Report Industry Investment Rating No relevant content provided. Core View of the Report The economic situation from November 9 to November 15, 2025, shows weak supply and demand, with downward pressure on prices. Industrial production is weak, while personnel flow is increasing, and freight prices are slightly rising. Consumption, investment, and exports all show mixed trends, and there are also corresponding changes in the performance of major asset classes [1]. Summary by Directory 1. Major Asset Classes - Bond indices mostly rose, with the AA and AA - indices of ChinaBond corporate bonds rising the most, both by 0.06%. - Stock indices generally fell, with the Science and Technology Innovation 50 Index falling the most, with a weekly decline of 3.85%. - Commodities showed mixed performance, with the Nanhua Precious Metals Index rising the most by 5.07% and the Nanhua Energy and Chemicals Index falling the most by 0.65%. - Most foreign currencies depreciated against the RMB, with the Japanese yen having the largest decline of 1.36%, and the US dollar depreciating by 0.31% [1]. 2. Industrial Production - Upstream: The coal consumption of the national power plant sample area decreased by 1.27% week - on - week. The operating rate of petroleum asphalt plants decreased by 0.70 pcts to 29.00%, and the blast furnace operating rate decreased by 0.36 pcts to 82.79%, while the crude steel output increased by 6.00% week - on - week. - Real estate chain: The operating rate of rebar increased by 0.68 pcts to 41.98%, the operating rate of float glass remained flat at 75.30%, and the mill operation rate decreased by 3.50 pcts to 33.68%. - Consumer goods chain: The operating rate of polyester filament increased by 0.41 pcts to 91.23%, the PTA operating rate decreased by 1.51 pcts to 76.18%, and the methanol operating rate decreased by 0.69 pcts to 83.94%. - Automobile chain: The operating rate of automobile semi - steel tires increased by 0.01 pcts to 73.68%, and the operating rate of automobile all - steel tires decreased by 0.96 pcts to 64.50% [1]. 3. People and Goods Flow - Personnel flow continued to rise. The 7 - day moving average (7DMA) of the national migration scale index increased by 0.80% week - on - week. The 7DMA of domestic flight operations increased by 0.61%, while that of international flights decreased by 0.42%. Subway passenger volumes in Beijing and Shanghai decreased, while those in Shenzhen and Guangzhou increased. - Freight prices rose slightly. The 4 - week moving average (4WMA) of the road logistics freight rate index increased by 0.03% week - on - week, but the total volume was lower than the same period last year [1]. 4. Consumption - Automobile sales growth declined year - on - year. The previous period's automobile wholesale decreased by 22.00% year - on - year, and retail decreased by 19.00% year - on - year. Both the 4WMA of wholesale and retail year - on - year growth rates declined. - Movie box office and attendance increased. The weekly box office increased by 107%, and the 7DMA of the number of moviegoers increased by 94%. - Agricultural product prices declined. The price of pork decreased by 0.93% week - on - week, and the price of vegetables decreased by 3.41% week - on - week [1]. 5. Investment - Construction performance was weak. The cement inventory - to - capacity ratio increased by 1.3 pcts week - on - week, the cement price index increased by 0.03%, and the cement shipping rate decreased by 3.7 pcts. Rebar inventory decreased by 2.3% week - on - week, the proportion of profitable steel mills nationwide decreased by 0.9 pcts, and the apparent demand for rebar decreased by 1.0% week - on - week. - The real estate market showed seasonal upward trends. The 7DMA of the commercial housing transaction area in 30 large and medium - sized cities increased by 20.1% week - on - week, with increases in first - tier, second - tier, and third - tier cities. The 7DMA of the second - hand housing transaction area in 16 cities increased by 1.6%, while the national second - hand housing listing price index decreased by 0.4%. The land transaction area in 100 cities decreased, and the land transaction premium rate decreased week - on - week [1]. 6. Exports - Port throughput decreased. The weekly port cargo throughput decreased by 4.3%, while the container throughput increased by 1.4%. - Most shipping indices rose. The BDI index increased by 1.00% week - on - week, the domestic SCFI index decreased by 2.92%, and the CCFI index increased by 3.39% week - on - week [1].

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Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core View - The report presents the performance of global asset markets on November 12, 2025, including data on bonds, currencies, stock indices, and futures transactions [1][2][3][4]. 3. Summary by Relevant Catalogs Global Asset Market Performance - **Bond Yields**: 10 - year bond yields of major economies such as the US (4.117%), UK (4.387%), and Japan (1.685%) are reported, along with 2 - year bond yields like the US (3.592%) and UK (3.720%) [2]. - **Exchange Rates**: The latest exchange rates of the US dollar against major emerging - economy currencies are given, e.g., the US dollar to Brazilian real is 5.273, and it also shows on - shore and off - shore RMB exchange rates [2]. - **Stock Indices**: It lists the latest values of major global stock indices, such as the S&P 500 (6846.610), Dow Jones Industrial Index (47927.960), and Shanghai Composite Index (4002.758) [2]. - **Credit Bond Indices**: The latest values of various credit bond indices are provided, including US investment - grade (3523.740) and high - yield (2880.940) credit bond indices [2]. Stock Index Futures Trading Data - **Index Performance**: The closing prices and percentage changes of A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 are presented, with CSI 300 down 0.91% and ChiNext down 1.40% [3]. - **Valuation**: PE (TTM) and its环比 changes are given for indices like CSI 300 (14.27, - 0.09) and S&P 500 (28.46, 0.05) [3]. - **Risk Premium**: The risk premium and its环比 changes are shown for S&P 500 (- 0.60, 0.00) and German DAX (2.36, - 0.02) [3]. - **Fund Flows**: The latest and 5 - day average fund flows for A - shares, main board, SME board, ChiNext, and CSI 300 are reported, with A - shares' latest fund flow at - 1048.10 [3]. - **Transaction Amount**: The latest transaction amounts and环比 changes of Shanghai and Shenzhen stock markets and related indices are given, e.g., the latest transaction amount of Shanghai and Shenzhen stock markets is 19935.86, with a环比 change of - 1808.68 [4]. - **Main Contract Basis**: The basis and basis percentage for IF, IH, and IC are provided, with IF's basis at - 25.37 and a basis percentage of - 0.55% [4]. Treasury Bond Futures Trading Data - The closing prices and percentage changes of T2303 (108.48, - 0.01%), TF2303 (105.94, - 0.00%), T2306 (108.24, - 0.02%), and TF2306 (105.89, - 0.02%) are reported [4]. Money Market - The latest domestic money market rates (R001: 1.5361%, R007: 1.5145%, SHIBOR - 3M: 1.5800%) and their daily changes (4.00 BP, 1.00 BP, 0.00 BP) are given [4].

Group 1: Report Industry Investment Rating - Not mentioned in the provided content Group 2: Core View of the Report - From November 2 to November 8, 2025, investment demand was weak while port throughput rebounded. Industrial production was weak, personnel flow continued to rise, freight prices increased slightly, automobile sales grew year - on - year, prices continued to rise, construction was weak, the real estate market declined, and most shipping indices went up [1] Group 3: Summary by Directory 1. Large - scale Assets - This week, interest - rate bond indices generally declined, credit - bond indices generally rose, stock indices and commodities showed mixed performance, and foreign currencies generally appreciated. The 5 - year China Bond Treasury Index fell the most by 0.08%, the AA - China Bond Corporate Bond Index rose the most by 0.09%, the CSI 300 Index rose the most by 0.82%, the SME Board Index fell the most by 0.59%, the Nanhua Agricultural Products Index rose the most by 0.57%, the Nanhua Black Index fell the most by 2.62%, the Japanese yen had the largest increase of 0.60%, and the US dollar appreciated by 0.13% against the RMB [1][6] 2. Industrial Production - Production performance was weak. Upstream, the weekly coal consumption in the national power plant sample area decreased by 1.27% week - on - week, the petroleum asphalt plant operating rate decreased by 1.80 pcts to 29.70%, the blast furnace operating rate increased by 1.42 pcts to 83.15%, and the crude steel output decreased by 9.78%. In the real - estate chain, the rebar operating rate decreased by 2.00 pcts to 41.30%, the float glass operating rate remained flat at 76.65%, and the mill operating rate decreased by 0.02 pcts to 37.18%. In the consumer goods chain, the polyester filament operating rate increased by 0.15 pcts to 90.82%, the PTA operating rate decreased by 0.69 pcts to 77.69%, and the methanol operating rate increased by 0.75 pcts to 84.63%. In the automobile chain, the semi - steel tire operating rate increased by 0.26 pcts to 73.67%, and the all - steel tire operating rate increased by 0.12 pcts to 65.46% [1][9] 3. People and Goods Flow - Personnel flow continued to rise, and freight prices increased slightly. The 7 - day moving average (7DMA) of the national migration scale index increased by 6.68% week - on - week. The 7DMA of domestic flight operations decreased by 4.20%, and the 7DMA of international flight operations decreased by 2.14%. Beijing's subway passenger volume decreased, while those of Shanghai, Shenzhen, and Guangzhou increased. The 4 - week moving average (4WMA) of the road logistics freight rate index increased by 0.01%, with the total volume lower than the same period last year [1][25] 4. Consumption - Automobile sales increased year - on - year, and prices continued to rise. The previous period's automobile wholesale increased by 24.00% year - on - year, and retail increased by 47.00%. The 4WMA of both wholesale and retail year - on - year growth rates increased. This period's movie box office decreased by 27% week - on - week, and the 7DMA of the number of moviegoers decreased by 28%. Agricultural product prices rose, with pork prices increasing by 2.42% and vegetable prices increasing by 0.87% week - on - week [1][43] 5. Investment - Construction performance was weak, and the commercial housing market declined. The cement inventory - to - capacity ratio increased by 3.2 pcts week - on - week, the cement price index increased by 1.69%, and the cement shipping rate decreased by 0.3 pcts. The rebar inventory decreased by 1.1%, the proportion of profitable steel mills nationwide decreased by 5.2 pcts, and the apparent demand for rebar decreased by 5.9%. The 7DMA of the commercial housing transaction area in 30 large and medium - sized cities decreased by 40.6%. The transaction areas of first - tier, second - tier, and third - tier cities all decreased. The 7DMA of the second - hand housing transaction area in 16 cities decreased by 3.9%, and the national second - hand housing listing price index decreased by 0.2%. The land transaction area in 100 cities increased, and the land transaction premium rate decreased week - on - week [1][51] 6. Export - Port throughput rebounded, and most shipping indices increased. The port cargo throughput increased by 15.7% week - on - week, and the container throughput increased by 13.8%. The BDI index increased by 7.02%, the domestic SCFI index decreased by 3.59%, and the CCFI index increased by 3.60% week - on - week [1][77]

Report Summary 1. Report Industry Investment Rating - No relevant information provided. 2. Core View - No core view presented in the given content. 3. Summary by Related Catalogs Global Asset Market Performance - **10 - year Treasury Bonds**: Yields for 10 - year Treasury bonds in major economies are as follows: US 4.084, UK 4.433, France 3.444, Germany 2.649, Italy 3.411, Spain 3.166, Switzerland 0.094, Greece 3.286, Japan 1.680, Brazil 6.167, China 1.802, South Korea 3.198, Australia 4.366, New Zealand 4.132 [3]. - **2 - year Treasury Bonds**: Yields for 2 - year Treasury bonds in major economies are: US 3.556, UK 3.781, Germany 1.985, Japan 0.934, Italy 2.174, China (1Y yield) 1.400, South Korea 2.763, Australia 3.599 [3]. - **Dollar - to - Emerging - Economy Currency Exchange Rates**: Exchange rates of the dollar against major emerging - economy currencies include: Brazil 5.352, Russia (not provided), South Africa zar 17.377, Korean won 1449.800, Thai baht 32.365, Malaysian ringgit 4.183 [3]. - **Renminbi Data**: In - shore RMB 7.119, off - shore RMB 7.121, RMB central parity rate 7.087, RMB 12 - month NDF 6.972 [3]. - **Major Economies' Stock Indices**: Latest values of major economies' stock indices are: S&P 500 6720.320, Dow Jones Industrial Average 46912.300, NASDAQ 23053.990, Mexican index 63093.120, UK index 9735.780, French CAC 7964.770, German DAX 23734.020, Spanish index 16118.000, Russian index (not provided), Nikkei 50883.680, Hang Seng Index 26485.900, Shanghai Composite Index 4007.760, Taiwan index 27899.450, South Korean index 4026.450, Indian index 8337.058, Thai index 1313.310, Malaysian index 1618.940, Australian index 9098.572, emerging - economy index 1393.770 [3]. - **Credit Bond Indices**: Data for credit bond indices are not provided [3]. Stock Index Futures Trading Data - **Index Performance**: Closing prices and percentage changes for A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 are: A - shares closing price 4007.76, up 0.97%; CSI 300 closing price 4693.40, up 1.43%; SSE 50 closing price 3044.74, up 1.22%; ChiNext closing price 3224.62, up 1.84%; CSI 500 closing price 7345.72, up 1.61% [4]. - **Valuation**: PE (TTM) and环比变化 for CSI 300, SSE 50, and CSI 500 are: CSI 300 PE (TTM) 14.33,环比变化 0.15; SSE 50 PE (TTM) 11.98,环比变化 0.10; CSI 500 PE (TTM) 33.46,环比变化 0.51 [4]. - **Risk Premium**: No data provided [4]. - **Fund Flows**: Latest values and 5 - day average values of fund flows for A - shares, main board, SME board, ChiNext, and CSI 300 are: A - shares latest value 51.44, 5 - day average - 338.66; main board latest value - 36.32, 5 - day average - 267.02; SME board (not provided); ChiNext latest value 4.39, 5 - day average - 42.24; CSI 300 latest value 271.42, 5 - day average - 50.36 [4]. - **Transaction Amount and Changes**: Latest values and环比 changes of transaction amounts for Shanghai and Shenzhen stock markets, CSI 300, SSE 50, SME board, and ChiNext are: Shanghai and Shenzhen stock markets latest value 20552.48,环比 change 1829.07; CSI 300 latest value 5536.42,环比 change 852.81; SSE 50 latest value 1439.34,环比 change 264.86; SME board latest value 4036.04,环比 change 300.22; ChiNext latest value 5011.71,环比 change 275.40 [5]. - **Main Contract Basis and Premium/Discount**: Basis and percentage changes for IF, IH, and IC are: IF basis - 22.60, - 0.48%; IH basis - 3.34, - 0.11%; IC basis - 99.32, - 1.35% [5]. Treasury Bond Futures Trading Data - **Treasury Bond Futures**: Closing prices and percentage changes for T2303, TF2303, T2306, and TF2306 are: T2303 closing price 108.54, down 0.08%; TF2303 closing price 105.97, down 0.04%; T2306 closing price 108.27, down 0.10%; TF2306 closing price 105.94, down 0.05% [5]. - **Funding Rates**: Funding rates and daily changes for R001, R007, and SHIBOR - 3M are: R001 1.3621%, daily change - 10.00 BP; R007 1.4635%, daily change 0.00 BP; SHIBOR - 3M 1.5875%, daily change 0.00 BP [5].

Report Industry Investment Rating No relevant information provided. Core Viewpoints - Interest rate bonds: Treasury bond yields declined, and the term spread widened. From October 24 to October 31, 2025, the central bank conducted a total of 31,360.00 billion yuan in reverse repurchase operations, with 17,320.00 billion yuan in reverse repurchases maturing, resulting in a net injection of 14,040.00 billion yuan. Most inter - bank funding prices declined. During October 27 - November 02, 2025, the issuance of interest rate bonds was 4,126.82 billion yuan, with a total repayment of 926.90 billion yuan for matured bonds, and a net financing of 3,199.92 billion yuan. Treasury bond yields decreased, and the 10Y - 1Y term spread widened from 37.70BP to 41.28BP [1]. - Credit bonds: Credit bond yields to maturity declined. From October 27 to November 02, 2025, 827 new credit bonds were issued in the primary market, with a total issuance scale of 11,042.87 billion yuan, a decrease of 5,134.02 billion yuan compared to the previous period. The net financing was 1,379.86 billion yuan. The yields to maturity of urban investment bonds and medium - short - term notes decreased [2]. - Big - asset weekly observation: From October 24 to October 31, 2025, the three major US stock indexes rose, while most European stock indexes declined. US Treasury yields increased, the US dollar index strengthened, and non - US currencies weakened. Crude oil and gold prices declined during the week [3]. Summary by Directory 1. Interest Rate Bonds: Treasury Bond Yields Declined, and the Term Spread Widened 1.1 Liquidity Observation: Net Liquidity Injection, Most Funding Prices Declined - From October 24 to October 31, 2025, the central bank's net injection was 14,040.00 billion yuan. Most inter - bank funding prices declined, with DR001 down 0.37BP to 1.3184% and DR007 up 4.41BP to 1.4551%. Most exchange - traded funds also declined [15]. 1.2 Primary Market Issuance: Net Financing Increased, and Local Bond Issuance Rose - From October 27 to November 02, 2025, the primary - market issuance of interest rate bonds was 4,126.82 billion yuan, with a net financing of 3,199.92 billion yuan. There was no treasury bond issuance, policy - based financial bonds raised 1,420.00 billion yuan, and local government bond issuance increased, raising 2,706.82 billion yuan [25]. 1.3 Secondary Market Trading: Treasury Bond Yields Declined, and the Term Spread Widened - From October 24 to October 31, 2025, the yields of 1 - year, 3 - year, 5 - year, 7 - year, and 10 - year treasury bonds decreased by 8.90BP, 11.48BP, 5.12BP, 9.63BP, and 5.32BP respectively. The 10Y - 1Y term spread widened from 37.70BP to 41.28BP. The yields of China Development Bank bonds also declined, and the 10Y - 1Y term spread narrowed from 35.93BP to 33.84BP [33]. 2. Credit Bonds: Credit Bond Yields to Maturity Declined 2.1 Primary Market Issuance: Issuance Volume Decreased Month - on - Month - From October 27 to November 02, 2025, 827 new credit bonds were issued in the primary market, with a total issuance scale of 11,042.87 billion yuan, a decrease of 5,134.02 billion yuan compared to the previous period. The net financing was 1,379.86 billion yuan. Asset - backed securities had the largest number of issuances, and financial bonds had the highest issuance amount. Newly issued bonds were mainly AAA - rated, and the issuance was mainly in the 5 - 10 - year term. The construction industry had the largest number of issuances [42]. 2.2 Secondary Market Trading: Credit Bond Yields to Maturity Declined - From October 24 to October 31, 2025, the yields to maturity of urban investment bonds and medium - short - term notes declined. The 3 - year AA + and AA - rated urban investment bonds had the largest decline of 10.44BP, and the 5 - year AAA and AA - rated medium - short - term notes had the largest decline of 12.56BP [49]. 2.3 One - Week Credit Default Event Review - From October 27 to November 02, 2025, one enterprise's credit bond defaulted. Rongqiao Group Co., Ltd.'s bond "H0 Rongqiao F1" defaulted on October 31, 2025, with a remaining bond balance of 2.00 billion yuan [53]. 3. Big - Asset Weekly Observation 3.1 Differentiation of European and American Stock Indexes - From October 24 to October 31, 2025, the three major US stock indexes rose, with the Dow up 0.75%, the S&P 500 up 0.71%, and the Nasdaq up 2.24%. Most European stock indexes declined, with the German DAX down 1.16%, the French CAC40 down 1.27%, and the UK FTSE 100 up 0.74%. Most Asian - Pacific stock indexes rose [54]. 3.2 US Treasury Yields Increased - From October 24 to October 31, 2025, the yields of 1 - year, 3 - year, 5 - year, 7 - year, and 10 - year US Treasury bonds increased by 12.00BP, 11.00BP, 10.00BP, 10.00BP, and 9.00BP respectively [57]. 3.3 The US Dollar Index Strengthened, and Non - US Currencies Weakened - From October 24 to October 31, 2025, the US dollar index rose 0.80%. The British pound against the US dollar fell 1.22%, the euro against the US dollar fell 0.78%, the US dollar against the Japanese yen rose 0.74%, and the US dollar against the Chinese yuan fell 0.07% [59]. 3.4 Crude Oil and Gold Prices Declined During the Week - From October 24 to October 31, 2025, COMEX gold futures prices fell 2.64%, London spot gold prices fell 2.26%, WTI crude oil prices fell 0.85%, and Brent crude oil prices fell 1.32% [65]. 4. Investment Suggestions - Recently, the bond market has strengthened slightly driven by loose policies and risk - aversion sentiment. The central bank's resumption of open - market treasury bond trading on October 27 may stabilize market expectations, supplement liquidity, and optimize the yield curve, which may also catalyze the bullish sentiment in the bond market. With the implementation of new fund sales regulations, the short - term bond market volatility may intensify. It is recommended that investors conduct volatility operations on interest rate bonds to increase returns, the short - duration sinking strategy for urban investment bonds is still cost - effective, and convertible bonds investors can focus on high - elasticity individual bonds and low - premium - rate varieties [67].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No clear core viewpoints are presented in the given content 3. Summary According to Related Catalogs Global Asset Market Performance - **10 - year Treasury Bonds**: Yields of 10 - year Treasury bonds vary across major economies, e.g., the US is 4.160, the UK is 4.462, and Japan is 1.657 [2] - **2 - year Treasury Bonds**: The latest yields of 2 - year Treasury bonds are different, such as the US at 3.632, the UK at 3.797, and Japan at 0.926 [2] - **Exchange Rates**: The dollar exchange rates against major emerging - economy currencies are presented, like the dollar - Brazilian real at 5.357, and the dollar - South African rand at 17.418 [2] - **Stock Indices**: The latest values of major economy stock indices are given, including the S&P 500 at 6796.290, the Dow Jones Industrial Index at 47311.000, and the Nikkei at 50212.270 [2] - **Credit Bond Indices**: The latest values of credit bond indices are shown, for example, the US investment - grade credit bond index is 3514.990, and the emerging - economy high - yield credit bond index is 1789.668 [2] Stock Index Futures Trading Data - **Index Performance**: The closing prices and percentage changes of A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 are provided. For example, the A - share closing price is 3969.25 with a 0.23% increase [3] - **Valuation**: PE (TTM) and their环比changes of CSI 300, SSE 50, CSI 500, S&P 500, and German DAX are presented. For instance, the PE (TTM) of CSI 300 is 14.18 with a 0.01 change [3] - **Risk Premium**: Risk premiums and their环比changes of S&P 500 and German DAX are given. The risk premium of S&P 500 is - 0.62 with a - 0.09 change [3] - **Fund Flows**: The latest values and 5 - day average values of fund flows in A - shares, the main board, ChiNext, and CSI 300 are shown. The latest A - share fund flow is 243.29, and the 5 - day average is - 666.83 [3] Other Trading Data - **Transaction Amount**: The latest values and环比changes of the transaction amounts in the Shanghai and Shenzhen stock markets, CSI 300, SSE 50, small - and medium - sized boards, and ChiNext are provided. The latest Shanghai and Shenzhen stock market transaction amount is 18723.41 with a - 434.17 change [4] - **Main Contract Basis**: The basis and basis percentage of IF, IH, and IC are presented. For example, the IF basis is - 30.66 with a - 0.66% basis percentage [4] - **Treasury Bond Futures**: The closing prices and percentage changes of T2303, TF2303, T2306, and TF2306 are given. The closing price of T2303 is 108.62 with a - 0.04% change [4] - **Funding Rates**: The latest values and daily changes of R001, R007, and SHIBOR - 3M are shown. The latest R001 is 1.3615% with a - 10.00 BP change [4]

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1. Global Asset Market Performance - The latest yields of 10 - year government bonds in major economies: US 4.111, UK 4.434, France 3.443, Germany 2.666, Italy 3.409, Spain 3.168, Switzerland 0.102, Greece 3.283, Japan 1.663, Brazil 6.085, China 1.791, South Korea 3.083, Australia 4.336, New Zealand 4.085 [1] - The latest yields of 2 - year government bonds in major economies: US 3.606, UK 3.790, Germany 2.004, Japan - (not provided), Italy 2.172, China (1Y yield) - (not provided), South Korea 2.661, Australia 3.591 [1] - The latest exchange rates of the US dollar against major emerging - economy currencies: Brazil 5.359, South Africa zar 17.319, South Korean won 1430.950, Thai baht 32.463, Malaysian ringgit 4.200 [1] - The latest values of on - shore RMB 7.121, off - shore RMB 7.127, RMB central parity rate 7.087, RMB 12 - month NDF 6.975 [1] - The latest values of major economies' stock indices: S&P 500 6851.970, Dow Jones Industrial Average 47336.680, NASDAQ 23834.720, Mexican stock index 62153.300, UK stock index 9701.370, French CAC 8109.790, German DAX 24132.410, Spanish stock index 16037.000, Japanese Nikkei 26158.360, Hang Seng Index 26158.360, Shanghai Composite Index 3976.521, Taiwan stock index 28334.590, South Korean stock index 4221.870, Indian stock index 8275.084, Thai stock index 1308.860, Malaysian stock index 1622.420, Australian stock index 9182.495, emerging - economy stock index 1410.430 [1] - The credit bond indices of major economies are not provided (all values are -) [1] 2. Stock Index Futures Trading Data - Index performance: A - share closing price 3976.52, up 0.55%; CSI 300 closing price 4653.40, up 0.27%; SSE 50 closing price 3016.35, up 0.16%; ChiNext closing price 3196.87, up 0.29%; CSI 500 closing price 7333.60, up 0.04% [2] - Valuation: PE (TTM) of CSI 300 is 14.20 (with a 0.09环比 change), SSE 50 is 11.84 (0.07环比 change), CSI 500 is 33.39 (- 0.01环比 change), S&P 500 is 28.50 (0.04环比 change), German DAX is 19.96 (0.14环比 change) [2] - Risk premium: 1/PE - 10 - year interest rate of S&P 500 is - 0.60 (- 0.04环比 change), German DAX is 2.34 (- 0.07环比 change) [2] - Fund flow: The latest value of A - share fund flow is - 150.03, main board is - 63.81, ChiNext is - 32.07, CSI 300 is 0.06; the 5 - day average values are - 516.08, - 413.23, - 51.63, - 96.92 respectively [2] 3. Transaction Data of Stock Index Futures and Treasury Bond Futures - Transaction amount: The latest transaction amount of Shanghai and Shenzhen stock markets is 21071.31, with a - 2106.61环比 change; CSI 300 is 5576.03 (- 1231.09环比 change), SSE 50 is 1346.37 (- 346.49环比 change), small - and - medium - sized board is 4159.15 (- 433.18环比 change), ChiNext is 5358.02 (- 557.27环比 change) [3] - Main contract basis: IF basis is - 18.60 (- 0.40%), IH basis is 0.25 (0.01%), IC basis is - 94.00 (- 1.28%) [3] - Treasury bond futures: T2303 closing price is 108.68 (0.00% change), TF2303 is 106.05 (- 0.01% change), T2306 is 108.41 (- 0.01% change), TF2306 is 106.00 (- 0.01% change) [3] - Fund rates: R001 is 1.3646% (- 13.00 BP change), R007 is 1.4604% (- 3.00 BP change), SHIBOR - 3M is 1.5950% (0.00 BP change) [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints The report provides a weekly economic analysis from October 19 - October 25, 2025, covering various aspects including industrial production, personnel and freight flow, consumption, investment, exports, and performance of major asset classes, along with important policies and events [1]. 3. Summary by Directory 3.1. Major Asset Classes - This week, bond indices showed mixed performance, stock indices generally rose, most commodities increased, and foreign currencies generally fell. Among bond indices, the ChinaBond Corporate Bond AAA and AA+ indices had the highest weekly gains of 0.14%, while the ChinaBond 10 - year Treasury Bond index had the largest weekly decline of 0.13%. The ChiNext index led the stock market with a weekly gain of 8.05%. The Nanhua Energy and Chemicals Index in commodities rose the most, by 3.66%, and the Nanhua Precious Metals Index fell the most, by 6.69%. Foreign currencies depreciated against the RMB, with the Japanese yen having the largest weekly decline of 2.06%, and the US dollar depreciated by 0.05% [1]. 3.2. Industrial Production - Production performed well. In the upstream sector, the weekly coal consumption in the national power plant sample area decreased by 1.27% week - on - week, the petroleum asphalt plant operating rate increased by 1.30 pcts to 35.80%, the blast furnace operating rate increased by 0.48 pcts to 84.73%, and the crude steel output decreased by 0.89%. In the real - estate chain, the rebar operating rate increased by 1.64 pcts to 42.97%, the float glass operating rate remained flat at 76.65%, and the mill operating rate increased by 0.38 pcts to 38.27%. In the consumer goods chain, the polyester filament operating rate remained flat at 91.04%, the PTA operating rate increased by 0.42 pcts to 75.98%, and the methanol operating rate decreased by 1.67 pcts to 82.71%. In the automotive chain, the semi - steel tire operating rate increased by 0.95 pcts to 73.67%, and the full - steel tire operating rate increased by 1.06 pcts to 65.58% [1]. 3.3. Personnel and Freight Flow - Personnel flow continued to rise, and freight prices increased slightly. The 7 - day moving average (7DMA) of the national migration scale index increased by 6.68% week - on - week. The 7DMA of domestic flight operations increased by 1.53%, while that of international flights decreased by 0.79%. The subway passenger volumes in Beijing, Shenzhen, and Guangzhou increased, while that in Shanghai decreased. The 4 - week moving average (4WMA) of the road logistics freight rate index increased by 0.01% week - on - week, and the total volume was higher than the same period in previous years [1]. 3.4. Consumption - The growth rate of automobile sales declined, and price performance continued to diverge. The previous period's automobile wholesale increased by 1.00% year - on - year, while retail sales decreased by 3.00%. Both the 4WMA of the wholesale and retail year - on - year growth rates declined. This period's movie box office decreased by 39% week - on - week, and the 7DMA of the number of moviegoers decreased by 41%. Agricultural product prices showed divergence, with pork prices decreasing by 1.66% week - on - week and vegetable prices increasing by 5.65% [1]. 3.5. Investment - Construction showed good performance, while the commercial housing market declined. The cement inventory - to - capacity ratio increased by 0.2 pcts week - on - week, the cement price index increased by 0.23%, and the cement shipping rate increased by 0.6 pcts. Rebar inventory decreased by 4.1% week - on - week, the proportion of profitable steel mills nationwide decreased by 7.8 pcts, and the apparent demand for rebar increased by 2.8%. Overall, the terminal demand for construction was good. The 7DMA of the commercial housing transaction area in 30 large - and medium - sized cities decreased by 7.3% week - on - week. By city tier, the transaction area in first - tier cities increased, while those in second - and third - tier cities decreased. The 7DMA of the second - hand housing transaction area in 16 cities decreased by 4.7%, and the national second - hand housing listing price index decreased by 0.2%. The land transaction area in 100 large - and medium - sized cities increased, and the land transaction premium rate increased week - on - week [1]. 3.6. Exports - Port throughput increased, and shipping indices showed divergence. Port cargo throughput increased by 2.5% week - on - week, and container throughput increased by 3.6%. The BDI index decreased by 3.77% week - on - week, while the domestic SCFI and CCFI indices increased by 7.11% and 2.02% respectively [1]. 3.7. Important Policies/Events - In the third quarter of 2025, the economic growth rate declined; the October LPR quote remained unchanged; a new round of China - US trade consultations started on the 24th in Malaysia; the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China successfully concluded; the central bank announced a 900 - billion - yuan MLF operation on October 27 [1].