欧元区制造业活动在10月陷入停滞。尽管产出已连续第八个月实现小幅增长，但新订单在经历三年多几 乎持续的收缩后，10月既未增长也未下降，维持在停滞状态。出口订单则已连续第四个月下滑，继续拖 累对欧洲商品的整体需求。 就业方面，制造业裁员节奏略有加快，就业人数下降速度较此前有所提升，使得该行业的就业收缩期已 延长至近两年半。 汉堡商业银行首席经济学家西鲁斯·德拉鲁比亚表示："欧元区制造业的复苏之势顶多可以称作一株十分 脆弱的嫩芽。"他指出，裁员仍在继续，甚至略有加速，这源于疲弱的需求迫使企业削减成本或提升生 产率。 德国制造业几无复苏迹象，法国信心跌至冰点 德国10月制造业产出增速较9月明显放缓，尽管仍维持增长，但已远低于此前创下的42个月高点。新订 单在9月下降后虽有小幅回升，但出口销售依然疲弱，尤其是对亚洲和美国的出口。汉堡商业银行经济 学家尼尔斯·米勒评价称："10月德国制造业仍在原地踏步。需求不足和持续的不确定性继续拖累整个行 业。" 德国制造业就业人数已连续第28个月下降。企业对未来产出的预期降至2024年12月以来的最低水平，订 单积压减少与高成本担忧持续打压市场信心。 法国制造业则深陷收缩泥潭。10 ...

每经AI快讯，11月3日消息，英国10月制造业PMI终值为49.7，预估49.6，前值49.6。 ...

股指期货全景日报 2025/11/3 | 项目类别 | 数据指标 IF主力合约（2512） | 最新 4634.8 | 环比 数据指标 -1.8↓ IF次主力合约（2511） | 最新 4646.2 | 环比 -0.2↓ | | --- | --- | --- | --- | --- | --- | | | IH主力合约（2512） | 3016.6 | 0.0 IH次主力合约（2511） | 3017.6 | -0.6↓ | | | IC主力合约（2512） | 7239.6 | -24.8↓ IC次主力合约（2511） | 7292.8 | -21.4↓ | | | IM主力合约（2512） | 7398.0 | +0.8↑ IM次主力合约（2511） | 7471.4 | +5.4↑ | | 期货盘面 | IF-IH当月合约价差 | 1628.6 | +4.4↑ IC-IF当月合约价差 | 2646.6 | -3.6↓ | | | IM-IC当月合约价差 | 178.6 | +30.2↑ IC-IH当月合约价差 | 4275.2 | +0.8↑ | | | IM-IF当月合约价差 | 2825.2 | ...

（文章来源：每日经济新闻） 每经AI快讯，11月3日消息，法国10月制造业PMI终值为48.8，预估48.3，前值48.3。 ...

Group 1 - The manufacturing PMI in China for October is 50.6, indicating continuous improvement in manufacturing sentiment for the third consecutive month, although it is lower than the previous value of 51.2, suggesting a slowdown in growth during the survey period [1] - The decline in the manufacturing PMI is partly attributed to a weakening increase in production, which is linked to a slowdown in new order growth in October. Despite improvements in domestic demand and ongoing promotional efforts by companies, external demand remains weak, impacting overall growth [1] - New export orders experienced the most significant decline since May, attributed to increased trade volatility, leading manufacturers to express concerns about growth prospects, although overall expectations remain optimistic for the next 12 months [1] Group 2 - Despite rising costs, intense market competition has led some manufacturers to offer discounts, resulting in a decrease in average selling prices for the manufacturing sector for the second consecutive month, with the most significant drop since July [2] - Weak external demand has also prompted manufacturers to lower export prices for the first time since April [2] Group 3 - New business volume continues to increase, contributing to a slight recovery in manufacturing employment in October, marking the highest growth rate in over two years, as manufacturers increase staffing to handle current workloads [1] - Although production capacity is expanding, the backlog of work continues to rise [1]

Fundamental Analysis - Silver prices are currently under slight pressure, with a focus on support levels for potential long positions. The recent rebound attempted to approach the short-term retracement zone of $50.02-$51.07, which remains a key resistance area. The market views this zone as a selling area unless a clear breakout occurs, maintaining a bearish sentiment in the short term. However, the long-term trend is still marginally upward, with the 50-day moving average at $45.38 providing support for the upward trend, marking a critical dividing line for the market. Buyers are appearing in this area, but confidence is not strong [1] Upcoming Economic Data - The week of November 3-7 is expected to be data-intensive, with multiple countries releasing manufacturing and services PMI, central bank interest rate decisions, and the ADP employment data. Key economic indicators from major economies, including trade balances and consumer confidence indices, will also be released. Investors need to navigate these data signals and policy expectations, as each piece of data could influence short-term movements in stock, currency, and commodity markets [3] Services PMI and Labor Market - On November 5, services PMI data will be released, closely tied to consumer spending and living costs. The ADP employment data, known as "small non-farm" data, will also be published, highlighting its importance in the absence of clear non-farm payroll data. This ADP data will now be released weekly, providing a more responsive measure of the U.S. labor market [4] Silver Market Trends - The current trend in the silver market indicates a price uptrend, with strategies for support long positions and resistance short positions. Technical charts show a support level around $46.98, with a bullish outlook indicated by the MACD. However, market activity is decreasing, suggesting cautious trading and a preference for light positions [7] Investment Opportunities - The global financial market is experiencing continuous fluctuations, presenting ongoing investment opportunities in the precious metals market. Investors can apply for accounts on trading platforms to access the latest market dynamics and seize profit opportunities [8]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The "15th Five-Year Plan" draft provides future focus directions, and the Sino-US economic and trade consultation has reached a phased consensus, but the long - term game remains. The manufacturing PMI has declined marginally, and the economy needs policy support. Overseas, the Fed has cut interest rates with internal differences, and the market's interest - rate cut expectation has cooled [2]. - The RMB exchange rate is in a tug - of - war around 7.10. Last week, the USD/CNY spot rate showed a V - shaped reversal, and it is expected to trade in the 7.09 - 7.14 range this week [3][4]. - Short - term stock index is expected to fluctuate mainly due to a dull news environment. Treasury bonds suggest holding medium - term long positions. The container shipping European line is expected to maintain high - level fluctuations [7][8][13]. - Precious metals are in a short - term adjustment phase, and copper's 12 - month contract has reached its high. Aluminum is expected to be in high - level fluctuations, and alumina may be in weak fluctuations [18][21][23]. - Zinc is expected to be in narrow - range fluctuations, and nickel and stainless steel are under fundamental pressure. Tin is in high - level fluctuations, and lithium carbonate is expected to be in an oscillating and relatively strong state [26][29][30]. - Industrial silicon is in a supply - strong and demand - weak situation, and polycrystalline silicon has a weak fundamental situation. Lead is expected to be in narrow - range fluctuations [34][35][36]. - Steel products are expected to be in an oscillating adjustment. Iron ore has limited upward space, and coking coal and coke are suitable for long - position allocation in the black sector [37][40][41]. - Ferroalloys are expected to oscillate due to high inventory and weak demand. Crude oil is expected to oscillate in the $60 - 65 range this week [42][46]. - LPG is affected by cost. PX - PTA is expected to be strong and oscillating with the cost, and MEG is expected to be in wide - range fluctuations and maintain a short - position allocation [48][52][55]. - Methanol 01 may continue to decline, and PP and PE are in a supply - strong and demand - weak situation. Pure benzene and styrene are expected to be in low - level fluctuations [57][61][64]. - Fuel oil's cracking is weakening, and low - sulfur fuel oil's cracking is strengthening. Asphalt's basis is weakening [68][69][72]. Summary by Relevant Catalogs Macroeconomy - China's October official manufacturing PMI fell to 49, and the non - manufacturing index rose to 50.1. Overseas, the Fed cut interest rates with internal differences, and Powell's hawkish speech reduced the probability of a December interest - rate cut [1][2]. RMB Exchange Rate - Last week, the USD/CNY spot rate showed a V - shaped reversal. It is expected to trade in the 7.09 - 7.14 range this week, and the key technical point around 7.10 is the focus of the battle between bulls and bears [3][4]. Stock Index - Last Friday, most stock indexes fell except for the CSI 1000. Short - term news is dull, and it is expected to oscillate. It is recommended to hold positions and wait and see [5][7]. Treasury Bonds - Last week, treasury bonds rose significantly. The central bank's stance on supporting monetary policy and resuming secondary - market bond purchases improved market expectations. It is recommended to hold medium - term long positions [7][8]. Container Shipping European Line - There are both positive and negative factors. The contract price is expected to maintain high - level fluctuations in the 1800 - 1900 point range. Trend traders can wait, and arbitrage traders can pay attention to the spread between EC2512 and EC2602 [10][11][13]. Precious Metals - Last week, precious metals continued to adjust. Although the medium - and long - term prices are expected to rise, the short - term is in an adjustment phase. It is recommended to pay attention to the opportunity of buying on dips [15][16][18]. Copper - The 12 - month contract of copper has reached its high. In November, the market focuses on the 1 - month contract. If the December interest - rate cut expectation increases, there may be an upward impulse [19][21]. Aluminum Industry Chain - Aluminum is affected by macro - policies and is expected to be in high - level fluctuations. Alumina is in a supply - surplus state and may be in weak fluctuations. Cast aluminum alloy has strong follow - up to aluminum and is expected to be in high - level fluctuations [23][24][25]. Zinc - Zinc prices are in narrow - range fluctuations. There is an upward drive in November, and it is recommended to wait and see exports and the macro - situation [25][26]. Nickel and Stainless Steel - The prices of nickel and stainless steel are under fundamental pressure. The 12 - month interest - rate cut expectation is uncertain, and the Sino - US tariff situation is changeable [27][29]. Tin - Tin prices are in high - level fluctuations, mainly affected by the weakening of the Fed's interest - rate cut expectation. It is recommended to go long in the short - term and conduct high - selling and low - buying operations [30]. Lithium Carbonate - The lithium carbonate futures price is expected to be in an oscillating and relatively strong state in the 74000 - 85000 yuan/ton range, affected by supply and demand factors [30][31]. Industrial Silicon and Polycrystalline Silicon - Industrial silicon is in a supply - strong and demand - weak situation, and polycrystalline silicon has a weak fundamental situation. It is recommended to be cautious when investing in polycrystalline silicon [33][34][35]. Lead - Lead prices are in narrow - range fluctuations. It is recommended to use option double - selling strategies to earn option premiums [36]. Steel Products - Steel products are in an oscillating adjustment. The follow - up apparent demand needs to be improved, and it is affected by raw material costs and the macro - environment [37]. Iron Ore - Iron ore is facing a situation of "exhausted macro - benefits and pressured fundamentals". It is recommended to short at high levels after valuation repair [38][39][40]. Coking Coal and Coke - Downstream coking plants and steel mills are actively replenishing inventory. Coking coal and coke are suitable for long - position allocation in the black sector [41]. Ferroalloys - Ferroalloys are facing the contradiction of high inventory and weak demand. After the macro - sentiment fades, they are expected to oscillate [42]. Crude Oil - Last week, crude oil was in a sideways adjustment. This week, it is expected to oscillate in the $60 - 65 range, and it is difficult to break through [44][46]. LPG - LPG is affected by cost. The domestic fundamental support is relatively limited, and it is mainly affected by the cost side [47][48]. PX - PTA - PTA's price has rebounded due to the "anti - involution" rumor and improved fundamentals. It is expected to be strong and oscillating with the cost, but the surplus expectation remains [49][50][52]. MEG - Bottle Chip - Ethylene glycol's demand has improved marginally, but the valuation is under pressure due to the inventory accumulation expectation. It is recommended to short at high levels [53][54][55]. Methanol - Methanol 01 may continue to decline due to the delay of the Iranian gas - restriction expectation [56][57]. PP - PP is in a supply - strong and demand - weak situation. The supply pressure is difficult to fundamentally relieve, and it is expected to be weak [59][61]. PE - PE is in a supply - strong and demand - weak situation. The supply pressure is large, and the demand support is weak. It is recommended to pay attention to macro - changes [63][64]. Pure Benzene and Styrene - Pure benzene is expected to be weak due to the expected inventory accumulation. Styrene has high inventory and de - stocking pressure. It is recommended to short after a rebound [66][67]. Fuel Oil - High - sulfur fuel oil's cracking is weakening, and low - sulfur fuel oil's cracking is strengthening due to improved fundamentals [68][69]. Asphalt - Asphalt's basis is weakening. The short - term is affected by external disturbances, and the long - term demand in the south may be boosted [70][72].

Group 1 - The long-term support level for the monthly chart is at 3230, indicating a bullish outlook [2] - The weekly chart shows a support level at 3750, also suggesting a medium-term bullish sentiment [2] - The daily chart indicates a resistance level at 4105, reflecting a short-term bearish trend [2] - The four-hour chart identifies a key threshold at 3993, with prices expected to oscillate upwards in the short term [2] Group 2 - The long-term resistance level for the monthly chart is at 63.40, indicating a bearish outlook for oil [4] - The weekly chart shows a support level at 60.70, suggesting a medium-term bullish sentiment for oil [4] - The daily chart indicates a resistance level at 59.40, reflecting a short-term bullish trend for oil [4] - The four-hour chart identifies a critical range between 60.60 and 70, with prices above this range treated as bullish in the short term [4] Group 3 - Key economic data and events to watch on November 3, 2025, include various manufacturing PMI reports from China, Switzerland, France, Germany, the Eurozone, the UK, and the US, as well as construction spending data from the US [4] - Notable speeches from Federal Reserve's Daly and Bank of Canada Governor Macklem are scheduled, along with the US Treasury's fourth-quarter financing estimate [4]

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Report's Core View - The short - term and medium - term view of TL2512 is "oscillation", and the intraday view is "oscillation with a weak bias". The overall view is "oscillation" as the short - term interest rate cut expectation decreases while the medium - and long - term loose expectation still exists [1]. - For TL, T, TF, and TS, the intraday view is "oscillation with a weak bias", the medium - term view is "oscillation", and the overall reference view is "oscillation". The PMI data in October showed weakening, and the lack of effective domestic demand remains. In the long run, a loose monetary environment is needed, and the central bank's stance provides support for treasury bond futures. However, the short - term need for an overall interest rate cut is not strong, so the short - term upward momentum is insufficient, and the short - term movement range is limited, mainly in oscillation [5]. Group 3: Summary by Related Catalogs Variety View Reference - Financial Futures Stock Index Sector - For TL2512, the short - term, medium - term, and overall view is "oscillation", and the intraday view is "oscillation with a weak bias". The core logic is the change in interest rate cut expectations [1]. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - For TL, T, TF, and TS, the intraday view is "oscillation with a weak bias", the medium - term view is "oscillation", and the overall reference view is "oscillation". The driving factors include the weakening of October's manufacturing PMI data, the problem of insufficient domestic demand, the need for a loose monetary environment in the long run, and the low short - term need for an overall interest rate cut [5].

Market Performance - The Hang Seng Index closed at 25,906, down 1.43% for the day and up 29.15% year-to-date [1] - The Hang Seng Tech Index fell 2.37% to 5,908, with a year-to-date increase of 32.23% [1] - The CSI 300 Index decreased by 1.47% to 4,640, with a year-to-date rise of 17.94% [1] - The Dow Jones Index rose slightly by 0.09% to 47,562, with a year-to-date increase of 11.80% [1] Currency and Commodity Overview - The Renminbi Index increased by 1.23% over the past month and 1.47% over six months, currently at 97.550 [2] - Brent crude oil price is at $64.55 per barrel, down 2.24% month-on-month but up 7.01% over six months [2] - Gold prices rose by 3.65% in the last month, currently at $4,001.04 per ounce, with a 21.63% increase over six months [2] Hong Kong Market Review - The Hong Kong stock market has seen a decline, with the Hang Seng Index falling below 26,000 points and experiencing three consecutive days of losses [5] - Major declines were noted in technology stocks, with Alibaba dropping over 4% [5] - The overall trading volume in the main board decreased to over 257.6 billion HKD [5] A-share Market Review - The Shanghai and Shenzhen stock markets closed lower, with the Shanghai Composite Index down 0.81% to 3,954 [6] - The ChiNext Index fell over 2%, while the Shenzhen Component Index decreased by 1.14% [6] - The A-share market has ended a five-month upward trend, with October showing a slight increase of 1.85% for the Shanghai Composite Index [6] US Market Overview - US stock indices reversed previous declines, with the Dow Jones gaining 0.1% and the S&P 500 rising by 0.3% [7] - Notable performances included Amazon's cloud computing business exceeding expectations, driving its stock price up nearly 10% [7] - The Nasdaq Index increased by over 0.6%, marking a three-week consecutive rise [7] European Market Overview - European stock markets showed weakness, with the DAX Index falling nearly 0.7% to 23,958 [8] - The UK FTSE 100 Index ended a nine-day rise, closing at 9,717, down over 0.4% [8] - Overall, European markets are digesting mixed corporate earnings amid moderate inflation data [8] Economic Indicators - Hong Kong's GDP grew by 3.8% year-on-year in Q3 2025, up from 3.1% in Q2 [15] - The software industry in mainland China reported a revenue increase of 13% year-on-year, reaching 11.11 trillion RMB [19] - BYD's new energy vehicle sales in October reached 441,706 units, a month-on-month increase of 11.5% [21]