Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Domestic stock index futures show resilience with volatility decreasing. After Q3 reports, A - shares are in repricing adjustment. Short - term fluctuations are common, and it's recommended to wait and see. Consider a bull spread of put options in case of a deep daily decline [2]. - Treasury bond futures had a differentiated performance yesterday. With limited driving forces, the bond market may continue to fluctuate narrowly. A range - trading strategy is recommended [2]. - Gold prices are oscillating between $4000 - $4200 due to mixed US non - farm data and cautious Fed officials. A double - selling strategy for out - of - the - money gold options can be considered. Silver follows gold's fluctuations, and short - term observation or light - position trading is advised [2]. - The EC (European line) container shipping index futures are in short - term decline. It's recommended to close short positions [2]. - Steel prices are expected to stabilize with improved apparent demand. Iron ore is oscillating, and a wait - and - see approach is recommended. For coking coal and coke, a bearish view is taken with specified price ranges [2]. - Copper prices are oscillating weakly as the probability of interest rate cuts decreases. For various non - ferrous metals, different trading strategies are recommended according to their price trends [2]. - In the new energy and chemical sectors, prices of many products such as polysilicon and PTA are oscillating. Different trading strategies are proposed based on their supply - demand situations [2]. - In the agricultural products sector, prices of products like soybean meal, palm oil, and sugar are showing different trends, and corresponding trading strategies are recommended [2]. 3. Summary by Related Catalogs Financial - **Stock Index Futures**: Domestic stock index futures are in a state of repricing adjustment. Short - term fluctuations are normal, and it's recommended to wait and see. A bull spread of put options can be considered in case of a deep daily decline [2]. - **Treasury Bond Futures**: The bond market may continue to fluctuate narrowly. A range - trading strategy is recommended [2]. - **Precious Metals**: Gold is in the $4000 - $4200 range, and a double - selling strategy for out - of - the - money options can be used. Silver follows gold, and short - term observation or light - position trading is advised [2]. Black - **Steel**: Steel prices are expected to stabilize with improved apparent demand [2]. - **Iron Ore**: Iron ore is oscillating. A wait - and - see approach is recommended with a reference range of 750 - 810 [2]. - **Coking Coal**: A bearish view is taken with a price range of 1050 - 1200 [2]. - **Coke**: A bearish view is taken with a price range of 1550 - 1700 [2]. Non - Ferrous Metals - **Copper**: Copper prices are oscillating weakly. The main reference range is 85000 - 86500 [2]. - **Other Non - Ferrous Metals**: Different trading strategies are recommended for various non - ferrous metals according to their price trends [2]. Energy and Chemical - **New Energy and Chemical Products**: Prices of products like polysilicon, PTA, and short - fiber are oscillating, and corresponding trading strategies are proposed based on supply - demand [2]. - **Other Chemical Products**: For products like LLDPE, PP, and PVC, different trading strategies are recommended according to their price trends and supply - demand situations [2]. Agricultural Products - **Soybean Meal**: Domestic soybean meal supply is abundant, and attention should be paid to the support around 3000 [2]. - **Palm Oil**: Palm oil prices are continuing to decline, and the main contract may reach 8900 in the short term [2]. - **Other Agricultural Products**: Different trading strategies are recommended for products like sugar, cotton, and eggs according to their price trends [2].

Report Summary 1. Report Industry Investment Ratings No specific overall industry investment ratings are provided in the report. Instead, it offers investment suggestions for various futures contracts in different sectors. 2. Core Viewpoints - The domestic stock index shows resilience, with overall volatility decreasing and waiting for stabilization. The A - share market is in a repricing adjustment, with short - term fluctuations and limited downside risks. [2] - The bond market may continue to fluctuate narrowly, with the 10 - year Treasury bond yield facing resistance around 1.8%. [2] - Precious metals are expected to find support at certain levels, with a suggestion to buy on dips. [2] - Different commodities in the black, non - ferrous, energy - chemical, and agricultural sectors have different price trends and corresponding investment strategies. [2] 3. Summary by Related Catalogs Financial Futures - **Stock Index Futures**: Domestic stock index futures are in a state of repricing adjustment. Short - term fluctuations are common, and it is recommended to wait and see. In case of a deep one - day decline, a bull spread of put options can be arranged. [2] - **Treasury Bond Futures**: The bond market may continue to fluctuate narrowly. For the TL2512 contract, the fluctuation range is expected to be between 115.9 - 116.7, and an interval operation strategy is recommended. [2] Precious Metals - **Gold**: It is expected to find support around $4000 (925 yuan). A strategy of buying on dips is recommended, and selling out - of - the - money put options is suggested. [2] - **Silver**: It follows the trend of gold and is expected to find support around $49 (11,800 yuan). A light - position trial long strategy on dips is recommended. [2] Black Commodities - **Steel**: The volume of rebar and hot - rolled coil is expected to increase, and the spread between them is expected to widen. Rebar and hot - rolled coil should respectively focus on the support levels of 3000 and 3200. [2] - **Iron Ore**: It is expected to fluctuate, with a reference range of 750 - 800, and a wait - and - see strategy is recommended. [2] - **Coking Coal**: It is viewed bearishly, with a reference range of 1100 - 1200. [2] - **Coke**: It is also viewed bearishly, with a reference range of 1600 - 1700. [2] Non - Ferrous Metals - **Copper**: The price is expected to fluctuate, with a reference range of 85,500 - 87,500. [2] - **Aluminum**: Different aluminum - related contracts have different expected price ranges. Some may have short - term downward space. [2] - **Zinc**: Supported by supply reduction expectations, with a reference range of 22,200 - 22,800, and long positions should be held. [2] - **Tin**: The price is expected to be strong, and long positions should be held. [2] Energy - Chemical Commodities - **PX**: It is expected to fluctuate at a high level in the short term. [2] - **PTA**: The medium - term supply - demand outlook is weak, and it is expected to fluctuate at a high level in the short term. A rolling reverse spread strategy for TA1 - 5 is recommended. [2] - **Short - fiber**: Similar to PTA, with a focus on reducing processing fees on rallies. [2] - **Bottle - chip**: The supply - demand pattern in November remains loose, and it follows the cost - end trend. [2] - **Ethanol**: There is short - term rigid demand support, but supply is high, and it is expected to fluctuate at a low level. [2] - **Benzene**: The supply - demand is relatively loose, and short - term waiting and seeing is recommended. [2] - **Styrene**: It may fluctuate and consolidate in the short term. [2] - **LLDPE**: The price changes little, and a wait - and - see strategy is recommended. [2] - **PP**: Due to unexpected maintenance, the downward space is limited, and short - position stop - profit is recommended. [2] - **Methanol**: The port market continues to weaken, and attention should be paid to the opportunity of narrowing MTO in the 05 contract. [2] - **Caustic Soda**: It is expected to be weak, and a bearish view is recommended. [2] - **PVC**: The supply - demand contradiction remains, and a bearish strategy is recommended. [2] - **Soda Ash**: The supply - demand pattern is weakening, and a strategy of shorting on rebounds is recommended. [2] - **Glass**: It is expected to be weak, and a bearish view is recommended. [2] - **Natural Rubber**: Supported by overseas raw materials, the price is rising, and a wait - and - see strategy is recommended. [2] - **Synthetic Rubber**: It is expected to face pressure at the upper level, and a mid - term strategy of shorting on rallies is recommended, with attention to the pressure around 10,800. [2] Agricultural Commodities - **Soybean Meal**: The domestic supply is loose, and attention should be paid to the support around 3000. [2] - **Pig**: There are signs of stabilization in the spot market, and a 3 - 7 reverse spread strategy should be held. [2] - **Corn**: It is expected to fluctuate in the range of 2100 - 2200. [2] - **Edible Oils**: The price is rising, and the P contract may reach 8900 in the short term. [2] - **Sugar**: Under the pressure of production increase, it is expected to be weak. [2] - **Cotton**: With a global bumper harvest and weak domestic downstream trading, it is expected to be weak. [2] - **Egg**: The supply is still loose, and short - position stop - profit should be gradually carried out on dips for the 2512 contract. [2] - **Apple**: It may fluctuate around 9500 in the short term. [2] - **Jujube**: It is expected to fluctuate at a low level, and attention should be paid to the support around 9000. [2]

Report Summary of Baocheng Futures Stock Index Futures Morning Report (November 20, 2025) 1. Report Industry Investment Rating - Not provided 2. Report's Core View - The short - term trend of the stock index is in a range - bound state due to the game between the profit - taking sentiment of funds and the expectation of policy benefits. In the medium and long term, the expectation of policy benefits and the trend of capital inflow into the stock market strongly support the stock index [1][5] 3. Summary by Related Content 3.1 Variety View Reference - Financial Futures Stock Index Sector - For IH2512, the short - term view is oscillatory, the medium - term view is strong, the intraday view is bullish, and the reference view is range - bound. The core logic is the game between the profit - taking intention of funds and the expectation of policy benefits [1] 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - All stock indexes oscillated and sorted yesterday, with differentiated trends. IF and IH closed slightly higher, while IM and IC closed slightly lower. The total turnover of the Shanghai, Shenzhen, and Beijing stock markets was 1742.7 billion yuan, a decrease of 203.3 billion yuan from the previous day. Due to the weakening of policy increment signals in November and the increasing profit - taking sentiment when the stock index approaches the previous high, there is still a need for technical consolidation of the stock index. Currently, the stock index is in a short - term oscillatory period of the game between the fermentation rhythm of policy benefit expectations and the profit - taking rhythm of profitable funds. In the long - term, policy benefit expectations and the trend of capital inflow into the stock market support the stock index. In short, the short - term long - short game in the market has intensified, and the stock index will maintain range - bound in the short term [5]

Report Industry Investment Ratings No relevant content provided. Core Views - Domestic stock index futures show strong resilience, with overall volatility decreasing and waiting for stabilization. After the report release, the A - share market is in a repricing adjustment, with common short - term phased corrections and rebounds and limited downside risks. [3] - The yield of the 10 - year active treasury bond hits resistance when dropping to around 1.8%. In the short term, lacking further drivers, the bond market may continue to fluctuate narrowly. [3] - The gold price seeks to stabilize around $4000 (925 yuan) after a correction. It is recommended to buy on dips and sell out - of - the - money put options. The silver price follows gold, with support around $49 (11800 yuan), and it is advisable to try long positions on dips. [3] - The main contract of the container shipping index (European line) fluctuates and declines, with a short - term upward trend expected. [3] - For various commodities, different trends and trading strategies are proposed based on their supply - demand situations, inventory conditions, and market factors. [3] Summary by Related Catalogs Financial - **Stock Index Futures**: The entire stock index series experiences a correction, while the technology sector rises against the trend. It is recommended to mainly wait and see. If there is a deep decline in a single day, a bull put spread of put options can be arranged. [3] - **Treasury Bonds**: The money market tightens in the short term, and the bond market fluctuates narrowly. For the TL2512 contract, the fluctuation range is expected to be between 115.8 - 116.7, and an interval trading strategy is recommended. [3] - **Precious Metals**: The market liquidity is tight, and the US stocks decline continuously. Precious metals hit the bottom and rebound during the session. Gold is recommended to be bought on dips, and out - of - the - money put options can be sold. Silver is recommended to try long positions on dips. [3] Black - **Steel**: There is a differentiation in the inventory of iron and carbon elements. It is recommended to hold the arbitrage of going long on coking coal and short on hot - rolled coils and stay on the sidelines for single - side trading. [3] - **Iron Ore**: Shipments increase, arrivals decrease, port stocks rise, and pig iron production rebounds. The iron ore price fluctuates, and it is recommended to stay on the sidelines with a reference interval of 750 - 800. [3] - **Coking Coal**: The price of coking coal at the origin shows mixed trends, and the price of Mongolian coal drops. Steel mills' production cuts are negative for restocking demand. It is viewed as bearish with a reference interval of 1100 - 1250. [3] - **Coke**: The fourth round of price increases for coke is fully implemented, but the port trading price drops. It is viewed as bearish with a reference interval of 1600 - 1750. [3] Non - ferrous - **Copper**: The market sentiment is cautious, and the copper price fluctuates. The main contract reference range is 85000 - 87000. [3] - **Aluminum**: The aluminum price corrects with a reduction in positions. Attention should be paid to the subsequent improvement of the fundamentals. The main contract reference range is 21200 - 21800, and if the positions continue to decrease, there is still downward room in the short term. [3] - **Other Non - ferrous Metals**: Different trends and trading strategies are proposed for zinc, tin, nickel, stainless steel, and other non - ferrous metals based on their supply - demand and market conditions. [3] New Energy - **Polysilicon**: The demand is weak, and the polysilicon futures decline with fluctuations. The price fluctuation range is 50000 - 58000. [3] - **Lithium Carbonate**: The difference between long and short positions widens, and the market sentiment is adjusted. The market fluctuates widely, and it is recommended to wait and see. [3] Chemical - **PX**: The positive support is limited, and PX fluctuates in the short term. It should be treated as fluctuating at a high level between 6600 - 6900 in the short term. [3] - **PTA**: The supply - demand expectation is weak, and the rebound of PTA is under pressure. It fluctuates in the 4500 - 4800 interval in the short term, and a rolling reverse arbitrage of TA1 - 5 is recommended. [3] - **Other Chemical Products**: Different trends and trading strategies are proposed for short - fiber, bottle - grade chips, ethylene glycol, benzene, styrene, and other chemical products based on their supply - demand and market conditions. [3] Agricultural Products - **Soybean Meal**: The crushing data is excellent, and US soybeans turn strong. Attention should be paid to the support around 3000 for the M01 contract. [3] - **Live Hogs**: The reluctance to sell sentiment rises, and the spot price shows signs of stabilization. A 3 - 7 reverse arbitrage should be held. [3] - **Other Agricultural Products**: Different trends and trading strategies are proposed for corn, palm oil, raw sugar, cotton, eggs, apples, dates, etc. based on their supply - demand and market conditions. [3]

Group 1: Report's Investment Rating - No investment rating is provided in the report. Group 2: Core Viewpoints - The short - term view of the stock index is range - bound, with intensified short - term long - short game. The medium - term view is strong. The intraday view is bullish. The overall situation is that the rhythm of policy - driven positive expectations and the rhythm of profit - taking by profit - making funds are in a short - term oscillation game. In the long - term, policy - driven positive expectations and the trend of capital inflow into the stock market strongly support the stock index [1][5]. Group 3: Summary by Relevant Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2512, the short - term view is oscillatory, the medium - term view is strong, the intraday view is bullish, and the reference view is range - bound. The core logic is the game between the willingness of funds to take profits and the expectation of policy benefits [1]. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - For IF, IH, IC, and IM, the intraday view is bullish, the medium - term view is strong, and the reference view is range - bound. The core logic is that the stock indexes pulled back slightly yesterday, with the three - market turnover of 194.6 billion yuan, an increase of 1.56 billion yuan from the previous day. In the short - term, policy signals are weakening, geopolitical factors are increasing risk - aversion sentiment, and profit - taking willingness is rising as the stock index approaches the previous high, so there is a need for technical consolidation. In the long - term, policy - driven positive expectations and capital inflow trends support the stock index [5].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - A-shares continue to fluctuate narrowly, with domestic stock index showing strong resilience. After the release of the third - quarter reports, A - shares are in a repricing adjustment, with limited downside risks. The bond market pricing is rather entangled and may continue to fluctuate narrowly. Precious metals maintain a weak - side fluctuation. Different varieties in other sectors have their own trends and corresponding operation suggestions [3]. Summary by Related Catalogs Financial Sector - **Stock Index**: TMT rotates upwards, and A - shares continue to fluctuate narrowly. It is recommended to wait and see mainly. If there is a deep decline on a single day, a bull spread of put options can be arranged [3]. - **Treasury Bond**: The equity market declines, and the bond futures fluctuate strongly. In the short - term, the bond market may continue to fluctuate narrowly. It is recommended to operate within the range for the unilateral strategy [3]. - **Precious Metals**: Gold prices may seek to stabilize around $4000 (925 yuan), and it is recommended to buy on dips. Silver follows the gold price, and it is recommended to try long positions on dips with a light position [3]. - **Container Shipping Index (European Line)**: The EC main contract rises and is expected to fluctuate upwards in the short - term [3]. - **Steel**: For steel, it is recommended to hold the arbitrage of going long on coking coal and short on hot - rolled coils and wait and see on the unilateral side. Iron ore fluctuates, and it is recommended to wait and see unilaterally within the range of 750 - 800. Coking coal and coke are considered to have a downward - biased fluctuation, with reference ranges of 1100 - 1250 and 1600 - 1750 respectively [3]. Non - ferrous Metals Sector - Copper fluctuates, with the main contract referring to 85000 - 87500. Aluminum oxide fluctuates at a low level, waiting for new trading drivers. Aluminum breaks through the 22000 mark and then adjusts downward, and it is recommended to short on rallies. Other non - ferrous metal varieties also have their own price ranges and operation suggestions [3]. New Energy Sector - Polysilicon futures fluctuate downward, with a price range of 50000 - 58000. Lithium carbonate has multiple contracts hitting the daily limit, and it is recommended to wait and see [3]. Energy and Chemical Sector - Different chemical products such as PX, PTA, short - fiber, etc. have their own price trends and corresponding operation suggestions, including waiting and seeing, operating within the range, and doing arbitrage [3]. Agricultural Products Sector - Different agricultural products such as soybeans, hogs, corn, etc. have their own price trends. For example, hogs are expected to fluctuate weakly, and it is recommended to hold the 3 - 7 spread arbitrage. Corn rebounds and fluctuates, and attention should be paid to the pressure level around 2200 [3].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The US dollar index has strengthened recently, suppressing the performance of risk assets, but domestic stock index futures show strong resilience. Treasury bond futures are expected to be supported by a loose monetary policy. Precious metals are likely to continue rising due to factors such as a dovish Fed and tight inventory. Various commodity futures are expected to fluctuate within certain ranges, and different trading strategies are recommended for each [3]. 3. Summary by Related Catalogs Financial Sector - **Stock Index Futures**: A-share market is in a repricing adjustment after the third - quarter reports. It is recommended to wait and see, and consider a bull put spread option strategy in case of a sharp one - day decline [3]. - **Treasury Bond Futures**: The 10 - year Treasury bond active bond 250016.IB may fluctuate between 1.75% - 1.82%. It is recommended to go long on dips [3]. - **Precious Metals**: Gold and silver prices are expected to rise. Gold's short - term resistance is around $4190 (956 yuan), and silver remains strong above $51 (11800 yuan). Buying call options and taking profits on rallies is recommended [3]. - **Container Shipping Index (European Line)**: The EC2512 contract is expected to fluctuate between 1650 - 1850 in the short term [3]. Black Sector - **Steel**: For the RB2601 contract, hold the long - coking coal and short - hot - rolled coil arbitrage, and stay on the sidelines for single - side trading [3]. - **Iron Ore**: The I2601 contract is expected to fluctuate between 750 - 800. It is recommended to hold the long - coking coal and short - iron ore arbitrage [3]. - **Coking Coal**: The JM2601 contract is expected to fluctuate between 1170 - 1290. Consider a 1 - 5 coking coal calendar spread arbitrage [3]. - **Coke**: The J2601 contract is expected to fluctuate between 1650 - 1780. Consider a 1 - 5 coke calendar spread arbitrage [3]. Non - ferrous Sector - **Copper**: The CU2512 contract is in a narrow - range oscillation, with the main support around 86500 [3]. - **Aluminum and Related Products**: The AL2601 contract is testing the 22000 resistance level. Other aluminum - related contracts have their respective price ranges and trading suggestions [3]. - **Zinc**: The ZN2512 contract is expected to fluctuate between 22300 - 23000 [3]. - **Tin**: Hold long positions in the SN2512 contract as the supply side remains tight [3]. - **Nickel**: The NI2512 contract is expected to fluctuate between 118000 - 124000 [3]. - **Stainless Steel**: The SS2512 contract is expected to fluctuate between 12400 - 12800 [3]. - **Industrial Silicon**: The Si2601 contract is expected to fluctuate between 8500 - 9500 [3]. New Energy and Chemical Sector - **Polysilicon**: The PS2601 contract is expected to fluctuate between 50000 - 58000 due to rumors of a storage platform [3]. - **Lithium Carbonate**: The LC2601 contract is in a wide - range adjustment. Pay attention to the performance at the previous high [3]. - **PX**: The PX2601 contract is expected to fluctuate between 6200 - 6800. Reduce long positions on rallies [3]. - **PTA**: The TA2601 contract is expected to fluctuate between 4300 - 4800. Reduce long positions and consider a 1 - 5 rolling reverse spread [3]. - **Short - fiber**: The PF2512 contract's processing fee is expected to fluctuate between 800 - 1100. Shrink the spread on rallies [3]. - **Bottle Chip**: The PR2601 contract's processing fee is expected to fluctuate between 300 - 450 yuan/ton. Its single - side trading is similar to PTA [3]. - **Ethanol**: Hold out - of - the - money call options with a strike price of no less than 4100 for the EG2601 contract and consider a 1 - 5 reverse spread on rallies [3]. - **Benzene**: The BZ2603 contract is expected to be shorted on rallies following the oil price [3]. - **Styrene**: The EB2512 contract's price is expected to be shorted on rebounds [3]. - **LLDPE**: Pay attention to the inflection point of inventory reduction for the L2601 contract [3]. - **PP**: Stay on the sidelines for the PP2601 contract as trading volume has improved and the basis has strengthened [3]. - **Methanol**: Pay attention to the opportunity of narrowing the MTO spread for the 05 contract of the MA2601 contract [3]. - **Caustic Soda**: Stay on the sidelines for the SH2601 contract in the short term [3]. - **PVC**: Adopt a short - selling strategy for the V2601 contract as the supply - demand imbalance persists [3]. - **Soda Ash**: Wait for the opportunity to short on rebounds for the SA2601 contract [3]. - **Glass**: Treat the FG2601 contract as weak in the short term as spot sales have weakened [3]. - **Natural Rubber**: Stay on the sidelines for the RU2601 contract as short - term driving factors are limited [3]. - **Synthetic Rubber**: Adopt a short - selling strategy on rallies for the BR2601 contract in the medium term, and pay attention to the 10800 resistance level [3]. Agricultural Sector - **Meal**: Consider a 1 - 5 reverse spread for the M2601 and RM601 contracts and wait for the USDA report [3]. - **Pig**: Hold a 3 - 7 reverse spread for the LH2601 contract as the previous low provides support [3]. - **Corn**: Pay attention to the 2200 resistance level for the C2601 contract as the supply is temporarily tight [3]. - **Oil**: The P contract may reach 8900 in the short term. Pay attention to the bio - diesel policy and the USDA monthly report [3]. - **Sugar**: The SR2601 contract is expected to fluctuate between 5400 - 5550 [3]. - **Cotton**: The CF2601 contract is expected to fluctuate between 13400 - 13600 [3]. - **Egg**: Hold short positions in the 2512 contract of the JD2601 contract as the supply is still abundant [3]. - **Apple**: The AP2601 contract may reach the previous high of 9300 [3]. - **Jujube**: The CJ2601 contract is expected to weaken [3].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Report's Core View - The short - term view of the stock index is interval oscillation, with the short - term policy benefit expectation fermentation rhythm and capital profit - taking rhythm in a game. The medium - and long - term view is strong, supported by policy benefit expectations and the trend of capital inflow into the stock market, especially considering the "15th Five - Year Plan" starting next year. However, in the short term, there is a need for technical consolidation as the profit - taking intention of funds rises with the increase in stock valuations [1][5] Group 3: Summary by Related Catalogs Variety View Reference - Financial Futures Stock Index Sector - For IH2512, the short - term view is oscillation, the medium - term view is strong, the intraday view is bullish, and the reference view is interval oscillation. The core logic is the game between the capital profit - taking intention and policy benefit expectations [1] Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - For IF, IH, IC, and IM, the intraday view is bullish, the medium - term view is strong, and the reference view is interval oscillation. Yesterday, each stock index oscillated and consolidated. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 1964.8 billion yuan, a decrease of 49.1 billion yuan from the previous day. In the short term, the game between policy benefit expectations and capital profit - taking leads to the oscillation of the stock index. In the medium and long term, policy benefit expectations and capital inflow support the stock index, but in the short term, there is a need for technical consolidation [5]

1. Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. 2. Core Viewpoints - The US dollar index has strengthened recently, suppressing the performance of risk assets, but domestic stock indices are resilient and continue to reduce volatility while waiting for stabilization [3]. - The 10 - year Treasury bond active bond 250016.IB may fluctuate between 1.75% - 1.82%, and with the restart of central bank Treasury bond trading and a loose monetary policy orientation, the top of interest rates and the bottom of Treasury bond futures are more solid [3]. - The buying power of gold and silver has increased, and their price centers are expected to continue to rise [3]. - Various commodities have different trends, and corresponding investment strategies are proposed for each commodity, such as buying on dips, holding long - positions, or conducting arbitrage operations [3]. 3. Summary by Relevant Catalogs Financial - **Stock Index Futures**: A - shares are in a re - pricing adjustment after the release of the third - quarter reports, with narrow - range callbacks and rebounds in the short term. It is recommended to wait and see mainly. In case of a deep one - day decline, a bullish put - option spread can be arranged [3]. - **Treasury Bond Futures**: The 10 - year Treasury bond active bond 250016.IB may fluctuate in the range of 1.75% - 1.82%. It is recommended to go long on dips in the unilateral strategy and pay attention to the positive arbitrage strategy due to the rising IRR [3]. - **Precious Metals**: The buying power of gold and silver has increased. Gold resistance is around $4190 (956 yuan), and it can be bought on dips below $4100 (936 yuan). Silver may rise to $52 (12000 yuan), and long - call options can be held [3]. - **Container Shipping Index (European Line)**: The main contract is in a short - term shock, and it is recommended to buy on dips for the December contract [3]. Black - **Steel**: It is recommended to hold the arbitrage of going long on coking coal and short on hot - rolled coils, and take a wait - and - see attitude for single - side operations [3]. - **Iron Ore**: It is recommended to take a wait - and - see attitude for single - side operations, with a reference range of 750 - 800, and an arbitrage of going long on coking coal and short on iron ore is recommended [3]. - **Coking Coal**: It is expected to fluctuate in the range of 1170 - 1290, and a 1 - 5 positive arbitrage is recommended [3]. - **Coke**: It is expected to fluctuate in the range of 1650 - 1780, and a 1 - 5 positive arbitrage is recommended [3]. Non - ferrous - **Copper**: The end of the US government shutdown may drive the copper price to rebound, with the main contract reference range of 85500 - 87500 [3]. - **Other Non - ferrous Metals**: Each metal has its own price range and corresponding investment suggestions, such as holding long - positions for tin, and taking a wait - and - see or other strategies for others [3]. New Energy - **Polysilicon**: The price is expected to fluctuate in the range of 50000 - 58000 due to decreased demand and falling silicon wafer prices [3]. - **Lithium Hydroxide**: The price is in a moderate - amplitude shock adjustment, and attention should be paid to the performance at the previous high [3]. Energy and Chemical - **PX, PTA, etc.**: Each chemical product has its own price range and investment strategies, such as taking a wait - and - see attitude, reducing long - positions, or conducting arbitrage operations [3]. Agricultural Products - **Soybeans, Hogs, etc.**: Different agricultural products have different price trends and investment suggestions, such as holding a 3 - 7 reverse arbitrage for hogs and paying attention to support or pressure levels for others [3].

Report Summary 1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Viewpoints - The US dollar index has strengthened recently due to better - than - expected US October manufacturing PMI and employment market data, suppressing the performance of risk assets, but domestic stock indices are resilient and continue to reduce volatility and wait for stabilization [3]. - The 10 - year Treasury bond active bond 250016.IB may fluctuate between 1.75% - 1.82%. With the restart of the central bank's Treasury bond trading, the top of interest rates and the bottom of bond futures are more solid. The bond market pricing may tilt towards fundamentals [3]. - In the context of tight supply of gold and silver, the buying power has increased, driving the prices of precious metals to rise strongly [3]. 3. Summary by Related Catalogs Financial Sector - **Stock Index**: After the release of the third - quarter reports, the A - share market is in a repricing adjustment. There may be short - term narrow - range corrections and rebounds, with limited downside risk. It is recommended to wait and see. If there is a deep decline in a single day, a bullish spread of put options can be arranged [3]. - **Treasury Bond**: The short - term capital market is tightened, but the bond market sentiment is positive. In the unilateral strategy, investors are advised to buy on dips. In the spot - futures strategy, due to the rising IRR, positive arbitrage opportunities can be considered [3]. - **Precious Metals**: It is recommended to buy gold below $4100. For silver, call options with a strike price below the market price can be bought [3]. Black Sector - **Steel**: For the January 2026 contract, the supply of iron elements is loose. It is recommended to hold a long - coking coal and short - hot - rolled coil arbitrage position and wait and see on a single - side basis [3]. - **Iron Ore**: Shipments and arrivals have decreased significantly, port stocks have increased, and molten iron production has dropped sharply. It is recommended to short on rallies, with a reference range of 750 - 800. An arbitrage strategy of long - coking coal and short - iron ore is recommended [3]. - **Coking Coal**: The coal price at the origin is running strongly, and the price of Mongolian coal is firm. It is recommended to buy coking coal 2601 on dips, with a reference range of 1250 - 1350 [3]. - **Coke**: Mainstream coking enterprises have started the fourth round of price increases, and coking coal provides cost support. It is recommended to buy coke 2601 on dips, with a reference range of 1700 - 1850 [3]. Non - ferrous Sector - **Copper**: The end of the US government shutdown may drive the copper price to rebound. The support level of the main contract is around 84000, and the resistance level is around 86500 [3]. - **Other Metals**: Each metal has its own price range and trading suggestions, such as aluminum (21000 - 21800), zinc (22300 - 23000), etc. [3] New Energy Sector - **Polysilicon and Carbonate Lithium**: Polysilicon prices are expected to oscillate between 50000 - 58000, and carbonate lithium is in a wide - range oscillatory adjustment [3]. Chemical Sector - **PX and PTA**: PX is expected to oscillate between 6200 - 6800 in the short term, and PTA is expected to oscillate between 4300 - 4800. It is recommended to reduce long positions [3]. - **Other Chemicals**: Each chemical product has its own trading suggestions, such as short - fiber (short on rallies), ethanol (hold out - of - the - money call options with a strike price not less than 4100), etc. [3] Agricultural Sector - **Grains and Oils**: Corn is recommended to be shorted on rebounds, and palm oil is in a weak operation with a support level at 8600 [3]. - **Livestock and Poultry**: For pigs, a 3 - 7 reverse arbitrage position can be held. For eggs, inter - month reverse arbitrage opportunities and short - selling opportunities on rallies can be considered [3]. - **Fruits and Others**: Apples may hit the previous high of 9300, and red dates are in a low - level oscillation [3].