1. Report Industry Investment Rating - No relevant content is provided in the report. 2. Core Viewpoints of the Report - On November 4, the manganese - silicon 2601 contract was reported at 5754, down 0.72%. The Inner Mongolia silicon - manganese spot was reported at 5550, down 20 yuan/ton. The inventory is rising rapidly, the output continues to decline slightly at a high level, and the inventory has risen for 4 consecutive weeks. The iron - making enthusiasm on the demand side has declined. The Inner Mongolia spot profit is - 160 yuan/ton, and the Ningxia spot profit is - 260 yuan/ton. The market should be treated as a volatile one [2]. - On November 4, the ferrosilicon 2601 contract was reported at 5510, down 0.29%. The Ningxia ferrosilicon spot was reported at 5260, down 10 yuan/ton. The supply - demand is in a weak balance, the inventory is at a neutral level, and the short - term cost is supported. The Inner Mongolia spot profit is - 310 yuan/ton, and the Ningxia spot profit is - 510 yuan/ton. The market should be treated as a volatile one [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - SM (manganese - silicon) main contract closing price was 5,754.00 yuan/ton, down 40.00 yuan; SF (ferrosilicon) main contract closing price was 5,510.00 yuan/ton, down 16.00 yuan [2]. - SM futures contract open interest was 557,176.00 lots, up 19,415.00 lots; SF futures contract open interest was 341,576.00 lots, up 13,219.00 lots [2]. - The net position of the top 20 in manganese - silicon was - 49,641.00 lots, up 6,589.00 lots; the net position of the top 20 in ferrosilicon was - 35,700.00 lots, up 4,477.00 lots [2]. - The price difference between SM's May - January contracts was 48.00 yuan/ton, down 4.00 yuan; the price difference between SF's May - January contracts was 74.00 yuan/ton, down 4.00 yuan [2]. - SM's warehouse receipts were 10,818.00 pieces, up 798.00 pieces; SF's warehouse receipts were 5,182.00 pieces, up 673.00 pieces [2]. 3.2 Spot Market - Inner Mongolia manganese - silicon FeMn68Si18 was 5,550.00 yuan/ton, down 20.00 yuan; Inner Mongolia ferrosilicon FeSi75 - B was 5,300.00 yuan/ton, unchanged [2]. - Guizhou manganese - silicon FeMn68Si18 was 5,600.00 yuan/ton, unchanged; Qinghai ferrosilicon FeSi75 - B was 5,160.00 yuan/ton, unchanged [2]. - Yunnan manganese - silicon FeMn68Si18 was 5,600.00 yuan/ton, unchanged; Ningxia ferrosilicon FeSi75 - B was 5,260.00 yuan/ton, down 10.00 yuan [2]. - The manganese - silicon index average was 5,646.00 yuan/ton, up 5.00 yuan; SF's main contract basis was - 250.00 yuan/ton, up 6.00 yuan [2]. - SM's main contract basis was - 204.00 yuan/ton, up 20.00 yuan [2]. 3.3 Upstream Situation - South African ore: Mn38 lump at Tianjin Port was 32.00 yuan/ton - degree, unchanged; silica (98% in the northwest) was 210.00 yuan/ton, unchanged [2]. - Inner Mongolia Wuhai secondary metallurgical coke was 1,200.00 yuan/ton, unchanged; semi - coke (medium - sized in Shenmu) was 810.00 yuan/ton, unchanged [2]. - Manganese ore port inventory was 442.70 million tons, up 6.30 million tons [2]. 3.4 Industry Situation - Manganese - silicon enterprise operating rate was 42.99%, down 0.05%; ferrosilicon enterprise operating rate was 36.08%, up 0.52% [2]. - Manganese - silicon supply was 207,725.00 tons, up 315.00 tons; ferrosilicon supply was 113,200.00 tons, down 900.00 tons [2]. - Manganese - silicon manufacturers' inventory was 314,500.00 tons, up 21,500.00 tons; ferrosilicon manufacturers' inventory was 71,990.00 tons, up 5,430.00 tons [2]. - Manganese - silicon inventory days of national steel mills was 15.70 days, down 0.23 days; ferrosilicon inventory days of national steel mills was 15.67 days, up 0.15 days [2]. - The demand for manganese - silicon from five major steel types was 124,492.00 tons, up 1,809.00 tons; the demand for ferrosilicon from five major steel types was 20,275.30 tons, up 339.40 tons [2]. 3.5 Downstream Situation - The blast furnace operating rate of 247 steel mills was 81.73%, down 3.00%; the blast furnace capacity utilization rate of 247 steel mills was 88.59%, down 1.33% [2]. - Crude steel output was 7,349.01 million tons, down 387.84 million tons [2]. 3.6 Industry News - The US Treasury Secretary said that if China continues to block rare - earth exports, the US may impose additional tariffs on China, and the Chinese Foreign Ministry responded [2]. - The central bank renewed a bilateral local - currency swap agreement with the Bank of Korea, with a swap scale of 400 billion yuan/70 trillion won and a validity period of five years [2]. - Baoshan Iron & Steel Co., Ltd. adjusted its production - capacity target from "80 - 100 million tons" to "over 80 million tons", focusing more on tapping the value of existing assets [2]. - Goldman Sachs' China research team raised its forecasts for China's export growth and real GDP growth, expecting China's exports to grow by 5 - 6% annually in the next few years and raising the forecast for China's real GDP growth in 2025 from 4.9% to 5% [2].

Core Viewpoint - The People's Bank of China and the Bank of Korea have renewed their bilateral currency swap agreement, which is aimed at enhancing monetary and financial cooperation between the two countries, facilitating bilateral trade, and maintaining financial market stability [1] Group 1: Agreement Details - The renewed currency swap agreement has a scale of 400 billion RMB and 70 trillion KRW [1] - The agreement is valid for five years and can be extended upon mutual consent [1] Group 2: Implications - The renewal of the agreement is expected to deepen monetary and financial cooperation between China and South Korea [1] - It will promote the convenience of bilateral trade [1] - The agreement aims to help maintain stability in the financial markets of both countries [1]

Group 1 - The core point of the article is the renewal of the bilateral currency swap agreement between the People's Bank of China and the Bank of Korea, with a swap scale of 400 billion RMB / 70 trillion KRW, effective for five years and extendable by mutual agreement [1] Group 2 - The renewal of the currency swap agreement aims to deepen financial cooperation between China and South Korea [1] - It is expected to facilitate bilateral trade and maintain financial market stability [1]

Core Viewpoint - The People's Bank of China and the Bank of Korea have renewed their bilateral currency swap agreement, which is set at a scale of 400 billion RMB / 70 trillion KRW, effective for five years, with the possibility of extension [1] Group 1 - The renewal of the bilateral currency swap agreement aims to deepen monetary and financial cooperation between China and South Korea [1] - The agreement is expected to facilitate bilateral trade and enhance financial market stability [1]

Group 1: Central Bank Operations - The central bank conducted a 236 billion yuan 7-day reverse repurchase operation at an interest rate of 1.40%, indicating flexibility and proactivity in monetary policy to maintain market liquidity stability [1] Group 2: Bilateral Currency Swap Agreement - The People's Bank of China and the Central Bank of Iceland renewed a bilateral currency swap agreement with a scale of 3.5 billion yuan/70 billion Icelandic króna, effective for five years, aimed at enhancing financial cooperation and trade facilitation [2] Group 3: A-Share Insurance Sector Performance - The A-share insurance sector saw significant gains, with China Life rising over 5% and China Pacific Insurance over 2%, reflecting investor confidence driven by policy support, increased consumer demand, and industry innovation [3] Group 4: US Economic Conditions - The Federal Reserve's "Beige Book" reported that tariffs have contributed to rising prices across all Federal Reserve districts, with increased input costs being passed on to consumers by some manufacturing and retail companies [4] Group 5: Global Public Debt Warning - The International Monetary Fund warned that global public debt is expected to exceed 100% of global GDP by 2029, potentially reaching 123% in extreme scenarios, highlighting the need for countries to optimize spending and enhance fiscal resilience [5]

Group 1 - Deutsche Bank's Chief Economist for China predicts a strengthening of the RMB against the USD, forecasting an exchange rate of 7.0 by the end of 2025 and 6.7 by the end of 2026 [3][6] - The improvement in the RMB exchange rate is attributed to better-than-expected export performance and a decrease in the market's expectation of RMB depreciation, leading to increased foreign exchange inflows [5][6] - The People's Bank of China has renewed bilateral currency swap agreements with the European Central Bank, Swiss National Bank, and Hungarian National Bank, which will enhance bilateral trade and investment facilitation [7][8] Group 2 - The bilateral currency swap agreements include a scale of 350 billion RMB/45 billion Euros with the EU, 150 billion RMB/17 billion Swiss Francs with Switzerland, and 40 billion RMB/190 billion Hungarian Forints with Hungary, with varying effective periods [7] - The seasonal characteristics of exports and the strong demand for profit recovery at year-end are expected to drive a concentrated foreign exchange settlement by exporters in the fourth quarter [6] - The current low level of short positions against the offshore RMB provides room for further strengthening of the RMB exchange rate [6]

Core Points - The European Central Bank (ECB) and the People's Bank of China (PBOC) have extended their bilateral currency swap agreement for three more years until October 8, 2028 [1] - The swap agreement maintains the same scale and conditions, originally established in October 2013 with a maximum size of 350 billion yuan and 45 billion euros [1] - The ECB emphasizes the importance of this agreement in supporting liquidity for Eurozone banks facing sudden shortages of renminbi, thereby addressing market volatility and contributing to global financial stability [1]

Core Viewpoint - The People's Bank of China and Bank Indonesia have jointly launched a bilateral local currency settlement (LCT) framework and a cross-border QR code interoperability project, marking a significant advancement in financial cooperation between the two countries [1][4]. Group 1: Bilateral Cooperation Framework - The LCT framework was officially announced by the central bank governors of both countries, expanding the scope of local currency settlement to cover all items in the balance of payments, facilitating the use of local currencies in bilateral trade and investment [4][6]. - The LCT framework aims to enhance financial system connectivity and security, reflecting the deepening political trust and economic ties between China and Indonesia [6][8]. Group 2: Financial Statistics and Future Plans - From January to July 2025, the local currency settlement scale under the LCT framework reached $6.23 billion, accounting for 45% of Indonesia's total local currency settlements with all trade partners [8]. - A joint working mechanism between the two central banks will be established to further institutionalize bilateral cooperation and promote financial collaboration [8][10]. Group 3: Previous Agreements and Developments - The recent memorandum of understanding expands the previous agreement signed in 2020, broadening local currency settlement cooperation from current account and direct investment to include capital and financial accounts [10]. - A bilateral currency swap agreement was renewed with a scale of 400 billion RMB / 878 trillion Indonesian Rupiah, effective for five years, aimed at enhancing monetary cooperation and facilitating bilateral trade [10].

Group 1 - The People's Bank of China (PBOC) signed bilateral currency swap agreements with the European Central Bank, Swiss National Bank, and Hungarian National Bank during the International Bank for Settlements meeting [1][3][5][7] - The bilateral currency swap with the European Central Bank is valued at 350 billion RMB / 45 billion EUR, with a validity of three years [1] - The bilateral currency swap with the Swiss National Bank is valued at 150 billion RMB / 17 billion CHF, with a validity of five years [1] - The bilateral currency swap with the Hungarian National Bank is valued at 40 billion RMB / 1.9 trillion HUF, with a validity of five years [1] - These agreements aim to deepen bilateral monetary and financial cooperation, facilitate trade and investment, and maintain financial market stability [1]

Domestic News - The Ministry of Commerce announced that starting from August 29, 2025, anti-dumping duties will continue to be imposed on imported phenol originating from the United States, European Union, South Korea, Japan, and Thailand for a period of five years [1] - The "2025 China Top 500 Private Enterprises" list was released, with JD Group, Alibaba (China) Co., Ltd., and Hengli Group Co., Ltd. ranking in the top three [3] - The People's Bank of China and the Reserve Bank of New Zealand have renewed a bilateral currency swap agreement with a scale of 250 billion yuan, effective for five years [2] Economic Data - In the first seven months of this year, China's imports from the least developed countries in Africa reached $39.66 billion, a year-on-year increase of 10.2% [2] - In July 2025, the total issuance of new local government bonds reached 1.2135 trillion yuan, including 344.9 billion yuan of general bonds and 868.6 billion yuan of special bonds [2] - The data industry in China shows a significant regional distribution, with the eastern region accounting for nearly 70% of the total industry scale, amounting to 40,819 billion yuan [3]