Core Viewpoint - The Bank of Japan Governor Kazuo Ueda indicated that the weak yen is driving up import prices, contributing to the rise in the Consumer Price Index (CPI) [1] Group 1 - The Bank of Japan is closely monitoring the impact of foreign exchange fluctuations on prices [1]

Core Insights - The U.S. trade deficit for September decreased to $59.6 billion, better than the estimated $60.8 billion and significantly down from $78.3 billion in July [1][2] - This trade data is crucial for analysts as it completes the necessary information for the upcoming third quarter GDP report [2] Trade Data - Imports from Canada in September were at their lowest level since May 2021, indicating strained trade relations [3] - The Department of Labor will not publish missing data from the shutdown period but will make it available online [4] Upcoming Economic Indicators - The September jobs report is expected to be released soon, along with jobless claims from the previous week [3][5] - The third quarter GDP report will be released next week, with a second version expected due to surpassing initial estimates [5][6] - Future reports include November income and spending data scheduled for December 19th, while the status of October's jobs, CPI, and PBI remains uncertain [6]

每经AI快讯，11月19日消息，欧元区10月CPI同比增长2.1%，预期2.10%，前值2.10%。 ...

每经AI快讯，11月19日，英国10月CPI同比增长3.6%，预期3.6%；10月CPI环比增长0.4%，预期0.4%。 （文章来源：每日经济新闻） ...

Investment Rating - The industry investment rating is "Overweight" [1] Core Viewpoints - In October 2025, the total retail sales of consumer goods reached 46,291 billion yuan, with a year-on-year growth of 2.9%, exceeding the Wind consensus expectation of 2.7% [4][9] - The growth in retail sales is driven by the coordinated development of new urbanization and rural revitalization, enhancing the potential of county and rural markets [11] - Online retail continues to grow rapidly, while physical retail remains stable [12][14] - The consumer price index (CPI) rose by 0.2% year-on-year in October, while the producer price index (PPI) saw a narrowing decline for three consecutive months [34][37] Summary by Sections Overall Retail Sales - The total retail sales of consumer goods in October 2025 increased by 2.9% year-on-year, higher than the Wind consensus of 2.7% [9] - Urban retail sales were 40,021 billion yuan, growing by 2.7%, while rural retail sales reached 6,270 billion yuan, with a growth rate of 4.1% [11] By Category - Restaurant services saw a year-on-year increase of 3.8%, while retail sales of goods grew by 2.8%, affected by weaker automobile sales [22] - Essential and discretionary categories showed marginal improvements, while the real estate-related category turned negative [28] Price Performance - CPI increased by 0.2% year-on-year, with core CPI rising by 1.2% [34] - Food prices fell by 2.9% year-on-year, significantly impacting the CPI [36] Employment Situation - The urban unemployment rate in October 2025 was 5.1%, stable compared to previous months [43] Investment Recommendations - The report suggests focusing on high-end liquor and regional leaders in the liquor industry, as well as companies like Yanjing Beer and Anjui Foods in the restaurant supply chain [51]

These odds are gonna be VOLATILE this week.We finally get data on CPI, jobless, and more after a full month without it.If the data is bad, 0.25bps cut will runIf the data is good, no change will runI lean the 0.25bps cut to run, especially given where cuts were priced just 45 days agoThe lack of data has seriously skewed these markets n the potential for another rate cut this year. ...

每经AI快讯，11月17日消息，加拿大10月CPI环比增长0.2%，预期0.20%，前值0.10%；同比增长2.2%， 预期2.1%，前值2.40%。 ...

Summary of Key Points Group 1: Overall Industry Analysis - The report indicates a systemic recovery opportunity for the food and beverage industry in 2026 after a five-year adjustment period from 2021 to 2025, with key external indicators being the Consumer Price Index (CPI) and a focus on cyclical attributes in the liquor and catering supply chain [4][19]. - The liquor sector is expected to see a fundamental turning point in Q3 2026, following a significant decline in sales and prices in Q3 2025, with a projected stabilization and recovery in prices as inventory clears and demand rebounds [4][7][19]. - The report emphasizes that if the fundamentals recover as anticipated, a dual boost in valuation and performance is expected by the end of 2026 and into 2027, marking a strategic allocation period for quality companies [4][7][19]. Group 2: Liquor Investment Strategy - The liquor sector has experienced a significant decline in sales, with Q3 2025 showing a 50% year-on-year drop compared to Q3 2023, and high-end liquor prices continuing to fall as the market seeks a balance between volume and price [4][7][8]. - Key recommended companies in the liquor sector include Luzhou Laojiao, Shanxi Fenjiu, Kweichow Moutai, and Wuliangye, with a focus on strategic positioning for quality firms as the market stabilizes [4][7][8]. - Historical performance analysis from 2012 to 2015 suggests that stock price turning points often precede fundamental turning points, indicating a potential recovery in Q3 2026 [4][7][23]. Group 3: Consumer Goods Investment Strategy - The report identifies systemic opportunities in the consumer goods sector, with CPI as a core observation indicator, predicting gradual improvement in food CPI due to structural demand changes and a shift from price competition to quality competition among companies [4][19]. - Recommended companies in the consumer goods sector include Yili Group, Qingdao Beer, Anjuke Food, and Tianwei Food, with a focus on firms that possess pricing power and are positioned for systematic recovery if CPI continues to improve [4][19]. - The report highlights that if CPI improves consistently, leading companies in various sub-sectors will also experience systematic recovery [4][19].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report updates the high - frequency data of fixed - income fundamentals from November 10th to November 16th, 2025. The overall high - frequency index of fundamentals is stable, with changes in various sub - indices such as production, demand, prices, inventory, transportation, and financing. For example, the industrial production high - frequency index shows a narrowing increase, the real estate sales high - frequency index has a stable decline, and the infrastructure investment high - frequency index has an expanding increase [1][9]. 3. Summary by Relevant Catalogs 3.1 Total Index - The current Guosheng fundamental high - frequency index is 128.7 points (previous value: 128.6 points), with a week - on - week increase of 6.1 points (previous value: 6.1 points), and the year - on - year increase remains unchanged. The long - short signal of interest - rate bonds is downgraded, with a signal factor of 4.1% (previous value: 4.4%) [1][9]. 3.2 Production - The industrial production high - frequency index is 127.5, with a week - on - week increase of 5.2 points (previous value: 5.3 points), and the year - on - year increase narrows. The electric furnace and PX operating rates increase. The electric furnace operating rate is 60.9% (previous value: 59.6%), and the PX operating rate is 90.5% (previous value: 89.9%) [1][9][15]. 3.3 Real Estate Sales - The high - frequency index of commercial housing sales is 41.5, with a week - on - week decrease of 6.2 points (previous value: 6.2 points), and the year - on - year decline remains unchanged. The transaction land premium rate drops. The 100 - large - city transaction land premium rate is 1.4% (previous value: 3.6%) [1][9][28]. 3.4 Infrastructure Investment - The high - frequency index of infrastructure investment is 122.5, with a week - on - week increase of 9.1 points (previous value: 9.0 points), and the year - on - year increase expands. The operating rate of petroleum asphalt continues to decline, with a current operating rate of 29.0% (previous value: 29.7%) [1][9][42]. 3.5 Export - The high - frequency index of exports is 143.6, with a week - on - week increase of 0.9 points (previous value: 1.0 points), and the year - on - year increase narrows. The container freight rate index rises continuously. The CCFI index is 1094.0 points (previous value: 1058.2 points) [1][9][44]. 3.6 Consumption - The high - frequency index of consumption is 120.7, with a week - on - week increase of 3.5 points (previous value: 3.6 points), and the year - on - year increase narrows. The average daily box office of movies rises, reaching 54410,000 yuan (previous value: 29640,000 yuan) [1][9][54]. 3.7 CPI - The monthly - on - monthly CPI forecast is 0.1% (previous value: 0.1%). The price of white - striped chickens rises slightly, with an average wholesale price of 17.8 yuan/kg (previous value: 17.6 yuan/kg) [1][9][60]. 3.8 PPI - The monthly - on - monthly PPI forecast is 0.0% (previous value: 0.0%). The spot prices of coal and copper rise slightly. The ex - warehouse price of thermal coal in Qinhuangdao Port is 832 yuan/ton (previous value: 798 yuan/ton), and the LME copper spot settlement price is 10841 US dollars/ton (previous value: 10704 US dollars/ton) [1][9][62]. 3.9 Transportation - The high - frequency index of transportation is 132.6, with a week - on - week increase of 10.5 points (previous value: 10.4 points), and the year - on - year increase expands. The highway logistics freight rate index rises slightly, reaching 1051 points (previous value: 1050 points) [2][10][74]. 3.10 Inventory - The high - frequency index of inventory is 163.0, with a week - on - week increase of 7.9 points (previous value: 8.0 points), and the year - on - year increase narrows. The inventory scale of electrolytic aluminum and soda ash increases. The electrolytic aluminum inventory is 122,000 tons (previous value: 116,000 tons), and the soda ash inventory is 1,707,000 tons (previous value: 1,703,000 tons) [2][10][82]. 3.11 Financing - The high - frequency index of financing is 242.2, with a week - on - week increase of 30.5 points (previous value: 30.4 points), and the year - on - year increase expands. The net financing of local bonds turns from negative to positive, with a net financing of 242.8 billion yuan (previous value: - 36 billion yuan) [2][10][93].

Report Industry Investment Rating - Not provided in the content Core View - The report provides a weekly hot - spot preview and key events to watch from November 17 - 21, 2025, including economic data releases from multiple countries and regions and their potential impacts on the futures market [2][3] Summary by Related Catalogs This Week's Key Focus - On November 19 at 18:00, the EU Statistics Bureau will announce the final value of the Eurozone's October CPI - On November 20 at 03:00, the Federal Reserve will release the minutes of the October monetary policy meeting - On November 20 at 09:00, the People's Bank of China will announce the November 20, 2025 loan prime rate (LPR), expected to be the same as the previous value - On November 20 at 20:30, the US Bureau of Labor Statistics will release the September non - farm payroll report - Attention should be paid to factors such as domestic macro - policy changes, international trade and tariff wars, international geopolitical situations, and speeches by US President Trump and Federal Reserve officials for their impacts on the futures market [2] This Week's Hot - Spot Preview November 17 - Japan's Cabinet Office will announce the preliminary value of Japan's Q3 GDP. The expected seasonally - adjusted real GDP quarterly rate is - 0.6% (previous value 0.5%), and the expected seasonally - adjusted annualized GDP quarterly rate is - 2.5% (previous value 2.2%) [3] - The central bank carried out an 800 - billion - yuan outright reverse - repurchase operation. With 300 billion yuan of 6 - month outright reverse - repurchase maturing in November, this means an additional 500 billion yuan of 6 - month outright reverse - repurchase was continued. It is bullish for stock index futures and commodity futures and relatively bullish for Treasury bond futures [4] - The National Energy Administration will announce China's total electricity consumption in October. The previous value was 888.6 billion kilowatt - hours, with a year - on - year increase of 4.5% [5] November 19 - The EU Statistics Bureau will announce the final value of the Eurozone's October CPI. The expected un - seasonally - adjusted annual rate of the harmonized CPI is 2.1% (same as the preliminary value in October, 2.2% in September's final value), and the expected un - seasonally - adjusted annual rate of the core harmonized CPI is 2.4% (same as the preliminary value in October and September's final value) [8] - The US Energy Information Administration will announce the change in EIA crude oil inventories for the week ending November 14. The previous value was an increase of 6.413 million barrels. A continued increase may suppress the prices of crude oil and related commodity futures [9] November 20 - The People's Bank of China will announce the November 20, 2025 LPR. The expected 1 - year LPR is 3.00% and the 5 - year - plus LPR is 3.50%, both the same as the previous values [10] - The Federal Reserve will release the minutes of the October monetary policy meeting, which will provide details of discussions on interest rates, inflation, and economic prospects and clues for future policy paths [11] - The US Bureau of Labor Statistics will release the September non - farm payroll report. The expected seasonally - adjusted new non - farm employment is 50,000 (previous value 22,000), and the expected unemployment rate is 4.3% (same as the previous value). Higher new non - farm employment and a stable unemployment rate may reduce the probability of a 25 - basis - point interest - rate cut at the December FOMC meeting and suppress the rise of commodity futures and stock index futures [12] - The US Department of Commerce will announce the October existing home sales. The expected seasonally - adjusted annualized total of existing home sales is 4.06 million households, the same as the previous value [13] - The EU Statistics Bureau will announce the preliminary value of the Eurozone's November consumer confidence index. The expected value is - 14.5 (previous value - 14.2) [14] November 21 - S&P Global will announce the preliminary value of Germany's November SPGI manufacturing PMI. The expected value is 49.8 (previous value 49.6) [15] - S&P Global will announce the preliminary value of the Eurozone's November SPGI manufacturing PMI. The expected value is 50.2 (previous value 50) [16]