美联储理事米兰称，中性利率远低于当前政策水平。美联储可能通过一系列50个基点的降息达到中性利 率，但并不需要75个基点的降息。 （文章来源：新华财经） ...

（文章来源：新华财经） 美联储理事米兰称，过于依赖数据会使政策过于滞后；应当根据预测来制定政策。若预测成真，将主张 再降息50个基点。 ...

在电子业方面，也出现了类似的叙事，即新订单、新出口订单、工厂产出、采购量、就业、成品库存、 订单积压和未来商业指标的扩张均有所放缓。评论称，这是自2025年4月以来电子业PMI的首次回调。 "有趣的是，尽管供应商交货时间从49.9改善至50.0，但进口和投入品价格指标在10月份反而加速，"林 秀心分析认为，"这表明市场对潜在供应链中断的担忧依然存在。" 她补充说，这可能部分归因于10月 初中美贸易紧张局势的再次升级，但此后双方已达成贸易协议。 新华财经新加坡11月3日电（记者刘春涛）根据最新公布的数据，新加坡2025年10月的制造业采购经理 指数（PMI）和电子业PMI虽微幅回调，但仍处于扩张区间。华侨银行首席经济师林秀心（Selena Ling）3日发表评论指出，制造业PMI已连续第三个月、电子业PMI连续第五个月保持扩张，这一趋势令 人鼓舞，但10月的数据也显示出未来增长势头可能放缓的警示信号。 放眼亚洲整体制造业PMI，评论指出，马来西亚、韩国（重回萎缩区间）和中国台湾的PMI数据也出现 疲软，这可能归因于全球和美国需求放软，以及中国下游需求疲弱带来的阻力。此外，许多半导体公司 正寻求将更多生产"回流／ ...

Fischer强调，若要重启负利率，需同时满足多重条件：经济增长前景显著恶化、欧洲央行进一步降息以 扩大瑞郎与欧元区利差，以及瑞郎持续面临升值压力。目前，这些因素尚未同时显现。 Pantheon Macroeconomics经济学家Melanie Debono也认为，央行"可能会忽略"10月的低通胀数据。她援 引瑞士央行行长Martin Schlegel近期表态称，央行仍预期未来几个月通胀将回升。 不过，Debono指出，受租金通胀下行及2026年初电价下调影响，通胀可能在2026年2月短暂降 至-0.3%。即便如此，鉴于瑞士央行已明确表示，仅当中期（即2027年底或2028年初）通胀预期持续低 于零时，才会考虑将利率降至负值，因此该行"很可能在12月按兵不动，并在2026年全年维持利率不 变"。 外部风险亦不容忽视。美国前总统特朗普此前宣布对大多数瑞士商品加征39%的关税，为对主要贸易伙 伴中税率最高之一。尽管瑞士核心出口产品——药品目前尚未被征税，但特朗普已威胁可能对其加征高 达100%的关税。 新华财经北京11月3日电（崔凯）瑞士联邦统计局11月3日公布数据显示，10月消费者价格指数（CPI） 同比上涨 ...

Core Viewpoint - The People's Bank of China conducted a 783 billion yuan reverse repurchase operation with a rate of 1.40%, maintaining the previous level, while a total of 3,373 billion yuan in reverse repos matured, resulting in a net withdrawal of 2,590 billion yuan from the open market [1] Summary by Category Monetary Policy - The People's Bank of China executed a reverse repurchase operation of 783 billion yuan at a rate of 1.40%, unchanged from prior operations [1] - The net withdrawal from the open market was 2,590 billion yuan due to the maturity of 3,373 billion yuan in reverse repos [1] Interbank Rates - The Shanghai Interbank Offered Rate (Shibor) for short-term instruments decreased, with the overnight Shibor falling by 0.50 basis points to 1.3160%, the 7-day Shibor down by 2.70 basis points to 1.4120%, and the 14-day Shibor dropping by 7.90 basis points to 1.4690% [1][2] - The weighted average rates for various repo instruments also declined, with DR001 and R001 rates falling to 1.3127% and 1.3646%, respectively, while transaction volumes increased significantly [4] Market Conditions - The funding environment appeared relaxed, with ample supply observed in the early trading session, leading to stable transaction rates throughout the day [8] - By the end of the trading day, the overnight repo rates ranged from 1.33% to 1.36%, indicating a continued loose funding situation [8] Issuance and Trading of Certificates - On November 3, 47 interbank certificates were issued, with a total issuance volume of 686.8 billion yuan [8] - The trading sentiment for primary certificates was generally subdued, with yields on secondary certificates showing an upward trend across various maturities [9]

（文章来源：新华财经） 国际棉花咨询委员会（ICAC）发布的最新数据显示，全球2025/26年度棉花产量预估为2539.96万吨（上 月预估为2543.86万吨）；2025/2026年度棉花期末库存预估为1622.79万吨（上月预估为1537.87吨）， 同比增加2.5%。 ...

个股方面，中芯国际跌2.87%，工商银行涨2.49%，建设银行涨3.12%，中国石油股份涨3.37%，明略科 技涨106.10%，老铺黄金跌7.16%，周大福跌8.67%，阅文集团涨5.27%，荣昌生物涨3.17%，小鹏汽车涨 4.59%，华润置地涨1.28%，中国移动涨1.11%，国泰君安国际跌2.10%，国富氢能涨0.58%。 新华财经香港11月3日电 经过两个交易日调整后，港股主要指数3日高开并反弹，截至收盘，恒生指数 上涨0.97%至26158.36点，恒生科技指数上涨0.24%至5922.48点，国企指数上涨0.98%至9258.73点。 当日恒指高开92.52点，开报25999.17点，早盘期间在开盘点位附近震荡，午后涨幅有所扩大，最终恒指 涨251.71点，主板成交超2286亿港元。当日，港股通（南向）净流入超过87亿港元。 整体来看，多数板块上涨，银行、保险、煤炭、电力、石油与天然气、航空等股多为上涨，新能源车 企、新消费、生物医药、科网等股有涨有跌，芯片、黄金、有色金属、加密货币、零售等股多为下跌。 成交额前三的个股中，阿里巴巴跌1.15%，成交超122亿港元；小米集团涨3.52%，成交超9 ...

Core Viewpoint - The company has announced the termination of the acquisition of an 83.7775% stake in Guizhou Weidun Crystal Phosphorus Electronic Materials Co., Ltd due to a lack of consensus on key transaction terms among parties involved, which reflects the company's cautious decision-making in a complex market environment [1][3] Group 1: Strategic Intent and Market Position - The initial intent of the acquisition was to extend the company's strategic footprint in the electronic materials sector, where it has established itself as a leading provider of integrated solutions for the semiconductor industry [2] - The company has successfully operated the first fully domestically produced 12-inch wafer gas plant, marking a significant breakthrough in providing essential materials for high-end chip production [2] Group 2: Compliance and Decision-Making - Throughout the transaction process, the company adhered to compliance principles and legal requirements, but ultimately decided to terminate the acquisition after careful evaluation of the changing market conditions and the prolonged duration of the planning phase [3] Group 3: Ongoing Strategic Focus - Despite the termination of the acquisition, the company's strategic focus on the semiconductor equipment and electronic materials sectors remains unchanged, with ongoing positive feedback from key clients [4] - The company continues to enhance its "process-equipment-materials" integrated business model, which has gained broad recognition in the market [4] Group 4: Future Plans and Development - The company will not plan any major asset restructuring in the next month and will ensure strict compliance with insider information management obligations [5] - Future efforts will focus on leveraging favorable policies for semiconductor localization and exploring opportunities for industry chain integration that align with core business synergies [5]

Core Insights - The report titled "International Urban Cruise Vitality Index Report (2025)" indicates that Guangzhou ranks first in the index, followed by Shanghai and New York, showcasing the strong development of the global cruise industry [1][4]. Group 1: Performance of Chinese Cities - Guangzhou leads in market vitality, innovation vitality, and openness, setting a benchmark for high-quality development in the domestic cruise industry [4]. - Shanghai is leveraging its "One River, One River" strategy to enhance the internationalization of its Huangpu River and Suzhou River cruise brands, maintaining a lead in market and innovation vitality [4]. - Chinese cities, particularly Guangzhou, excel in innovation vitality compared to global counterparts, with Guangzhou operating 11 electric cruise ships, including the "Starship Navigator," which features 3D holographic projection technology [4][5]. Group 2: Global Trends and Development - The global cruise industry is experiencing a dual-driven development trend characterized by "branding and greening," with cities like Paris and Budapest enhancing their cruise offerings through cultural and technological integration [5]. - The Guangzhou Port Authority emphasizes the cruise industry as a new growth engine for the urban economy, with recent policies aimed at establishing Guangzhou as a world-class tourist destination [5][6]. Group 3: Future Directions - The report outlines future directions including deepening the integration of travel and navigation, enhancing urban living quality, and promoting smart cruise development through AI [7]. - The "International Urban Cruise Vitality Index" has been published for five consecutive years, covering 14 representative waterfront cities globally, providing a scientific quantitative standard for the cruise industry [7].

新华财经北京11月3日电西班牙制造业10月延续扩张态势，采购经理人指数（PMI）录得52.1，较9月的 51.5进一步上升，连续第六个月处于50荣枯线以上，显示该国制造业活动持续扩张。 从宏观经济层面看，西班牙整体经济表现稳健。得益于旅游业繁荣、移民带动的劳动力市场活跃以及内 需稳定，该国经济预计将在2025年连续第二年领跑欧元区。西班牙政府已将全年经济增长预期由2.6% 上调至2.7%。 最新官方数据显示，2024年第三季度西班牙经济环比增长0.6%，较第二季度的0.8%略有放缓；同比增 幅为2.8%。 （文章来源：新华财经） 就业方面，制造业岗位出现小幅下降。相关分析认为，劳动力市场信号趋于谨慎，企业用工扩张意愿受 到外部不确定性的制约。 尽管面临出口压力，制造业企业信心持续改善。多数企业预期未来需求将有所回升，部分公司已计划在 未来一年内增加投资并提升产能。 产出与新订单增长是推动制造业扩张的主要动力。然而，新出口订单已连续第二个月下滑，且10月的下 降速度为过去五个月来最快。分析指出，法国政治动荡导致的需求疲软以及美国贸易保护主义措施是造 成外部订单减少的主要因素。 ...