Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints The report provides a weekly hot - spot preview from December 1 - 7, 2025, including the expected data of various economic indicators and their potential impacts on the futures market [2]. 3. Summary by Relevant Catalog This Week's Key Focus - On December 1 at 09:45, Markit will release China's November SPGI manufacturing PMI [2]. - On December 4 at 21:30, the US Department of Labor will announce the initial jobless claims for the week ending November 29 [2]. - On December 5 at 23:00, the US Department of Commerce will release the US September PCE price index [2]. - On December 7 at 16:00, the People's Bank of China will announce November foreign exchange reserves and gold reserves [2]. This Week's Hot - Spot Preview December 1 - China's November SPGI manufacturing PMI: Expected to be 51.1 (previous 50.9). A slight increase may help industrial and stock index futures rise and suppress treasury bond futures [2]. - US November ISM manufacturing PMI: Expected to be 48.5 (previous 48.7). A slight decrease may suppress non - ferrous metals, crude oil and related futures, but help gold and silver futures [3]. December 2 - Eurozone November CPI initial value: Expected harmonized CPI annual rate - unadjusted initial value is 2.1% (same as previous) [4]. - Eurozone October unemployment rate: Expected to be 6.3% (same as previous) [7]. December 3 - China's November SPGI services PMI and composite PMI: Expected services PMI is 51.9 (previous 52.6), composite PMI is 51.5 (previous 51.8). A slight decrease may suppress stock index and commodity futures, but help treasury bond futures [8]. - US November ADP employment change: Expected new employment is 55,000 (previous 42,000). An increase may help non - ferrous metals, crude oil and related commodity futures, but suppress gold and silver futures [9]. - US September industrial production monthly rate: Expected to be 0 (previous 0.1%) [10]. - US November ISM non - manufacturing PMI: Expected to be 53.5 (previous 52.4). A slight increase may suppress gold and silver futures [11]. - US EIA crude oil inventory change for the week ending November 28: A continued increase may suppress crude oil and related commodity futures [12]. December 4 - November下旬 prices of important production materials in the circulation field: The National Bureau of Statistics will release prices of 9 categories and 50 products [13]. - Eurozone October retail sales: Previous monthly rate was - 0.1%, annual rate was 1.0% [14]. - US initial jobless claims for the week ending November 29: Expected to be 212,000 (previous 216,000). A slight decrease may suppress gold and silver futures and help other industrial futures [15]. December 5 - US September factory orders monthly rate: Previous was 1.4% [16]. - US September PCE price index: Expected annual rate is 2.7% (same as previous), core annual rate is 2.9% (same as previous), core monthly rate is 0.3% (previous 0.2%). Specific changes may strengthen the market's expectation of a 25 - basis - point interest rate cut by the Fed in December [17]. - US September personal expenditure monthly rate: Expected to be 0.4% (previous 0.6%) [18]. - US September personal income monthly rate: Expected to be 0.4% (same as previous) [19]. - US December University of Michigan consumer confidence index initial value: Expected to be 52 (previous 51). An increase may help non - ferrous metals, crude oil and related commodity futures, but suppress gold and silver futures [20]. December 7 - China's November foreign exchange reserves: Previous was $3343 billion, gold reserves were 74.09 million ounces [21].

Core Insights - Applications for jobless benefits in the U.S. totaled 216,000 last week, indicating a decline from the previous week's figure of 220,000 and falling below Wall Street's estimates of 230,000 [1] Summary by Category - **Jobless Claims Data** - The latest report shows a total of 216,000 applications for jobless benefits, a decrease from 220,000 the prior week [1] - This figure is also below the anticipated rise to 230,000 as estimated by Wall Street analysts [1]

（文章来源：新华财经） 美国至11月22日当周初请失业金人数21.6万人，预期22.5万人，前值由22万人修正为22.2万人。 ...

每经AI快讯，11月26日消息，美国上周初请失业金人数录得21.6万人，预估22.5万人，前值22万人。 ...

Group 1 - Australia's October weighted CPI year-on-year data will be released at 08:30 [1] - The Reserve Bank of New Zealand will announce its interest rate decision at 09:00 [1] - UK Chancellor of the Exchequer, Reeves, will present the budget proposal at 20:30 [1] Group 2 - Initial jobless claims in the US for the week ending November 22 will be reported at 21:30, along with September durable goods orders month-on-month data [1] - Chicago PMI for November will be released at 22:45 [1] - Annualized new home sales in the US for September will be reported at 23:00 [1] Group 3 - EIA crude oil inventory for the week ending November 21 will be released at 23:30 [1] - EIA natural gas inventory for the week ending November 21 will be reported at 01:00 the next day [1] - Total oil rig count in the US for the week ending November 28 will be released at 02:00 the next day [1] Group 4 - The Federal Reserve will publish the Beige Book on economic conditions at 03:00 the next day [1]

美国至11月15日当周初请失业金人数22万人，预期23万人。美国至11月8日当周续请失业金人数197.4万 人，预期196万人。 （文章来源：新华财经） ...

Group 1 - The article outlines key economic indicators and events scheduled for November 2025, including U.S. employment data and manufacturing indices [2][3] - It highlights the release of various economic reports such as the U.S. trade balance for September and the ADP employment report for October [2][3] - The calendar includes significant dates for central bank meetings, including the Reserve Bank of Australia's interest rate decision and the Bank of England's rate announcement [2][3] Group 2 - The article mentions the upcoming release of China's October CPI and PPI, which are critical for assessing inflation trends [2] - It notes the importance of the U.S. non-farm payroll report and unemployment rate for October, which are key indicators of labor market health [2][3] - The article also references the OPEC monthly report and its implications for the oil market, alongside weekly EIA crude oil inventory data [2][3]

Group 1 - China's September manufacturing PMI is expected to be 49.7%, slightly up from the previous value of 49.4%, while the non-manufacturing PMI is expected to be 50.5%, up from 50.3% [1] - A slight increase in both PMIs may support a rise in commodity futures and stock index futures prices, but could mildly suppress government bond futures prices [1] Group 2 - The USDA is set to release the quarterly grain inventory report, which will impact futures prices for corn, wheat, and soybeans [2] Group 3 - The US ISM manufacturing PMI for September is anticipated to be 49.2%, an increase from the previous 48.7% [3] - A slight rise in the ISM manufacturing PMI may support increases in prices for non-ferrous metals, crude oil, and related commodity futures, while potentially suppressing gold and silver futures prices [3] Group 4 - The EIA will announce the weekly crude oil inventory change, with the previous value showing a decrease of 607,000 barrels [4] - A continued decrease in crude oil inventory could support rising prices for crude oil and related commodity futures [4] Group 5 - The US Labor Department will report initial jobless claims, with expectations set at 215,000, down from the previous 218,000 [5] - A slight decrease in jobless claims may support increases in industrial commodity futures prices, except for gold and silver [5] Group 6 - The US non-farm payroll report for September is expected to show an increase of 39,000 jobs, up from 22,000 previously, with an unemployment rate forecasted to remain at 4.3% [6] - If the non-farm payrolls exceed expectations while the unemployment rate and average hourly wage growth remain stable, it may support increases in industrial commodity futures prices but suppress gold and silver futures prices [6] Group 7 - OPEC+ will hold a meeting regarding oil production policies, with expectations of an increase in production by 137,000 barrels per day and a potential lifting of a second batch of production cuts totaling 1.65 million barrels per day [7] - The outcomes of this meeting are anticipated to impact crude oil and related commodity futures prices [7]

Report Industry Investment Rating - Gold: ★☆★, indicating a short - term multi/empty trend in a relatively balanced state with poor operability on the current market, suggesting a wait - and - see approach [1] - Silver: ★☆★, similar to gold, a short - term multi/empty trend in a relatively balanced state with poor operability on the current market, suggesting a wait - and - see approach [1] Core Viewpoint - The medium - term bullish trend of precious metals remains unchanged, but short - term fluctuations have intensified, so it is recommended to stay on the sidelines. Attention should be paid to tonight's PCE inflation data and the progress of resolving the US government shutdown [1] Summary by Related Content US Economic Data - The US second - quarter GDP was significantly revised up to a 3.8% increase, the highest in two years, with the previous value at 3.3%. The number of initial jobless claims in the week ending September 20th was 218,000, the lowest since the week of July 19, 2025, and the previous value was revised from 231,000 to 232,000 [1] Fed Officials' Speeches - Fed Governor Bowman believes that the focus should now shift to employment rather than inflation. This year's voting member, Kansas City Fed President Schmid, thinks the more the balance sheet shrinks, the better. Chicago Fed President Goolsbee is a bit worried about excessive early rate cuts based on the slowdown in employment data and is still confirming whether inflation has peaked. San Francisco Fed President Daly also believes that it is too risky to completely shift to a neutral stance [2]

Group 1 - The number of people continuing to claim unemployment benefits in the US for the week ending September 13 is 1.926 million, slightly below the expected 1.935 million [1] - The previous value was revised from 1.92 million to 1.928 million [1]