宏观大类日报：关注欧美11月PMI初值

Group 1: Market Analysis - The U.S. election results have led to a Trump administration with Republican control of both houses, which may push inflation higher due to proposed tax cuts and tariffs[3] - The U.S. October CPI showed a year-on-year increase of 2.6% and a month-on-month increase of 0.2%, aligning with market expectations and supporting the current monetary policy stance[3] - China's LPR remained unchanged at 3.1% for 1-year and 3.6% for 5-year, indicating a stable monetary policy environment[3] Group 2: Commodity Insights - Precious metals are recommended for buying on dips, while other commodities are viewed neutrally[3] - The oil market is expected to face oversupply pressures in the coming year due to OPEC's increased production and accelerated energy transition[5] - The agricultural sector, particularly the oilseed segment, is experiencing strong performance due to supply tightness and La Niña effects[5] Group 3: Policy Implications - China's recent fiscal policies include a debt limit of CNY 6 trillion for 2024-2026 and a significant reduction in hidden debts from CNY 14.3 trillion to CNY 2.3 trillion by 2028[3] - The introduction of tax incentives for housing transactions aims to boost market confidence and support the real estate sector[5] - The government is focusing on infrastructure investment and project financing to stabilize economic growth[9]