Group 1: Investment Ratings - No investment ratings provided in the reports Group 2: Core Views Polyolefins (LLDPE & PP) - The fundamentals of both LLDPE and PP show a pattern of increasing supply and weakening demand, with cost support and inventory pressure coexisting. Polypropylene has high maintenance levels on the supply - side with an expected increase later, and its inventory is still higher than usual. The overall valuation is moderately low. For polyethylene, the operating load is gradually rising, and the upstream inventory is still high year - on - year [1]. Methanol - The methanol futures fluctuated upwards, with the basis being relatively firm. In the port area, Iranian gas restrictions led to multiple device shutdowns, but shipments are still fast. In the inland area, both supply and demand are increasing. It is recommended to go long on the 05 contract at low prices after the shipment decreases [4][5]. PVC & Caustic Soda - For caustic soda, the supply - demand situation still has pressure, with high inventory levels. The price is expected to be weak. For PVC, the supply pressure remains this week, and the demand is sluggish. Although there are expectations of increased exports, the overall supply - demand is in an oversupply situation, and the price is not optimistic. It is recommended to go short on PVC after a rebound [8]. Glass & Soda Ash - For soda ash, the supply - demand situation is bearish, and the price is in a downward trend. After a technical rebound, short - term long positions can be closed, and short positions can be taken after a rebound. For glass, the spot price is stable, but the demand is weakening, and the price is expected to be under pressure, with the 01 contract following the delivery logic and the 05 contract remaining weak in the short - term [9]. Polyester Industry Chain - PX may fluctuate in the range of 6600 - 7000 in the short - term and should be treated with low - buying. PTA may fluctuate in the range of 4500 - 4800 in the short - term, and low - buying and TA5 - 9 low - level positive spreads are recommended. Ethylene glycol is expected to oscillate at a low level in the short - term, and it is recommended to sell EG2605 - C - 4100 to obtain time value. Short - fiber follows the raw material fluctuations, and the processing fee on the disk should be shorted when it is high. For polyester bottle - chips, it is recommended to sell PR2602 - P - 5500 [11]. Natural Rubber - The supply - side is supported by rising overseas raw material prices due to the tense situation between Thailand and Cambodia. The demand - side has limited improvement in production capacity utilization. The market is in a short - term stalemate between long and short forces, and the rubber price is expected to oscillate in the range of 15000 - 15500 [13]. Urea - Affected by the news of India's new round of tenders, the urea price stopped falling and rebounded. The supply is abundant, and the demand is weak. The price is expected to bottom - out and rebound in the short - term, fluctuating in the range of 1650 - 1700 [15]. Crude Oil - After a rebound, the crude oil price is affected by geopolitical factors such as the situation between the US and Venezuela and the US - Russia talks. The inventory shows a slight reduction, but the supply - demand pattern is still loose. Brent crude oil should be monitored at the level of 60 dollars per barrel [16]. Pure Benzene & Styrene - For pure benzene, the short - term supply - demand is weak, but there are expectations of improvement later. It is expected to oscillate in the range of 5300 - 5600. For styrene, the supply is increasing, the demand is weak, and it is expected to oscillate in the range of 6400 - 6700 in the short - term [19]. LPG - The LPG price shows certain fluctuations. The inventory and operating rates of upstream and downstream are changing. The overall market situation needs to be further observed [21]. Group 3: Summaries by Catalog Polyolefins - **Prices**: L2601 and L2605 of LLDPE decreased, while PP2601 slightly increased and PP2605 slightly decreased. The basis and spreads of various varieties also changed [1]. - **Inventory**: PE enterprise inventory increased, and social inventory decreased. PP enterprise inventory slightly increased, and trader inventory decreased [1]. - **Operating Rates**: PE device operating rate was stable, and downstream weighted operating rate decreased. PP device operating rate increased, and powder operating rate decreased [1]. Methanol - **Prices**: Methanol futures prices increased, and the basis was relatively firm. Spot prices in different regions had different changes [4]. - **Inventory**: Enterprise inventory increased, port inventory decreased, and social inventory increased [4]. - **Operating Rates**: Upstream domestic and overseas enterprise operating rates increased slightly, and some downstream operating rates also changed [5]. PVC & Caustic Soda - **PVC**: - **Prices**: Futures and spot prices of PVC increased. The basis and spreads had corresponding changes [8]. - **Supply - Demand**: Supply pressure remained, and demand was sluggish. There were expectations of increased exports [8]. - **Caustic Soda**: - **Prices**: Prices in different regions and forms had different trends. The export profit increased slightly [8]. - **Supply - Demand**: Supply - demand pressure remained, with high inventory levels [8]. Glass & Soda Ash - **Glass**: - **Prices**: Spot prices in different regions were stable, and futures prices had minor changes [9]. - **Inventory**: Factory inventory decreased [9]. - **Soda Ash**: - **Prices**: Spot and futures prices had small fluctuations [9]. - **Supply - Demand**: Supply - demand was bearish, with reduced demand from the float and photovoltaic ends [9]. Polyester Industry Chain - **Prices**: Upstream raw material prices such as crude oil and naphtha, and downstream polyester product prices all had different degrees of change [11]. - **Inventory**: MEG port inventory was expected to increase [11]. - **Operating Rates**: Operating rates of various links in the polyester industry chain, such as PX, PTA, and MEG, changed [11]. Natural Rubber - **Prices**: Spot prices of natural rubber increased, and the basis and spreads changed [13]. - **Inventory**: Bonded area inventory and factory - warehouse futures inventory increased [13]. - **Supply - Demand**: Supply was affected by the overseas situation, and demand was limited by the slow recovery of tire production and the weakening of replacement demand [13]. Urea - **Prices**: Futures prices increased, and spot prices in different regions had different trends [15]. - **Inventory**: Factory inventory decreased [15]. - **Supply - Demand**: Supply was abundant, and demand was affected by environmental inspections and the limited impact of India's tenders [15]. Crude Oil - **Prices**: Brent, WTI, and SC crude oil prices had different trends, and the spreads between different varieties and months also changed [16]. - **Inventory**: EIA inventory decreased slightly [16]. Pure Benzene & Styrene - **Prices**: Pure benzene and styrene spot and futures prices decreased, and the spreads and cash - flows had corresponding changes [19]. - **Inventory**: Pure benzene port inventory was stable, and styrene port inventory decreased [19]. - **Operating Rates**: Operating rates of pure benzene and styrene and their downstream industries decreased [19]. LPG - **Prices**: Futures prices of LPG had different trends, and the basis and spreads changed [21]. - **Inventory**: Refinery inventory ratio and port inventory increased [21]. - **Operating Rates**: Upstream refinery operating rate increased, and some downstream operating rates also changed [21].

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].

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].

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]

1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views of the Reports Polyolefins - PP shows a pattern of both supply and demand growth, with reduced maintenance leading to increased supply and a slight accumulation of inventory under the pressure of new production capacity. PE shows increased supply and decreased demand. Although unplanned maintenance eases some supply pressure, imported goods are abundant, and demand is generally weak except for agricultural films. The inventory of hedging merchants is gradually decreasing, the basis is strengthening, and inventory is being cleared. When the price is below 6800, the downstream's willingness to buy increases. The cost side is affected by the shock of crude oil and the strength of coal, and the PDH profit has continued to weaken this week. [2] Methanol - In the domestic market, Baofeng continues to purchase externally, and Jiutai has an unexpected maintenance. The domestic production will continue to increase. Currently, the marginal devices in the domestic market have suffered losses. In the port market, the gas restriction in Iran has been postponed, and the shipment has accelerated. As of November 19, Iran has shipped 885,000 tons, putting significant pressure on the port methanol market. With high inventory and the profit of imported methanol from Iran, the willingness to hold goods has weakened, and the price has declined while the basis remains stable. The demand side is based on rigid procurement. The market is currently trading on the logic of "weak reality", and the core contradiction lies in the high inventory in the port. The inventory contradiction of the 01 contract cannot be resolved, and the weak reality will continue to be traded before the gas restriction in Iran. [4] Glass and Soda Ash - Soda ash: The market has returned to a weak state, and the overall pattern of oversupply is still prominent. Fundamentally, the weekly production remains at a high level of around 750,000 tons, and the oversupply is obvious compared with the current rigid demand. The inventory of manufacturers has been transferred to the middle and lower reaches, and the trade inventory has continued to rise. In the medium term, there is no expectation of a significant increase in downstream production capacity, so the overall demand for soda ash will continue the previous rigid demand pattern. If there is no actual production capacity exit or load reduction in the future, the supply - demand situation will be further pressured. - Glass: The spot sales have strengthened, and the high sales rate in some regions has continued to be above 100%. Consecutive price cuts have driven the middle and lower reaches to purchase. Although 4 production lines in the Shahe area were cold - repaired last week, there will be production lines restarting and igniting in the future, which will put pressure on the supply side. The latest deep - processing order days have improved slightly, and there is still some rigid demand support in the short term as November is the peak season for year - end rush work. However, in the medium and long term, at the end of the peak season, the market is worried about the sustainability of future demand. As the temperature in the north drops, outdoor construction will gradually stop, and the demand side will shrink after December, putting pressure on the glass price. The real estate is still in the bottom cycle, and the completion volume has decreased significantly. Therefore, in the oversupply pattern, the glass industry still needs to clear production capacity to solve the oversupply dilemma. [7] PVC and Caustic Soda - Caustic soda: The supply - demand situation of the caustic soda industry still faces certain pressure. The purchasing enthusiasm of the main downstream alumina has decreased, so the support from the main demand side of caustic soda is weak, which suppresses the caustic soda price upwards. During the northern environmental protection control period, some alumina plants may have production reduction expectations. There is an overhaul expectation in the East China region, and the supply will decrease slightly. The price in this region may be relatively stable due to certain rigid demand support, but in the long term, the supply - demand still has pressure. The non - aluminum market is still sluggish, and overall, the supply - demand pressure is still relatively large. It is expected that the caustic soda price will fluctuate weakly. - PVC: The PVC spot market continues to fluctuate weakly. This week, maintenance and partial device load reduction have led to a decrease in production on a month - on - month basis, but it is still at a high level. Affected by local logistics, the market arrivals have decreased, and the social inventory has decreased on a month - on - month basis. Next week, the supply - side operating rate will increase. The demand side is in the traditional off - season from November to January of the next year. As the outdoor construction in the north gradually decreases in winter, the overall real estate demand reduction still has a negative impact. In terms of exports, India has officially cancelled the BIS certification for imported PVC issued in 2024, which is beneficial for domestic PVC to enter the Indian market. However, there is an expectation of anti - dumping duties, and the Asian contract price for December is still to be observed next week. It is expected that the external demand will be difficult to increase. The overall demand side has limited support for PVC. The supply - demand is still in an oversupply pattern, and it is difficult for the price to form an upward drive. It is expected to continue the weak pattern at the bottom. [8] Natural Rubber - The supply side: Yunnan has encountered cold weather, which has accelerated the end of the tapping season in Yunnan. The rainy season in southern Thailand continues, and the price of overseas raw materials is high, which strongly supports the rubber price. The demand side: Currently, the overall demand is weak. Channels are cautious in purchasing and mainly focus on digesting inventory. Next week, the purchasing enthusiasm of some agents on an as - needed basis may increase slightly, which will drive the overall sales volume. However, the overall demand is weakening, and the actual increase in purchasing volume is limited. The market still mainly focuses on digesting inventory. In conclusion, the natural rubber inventory has entered the seasonal inventory accumulation period, and the terminal demand support is insufficient. There is an expectation that the operating rate of downstream enterprises will further decline. It is expected that the natural rubber market will enter a range - bound consolidation. In the future, attention should be paid to the raw material output in the peak production season of the main producing areas and macro - level changes. If the raw material supply is smooth, the rubber price is expected to decline. If the raw material supply is not smooth, the rubber price is expected to operate in the range of 15,000 - 15,500. [9] Pure Benzene and Styrene - Pure benzene: Recently, many sets of pure benzene devices have overhaul expectations, but the import expectation remains high, and the overall supply may still be relatively loose. On the demand side, the load of downstream styrene has increased due to the restart of some devices, but some loss - making varieties have reduced production to maintain prices, and the domestic demand side has limited support. The port inventory has increased, and there are still many arrivals in the future, so the supply pressure of pure benzene is relatively large. After the overhaul of the disproportionation device in the US Gulf ends, the support from blending oil may weaken, but South Korea's aromatics have an export expectation to the US, and the US dollar price of pure benzene has increased. Overall, the supply - demand expectation of pure benzene is still relatively loose, and the limited support from the cost side may limit the upward space. It may fluctuate and consolidate. However, since the current valuation of pure benzene is low, future attention should be paid to device changes. In the short term, it is advisable to wait and see for BZ2603. - Styrene: After the overhaul of the disproportionation device in the US Gulf ends, the blending oil demand may weaken. However, in November, the supply - demand situation of styrene has further improved. With the South Korean mixed aromatics trading, styrene has an export transaction expectation, and the port inventory has decreased. There are positive factors supporting styrene, and it will mainly fluctuate and repair in the short term. However, as the profit of styrene is repaired, the overhaul of some factories may be delayed. Coupled with the trial operation of new devices and the expected weakening of downstream EPS demand, it is expected that the upward space of styrene will be limited. In the short term, the price of EB01 may mainly fluctuate and consolidate. [10] Polyester Industry Chain - PX: Recently, the operating loads of Asian and domestic PX have decreased. However, the supply of Asian MX is abundant, and some factories rely on MX to supplement PX production, so the PX supply still remains at a relatively high level. On the demand side, the PTA price still has certain support this week. However, the spot floating price and monthly spread of PX are still weak, and the overall support from oil prices is limited. It is expected that the rebound space of PX is limited. Strategically, PX should be regarded as a short - term high - level shock. - PTA: As two PTA devices in East China are gradually under maintenance, the basis has slightly strengthened. According to the balance sheet, the supply - demand of PTA is in a tight balance in November, but the supply - demand of PTA is expected to be relatively loose from December to the first quarter of next year, and the upward drive of the basis is limited. In terms of absolute price, recently, the absolute price of PTA is relatively strong due to the support of blending oil demand and India's cancellation of BIS certification. However, the overall support from oil prices is limited, and the rebound space of PTA is still limited. Strategically, TA should be regarded as a short - term high - level shock, and TA1 - 5 should be treated as a rolling reverse spread. - Ethylene glycol: The operating load of ethylene glycol is at a high level. The arrival of overseas ethylene glycol shipments is relatively concentrated in November, and the port inventory will continue to increase recently, and the basis will weaken. In addition, the inventory accumulation amplitude of ethylene glycol from November to December is expected to be relatively high, and the upward pressure on ethylene glycol is significant. Strategically, the seller of the out - of - the - money call option with an exercise price of no less than 4100 for EG2601 should hold, and EG1 - 5 should be reversely spread at high levels. - Short - fiber: Although the spot processing margin of short - fiber has been significantly compressed recently, there is still profit at present, and the inventory pressure of short - fiber factories is not large, so the short - fiber supply remains at a high level. On the demand side, the terminal demand has seasonally weakened in November. In addition, the cancellation of India's BIS certification has certain benefits for PTA and filament, but has relatively little impact on short - fiber. Therefore, under the short - term weak supply - demand expectation and cost - side support, it is expected that the absolute price of short - fiber will be under pressure, and the processing margin still has room for compression. Strategically, the unilateral strategy is the same as that of PTA; the processing margin on the disk should be shorted at high levels. - Bottle - grade polyester: In mid - November, the Huarun device has both maintenance and restart. In addition, according to Longzhong Information, the commissioning of the new device of Dongying Fuhai has been postponed, and the domestic supply has not changed much. Considering that November is in the off - season of demand and the window period between the Spring Festival stocking, the demand side has insufficient support for bottle - grade polyester. The supply - demand of bottle - grade polyester remains in a loose pattern. Therefore, the social inventory of bottle - grade polyester will probably enter the seasonal inventory accumulation channel, and PR will mainly fluctuate with the cost side. The processing margin of PR is limitedly boosted by supply - demand and will change dynamically with the raw material cost. Strategically, the unilateral strategy of PR is the same as that of PTA; the processing margin of the main contract of PR is expected to fluctuate in the range of 300 - 450 yuan/ton. [12] Crude Oil - Overnight, affected by the news that Russia and Ukraine may restart peace talks, the geopolitical premium has declined, and the oil price has declined under pressure. However, EIA data shows that the US crude oil inventory has decreased more than expected, and the decline of the oil price has been slightly narrowed. Recently, attacks or sanctions caused by the Russia - Ukraine issue have had a short - term impact on the oil price. However, under the pressure of continuous production increase by OPEC+ and the record - high US crude oil production, the supply - demand pattern of crude oil is still weak, and the upward pressure on the oil price is significant. In the short term, attention should be paid to the support of Brent crude oil at $60 per barrel and the geopolitical dynamics between Russia and Ukraine. [14] 3. Summary According to Relevant Catalogs Polyolefins - **Price and Spread**: The closing prices of L2601, L2605, PP2601, and PP2605 have all increased, and the L15 and PP15 spreads have also increased. The spot prices of East China PP raffia and North China LLDPE have increased, while the North China LL basis has decreased significantly, and the East China pp basis has remained unchanged. The prices of some PE and PP non - standard products have remained unchanged, while the prices of some have decreased. - **Inventory**: PE enterprise inventory and social inventory have decreased, while PP enterprise inventory has increased, and PP trader inventory has decreased. - **Operating Rate**: The operating rate of PE devices has increased slightly, while the weighted operating rate of PE downstream has decreased slightly. The operating rate of PP devices and powder devices has increased, and the weighted operating rate of PP downstream has increased slightly. [2] Methanol - **Price and Spread**: The closing prices of MA2601 and MA2605 have decreased, and the MA15 spread has increased. The basis of Taicang has remained unchanged. The spot prices of Inner Mongolia North Line and Henan Luoyang have increased, while the spot price of Taicang Port has decreased. The regional spreads have changed significantly. - **Inventory**: Methanol enterprise inventory, port inventory, and social inventory have all decreased. - **Operating Rate**: The operating rates of domestic and overseas upstream enterprises have increased, the production - sales rate of Northwest enterprises has increased, the operating rate of downstream external - procurement MTO devices has decreased, the operating rate of downstream formaldehyde has increased slightly, the operating rate of downstream acetic acid has decreased significantly, and the operating rate of downstream MTBE has increased. [4] Glass and Soda Ash - **Price and Spread**: The prices of glass in North China have remained unchanged, while the prices in East China, Central China, and South China have decreased. The closing prices of glass 2601 have decreased, and the closing price of glass 2605 has remained unchanged. The 01 basis has increased. The prices of soda ash in North China, East China, Central China, and Northwest have remained unchanged. The closing prices of soda ash 2601 and 2605 have decreased, and the 01 basis has increased significantly. - **Supply**: The operating rate and weekly output of soda ash have decreased slightly, the daily melting volume of float glass has remained unchanged, the daily melting volume of photovoltaic glass has decreased, and the price of 3.2mm coated glass has decreased. - **Inventory**: The inventory of glass factories has increased, the inventory of soda ash factories has increased, the inventory of soda ash delivery warehouses has decreased, and the inventory days of soda ash in glass factories have remained unchanged. - **Real Estate Data**: The new construction area, construction area, completion area, and sales area have all decreased compared with the previous period. [7] PVC and Caustic Soda - **Price and Spread**: The prices of Shandong 32% liquid caustic soda and 50% liquid caustic soda have remained unchanged. The market prices of East China calcium - carbide - based PVC and East China ethylene - based PVC have decreased. The prices of SHSEOS, SH2601, V2605, and V2601 have decreased, and the V basis has increased significantly. - **Export and Profit**: The overseas quotes and export profits of caustic soda and PVC have some data unavailable, and some data have changed. - **Supply and Profit**: The operating rate of the caustic soda industry and the sample operating rate in Shandong have decreased slightly, the operating rate of PVC has decreased, the profit of externally - purchased calcium - carbide - based PVC has remained unchanged, and the profit of Northwest integrated PVC has decreased. - **Demand**: The operating rates of some downstream industries of caustic soda and PVC have increased or decreased. The pre - sales volume of PVC has decreased. - **Inventory**: The factory - warehouse inventory of liquid caustic soda in East China and Shandong has decreased, the upstream factory - warehouse inventory of PVC has decreased, and the total social inventory of PVC has decreased. [8] Natural Rubber - **Price and Spread**: The price of Yunnan state - owned full - latex has increased, the full - latex basis has decreased, the price of Thai standard mixed rubber has decreased, the non - standard price difference has decreased significantly, and the prices of some raw materials have remained unchanged. The 9 - 1 spread has remained unchanged, the 1 - 5 spread has increased, and the 5 - 9 spread has decreased. - **Production and Consumption**: The production of Thailand, Indonesia, and China in September has changed, the production of India has increased. The operating rates of semi - steel and full - steel tires have changed slightly, the domestic tire production in October has decreased, the tire export volume in October has decreased, the import volume of natural rubber in September has increased, and the import volume of natural and synthetic rubber in October has decreased. - **Inventory**: The bonded - area inventory and the factory - warehouse futures inventory of natural rubber in the SHFE have increased, the出库 rate of dry rubber in the bonded warehouse in Qingdao has decreased, and the入库 and出库 rates of dry rubber in general trade in Qingdao have increased. [9] Pure Benzene and Styrene - **Upstream Price and Spread**: The prices of Brent crude oil, WTI crude oil, and CFR Japan naphtha have decreased, the price of CFR Northeast Asia ethylene has remained unchanged, the price of CFR China pure benzene has increased, the pure benzene - naphtha spread and ethylene - naphtha spread have decreased,

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: Polyolefin Industry Core View PP shows a pattern of both supply and demand growth, with reduced maintenance driving supply recovery and inventory slightly accumulating under new - capacity pressure; PE shows increased supply and decreased demand. The market is in an oversupply situation, and it is recommended to gradually stop losses and reduce positions on previous short positions near the previous low, with limited expected rebound space [2]. Summary by Catalog - **Price and Spread**: On November 18, compared with November 17, L2601, L2605, PP2601, and PP2605 closing prices all declined, with L15 and PP15 spreads also decreasing. Spot prices of some products like East China PP filament and North China LDPE decreased, while North China LL basis and East China pp basis increased [2]. - **Inventory and开工率**: PE downstream weighted开工率 decreased by 0.80%, PE enterprise inventory increased by 7.96%, and social inventory decreased by 1.86%. PP装置开工率 increased by 2.28%, and downstream weighted开工率 increased by 0.3% [2]. Group 2: Methanol Industry Core View The inland market has increasing output, and marginal devices are in loss. The port methanol market is under pressure due to high inventory and increased Iranian shipments. The market is trading on the "weak reality" logic, and the inventory contradiction of the 01 contract cannot be resolved before Iranian gas restrictions [4]. Summary by Catalog - **Price and Spread**: On November 18, compared with November 17, MA2601 and MA2605 closing prices increased slightly, while MA15 spread decreased. Some regional spot prices changed slightly, and regional spreads also changed [4]. - **Inventory and开工率**: Methanol enterprise inventory decreased by 4.44%, port inventory increased by 3.80%, and social inventory increased by 2.10%. Upstream domestic and overseas enterprise开工率 increased slightly, while downstream - outer - purchased MTO装置开工率 decreased by 2.38% [4]. Group 3: Ester Industry Chain Core View PX supply remains at a relatively high level, and demand support is weak. PTA supply - demand is expected to be loose in the future, and its rebound space is limited. Ethylene glycol will see inventory accumulation, and its price is under pressure. Short - fiber supply is high, and demand is weak. Bottle - chip supply - demand is in a loose pattern [7]. Summary by Catalog - **Price and Spread**: On November 18, compared with November 17, prices of some upstream products like Brent crude oil increased, while prices of some downstream polyester products decreased. PX - related spreads and PTA - related spreads also changed [7]. - **Inventory and开工率**: MEG port inventory increased by 10.7%. Asian and Chinese PX开工率 decreased, PTA开工率 decreased slightly, and polyester综合开工率 decreased by 0.9% [7]. Group 4: Crude Oil Industry Core View The continuous attacks on Russian refineries and sanctions have increased concerns about crude oil supply, which has boosted oil prices in the short term. However, under the pressure of OPEC + continuous production increase and high US crude oil production, the crude oil supply - demand pattern is still weak, and the rebound space of oil prices is limited. Short - term Brent crude oil may fluctuate in the range of $60 - 66 per barrel [9]. Summary by Catalog - **Price and Spread**: On November 18, compared with November 17, Brent, WTI, and SC prices increased. Spreads such as Brent M1 - M3, WTI M1 - M3, and SC M1 - M3 also changed [9]. - **Product Price and Spread**: Prices of NYM RBOB, NYM ULSD, and ICE Gasoil increased, and their M1 - M3 spreads also increased [9]. - **Crack Spread**: Some crack spreads such as US gasoline and European gasoline changed, with US diesel and Singapore diesel crack spreads increasing significantly [9]. Group 5: Natural Rubber Industry Core View Supply - side factors support rubber prices, but overall demand is weak. The market is expected to enter range - bound consolidation, and attention should be paid to raw material output in the peak - production season of major producing areas and macro - level changes [10]. Summary by Catalog - **Price and Spread**: On November 18, compared with November 17, the price of Yunnan state - owned full - latex increased slightly, and the full - latex basis increased. Some raw material prices changed slightly [10]. - **Fundamental Data**: September production in Thailand, Indonesia, etc. changed. Tire开工率 of semi - steel and full - steel decreased slightly, and October domestic tire production decreased [10]. - **Inventory Change**: Bonded - area inventory and natural rubber factory - warehouse futures inventory increased, while the出库 rate of dry rubber in Qingdao changed [10]. Group 6: Pure Benzene and Styrene Industry Core View Pure benzene supply pressure is large, and its fundamentals are weak. Short - term BZ2603 may fluctuate or be short - biased at high levels. Styrene supply - demand has improved, and it may oscillate and repair in the short term, but its upward space is limited [11]. Summary by Catalog - **Price and Spread**: On November 18, compared with November 17, prices of some upstream products like Brent crude oil changed, and prices of pure benzene and styrene - related products also changed. Spreads such as EB - BZ现货价差 increased [11]. - **Inventory and开工率**: Pure benzene Jiangsu port inventory increased, and Asian and domestic pure benzene开工率 changed. Styrene开工率 increased, and downstream ABS开工率 increased slightly [11]. Group 7: LPG Industry Core View No clear overall view is mentioned in the text, mainly presenting price, inventory, and开工率 data [13]. Summary by Catalog - **Price and Spread**: On November 18, compared with November 17, PG2512, PG2601, etc. prices decreased, and spreads such as PG12 - 01 decreased [13]. - **Inventory and开工率**: LPG refinery storage - capacity ratio decreased slightly, port inventory decreased by 5.66%, and port storage - capacity ratio decreased. Upstream - main refinery开工率 decreased slightly, and downstream - PDH开工率 decreased by 4.92% [13]. Group 8: Glass and Soda Ash Industry Core View Soda ash is in an oversupply situation, and it is recommended to wait for short - selling opportunities after a rebound. Glass has short - term rigid - demand support, but in the medium - and long - term, demand will shrink, and prices will be under pressure [15]. Summary by Catalog - **Price and Spread**: On November 18, compared with November 17, glass and soda ash futures prices decreased slightly, and their basis increased [15]. - **开工率 and Production**: Soda ash开工率 decreased by 1.72%, and weekly production decreased by 1.71%. Float - glass daily melting volume remained unchanged [15]. - **Inventory and Real - Estate Data**: Glass warehouse inventory increased, and some real - estate data such as new - construction area and sales area changed [15]. Group 9: PVC and Caustic Soda Industry Core View Caustic soda supply - demand has pressure, and its price is expected to oscillate weakly. PVC is in an oversupply situation, and its price is expected to continue the bottom - weakening pattern [16]. Summary by Catalog - **Price and Spread**: On November 18, compared with November 17, prices of PVC and caustic soda - related products decreased slightly, and their basis and spreads changed [16]. - **Inventory and开工率**: Caustic soda and PVC inventory decreased slightly. Caustic soda and PVC开工率 decreased, and downstream开工率 of caustic soda and PVC also changed [16].

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].