Group 1: Report Industry Investment Ratings - No industry investment ratings are provided in the report. Group 2: Core Views of the Report - China's October RatingDog manufacturing PMI data was mixed. The PMI was 50.6, indicating continued improvement in manufacturing sentiment, but lower than the previous value of 51.2, suggesting a slowdown in growth [7]. - The soymeal market should focus on the return to US soybean cost trading. The domestic soymeal market has been in a "trade news trading" phase since late August. After the US President's Asian trip at the end of October, relevant trade agreements were reached, which had a substantial positive impact on US soybeans and soymeal. The price of US soybeans reached a new high in nearly 16 months, and domestic soymeal rebounded cautiously [8]. - The soda ash market trend remains weak. In the short term, the reduction in glass production in the Shahe area has put pressure on the rigid demand for soda ash. In the medium term, the problems of high production and high inventory in the soda ash industry have not slowed down but increased [10]. Group 3: Summaries Based on Related Catalogs Metals - **Gold**: Focus on US bank risks. The trend strength is 0, indicating a neutral view [13][16][18]. - **Silver**: It is expected to have an oscillatory rebound. The trend strength is 1, indicating a slightly bullish view [13][16][18]. - **Copper**: The decrease in LME inventory limits price decline. The trend strength is 0, indicating a neutral view [13][20][22]. - **Zinc**: It is expected to run strongly. The trend strength is 0, indicating a neutral view [13][23][25]. - **Lead**: The continuous decrease in overseas inventory supports the price. The trend strength is 0, indicating a neutral view [13][26][27]. - **Tin**: Pay attention to macro - impacts. The trend strength is 1, indicating a slightly bullish view [13][29][32]. - **Aluminum**: It is expected to have a strong - oscillatory trend. The trend strength is 1, indicating a slightly bullish view [13][33][35]. - **Alumina**: There is support at the bottom. The trend strength is 0, indicating a neutral view [13][33][35]. - **Cast Aluminum Alloy**: It is expected to have a strong - oscillatory trend. The trend strength is 1, indicating a slightly bullish view [13][33][35]. - **Nickel**: The accumulation of inventory at the smelting end suppresses the price, while the uncertainty at the ore end provides support. The trend strength is 0, indicating a neutral view [13][37][39]. - **Stainless Steel**: The steel price is expected to run in a narrow range at a low level. The trend strength is 0, indicating a neutral view [13][37][39]. Energy and Chemicals - **Carbonate Lithium**: There is a game between improving demand and the expectation of resuming production, and it is expected to oscillate within a range. The trend strength is 0, indicating a neutral view [13][40][43]. - **Industrial Silicon**: The warehouse receipts continue to decline, and the bottom support is relatively strong. The trend strength is 1, indicating a slightly bullish view [13][44][47]. - **Polysilicon**: Pay attention to whether an announcement will be released this week. The trend strength is 0, indicating a neutral view [13][45][47]. - **Iron Ore**: It is expected to fluctuate at a high level. The trend strength is 0, indicating a neutral view [13][48]. - **Rebar**: Affected by sector sentiment, it is expected to have a wide - range oscillation. The trend strength is 0, indicating a neutral view [13][50][53]. - **Hot - Rolled Coil**: Affected by sector sentiment, it is expected to have a wide - range oscillation. The trend strength is 0, indicating a neutral view [13][50][53]. - **Silicon Ferrosilicon**: Affected by sector sentiment and supply - demand factors, it is expected to have a wide - range oscillation. The trend strength is 0, indicating a neutral view [13][54][57]. - **Manganese Silicide**: Affected by sector sentiment and supply - demand factors, it is expected to have a wide - range oscillation. The trend strength is 0, indicating a neutral view [13][54][57]. - **Coke**: It is expected to have a strong - oscillatory trend. The trend strength is 0, indicating a neutral view [13][58][60]. - **Coking Coal**: The macro and sector themes resonate, and it is expected to have a strong - oscillatory trend. The trend strength is 0, indicating a neutral view [13][59][60]. - **Log**: It is expected to oscillate repeatedly [13][61].

每经AI快讯，11月4日，日本10月份标普全球制造业PMI报48.2。 ...

Group 1: Economic Indicators - U.S. manufacturing activity has contracted for the eighth consecutive month in October, with the ISM manufacturing index declining by 0.4 to 48.7 [12] - The U.S. Treasury estimates borrowing of $569 billion in the fourth quarter, a decrease of $21 billion from the July forecast [12] - China's manufacturing PMI fell to 50.6 in October, indicating a slowdown in manufacturing expansion [12] Group 2: Central Bank Policies - Federal Reserve officials suggest a potential interest rate cut in December, contingent on forthcoming economic data [12] - The People's Bank of China has renewed a bilateral currency swap agreement with the Bank of Korea [11] Group 3: Commodity Markets - WTI crude oil closed at $60.82 per barrel, up 0.26%, while Brent crude oil rose 0.27% to $64.65 per barrel [7] - Gold prices fluctuated around $4000 per ounce, closing down 0.07% at $4000.44 [7] Group 4: Stock Market Performance - U.S. stock indices showed mixed results, with the Dow Jones down 0.48% and the S&P 500 up 0.17% [5] - Hong Kong's Hang Seng Index rose 0.97%, with significant trading volume of 228.68 billion HKD [5] - A-shares saw the Shanghai Composite Index increase by 0.55% [6]

每经AI快讯，11月3日消息，美国10月标普全球制造业PMI终值报52.5，前值52.2。 （文章来源：每日经济新闻） ...

欧元区制造业活动在10月陷入停滞。尽管产出已连续第八个月实现小幅增长，但新订单在经历三年多几 乎持续的收缩后，10月既未增长也未下降，维持在停滞状态。出口订单则已连续第四个月下滑，继续拖 累对欧洲商品的整体需求。 就业方面，制造业裁员节奏略有加快，就业人数下降速度较此前有所提升，使得该行业的就业收缩期已 延长至近两年半。 汉堡商业银行首席经济学家西鲁斯·德拉鲁比亚表示："欧元区制造业的复苏之势顶多可以称作一株十分 脆弱的嫩芽。"他指出，裁员仍在继续，甚至略有加速，这源于疲弱的需求迫使企业削减成本或提升生 产率。 德国制造业几无复苏迹象，法国信心跌至冰点 德国10月制造业产出增速较9月明显放缓，尽管仍维持增长，但已远低于此前创下的42个月高点。新订 单在9月下降后虽有小幅回升，但出口销售依然疲弱，尤其是对亚洲和美国的出口。汉堡商业银行经济 学家尼尔斯·米勒评价称："10月德国制造业仍在原地踏步。需求不足和持续的不确定性继续拖累整个行 业。" 德国制造业就业人数已连续第28个月下降。企业对未来产出的预期降至2024年12月以来的最低水平，订 单积压减少与高成本担忧持续打压市场信心。 法国制造业则深陷收缩泥潭。10 ...

每经AI快讯，11月3日消息，英国10月制造业PMI终值为49.7，预估49.6，前值49.6。 ...

股指期货全景日报 2025/11/3 | 项目类别 | 数据指标 IF主力合约（2512） | 最新 4634.8 | 环比 数据指标 -1.8↓ IF次主力合约（2511） | 最新 4646.2 | 环比 -0.2↓ | | --- | --- | --- | --- | --- | --- | | | IH主力合约（2512） | 3016.6 | 0.0 IH次主力合约（2511） | 3017.6 | -0.6↓ | | | IC主力合约（2512） | 7239.6 | -24.8↓ IC次主力合约（2511） | 7292.8 | -21.4↓ | | | IM主力合约（2512） | 7398.0 | +0.8↑ IM次主力合约（2511） | 7471.4 | +5.4↑ | | 期货盘面 | IF-IH当月合约价差 | 1628.6 | +4.4↑ IC-IF当月合约价差 | 2646.6 | -3.6↓ | | | IM-IC当月合约价差 | 178.6 | +30.2↑ IC-IH当月合约价差 | 4275.2 | +0.8↑ | | | IM-IF当月合约价差 | 2825.2 | ...

（文章来源：每日经济新闻） 每经AI快讯，11月3日消息，法国10月制造业PMI终值为48.8，预估48.3，前值48.3。 ...

Group 1 - The manufacturing PMI in China for October is 50.6, indicating continuous improvement in manufacturing sentiment for the third consecutive month, although it is lower than the previous value of 51.2, suggesting a slowdown in growth during the survey period [1] - The decline in the manufacturing PMI is partly attributed to a weakening increase in production, which is linked to a slowdown in new order growth in October. Despite improvements in domestic demand and ongoing promotional efforts by companies, external demand remains weak, impacting overall growth [1] - New export orders experienced the most significant decline since May, attributed to increased trade volatility, leading manufacturers to express concerns about growth prospects, although overall expectations remain optimistic for the next 12 months [1] Group 2 - Despite rising costs, intense market competition has led some manufacturers to offer discounts, resulting in a decrease in average selling prices for the manufacturing sector for the second consecutive month, with the most significant drop since July [2] - Weak external demand has also prompted manufacturers to lower export prices for the first time since April [2] Group 3 - New business volume continues to increase, contributing to a slight recovery in manufacturing employment in October, marking the highest growth rate in over two years, as manufacturers increase staffing to handle current workloads [1] - Although production capacity is expanding, the backlog of work continues to rise [1]

Fundamental Analysis - Silver prices are currently under slight pressure, with a focus on support levels for potential long positions. The recent rebound attempted to approach the short-term retracement zone of $50.02-$51.07, which remains a key resistance area. The market views this zone as a selling area unless a clear breakout occurs, maintaining a bearish sentiment in the short term. However, the long-term trend is still marginally upward, with the 50-day moving average at $45.38 providing support for the upward trend, marking a critical dividing line for the market. Buyers are appearing in this area, but confidence is not strong [1] Upcoming Economic Data - The week of November 3-7 is expected to be data-intensive, with multiple countries releasing manufacturing and services PMI, central bank interest rate decisions, and the ADP employment data. Key economic indicators from major economies, including trade balances and consumer confidence indices, will also be released. Investors need to navigate these data signals and policy expectations, as each piece of data could influence short-term movements in stock, currency, and commodity markets [3] Services PMI and Labor Market - On November 5, services PMI data will be released, closely tied to consumer spending and living costs. The ADP employment data, known as "small non-farm" data, will also be published, highlighting its importance in the absence of clear non-farm payroll data. This ADP data will now be released weekly, providing a more responsive measure of the U.S. labor market [4] Silver Market Trends - The current trend in the silver market indicates a price uptrend, with strategies for support long positions and resistance short positions. Technical charts show a support level around $46.98, with a bullish outlook indicated by the MACD. However, market activity is decreasing, suggesting cautious trading and a preference for light positions [7] Investment Opportunities - The global financial market is experiencing continuous fluctuations, presenting ongoing investment opportunities in the precious metals market. Investors can apply for accounts on trading platforms to access the latest market dynamics and seize profit opportunities [8]