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Brighter prospects ahead UW: Still tough out there Downgrade to UW：Sell ahead of resul ts；consensus toooptimistic Flat Interims But In Better Position Stable performance Shimao Property 813 HK Growth at full speed OW: Positive tone - production gains offset cost inflation In line with expectations：volume on track with higher oil mix，Buy Healthy Normalised Profit Shimao Property Five Key +Ve Takeaways; TP Upped 13%

风格暂变趋势未变 周期股反弹动力或有限 放开蔗价传闻导致下年度合约遭抛售 瑞达期货股指期货 治污力度加大提升钢厂减产预期 多头市场但有回调要求，建议观望 万达期货白糖早报 万达期货早报：豆类与油脂 万达期货早报：钢铁 中期空头思路对待 权重股发力，指数再回2000上

原油日报：多空交织 油价大幅震荡 煤焦炭晨报：供需矛盾弱化，煤焦震荡运行 铜日报：铜供应方面变化不大，铜价暂由宏观需求预期主导 铅日报：持货商持续惜售挺价 供需两淡格局难改 原油产业链周度报告：宏观与基本面博弈 原油或维持震荡 镍日报：镍铁价格小幅下调，需求方采购谨慎 动力煤日报：环保检查持续，产地煤价小幅探涨 不锈钢日报：供应压力下需求不佳，不锈钢价格维持弱势 宏观大类日报：风险的释放和转移 橡胶每日报告：沪胶放量下跌