Bao Cheng Qi Huo·2025-11-27 01:34Report Industry Investment Rating No relevant content provided. Core Viewpoints - The report presents a comprehensive overview of macro - economic data, commodity investment trends, financial news, and stock market conditions, offering insights into various sectors and potential investment opportunities and risks [1][2][32] Summary by Directory 1. Macro Data - In Q3 2025, GDP growth at constant prices was 4.8% year - on - year, down from 5.2% in the previous quarter but up from 4.6% in the same period last year [1] - In October 2025, the manufacturing PMI was 49%, down from 49.8% in the previous month and 50.1% in the same period last year; the non - manufacturing PMI for business activities was 50.1%, up slightly from 50% in the previous month but down from 50.2% last year [1] - In October 2025, the month - on - month increase in social financing scale was 816.1 billion yuan, significantly lower than 3529.9 billion yuan in the previous month but higher than 1412 billion yuan last year [1] 2. Commodity Investment Comprehensive - Six departments jointly released a plan to enhance consumer goods supply - demand adaptability, aiming to optimize the supply structure by 2027, creating 3 trillion - level and 100 - billion - level consumption hotspots [2] - Platinum and palladium futures will be listed on the Guangzhou Futures Exchange on November 27, 2025, with specified contract listing benchmark prices [2] - Zhejiang Province issued a plan to build a commodity spot - futures integrated over - the - counter market, with goals set for 2027 and 2030 [3] - On November 26, 2025, 42 domestic commodity varieties had positive basis, and 28 had negative basis, with specific varieties showing different basis values [4] Metals - China has made breakthroughs in the extraction of rare metals such as gallium, germanium, and indium, improving recovery rates [6] - The China Non - Ferrous Metals Industry Association opposes zero or negative processing fees in the copper smelting industry and is taking measures to manage capacity [6] - On November 26, international precious metal futures generally rose, and LME metal inventories showed different trends [7] Coal, Coke, Steel, and Minerals - A gold deposit in Sichuan added 28.24 tons of gold resources, with a cumulative total of 81.06 tons [8] - Recently, coking coal and coke futures showed a weakening trend, with significant declines on November 26 [8][9] Energy and Chemicals - The UK government will not issue new licenses for oil and gas exploration, freeze the carbon price support, and set a new tax rate for oil and gas prices [10] - US EIA data showed an increase in crude oil inventories last week, a decrease in weekly crude oil exports, and changes in natural gas inventories and drilling numbers [10] Agricultural Products - The US Agriculture Minister said beef prices will take months to fall, and farmer relief funds will start to be distributed in early January [12][14] - South Korea's FLC is tendering to buy up to 138,000 metric tons of corn, and Turkey's TMO bought about 300,000 tons of Russian wheat [14] 3. Financial News Open Market - On November 26, the central bank conducted 213.3 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 97.2 billion yuan due to maturing reverse repurchases [15] Key News - Vanke experienced a "double - kill" in stocks and bonds. Some of its bonds had significant price fluctuations, and a bond extension meeting will be held [16] - Six departments released a plan to boost consumer goods consumption, and the NDRC announced a credit repair management method [17] - The Fed's Beige Book showed that economic activity was generally flat, with some areas reporting a slight decline or growth [19] Bond Market - The Chinese bond market was under pressure, with rising yields on interest - rate bonds and falling bond futures. Vanke bonds had significant price swings [22] - European and US bond yields showed different trends, with European bond yields generally falling and US bond yields having mixed performance [26][27] Foreign Exchange Market - The on - shore RMB against the US dollar rose 136 points at the 16:30 close, and the RMB central parity rate against the US dollar rose 30 points [28] - The US dollar index fell 0.22% in New York trading, and most non - US currencies rose [29] Research Reports - Xingzheng Fixed - Income recommended focusing on certain regions' city and rural commercial banks' secondary capital bonds and perpetual bonds [30] - CITIC Securities suggested paying attention to convertible bond strategies related to non - call provisions and post - call rebounds [30] 4. Stock Market - The A - share market had a mixed performance, with the Shanghai Composite Index down 0.15%, the Shenzhen Component Index up 1.02%, and the ChiNext Index up 2.14%. Different sectors showed different trends [32] - The Hong Kong Hang Seng Index rose 0.13%, with Vanke Enterprises falling more than 6%. Southbound funds had net outflows, and some stocks had significant net buying or selling [32] - Southbound funds have been actively buying Hong Kong stocks this year, driving up the market's valuation [32]