Core Viewpoint - The meeting emphasizes the importance of implementing the spirit of the 20th Central Committee's Fourth Plenary Session, which provides direction for the national economic and social development over the next five years and beyond, particularly for the high-quality development of the petroleum and chemical industry [1][2]. Group 1 - The meeting highlighted the need for all staff to enhance their political awareness and understand the significance of the Fourth Plenary Session, focusing on the strategic deployment for building a modern industrial system, achieving high-level technological self-reliance, and promoting green and low-carbon transformation [2][3]. - The meeting outlined six key tasks for the media organization to effectively implement the spirit of the Fourth Plenary Session, including deepening learning, strengthening training, conducting special lectures, enhancing news publicity, transforming research, and guiding inspections [2]. - The meeting stressed that the effectiveness of the learning implementation depends on responsibility assignment, urging all levels of party organizations to strengthen leadership and collaboration among various groups to integrate the session's spirit with industry development [3].

Report Summary 1. Report Industry Investment Ratings | | Bearish | Bullish | | --- | --- | --- | | (IH) Stock Index | | √ | | Stock Index (IF) | | √ | | Stock Index (IC) | | √ | | Stock Index (IM) | | √ | | Treasury Bonds (TL) | | √ | | Treasury Bonds (T) | | √ | | Crude Oil | √ | | | Methanol | √ | | | Rubber | | √ | | Rebar | | √ | | Hot Rolled Coil | | √ | | Iron Ore | | √ | | Coking Coal | √ | | | Coke | √ | | | Manganese Silicon | √ | | | Ferrosilicon | √ | | | Copper | | √ | | Aluminum | | √ | | Lithium Carbonate | | √ | | Apple | √ | | | Corn | | √ | | Soda Ash | √ | | | Glass | √ | | | Container Shipping to Europe | √ | | [5] 2. Core Views of the Report - China's economic sentiment is generally stable in November 2025, and the economy is expected to face new opportunities in 2026. The report suggests setting cross - cycle interval combination targets for 2026 [1]. - For the stock index, in the context of economic pressure, relevant incremental policies are expected to be introduced, and a long - term and slow - growing bull market may continue. The market style may tend to be balanced later [2][10]. - Copper prices are supported in the long - run due to the shift of global copper supply and demand to a deficit caused by mine supply disruptions [2][17]. - The downward trend of crude oil is difficult to reverse despite short - term price increases [3][12]. 3. Summary by Relevant Catalogs 3.1. Main News Concerns - **International News**: The US - Ukraine talks are considered "fruitful", and the US will strengthen diplomatic efforts. The US Middle East envoy may go to Moscow for further talks, and the US has maintained contact with Russia [6]. - **Domestic News**: The National Development and Reform Commission encourages private enterprises to seize investment opportunities and promotes the high - quality development of private investment [6]. - **Industry News**: In October 2025, the private equity fund scale reached 22.05 trillion yuan, a record high. The private securities investment fund scale exceeded 7 trillion yuan for the first time, and all types of funds grew synchronously [7]. 3.2. Outer - market Daily Earnings - On November 28, 2025, most outer - market varieties showed price fluctuations. For example, the S&P 500 rose 0.54%, the European STOXX50 rose 0.32%, London Gold rose 1.48%, etc. [9] 3.3. Morning Comments on Major Varieties - **Financial**: - **Stock Index**: The US three major indexes rose. The stock index mainly rose in the previous trading day. The science and technology sector is expected to be the long - term direction. The market style may tend to be balanced later, and a long - term bull market may continue [2][10]. - **Treasury Bonds**: Treasury bond prices are mixed. The market funds are stable, but due to factors such as economic data, real - estate market conditions, and policy expectations, the Treasury bond futures prices turn weak [11]. - **Energy and Chemical**: - **Crude Oil**: The SC crude oil rose 1.11% at night. The market is skeptical about the restart of the Ukraine peace process. The overall downward trend of crude oil is difficult to reverse [3][12]. - **Methanol**: Methanol fell 0.28% at night. The domestic methanol and CTO/MTO device operating rates decreased. The coastal methanol inventory decreased, but it is still at a high level. Methanol is expected to fluctuate weakly in the short - term [13]. - **Rubber**: Overseas rubber supply increases, while domestic supply is about to enter the off - season. The demand side supports the stable operation of all - steel tire production. The rubber price is expected to fluctuate widely with a slowly rising center [14]. - **Polyolefin**: Polyolefin futures rebounded slightly. The downstream demand is stable, but the market sentiment is affected by crude oil and the overall weakness of commodities. The future trend depends on consumption, supply, and production scheduling [15]. - **Glass and Soda Ash**: The glass futures are in consolidation, and the soda ash futures continue to be weak. Both are in the process of inventory digestion, and the market is still cautious [16]. - **Metal**: - **Copper**: Copper prices rose 1.5% at night. The concentrate supply is tight, but the smelting output continues to grow. The copper supply - demand deficit supports copper prices in the long - run [2][17]. - **Zinc**: Zinc prices rose at night. The zinc concentrate supply is temporarily tight, and the smelting output continues to grow. The zinc supply - demand difference is not obvious, and it may fluctuate within a range [18]. - **Agricultural Products**: - **Protein Meal**: Bean meal rose and rapeseed meal fell slightly at night. The Brazilian soybean sowing progress has accelerated. The US soybean export is slow, and market concerns drive the bean meal to fluctuate strongly [19]. - **Oils and Fats**: Oils and fats were strong at night. The palm oil production increase is lower than expected, and the Brazilian soybean transportation problem boosts the price. Oils and fats are expected to be strong in the short - term [20]. - **Sugar**: Zhengzhou sugar fluctuates within a range. Internationally, the raw sugar rebounds due to factors such as Brazil's early harvest and India's situation. Domestically, the sugar supply increases seasonally, and the price is expected to fluctuate at a low level in the short - term [21]. - **Cotton**: Zhengzhou cotton is strong in the short - term. The domestic supply is sufficient, the downstream demand is acceptable, and the external orders support the price. However, the upward space is limited [22][23]. - **Shipping Index**: - **Container Shipping to Europe**: The EC rebounded on Friday. The SCFI European line price rose slightly. As the end - of - year peak season approaches, the market focus will shift to the downward space of freight rates in the first quarter of next year. The ability of shipping companies to support prices in late December and January is questionable [24].

Core Insights - The 2025 "Understanding China" International Conference will be held from November 30 to December 2 in Guangzhou, focusing on the theme of "New Layout, New Development, New Choices - Chinese-style Modernization and the New Global Governance Pattern" [1] - The conference will gather prominent global politicians, scholars, industry leaders, and representatives from international organizations to discuss the implications of the 14th Five-Year Plan and its significance for the world [1] - Key topics will include the innovative development of Chinese-style modernization and the new opportunities it presents for global modernization, as well as collaborative efforts in global governance initiatives [1]

首席点评： 黄金原油双反弹 国家统计局发布数据显示， 11 月份我国制造业 PMI 为 49.2% ，比上月上升 0.2 个百分点；非制造业 PMI 为 49.5% ，比上 月下降 0.6 个百分点；综合 PMI 产出指数为 49.7% ，比上月下降 0.3 个百分点，我国经济景气水平总体平稳。中国宏观经 济论坛（ CMF ）发布年度报告认为， 2025 年中国经济奋力寻求突破，基本实现预期发展目标。展望 2026 年，中国经济 发展面临三大新机遇——"十五五"规划的开启和适度超前布局将打开全新增长空间、更加积极的财政政策和宽松的货币政 策蓄势待发、微观市场主体将在宏观经济回暖基础上进发新的活力。《报告》建议，设定 2026 年经济社会发展目标时宜审 慎乐观，以"十五五"开启为契机，设定跨周期区间组合目标。 重点品种： 股指、铜、原油 股指： 美国三大指数上涨，上一交易日股指上涨为主，农林牧渔板块领涨，银行板块领跌，市场成交额 1.60 万亿元。 资金方面， 11 月 27 日融资余额增加 27.51 亿元至 24550.16 亿元。十五五规划仍然聚焦科技自立，预计科技板块是长 期方向。 11 月以来"权重走 ...

Core Points - The Central Committee of the Communist Youth League is delivering youth-oriented reports on the spirit of the 20th Central Committee's Fourth Plenary Session across various regions, including Zhejiang, Hubei, Sichuan, and Gansu, using a "point-to-point delivery" method [2][3][4][5] Group 1: Zhejiang - In Wenzhou, a youth lecture was held for over 100 young professionals in emerging fields, emphasizing the importance of employment, education, and social security during the 14th Five-Year Plan [2] - At Ningbo University, the discussion focused on the manufacturing industry as the foundation of the nation, encouraging students to align their personal aspirations with national goals [2] Group 2: Hubei - In Yichang, a youth gathering was organized for ride-hailing drivers and delivery workers, where participants were encouraged to envision their future plans within the context of the 14th Five-Year Plan [3] - At Wuhan University of Technology, a presentation illustrated a vision of a harmonious society, inspiring students to contribute to the educational aspirations of children [3] Group 3: Sichuan - At Chengdu University of Technology, a presentation showcased future scenarios such as nationwide telemedicine and the global connectivity of "China Chip" smartphones, making national strategies relatable to youth [4] - The Sichuan University Jinjiang College emphasized eight principles for building a modern industrial system, making complex strategies accessible to young people [4] Group 4: Gansu - In Lanzhou, a lecture highlighted the significance of high-level openness, using local cultural references to engage the audience [5] - At Wuwei Vocational Technical University, a hands-on discussion allowed youth to connect ecological practices with national goals, emphasizing the importance of green development [5]

Core Viewpoint - The Henan Provincial Committee of the Communist Party of China held a press conference to introduce the spirit of the 10th Plenary Session of the 11th Provincial Committee, emphasizing the importance of the "15th Five-Year Plan" for economic and social development in Henan [1][2]. Group 1: Overview of the 15th Five-Year Plan - The "15th Five-Year Plan" is considered a critical period for achieving socialist modernization and is essential for Henan's comprehensive rise [1][2]. - The plan aims to integrate national needs with Henan's capabilities, focusing on high-quality development and effective governance across various sectors [3][4]. Group 2: Development Process of the Proposal - The proposal for the "15th Five-Year Plan" was developed through extensive democratic processes, gathering insights from various stakeholders, including local governments and experts [2][3]. - A total of 32 major research topics were initiated, resulting in 50 research reports to inform the proposal [2]. Group 3: Structure of the Proposal - The proposal consists of three main sections: an overview of achievements during the "14th Five-Year Plan," an analysis of the current situation, and the overall requirements and goals for the "15th Five-Year Plan" [4]. - The second section focuses on key tasks and major initiatives for Henan's development, structured around a target system of "1+2+4+N," which includes 15 key areas of work [4].

Group 1 - The core viewpoint of the article emphasizes the need to actively respond to population aging and to establish a policy mechanism for the coordinated development of the pension industry and services [1]

Core Points - The meeting of the 14th Committee of the Communist Party of Shaanxi Province emphasized the importance of the 20th Central Committee's Fourth Plenary Session and the guidance of Xi Jinping's thoughts for the development of the province [1][2] - The meeting approved the proposal for the 15th Five-Year Plan, aiming to provide strategic direction for the next five years and to promote modernization in a Chinese context [2][4] Group 1: Economic and Social Development - The 15th Five-Year Plan is positioned as a critical period for Shaanxi to advance in modernization and aims to achieve significant breakthroughs in various sectors [4][6] - The meeting highlighted the need for a modern industrial system with a focus on real economy, including the development of trillion-level industrial clusters in energy, manufacturing, and digital economy [7][8] - Emphasis was placed on enhancing innovation capabilities and fostering a favorable environment for market participation and investment [8][9] Group 2: Policy and Governance - The meeting underscored the importance of adhering to the principles of Marxism and Xi Jinping's thoughts, ensuring comprehensive leadership and reform [5][6] - It called for a focus on improving the business environment and integrating into the national market, with a strategy to enhance regional economic collaboration [8][9] - The necessity of addressing social welfare and ecological sustainability was highlighted, aiming to improve living standards and environmental quality [10][12] Group 3: Implementation and Future Outlook - The meeting stressed the importance of translating the development blueprint into reality through major policies and projects [12] - It called for a commitment to strict party governance and enhancing the political function of party organizations to support economic and social development [12][13] - The focus on stabilizing employment, businesses, and market expectations was emphasized as a priority for achieving the goals set for the current and upcoming periods [12]

新征程上，陕西正锚定高质量发展不动摇，乘势而上、接续奋斗，以更加饱满的热情奋力在中国式 现代化建设中谱写陕西新篇、争做西部示范。 极不平凡的"十四五" 经济运行稳中有进、进中向新，创新体系实现系统重塑，现代化产业体系加快构建，重大基础设施 建设取得突破性进展，城乡区域发展更趋协调，文化软实力持续增强，三秦百姓福祉不断增进…… 过去的五年，陕西沿着习近平总书记指引的路线，着眼全国大局、发挥自身优势、明确主攻方向， 以新的思路举措、新的精神状态推进各项工作，取得了极不平凡的成就。 "十四五"收官在即，"十五五"谋篇蓄势。站在承前启后的历史交汇点，11月30日，省委十四届九次 全会在西安召开。 大会深入学习贯彻党的二十届四中全会精神和习近平总书记历次来陕考察重要讲话重要指示，深入 分析面临的形势任务，审议通过《中共陕西省委关于制定国民经济和社会发展第十五个五年规划的建 议》。 "《建议》系统提出了全省'十五五'发展的总体要求、基本原则、主要目标和战略任务，是指导全 省'十五五'经济社会高质量发展的纲领性文件，为全省'十五五'发展定了调子。"省发展改革委主任王青 峰说。 过去五年，西安区域科技创新中心获批建设，创新产 ...

Group 1: Manufacturing Sector - The manufacturing Purchasing Managers' Index (PMI) for November is reported at 49.2%, an increase of 0.2 percentage points from the previous month, indicating an improvement in the manufacturing sector's economic conditions [1][2] - The production index and new orders index for November are at 50.0% and 49.2%, respectively, with increases of 0.3 and 0.4 percentage points, suggesting a recovery in both production and demand [2] - Small enterprises show significant improvement with a PMI of 49.1%, up 2.0 percentage points, marking the highest level in six months [2] Group 2: Non-Manufacturing Sector - The non-manufacturing business activity index for November is at 49.5%, a decrease of 0.6 percentage points from the previous month, indicating a decline in the non-manufacturing sector's economic conditions [4] - The service industry is experiencing a seasonal decline due to the high base effect from the previous month’s holidays, contributing to the drop in the non-manufacturing index [4] - The construction industry shows signs of recovery with a business activity index of 49.6%, up 0.5 percentage points, and a business activity expectation index of 57.9%, indicating increased confidence among construction firms [4][5] Group 3: Market Expectations - The production and business activity expectation index for November is at 53.1%, reflecting increased confidence among manufacturing enterprises regarding market development [3] - Analysts predict that the manufacturing sector will continue to stabilize and recover, supported by year-end project accelerations and effective policy implementations [3][5] - The service sector maintains a positive outlook despite a slight decline in the business activity expectation index, which remains at a high level of 55.9% [4]