所长早读：10月金融数据发布，存款搬家持续-20251114

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - 10 - month financial data shows continued deposit transfer, with credit growth slowing due to the off - season and delayed policy effects. The deposit activation trend has slightly slowed, but the deposit transfer process continues in the context of a vibrant capital market [7][8]. - PX has a strong medium - term trend and is suitable for positive spreads. Factors such as overseas blending demand, supply shortages, and future supply - demand gaps support this view [9][10]. - Pure benzene is mainly in short - term oscillations, and it is advisable to buy on dips for PX - BZ [11]. Summary by Related Catalogs Metals - Gold: With rising expectations of interest rate cuts, it reached a new high [14][17]. - Silver: Reached a new high [14]. - Copper: Macro - disturbances limit price increases [14][21]. - Zinc: Trades in a range [14][24]. - Lead: Reduced overseas inventories support prices [14][27]. - Tin: Declined from high levels [14][29]. - Aluminum: Oscillates with a slight upward bias; Alumina oscillates at the bottom; Cast aluminum alloy follows electrolytic aluminum [14][35]. - Nickel: High inventories and Indonesian risks lead to low - level oscillations; Stainless steel lacks upward drivers and has limited downside [14][38]. - Carbonate Lithium: Oscillates at high levels with potential upward pressure [14][43]. Energy and Chemicals - PX: Medium - term trend is strong, positive spreads [9][10][68]. - PTA: Cost - supported, with high - level oscillations and limited positive spread space [68][71]. - MEG: Supply pressure eases marginally, but the rebound height is limited [68][72]. - Rubber: Oscillates [14][73]. - Synthetic Rubber: Short - term oscillations are supported [14][77]. - Asphalt: Oscillates at low levels [14][80]. - LLDPE: Some supply disturbances, attention to import pressure [14][93]. - PP: Trend is weak [14][97]. - Caustic Soda: Oscillates [14][102]. - Paper Pulp: Oscillates [14][107]. - Glass: Spot prices are stable [14][112]. - Methanol: Short - term oscillations [14][116]. - Urea: Runs within the valuation range [14][120]. - Styrene: Short - term oscillations [14][123]. - Soda Ash: The spot market changes little [14][126]. - LPG: Demand improvement is limited, and the disk valuation is high; Propylene has short - term support due to narrowing supply - demand [14][129]. - PVC: Still under pressure [14][137]. - Fuel Oil: Continues to decline, weaker than low - sulfur in the short term; Low - sulfur fuel oil follows crude oil and weakens [14][142]. Agricultural Products - Palm Oil: Lacks drivers and oscillates [14][160][172]. - Soybean Oil: With stable US soybeans, the spread between soybean and palm oil continues to widen [14][172]. - Soybean Meal: Oscillates strongly, waiting for the USDA supply - demand report [14][179]. - Soybean: Oscillates strongly, waiting for the report [14][179]. - Corn: Oscillates [14][182]. - Cotton: Lacks upward drivers and the price declines slightly [14][186]. - Eggs: Maintains oscillations [14][192]. - Hogs: The spread between fat and standard pigs weakens, and drivers emerge [14][194]. - Peanuts: Attention to the spot market [14][198]. Others - Logs: Oscillates repeatedly [14][64]. - Container Freight Index (European Line): Oscillates [14][144]. - Short Fibers: Upstream fluctuations increase, short - term oscillations are slightly strong [14][157]. - Bottle Chips: Upstream fluctuations increase, short - term oscillations are slightly strong [14][157]. - Offset Printing Paper: Oscillates at low levels [14][160].