新华财经北京11月4日电（高二山）人民银行4日开展1175亿元7天期逆回购操作，操作利率为1.40%，与此前持平；鉴于当日有4753亿元 7天期逆回购到期，公开市场实现净回笼3578亿元。 上海银行间同业拆放利率（Shibor）短期品种小幅波动，7天和14天品种止跌回升。具体来看，隔夜Shibor下跌0.10BP，报1.3150%；7天 Shibor上涨0.30BP，报1.4150%；14天Shibor上涨0.90BP，报1.4780%。 | | 期限 | Shibor(%) | 2025-11-04 11:00 涨跌(BP) | | --- | --- | --- | --- | | t | O/N | 1.3150 | 0.10 | | t | 1W | 1.4150 | 0.30 | | f | 2W | 1.4780 | 0.90 | | 1 | 1M | 1.5460 | 0.00 | | 1 | 3M | 1.5940 | 0.10 | | ⇒ | 6M | 1.6265 | 0.65 | | ↑ | 9M | 1.6520 | 0.40 | | t | 1Y | 1.6580 | 0.60 | ...

根据官方发布的分项数据，运输活动的显著增强有效抵消了库存与仓储指标下滑带来的下行压力。10月 库存水平下降5.6个点，降至49.5；仓储利用率同步放缓8.8个点，降至56.5，两者均跌至荣枯线下方，反 映库存去化进程加快，仓储需求减弱。 与此同时，运输板块表现强劲。运输价格指数上升7.5个点，升至61.7；运输利用率亦提升7.3个点，达 到57.3，显示货物流动明显加快。值得注意的是，可用运力扩张速度微降0.7个点至54.5，虽仍处于扩张 区间，但增速放缓。运输价格回升与运力扩张减速共同作用，打破了此前持续两个月的"负运费倒挂"趋 势（即运价低于成本的异常状态）。 新华财经北京11月4日电美国物流行业10月继续保持稳定扩张。美国物流经理指数（LMI）录得57.4， 与9月持平，连续处于50荣枯线以上，表明物流活动持续处于扩张区间。 分析指出，库存水平的下降可能与假日销售季启动有关。零售商加速出货以应对年末消费需求，带动商 品从仓库向终端市场流动，从而缓解了此前的仓储紧张状况，并推高运输环节的利用率。 尽管库存与仓储活动暂时收缩，但运输需求的上升支撑了物流行业的整体稳定增长。 （文章来源：新华财经） ...

新华财经北京11月4日电（记者王艳刚）北京师范大学和中国国际贸易学会近日联合在北京发布《2025 中国进口发展报告》（简称《报告》）。《报告》利用2001年-2024年世界各国之间的双边进口贸易数 据，借鉴并融合不同学科的研究方法，对全球进口贸易网络、亚洲进口贸易网络、欧洲进口贸易网络、 美洲进口贸易网络、非洲进口贸易网络等问题进行研究，并分析了中国在这些不同进口贸易网络中的地 位。 中国国际贸易学会副会长李钢表示，外部环境变化对进口贸易的影响较大，金融危机、贸易摩擦及出口 管制给中国进口贸易带来了严峻挑战，要高度重视进口稳定问题。未来需要进一步聚焦进口贸易网络精 细化发展，区分不同贸易集团特征以提升合作精准度，助力进口贸易更好服务国家重大战略与经济高质 量发展。 自从2018年举办中国国际进口博览会以来，《报告》与进博会同频共振，已经连续发布8年。 （文章来源：新华财经） 《报告》显示，2010年-2024年间，中国进口产品结构发生较大变化，技术类产品所占份额下降；从国 际比较来看，中国中高端及以上技术类产品的进口份额偏低，与世界的差距有拉大的倾向；中国进口的 整体技术水平在2010年-2020年期间小幅波 ...

Core Viewpoint - The Bank of England is expected to maintain the interest rate at 4.0% in the upcoming decision, but recent comments from Chancellor Reeves have increased the likelihood of an unexpected rate cut [1] Group 1: Interest Rate Expectations - The probability of a rate cut this week has risen to nearly 35%, up from 30% earlier in the week, according to LSEG data [1] - Analysts suggest that recent data indicates easing inflationary pressures, contributing to the increased expectations for a rate cut [1] Group 2: Fiscal Measures and Tax Implications - Chancellor Reeves stated that measures in the budget will reduce both debt and inflation, which raises the possibility of increased income tax [1] - The market's anticipation of potential further tax increases by Reeves has also influenced the outlook for a rate cut this week [1]

Core Insights - Turkey's inflation rate decreased to 32.87% year-on-year in October, providing a buffer for the central bank to maintain a cautious interest rate cut pace [1] - The consumer price index for food rose by 34.9% year-on-year, while housing costs increased by over 50%, contributing significantly to inflation [1] - The central bank's recent interest rate cut to 39.5% was influenced by a previous unexpected rise in inflation to 33.29% in September, marking the first increase in 16 months [1] Inflation Trends - October's inflation rate decline offers a potential easing of market concerns following September's unexpected rebound [1] - The finance minister indicated that achieving the year-end inflation target of 25% to 29% is challenging, but a strong disinflation process is expected to continue into 2026 [1] Producer Price Index (PPI) - Preliminary statistics show that Turkey's PPI increased by 1.63% month-on-month and approximately 27% year-on-year in October, indicating that industrial costs remain high [1] - The elevated PPI suggests that the foundation for declining inflation is still unstable [1]

Core Points - The U.S. federal government shutdown has reached its 35th day, matching the record set from late 2018 to early 2019, significantly impacting various essential sectors such as food assistance, early education, air transport, and healthcare [1] - Millions of Americans relying on the Supplemental Nutrition Assistance Program (SNAP) have not received their benefits since November 1, leading to a complete halt in funding distribution for this critical food aid program [1] - The Trump administration announced the allocation of $4.65 billion in emergency funds to maintain approximately half of the SNAP benefits for the month, but the actual timing and amount of aid remain uncertain due to necessary system adjustments in some states [1] - The most affected groups include low-income families and those with young children, facing food shortages and economic pressure, compounded by the closure of federally funded early education institutions [1] - The shutdown has also resulted in federal employees working without pay or being furloughed, causing delays or reductions in public services such as air safety inspections, disease control, and food safety regulation [1] - Analysts warn that if the shutdown continues, the cascading impacts on the economy and public welfare will further escalate [1] Legislative Status - As of now, there is still no agreement between the two parties in Congress regarding the funding bill, and there is no clear expectation for when the federal government will resume operations [2]

Core Insights - Brazil's sugar production for the 2025/26 season is projected to be 45.02 million tons, an increase from the previous estimate of 44.50 million tons in August [1] - The sugarcane production for the same season is expected to be 666.45 million tons, slightly down from the August estimate of 668.80 million tons [1]

今年7月，亿咖通发布了专项白皮书，分享其在高效集成GAS方面的研发实践，可将开发时效由谷歌官方建议的12-18个月缩短至8个月，并得到了谷歌官 方背书，"高效集成GAS"成为亿咖通在全球车企客户群破局的关键。 此前，亿咖通基于"8155+GAS"方案协助沃尔沃打造的"世界年度车"EX30成为例证。Antora系列集成了芯擎科技"龍鹰一号"SoC，能够以更好的性能表现 以及垂直整合优势，与GAS能力结合得到更多全球汽车品牌青睐，成为亿咖通的出海"利器"。 新华财经上海11月4电 亿咖通科技11月3日晚发布了2025年第三季度业绩。得益于全球订单上量、规模化出货和产品组合优化，亿咖通第三季度实现了经 营性盈利，这是自去年第四季度亿咖通完成EBITDA（息税折旧摊销前利润）盈利后，企业实现从"自主造血"向"正向循环"的又一突破。 当下，全球汽车产业竞争进入深水区，随着电动化增长放缓，智能化成为全球汽车品牌和科技供应链未来发展方向的"最大公约数"。跨国汽车巨头，如大 众、奔驰、本田、丰田，需要的不仅是领先的智能技术"加持"，他们更看重能够在复杂供应链体系中长期验证的稳定性与盈利能力，以此实现在长期发展 目标下的协同。 ...

Core Viewpoint - The People's Bank of China (PBOC) is set to conduct a 700 billion yuan reverse repurchase operation on November 5, aimed at maintaining ample liquidity in the banking system, with a focus on medium-term liquidity support [1][2]. Group 1: Reverse Repo Operations - On November 5, the PBOC will conduct a 700 billion yuan buyout reverse repo operation with a term of 3 months (91 days) [1]. - In November, there will be 700 billion yuan of 3-month reverse repos maturing, indicating a continuation of the same amount of operations [1]. - An additional 300 billion yuan of 6-month reverse repos is expected to mature in November, with a high likelihood of another 6-month reverse repo operation being conducted [1][2]. Group 2: Liquidity Management - The PBOC's actions are in response to potential liquidity tightening due to various factors, including the issuance of 500 billion yuan in local government bonds and the expiration of 500 billion yuan in new policy financial instruments [2]. - The central bank aims to stabilize the funding environment and support government bond issuance while encouraging financial institutions to increase credit supply [2][3]. - The PBOC may also consider rolling over or slightly increasing the 900 billion yuan Medium-term Lending Facility (MLF) due in November [2]. Group 3: Bond Market and Economic Stability - The PBOC resumed net purchases of government bonds in October, indicating improved conditions in the bond market, with the 10-year government bond yield around 1.8% [3]. - The resumption of government bond trading is expected to enhance long-term liquidity support for the banking system and signal a commitment to stabilizing economic growth [3]. - The central bank has sufficient operational space to implement various monetary policy tools to support economic stability in the upcoming quarters [3].

Group 1 - The core viewpoint is that foreign investment in Chinese technology stocks has significantly increased due to their attractive valuations and improvements in the industrial fundamentals, indicating a long-term strategic interest rather than short-term speculation [1][6]. - As of November 4, various technology sub-sectors have seen substantial increases, with the communication equipment sector rising by 116.37%, optical communication modules by 111.59%, CPO concept by 95.24%, and computing power by 70.95% [2]. - Multiple international institutions have intensified their research on Chinese technology companies, with notable firms like Morgan Stanley and Manulife Investment conducting extensive surveys [2][3]. Group 2 - Valuation attractiveness is the primary factor for foreign interest, with many foreign institutions viewing recent market fluctuations as opportunities for reverse investment strategies [3][4]. - Institutional investors generally adopt a "allocation-type" strategy, focusing on medium to long-term investments, while individual investors tend to use more direct methods such as ETFs to invest in Chinese technology stocks [4][5]. - The core logic behind foreign investment in Chinese technology stocks increasingly focuses on substantial progress in industrial fundamentals and structural opportunities, particularly in key areas like semiconductors, biotechnology, and artificial intelligence [5][6]. Group 3 - Despite recent market volatility, the medium-term outlook remains optimistic, supported by factors such as gradual profit recovery, continuous net inflows of various external funds, and the restructuring of valuations driven by technology narratives [6].