格林大华期货沪银创新高，白银库存持续下降

Report Industry Investment Rating No information provided. Core Viewpoints of the Report - The price of Shanghai silver has reached a new high, and silver inventories are continuously decreasing [2][42][48] - The U.S. government has resumed operation, and trillions of dollars in funds from the fiscal general account will flow into the market, equivalent to four interest rate cuts [4][43] - The U.S. employment boom is declining, and the number of corporate lay - offs in October has increased significantly compared to September and the same period last year [14] - China's commodity competitiveness has increased, and the U.S. import volume from China in August has increased by nearly 40% month - on - month [17] - The U.S. manufacturing industry is accelerating its return, and "re - industrialization" is speeding up [26] - U.S. consumption remains strong, as shown by the data of wholesalers' sales and retail and food sales [29][32] - The eurozone's manufacturing PMI remained flat in October, while the service industry PMI accelerated its expansion [35] - India's manufacturing and service industries have continued to expand for more than three years [37] - Japan's long - term government bond yields are on an upward trend [40] - The Shanghai Composite Index continues to consolidate at 4000 points, and stock index futures long positions should be mainly allocated to the CSI 300 Index and the SSE 50 Index for range trading [43][46] - London spot gold prices are higher than New York futures gold prices, and gold is moving towards physical shortage [57] - Copper prices are rising moderately due to AI infrastructure and power construction [59] Summary by Related Catalogs Global Economic Outlook - The U.S. government shutdown has ended, and trillions of dollars in funds from the Treasury general account will flow into the market [12] - NVIDIA CEO Huang Renxun believes that China will win the AI competition due to a more favorable regulatory environment and lower energy costs [12] - Huawei has announced "ten major inventions" including key technologies such as the Scale - up super - node computing platform [12] - Goldman Sachs CEO is optimistic about the stock markets in Hong Kong and the Chinese mainland, and many Chinese stocks seem "very attractive" [12] - Morgan Stanley predicts that there will be a 44 - gigawatt power gap in U.S. data centers by 2028 [12] - More companies report a slowdown in consumption, and the weakness has spread to the middle - income group [12] - In October, the total number of U.S. corporate lay - offs was 153,074, mainly driven by the technology and warehousing industries, an increase of 183% from September and almost three times that of the same period last year [12][14] - The U.S. employment boom is declining [14] - After the U.S. imposed reciprocal tariffs on various countries, China's commodity competitiveness increased, and the U.S. import volume from China in August increased by nearly 40% month - on - month [17] - The U.S. ISM services PMI in October was 52.4, continuing to expand [20] - In August, the U.S. manufacturing backlog of orders was at a record high, with a year - on - year increase of 7.1%, indicating high prosperity [23] - In August, the U.S. capital goods import amount was $91.9 billion, still at a high level, with a year - on - year growth rate of 10.5%, indicating that the U.S. manufacturing industry is accelerating its return [26] - In August, U.S. wholesalers' sales reached a record high of $711.3 billion, with a year - on - year increase of 6.2%, indicating strong consumption [29] - In August, the total U.S. retail and food sales increased by 0.6% month - on - month, exceeding expectations, indicating strong consumption [32] - The eurozone's manufacturing PMI remained flat in October, while the service industry PMI accelerated its expansion [35] - India's manufacturing and service industries in October continued to expand and have been expanding for more than three years [37] - Japan's long - term government bond yields are on an upward trend [40] Big - Asset Allocation - The U.S. government has resumed operation, and trillions of dollars in funds from the fiscal general account will flow into the market, equivalent to four interest rate cuts [43] - The Shanghai Composite Index has reached a new high again, insurance funds are continuously entering the market with an average monthly inflow of 150 billion yuan, the market style has temporarily shifted to high - dividend and bonus stocks, and the SSE 50 Index has strengthened [43][44] - The Shanghai Composite Index continues to consolidate at 4000 points, and stock index futures long positions should be mainly allocated to the CSI 300 Index and the SSE 50 Index for range trading [43][46] - The price of Shanghai silver has reached a new high, and silver inventories are continuously decreasing. The Shanghai Gold Exchange has only 822 tons left, and the Shanghai Futures Exchange has only 584 tons left [42][43][51] - London spot gold prices are higher than New York futures gold prices, and gold is moving towards physical shortage [57] - Copper prices are rising moderately due to AI infrastructure and power construction [59]