Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View The report presents the market liquidity situation of various sectors on November 20, 2025, including trading volume, holding amount, trading - holding ratio, and their changes compared with the previous trading day [1][2]. 3. Summary by Directory I. Plate Liquidity - The report provides data on trading volume, holding amount, and trading - holding ratio of multiple sectors, including stock index, treasury bond, basic metal, precious metal, energy and chemical, agricultural product, and black building materials sectors, along with their changes compared to the previous trading day [1][2] II. Stock Index Plate - On November 20, 2025, the trading volume was 727.794 billion yuan, a change of - 0.76% from the previous trading day; the holding amount was 1339.553 billion yuan, a change of + 0.73%; the trading - holding ratio was 53.89% [1] III. Treasury Bond Plate - The trading volume was 575.231 billion yuan, a change of + 25.53% from the previous trading day; the holding amount was 838.221 billion yuan, a change of - 0.09%; the trading - holding ratio was 67.68% [1] IV. Basic Metal and Precious Metal (Metal Plate) - Basic metal: The trading volume was 564.088 billion yuan, a change of - 4.94% from the previous trading day; the holding amount was 606.192 billion yuan, a change of - 0.64%; the trading - holding ratio was 113.62% - Precious metal: The trading volume was 977.091 billion yuan, a change of + 21.73% from the previous trading day; the holding amount was 447.343 billion yuan, a change of + 0.71%; the trading - holding ratio was 290.76% [1] V. Energy and Chemical Plate - The trading volume was 529.415 billion yuan, a change of + 11.44% from the previous trading day; the holding amount was 456.358 billion yuan, a change of - 0.98%; the trading - holding ratio was 108.10% [1] VI. Agricultural Product Plate - The trading volume was 309.372 billion yuan, a change of - 11.18% from the previous trading day; the holding amount was 599.657 billion yuan, a change of + 0.17%; the trading - holding ratio was 44.96% [1] VII. Black Building Materials Plate - The trading volume was 263.688 billion yuan, a change of + 29.96% from the previous trading day; the holding amount was 369.927 billion yuan, a change of - 0.92%; the trading - holding ratio was 71.80% [2]

流动性日报 | 2025-11-20 市场流动性概况 2025-11-19，股指板块成交7333.79亿元，较上一交易日变动+1.35%；持仓金额13299.07亿元，较上一交易日变动 -1.15%；成交持仓比为54.71%。 国债板块成交4582.31亿元，较上一交易日变动+10.96%；持仓金额8389.43亿元，较上一交易日变动-3.09%；成交 持仓比为54.39%。 基本金属板块成交5933.90亿元，较上一交易日变动+20.58%；持仓金额6100.81亿元，较上一交易日变动+2.86%； 成交持仓比为118.78%。 贵金属板块成交8026.68亿元，较上一交易日变动+10.37%；持仓金额4442.04亿元，较上一交易日变动+1.17%；成 交持仓比为228.62%。 能源化工板块成交4750.54亿元，较上一交易日变动+22.69%；持仓金额4608.62亿元，较上一交易日变动+0.64%； 成交持仓比为95.02%。 农产品板块成交3483.08亿元，较上一交易日变动+13.67%；持仓金额5986.57亿元，较上一交易日变动-0.95%；成 交持仓比为51.02%。 黑色建材板块成交20 ...

Gold Market - Gold prices have rebounded strongly after a period of decline, with short-term technical indicators showing improvement. Central banks remain the primary buyers of gold, continuing to increase their purchases [1] - In September, global central banks bought 64 tons of gold, and purchases are expected to continue into November. From Q4 2025 to 2026, central banks are projected to buy an average of 80 tons of gold per month [1] - The tightening of market liquidity due to reduced expectations for a December rate cut by the Federal Reserve is seen as a positive factor for gold prices, potentially driving them higher [1] - Technical analysis indicates that gold is currently in a strong position, with support around $4055 [1] Oil Market - Oil prices show signs of strength, but market sentiment remains cautious, with overall trends still within a long-term downtrend [2] - The latest data indicates a rise in U.S. API crude oil inventories by 4.448 million barrels, marking the largest increase in five months. Gasoline and distillate inventories also rose [2] - The International Energy Agency forecasts a potential record surplus in crude oil by 2026, primarily due to increased production from OPEC+ and non-member countries [2] - Technical indicators suggest that oil prices are currently rebounding but remain below moving averages, with support around $59.40 [2] U.S. Dollar Index - The U.S. dollar index has been primarily fluctuating, gaining support as expectations for a December rate cut by the Federal Reserve have decreased [3] - The probability of a rate cut in December has fallen below 50%, with current estimates at approximately 48.9%, down from around 70% two weeks ago [3] Federal Reserve Insights - Internal conflicts within the Federal Reserve regarding rate cuts create uncertainty, but ongoing liquidity risks may prompt a quicker decision on rate cuts [4] - The upcoming release of the Federal Reserve's October meeting minutes is anticipated to provide further market guidance [4] Nikkei 225 Index - The Nikkei 225 index has formed a significant bearish pattern, indicating potential for further declines, with resistance noted around 49110 [5] Copper Market - Copper prices have shown a series of small declines, indicating a high probability of reaching a peak, although an upward continuation pattern may still form [6] - Technical analysis suggests that copper may experience one final decline, with support around $4.90 [6]

Core Insights - The recent Bitcoin crash has led to over 160,000 investors being liquidated within 24 hours, resulting in a total loss of $580 million in the cryptocurrency market [1][3]. Market Performance - Bitcoin's price dropped to $93,778.6, erasing all gains made in 2024, with significant declines also seen in major altcoins like Ethereum and Cardano, which fell between 1.93% and 3.44% [3][4]. - The overall cryptocurrency market capitalization has significantly decreased, reflecting widespread panic among investors [3]. Investor Behavior - Long-term Bitcoin holders have sold approximately 815,000 Bitcoins in the past 30 days, marking the highest selling activity since early 2024 [3][7]. - "Whale" wallets, holding Bitcoin for over seven years, are selling at a rate exceeding 1,000 Bitcoins per hour, indicating a strategic distribution rather than panic selling [8][10]. Market Structure Issues - High leverage trading has been identified as a primary amplifier of market vulnerability, with a significant number of investors unable to meet margin calls during the price drop [4][6]. - The decoupling of stablecoins from their pegged values has further shaken market confidence, with USDe dropping to $0.65 and XUSD plummeting to $0.18, leading to questions about the stability of the crypto financial system [6][4]. Institutional Withdrawal - Institutional investors are quietly withdrawing from the market, with Bitcoin ETFs experiencing five consecutive weeks of outflows totaling $2.6 billion, the longest streak since March [10][11]. - The withdrawal of large investment funds and corporate treasury departments has removed crucial support for the market, indicating a new period of vulnerability [11]. Market Sentiment - Market sentiment has drastically shifted, with the Fear and Greed Index dropping to 15, indicating extreme fear, the lowest level since February [13][14]. - Negative discussions surrounding Bitcoin, Ethereum, and XRP have surged, reflecting a significant decline in market confidence [13][14]. Regulatory Environment - Increasing regulatory pressures are contributing to market fears, with warnings from the G20 Financial Stability Board about significant gaps in cryptocurrency regulation [16].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report presents the market liquidity situation on November 18, 2025, including the trading volume, holding amount, and trading - holding ratio of various sectors such as stock index, treasury bond, basic metal, precious metal, energy chemical, agricultural product, and black building materials, along with their changes compared to the previous trading day [1][2]. 3. Summary by Directory I. Plate Liquidity The report provides charts showing the trading - holding ratio, trading volume change rate, holding volume, holding amount, trading volume, and trading amount of each plate [4][5][6]. II. Stock Index Plate On November 18, 2025, the trading volume of the stock index plate was 723.623 billion yuan, a +8.74% change from the previous trading day; the holding amount was 1345.431 billion yuan, a +1.02% change; the trading - holding ratio was 53.29% [1]. III. Treasury Bond Plate The trading volume of the treasury bond plate was 412.984 billion yuan, a +4.68% change from the previous trading day; the holding amount was 865.668 billion yuan, a +0.16% change; the trading - holding ratio was 46.89% [1]. IV. Basic Metal and Precious Metal (Metal Plate) The trading volume of the basic metal plate was 492.112 billion yuan, a -6.85% change from the previous trading day; the holding amount was 593.131 billion yuan, a -4.55% change; the trading - holding ratio was 97.61%. The trading volume of the precious metal plate was 727.275 billion yuan, a -38.29% change; the holding amount was 439.055 billion yuan, a -1.51% change; the trading - holding ratio was 209.18% [1]. V. Energy Chemical Plate The trading volume of the energy chemical plate was 387.193 billion yuan, a -5.85% change from the previous trading day; the holding amount was 457.915 billion yuan, a -0.35% change; the trading - holding ratio was 76.23% [1]. VI. Agricultural Product Plate The trading volume of the agricultural product plate was 306.428 billion yuan, a -9.74% change from the previous trading day; the holding amount was 604.382 billion yuan, a +0.66% change; the trading - holding ratio was 48.64% [1]. VII. Black Building Materials Plate The trading volume of the black building materials plate was 227.448 billion yuan, a -6.83% change from the previous trading day; the holding amount was 373.314 billion yuan, a +0.11% change; the trading - holding ratio was 57.17% [2].

Gold Market - The recent decline in gold prices is primarily due to hawkish statements from multiple Federal Reserve officials, which have led to a decrease in market expectations for interest rate cuts [2] - At the beginning of November, the market had anticipated over an 80% probability of a rate cut by the Federal Reserve in December, but this expectation has rapidly diminished, tightening market liquidity and strengthening the US dollar index, thereby suppressing gold prices [2] - On November 18, Federal Reserve official Waller reiterated the need for a rate cut in December, which temporarily boosted bullish sentiment in the gold market [2] - Analyst Mai Dong from Bailihau believes that the sustainability of the gold price decline is weak, and the market will refocus on the upcoming US non-farm payroll data to be released on Thursday [2] - From a technical perspective, the daily chart shows a small bearish candle with a long lower shadow, while the hourly chart indicates a breakout above the 60-day moving average, suggesting a weak trend reversal phase [2] Oil Market - As of November 19, reports indicate that US sanctions are significantly reducing demand for Russian oil, with the US Treasury Department stating that recent efforts to weaken Russia have been successful [4] - The focus of the oil market has been on Russian supply, particularly following attacks on Russian oil facilities and the effectiveness of Western sanctions on Russian oil exports, which have supported a short-term increase in oil prices [5] - From a technical standpoint, the daily chart shows a bullish candle, and the market has broken out of a rectangular consolidation pattern, testing the resistance level at $61.20 [5] - Current prices are above the 60/120-day moving averages, but the bullish advantage is not strong, with today's focus on whether prices can maintain above $61.20, while support is noted at $60.10 and resistance at $61.40 [5] Copper Market - The daily chart indicates a bearish candle, with prices trading below the 60/120-day moving averages, continuing a downward trend [7] - The market showed signs of consolidation yesterday, gradually correcting the divergence, with support noted at $4.86 and the potential for prices to test and possibly break below $4.90 [7] Nasdaq Market - The daily chart reflects a bearish candle, with prices also trading below the 60/120-day moving averages, indicating a continuation of the downward trend [8] - Today's focus is on the support level at 24,000 and resistance at 24,700 [8]

Group 1 - The core viewpoint of the articles indicates that the recent decline in gold and silver prices is primarily due to a decrease in expectations for interest rate cuts by the Federal Reserve, influenced by hawkish statements from multiple Fed officials [1][2] - Analysts suggest that the market's risk appetite has increased following the end of the U.S. government shutdown, leading to a rise in risk assets and a subsequent increase in the dollar index and U.S. Treasury yields, which negatively impacts gold and silver prices [1] - The decline in geopolitical risks and easing global trade tensions have contributed to a decrease in market demand for safe-haven assets like gold and silver [1] Group 2 - The upcoming U.S. non-farm payroll data and subsequent economic indicators are expected to be critical in shaping market expectations for the Fed's December interest rate decisions, which will directly influence gold and silver prices [2] - The potential for further declines in gold and silver prices may be limited, as the recent price adjustments are primarily driven by Fed officials' statements rather than improvements in economic fundamentals [2] - The divergence within the Federal Reserve regarding interest rate policy may increase downward pressure on silver prices, especially if more hawkish officials emerge [2]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The report presents the trading volume, holding amount, and trading-to-holding ratio of various market sectors on November 17, 2025, along with their changes compared to the previous trading day, including the stock index, treasury bond, basic metal, precious metal, energy chemical, agricultural product, and black building material sectors [1][2] Summary by Directory I. Plate Liquidity - The report provides data on the trading volume, holding amount, and trading-to-holding ratio of multiple sectors, as well as their changes compared to the previous trading day [1][2] II. Stock Index Plate - On November 17, 2025, the trading volume of the stock index plate was 665.483 billion yuan, a +2.52% change from the previous trading day; the holding amount was 1331.877 billion yuan, a +0.35% change; the trading-to-holding ratio was 49.83% [1] III. Treasury Bond Plate - On November 17, 2025, the trading volume of the treasury bond plate was 394.539 billion yuan, a +3.33% change from the previous trading day; the holding amount was 864.291 billion yuan, a +2.04% change; the trading-to-holding ratio was 44.70% [1] IV. Basic Metals and Precious Metals (Metal Plate) - On November 17, 2025, the trading volume of the basic metal plate was 528.287 billion yuan, a +18.54% change from the previous trading day; the holding amount was 621.429 billion yuan, a -1.14% change; the trading-to-holding ratio was 99.56% - The trading volume of the precious metal plate was 1178.615 billion yuan, a +23.70% change; the holding amount was 445.775 billion yuan, a -6.51% change; the trading-to-holding ratio was 333.99% [1] V. Energy Chemical Plate - On November 17, 2025, the trading volume of the energy chemical plate was 411.250 billion yuan, a -10.48% change from the previous trading day; the holding amount was 459.522 billion yuan, a -0.02% change; the trading-to-holding ratio was 79.15% [1] VI. Agricultural Product Plate - On November 17, 2025, the trading volume of the agricultural product plate was 339.511 billion yuan, a +7.12% change from the previous trading day; the holding amount was 600.407 billion yuan, a -0.79% change; the trading-to-holding ratio was 54.81% [1] VII. Black Building Material Plate - On November 17, 2025, the trading volume of the black building material plate was 244.115 billion yuan, a +25.60% change from the previous trading day; the holding amount was 372.903 billion yuan, a -0.57% change; the trading-to-holding ratio was 65.35% [2]

Core Viewpoint - Bitcoin has experienced significant volatility, reaching a peak of $126,251 on October 6, only to drop below $94,000 by November 17, erasing all gains for the year due to tightening dollar liquidity and changing market conditions [1][2][3] Market Dynamics - The recent decline in Bitcoin's price is attributed to a combination of macro liquidity tightening, decreased market risk appetite, and cyclical factors within the cryptocurrency industry [2][3] - The uncertainty surrounding U.S. fiscal and monetary policy has led to a cautious trading environment, affecting both risk and safe-haven assets [3][9] - Bitcoin's price drop has coincided with a decline in traditional safe-haven assets like gold, indicating a broader market liquidity crisis [1][9] Institutional Involvement - Institutional investors have been a key support for Bitcoin's price, but recent outflows have raised concerns about market stability [6][7] - The recent tightening of macro liquidity and increased political and policy uncertainties have prompted some institutions to withdraw from the market, contributing to Bitcoin's price decline [6][7] Future Outlook - Despite the current volatility, the long-term fundamentals for Bitcoin remain intact, supported by global asset diversification trends and increasing institutional participation [6][7] - The narrative of Bitcoin as a hedge against inflation and currency devaluation still holds potential, but it requires a shift from a speculative tool to a value storage asset [7][8] - The need for a more robust regulatory framework and technological trust is critical for Bitcoin's future acceptance as a mainstream asset [7][8] Correlation with Other Assets - The simultaneous decline of risk assets like Bitcoin and safe-haven assets like gold suggests a systemic liquidity issue, where investors are forced to liquidate assets for cash [9][10][11] - The current market environment indicates that various asset prices are increasingly correlated, reflecting a deeper liquidity pressure test [11]

Core Viewpoint - Bitcoin has experienced significant volatility, reaching a peak of $126,251 on October 6, only to drop below $94,000 by November 17, erasing all gains for the year due to tightening dollar liquidity and changing market conditions [1][2][3] Market Dynamics - The recent decline in Bitcoin's price is attributed to a combination of macro liquidity tightening, decreased market risk appetite, and cyclical factors within the cryptocurrency industry [2][3] - The uncertainty surrounding U.S. fiscal and monetary policy has led to a cautious trading environment, affecting both risk and safe-haven assets [3][4] Institutional Involvement - Institutional investors have been a key support for Bitcoin's price, but recent outflows indicate a potential shift as macro liquidity tightens and political uncertainties rise [5][6] - The reliance on institutional capital highlights the fragility of Bitcoin's narrative as a hedge against inflation, especially given its high volatility compared to traditional assets like gold [6][7] Regulatory Environment - The evolving regulatory landscape and the diminishing expectations of supportive policies from the Trump administration have contributed to market participants' cautious outlook [3][4] - The need for a robust regulatory framework and the maturation of ETF channels are seen as essential for Bitcoin's long-term viability [6][7] Correlation with Other Assets - The simultaneous decline of Bitcoin and gold suggests a breakdown of traditional safe-haven logic, driven by liquidity constraints and a strong dollar [8][9] - The current market environment indicates a deeper liquidity pressure test, where all asset classes are experiencing increased correlation and simultaneous declines [10]