Group 1 - The core viewpoint of the articles highlights the acceleration of major project construction across various regions in China, aiming to boost effective investment and stabilize economic growth by the end of 2025 [1][2]. - In Fujian Province, a total of 130 projects with an investment of 701.26 billion yuan were included in a concentrated commencement and completion event, with 65 projects starting construction and 65 being completed [1]. - Chongqing launched 177 major projects with a total investment exceeding 180 billion yuan, covering multiple sectors such as modern industry, infrastructure, social welfare, and ecological protection [1]. Group 2 - Investment in major projects is seen as a "ballast stone" for stabilizing economic growth, creating a closed loop of "investment-production-revenue" that activates the industrial chain's collaborative effects [2]. - Guangdong Province has planned 1,500 key construction projects with an annual investment target of 1 trillion yuan, achieving 96% of its investment goal by October 2025 [2]. - The construction of infrastructure projects is expected to improve public services and enhance the overall living experience, laying a foundation for future industrial development and economic upgrades [2]. Group 3 - To ensure the sustained acceleration of major project construction, local policies should focus on five core areas: resource assurance, efficiency in approvals, financial empowerment, environmental optimization, and mechanism protection [3]. - Streamlining approval processes through "parallel approvals and acceptance of incomplete applications" is recommended to simplify project initiation and land use [3]. - Encouraging local enterprises to participate in project subcontracting and material supply can help reduce construction costs and enhance the precision of industrial chain support [3].

Core Insights - The total issuance of local government bonds in China for 2025 has surpassed 10 trillion yuan, marking the first time this annual scale has crossed the 10 trillion yuan threshold [1][3] - The increase in local bond issuance is seen as a necessary measure for stabilizing growth and managing long-term debt risks, emphasizing the need to balance growth and risk prevention [1][3] Group 1: Local Government Bond Issuance - As of December 2, 2025, the net financing amount of local government bonds is approximately 7.1 trillion yuan, with total issuance around 10.1 trillion yuan, including 2.55 trillion yuan in general bonds and 7.56 trillion yuan in special bonds [1] - The issuance scale for local government bonds has been notably high in 2025, with approximately 2.8 trillion yuan, 2.6 trillion yuan, and 3 trillion yuan issued in the first three quarters respectively [1] Group 2: Special Bonds and Project Financing - The issuance of new special bonds is accelerating, which is expected to facilitate the advancement of major local projects and increase tangible work output [3] - The planned issuance of local government bonds for December 2025 totals 1.05 billion yuan, with 213 million yuan allocated for new special bonds, a significant decrease compared to the previous year [3] - The new special bond issuance is expected to reach a record high, taking into account the "negative list" management of fund allocation and the saturation of traditional infrastructure projects [3] Group 3: Future Projections - For 2026, the limit for new local government special bonds is anticipated to reach 5 trillion yuan, with specific allocations for debt repayment, land acquisition, and project construction [4] - The special bond quota for debt repayment is projected at 1.6 trillion yuan, while the quota for project construction is expected to increase by 1 trillion yuan compared to 2025 [4]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The bond market fluctuates between stable growth and easing expectations, affected by the stock market, delayed Fed rate - cut expectations, and increased global trade uncertainties. It is recommended to pay attention to the policy signals at the end of the month in the short term [1][3] - For trading strategies, the 2603 contract of treasury bond futures is neutral for unilateral trading; pay attention to the decline of the 2603 basis for arbitrage; and short - side investors can use far - month contracts for appropriate hedging due to the medium - term adjustment pressure [4] 3. Summary by Relevant Catalogs 3.1 Interest Rate Pricing Tracking Indicators - Price indicators: China's CPI (monthly) has a month - on - month and year - on - year increase of 0.20%; China's PPI (monthly) has a month - on - month increase of 0.10% and a year - on - year decrease of 2.10% [9] - Economic indicators (monthly update): Social financing scale is 437.72 trillion yuan, with a month - on - month increase of 0.64 trillion yuan and a growth rate of 0.15%; M2 year - on - year is 8.20%, with a decrease of 0.20 percentage points and a decline rate of 2.38%; Manufacturing PMI is 49.20%, with an increase of 0.20 percentage points and a growth rate of 0.41% [10] - Economic indicators (daily update): The US dollar index is 99.42, with a decrease of 0.05 and a decline rate of 0.05%; The US dollar against the offshore RMB is 7.0710, with a change of 0.000 and a decline rate of 0.01%; SHIBOR 7 - day is 1.45, with an increase of 0.02 and a growth rate of 1.18%; DR007 is 1.46, with a decrease of 0.01 and a decline rate of 0.60%; R007 is 1.51, with a decrease of 0.02 and a decline rate of 1.24%; The 3 - month inter - bank certificate of deposit (AAA) is 1.59, with a change of 0.00 and a decline rate of 0.11%; The AA - AAA credit spread (1Y) is 0.10, with a change of 0.00 and a decline rate of 0.11% [10] 3.2 Overview of the Treasury Bond and Treasury Bond Futures Market - On December 1, 2025, the closing prices of TS, TF, T, and TL were 102.41 yuan, 105.84 yuan, 108.04 yuan, and 114.37 yuan respectively, with the corresponding price changes of 0.03%, 0.10%, 0.12%, and - 0.08% [3] - The average net basis of TS, TF, T, and TL was - 0.037 yuan, - 0.149 yuan, - 0.143 yuan, and - 0.139 yuan respectively [3] - There are multiple figures showing the closing price trends, price changes, capital flow, position ratios, etc. of treasury bond futures [7][12][15] 3.3 Overview of the Money Market Funding Situation - From January to October 2025, the general public budget revenue increased by 0.8% year - on - year, with tax revenue improving for eight consecutive months, but non - tax revenue dragging down the overall growth rate. The general public budget expenditure increased only by 2% year - on - year and slowed down for three consecutive months [2] - At the end of October, the social financing and credit maintained a low - level expansion, while government bond issuance remained strong, and the financing demand of enterprises and residents was weak. The M1 declined, and the M2 - M1 gap widened, indicating weak business vitality in the real economy [2] - On December 1, 2025, the central bank conducted 107.6 billion yuan of 7 - day reverse repurchase operations at a fixed interest rate of 1.4% [2] - The main term repurchase rates of 1D, 7D, 14D, and 1M were 1.307%, 1.454%, 1.477%, and 1.519% respectively, and the repurchase rates have rebounded recently [2] - There are multiple figures showing the Shibor rate trends, inter - bank certificate of deposit yields, bank - to - bank pledged repurchase transactions, and local government bond issuance [7][26][29] 3.4 Spread Overview - There are multiple figures showing the inter - term spread trends of treasury bond futures and the term spread between spot bonds and cross - variety spreads of futures [7][28][33] 3.5 Two - year Treasury Bond Futures - There are figures showing the implied interest rate and maturity yield of the two - year treasury bond futures main contract, the IRR of the TS main contract and the funding rate, and the three - year basis and net basis trends of the TS main contract [7][36][46] 3.6 Five - year Treasury Bond Futures - There are figures showing the implied interest rate and maturity yield of the five - year treasury bond futures main contract, the IRR of the TF main contract and the funding rate, and the three - year basis and net basis trends of the TF main contract [7][48][52] 3.7 Ten - year Treasury Bond Futures - There are figures showing the implied yield and maturity yield of the ten - year treasury bond futures main contract, the IRR of the T main contract and the funding rate, and the three - year basis and net basis trends of the T main contract [7][54][56] 3.8 Thirty - year Treasury Bond Futures - There are figures showing the implied yield and maturity yield of the thirty - year treasury bond futures main contract, the IRR of the TL main contract and the funding rate, and the three - year basis and net basis trends of the TL main contract [7][61][67]

行业 国债日报 日期 2025 年 12 月 2 日 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 请阅读正文后的声明 ＃summary＃ 每日报告 | | 表1：国债期货12月1日交易数据汇总 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算价 | 开盘价 | 收盘价 | 结算价 | 涨跌 | 涨跌幅 （%） | 成交量 | 持仓量 | 仓差 | | TL2512 | 114.690 | 114.450 | 114.600 | 114.600 | -0.090 | -0.08 | 336 | 6844 | -346 | | TL2603 | 114.460 | 114.450 | 114.370 | 114.470 | -0.090 | -0.08 | 85367 | 148056 | 666 | | TL2606 | 114.610 | 114.5 ...

Group 1 - The A-share market experienced a significant adjustment in November 2025, with high valuation growth stocks undergoing notable corrections while value and dividend stocks showed relative resilience [2][17] - Economic data for November indicated a weak recovery in investment and consumption, with exports declining due to high base effects and holiday impacts. However, CPI growth turned positive, and PPI declines narrowed, suggesting a mild recovery in prices [2][17] - The central bank's report emphasized maintaining relatively loose social financing conditions to support "steady growth," alongside various policies aimed at stimulating domestic demand and private investment [2][17] Group 2 - For December 2025, a balanced investment strategy is recommended, focusing on high-dividend defensive assets like banks and power companies due to cautious investor sentiment, while also gradually positioning in high-growth sectors like TMT and industrial machinery as valuations have returned to reasonable levels [3][18] - The recommended stocks for December 2025 include: 002850.SZ Keda Li, 300037.SZ Xinzhou Bang, 601058.SH Sailun Tire, 603755.SH Richen Co., 300442.SZ Runze Technology, 002046.SZ Guoji Precision, 002714.SZ Muyuan Foods, 688041.SH Haiguang Information, 688498.SH Yuanjie Technology, and 688313.SH Shijia Photon [4][22] Group 3 - The monthly gold stock portfolio for November 2025 yielded a return of -2.16%, outperforming the CSI 300 index by 0.21 percentage points and the ChiNext index by 1.82 percentage points [6][9] - The cumulative return of the monthly gold stock portfolio as of November 28, 2025, was 42.86%, surpassing the CSI 300 index by 27.73 percentage points, while slightly underperforming the ChiNext index by 0.01 percentage points [13]

关键时刻政策密集出手，降息、财政扩张、楼市消费新政齐上阵，这波组合拳能否稳住5%增长目标？ 背后的逻辑和看点值得细细说道。 2025年的经济走势真是让人猜不透，一边是出口逆势狂飙给市场送惊喜，一边是房地产和消费拖后腿让 人捏把汗。 十五五"开局这盘棋，到底能不能下赢？关键还得看政策这波神操作。 新能源车出口大增 哈喽大家好，今天小无带大家聊聊"十五五"开局的经济大棋局。一边是出口顶着关税压力逆势狂飙，成 为稳增长的硬核支撑；一边是房地产、消费深陷调整泥潭，拖累经济步伐。 先说说最让人意外的出口表现，简直是逆袭中的战斗机！谁能想到，美国对华关税4月飙到100%以上， 5月才回落至30%。 这么折腾下来，中国全年出口增速居然有望冲到8%，而且各行各业都跟着发力。这可不是靠运气，也 不是短期抢出口能撑起来的，而是中国制造业实打实的硬实力。 现在咱们的出口早就不是单一产品厉害，而是形成了技术、产业链、服务一条龙的综合优势。 冶金、化工这些老产业通过升级改造，既保住了质量又没乱涨价，传统市场守得牢，新兴市场也打得 开。 | 举办时间 | 国外劳商 | 会议名称 | 王霞 | 地点 | | --- | --- | --- ...

Core Insights - The Chinese government has introduced a plan to enhance the adaptability of supply and demand in consumer goods, aiming to create three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots by 2027, with a focus on high-quality development by 2030 [1] Group 1: Development Goals - By 2027, China aims to establish three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots [1] - By 2030, the goal is to achieve a high-quality development pattern where supply and consumption interact positively, with a steady increase in consumption's contribution to economic growth [1] Group 2: Key Consumption Areas - The three trillion-level consumption sectors include elderly products, smart connected vehicles, and consumer electronics [1] - The ten hundred-billion-level consumption hotspots cover categories closely related to daily life, such as baby products, smart wearables, cosmetics, fitness equipment, outdoor products, pet food, civilian drones, trendy toys, jewelry, and national fashion apparel [1] Group 3: Current Market Trends - In the first ten months of this year, the trade-in policy for consumer goods has generated over 2.4 trillion yuan in sales, benefiting more than 360 million people [3] - Retail sales of home appliances, furniture, and communication equipment have seen approximately 20% year-on-year growth, maintaining a rapid growth rate [3] Group 4: Regulatory and Standardization Efforts - The State Administration for Market Regulation has released 22 national standards related to energy and water consumption for daily consumer goods, enhancing the supply of quality products to meet consumer demand [3] - The plan emphasizes the development of energy-efficient and environmentally friendly products suitable for rural areas, including efficient range hoods, gas stoves, water heaters, and bathroom products [3][4]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - In 2025, the silicon manganese and silicon ferro markets showed a downward trend due to factors such as loose supply - demand, declining cost support, and weak downstream demand. In 2026, with loose silicon manganese capacity and no significant increase in downstream consumption, its price is expected to be suppressed. For silicon ferro, although supply - demand has a growth trend, the relatively sufficient capacity will lead to intense competition, and the price is expected to fluctuate at a low level [1][5]. Summary According to the Table of Contents 1. 2025 Iron Alloy Market Review - Silicon manganese: In 2025, the price center of silicon manganese gradually moved down. There were price fluctuations due to factors such as manganese ore supply disturbances, coal price changes, and "anti - involution" sentiment [16]. - Silicon ferro: In 2025, the price of silicon ferro was affected by black - sector market trends, coal price changes, and "anti - involution" sentiment, showing an overall downward trend with fluctuations [17]. 2. Silicon Manganese: Loose Supply - Demand and Long - term Losses in Production Areas 2.1 Manganese Ore Imports Increase, but Port Manganese Ore Remains at a Low Level - In 2025, from January to October, the total manganese ore imports were 2687000 tons, a year - on - year increase of 235000 tons. The imports from Australia increased by 62000 tons compared with the same period in 2024. However, due to high port clearance volume, the port manganese ore inventory was at a low level for a long time [22]. 2.2 Long - term Losses in Production Areas, Relatively Restrained Silicon Manganese Output - From January to November 2025, production areas suffered long - term losses. The weekly operating rate of silicon manganese was at a low level, and by the end of November, it dropped below 40%. From January to October 2025, the cumulative output of silicon manganese alloy was 8.434 million tons, with a slight decline [6][56]. 2.3 Good Profits of Downstream Enterprises, Resilient Demand for Silicon Manganese - In 2025, the steel industry showed a positive trend. From January to October, the profitability rate of 247 steel mills remained above 50% for a long time. The total profit of the ferrous metal smelting and rolling processing industry was 105.32 billion yuan, much higher than the same period last year. The demand for silicon manganese in major steel products remained resilient [61][63]. 2.4 High Inventory of Alloy Enterprises Suppresses Price Increase - By the end of November, the inventory of sample silicon manganese enterprises reached 368000 tons, at a high level in the same period. Although downstream enterprises replenished inventory to some extent, the high inventory of alloy enterprises still put pressure on the price [71]. 3. Silicon Ferro: Output Increases Year - on - Year, Cost Center Moves Down 3.1 Silicon Ferro Price Fluctuates at a Low Level, Alloy Enterprises Suffer Long - term Losses - Affected by loose supply - demand, the silicon ferro price was suppressed. In June, it rebounded slightly with the stabilization of coal prices, and further rose in July due to "anti - involution" sentiment, but then fluctuated downward [10]. 3.2 Resilient Downstream Demand, Slight Increase in Output - From January to October 2025, the total output of silicon ferro was 4.624 million tons, a year - on - year increase of 1.24%. The demand for downstream products such as metal magnesium and stainless steel was resilient [87]. 3.3 Good Profits of Steel Enterprises, Some Inventory Replenishment by Downstream Silicon Ferro Enterprises - By the end of November, the consumption of silicon ferro in major steel products increased slightly year - on - year. The output of stainless steel crude steel increased by 5.5% year - on - year, and the consumption of silicon ferro also increased. The output of metal magnesium remained stable. By the end of October, the available days of silicon ferro inventory in steel mills were 15.67 days, higher than the same period in 2024 but still at a low level in the past five years [91][99]. 4. Outlook for 2026 - It is estimated that in 2026, overseas crude steel consumption will increase by 2.0%, and production will increase by 1.0%; domestic crude steel consumption will increase by 0.1%, and production will increase by 1.4%. - Silicon manganese: The output is expected to decrease by 0.14%, domestic consumption will decrease by 0.28% (excluding state reserves), and exports will remain at a low level. The price is expected to fluctuate at a low level. - Silicon ferro: The output is expected to increase by 1.4% year - on - year, domestic consumption will increase by 1.7%, and exports will decrease by 4.5%. The price is expected to fluctuate at a low level [103][106][108].

Report Summary 1. Report Industry Investment Rating - The investment rating for the bond market is "oscillation" [1] 2. Core View of the Report - The latest macro - economic data shows that stabilizing growth remains the main theme of the macro - economy in the fourth quarter. The short - term trend of treasury bond futures may be oscillatory, and trading - type investors are advised to conduct band operations [1][2] 3. Summary by Relevant Catalog Market Conditions - On Thursday, most of the main contracts of treasury bond futures opened roughly flat, with the 30 - year contract opening lower. By the close, the 30 - year treasury bond futures main contract TL2603 fell 0.01%, the 10 - year T2603 fell 0.06%, the 5 - year TF2603 fell 0.01%, and the 2 - year TS2603 rose 0.01%. The Wind All - A Index opened slightly higher, rose in the morning session and then declined, continued to oscillate and decline in the afternoon, closing down 0.01% from the previous trading day, with a trading volume of 1.72 trillion yuan, a slight decline from 1.80 trillion yuan in the previous trading day [1][2] Important Information - **Open Market**: On Thursday, the central bank conducted 356.4 billion yuan of 7 - day reverse repurchase operations, with 300 billion yuan of reverse repurchases maturing on the same day, resulting in a net investment of 56.4 billion yuan [1] - **Funding Market**: On Thursday, the overnight interest rate in the inter - bank funding market remained low. The weighted average of DR001 was 1.31% throughout the day, the same as the previous trading day; the weighted average of DR007 was 1.45%, down from 1.47% in the previous trading day [1] - **Cash Bond Market**: On Thursday, the closing yields of inter - bank treasury bonds mostly increased compared with the previous trading day. The yield to maturity of the 2 - year treasury bond decreased by 0.25 BP to 1.43%, the 5 - year increased by 1.01 BP to 1.63%, the 10 - year increased by 0.75 BP to 1.85%, and the 30 - year increased by 0.75 BP to 2.20% [1] - **Industrial Enterprise Data**: From January to October, the operating income of industrial enterprises above designated size was 113.37 trillion yuan, a year - on - year increase of 1.8% (1 - 9 months: 2.4%, 2024: 2.1%); the total profit was 5950.29 billion yuan, a year - on - year increase of 1.9% (1 - 9 months: 3.2%, 2024: - 3.3%). In October, due to factors such as a higher base in the same period last year and a rapid increase in financial expenses, the profit of industrial enterprises above designated size decreased by 5.5% year - on - year [1] - **Automobile Consumption Policy**: The Ministry of Commerce will promote pilot reforms in automobile circulation and consumption, expand the circulation of second - hand cars, and expand the automobile aftermarket [1] - **Government Meeting**: The State Council executive meeting on November 27 listened to the report on the comprehensive supervision of promoting high - quality development, arranged to promote the provincial - level overall planning of basic medical insurance, reviewed and approved the draft "Regulations on Promoting National Reading", and discussed the draft amendment to the "Certified Public Accountant Law of the People's Republic of China" [1] Market Logic - The increase in the base in the same period last year and the rapid growth of financial expenses led to a 5.5% year - on - year decline in the profit of industrial enterprises above designated size in October. As of the end of October, the asset - liability ratio of industrial enterprises above designated size was 58.0%, up 0.3 percentage points year - on - year and the same as at the end of September. The average collection period of accounts receivable of manufacturing enterprises above designated size was 71.2 days, an increase of 2.8 days year - on - year and 0.8 days from the end of September [2] Trading Strategy - Trading - type investors are advised to conduct band operations [2]

Economic Indicators - Recent physical indicators such as social electricity consumption, railway freight volume, express delivery volume, and excavator sales have shown positive trends [1][4][5] - In October, social electricity consumption reached 857.2 billion kWh, a year-on-year increase of 10.4%, marking the highest monthly growth rate this year [4] - From January to October, railway freight volume reached 3.378 billion tons, a year-on-year increase of 3%, setting a historical record for the same period [5] - The express delivery volume for the first ten months reached 162.68 billion pieces, a year-on-year increase of 16.1% [5] - Excavator sales totaled 192,000 units from January to October, a year-on-year increase of 17% [5] Industrial Profit Trends - From January to October, profits of industrial enterprises above designated size increased by 1.9% year-on-year, with a notable 7.8% increase in the equipment manufacturing sector [2][3] - High-tech manufacturing profits grew by 8.0%, surpassing the overall industrial average by 6.1 percentage points [2] - Traditional industries are also showing signs of improvement, with profits significantly above the industry average [2] Policy Support and Investment - The government is implementing policies to stabilize growth, including the acceleration of local government bond issuance and measures to promote private investment [1][7][10] - The "Two Heavy" construction initiative is a key focus for expanding effective investment and fostering new productive forces [8] - The issuance of 5,000 billion yuan in local government bonds aims to support debt resolution and project construction [10][11] - New policy financial tools have been deployed, supporting over 2,300 projects with a total investment of approximately 7 trillion yuan [11]