海南封关倒计时，联储内部出现分歧

Domestic Highlights - Hainan's free trade port is entering the final countdown for its closure on December 18, 2025, signaling a significant step in financial openness[12] - From January to October 2025, the national general public budget revenue reached CNY 18,649 billion, a year-on-year increase of 0.8%[9] - The fiscal expenditure for the same period was CNY 22,582 billion, up 2% year-on-year, indicating a stable fiscal environment[9] - In October, the foreign exchange market showed a surplus of CNY 1,194 billion in bank settlements, reflecting strong risk resilience amid international market volatility[11] International Highlights - Japan's GDP contracted by 0.4% in Q3 2025, marking the first negative growth in six quarters, primarily due to declines in exports and private housing investment[16] - The Federal Reserve's October meeting minutes revealed significant internal disagreements regarding future interest rate cuts, with a 67.2% market expectation for no rate change in December[19] - The U.S. added 119,000 non-farm jobs in September, exceeding market expectations, but the unemployment rate unexpectedly rose to 4.4%[22] Market Trends - Brent crude oil prices increased by 1.04% week-on-week, while iron ore prices rose by 2.38%[24] - Real estate sales in 30 major cities saw a week-on-week increase of 19.89%, although first-tier cities experienced an 8.51% decline[37] - The average daily retail sales of passenger cars decreased by 9% year-on-year in the second week of November 2025[37]