【重点关注】 ·国家发展改革委主任郑栅洁主持召开民营企业座谈会就"十五五"时期服务业发展听取意见建议 ·国家发展改革委：83个基础设施REITs项目已发行上市预计可带动新项目总投资超过1万亿元 ·中国人民银行：做好逆周期和跨周期调节，提升宏观经济治理效能，持续稳增长、稳就业、稳预期 ·首超新车总销量一半！10月份我国新能源汽车销量171.5万辆 【国内要闻】 ·11月11日，国家发展改革委主任郑栅洁主持召开民营企业座谈会，围绕"十五五"规划《纲要》编制， 听取关于加快发展服务业的意见建议。参会企业谈到，近年来我国服务业快速发展，市场规模持续壮 大，新模式新业态不断涌现，为企业高质量发展提供了广阔空间；未来服务业市场需求巨大，企业正在 努力推进本领域服务专业化、精细化发展，有信心更好服务各类生产活动、更好满足人民群众生活需 求。建议国家在编制"十五五"规划《纲要》时，进一步深化体制机制改革，完善社保、税收等政策支持 体系，创新监管方式，强化服务业发展要素保障，帮助企业实现更好发展。 ·中国人民银行发布2025年第三季度中国货币政策执行报告。其中提到，下阶段，中国人民银行将进一 步深化金融改革和高水平对外开放，加 ...

Core Insights - The People's Bank of China (PBOC) released the monetary policy implementation report for Q3 2025, highlighting the challenges posed by external uncertainties and the need for stronger domestic economic recovery [1] Group 1: Economic Environment - The global economic landscape is facing significant challenges, with insufficient growth momentum and a divided performance among major economies [1] - China's economy continues to encounter risks and challenges, necessitating efforts to solidify the foundation for domestic economic recovery [1] Group 2: Policy Direction - The PBOC emphasizes the importance of maintaining strategic determination and confidence in achieving breakthroughs in tasks related to Chinese-style modernization [1] - Future monetary policy will be guided by Xi Jinping's thoughts on socialism with Chinese characteristics for a new era, focusing on the implementation of the 20th National Congress and other key meetings [1] Group 3: Financial Strategy - The PBOC aims to deepen financial reform and promote high-level opening-up, striving to build a strong financial nation and improve the central bank's system [1] - A comprehensive monetary policy framework and macro-prudential management system will be established to enhance the transmission mechanism of monetary policy [1] Group 4: Balancing Objectives - The PBOC will balance short-term and long-term goals, growth support and risk prevention, as well as internal and external equilibrium [1] - Emphasis will be placed on consistent macro policy orientation and effective governance to sustain growth, employment, and expectations [1]

Core Viewpoint - The article emphasizes the importance of implementing proactive fiscal policies to support China's economic development and modernization goals during the 14th Five-Year Plan period, highlighting the need for effective macroeconomic management and governance [2][3][4]. Group 1: Implementation of Proactive Fiscal Policies - The central government has continuously adjusted fiscal policies in response to changing economic conditions, focusing on targeted support for key sectors and weak links to ensure stable economic growth [3][4]. - The average economic growth rate in China is projected to be around 5.5% from 2021 to 2024, with over 12 million new urban jobs created annually [4]. - The total public budget expenditure during the 14th Five-Year Plan period is expected to exceed 136 trillion yuan, supporting various national strategies such as rural revitalization and regional coordinated development [4]. Group 2: Key Strategies for Fiscal Policy - The article outlines several key strategies for effective fiscal policy implementation, including: 1. Coordinating counter-cyclical and cross-cyclical adjustments to enhance long-term development potential [5]. 2. Balancing supply-side and demand-side management to foster a dynamic equilibrium between supply and demand [5]. 3. Innovating fiscal tools and reforming the fiscal and tax system to improve policy effectiveness [5]. 4. Strengthening policy coordination and integrating fiscal policies with national development plans [5]. 5. Managing expectations to enhance market confidence through transparent and predictable policy measures [5]. Group 3: Addressing Challenges and Risks - The article identifies the complex domestic and international challenges facing fiscal policy, including geopolitical tensions and economic uncertainties, necessitating a proactive approach to enhance fiscal effectiveness and governance [6][9]. - Emphasis is placed on the need for a robust fiscal framework to manage local government debt risks and ensure sustainable fiscal development [13]. Group 4: Focus on Social Welfare and Development - The article stresses the importance of directing fiscal resources towards social welfare, ensuring that public finance serves the needs of the people and addresses their diverse demands [7][10]. - It highlights the commitment to improving living standards, supporting education, healthcare, and social security systems, and promoting rural revitalization [11][12]. Group 5: Future Directions - The article outlines future directions for fiscal policy, including expanding domestic demand, supporting technological self-reliance, and enhancing urban-rural integration [10][11][12]. - It calls for deepening reforms in fiscal management and supervision to improve governance efficiency and ensure that fiscal policies effectively contribute to high-quality development [12][13].

Core Viewpoint - The establishment of a new Debt Management Department by the Ministry of Finance and the allocation of 500 billion yuan for local government debt limits aims to enhance local financial capacity and stimulate effective investment [1][2]. Group 1: Local Government Debt Management - The local government debt balance has not exceeded the "ceiling" set by the National People's Congress, with a limit of 57.99 trillion yuan approved for 2025, and the current balance standing at 53.70 trillion yuan as of September 2025 [1][2]. - The new 500 billion yuan debt quota allows local governments to issue new bonds to alleviate financial pressure and expand investment, which is crucial given the declining fixed asset investment [2][3]. Group 2: Economic Context and Investment Impact - Fixed asset investment (excluding rural households) for the first three quarters was 37.15 trillion yuan, showing a year-on-year decrease of 0.5%, with private investment down by 3.1% [2]. - The additional 500 billion yuan in local debt is expected to marginally boost investment, particularly in infrastructure and service sectors, addressing the current economic downturn and insufficient effective demand [3][4]. Group 3: Special Bonds and Project Implementation - Of the 500 billion yuan, 200 billion yuan is designated as special bonds for specific provinces, aimed at accelerating project implementation and ensuring funds are directed to effective projects [5][6]. - The focus is on projects that are ready to commence within the year, with an emphasis on thorough financial assessments and performance targets to avoid ineffective spending [6].

近日，财政部新设债务管理司的消息引发关注，而在此之前，一项"真金白银"的举措亦值得注意：国家 发改委会同财政部，在地方政府债务结存限额中安排了5000亿元，用于补充地方政府综合财力和扩大有 效投资。其中，新增了2000亿元专项债券额度，专门用于支持部分省份投资建设。 前三季度的经济答卷已经交出，为何要在此时安排5000亿元地方政府债务结存限额？这又将给地方、国 民经济带来哪些影响？带着这些问题，南都N视频记者采访了多位业内专家。 地方政府债余额未超过全国人大设置的"天花板" 具体来看，地方政府债务规模由国务院确定并报全国人大或其常委会批准。经十四届全国人大三次会议 审议批准，2025年全国地方政府债务限额为579874.3亿元。截至2025年9月末，全国地方政府债务余额 536995亿元。换言之，地方政府的债务余额仍小于年初全国人大给定的限额。 "这就相当于，在没超过全国人大给定的地方政府债务限额内，又拿出了5000亿元借债的额度，让地方 能够通过发新债来获取资金，进而补充地方财力、缓解财政压力、扩大投资等。"中央财经大学教授温 来成说。 同时，温来成分析认为，这也和前三季度的经济情况尤其是投资情况相关。前三 ...

Group 1: Economic and Social Development - The "15th Five-Year Plan" emphasizes the importance of technology and innovation, mentioning "technology" 46 times and "innovation" 61 times, highlighting the need for original and disruptive innovations [1] - The plan includes measures to improve people's livelihoods, such as expanding free education and exploring the extension of compulsory education [1][16] - It proposes to enhance public service spending to boost consumer capacity, indicating a shift towards improving the consumption environment [7][10] Group 2: Future Industries and Technological Innovation - The plan aims to promote emerging industries like quantum technology, biotechnology, hydrogen energy, and artificial intelligence as new economic growth points [2][3] - It suggests establishing a risk-sharing mechanism for future industry investments to address uncertainties in technology and market [4][5] - The plan calls for a comprehensive implementation of "Artificial Intelligence+" to drive research and development across various sectors [6][7] Group 3: Consumption and Housing - The plan proposes to eliminate unreasonable restrictions on consumption in sectors like automobiles and housing, signaling a new phase in consumer development [8][19] - It aims to optimize the supply of affordable housing to meet the basic needs of urban wage earners and disadvantaged families, marking a shift from a "safety net" to a "universal" approach [19] Group 4: Energy and Environmental Goals - The plan sets a target for peak coal and oil consumption, aligning with the broader goal of achieving carbon neutrality by 2030 [9] - It emphasizes the need for a new energy system and the development of clean energy sources to support this transition [9] Group 5: Fiscal and Monetary Policy - The plan advocates for a more proactive fiscal policy to enhance sustainability and stimulate effective investment [10] - It suggests a stable and continuous approach to fiscal and monetary policies during the "15th Five-Year Plan" period [10] Group 6: Trade and International Cooperation - The plan focuses on expanding market access and opening up service sectors, indicating a shift towards enhancing service trade competitiveness [11][12] - It highlights the importance of developing green trade and intermediate goods trade to stabilize foreign trade [12][13]

Core Viewpoint - The "15th Five-Year Plan" emphasizes the importance of proactive fiscal policy and financial sustainability to support high-quality economic development without setting explicit economic growth targets [2][4]. Fiscal Policy - The "15th Five-Year Plan" suggests a shift towards a more proactive fiscal policy, focusing on enhancing fiscal sustainability and adapting to economic conditions [4][5]. - In the first three quarters of this year, China's general public budget revenue reached 163.876 billion yuan, a year-on-year increase of 0.5%, while expenditures were 208.064 billion yuan, up 3.1% [4]. - The plan indicates a need for increased fiscal spending and consumption subsidies to stabilize the economy and foster new growth drivers [5][6]. Monetary Policy - The plan prioritizes the improvement of the central bank's system as a key aspect of building a financial powerhouse, aiming for a comprehensive macro-prudential management system [7]. - Future monetary policy is expected to maintain a moderately loose stance, focusing on price-based adjustments to interest rates to stimulate market demand [8]. - The central bank will continue to deepen structural reforms in monetary supply to enhance the efficiency of monetary policy transmission [8]. Consumer Spending - The plan highlights the need to significantly increase the resident consumption rate, which has been relatively low compared to other countries at similar development stages [9]. - In the first three quarters, final consumption expenditure contributed 53.5% to economic growth, an increase of 9 percentage points from the previous year [10]. - Recent policies, such as the implementation of interest subsidies for personal consumption loans, aim to lower borrowing costs and stimulate consumer spending [11][12].

Core Insights - The China Securities Convertible Bond and Exchangeable Bond Index (931078) increased by 0.58% as of October 29, 2025, with the Convertible Bond ETF (511380) rising by 0.55% to a latest price of 13.51 yuan [2] - The recent report from the Central Committee emphasizes the need for proactive macroeconomic policies to stabilize growth, employment, and expectations, while also enhancing risk management in key areas such as real estate and local government debt [2] - The issuance of convertible bonds by banks is viewed as a cost-effective financing method, which can bolster core Tier 1 capital and support business expansion and risk resilience [3] Market Activity - The Convertible Bond ETF recorded a turnover rate of 13.16% with a trading volume of 7.825 billion yuan, indicating active market participation [2] - Over the past week, the Convertible Bond ETF has accumulated a rise of 0.83% [2] - The latest scale of the Convertible Bond ETF reached 59.363 billion yuan, with a net outflow of 638 million yuan recently [3] Investment Opportunities - Despite ongoing market uncertainties, investment opportunities are emerging, particularly in equity assets benefiting from the AI wave and policy support in the technology growth sector [3] - The recent trend shows that in the last 10 trading days, there were net inflows on 6 days, totaling 863 million yuan, with an average daily net inflow of 8.632 million yuan [3] - The Convertible Bond ETF closely tracks the performance of the China Securities Convertible Bond and Exchangeable Bond Index, which is composed of convertible and exchangeable bonds listed on the Shanghai and Shenzhen exchanges [3]

Report Industry Investment Rating - The report provides a bias for various varieties, with "偏空" (Bearish) and "偏多" (Bullish) ratings for different financial and commodity instruments such as stock indices, bonds, and commodities [4]. Core Viewpoints - The "15th Five - Year Plan" focuses on economic growth within a reasonable range, improving total factor productivity, and enhancing residents' consumption rate [6]. - The central bank will implement a moderately loose monetary policy, aiming to consolidate the positive momentum of the capital market and improve market - stabilizing mechanisms [7]. - Different commodities have their own market drivers and trends. For example, gold is influenced by factors like geopolitical risks, central bank purchases, and market sentiment, while oil is affected by geopolitical sanctions and market trading trends [2][3]. Summary by Relevant Sections 1. Main News International News - The U.S. Senate failed to pass the "2025 Fiscal Year Continuing Appropriations and Extension Act" for the 13th time, leading to the continuation of the government shutdown [5]. Domestic News - The full - text of the "15th Five - Year Plan" was released, setting goals for economic and social development, including economic growth, technological self - reliance, and reform breakthroughs [6]. Industry News - The central bank governor stated that the central bank will implement a moderately loose monetary policy, execute existing measures, and study new policies to support the capital market [7]. 2. Outer - market Daily Returns - A table shows the daily returns of various outer - market assets, including the S&P 500, European STOXX 50, and different commodities such as oil, gold, and agricultural products [10]. 3. Morning Comments on Major Varieties Financial - **Stock Indices**: After a high - level shock in September, stock indices are entering a direction - selection phase. With a potentially loose domestic liquidity environment and expected inflows of external funds, the market style may shift towards value in the fourth quarter [11]. - **Treasury Bonds**: Treasury bonds opened higher and closed higher. With the central bank's supportive monetary policy and expected market liquidity, the prices of treasury bond futures are expected to be supported [12][13]. Energy and Chemicals - **Crude Oil**: SC crude oil fell at night. Geopolitical sanctions on Russian oil companies have been imposed, but the downward trend of oil prices remains due to unclear market situations and limited impact on Russian oil transportation [3][14]. - **Methanol**: Methanol prices fell at night. The开工 rate of coal - to - olefin and methanol production decreased, and coastal methanol inventories increased. Market uncertainties have intensified price fluctuations [15]. - **Rubber**: As the rubber - tapping season progresses, supply pressure may increase. However, potential weather impacts on production and positive progress in Sino - U.S. trade negotiations may support prices [16]. - **Polyolefins**: Polyolefin futures declined slightly. Following the oil trend and with high downstream demand, the market may start to oscillate after a short - term rebound [17]. - **Glass and Soda Ash**: Glass futures rebounded slightly, and soda ash futures oscillated. Both are in the process of inventory digestion, and market sentiment is cautious. Attention should be paid to autumn consumption and policy changes [18][19]. Metals - **Precious Metals**: Gold and silver prices fell significantly and then rebounded slightly. Geopolitical risks have cooled, and after a rapid rise, prices are adjusting due to weakened driving factors and accumulated profit - taking [2][20]. - **Copper**: Copper prices rose at night. With a tight supply of concentrates and high smelting output, an Indonesian mine accident may lead to a supply - demand gap, supporting long - term prices [21]. - **Zinc**: Zinc prices rose at night. With an increase in zinc concentrate processing fees and expected production growth, the price may fluctuate within a range due to different inventory situations at home and abroad [22]. Black Metals - **Coking Coal and Coke**: The coking coal and coke market oscillated upwards at night. While high iron - water production provides support, the possibility of blast furnace production cuts due to shrinking profits should be considered [23]. Agricultural Products - **Protein Meal**: Bean and rapeseed meal prices oscillated upwards at night. With good progress in Sino - U.S. trade talks and high U.S. soybean export inspections, the domestic market may oscillate in the short term [24]. - **Oils and Fats**: Oil prices were weak at night. With expected increases in palm oil production and exports in Malaysia, and supply - side expectations of relaxation, short - term prices are under pressure [25]. - **Sugar**: Zhengzhou sugar prices oscillated within a range. The global sugar market is in a stock - building phase, and Brazilian factors are dragging down prices. In the domestic market, cost support and import - related rumors may affect prices [26]. - **Cotton**: Zhengzhou cotton prices continued to oscillate. Affected by the U.S. government shutdown and domestic market conditions, prices are expected to be slightly stronger in the short term [27]. Shipping Index - **Container Shipping to Europe**: The EC index oscillated. With multiple shipping companies reducing freight rates and limited capacity control, the market is expected to continue to oscillate in the short term [28].

Group 1: Hot News - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China proposed suggestions for formulating the "15th Five-Year Plan", including boosting consumption and implementing more proactive macro policies [3] - Guinea's government signed shipping contracts for the Simandou iron ore project, paving the way for the first shipment by the end of 2025 [3] - GAPKI expects Indonesia's palm oil production to increase by 10% in 2025 due to favorable weather [3] - Citibank lowered short - term price targets for gold and silver, reducing the 0 - 3 month gold price forecast from $4000 per ounce to $3800 and silver from $55 to $42 [3] - Indonesia's mining ministry agreed to grant a copper concentrate export license to Amman Mineral, pending administrative procedures [3] Group 2: Sector Performance - Key sectors to focus on: iron ore, rebar, palm oil, Shanghai copper, and Shanghai gold [4] - Sector price changes during the holiday: night - session price changes and capital ratios of various commodity futures sectors are presented, with non - metallic building materials at 3.03%, precious metals at 29.49%, etc. [4] Group 3: Sector Positions - Changes in commodity futures sector positions in the past five days are shown for various sectors such as agricultural products, grains, and chemicals [5] Group 4: Performance of Major Asset Classes - Equity: different stock indices have different daily, monthly, and annual percentage changes, e.g., the Shanghai Composite Index has a daily change of - 0.22%, a monthly change of 2.72%, and an annual change of 18.99% [6] - Fixed - income: different - term treasury bond futures also have corresponding changes, like the 10 - year treasury bond futures with a daily change of 0.25%, a monthly change of 0.53%, and an annual change of - 0.47% [6] - Commodity: various commodities such as CRB commodity index, WTI crude oil, and London spot gold have their respective price changes [6] - Other: the US dollar index and CBOE volatility index also show certain percentage changes [6]