Market Overview - The three major stock indices in Shanghai and Shenzhen opened lower on November 3, with the Shenzhen Component Index dropping as much as 1.64% and the ChiNext Index down 2.09% at one point. However, the Shanghai Composite Index turned positive during the morning session, while both the Shenzhen Component and ChiNext indices rebounded in the afternoon [1] - By the end of the trading day, the Shanghai Composite Index closed at 3976.52 points, up 0.55%, with a trading volume of approximately 941.7 billion yuan. The Shenzhen Component Index closed at 13404.06 points, up 0.19%, with a trading volume of about 1165.4 billion yuan. The ChiNext Index ended at 3196.87 points, up 0.29%, with a trading volume of around 540.4 billion yuan [1] Sector Performance - The sectors that performed well included dispersed dyes, Hainan, internet, media and entertainment, short drama games, combustible ice, Sora concept, steel, shipbuilding, TOPCon batteries, marine economy, and nuclear power, all showing significant increases [1] - Conversely, sectors such as composite copper foil, rare earth permanent magnets, and engineering machinery experienced notable declines, although their losses narrowed in the afternoon as the indices rebounded [1] Institutional Insights - According to institutional views, the market is expected to maintain an upward trend, with a focus on high-growth sectors such as semiconductors, consumer electronics, artificial intelligence, robotics, and low-altitude economy [2] - The return of the A-share market to the 4000-point level is attributed to fundamental changes in the economy, including low risk-free interest rates and significant shifts in top-level design and planning that have altered the market ecosystem [2] Policy Developments - The People's Bank of China and the Bank of Korea have renewed a bilateral currency swap agreement with a scale of 400 billion yuan / 70 trillion won, effective for five years, which aims to deepen financial cooperation and facilitate bilateral trade [4] - The Ministry of Industry and Information Technology and the Ministry of Water Resources have issued a plan to cultivate leading enterprises in water-saving equipment and specialized "little giant" companies by 2027, focusing on breakthroughs in water supply, usage, and recycling technologies [5]

一、自通知发布之日起，备案CRM核心交易商、一般交易商、信用风险缓释凭证（CRMW）创设机构 以及信用联结票据（CLN）创设机构（以下统称"CRM交易商"），应通过NAFMII投资者备案服务系统 （以下简称"系统"）向交易商协会秘书处提交相关信息和材料。备案系统网址为https://nafmii- filingservice.cfae.cn，也可通过点击交易商协会官网首页底部"综合平台快速入口"投资者备案服务系统图 标访问。 新华财经北京11月3日电交易商协会3日向信用风险缓释工具市场参与者发布通知称，为进一步便利银行 间市场信用风险缓释工具（CRM）交易商备案，NAFMII投资者备案服务系统新增CRM交易商模块， 通过线上提交材料提高备案效率。 二、市场参与者对备案材料的真实性、准确性、完整性负责。备案材料纸质文件由市场成员妥善保管。 三、CRM交易商应于2025年11月30日前登录系统，核验存量备案信息，若备案信息已发生变更或未来 发生变更，应及时按照系统的信息变更流程进行更新。因不可抗力原因无法通过系统提交更新信息的， 应及时联系交易商协会秘书处。 四、CRM核心交易商、一般交易商和CLN创设机构的备案 ...

Core Insights - The central financial work conference emphasizes the importance of digital finance and the digital transformation of financial institutions, marking a shift towards accelerated development in this area [1] - Technological research and development is identified as a key driver for the advancement of digital financial applications, with a focus on utilizing large model technology to enhance software engineering [1] Group 1: Digital Transformation Initiatives - Minsheng Bank is aligning with the new stage of artificial intelligence development to improve the quality and efficiency of technological research and development [1] - The bank is deepening the construction of a cloud-native research and development system to foster an innovative environment for intelligent development in software engineering [1] Group 2: AI Integration in Research and Development - Minsheng Bank has introduced the "Smart Code" journey guidance method to enhance the safety, efficiency, and controllability of financial research and development [2] - The bank has established an AI4SE service support system aimed at scaling AI applications throughout the entire research and development process, enhancing capabilities in technical knowledge operation, quality control, and efficient research support [2] Group 3: Achievements in AI Application - As of now, Minsheng Bank's large model applications in software engineering have shown significant results, with over 1,600 self-research personnel covered and a code generation adoption rate of 29% [3] - AI-generated code accounts for approximately 15% of total output, and intelligent analysis tools have improved efficiency in review and diagnostic analysis from hours to minutes [3] - AI services now represent 28.9% of total service volume, significantly enhancing operational efficiency in technology [3]

Core Viewpoint - International gold prices experienced a high-level correction, with a weekly decline of 2.65%, closing at $4003.23 per ounce, despite a 3.76% increase in October, marking the third consecutive month of gains [1][2]. Group 1: Market Dynamics - The decline in gold prices was attributed to a reduction in the appeal of gold as a safe-haven asset due to easing trade tensions and hawkish signals from the Federal Reserve regarding interest rate cuts [1][4]. - The Federal Reserve lowered the federal funds rate by 25 basis points to a target range of 3.75%-4.00% but indicated that a December rate cut is not guaranteed, leading to a shift in market expectations [2][3]. - The market anticipates that the probability of a December rate cut has decreased from 83% to 65% following the Fed's recent statements [2][3]. Group 2: Economic Indicators - The ongoing U.S. government shutdown has delayed the release of key economic data, making private sector data crucial for assessing labor market and inflation trends [3]. - Important upcoming data releases include the ISM Manufacturing PMI, JOLTS job openings, ADP employment changes, and consumer confidence surveys, which will influence market expectations for future Fed policy [3]. Group 3: Geopolitical Factors - Easing trade tensions between the U.S. and China have contributed to a decline in gold prices, with gold dropping nearly $500 from its recent high [4]. - Geopolitical uncertainties, particularly in the Middle East and South America, continue to provide some support for gold prices, as traditional hedging against uncertainty remains relevant [5][6]. Group 4: Technical Analysis - Short-term resistance levels for gold are identified at $4030-$4060 per ounce, with key resistance at $4090-$4115 per ounce; support levels are at $3950-$3900 per ounce and key support at $3800-$3750 per ounce [6]. - Domestic gold futures have shown significant volatility, with resistance seen at 930-950 CNY per gram and support at 900-890 CNY per gram [6].

新华财经北京11月3日电（刘润榕）人民银行3日开展783亿元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3373亿元7天期逆回购到期，公开市场实现净回笼2590亿元。 上周（10月27日-31日）央行公开市场逆回购净投放12008亿元，MLF净投放2000亿元。税期首日（27 日），R001便快速上行至1.51%。不过伴随央行及时加大逆回购净投放，超额续做2000亿元MLF并重启 买卖国债操作，市场宽货币预期显著升温，资金利率随之回落，跨月前隔夜利率再度降至OMO水平以 下，仅在跨月当日小幅回升至1.41%，但依然处于同期月末较低水平。7天期资金利率R007也仅在税期 首日跳涨至1.65%，之后便连续回落至1.50%以下，月末收于1.49%，跨月资金压力相对温和。 本周（11月3日-7日）7天逆回购到期规模上升至20680亿元，其中周五将有7000亿3M买断式逆回购到 期；政府债净缴款规模将下降至368亿元，周三与周四的缴款规模略高；11月5日为上旬缴准日。尽管本 周公开市场到期压力较大，但是考虑到政府债净缴款规模有限，并且月初外生扰动因素相对有限，预计 资金面或继续维持宽松态势，建议关注 ...

Group 1: Agricultural Development and Innovation - The integration of electricity into rural development is significantly enhancing agricultural productivity and creating new business models in the sector [1][2] - In Guangxi, a company has implemented an intelligent production line that processes 330 tons of rice daily, which is ten times more than traditional methods [1] - In Henan, a stone mill has adopted automated packaging and online sales, achieving a daily production capacity of 2000 jin [1] Group 2: Power Supply Enhancements - Power supply companies are customizing solutions to meet the high-quality electricity needs of agricultural enterprises, ensuring continuous production [1][2] - In Hebei, new transformers and power lines have been installed to support the local chili pepper industry, enhancing operational efficiency [2] - In Shandong, the establishment of new cold storage facilities and the addition of transformers are ensuring the stability of the cold chain for agricultural products [3] Group 3: Renewable Energy Initiatives - A corn processing company in Shandong is converting agricultural waste into clean energy through a new biomass power generation project, which will reduce energy costs [3] - The project includes a 12 MW biomass generator and a 1 MWh energy storage facility, contributing to sustainable energy practices in agriculture [3] Group 4: Rural Tourism and Infrastructure Development - The development of rural tourism in Shanghai is being supported by improved electrical infrastructure, enhancing the appeal of local attractions [4] - The underground power network installation on Feiyun Island has increased the average household capacity from 3 kW to 32 kW, promoting safety and convenience [4]

新华财经北京11月3日电交易商协会3日公告称，为进一步规范非法人产品签署主协议流程，促进非法人 产品管理人规范、高效开展银行间市场业务，制定了《非法人产品管理人签署银行间市场主协议业务指 南》（以下简称《指南》），现予以发布。 自即日起，非法人产品管理人可通过NAFMII投资者备案服务系统选择以列举方式或概括方式代表产品 签署主协议。原有规则与本《指南》不一致的，以本《指南》为准。 同时，管理人不得以与产品的委托人、投资人或持有人等第三方之间签订的协议为由，拒绝履行主协议 及其补充协议约定的相关义务。此外，管理人可根据自身风险管理需要，以及与交易对手方协商情况 （如适用），在代表产品签署主协议时选择以列举或概括方式明确其所代表的产品范围。 （文章来源：新华财经） 具体来看，《指南》适用于金融机构等作为资产管理人代表所管理的非法人产品签署银行间市场债券回 购、债券借贷、金融衍生产品等主协议相关工作。管理人开展资产管理业务与本机构开展自营业务应分 别签署主协议，并确保其管理的不同产品之间以及产品与本机构之间的权利义务相互独立，互不受影响 且不可抵销。 ...

受二育补栏提振，国内生猪价格近期有所企稳。但往后看，二次育肥补栏高峰已过，对猪价的影响也将 由利多转向利空。因此，由于未来两个月，即11月至12月的两轮出栏均会加码供应，这意味着这两个月 猪价欲破新阶段高点，需要消费端的强有力支撑。但考虑到2026年春节时间较晚等因素，猪价上涨缺乏 屠宰端增量支撑，预计猪价刷年内新高的可能性不大。 具体来看，根据农业农村部监测全国能繁母猪存栏和卓创资讯对能繁母猪存栏量在200头以上规模企业 能繁母猪数据推算，11-12月生猪理论供应量或连续增加。这具体表现在，一方面，根据近7年屠宰量季 节性走势分析，11-12月生猪屠宰量或呈逐步增量的走势，其中11月增幅较小，12月增幅较大。另一方 面，10月规模场前期放量出栏，猪价与散户价差较小，出栏压力较小，月度出栏进度较快，下旬部分养 殖场选择将下月出栏计划提前至10月出栏，因此11月上旬养殖端出栏节奏或偏慢，11月中旬至12月底或 逐步加快。尤其是12月腌腊旺季一般是大猪需求高峰期，养殖端也会选择在这期间集中出栏大体重猪 源，12月供应量增幅或超过11月。 因此，根据理论出栏量与理论屠宰量走势分析，11-12月生猪市场或供增需增，理 ...

新华财经北京11月3日电欧洲央行管委、德国央行行长内格尔表示，欧元区的经济数据与欧洲央行的经 济预期并未出现偏离，但政策制定者仍保持开放的态度。 （文章来源：新华财经） "自9月上次预测以来，数据并未发生根本性变化，"他说，"12月我们将审查新的预测，然后基于新数据 做出决定。因此，我们保持所有选项开放，我认为在目前许多不确定性下，这是最合适的方法。" 谈到欧洲最大经济体德国的经济，内格尔称其表现出韧性，并表示德国现在可以"走上适度增长的道 路"，这一增长将通过基础设施和国防支出的增加得到推动。 内格尔在周一发布的播客中表示，上周欧洲央行在维持存款利率2%不变时，"完全没有理由"调整借贷 成本。 ...

Core Points - The 18th China-Latin America Entrepreneurs Summit opened in Zhengzhou, Henan Province, focusing on the theme "Towards a New and Intelligent Future" [1][2] - The summit serves as a mechanism for economic and trade cooperation between China and Latin America, showcasing the depth and breadth of collaboration across various sectors [1] - China-Latin America trade has surpassed $500 billion in 2024, with China being the second-largest trading partner for Latin America, indicating a shift from traditional trade to technology innovation and industrial collaboration [1] Group 1 - The summit is co-hosted by the China Council for the Promotion of International Trade, the Henan Provincial Government, and the People's Bank of China, highlighting its significance in promoting bilateral relations [1] - The event features participation from nearly 30 Latin American and Caribbean government officials, diplomats, trade promotion organizations, and business representatives, emphasizing its international scope [2] - The summit aims to strengthen traditional trade cooperation while expanding into emerging fields such as green economy, digital economy, and intelligent manufacturing [1]