农银国际证券：每天导读-20241129

Core Insights - The report highlights a significant increase in the core Personal Consumption Expenditures (PCE) price index in the US, which rose by 2.8% year-on-year in October, indicating a cautious stance from the Federal Reserve regarding interest rate cuts [11][12][13] - The US economy showed a robust growth rate of 2.8% in the third quarter, primarily driven by a 3.5% increase in consumer spending, marking the largest growth this year [13][14] - The report notes a surprising rise in the US pending home sales index, which increased by 2% in October, reaching its highest level since March [15] Economic Indicators - The report provides a summary of key economic indicators, including the core PCE price index, which met market expectations at 0.3% month-on-month for October [6] - Industrial profits in China showed a narrowing decline of 10.0% year-on-year in October, compared to a previous drop of 27.1% [6][20] - The report mentions that China aims to reduce the logistics cost to GDP ratio to around 13.5% by 2027, enhancing international logistics for bulk commodities and new energy vehicles [20][21] Market Performance - The report indicates that major stock indices in the US experienced declines, with the Nasdaq showing the largest drop, influenced by rising inflation concerns [6] - In contrast, the Hang Seng Index and the National Index in Hong Kong saw increases, driven by a significant rise in A-shares and improved industrial profit figures [6][9] - The report also notes that the Shanghai Composite Index and Shenzhen Component Index both rose, with the Shenzhen Component showing a larger increase [6] Industry Developments - The report discusses the issuance of a plan by the People's Bank of China to promote the high-quality development of digital finance, aiming to strengthen risk prevention in this sector [18][19] - It highlights the cancellation of the cross-border e-commerce export overseas warehouse business model filing requirement by the General Administration of Customs in China, aimed at facilitating e-commerce exports [22][23] - The report mentions that Taiwan's economic indicators have shown a decline, with the leading index turning downward, indicating potential economic challenges ahead [24][25]