央行，重磅来袭！

Macro Economic Data - The National Bureau of Statistics reported that in October, the Consumer Price Index (CPI) rose by 0.2% month-on-month and year-on-year, with the core CPI (excluding food and energy) increasing by 1.2%, marking the sixth consecutive month of growth [3] - The Producer Price Index (PPI) saw a month-on-month increase of 0.1%, the first rise this year, while the year-on-year decline narrowed to 2.1%, a reduction of 0.2 percentage points from the previous month [3] Foreign Exchange Reserves - As of the end of October 2025, China's foreign exchange reserves reached $3.3433 trillion, an increase of $4.7 billion from September, marking the highest level since December 2015 [4] - The official gold reserves increased by 30,000 ounces to 7.409 million ounces, the lowest growth rate since the resumption of accumulation in November 2024 [4] Financial Policies - The Ministry of Finance emphasized the need for a more proactive fiscal policy, focusing on boosting consumption and providing financial subsidies for personal loans in key sectors [8][7] - The China Securities Regulatory Commission announced new regulations for the management of the securities settlement risk fund, effective December 8, 2025, aimed at enhancing risk prevention and internal management [6] Industry Developments - The State Council issued an implementation opinion to accelerate the cultivation and application of new scenarios in various industries, focusing on five key areas and proposing 22 categories for development [9] - The white paper on "China's Actions on Carbon Peak and Carbon Neutrality" highlighted significant achievements in green and low-carbon transformation over the past five years [10] Semiconductor Industry - The Chinese government responded to the Netherlands regarding semiconductor supply chain stability, emphasizing the need for constructive actions to restore order in the global semiconductor supply chain [13] Upcoming Financial Data - The People's Bank of China is set to release financial data for October, with expectations of new social financing at 1.1 trillion yuan, a decrease of 200 billion yuan year-on-year [15] - The National Bureau of Statistics will announce industrial value-added, fixed asset investment, and retail sales data for October on November 14 [16] Oil Price Adjustments - A new round of domestic fuel price adjustments will take effect on November 10, with an expected increase of 130 yuan per ton based on the average crude oil price of $62.52 per barrel [17] Market Strategies - Citic Securities noted increased market volatility since October, attributing it to changes in the underlying structure of incremental capital, with a focus on the stability of the overseas environment for enterprises and the impact of AI on various sectors [18] - Guosen Securities highlighted the rise of silicon photonics technology, which is reshaping the investment focus within the optical module industry [19]