EBSCN·2025-11-11 01:41Group 1: Macro Economic Outlook - The report highlights a shift in the global economic landscape, with the US expected to adjust interest rates at a slower pace initially, followed by a quicker pace later, while also emphasizing the fiscal expansion in Europe and Japan [1] - China's economic outlook suggests a strengthening of policies, accelerated construction of new productivity, and a gradual exit from a deflationary environment [1][2] - The geopolitical environment is characterized by a restructuring of international order, with the US and China seeking strategic stability amidst intense competition [1] Group 2: Asset Class Insights - The report indicates that the US dollar is expected to peak and then decline, while the A-share market is anticipated to maintain a slow bull trend [1][2] - Gold and copper are identified as having strategic value, with gold's macro narrative still relevant and copper expected to see price recovery [3][2] Group 3: Real Estate Market Analysis - As of November 9, 2025, new home transactions in 20 cities totaled 660,000 units, reflecting a decrease of 10.1% year-on-year, with significant declines noted in major cities like Beijing (-16%) and Shenzhen (-22%) [4] - In contrast, the second-hand housing market showed a positive trend, with transactions in 10 cities totaling 652,000 units, an increase of 5.3%, particularly in cities like Shanghai (+12%) and Shenzhen (+17%) [4]