1. Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. 2. Core Views of the Report - The report provides daily views and evaluations of various futures contracts, covering multiple sectors such as finance, metals, energy, chemicals, and agricultural products, and gives corresponding operation suggestions based on market conditions [3]. 3. Summary by Relevant Catalogs 3.1 Daily Selected Views - NI2601 is expected to be weakly volatile [3]. - L2601 (LLDPE) is expected to be weakly volatile [3]. - rb2501 (coking coal) is expected to rebound from the bottom [3]. - M2605 (soybean meal) is expected to be weakly volatile [3]. 3.2 Full - Variety Daily Reviews 3.2.1 Financial Futures - **Stock Index Futures**: Due to weak economic data in November, the stock index continued to trade in a shrinking - volume range. There is no clear upward trend, and the market lacks a dominant theme. It is advisable to be cautious about the risk of chasing highs in the trading range and appropriately lay out bull spreads at low levels [3]. - **Treasury Bond Futures**: The bond market is still insensitive to economic data. In the absence of allocation demand, ultra - long bonds are weak. The upper limit of the 10 - year yield is not expected to deviate significantly from 1.85%. T2603 should pay attention to the support around 107.6. In the short term, it is advisable to wait and see, and consider the market as a narrow - range fluctuation. For the spot - futures strategy, pay attention to the positive arbitrage and basis widening opportunities of the 2603 contract [3]. - **Precious Metal Futures**: Gold needs to build momentum to break through the previous high. Pay attention to the impact of US economic data and Fed officials' statements on market sentiment. Buy gold below $4,300. Silver may enter the overbought zone, so it is recommended to wait and see. For platinum and palladium, operate based on the external market, buy on dips, or use out - of - the - money call options instead of long positions, and control positions [3]. 3.2.2 Commodity Futures Metals - **Steel and Iron Ore**: Iron ore is expected to be weakly volatile in the range of 730 - 780. Consider the opportunity to expand the ratio of rebar to iron ore as iron water production drops. Go long on the January rebar - to - iron ore ratio [3]. - **Coking Coal and Coke**: Coking coal is expected to trade in the range of 1,000 - 1,150, and consider a 1 - 5 reverse spread. Coke is expected to trade in the range of 1,450 - 1,600, and consider a 1 - 5 reverse spread [3]. - **Non - ferrous Metals**: For copper, hold long - term long positions and pay attention to the support at 90,000 - 91,000. For aluminum, the main contract is expected to trade in the range of 21,700 - 22,400, and go long on dips. For zinc, pay attention to the support at 23,000 - 23,200 and continue to hold the cross - market reverse arbitrage. For tin, hold previous long positions and buy on dips. For nickel, the main contract is expected to trade in the range of 110,000 - 118,000. For stainless steel, the main contract is expected to trade in the range of 12,200 - 12,800 [3]. Energy and Chemicals - **Petrochemicals**: PX is expected to be volatile at a high level in the short term. PTA is expected to be volatile at a high level in the short term, and pay attention to the low - level positive spread opportunity for TA5 - 9. For short - fiber, the processing fee is mainly compressed, and the operation is the same as PTA. For bottle - grade polyester, the inventory decline supports the processing fee, and pay attention to the device restart and production progress. For ethanol, sell EG2605 - C - 4100 to obtain time value [3]. - **Other Chemicals**: For natural rubber, the price is expected to trade in a range, and it is advisable to wait and see. For synthetic rubber, due to the strengthening of the cost side, BR has risen strongly, and sell BR2602 - C - 11200 at high prices [3]. Agricultural Products - **Grains and Oils**: For soybeans and soybean meal, the US soybeans have no bright spots, and pay attention to China's soybean customs clearance policy. For corn, the arrival volume has increased slightly, and the price is expected to be volatile and adjust. For edible oils, the US biodiesel blending quota is undecided, which may be negative for the oil market. The main contract of palm oil may test the support at 8,200 - 8,300 [3]. - **Livestock and Poultry Products**: For pigs, the market is in a bottom - grinding phase. For eggs, pay attention to the support at the previous low. For apples, the price is expected to be volatile around 9,500 in the short term. For dates, high - sell and low - buy due to supply pressure and weak demand [3]. - **Cash Crops**: For sugar, the price is expected to be weakly volatile. For cotton, the price is expected to be strongly volatile, and pay attention to the resistance around 14,050 - 14,100 [3].

欢迎关注微信公众号 | | | | 【每日精选观点】 | | | --- | --- | --- | --- | --- | | | 品种 | 合约 | 观点 | | | | 場 | SN2601 | 農汤偏強 | | | | PVC | V2601 | 过剩预期仍在,价格持续寻底 | | | | 焦煤 | rb2505 | 農荡偏弱 | | | | 菜油 | O1605 | 農荡偏強 | | | | | | 【全品种日评】 | | | 板块 | 品种 | 主力合约 | 点评 | 操作建议 | | | | IH2512 IC2512 | | 美联储本次会后公布决定继续降息25bp,其发言 态度对通胀乐观,并将启动短债买入,超预期鸽 派,短期全球流动性预期改善,但市场未形成上涨 | | | | IF2512 | | | | | 股指 | | 降息靴子落地,A股冲高回落 | 合力。国内中央经济工作会议召开,对2026年宽 | | | | IM2512 | | 财政、宽货币定调,稳定信心。当前市场成交情绪 | | | | | | 不高,谨慎对待震荡区间追高风险,适当逢低轻仓 布局牛市价差。 | | | | | | ...

- - 投资咨询业务资格: 证监许可【2011】1292号 2025年12月5日 欢迎关注微信公众号 主力合约 品种 点评 操作建议 板块 A股主要指数企稳,但量能收缩,低波动率持续月 IF2512 余。短期建议谨慎观望,单边操作难度较大,逢回 IH2512 股指 A股持续缩量低波,顺周期结构性上行 调可轻仓、分段布局中证1000看跌期权牛市价差 IC2512 IM2512 昨日债市出现大跌,并非出于基本面增量信息,更 T2603 多或是在交易货币政策和财政政策预期,机构行为 债市交投情绪脆弱,超长债领跌 TF2603 国债 为行情放大器。单边策略上建议暂时观望,关注政 TS2603 治局会议和债基赎回费新规落地情况。曲线策略 TL2603 上,或仍倾向与走陡。 金融 金价在4200美元附近转入震荡前高位置仍有阻 力,建议单边谨慎追多,可卖出虚值看跌期权赚取 AU2602 时间价值:白银震荡偏强上方可能触及60美元, AG2602 贵金属 宏观消息面平淡 市场缺少方向指引黄金高位震荡白银回调 投资者在积累一定浮盈后建议适当锁仓避免多头回 PT2606 补等带来回调;铂把保持日内短线高抛低吸操作思 PD2606 ...

Report Summary 1) Report Industry Investment Rating No investment rating for the industry is provided in the report. 2) Core Viewpoints - The short - term trading opportunities for A - share index futures are limited due to low trading volume and volatility [2]. - The current interest rate is approaching the high level before the end of September, and the allocation value of bonds within 10 years is relatively improved. The 30 - year bonds may be oversold under emotional drive. It is recommended to wait and see for the unilateral strategy and focus on the Politburo meeting and the new regulations on bond fund redemption fees [2]. - Gold is in a consolidation phase near $4200, and it is advisable to be cautious about chasing long positions unilaterally. Silver is oscillating strongly and may reach $60. Investors are advised to lock in profits after accumulating floating profits [2]. - The container shipping index is expected to fluctuate in the short - term [2]. - For steel, it is recommended to focus on the long - rebar and short - iron ore arbitrage. Iron ore is in high - level consolidation, and coking coal and coke are also in a consolidation state [2]. - Copper prices are rising again, and aluminum prices are rising with increased positions. Different trading strategies are recommended for various non - ferrous metals [2][3]. - For new energy and chemical products, different products have different market trends and corresponding trading suggestions, such as PX having strong support in the medium - term, while PTA's rebound space is limited [3]. - In the energy and chemical industry, different products have different market situations, such as LLDPE's trading volume weakening significantly and PP's supply having an upward expectation [3]. - In the agricultural products market, different products have different trends, such as palm oil falling due to potential inventory growth and sugar oscillating weakly [3]. 3) Summary by Related Catalogs Financial Sector - **Stock Index Futures**: A - share index futures have low trading volume and volatility, and the short - term trading space is limited. The dividend sector is firm, and the index futures are trading weakly [2]. - **Treasury Bonds**: The current interest rate is approaching the high level before the end of September. The 30 - year bonds are relatively weak, and the short - term market driver may come from the policy expectation difference. It is recommended to wait and see for the unilateral strategy and focus on the Politburo meeting and the new regulations on bond fund redemption fees. The positive arbitrage strategy for the 2603 contract is recommended for the spot - futures strategy [2]. - **Precious Metals**: Gold is in a consolidation phase near $4200, and it is advisable to sell out - of - the - money put options to earn time value. Silver is oscillating strongly and may reach $60. Investors are advised to lock in profits after accumulating floating profits. Platinum and palladium should be traded with a short - term high - selling and low - buying strategy, and the long - platinum and short - palladium hedge should take profits at high levels [2]. Black Sector - **Steel**: Steel mills are reducing production. It is recommended to focus on the long - rebar and short - iron ore arbitrage and narrow the spread between hot - rolled coil and rebar [2]. - **Iron Ore**: The shipment is increasing, the arrival is decreasing, and the port inventory is increasing. It is in high - level consolidation, with the range from 750 to 820 [2]. - **Coking Coal**: The price reduction range of coal in the production area is expanding, and the price of Mongolian coal is stable. The futures price is falling again, with the range from 1050 to 1150, and the 1 - 5 reverse spread is recommended [2]. - **Coke**: The first round of price cuts in December has been implemented, and the port trading price is falling. It is in a consolidation state, with the range from 1550 to 1700, and the 1 - 5 reverse spread is recommended [2]. Non - Ferrous Sector - **Copper**: The LME cancelled warehouse receipts are increasing significantly, and copper prices are rising again. The short - term decline space is limited [2]. - **Aluminum**: Aluminum prices are rising with increased positions. Different trading strategies are recommended for aluminum, waste aluminum, and aluminum alloy, with corresponding price ranges [2][3]. - **Other Non - Ferrous Metals**: For zinc, supply reduction and interest - rate cut expectations provide support, but the spot trading is dull [4]. For other non - ferrous metals such as tin, nickel, and stainless steel, different market trends and trading suggestions are provided [3]. New Energy and Chemical Sector - **New Energy**: Different new energy products such as polysilicon and lithium carbonate have different market trends and corresponding trading suggestions, such as polysilicon futures rising while the spot price is stable [3]. - **Chemical Products**: Different chemical products have different market situations, such as PX having strong support in the medium - term, while PTA's rebound space is limited. Different trading strategies are recommended for each product [3]. Energy and Chemical Sector - Different energy and chemical products such as LLDPE, PP, and methanol have different market trends and corresponding trading suggestions, such as LLDPE's trading volume weakening significantly and PP's supply having an upward expectation [3]. Agricultural Products Sector - Different agricultural products such as palm oil, sugar, and cotton have different market trends and corresponding trading suggestions, such as palm oil falling due to potential inventory growth and sugar oscillating weakly [3].

免费声明：本报告中的信息均来源于被广发期货有限公司认为可靠的已公开资料，但广发期货对这些信息的准确性及完整性不作任何保证・在任何情况下。报告内容仅供参考， 报告中的信息或所表达的意见并不构成所述品种买卖的出价或询价,投资者据此投资,风险自担。 | 板块 | 品种 | 主力合约 | 点评 | 欢迎关注微信公众号 操作建议 | | --- | --- | --- | --- | --- | | | | IF2512 | | 临近12月美联储议息会议,美元指数近期见顶回 落,继续降息仍是大概率情景,A股主要指数亦有 | | | | IH2512 | | 反弹,但量能尚不支持突破。短期可轻仓卖出12 | | | 股指 | IC2512 | A股缩量收跌,资金流向防御型板块 | 月看跌期权。波动率仍处于低位,盘面尚未显现对 | | | | IM2512 | | 12月政策会议的预期定价,逢回调亦可分阶段缓 | | | | | | 慢建仓牛市价差,布局春季行情。 | | | | T2603 | | 短期债市仍缺乏突破震荡的驱动因素,或仍难摆脱 | | | 国债 | TF2603 | 央行买债规模未超预期,债市整体偏弱震荡 ...

投资咨询业务资格: 证监许可【2011】1292号 2025年12月2日 产品用货号 | 板块 | 品种 | 主力合约 | 点评 | 欢迎关注微信公众号 操作建议 | | --- | --- | --- | --- | --- | | | | IF2512 | | 临近12月美联储议息会议,美元指数近期见顶回 落,继续降息仍是大概率情景,A股主要指数亦有 | | | | IH2512 | | 反弹,但量能尚不支持突破。短期可轻仓卖出12 | | | 股指 | IC2512 | 顺周期表现强势,股指全线上涨 | 月看跌期权。波动率仍处于低位,盘面尚未显现对 | | | | IM2512 | | 12月政策会议的预期定价,逢回调亦可分阶段缓 | | | | | | 慢建仓牛市价差,布局春季行情。 | | | | | | 短期,可能打破债市震荡的增量信息将落地,今日 关注11月初公布的央行10月买债规模,如果出现 | | | | T2603 TF2603 | | 超预期利多期债可能有波段反弹,反之难摆脱震荡 | | 金融 | 国债 | TS2603 | 资金转松,期债略有反弹 | 。单边策略上建议减少左侧操作,等待 ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - **Equity Index**: Domestic equity indices are resilient, with overall volatility decreasing and waiting for stabilization. In Q4 2025, the A - share market is in a repricing adjustment. Short - term fluctuations include periodic corrections and rebounds, with limited downside risks. The technology sector is showing a structural recovery, but the market volume is shrinking. It is recommended to wait and see, and one can try to lightly sell put options at support levels [2]. - **Treasury Bonds**: The short - term weak market sentiment may continue. Potential factors to break the current range include the implementation of new bond fund redemption fee regulations, the announcement of the central bank's bond - buying scale at the end of the month, and the release of November economic data. It is recommended to wait and see for the single - side strategy, and pay attention to the positive arbitrage strategy for the 2603 contract in the cash - futures strategy [2]. - **Precious Metals**: Gold prices have broken through previous resistance and are expected to rise above $4200. Silver prices may approach the previous high of $54 under the influence of the delivery period. Long positions can be held. For platinum, a low - buying strategy is recommended, or one can buy out - of - the - money call options and try a long - platinum short - palladium hedge [2]. - **Shipping Index**: The EC (European Line) main contract is weakly oscillating, with a short - term weak trend [2]. - **Steel and Iron Ore**: Steel mills are reducing production. A long - steel short - iron ore arbitrage and narrowing the spread between hot - rolled and rebar are recommended. Iron ore is oscillating in the range of 750 - 820 [2]. - **Coking Coal and Coke**: Coking coal is viewed as oscillating downward, with a range of 1010 - 1120, and a 1 - 5 spread arbitrage can be considered. Coke is also expected to oscillate downward after four rounds of price increases, with a range of 1500 - 1650 [2]. - **Non - ferrous Metals**: Different non - ferrous metals have different trends. For example, copper is in a certain price range, and tin prices are strongly oscillating. Specific trading strategies are provided for each metal [2]. - **New Energy**: Polysilicon and lithium carbonate futures have their own price trends. For lithium carbonate, it is recommended to wait and see due to large intraday fluctuations [2]. - **Chemical Products**: Each chemical product has its own supply - demand situation and price trend. For example, PTA is expected to have a short - term high - level oscillation, and short - fiber processing fees are expected to be compressed [2]. - **Agricultural Products**: Different agricultural products have different trends. For example, palm oil may test the resistance at 8600, and sugar is in a bottom - level oscillation [2]. 3. Summary by Related Catalogs Financial - **Equity Index**: IF2512, IH2512, IC2512, IM2512 are in a narrow - range oscillation. The A - share market is in adjustment, and it is recommended to wait and see or lightly sell put options [2]. - **Treasury Bonds**: TF2603, TS2603, TI2603 are oscillating downward. Wait and see for single - side strategies and consider positive arbitrage for the 2603 contract [2]. - **Precious Metals**: AU2602, AG2602, PT2606, PD2606 have different price trends and corresponding trading strategies [2]. Black Metals - **Steel and Iron Ore**: RB2601, I2601. Steel mills' production cuts lead to a long - steel short - iron ore arbitrage strategy. Iron ore oscillates between 750 - 820 [2]. - **Coking Coal and Coke**: JM2601, J2601. Coking coal and coke are expected to oscillate downward, with specific price ranges and arbitrage suggestions [2]. Non - ferrous Metals - **Copper, Aluminum, etc.**: CU2601, AL2601, etc. Each metal has its own price range and trading suggestions based on supply - demand and market conditions [2]. New Energy - **Polysilicon and Lithium Carbonate**: PS2601, LC2605. Polysilicon is in a high - level oscillation, and lithium carbonate has large intraday fluctuations, with a wait - and - see recommendation [2]. Chemical Products - **PX, PTA, etc.**: PX2601, TA2601, etc. Each chemical product has different supply - demand situations and price trends, with corresponding trading strategies [2]. Agricultural Products - **Grains, Oils, etc.**: M2601, RM601, LH2601, etc. Different agricultural products have different price trends and trading suggestions, such as long - short arbitrage for some products [2].

Report Industry Investment Rating - No relevant information provided Core View of the Report - On November 27, the main contracts of stock index futures opened slightly higher, then冲高遇阻回落 and showed a relatively strong oscillation. The year-on-year growth of industrial enterprise profits from January to October will help the short-term rebound of stock index futures [2]. Summary by Related Catalogs Market Outlook Points - On November 27, the main contracts IF2512, IH2512, IC2512, and IM2512 of stock index futures opened slightly higher, then冲高遇阻回落 and showed a relatively strong oscillation. The year-on-year growth of industrial enterprise profits from January to October will help the short-term rebound of stock index futures. It is expected that IF2512, IH2512, IC2512, and IM2512 will all show a relatively strong oscillation during the day, with specific resistance and support levels provided [2][3]. Macroeconomic and Stock Market News - From January to October, the total profit of large-scale industrial enterprises nationwide reached 5950.29 billion yuan, a year-on-year increase of 1.9%, with the cumulative growth rate remaining positive for three consecutive months since August. In October, the profit of large-scale industrial enterprises decreased by 5.5% year-on-year [4]. - On November 27, the State Council Information Office released the white paper "China's Arms Control, Disarmament and Non-Proliferation in the New Era" [4]. - On November 27, the State Council held a regular policy briefing to introduce measures to enhance the adaptability of consumer goods supply and demand and further promote consumption. The Ministry of Commerce will promote pilot reforms in automobile circulation and consumption, expand the circulation of second-hand cars, and expand the entire chain of automobile consumption [4]. - The Fed's Beige Book shows that economic activity has remained basically flat in most of the 12 Fed districts, with 2 districts reporting a slight decline and 1 district reporting a slight increase. The overall outlook remains largely unchanged, with some pointing out an increased risk of economic slowdown in the coming months [5]. - On November 27, the stock market opened higher and continued to rebound. The ChiNext Index rose more than 2% during the session. Technology stocks were in the spotlight, with the CPO concept rotating between high and low levels. Solid-state battery and consumer electronics concepts were active, while real estate stocks fluctuated significantly. As of the midday close, the Shanghai Composite Index rose 0.49%, the Shenzhen Component Index rose 0.38%, the ChiNext Index rose 0.56%, and the half-day trading volume of A-shares reached 1.1 trillion yuan [7]. Technical Analysis and Market Outlook - Through macro - fundamental and technical analysis, it is expected that the main contracts of stock index futures will show a relatively strong oscillation during the day. The specific resistance and support levels for IF2512, IH2512, IC2512, and IM2512 are provided. It is also expected that the main contracts of IF, IH, IC, and IM in November 2025 will likely show a weak and wide - range oscillation, with corresponding support and resistance levels given [8][9][10].

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

Industry Investment Ratings - There is no explicit overall industry investment rating provided in the report. Core Views - The domestic stock index is resilient, with overall volatility decreasing and waiting for stabilization. After the third - quarter reports, A - shares are in a repricing adjustment, with short - term periodic callbacks and rebounds, and limited downside risks. The market volume is shrinking, and it is recommended to wait and see [2]. - The short - term bond market is in a box - type shock stage. For 10 - year treasury bonds, the active bond 250016.IB may fluctuate in a narrow range of 1.8% - 1.83%. Different treasury bond futures contracts have their respective expected fluctuation ranges. Unilateral, migration, and cash - futures strategies are recommended accordingly [2]. - Gold is currently oscillating in the range of $4050 - $4150, and may rise to over $4200 if it breaks through the resistance. Silver follows gold but has a larger amplitude, oscillating in the range of $50 - $52.5. Short - term light - position long positions can be tried if volatility increases [2]. - The container shipping index (European Line) is in short - term shock downward movement [2]. - Steel prices are expected to stabilize with the recovery of apparent demand. Iron ore is oscillating with a bullish bias, while coking coal and coke are viewed as bearish in the shock [2]. - Copper prices have risen and then fallen due to stronger interest - rate cut expectations. Other non - ferrous metals have their own expected price ranges and trends [2]. - In the energy and chemical sector, various products such as PTA, short - fiber, and others have different market trends and trading strategies recommended [2]. - In the agricultural products sector, different products like soybean meal, pigs, and others have different supply - demand situations and corresponding trading suggestions [2]. Summary by Category Financial - **Stock Index**: Domestic stock index is resilient. After the third - quarter reports, A - shares are repricing. Short - term periodic fluctuations with limited downside. Market volume shrinking, recommended to wait and see [2]. - **Treasury Bonds**: Short - term box - type shock. Different contracts have specific expected fluctuation ranges. Unilateral, migration, and cash - futures strategies are recommended [2]. - **Precious Metals**: Gold oscillates between $4050 - $4150, may rise above $4200 if breaking resistance. Silver fluctuates more with gold, in the range of $50 - $52.5. Short - term light - position long positions can be tried if volatility increases [2]. Black - **Steel**: Steel prices are expected to stabilize due to apparent demand recovery. Recommend to pay attention to support levels for rebar and hot - rolled coils [2]. - **Iron Ore**: Oscillating with a bullish bias, in the range of 750 - 820 [2]. - **Coking Coal**: Viewed as bearish in the shock, in the range of 1050 - 1150 [2]. - **Coke**: Viewed as bearish in the shock, in the range of 1550 - 1700 [2]. Non - ferrous Metals - **Copper**: Prices rise and then fall due to stronger interest - rate cut expectations, with a reference range of 85500 - 87500 [2]. - **Aluminum**: With a confrontation between strong expectations and weak reality, prices may decline further if the position continues to be reduced, with a reference range of 21100 - 21700 [2]. - **Other Non - ferrous Metals**: Each has its own expected price range and trading suggestions [2]. Energy and Chemical - **Petrochemical Products**: Different products such as PX, PTA, and short - fiber have different supply - demand situations and trading strategies [2]. - **Plastics and Chemicals**: Products like LLDPE, PP, and methanol have their own market trends and recommended operations [2]. - **Building Materials**: Glass rebounds with the cold - repair of production lines in Hubei, and other building materials have different trends and trading suggestions [2]. - **Rubber**: Natural rubber oscillates with limited short - term drivers, and synthetic rubber is expected to face pressure above [2]. Agricultural Products - **Grains and Oils**: Different products such as soybean meal, corn, and palm oil have different supply - demand situations and trading strategies [2]. - **Livestock and Poultry**: Pigs have supply pressure, and eggs have a slow de - capacity process [2]. - **Cash Crops**: Products like cotton, sugar, and apples have different market trends and trading suggestions [2].