Core Viewpoint - The Australian dollar (AUD) is experiencing fluctuations against the US dollar (USD) due to policy divergence, economic fundamentals, and commodity currency characteristics, with current trading around 0.6485 after a retreat from a high of 0.6580, yet still within a rebound range since 2025 [1] Policy Divergence - The core logic driving the AUD/USD exchange rate is the policy divergence between the US Federal Reserve and the Reserve Bank of Australia (RBA). The Federal Reserve maintains a high interest rate of 5.25%-5.5%, with October's core PCE inflation at 3.5%, leading to a strong support for the USD as market expectations for rate cuts in 2025 are pushed back [1] - In contrast, the RBA's cautious policy stance, with current rates slightly above 0.5% and October's CPI at 5.4%, reflects growing concerns over economic growth, resulting in a cooling of rate hike expectations. This divergence has widened the 10-year government bond yield spread to -130 basis points, contributing to capital outflows and suppressing the AUD [1] Economic Fundamentals - The economic fundamentals further amplify exchange rate volatility. The US economy shows resilience with a 2.9% year-on-year GDP growth in Q3 and better-than-expected durable goods orders, although manufacturing remains weak, limiting the USD's upside potential [1] - Australia faces challenges with its reliance on resource exports, which account for over 60% of its economy. The November manufacturing PMI declined, and the service sector's expansion could not fully offset industrial weakness, compounded by fluctuating demand from China, its largest trading partner, which further weakens the AUD's fundamental support [2] Technical Analysis - Technically, the AUD/USD is in a corrective phase after a rebound, having risen from the 0.6350 range to a high of 0.6580, but recently fell below the 20-day moving average support, entering a consolidation range of 0.6450-0.6520. The 14-day RSI has dropped to 48, indicating a neutral to bearish trend, while the MACD shows a reduction in bullish momentum without a clear reversal signal [3] - Key support levels are focused on the lower boundary of the ascending channel at 0.6480 and the psychological level of 0.6450. A breach could lead to further declines towards the 0.6430-0.6450 support zone. Resistance is concentrated in the 0.6520-0.6540 range, with a breakthrough needed to alleviate the current downward pressure. Long-term, the AUD/USD remains in an upward trend initiated in 2020, with potential for a new upward cycle if it breaks the 14-year resistance trend line established since 2011 [3]

国泰君安期货研究所· 海 外 研 究 戴璐 Z0021475 国泰君安期货·君研海外 基本面、降息预期和"AI泡沫" ——透视当前海外三大风险点 资料来源：Bloomberg，国泰君安期货研究 Special report on Guotai Junan Futures (本报告感谢杨藤贡献） 日期：2025年11月24 Guotai Junan Futures all rights reserved, please do not reprint 三大逻辑点落地，市场如何定价？ 11月以来，全球市场经历较多地缘、宏观和产业逻辑的冲击，主要大类资产表现整体呈现几个特征：1）科技板块引领Risk-on，权益 转向防御；2）缺乏明显有效的避险资产，贵金属高位回落，全球国债市场表现不佳；3）年底市场微观流动性不佳，上风险情绪有限 非官方就业指标指向了本次非农数据改善，制造业PMI、服务业PMI、中小 企业就业和CB就业分项集合指数有改善 当前海外市场的波动源自三大逻辑点：1）经济基本面如何？2）基于基本面，对于短期（12月）和远期（2026年）的降息预期如 何？3）从"AI 泡沫"这一更务虚的叙事，转为对AI投资持续 ...

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The economic fundamentals and corporate earnings are bearish, with the October economic data showing a weakening trend, including declines in investment growth and real estate prices. Inflation slightly rebounded in October [3]. - The macro - policy is neutral - bullish. The policy news is relatively quiet at the end of the year, and there is less need for further monetary policy tightening in the short term [3]. - Overseas factors are neutral - bearish. Geopolitical tensions may ease marginally, and multiple Fed officials have signaled potential interest rate cuts [3]. - Liquidity is neutral, with the average daily trading volume of A - shares decreasing compared to the previous week [3]. - The investment view is weak and volatile. The A - share market lacks a clear driving force, and it is expected that market differences will be digested during the index's volatile adjustment [3]. - The trading strategy is short - term volatility and long - term bullish, with risks focusing on domestic policies and overseas geopolitical factors [3] 3. Summary by Directory 3.1 Part One: Main Viewpoints and Strategy Overview - **Influence Factors and Logics** - Economic and corporate earnings: The 1 - 10 cumulative year - on - year decline in fixed - asset investment was 1.7%, with real estate investment down 14.7%, infrastructure investment up 1.51%, and manufacturing investment up 2.7%. Inflation rebounded slightly in October, with CPI up 0.2% year - on - year [3]. - Macro policy: The policy news is quiet at the end of the year, and there is less need for additional monetary policy in the short term [3]. - Overseas factors: Geopolitical tensions may ease, and multiple Fed officials signaled rate cuts, with the market betting the probability of a December rate cut exceeding 50% [3]. - Liquidity: The average daily trading volume of A - shares decreased by 1550.6 billion yuan compared to the previous week [3]. - **Investment and Trading Views** - Investment view: Weak and volatile, lacking a clear driving force, with the average daily trading volume dropping from about 2.5 trillion yuan in October to about 1.7 trillion yuan currently [3]. - Trading strategy: Short - term volatility and long - term bullish, with risks from domestic policies and overseas geopolitics [3] 3.2 Part Two: Stock Index Market Review - **Index Performance** - The CSI 300 fell 3.77% to 4453.6, the SSE 50 fell 2.72% to 2955.9, the CSI 500 fell 5.78% to 6817.4, and the CSI 1000 fell 5.8% to 7067.7 last week [5]. - Most Shenwan first - level industry indices declined, with power equipment, comprehensive, basic chemicals, commercial retail, and steel leading the losses [7]. - **Futures Volume and Open Interest** - The trading volume of CSI 300 futures, SSE 50 futures, CSI 500 futures, and CSI 1000 futures increased by 16.77%, 18.96%, 13.60%, and 14.05% respectively [11]. - The open interest of CSI 300 futures, CSI 500 futures, and CSI 1000 futures increased by 4.16%, 8.40%, and 11.64% respectively, while that of SSE 50 futures decreased by 2.10% [11]. - **Spread Performance** - The CSI 300 - SSE 50 spread was at 1497.8, in the 92.2% historical percentile; the CSI 1000 - CSI 500 spread was at 250.3, in the 42% historical percentile [16]. - The CSI 300/CSI 1000 and SSE 50/CSI 1000 ratios were at 0.6, in the 43.6% and 39.5% historical percentiles respectively [16] 3.3 Part Three: Stock Index Influencing Factors - Liquidity - **Funding and Macro - liquidity** - The central bank conducted 16760 billion yuan in reverse repurchase operations and 8000 billion yuan in outright reverse repurchase operations this week, with a net injection of 13540 billion yuan. After considering the maturity of treasury cash deposits, the net injection was 12340 billion yuan [23]. - Next week, 16760 billion yuan in reverse repurchases, 9000 billion yuan in MLF, and 3000 billion yuan in 182 - day outright reverse repurchases will mature [23]. - **Market Volume and Margin Trading** - As of November 20, the margin trading balance of A - shares was 24839.4 billion yuan, a decrease of 9.3 billion yuan from the previous week [29]. - As of November 20, the margin trading purchase amount accounted for 11% of the total market trading volume, in the 93% percentile of the past decade [29]. - The average daily trading volume of A - shares last week decreased by 1550.6 billion yuan compared to the previous week [29]. - As of November 21, the risk premium rate of the CSI 300 was 5.39, in the 56.9% percentile of the past decade [29] 3.4 Part Four: Stock Index Influencing Factors - Economic Fundamentals and Corporate Earnings - **Macroeconomic Indicators** - In October, GDP was not reported, industrial added - value increased by 4.9% year - on - year, fixed - asset investment decreased by 1.7% year - on - year, real estate investment decreased by 14.7% year - on - year, and infrastructure investment increased by 1.51% year - on - year [32]. - The CPI in October was 0.2% year - on - year, and the PPI was - 2.1% year - on - year [32]. - The manufacturing PMI in October was 49.0%, a decrease of 0.8 percentage points from September [40]. - **Corporate Earnings** - The year - on - year growth rates of net profit attributable to shareholders of the CSI 300, SSE 50, CSI 500, and other indices varied in different quarters [45]. - The return on equity (TTM) of different indices also showed different trends [45] 3.5 Part Four: Stock Index Influencing Factors - Policy Drivers - **Recent Macro - policy Trends** - Multiple policies have been introduced in various fields such as consumption, real estate, and finance since the beginning of the year, including policies to promote service consumption, issue special treasury bonds for consumer goods replacement, and adjust real estate purchase restrictions [50][51] 3.6 Part Five: Stock Index Influencing Factors - Overseas Factors - **US Economic Data** - The US manufacturing PMI in October was 48.7%, a decrease of 0.4 percentage points from the previous value; the non - manufacturing PMI was 52.4%, an increase of 2.4 percentage points from the previous value [60]. - The US unemployment rate in September was 4.4%, and the number of new non - farm jobs was 119,000 [60]. - The US PCE and core PCE in September had a year - on - year increase of 0%, and the CPI and core CPI in September had a year - on - year increase of 3% [63]. - **Trump Team's Actions** - Trump has threatened to impose tariffs on imports from multiple countries, including China, Mexico, and Canada, and has made various remarks and actions regarding international relations and economic policies [67]

Group 1 - Economic fundamentals are core factors influencing long-term exchange rate trends, with GDP growth reflecting overall economic vitality, strong growth typically leads to increased corporate profits, job opportunities, and consumer spending, attracting foreign investment and driving currency appreciation [1] - Inflation directly affects currency purchasing power; a country with a persistently high inflation rate compared to others may see its currency's actual value decline in international markets, increasing import costs and reducing export competitiveness, potentially leading to currency depreciation [1] - Unemployment rate is a key indicator of labor market conditions; lower unemployment often correlates with a well-functioning economy, boosting confidence in the currency and supporting the exchange rate [1] Group 2 - Central bank monetary policy operations have a direct and significant impact on exchange rates; raising benchmark interest rates increases the attractiveness of domestic assets, attracting international capital and leading to currency appreciation, while lowering rates may result in currency depreciation [2] - The balance of payments is a critical factor affecting exchange rates; a surplus in the current account indicates increased net income from foreign trade, supporting the domestic currency, while capital outflows can lead to depreciation [2] - Political stability and geopolitical environment influence market confidence in a country's economic outlook; stable countries attract foreign investment, while geopolitical conflicts may lead to capital flight towards safer assets, affecting currency fluctuations [3] Group 3 - Market expectations play a significant role in short-term exchange rate volatility; participants' analyses of economic data and policy directions shape their expectations, which are reflected in trading behaviors, potentially leading to preemptive currency purchases or sales based on anticipated policy changes [3]

免责声明：本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保 证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公 司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为瑞达期货股份有限公司研究院， 且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | IF主力合约（2512） IH主力合约（2512） | 4565.2 3011.0 | +22.2↑ IF次主力合约（2511） +16.6↑ IH次主力合约（2511） | 4583.4 3018.0 | +23.4↑ +17.4↑ | | | IC主力合约（2512） | 7054.8 | -1.6↓ IC次主力合约（2511） | 7116.6 | -15.6↓ | | | IM主力合约（2512） | 7298.2 | -31. ...

Macroeconomic Overview - October fundamentals continued to weaken, with real growth indicators showing significant decline, while price indicators remained supported by base effects and rebounds[2] - New home sales and investment in real estate further weakened, with infrastructure and manufacturing investment growth rates declining more sharply[2] - Social financing in October was 815 billion CNY, significantly below the expected 1,528.4 billion CNY and the previous value of 3,529.6 billion CNY[9] - New credit in October was 220 billion CNY, compared to an expected 460 billion CNY and a previous value of 1,290 billion CNY[9] Economic Data Analysis - Industrial value added in October grew by 4.9%, below the expected 5.5% and previous 6.5%[15] - Retail sales in October increased by 2.9%, slightly above the expected 2.7% but below the previous 3%[15] - Fixed asset investment showed a cumulative year-on-year decline of 1.7%, worse than the expected decline of 0.7%[15] - Real estate development investment fell by 14.7% year-on-year, slightly worse than the expected decline of 14.5%[15] Market Reactions - The stock market experienced a volume decline, with the Shanghai Composite Index down by 0.18% and the Shenzhen Component Index down by 1.40%[8] - Bond yields generally decreased, with the 10-year government bond yield falling by 0.1 basis points[8] - The U.S. stock market initially rose but later fell, with the Dow Jones up by 0.34% and the S&P 500 up by 0.08% before declining[8] - The U.S. dollar index fell by 0.26%, while the offshore RMB appreciated by 251 basis points against the dollar[8]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The current macro - situation is a mix of positives and negatives. After the overall adjustment of the technology sector, the market lacks a core driving force. With the Shanghai Composite Index reaching the 4000 - point mark, there are differences in the market regarding whether the valuation of technology stocks will further increase and whether the market can shift from a structural to a full - fledged slow - bull market. Given the pressure on the economic data in October, it is necessary to observe whether policies will be implemented in advance for hedging. It is expected that the central Huijin will continue to support the index. The stock index is expected to maintain a volatile pattern with a bottom - support and upward pressure. In the short term, market differences are expected to be gradually digested during the index's volatile adjustment, and a new driving force will bring the index to further rise. The trading strategy is to go long in the long - term, with risks focusing on domestic policies and overseas geopolitical factors [3] 3. Summary According to Related Catalogs 3.1 Part One: Main Viewpoints and Strategy Overview - **Economic and Corporate Earnings**: The economic fundamentals showed a weakening trend in October, with investment growth and real - estate prices accelerating their decline. From January to October, the cumulative year - on - year decline in fixed - asset investment was 1.7%, and the growth rate dropped by 1.2 percentage points compared to September. Among them, real - estate investment decreased by 14.7% year - on - year, infrastructure investment increased by 1.51% year - on - year, and manufacturing investment increased by 2.7% year - on - year. Inflation showed a slight rebound, with the CPI year - on - year growth rate turning positive to 0.2% in October. The central bank's monetary policy remains moderately loose [3] - **Macro Policy**: The overall macro - policy is neutral to slightly positive. Although China's economy has shown structural differentiation this year, the overall level has maintained steady growth, and the pressure to achieve the annual economic target is not significant. Therefore, the necessity of further strengthening monetary policy in the short term is low. The current focus should be on implementing existing policies and making policy reserves for cross - cycle adjustment [3] - **Overseas Factors**: Overseas factors are negative. The Fed's stance on whether to cut interest rates in December is hawkish, and some Fed officials believe that caution is needed when interest rates are close to the neutral level. Additionally, the geopolitical situation around China has become more complex recently [3] - **Liquidity**: Liquidity is neutral. The average daily trading volume of A - shares last week increased by 39.9 billion yuan compared to the previous week [3] - **Investment Viewpoint**: The stock index is expected to be volatile. The trading strategy is to go long in the long - term, with risks focusing on domestic policies and overseas geopolitical factors [3] 3.2 Part Two: Stock Index Market Review - **Stock Index Performance**: Last week, the Shanghai - Shenzhen 300 index fell 1.08% to 4628.1, the Shanghai 50 index remained unchanged at 3038.4, the CSI 500 index dropped 1.26% to 7235.5, and the CSI 1000 index declined 0.52% to 7502.8 [5] - **Industry Index Performance**: Among the Shenwan primary industry indices, the comprehensive (7%), textile and apparel (4.4%), commerce and retail (4.1%), pharmaceutical and biological (3.3%), and food and beverage (2.8%) sectors led the gains last week, while the communication (- 4.8%), electronics (- 4.8%), computer (- 3%), machinery and equipment (- 2.2%), and national defense and military industry (- 2.2%) sectors led the losses [9] - **Futures Volume and Open Interest**: The trading volume of CSI 300 futures was 559,733 lots, with a 2.19% increase; the trading volume of Shanghai 50 futures was 251,251 lots, with a 2.93% increase; the trading volume of CSI 500 futures was 629,685 lots, with a 6.27% decrease; the trading volume of CSI 1000 futures was 1,031,832 lots, with a 5.55% decrease. The open interest of CSI 300 futures was 264,876 lots, with a 2.87% increase; the open interest of Shanghai 50 futures was 97,121 lots, with a 6.79% increase; the open interest of CSI 500 futures was 245,018 lots, with a 1.88% increase; the open interest of CSI 1000 futures was 357,222 lots, with a 0.22% increase [11] - **Contract Premium and Discount**: As of November 14, the annualized discount of the current - month contract IF2511 was 15.93%, IH2511 was 7.59%, IC2511 was 19.79%, and IM2511 was 23.88%. The annualized discount of the next - month contract IF2512 was 6.25%, IH2512 was 2.75%, IC2512 was 14.13%, and IM2512 was 18.17%. The annualized discount of the current - quarter contract IF2603 was 3.49%, IH2603 was 1.2%, IC2603 was 11.03%, and IM2603 was 14.01%. The annualized discount of the next - quarter contract IF2606 was 3.51%, IH2606 was 1.19%, IC2606 was 11.01%, and IM2606 was 13.21% [15] - **Cross - Variety Spread**: The spread between the CSI 300 and the Shanghai 50 was 1589.7, at the 94.3% historical quantile; the spread between the CSI 1000 and the CSI 500 was 267.3, at the 43.8% historical quantile; the ratio of the CSI 300 to the CSI 1000 was 0.6, at the 37.5% historical quantile; the ratio of the Shanghai 50 to the CSI 1000 was 0.6, at the 32.8% historical quantile [19] 3.3 Part Three: Stock Index Influencing Factors - Liquidity - **Funds and Macro - Liquidity**: Next week, 112.2 billion yuan of reverse repurchases in the central bank's open market will mature, and 12 billion yuan of treasury cash fixed - term deposits will mature next Thursday. The central bank will implement a moderately loose monetary policy, aiming to keep social financing conditions relatively loose and promote a reasonable recovery of prices [21] - **Market Liquidity Indicators**: As of November 13, the margin trading balance of A - shares was 2.49864 trillion yuan, an increase of 12.9 billion yuan from the previous week. As of November 13, the proportion of margin trading purchases in the total market turnover was 12.2%, at the 97.7% quantile in the past decade. The average daily trading volume of A - shares last week increased by 39.9 billion yuan compared to the previous week. As of November 14, the risk premium rate of the CSI 300 was 5.21, at the 48.6% quantile in the past decade [32] 3.4 Part Four: Stock Index Influencing Factors - Economic Fundamentals and Corporate Earnings - **Macroeconomic Indicators**: In October, GDP growth was not provided, industrial added - value growth was 4.9%, fixed - asset investment decreased by 1.7% year - on - year, real - estate investment decreased by 14.7% year - on - year, infrastructure investment decreased by 0.1% year - on - year, manufacturing investment increased by 2.7% year - on - year, and the CPI increased by 0.2% year - on - year [35] - **Industry - Specific Data**: In the consumer goods industry, the retail sales of enterprises above the designated size showed different growth rates in various categories in October. In the manufacturing industry, different sub - sectors also had different growth rates in October [39][40] - **PMI Indicators**: In October, the manufacturing PMI was 49.0, a decrease of 0.8 from September, and the non - manufacturing PMI was 50.1, an increase of 0.1 from September [43] - **Earnings Indicators of Major Broad - Based Indexes**: As of September 30, 2025, the year - on - year growth rates of net profit attributable to shareholders of the CSI 300, Shanghai 50, and other indexes showed different trends, and the return on net assets also varied [48] - **Financial Data of Shenwan Primary Industry Indexes**: As of September 30, 2025, the year - on - year growth rates of net profit attributable to shareholders and the return on net assets of different Shenwan primary industry indexes showed significant differences [49] 3.5 Part Four: Stock Index Influencing Factors - Policy Drive - **Recent Macro - Policy Trends**: A series of policies have been introduced, including policies to promote service consumption, allocate special funds for consumer goods replacement, adjust real - estate purchase restrictions, and implement consumer loan fiscal subsidy policies [53][54][55] 3.6 Part Five: Stock Index Influencing Factors - Overseas Factors - **US Economic Data**: In October, the US manufacturing PMI was 48.7%, a decrease of 0.4 from the previous value, and the non - manufacturing PMI was 52.4%, an increase of 2.4 from the previous value. In September, the US PCE and core PCE year - on - year growth rates were 0%, and the CPI and core CPI year - on - year growth rates were 3% [63][66] - **Trump Team's Actions**: Trump has proposed a series of tariff - related measures, including imposing additional tariffs on imports from China, Canada, and Mexico, and threatening to take over the Panama Canal and Greenland [70]

Group 1 - The core viewpoint of the articles indicates that the bond futures market has shown a slight upward trend after a period of weak fluctuations, driven primarily by institutional behavior and sentiment rather than fundamental economic factors [1][2][3] - The People's Bank of China (PBOC) announced a net purchase of 20 billion yuan in government bonds on November 4, which has positively impacted market expectations and supported the bond market [2] - Economic indicators show a mild recovery, with October CPI rising by 0.2% month-on-month and year-on-year, while PPI has turned positive for the first time this year, indicating a gradual price recovery [2][3] Group 2 - Export data for October shows signs of weakness, with a clear trend of marginal slowdown expected in November and December, necessitating strong policy support for domestic demand [3] - The overall economic growth pressure is manageable, with a GDP growth rate of 5.2% for the first three quarters, leading to expectations of continued policy implementation without the necessity for interest rate cuts [3] - The bond market is expected to maintain a volatile trend due to a combination of reasonable liquidity support and the influence of a strong equity market, which may constrain bond market performance [2][3]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The scale of the central bank's bond purchases in October was significantly less than last year, but the daily average net purchase was not low. The total net purchase in November is likely to exceed that in October [1]. - The scale of the central bank's future bond purchases depends on bond yield changes. The recent decline in interest rates may be due to market trading of the "central bank bond - buying" theme, and bond pricing will eventually return to fundamentals [2]. - There is theoretical downward space for the 10Y Treasury bond yield, but three points need to be noted: the speed of yield decline, the possible change of the "desirable level" over time, and the influence of market internal forces [3]. Summary by Related Catalog 1. Is the 20 - billion bond - buying scale small? - On November 4, 2025, the central bank disclosed a net bond purchase of 20 billion yuan in October, much less than last year's monthly 100 - 30 billion yuan. Using the daily average indicator, the daily net purchase was 50 billion yuan from October 28 - 31, and the November total is likely to exceed October's [1]. - The scale of the central bank's future bond purchases depends on bond yield changes. The 20 - billion purchase may not be the main reason for the 5bp decline in the 10Y Treasury bond yield from October 28 - 31, and bond pricing will return to fundamentals [2]. 2. The downward space of bond yields and three points to note - It is reasonable to think that the central bank's restart of bond - buying indicates that the Treasury bond yield in late October was at a desirable level. There is theoretical downward space for the 10Y Treasury bond yield, similar to the level in mid - June [3]. - Three points to note: the speed of yield decline may be more important than the specific level; the "desirable level" may change over time; the downward space is a theoretical maximum from a policy perspective, and market forces often dominate bond yield trends [3].

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - In October 2025, the decline of manufacturing PMI, weaker than the seasonal level and with weakening supply and demand, may indicate certain downward pressure on the Q4 economy [2][7]. - Both domestic and external demands declined, and price indicators did not continue the improvement trend of last month. The differentiated structure of "strong raw material prices and weak finished - product prices" may restrict the repair of corporate profits [2][7]. - The business climate of large enterprises fell below the boom - bust line, and the business climates of high - tech manufacturing and equipment manufacturing industries significantly declined [2][7]. - The business climate of the non - manufacturing industry is mainly driven by holiday service consumption, and the overall expansion strength is still weak [2][7]. - The trading logic of the bond market in Q4 focuses on the weakening economic fundamentals and the expectation of monetary easing, and a repair market may be welcomed. It is expected that the yield of the active 10 - year treasury bond (tax - exempt) may decline to 1.65% - 1.7%, and the yield of the taxable bond may decline to 1.7% - 1.75% [2][7]. 3. Summary by Relevant Catalogs 3.1 Event Description - In October 2025, the manufacturing PMI was 49.0%, a decrease of 0.8 pct from the previous month, lower than the Wind consensus forecast of 50.0%. The non - manufacturing business activity index slightly increased by 0.1 pct to 50.1%, slightly higher than the boom - bust line and lower than the Wind consensus forecast of 50.3%. Among them, the service industry business activity index was 50.2%, an increase of 0.1 pct, and the construction industry business activity index was 49.1%, a decrease of 0.2 pct [5]. 3.2 Event Comment - **Manufacturing PMI and economic pressure**: The manufacturing PMI in October 2025 fell back to a nearly two - year low. The production index and new order index decreased by 2.2 pct and 0.9 pct respectively to 49.7% and 48.8%. The procurement volume index decreased significantly by 2.6 pct to 49.0%, and the difference between the "finished - product inventory - on - hand orders" index widened by 0.6 pct to 3.6 pct. The weak pattern of production and demand was partly due to the pre - release of some demand before the National Day holiday and partly reflected the lack of endogenous momentum, indicating certain downward pressure on the Q4 economy [7]. - **Demand and price situation**: In October, external demand did not continue its resilience, and the new export order index significantly declined by 1.9 pct to 45.9%. The new order index for domestic demand also turned from rising to falling. The main raw material purchase price index and the ex - factory price index both decreased by 0.7 pct, recording 52.5% and 47.5% respectively. The difference between them remained at 5.0 pct, and the main raw material purchase price index was still in the expansion range. The "strong raw material prices and weak finished - product prices" structure may restrict the repair of corporate profits [7]. - **Enterprise and industry changes**: Among enterprises, the PMIs of large and small enterprises both fell by 1.1 pct to 49.9% and 47.1% respectively, and the PMI of medium - sized enterprises slightly fell by 0.1 pct to 48.7%. In terms of industries, the PMIs of high - tech manufacturing and equipment manufacturing industries were 50.5% and 50.2% respectively, a decline of 1.1 pct and 1.7 pct from the previous month. The consumer goods industry remained in the expansion range, slightly falling by 0.5 pct to 50.1%, while the PMI of the basic raw material industry further dropped to 47.3%. The overall market expectation was optimistic, with the production and business activity expectation index at 52.8%, and the expectation indexes of industries such as non - ferrous metals and transportation equipment rising to the high - level boom range above 60% [7]. - **Non - manufacturing industry situation**: In October, the non - manufacturing PMI slightly increased by 0.1 pct to 50.1%, and the service industry PMI rose to 50.2%. The on - hand order index fell by 0.8 pct while the new order index remained flat, indicating that the holiday effect was the main driver. The business activity indexes of industries such as transportation, accommodation, and culture and entertainment were all in the high - level boom range above 60%, but industries such as real estate continued to be sluggish. The construction industry business activity index turned from rising to falling, decreasing by 0.2 pct to 49.1%, possibly dragged down by the slowdown of holiday construction and the decline of post - holiday real estate sales [7]. - **Bond market outlook**: Currently, the endogenous momentum for the repair of production and demand may be limited. On the day when the PMI data was released, the yield of the 10 - year treasury bond active bond decreased by 0.95 BP. The economic fundamentals still face a pattern of weak supply and demand, the pressure on enterprises for passive inventory replenishment continues, and the ex - factory - raw material price gap still restricts the repair of corporate profits. Although 500 billion yuan of new policy - based financial instruments have been put in place and local governments have an additional 200 billion yuan of special bond quotas, the sustainability of the recovery of real estate sales and the transmission effect of policy funds on infrastructure investment still need to be observed. The trading logic of the bond market in Q4 focuses on the weakening economic fundamentals and the expectation of monetary easing, and a repair market may be welcomed. It is expected that the yield of the active 10 - year treasury bond (tax - exempt) may decline to 1.65% - 1.7%, and the yield of the taxable bond may decline to 1.7% - 1.75% [7].