（文章来源：新华财经） 美国白宫方面表示，下个月可能将是历史上第一次没有通胀数据可以发布。由于政府关门，调查人员无 法前往实地开展工作，这导致无法获取关键数据，其经济影响可能会极其严重。 ...

（文章来源：新华财经） 汇丰银行表示，预计美联储下周将再次降息25个基点，这将使联邦基金的目标区间降至3.75%-4.00%。 ...

（文章来源：新华财经） 美国白宫国家经济委员会主任哈塞特预计，未来报告中的通胀将进一步下降。 ...

需要警惕的是，白宫方面宣布，下个月很可能不会发布美国通胀数据。机构分析师指出，要公布10月的 通胀数据，美国劳工统计局工作人员必须在10月期间采集价格信息——而实际上，当时他们几乎都未在 岗。经济学家指出，发布10月就业数据可能相对容易一些——毕竟企业清楚自己雇用了或解雇了哪些员 工，并有相关记录可查，但如果10月根本没有开展价格调查，那么要重新构建一份CPI报告，将会极其 困难。分析师认为，白宫的这一声明真正提醒了市场：如果缺乏关键数据，美联储12月的政策决策将变 得极为复杂。政策制定者或许对就业形势的判断仍有信心，但对通胀走向的把握则明显不足。 新华财经北京10月24日电（王姝睿）美国9月CPI年率略有上升，但低于预期。分析称，本次通胀报告 料不会影响美联储10月降息决定。 9月CPI环比上涨0.3% 同比上涨3.0% 美国劳工统计局发布的报告显示，9月各类商品与服务价格涨幅低于预期。这份在政府停摆期间获准发 布的首份官方经济数据显示，整体CPI环比上涨0.3%，同比上涨3.0%，高于8月的2.9%，但低于市场预 期。剔除食品和能源的核心CPI环比上涨0.2%，同比上涨3.0%，也低于市场预期。分析师Jo ...

Core Viewpoint - WanFeng AoWei has reported a revenue of 11.42 billion yuan for the first nine months of 2025, with a net profit of 730 million yuan, reflecting a year-on-year growth of 29.4% in net profit, indicating a positive financial performance and growth trajectory in the general aviation sector [2][9]. Group 1: Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 11.42 billion yuan, representing a growth of 0.4% [2]. - The net profit attributable to shareholders reached 730 million yuan, showing a year-on-year increase of 29.4% [2]. - The innovative manufacturing business for general aviation aircraft generated a revenue of 2.03 billion yuan, with a growth of 2.2% compared to the previous year [2][9]. Group 2: Strategic Development - WanFeng has established a core strategy of "mergers and acquisitions + independent innovation" to penetrate the general aviation market, which was initiated in 2014 [3][4]. - The company has successfully acquired several international aviation firms, including DFC Flight School and Diamond Aircraft Industries, enhancing its manufacturing capabilities and technological expertise [3][4]. - WanFeng is constructing a low-altitude economic industrial cluster centered on low-altitude aircraft manufacturing and supporting low-altitude operation services [2][9]. Group 3: Global Expansion - The company is implementing a global strategy that includes establishing a headquarters, four manufacturing bases, and seven delivery centers, along with a dedicated aircraft research institute [9]. - WanFeng aims to leverage its global layout to ensure stable deliveries and optimize sales, focusing on high-value aircraft production and expanding into emerging markets [10][11]. - The company has initiated the opening of low-altitude flight routes, such as the "Zhejiang Xinchang - Shandong Laixi" route, to provide unique services like "low-altitude + logistics" and "low-altitude + tourism" [5][9]. Group 4: Product Development - WanFeng has developed a diverse product portfolio, including seven series of aircraft and four types of engines, with complete intellectual property rights [4]. - The company has restructured Volocopter GmbH's core assets to enhance its low-altitude transportation technology, combining traditional fixed-wing aircraft with eVTOL products [11][12]. - The future product matrix will include general fixed-wing aircraft, eVTOL, and drones, aimed at transforming human transportation into a three-dimensional space [12].

Core Insights - The Indonesian government successfully issued its first offshore RMB bond, marking a milestone for Southeast Asian sovereign institutions in issuing long-term public dim sum bonds denominated in offshore RMB [1] Summary by Categories Bond Issuance Details - The total issuance size is RMB 6 billion, consisting of RMB 3.5 billion for a 5-year term and RMB 2.5 billion for a 10-year term, with respective pricing rates of 2.5% and 2.9% [1] - The issuance attracted significant interest from international investors, with peak order book size reaching RMB 22 billion and a subscription multiple of 3.67 times [1] Involvement of Financial Institutions - Bank of China (Hong Kong) Limited acted as the settlement agent, joint lead manager, and joint bookrunner for this issuance [1] - The bonds were issued through the Hong Kong Monetary Authority's Central Moneymarkets Unit and connected to European and Luxembourg settlement systems, facilitating participation from international investors [1]

Core Points - China Bank (Hong Kong) announced its assistance to Kazakhstan's national oil and gas company in issuing offshore RMB bonds, marking a significant step in the development of the offshore RMB bond market [1] - The bond issuance has a scale of RMB 1.25 billion with a final pricing of 3.15% and a coupon rate of 2.95%, indicating strong demand from investors [1] - The peak order book reached RMB 3.78 billion, with an oversubscription ratio of 3.02 times, reflecting high investor interest [1] Company Summary - China Bank (Hong Kong) served as the joint global coordinator, joint bookrunner, and joint lead manager for the bond issuance, showcasing its role in facilitating international financing [1] - The bond represents the first issuance by Kazakhstan's national oil and gas company cleared through the central debt instrument settlement system, enhancing Hong Kong's competitiveness as a leading bond issuance center in Asia [1] Industry Summary - The successful issuance highlights the attractiveness of "dim sum bonds" as an offshore RMB financing tool, indicating a new development opportunity for the market [1] - The participation of both local and international investors in the bond issuance demonstrates the growing appeal of offshore RMB financing options [1]

Core Viewpoint - The Ministry of Agriculture and Rural Affairs emphasizes enhancing agricultural production capacity and quality, promoting various forms of agriculture, and ensuring sustainable rural development [1] Group 1: Agricultural Development Initiatives - The Ministry plans to implement a new round of actions to increase grain production capacity by 100 billion jin (approximately 50 million tons) [1] - There is a focus on developing technology-driven, green, quality, and brand agriculture to optimize agricultural structure and promote a comprehensive green transformation [1] Group 2: Poverty Alleviation and Rural Support - Continuous efforts will be made to consolidate and expand the achievements in poverty alleviation, establishing mechanisms to prevent large-scale poverty recurrence [1] - The Ministry aims to enhance support policies and strengthen assistance in key areas to boost internal development momentum [1] Group 3: Rural Development and Community Building - The Ministry encourages the application of successful experiences from the "Ten Thousand Projects" to promote livable and workable rural areas [1] - There is a strong emphasis on developing rural industries that benefit the population and improving rural living environments [1] Group 4: Policy and Reform Enhancements - The Ministry seeks to improve the effectiveness of agricultural support policies and promote urban-rural integration [1] - Further reforms in rural areas are planned to unleash development potential and ensure that farmers benefit more from modernization [1]

美国10月标普全球服务业PMI初值55.2，预期53.5，前值54.2；制造业PMI初值52.2，预期52，前值52； 综合PMI初值54.8，预期53.1，前值53.9。 （文章来源：新华财经） ...

Core Viewpoint - The macroeconomic atmosphere remains cautious, leading to continued low fluctuations in crude oil futures prices, with expectations for a reduction in retail fuel prices due to negative changes in crude oil reference rates [1] Oil Market Analysis - The reference crude oil change rate as of October 23 is -6.93%, indicating an expected reduction of 300 yuan per ton for gasoline and diesel, with the adjustment window set for October 27 at 24:00 [1] - Kuwait's statement about potentially canceling production cuts to address any oil shortages suggests that actual supply disruptions are unlikely, reducing market anxiety and indicating a risk of oil price decline [1] - With only one working day left before the price adjustment, it is highly probable that the negative fluctuation in the change rate will persist, leading to a likely downward adjustment in retail fuel prices [1]