中央经济工作会议召开，关注中国11月金融数据市场分析

1. Report's Industry Investment Rating No information provided. 2. Core Views of the Report - Domestic policy expectations are rising, with the government emphasizing economic stability, promoting consumption, and reforming key industries [1] - The Federal Reserve cut interest rates by 25 basis points and plans to buy $40 billion in short - term bonds, while the market's expectation of a Bank of Japan rate hike in December has increased [2] - During the current inflation expectation game phase, focus on the relatively certain non - ferrous metals and precious metals sectors [3] 3. Summary by Relevant Catalogs Market Analysis - Domestic policy expectations are heating up. Multiple government meetings have been held to discuss infrastructure construction, consumption promotion, and industry competition governance. The central economic working conference emphasized measures to boost the economy, including promoting consumption, reforming state - owned enterprises, and stabilizing the real estate market. China's November economic data showed a rebound in the manufacturing PMI and a significant increase in foreign trade growth [1] International Market - The Federal Reserve cut interest rates by 25 basis points in its December meeting, with three members objecting. The statement added new wording about considering further rate adjustments. The US economic data in November was mixed, with a decline in ADP employment and different trends in PMI indices. The choice of the Federal Reserve chairman candidate may also affect future monetary policy. The market's expectation of a Bank of Japan rate hike in December has risen sharply [2] Commodity Market - In the commodity market, during the inflation expectation game phase, focus on non - ferrous metals and precious metals. The black sector is still affected by downstream demand expectations, the non - ferrous sector has long - term supply constraints but is boosted by global easing expectations. In the energy sector, the progress of the Russia - Ukraine peace talks and production cuts by some countries affect oil prices. In the chemical sector, the "anti - involution" space of some products is worthy of attention. In the agricultural products sector, pay attention to China's procurement plan and weather expectations. For precious metals, consider buying on dips after the short - term adjustment risk is cleared [3] Key News - The meeting emphasized risk prevention in key areas such as stabilizing the real estate market and resolving local government debt. It also focused on people's livelihood issues including employment, education, medical care, and population policies. The economic policy for next year will continue to implement proactive fiscal and moderately loose monetary policies. Key tasks include promoting reform, building a unified national market, and deepening various reforms. The 20 - year Japanese government bond auction attracted strong demand, and the IEA lowered the global crude oil supply surplus forecast [5]