Core Insights - The consumption trends during the "Double 11" pre-sale event indicate a strong performance in core categories driven by national subsidy policies and quality of life demands, with significant GMV achieved [1] Group 1: Consumer Trends - Major household categories such as home appliances, mobile communications, and furniture achieved GMV in the tens of millions during the opening period [1] - High-capacity and high-ticket products are performing exceptionally well, with domestic brands leading the market due to their design and functionality tailored to consumer needs [2] - The top GMV products include the Little Swan washing and drying set, Midea air conditioning cabinet, and Rongsheng French-style refrigerator, showcasing the dominance of domestic brands [2] Group 2: Emerging Markets - The pet economy is evolving, with consumers shifting from basic care to emotional companionship and refined care, resulting in significant GMV growth in pet-related products [3] - Specific pet product categories saw GMV increases of 90.35% for daily use items, 58.74% for grooming products, and 19.28% for travel gear [3] - The trend of "cyber health" supplements is penetrating the pet market, with specialized pet supplements gaining popularity [3] Group 3: Health and Wellness - Health-conscious consumption is on the rise, with functional health products and smart devices becoming essential in daily life, particularly among working professionals [4] - The demand for health check-up services is increasing, with young consumers purchasing health packages for their parents as a way to express filial piety [4] - Popular health check-up products include the Aikang Guobin health packages, indicating a shift towards proactive health management [4] Group 4: Interest-Driven Consumption - The "Double 11" event is not just a promotional window but a significant indicator of annual consumption trends, highlighting the potential of interest-driven consumption [4] - Categories such as sports equipment, travel, and home renovation are performing well, suggesting a shift towards consumption patterns anchored in personal interests [4]

Core Insights - The European Central Bank (ECB) has successfully completed a two-year preparation phase for the digital euro, moving towards the next stage which includes technical readiness, market participation, and legislative support for the potential issuance of the digital euro by 2029 [1][2] Group 1: Digital Euro Development - The ECB's Governing Council made this decision following the successful completion of the digital euro preparation phase, which is set to begin in November 2023 [1] - The next phase will focus on developing the technical infrastructure for the digital euro, including initial system setup and pilot operations [1] - Collaboration with payment service providers, merchants, and consumers will be essential to refine the rulebook, conduct user research, and test the system through pilot activities [1] Group 2: Legislative and Pilot Project Timeline - If relevant regulations for the digital euro are passed by 2026, pilot projects and initial transactions could commence by mid-2027 [1] - The euro system anticipates being fully prepared for the potential issuance of the digital euro by 2029 [1] Group 3: Strategic Importance of Digital Euro - The ECB believes that the digital euro will uphold freedom of choice and privacy in Europe, while ensuring monetary sovereignty and economic security [1] - It is expected to foster innovation in the payment sector and enhance the competitiveness, resilience, and inclusiveness of the European payment system [1] Group 4: Nature of Digital Euro - The digital euro is a central bank digital currency (CBDC) directly backed by the ECB, representing a liability of the central bank [2] - Unlike bank deposits, which are a creditor relationship between depositors and banks, the digital euro does not rely on bank credit and does not require interbank transfers or banks as intermediaries [2] - The promotion of the digital euro aims to reduce dependence on multinational tech companies and secure the euro's position in the future digital economy [2]

Core Viewpoint - The Chinese beauty industry is transitioning from "manufacturing" to "intelligent manufacturing," driven by innovation and participation in international competition, as highlighted in the recent beauty innovation report by Yatsen Group [1][2][3]. Group 1: Global Research and Development Trends - The global beauty industry is forming a new paradigm of "global co-research and localized results" due to rising consumer demand and the emergence of new market R&D capabilities. China's cosmetics export value reached 23.472 billion yuan in the first 11 months of 2024, covering major markets such as the Americas, Europe, and Southeast Asia. The compound annual growth rate (CAGR) for emerging markets is expected to exceed 10% by the end of 2025 [1]. Group 2: Consumer Demand and Scientific Beauty - Consumer demand is shifting from basic cosmetics to scientifically validated personalized solutions. The technology skincare market is projected to exceed 420 billion yuan by 2025, with a CAGR of 18%. A survey indicates that 72% of consumers prioritize efficacy, while 65% focus on efficacy verification data. Anti-aging, whitening, and repair are the three major skincare hotspots, with color cosmetics trending towards "makeup and skincare integration" [2]. Group 3: Integration of Makeup and Skincare - The concept of "makeup and skincare integration" is rapidly gaining traction globally, leading to a deep fusion of color cosmetics and skincare. A report shows that 91% of consumers are concerned about active ingredients in base makeup, and 76% recognize the skincare benefits of foundation. From 2019 to 2023, sales of tinted moisturizers in the U.S. grew by 59%, with similar demand for functional color cosmetics in Southeast Asia and the Asia-Pacific region [2]. Group 4: AI Technology Reshaping the Beauty Industry - Artificial intelligence is becoming a fundamental driver for systematic upgrades in the beauty industry. A McKinsey report predicts that generative AI could create $90 to $100 billion in value for the global beauty sector by 2025. AI technology accelerates active ingredient screening and new molecular design in R&D, enhances efficiency in manufacturing through flexible production and smart quality inspection, and drives personalized customization and precise delivery for consumers [3].

Core Viewpoint - Chicago futures market for corn, wheat, and soybeans experienced a broad increase on October 31, with significant price movements across all commodities [1] Group 1: Price Movements - The most actively traded December corn contract closed at $4.32 per bushel, up 1.25 cents or 0.29% from the previous trading day [1] - The December wheat contract closed at $5.34 per bushel, rising 9.75 cents or 1.86% [1] - The January 2026 soybean contract settled at $11.15 per bushel, increasing by 7.5 cents or 0.68% [1] Group 2: Market Dynamics - The increase in soybean and wheat prices was accompanied by stable corn prices, as U.S. farmers sold off large inventories amid the price surge [1] - Market analysts suggest that futures and spot prices may have peaked this week, with potential declines expected if South American weather conditions remain normal [1] - The January soybean futures contract is considered to be significantly overbought according to market analysts [1] Group 3: External Factors - The ongoing U.S. government shutdown is expected to end within the first ten days of November, increasing pressure for a resolution [1] - U.S. biodiesel production of soybean oil decreased to 1.041 billion pounds in August from 1.108 billion pounds in July, with projections for August 2024 at 1.271 billion pounds [1] - Ethanol production in the U.S. for August was reported at 1.407 billion gallons, slightly lower than the 1.409 billion gallons produced in the same month last year [2]

Core Viewpoint - The gold futures market is experiencing a slight decline, with the December 2025 gold price dropping by $5.61 to $4010.29 per ounce, reflecting a decrease of 0.14% [1] Market Performance - On the last trading day of November, both gold and silver prices remained relatively stable, with low trading activity due to recent price volatility and a lack of significant news [1] - The December silver futures price fell by 3.94 cents, closing at $48.222 per ounce, a decline of 0.81% [1] Economic Context - The U.S. government has been in a "shutdown" for a month, with legislative hurdles preventing the passage of funding bills. The Democratic Party is withholding support for a temporary funding bill proposed by Republicans unless healthcare subsidies are extended [1] - Analysts suggest that gold should be viewed more as a fundamental currency rather than a speculative asset, highlighting its lower risk of confiscation compared to other currencies and assets, especially during times of war or currency devaluation [1]

Group 1 - The State Council, led by Premier Li Qiang, is focusing on deepening reforms in key areas and expanding institutional openness, aiming to enhance the level of market openness and optimize service market access rules [1] - The China Securities Regulatory Commission (CSRC) has released a draft for public consultation regarding performance benchmarks for publicly offered securities investment funds, aiming to guide fund investment behavior and protect investor interests [1] - The National Development and Reform Commission (NDRC) announced an additional 200 billion yuan in special bond quotas to support investment construction in certain provinces, emphasizing the need for effective use of these funds [1] Group 2 - The manufacturing Purchasing Managers' Index (PMI) for October is reported at 49.0%, a decrease of 0.8 percentage points from the previous month, indicating a contraction in the manufacturing sector [1] - The China Steel Industry Association reported a decline in steel prices and revenues in the first three quarters, highlighting the need for the steel industry to strengthen self-discipline in the fourth quarter [1] - The number of electric vehicle charging facilities in China reached 18.063 million by the end of September 2025, a year-on-year increase of 54.5%, supporting the charging needs of 40 million new energy vehicles [1]

Core Viewpoint - The bond market experienced a significant decline in fund size during Q3 2025, with a net redemption of 508 billion units, marking a record for a single quarter, influenced by market volatility and the attractiveness of equity markets [1][2]. Group 1: Market Performance - Nearly 3,900 bond funds recorded a total net redemption of 508 billion units in Q3, the highest quarterly redemption ever [1][2]. - Over 2,100 bond funds, approximately 55%, experienced net redemptions, with 292 funds redeeming over 1 billion units each [2]. - The total size of bond funds decreased to 10.58 trillion yuan, down from 10.82 trillion yuan at the end of Q2, marking a decline of about 240 billion yuan [2]. Group 2: Factors Influencing the Market - The rapid increase in market risk appetite and the rebound of A-shares since late September led to a "stock-bond seesaw" effect, causing funds to flow from the bond market to equities [3]. - Institutional investors, such as banks and insurance companies, increased redemptions to secure year-end returns [3]. - Despite the overall decline in bond funds, convertible bond funds attracted over 20 billion yuan in net subscriptions due to significant gains, with some funds seeing net value increases exceeding 15% [3]. Group 3: Future Outlook - Industry experts anticipate that while uncertainties remain in the bond market for Q4, the factors that pressured the market in Q3 may weaken, leading to a more favorable environment for fundamentals and liquidity [4]. - Expectations of monetary policy easing, particularly if the Federal Reserve continues to lower interest rates, could enhance domestic monetary conditions [4]. - Analysts predict that the yield curve may steepen, with the 10-year government bond yield potentially dropping below 1.6% and moving towards the 1.4%-1.5% range [4].

Primary Market - A total of 21 offshore bonds were issued this week (October 27 to 31), including 3 RMB bonds, 16 USD bonds, 1 HKD bond, and 1 EUR bond, with issuance scales of 7.25 billion RMB, 4.705 billion USD, 100 million HKD, and 25 million EUR respectively [2] - The largest single issuance in the offshore RMB bond market was 5 billion RMB by Meituan, while the highest coupon rate for RMB bonds was 6.9% issued by Weifang Ocean Investment Group [2] - In the USD bond market, the largest single issuance was 3 billion USD by the Asian Development Bank, with the highest coupon rate of 6% issued by China Thai Financial International [2] Secondary Market Overview - The yield on Chinese USD bonds mostly decreased this week, with the Markit iBoxx Chinese USD Bond Composite Index down 0.11% to 251.13 [3] - The investment-grade USD bond index fell 0.12% to 243.57, while the high-yield USD bond index increased by 0.05% to 246.01 [3] - The real estate USD bond index decreased by 0.21% to 186.96, while the city investment USD bond index rose by 0.04% to 152.91 [3] Benchmark Spread - As of October 31, the spread between the 10-year benchmark government bonds of China and the US widened to 228.87 basis points, an increase of 13.88 basis points from the previous week [4] Rating Changes - Several credit rating adjustments occurred this week, including the withdrawal of ratings for Meixi Lake Investment, Hunan Jinxia Development Group, and Jiangsu Zhongxing Holdings due to commercial reasons [6] - Shanghai Commercial Bank's long-term issuer rating was downgraded to "BBB+" with a stable outlook [6] Domestic News - The People's Bank of China announced the resumption of open market government bond trading, which had been suspended earlier this year due to market imbalances [8] - As of the end of September, the custody balance of foreign institutions in China's bond market was 3.8 trillion RMB, accounting for 2% of the total custody balance [9] - Barclays plans to issue "Panda Bonds" in the Chinese interbank bond market, marking its entry into this market with a fundraising target of up to 4 billion RMB [10] Overseas News - The European Central Bank maintained its three key interest rates unchanged, marking the third consecutive meeting without changes [11] - The Federal Reserve lowered the federal funds rate target range by 25 basis points to between 3.75% and 4.00%, marking the fifth rate cut since September 2024 [12] Default and Extension - No significant defaults or extensions were reported this week [7] Company Announcements - Tianjin Bank reported a net profit of 3.527 billion RMB for the first three quarters, a year-on-year increase of 5.47% [16] - TCL Technology plans to issue up to 2 billion RMB or equivalent foreign currency bonds through its wholly-owned subsidiary, with proceeds intended for general corporate purposes and existing debt replacement [17]

我国绿色债券市场发展重点逐渐由"量"向"质"转变。实现绿色债券市场的高质量发展需要以科学标尺丈量绿色成色，通过构建绿色债券发展质量评价体系 及指数，提升绿色金融支持质效，推动绿色债券市场规范化、标准化发展，为经济社会绿色低碳转型提供精准资金支持，提升资金配置效率，推动生态文 明建设，促进全球绿色治理与合作。 作为全球最大的发展中国家，中国将持续秉持可持续发展理念，积极提升绿色发展质效，以"指标"为舟，以"数据"为桨，推动绿色债券市场从"量冠全 球"迈向"质领时代"，不负青山之诺，不负时代之期，书写中国绿色债券高质量发展的壮阔画卷。 开展绿色债券市场发展质量评价势在必行 绿色债券作为绿色金融体系的核心工具，已成为引导资金流向低碳转型领域、实现《巴黎协定》温控目标的关键载体。开展绿色债券市场发展质量评价， 切实发挥绿色债券支持实体经济绿色低碳转型方面的功能，是绿色债券市场持续高质量发展的重要抓手。 （一） 提升市场资源配置效率 经过多年发展，中国绿色债券市场已步入从"规模扩张"转向"质效提升"的关键阶段，绿色债券市场愈发关注募集资金是否有力支持重点行业绿色发展。为 进一步加大对绿色、低碳、循环经济的支持，切实促进 ...

Core Points - The London Stock Exchange's FTSE 100 index closed at 9717.25 points on October 31, down 42.81 points, representing a decline of 0.44% [1] - Major European stock indices also experienced declines on the same day, with the CAC40 index in Paris down 0.44% and the DAX index in Frankfurt down 0.67% [1] Top Gainers in London Stock Market - The top five gainers included: - Smith & Nephew, a medical device supplier, with a stock price increase of 2.78% - Metrel, an energy and metals company, with a stock price increase of 2.08% - BT Group, with a stock price increase of 1.28% - Babcock International, an outsourcing services company, with a stock price increase of 1.08% - Diageo, a beverage company, with a stock price increase of 0.98% [1] Top Losers in London Stock Market - The top five losers included: - WPP, an advertising and media giant, with a stock price decrease of 4.96% - Auto Trader Group, with a stock price decrease of 3.51% - Burberry Group, a luxury goods company, with a stock price decrease of 3.32% - InterContinental Hotels Group, with a stock price decrease of 2.30% - Whitbread, a restaurant and hotel group, with a stock price decrease of 2.29% [1]