央行恢复公开市场国债买卖操作：申万期货早间评论-20251105

Core Viewpoint - The People's Bank of China has resumed open market operations for government bonds, with a net injection of 20 billion yuan, indicating a shift in liquidity management since the suspension in January 2023 [1] Group 1: Market Overview - The US stock market saw a collective decline, with the Nasdaq down 2.04%, S&P 500 down 1.17%, and Dow Jones down 0.53%, reflecting a broad sell-off in large tech stocks [1] - Domestic futures markets showed a majority of contracts declining, with caustic soda down over 2% and several commodities like fuel oil and rebar down over 1% [1] Group 2: Financial Indicators - The financing balance increased by 8.085 billion yuan to 24,770.05 billion yuan, indicating a potential increase in equity asset allocation by residents [2] - The liquidity environment in China is expected to remain loose, with external funds likely to flow into the domestic market due to the Federal Reserve's interest rate cuts and the appreciation of the yuan [2] Group 3: Shipping and Commodity Insights - The European container shipping index saw a rise, with the 12-month contract breaking through 1900 points, up 3.82%, indicating a positive macro outlook [3] - Glass futures experienced a slight rebound, with production inventories decreasing by 470,000 heavy boxes week-on-week, while soda ash inventories also saw a decline of 17,000 tons [3][19] Group 4: Industry News - China's service trade import and export totaled 59,362.2 billion yuan in the first three quarters, a year-on-year increase of 7.6%, with exports growing by 14.4% [7] - The negotiation for the 2025 drug catalog concluded, with 127 drugs participating in the basic medical insurance catalog negotiations, and significant price reductions expected for innovative drugs [8]