Group 1: Market Analysis - Domestic market sentiment continues to improve due to significant policy shifts, including a reduction in the reserve requirement ratio and policy interest rates[3] - The 1-year Loan Prime Rate (LPR) decreased from 3.35% to 3.1%, and the 5-year LPR fell from 3.85% to 3.6%, indicating lower social financing costs[3] - The central government has allocated 700 billion yuan for budgetary investments this year, with an additional 1 trillion yuan in long-term special bonds aimed at infrastructure projects[3] Group 2: Commodity Outlook - Precious metals are recommended for buying on dips, while other commodities are viewed neutrally[2] - The black and non-ferrous metals sectors are expected to be supported by policy sentiment and supply tightness, respectively[4] - Oil prices are anticipated to remain under pressure due to increased OPEC production and accelerated energy transition, despite short-term geopolitical influences[4] Group 3: Economic Indicators - The unemployment rate for urban youth aged 16-24 reached 17.6% in September, highlighting ongoing labor market challenges[6] - Foreign direct investment has shown improvement, with positive expectations for cross-border capital flows in the coming months[6] - The U.S. non-farm payroll data exceeded market expectations, suggesting a potential for continued global liquidity competition[4]
宏观大类日报：宽松政策延续 关注实物工作量
Hua Tai Qi Huo·2024-10-23 01:30