中德结束贸易紧张，美联储支持再度降息：申万期货早间评论-20251118

Group 1 - The core viewpoint emphasizes the importance of expanding domestic demand and enhancing market resilience in China [1] - In the first ten months of the year, China's general public budget revenue reached 18.649 trillion yuan, a year-on-year increase of 0.8%, while expenditure grew by 2% [7] - The transaction stamp duty revenue surged by 88.1% during the same period, indicating a significant increase in trading activities [1][7] Group 2 - The U.S. Federal Reserve officials expressed support for a potential interest rate cut in December, citing concerns over the labor market and inflation risks [1][6] - The U.S. stock market saw declines, with major indices falling, particularly in the pharmaceutical and banking sectors, while technology and defense sectors showed gains [10] - Domestic liquidity conditions in China are expected to remain accommodative, with increased allocations to equity assets anticipated as external funds may flow into the domestic market due to the Fed's rate cuts and yuan appreciation [10] Group 3 - The glass and soda ash markets are currently in a phase of inventory digestion, with glass production inventories decreasing by 540,000 heavy boxes and soda ash inventories down by 8000 tons [2][17] - The soybean meal market remains in a loose state with high inventory levels, following a USDA report that lowered U.S. soybean production estimates, leading to a decline in soybean prices [3][22]