Core Insights - The report highlights the recent trends in the U.S. bond market, indicating a slight increase in the 2-year Treasury yield by 0.63 basis points to 3.608% while the 10-year yield decreased by 0.78 basis points to 4.137% [5] - The report notes a 0.8% year-on-year increase in China's general public budget revenue from January to October, alongside a significant 88.1% increase in securities transaction stamp duty during the same period [4] - The automotive industry in China experienced a notable growth in exports, with October exports reaching 666,000 vehicles, marking a 22.9% year-on-year increase [4] Economic Data Summary - The Baltic Dry Index closed at 2125.00, reflecting a 2.31% increase, while major U.S. indices such as the Nasdaq and Dow Jones saw declines of 0.84% and 1.18% respectively [6] - The ICE Brent crude oil price was reported at $64.03, down by 0.56%, and the London gold spot price was $4044.51, decreasing by 0.92% [6] - The exchange rate for the U.S. dollar against the Chinese yuan (CFETS) was 7.10, showing a slight increase of 0.06% [6] Market Performance - The Hang Seng Index closed at 26384.28, down by 0.71%, while the Hang Seng Tech Index fell by 0.96% [6] - The Shanghai Composite Index ended at 3972.03, reflecting a decrease of 0.46%, and the Shenzhen Composite Index remained relatively stable with a slight increase of 0.01% [6]

Market Overview - Major U.S. indices declined, with the Dow Jones down 557.24 points (1.18%) to 46,590.24, the Nasdaq down 192.51 points (0.84%) to 22,708.07, and the S&P 500 down 61.7 points (0.92%) to 6,672.41 [1] - European indices also fell, with Germany's DAX30 down 283.38 points (1.19%) to 23,603.69, the UK's FTSE 100 down 22.72 points (0.23%) to 9,675.65, and France's CAC40 down 51.07 points (0.63%) to 8,119.02 [1] Cryptocurrency - Bitcoin dropped over 2.5%, falling below $92,000, while Ethereum fell over 3%, dropping below $3,000 [3] Commodities - Crude oil prices decreased slightly, with NYMEX light crude for December delivery down $0.18 to $59.91 per barrel (0.3%) and Brent crude for January down $0.19 to $64.20 per barrel (0.3%) [2] - Gold prices fell by 0.97% to $4,045.87, with Goldman Sachs projecting gold prices could reach $4,900 by the end of 2026 due to increased central bank purchases and ongoing economic concerns [4] Federal Reserve Insights - Federal Reserve Governor Waller supports another rate cut in December, citing concerns over a weakening labor market and the impact of monetary policy on low-income consumers [5] - Fed Vice Chair Jefferson noted rising downside risks to employment but emphasized a cautious approach to policy adjustments, indicating a potential for further rate cuts or holding rates steady [9] Corporate News - Amazon is set to issue approximately $12 billion in high-rated corporate bonds, marking its first such issuance in three years, with proceeds potentially used for debt repayment, acquisitions, and investments [10] - The EU is considering regulatory measures for major cloud service providers like Amazon, Microsoft, and Google, following significant service disruptions that highlighted market dependency on a few providers [11] Analyst Ratings - Jefferies raised the target price for Sohu (SOHU.US) from $18 to $20 [12] - Stifel analyst Stephen Gengaro increased Tesla's (TSLA.US) target price from $483 to $508, citing advancements in the company's autonomous driving and ride-hailing products [13]

Market Overview - Major indices in the US experienced declines, with the Dow Jones falling by 557.24 points (1.18%) to 46,590.24, the Nasdaq down by 192.51 points (0.84%) to 22,708.07, and the S&P 500 decreasing by 61.7 points (0.92%) to 6,672.41 [1] - In Europe, the DAX30 index dropped by 283.38 points (1.19%) to 23,603.69, the FTSE 100 fell by 22.72 points (0.23%) to 9,675.65, and the CAC40 decreased by 51.07 points (0.63%) to 8,119.02 [1] Cryptocurrency - Bitcoin fell over 2.5%, dropping below $92,000, while Ethereum declined more than 3%, falling below $3,000 [3] Commodities - Light crude oil futures for December delivery decreased by $0.18, closing at $59.91 per barrel, while January Brent crude oil futures fell by $0.19 to $64.20 per barrel, both reflecting a decline of 0.3% [2] - Spot gold decreased by 0.97%, priced at $4,045.87. Goldman Sachs indicated that central banks may have purchased a significant amount of gold in November, with expectations for gold prices to reach $4,900 by the end of 2026 [4] Federal Reserve Insights - Federal Reserve Governor Waller expressed support for a rate cut in December, citing concerns over a weakening labor market and the impact of monetary policy on low-income consumers [5] - Federal Reserve Vice Chair Jefferson noted an increase in downside risks to employment but emphasized the need for cautious policy adjustments as rates approach neutral levels [9] Corporate News - Amazon initiated a $12 billion corporate bond issuance, marking its first high-rated bond issuance in three years, with proceeds potentially used for debt repayment, acquisitions, and investments [10] - The European Union is assessing whether major cloud service providers, including Amazon Web Services, Microsoft Azure, and Google Cloud, should be subject to new regulatory obligations under the Digital Markets Act [11] Analyst Ratings - Jefferies raised the target price for Sohu (SOHU.US) from $18 to $20 [12] - Stifel analyst Stephen Gengaro increased the target price for Tesla (TSLA.US) from $483 to $508, citing progress in the company's autonomous driving and ride-hailing products [13]

Core Viewpoint - The article discusses the significant challenges facing the US dollar's credibility in the long term, highlighting a potential restructuring of the international monetary system if allied nations collectively lose confidence in the dollar [1][6][7]. Group 1: Federal Reserve's Interest Rate Decisions - In September, the Federal Reserve restarted interest rate cuts, lowering rates by 25 basis points, which is not directly indicative of a weakening dollar credit [3][4]. - The Fed's dual mandate of price stability and maximum employment is under pressure, particularly with deteriorating employment data and inflation concerns stemming from Trump's tariffs [3][4]. - The Fed's decision to cut rates was made despite external pressures for larger cuts, indicating a commitment to its established policy path [4]. Group 2: Challenges Facing the Dollar - The Federal Reserve is facing a triple dilemma: policy indecision, confusion in monetary policy expectations, and threats to its independence [1][5]. - Trump's interventions in Fed policy and potential changes in leadership could further undermine the Fed's independence and the dollar's credibility [5][6]. - The ongoing trade policies and tariffs under Trump's administration are eroding the dollar's international standing and could lead to a reconfiguration of the global monetary order [6][7]. Group 3: Global Monetary System Dynamics - The article notes a significant increase in gold prices, reflecting a shift towards a multipolar international monetary system, with emerging markets increasing their gold reserves [6][12]. - The decline in the dollar's share of global reserves does not automatically benefit other non-dollar currencies, as they face their own structural challenges [12][13]. - The potential for a "de-dollarization" trend is highlighted, particularly if allied nations lose faith in the dollar due to ongoing US economic policies [6][7]. Group 4: Implications for China - China is encouraged to recognize the opportunity presented by the US's declining global economic leadership and to enhance the international status of the renminbi [13][14]. - Strengthening the domestic economy and improving the financial market system are crucial for increasing the attractiveness of renminbi assets [14][15]. - Historical lessons from the euro and yen's internationalization processes emphasize the importance of economic strength and the establishment of a robust currency settlement function [16][17].

Group 1 - The core viewpoint of the article highlights the positive performance of the US non-manufacturing PMI in October, which stood at 52.4, exceeding expectations and previous values, leading to a collective rise in major US stock indices [1] - The US stock market saw the Nasdaq increase by 0.65%, the Dow Jones by 0.48%, and the S&P 500 by 0.37%, indicating a favorable market response to the PMI data [1] - Domestic futures markets showed mixed results, with certain commodities like coking coal and various agricultural products experiencing gains, while others like propylene and asphalt saw declines [1] Group 2 - The article discusses the performance of major stock indices, noting a recovery after a previous decline, with the electric equipment sector leading gains and the computer sector lagging [2] - The financing balance decreased by 3.32 billion yuan to 24.73687 trillion yuan, indicating a potential shift in market liquidity [2] - The article emphasizes the long-term focus on technology self-reliance as part of the 14th Five-Year Plan, suggesting that the technology sector will be a key investment direction [2] Group 3 - The article reports on the shipping market, specifically the European container shipping index, which rose by 3.82% to surpass 1900 points, reflecting positive macroeconomic sentiment [3] - The average price for large containers in early November stabilized around 2200 USD, with expectations for price adjustments based on seasonal demand [3] - The article notes that the glass and soda ash markets are in a phase of inventory digestion, with cautious market sentiment prevailing [3][19] Group 4 - The article highlights the significant growth in China's new energy storage capacity, which has exceeded 100 million kilowatts, representing a more than 30-fold increase compared to the end of the 13th Five-Year Plan [8] - The article mentions that this capacity now accounts for over 40% of the global total, positioning China as a leader in this sector [8]

Group 1: U.S. Macro Strategy - The Federal Reserve continued to lower interest rates by 25 basis points, bringing the policy rate to a range of 3.75-4.0%, and announced the end of quantitative tightening on December 1 [1] - Internal divisions within the Federal Reserve have intensified, with dissenting opinions regarding the December rate cut from several regional Fed presidents [1] - The U.S. government shutdown persists, leading to a weak fiscal environment, with a deficit of $7.8 billion in Week 43, which is below seasonal levels [1] Group 2: Employment and Economic Indicators - Initial jobless claims data indicate a potential recovery in the U.S. job market, with claims at 202,100, reflecting a seasonal decline [1] - The S&P 500 index rose by 0.7%, but the market is transitioning to a "fragile balance" phase driven by corporate earnings growth amid increased volatility [2] - The U.S. stock market is facing uncertainties, with high valuations largely dependent on the narrative of AI driving a new industrial revolution [2] Group 3: Bond Market Insights - Powell's hawkish stance has increased uncertainty in the bond market, with the 10-year Treasury yield encountering resistance around 4.0% [2] - The expectation of a rate cut in December remains, with a downward shift in the yield curve anticipated [2] - Investors are advised to maintain positions in 2-5 year Treasury bonds, with long-term bonds recommended for purchase when yields reach 4.2% [2] Group 4: Currency and Commodity Outlook - The "risk management-style rate cuts" may support a limited rebound in the U.S. dollar, but significant movement outside the established range is unlikely [3] - The dollar index is expected to slightly decline due to the continuation of the Fed's rate cut cycle and the convergence of U.S.-Europe interest rates [4] - Gold prices may face short-term adjustments due to hawkish signals, but a long-term upward trend is expected, supported by ongoing Fed rate cuts [5] Group 5: China Macro Strategy - China's manufacturing PMI fell to 49%, indicating a contraction, with all sub-indices declining [7] - The real estate market shows significant declines, with new home sales in major cities down 27.3% year-on-year [7] - Export momentum is weakening, with overall export growth declining, although recent U.S.-China negotiations may lead to a potential reduction in tariffs [8] Group 6: Monetary Policy and Market Sentiment - The People's Bank of China reiterated a supportive monetary policy stance, emphasizing the need for a stable and active capital market [9] - The bond market is expected to maintain a volatile trend, with the 10-year Treasury yield around 1.8% [11] - The A-share market remains on an upward trend, supported by liquidity and policy measures, despite high valuations [12]

Core Viewpoint - The article discusses recent developments in various sectors, including tax policies on gold, manufacturing indices, and commodity price movements, indicating a mixed economic outlook and potential investment opportunities in precious metals and energy sectors [1][2][3]. Group 1: Tax Policy and Economic Indicators - The Ministry of Finance and the State Taxation Administration announced a tax policy on gold, stating that taxpayers selling standard gold outside exchanges must pay value-added tax [1]. - The manufacturing purchasing managers' index (PMI) for October is reported at 49.0%, a decrease of 0.8 percentage points from the previous month, indicating a decline in manufacturing activity [1]. - The non-manufacturing business activity index rose to 50.1%, an increase of 0.1 percentage points, suggesting slight expansion in the services sector [1]. Group 2: Commodity Market Overview - Precious metals, particularly gold and silver, have experienced a recent pullback, influenced by the Federal Reserve's interest rate decisions and geopolitical factors [2][17]. - The international energy agency reported an increase in OPEC's oil supply, with September's output from nine countries at 23.87 million barrels per day, up by 760,000 barrels from August [11]. - The domestic futures market saw a majority of commodities decline, with notable drops in soda ash and methanol, while some agricultural products like canola meal saw slight increases [1][3]. Group 3: Industry-Specific Insights - The automotive sector is witnessing significant growth in electric vehicle sales, with October retail sales of approximately 1.32 million units, marking a penetration rate of around 60% [7]. - The steel industry is facing challenges with declining profitability and production, leading to a weaker demand for coking coal [20]. - The copper market is expected to remain supported due to tight supply conditions, particularly following mining disruptions in Indonesia [18]. Group 4: Financial Market Trends - The U.S. stock indices experienced declines, with the Shanghai Composite Index falling below 4000 points, reflecting a cautious market sentiment despite positive developments in U.S.-China relations [9]. - The bond market showed slight increases, with the 10-year government bond yield dropping to 1.803%, supported by the central bank's commitment to a supportive monetary policy [10].

Report Title - PTA&PX承压于高库存，聚酯分化格局抑制反弹 [1] Key Points 1. Report Industry Investment Rating - Not provided 2. Core View of the Report - PTA and PX are pressured by high inventories, and the differentiated pattern of polyester restrains the rebound. The supply pressure of PX and PTA is increasing, while the demand is weak, and the inventory of PTA is accumulating, which may lead to the continued weakening of their prices. The polyester industry shows a differentiated pattern, with low inventory of filament supporting price resilience and high inventory of staple fiber having回调 pressure [1][3][4] 3. Summary According to Relevant Catalogs 3.1 Daily Market Summary - **PTA&PX**: On October 30, the PX main contract closed at 6,588.0 yuan/ton, down 0.96% from the previous trading day, with a basis of -103.0 yuan/ton. The PTA main contract closed at 4,570.0 yuan/ton, down 1.42% from the previous trading day, with a basis of -10.0 yuan/ton. The cost support of PX is weakening, the supply pressure is increasing, the demand for PTA is lack of elasticity, and the inventory is accumulating [2][3] - **Polyester**: On October 30, the short fiber main contract closed at 6,268.0 yuan/ton, unchanged from the previous trading day. The spot price in the East China market was 6,365.0 yuan/ton, unchanged from the previous trading day, with a basis of 97.0 yuan/ton. The terminal textile demand is weakening, the inventory of polyester filament is significantly lower than the average level in the past five years, while the inventory of polyester staple fiber is higher than the average level in the past five years. It is expected that the industrial chain will maintain the cost-driven logic in the short term, but the decline in demand may limit the increase of PTA, the low inventory of filament may support price resilience, and the high inventory of staple fiber may have回调 pressure [4] 3.2 Industrial Chain Price Monitoring - **PX**: The main contract price of PX futures decreased by 0.96%, the trading volume increased by 5.96%, and the open interest increased by 1.54%. The spot price of PX in the Chinese main port (CFR) remained unchanged, and the FOB price in South Korea decreased by 0.13%. The basis of PX increased by 48.76% [5] - **PTA**: The main contract price of PTA futures decreased by 1.42%, the trading volume increased by 28.41%, and the open interest increased by 0.40%. The spot price of PTA in the Chinese main port (CFR) remained unchanged. The basis of PTA increased by 89.58%, the 1-5 spread decreased by 15.38%, the 5-9 spread decreased by 22.22%, and the 9-1 spread increased by 17.14%. The import profit of PTA increased by 2.40% [5] - **Short Fiber**: The main contract price of short fiber futures decreased by 1.02%, the trading volume increased by 16.07%, and the open interest decreased by 8.18%. The spot price in the East China market decreased by 0.08%. The basis of PF increased by 60.82%, the 1-5 spread decreased by 600.00%, the 5-9 spread remained unchanged, and the 9-1 spread increased by 50.00% [5] - **Other Products**: The price of the Brent crude oil main contract decreased by 0.42%, the price of the WTI crude oil main contract decreased by 0.12%, the price of CFR Japanese naphtha increased by 0.26%, the price of ethylene glycol remained unchanged, the price of polyester chips remained unchanged, the price of polyester bottle chips decreased by 0.35%, the price of polyester POY remained unchanged, the price of polyester DTY remained unchanged, and the price of polyester FDY remained unchanged [5] - **Processing Spreads**: The processing spread of naphtha increased by 3.13%, the processing spread of PX decreased by 0.61%, the processing spread of PTA increased by 14.20%, the processing spread of polyester chips decreased by 17.64%, the processing spread of polyester bottle chips decreased by 11.18%, the processing spread of polyester short fiber decreased by 35.59%, the processing spread of polyester POY decreased by 18.60%, the processing spread of polyester DTY decreased by 9.94%, and the processing spread of polyester FDY decreased by 4.60% [6] - **Light Textile City Trading Volume**: The total trading volume of the Light Textile City increased by 9.60%, the trading volume of long fiber fabrics increased by 10.00%, and the trading volume of short fiber fabrics increased by 8.72% [6] - **Industrial Chain Load Rates**: The load rates of PTA factories, polyester factories, and Jiangsu and Zhejiang looms remained unchanged [6] - **Inventory Days**: The inventory days of polyester short fiber increased by 0.97%, the inventory days of polyester POY decreased by 27.97%, the inventory days of polyester FDY decreased by 16.44%, and the inventory days of polyester DTY decreased by 16.95% [6] 3.3 Industrial Dynamics and Interpretations - **Macroeconomic Dynamics**: On October 30, the Bank of Canada cut interest rates by 25 basis points as expected and hinted at a pause in rate cuts. The Federal Reserve cut interest rates by 25 basis points in October, ended the balance sheet reduction on December 1, and there were serious differences among officials regarding the December policy. Middle Eastern Gulf countries collectively announced a 25-basis-point interest rate cut. On October 29, Citibank lowered the short-term price targets for gold and silver. Trump said that Federal Reserve Chairman Powell was either incompetent or bad and would leave his position in "a few months" [7] - **Supply and Demand - Demand**: On October 29, the total trading volume of the Light Textile City was 708.0 million meters, a month-on-month decrease of 3.01%, with a trading volume of 560.0 million meters for long fiber fabrics and 149.0 million meters for short fiber fabrics [8] 3.4 Industrial Chain Data Charts - The report includes data charts on PX and PTA futures, spot prices, basis, processing spreads, industrial chain load rates, inventory days, and Light Textile City trading volumes [9][11][13][15][17][19][22][23][27][28][30] 3.5 Appendix: Big Model Inference Process - Supply-side: PX and PTA may face increased supply pressure, and the decline in crude oil prices reduces costs. Demand-side: Affected by downstream polyester and terminal textiles, demand is weak. Inventory-side: PTA factory inventories are accumulating. These factors may lead to the continued weakening of PX and PTA prices [35][36]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - The long - term narrative of gold as the ultimate safe - asset is becoming more prominent, but it is adjusting after a rapid rise. Copper prices are likely to be supported in the long - term due to potential supply shortages. The downward trend of crude oil is hard to reverse. Market styles of stocks may become more balanced, and bonds are expected to maintain a good operation [2][3]. 3. Summary by Directory a. Chief Comments - The European Central Bank keeps its three major interest rates unchanged. The US cancels a 10% so - called fentanyl tariff on Chinese goods, and suspends a 24% tariff for another year, among other trade - related concessions. Most domestic futures closed down at night [1]. b. Key Varieties - **Precious Metals**: Gold and silver rebounded last night after a continuous decline. Although the Fed cut interest rates and ended QT, the driving factors weakened, leading to an adjustment after a rapid rise. Long - term, gold's status as a safe - asset is strengthening [2]. - **Copper**: Copper prices closed lower at night. Supply of concentrates is tight, and the Indonesian mine accident may cause a supply - demand gap, supporting prices in the long - run [3]. - **Crude Oil**: SC crude oil fell 0.24% at night. OPEC's supply increased in September, and the downward trend remains [3]. c. Daily Main News - **International News**: The eurozone's Q3 GDP had better - than - expected growth, but member states' performance diverged [6]. - **Domestic News**: The results of the Sino - US economic and trade consultations in Kuala Lumpur were announced, covering issues such as trade, investment, and TikTok [7]. - **Industry News**: 500 billion yuan of new policy - based financial instruments have been fully invested, expected to drive over 7 trillion yuan in project investment [8]. d. Daily Gains of Overseas Markets - The S&P 500, European STOXX50, and FTSE China A50 futures all declined. The US dollar index rose, ICE Brent crude oil fell slightly, and London gold and silver prices increased [10]. e. Morning Comments on Major Varieties - **Financial**: - **Stock Index**: Although Sino - US leaders agreed to strengthen economic cooperation, the stock index did not rise significantly. The market style may become more balanced [11]. - **Treasury Bonds**: Treasury bonds rose slightly. The central bank's support for a loose monetary policy and the Fed's interest - rate decision affected the bond market [12]. - **Energy and Chemicals**: - **Crude Oil**: The downward trend is difficult to reverse as OPEC supply increased [14]. - **Methanol**: Market fluctuations intensified due to uncertainties, with inventory rising and potential large - scale imports [15]. - **Rubber**: Supply may increase, and demand support is limited. Weather may affect production, and the short - term trend is expected to be volatile [16]. - **Polyolefins**: They followed the crude oil trend. Demand was stable, and the market is likely to start oscillating after a short - term rebound [17]. - **Glass and Soda Ash**: Both are in the process of inventory digestion. Attention should be paid to consumption in autumn and policy changes [18]. - **Metals**: - **Precious Metals**: Similar to the analysis in the key varieties section, with a long - term upward trend and short - term adjustment [19]. - **Copper**: Similar to the key varieties section, with long - term price support [20]. - **Zinc**: Zinc prices rose at night. The supply may increase, and the price may fluctuate in a range [21]. - **Black Metals**: - **Coking Coal and Coke**: The short - term trend is expected to be high - level oscillation, affected by steel demand and inventory [22]. - **Agricultural Products**: - **Protein Meal**: Brazilian soybean planting is progressing well. The US soybean price is affected by trade negotiations, and the domestic market is expected to oscillate [23]. - **Oils and Fats**: Palm oil production is expected to increase, and the supply - side pressure suppresses the short - term market [24]. - **Sugar**: The international sugar market is in a stock - building phase, and the domestic market is expected to oscillate in the short - term [25]. - **Cotton**: The cotton price is expected to maintain a slightly strong oscillation, supported by the purchase price [26]. - **Shipping Index**: - **Container Shipping to Europe**: The market sentiment is affected by Sino - US trade policies. The price may have a chance to rise during the peak season [27].

Core Viewpoint - The European Central Bank has maintained its three key interest rates unchanged, with the deposit rate at 2.0%, the main refinancing rate at 2.15%, and the marginal lending rate at 2.4% [1] Economic News - The Eurozone's GDP for Q3 showed a year-on-year increase of 1.3% and a quarter-on-quarter increase of 0.2%, outperforming market expectations. However, there is a growing divergence in performance among member countries, with France's GDP growing by 0.5% quarter-on-quarter, marking the fastest growth rate in 2023, while Germany's GDP remained flat, continuing a 14-quarter period of low performance [5] Domestic News - The consensus from the recent China-U.S. economic talks revealed that the U.S. will cancel the 10% tariff on Chinese goods related to fentanyl and will continue to suspend the 24% tariff for another year. Additionally, the U.S. will pause the implementation of export control rules and investigations related to maritime and logistics for one year, while China will adjust or suspend corresponding countermeasures [6] Industry News - A total of 500 billion yuan in new policy financial tools have been fully deployed, significantly supporting key areas and projects, with an expected total investment boost of over 7 trillion yuan. The focus of these tools includes technological innovation, expanding consumption, and stabilizing foreign trade [7] Commodity Insights Precious Metals - Recent declines in gold and silver prices have been followed by a rebound. The Federal Reserve is expected to cut rates by 25 basis points this week and end quantitative tightening by December 1. However, market expectations for a December rate cut have cooled following hawkish comments from Powell. Geopolitical risks have eased, and central banks are increasing gold reserves amid rising distrust in the financial system, reinforcing gold's status as a safe-haven asset [2][17] Copper - Copper prices fell in the overnight market, with tight supply of concentrates and smelting profits at breakeven. However, smelting output continues to grow. Data from the National Bureau of Statistics indicates positive growth in power grid investment, while real estate remains weak. A mining accident in Indonesia is likely to create a global copper supply gap, supporting prices in the long term [3][18] Oil - The SC night market saw a decline of 0.24%. The International Energy Agency reported that the daily oil supply from nine OPEC countries with quotas in September was 23.87 million barrels, an increase of 760,000 barrels from August, exceeding their target by 940,000 barrels. Saudi Arabia's daily oil supply was 9.98 million barrels, also up from August, aligning with targets [12] Financial Markets - The U.S. stock indices fell, with the Shanghai Composite Index dropping below 4000 points. The market's trading volume was 2.46 trillion yuan. The financing balance increased by 11.587 billion yuan, indicating a potential for continued liquidity in the domestic market [10]