美国11月CPI数据低于预期，关注日本央行利率决议

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Amid the current inflation expectation game, focus on the more certain non - ferrous metals and precious metals sectors. Keep tracking the sentiment - driven market trends and prepare risk plans for potential right - side adjustments. Be aware of the policy expectation swing risks between domestic and foreign markets [3]. - In the short term, the market remains positive due to emotional factors. However, if the sentiment turns negative, be vigilant against the downward risks caused by the resonance of macro and fundamental factors, and prepare right - side risk plans [2]. Summary by Related Catalogs Market Analysis - China's Politburo meeting emphasized continuing proactive fiscal and moderately loose monetary policies, and increasing counter - cyclical and cross - cyclical adjustment. The Central Economic Work Conference focused on boosting consumption and anti - "involution". Multiple ministries responded, with the central bank planning to use monetary policy tools, the NDRC focusing on consumption promotion and anti - "involution", and the Ministry of Finance proposing to use government bonds and issue special treasury bonds. China's November economic data showed mixed results, with foreign trade rebounding, manufacturing PMI improving, and industrial production showing resilience, but consumption weakening and fixed - asset investment and real estate under pressure. Attention should be paid to the government work report around February next year and the risk of policy expectation swings [1]. Fed and Global Economic Data - The Fed announced a 25 - basis - point rate cut and plans to buy $40 billion of short - term bonds in the next 30 days, with a slowdown in the rate - cut pace. The US economic data was weak, with employment and PMI data underperforming, and inflation at a multi - year low. The eurozone's December manufacturing PMI showed mixed results, with Germany deteriorating and France expanding. The UK's CPI fell, and the Bank of England cut rates by 25 basis points. The Fed's rate - cut slowdown and the expected rate hike by the Bank of Japan in December have an impact on the market, and risk plans should be made [2]. Commodity Market - In the non - ferrous metals sector, long - term supply constraints remain, with high certainty. In the energy sector, some OPEC countries proposed additional production cuts, the EU plans to stop Russian gas imports by 2027, and there are warnings of oil supply surplus. In the chemical sector, there is "anti - involution" potential in some products. In the agricultural products sector, pay attention to China's procurement plans and weather expectations. In the precious metals sector, there are opportunities for bargain - hunting, but short - term silver risks have increased [3]. Market Performance - The A - share market was mixed, with the ChiNext Index falling more than 2%. US core CPI was at a multi - year low, and Trump planned to announce a new Fed chair. The Bank of England cut rates, and in the commodity futures market, palladium, coking coal, and other products rose, while container shipping and polysilicon fell [5].