill profit was compressed. It is expected that the pig iron production will decline in November [27]. - Investment advice: The potential for production cuts is approaching. The iron ore price will remain weak in the short - term, but the downward valuation space is limited [27]. 2.3 Agricultural Products (Cotton) - As of October 17, the inspection volume of US cotton was slow. In September, the export unit price of cotton products rebounded slightly month - on - month. China imported 100,000 tons of cotton and 130,000 tons of cotton yarn in September [28][29][30]. - Investment advice: The Zhengzhou cotton futures price has been resistant to decline recently. However, as the new cotton is listed, the hedging pressure will limit the upward space, and the downstream orders are insufficient. Attention should be paid to the new cotton listing, downstream orders, and Sino - US relations [31][32]. 2.4 Agricultural Products (Soybean Meal) - As of October 17, the national port soybean inventory decreased, the soybean inventory of major oil mills increased, the soybean meal inventory decreased, and the unexecuted contracts decreased. In September, China imported 0 tons of soybeans from the US, and the Brazilian soybean planting rate reached 24% [34][35][36]. - Investment advice: Pay attention to the weather in the Brazilian production area and Sino - US relations. The soybean meal futures price is likely to remain volatile [36]. 2.5 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - From October 1 to 20, the export volume of Malaysian palm oil increased by 3.4% month - on - month. As of October 17, the domestic palm oil inventory increased slightly [37][38]. - Investment advice: The market lacks driving forces in the short - term and is expected to remain volatile. In the long - term, pay attention to the long - position opportunities of palm oil [39][40]. 2.6 Black Metal (Rebar/Hot - Rolled Coil) - From January to September, China's infrastructure investment increased by 1.1% year - on - year. In the first three quarters, China's steel exports showed different trends, and the real estate investment continued to decline. The overall terminal demand was weak, and the high pig iron production limited the upward space for steel prices [41][42][44]. - Investment advice: Adopt a volatile trading strategy for steel prices in the short - term [46]. 2.7 Agricultural Products (Jujube) - In Xinjiang, jujubes in some areas are in the drying stage. The futures price of the main contract CJ601 fluctuated and closed down today. The price of jujubes in the distribution areas is stable, and merchants purchase goods as needed [47][48]. - Investment advice: Wait and see before the market logic becomes clear. Pay attention to the price game in the production area and downstream consumption [48]. 2.8 Agricultural Products (Corn Starch) - On October 20, the theoretical profits of corn starch enterprises in different regions showed differentiation. In the future, the inventory pressure and production reduction expectations of starch may be mainly concentrated in the Northeast [49]. - Investment advice: The price difference between starch and corn futures is expected to recover after entering the delivery month. The price difference of 01 and 03 contracts is at a low level and is not expected to shrink further [49]. 2.9 Agricultural Products (Corn) - The domestic corn price is rising. Snowy weather and farmers' reluctance to sell have led to a decrease in downstream arrivals. The spot price is expected to decline, while the futures price may enter a volatile bottom - grinding period [50]. - Investment advice: Wait and see in the short - term. Pay attention to the implementation of wheat auction rumors [50]. 2.10 Non - Ferrous Metals (Polysilicon) - In September, China's polysilicon export volume decreased by 28.17% month - on - month. The spot price of polysilicon is expected to remain stable. The terminal demand has weakened marginally since late October, and the silicon wafer price is under pressure [51][52]. - Investment advice: Maintain the view that the spot price will not decline in October. Consider long - position opportunities when the futures price is at a discount to the spot price. Pay attention to the reverse spread opportunity of PS2511 - PS2512 at around - 2000 yuan/ton [53]. 2.11 Non - Ferrous Metals (Industrial Silicon) - In September, China's industrial silicon export volume increased by 7.73% year - on - year. Some silicon plants in the South are expected to reduce production in late October. The inventory is expected to be difficult to reduce in November and will be reduced by 15,000 tons in December [54][55]. - Investment advice: It is more cost - effective to go long on industrial silicon at low prices [55]. 2.12 Non - Ferrous Metals (Lead) - On October 17, the LME0 - 3 lead was at a discount of $41.85/ton. In September, the import of lead concentrates increased month - on - month and decreased year - on - year. The export of lead - acid batteries decreased, and the import increased [55][56]. - Investment advice: Adopt a wait - and - see strategy for single - side trading. Pay attention to the medium - term positive spread opportunity for cross - market trading [56]. 2.13 Non - Ferrous Metals (Zinc) - Vedanta's zinc concentrate production in the third quarter increased by 6%. In September, the export volume of galvanized sheets increased both month - on - month and year - on - year. The import volume of zinc concentrates increased [57][58][60]. - Investment advice: Wait and see for single - side trading. Pay attention to the medium - term positive spread opportunity. Maintain a positive spread trading strategy for cross - market trading and take profits in batches at low prices [61]. 2.14 Non - Ferrous Metals (Nickel) - In September, China's unforged nickel import volume increased significantly, especially from Russia. The short - term macro situation is still volatile. The global visible inventory has increased significantly, and the price is fluctuating above the cash cost. The nickel ore price is expected to rise in the fourth quarter [62]. - Investment advice: Allocation portfolios can consider long - position opportunities at low prices. Speculative portfolios can consider selling near - the - money put options and buying deep - out - of - the - money call options [63]. 2.15 Non - Ferrous Metals (Lithium Carbonate) - In September, China's lithium ore import volume increased by 14.7% month - on - month. The first batch of lithium concentrate from the Bougouni lithium project was shipped. The inventory has been decreasing, which supports the price, but further upward momentum depends on supply - side disruptions [64][66]. - Investment advice: Use range - bound trading in the short - term. Consider short - position opportunities after the demand peaks this year. Pay attention to the reverse spread opportunity of LC2511 - LC2601 and the positive spread opportunity of LC2601 against more distant contracts [67]. 2.16 Non - Ferrous Metals (Copper) - Peru's Las Bambas copper mine is being affected by illegal mining. In September, China's scrap copper import volume increased by 14.84% year - on - year [68][69]. - Investment advice: The copper price is expected to remain volatile at a high level in the short - term. Consider long - position opportunities at low prices for single - side trading. Wait and see for spread trading [70]. 2.17 Energy Chemicals (Liquefied Petroleum Gas) - Guangzhou Petrochemical's partial device maintenance has reduced the liquefied gas production. The East China liquefied gas price has declined due to factors such as fundamental imbalance and falling paper - futures prices [71][72]. - Investment advice: The price is expected to remain volatile in the short - term [73]. 2.18 Energy Chemicals (Crude Oil) - A Russian refinery was affected by a drone attack. The oil price is weak and volatile. Market risk preference supports the oil price, but concerns about supply surplus continue to put pressure on it [74]. - Investment advice: The oil price will remain weak and volatile in the short - term [75]. 2.19 Energy Chemicals (PVC) - The domestic PVC powder market price has been slightly stronger. The downstream procurement enthusiasm is low, and the spot trading is light. The PVC fundamentals remain weak, and the inventory is high [76][77][78]. - Investment advice: The PVC price is expected to remain weak and volatile in the short - term, and the downward space is limited [78]. 2.20 Energy Chemicals (Styrene) - As of October 20, the styrene inventory in the East China main port increased. The styrene price declined, and the inventory is a key issue. The production profit has decreased, and the cost support is not obvious [79]. - Investment advice: Pay attention to the negative feedback of pure benzene downstream products. The styrene industry needs a low - profit level to slow down the inventory accumulation in the main port [80]. 2.21 Energy Chemicals (Asphalt) - As of October 20, the asphalt factory and social inventories decreased. The BU futures price was weak last week, and the spot price continued to decline. The demand recovery is limited, and the weak international oil price may affect the asphalt price [81][82]. - Investment advice: The asphalt price will be volatile in the short - term [83]. 2.22 Energy Chemicals (Soda Ash) - As of October 20, the domestic soda ash factory inventory increased slightly. The soda ash futures price rose and then fell, affected by the bearish sentiment in the glass market. The downstream demand is stable, and the inventory in the delivery warehouse is high [84]. - Investment advice: Adopt a short - selling strategy at high prices for soda ash in the medium - term, and pay attention to the new capacity release [84]. 2.23 Energy Chemicals (Float Glass) - On October 20, the float glass price in the Hubei market declined. The glass futures price continued to fall due to the failure of supply - reduction expectations and the cooling of macro - positive expectations [85]. - Investment advice: Wait and see in the short - term as the market is bearish, but the futures price is at a discount to the spot price, and the risk of short - selling is high [85].

- The report does not contain any specific quantitative models or factors for analysis, construction, or testing results. It primarily focuses on market performance, fund issuance, fund tracking, ETF market trends, and ESG financial products without delving into quantitative modeling or factor construction. [1][2][3][4][6][7][9][11][12][14][16][20][23][24][28][29][30][33][34][35][36][37][38][39][40][41][42][43][44][45][46][47][48][49][50][51][52][54][55][56][60][61][62][63][64][65][67][68][69][70][72][73][74][75][76][77][78][79]